Document:

Exhibit 10.6

 

KAUAI MARRIOTT RESORT AND BEACH CLUB

SVC89 COMBINED PORTFOLIO

 

MANAGEMENT AGREEMENT

 

by and between

 

ESSEX HOUSE CONDOMINIUM CORPORATION

as “MANAGER”

 

and

 

HPT TRS MRP, INC.

as “TENANT”

 

 

Dated as of December 31, 2019

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I APPOINTMENT OF MANAGER	1
	 	 
	1.01   Appointment	1
	1.02   Management of the Hotel	2
	1.03   Services Provided by Manager	5
	1.04   Program Services	7
	1.05   Employees	7
	1.06   Right to Inspect	9
	1.07   Right of Offset	9
	 	 
	ARTICLE II TERM	10
	 	 
	2.01   Term	10
	 	 
	ARTICLE III COMPENSATION OF MANAGER	11
	 	 
	3.01   Management Fees	11
	3.02   Operating Profit	11
	 	 
	ARTICLE IV ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS	14
	 	 
	4.01   Accounting, Interim Payment and Annual Reconciliation	14
	4.02   Books and Records	17
	4.03   Accounts, Expenditures	18
	4.04   Annual Operating Projection	19
	4.05   Working Capital	20
	4.06   Fixed Asset Supplies	20
	 	 
	ARTICLE V REPAIRS, MAINTENANCE AND REPLACEMENTS	21
	 	 
	5.01   Manager’s Maintenance Obligation	21
	5.02   Repairs and Maintenance to be Paid from Gross Revenues	21
	5.03   Items to be Paid from Reserves	21
	5.04   Reserve Estimates	22
	5.05   Additional Requirements for Reserves	23
	5.06   Ownership of Replacements	23
	5.07   Obligation to Provide Additional Reserve Funds	23
	5.08   Additional Requirements Relating to Certain Capital Improvements	24
	 	 
	ARTICLE VI INSURANCE, DAMAGE AND CONDEMNATION	25
	 	 
	6.01   Insurance	25
	6.02   Damage and Repair	26
	6.03   Damage Near End of Term	28
	6.04   Condemnation	28
	6.05   Partial Condemnation	28
	6.06   Disbursement of Award	29
	6.07   Temporary Condemnation	29
	6.08   Allocation of Award	29
	6.09   Effect of Condemnation	29

 

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	 	Page
	 	 
	ARTICLE VII TAXES; OTHER CHARGES	30
	 	 
	7.01   Real Estate and Personal Property Taxes	30
	 	 
	ARTICLE VIII OWNERSHIP OF THE HOTEL	31
	 	 
	8.01   Ownership of the Hotel	31
	8.02   Requirements for Mortgages	32
	8.03   Subordination and Non-Disturbance Agreement	33
	8.04   No Covenants, Conditions or Restrictions	33
	8.05   Liens; Credit	34
	 	 
	ARTICLE IX DEFAULTS	35
	 	 
	9.01   Manager Events of Default	35
	9.02   Remedies for Manager Defaults	36
	9.03   Additional Remedies for Manager Defaults	37
	9.04   Non-Recourse Provision	37
	9.05   Good Faith Dispute by Manager	38
	9.06   Tenant Events of Default	38
	9.07   Remedies for Tenant Defaults	40
	9.08   Good Faith Dispute by Tenant	41
	9.09   Landlord Defaults	41
	9.10   Extraordinary Events	41
	 	 
	ARTICLE X ASSIGNMENT AND SALE	41
	 	 
	10.01   Assignment	41
	10.02   Sale of the Hotel	43
	 	 
	ARTICLE XI MISCELLANEOUS	44
	 	 
	11.01   Right to Make Agreement	44
	11.02   Actions by Manager	45
	11.03   Relationship	45
	11.04   Applicable Law	45
	11.05   Recordation	45
	11.06   Headings; Section References	45
	11.07   Notices	45
	11.08   Environmental Matters	46
	11.09   Confidentiality	48
	11.10   Projections	48
	11.11   Actions to be Taken Upon Termination	49
	11.12   Trademarks, Trade Names and Service Marks	52
	11.13   Data Protection	52
	11.14   Waiver	53
	11.15   Partial Invalidity	53
	11.16   Survival	53
	11.17   Negotiation of Agreement	53
	11.18   Intentionally Deleted	53
	11.19   Entire Agreement; Recitals	53
	11.20   Affiliates	53
	11.21   Competing Facilities	54

 

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	 	Page
	 	 
	11.22   Intentionally Deleted	54
	11.23   Dispute Resolution; Arbitration and Expert Resolution	54
	11.24   Permitted Contests	57
	11.25   Indemnification	57
	11.26   Estoppel Certificates	58
	11.27   Intentionally Deleted	58
	11.28   Intentionally Deleted	58
	11.29   Remedies Cumulative	58
	11.30   Amendments and Modifications	58
	11.31   Construction; Nonrecourse	58
	11.32   Counterparts; Headings	59
	11.33   No Political Contributions	59
	11.34   Single Agreement	59
	11.35   REIT Qualification	59
	11.36   Further Compliance With Section 856(d) of the Code	59
	11.37   Adverse Regulatory Event	60
	11.38   Commercial Leases	61
	11.39   Waiver of Jury Trial	61
	11.40   Waiver of Consequential, Incidental, Special & Punitive Damages	61
	11.41   Equity Interests in Tenant	61
	11.42   No Rights of Third Parties	61
	 11.43   Hotel Expansion	61
	11.44   Non-Hotel Marketing Activities by Tenant	61
	11.45   Single Agreement; Integration	62
	 	 
	ARTICLE XII DEFINITION OF TERMS	62
	 	 
	12.01   Definition of Terms	62

 

Exhibit A  The Site

Exhibit B  Central Office Services

Exhibit C  Current Chain Services

Exhibit D  Franchise Requirements

Exhibit E  Insurance

Exhibit F  Equity Interests in Tenant

Exhibit G  Brands

Addendum  Property
Information

 

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THIS MANAGEMENT
AGREEMENT (this “Agreement”) is executed as of the 31st day of December, 2019 (the “Execution
Date”), but is to become effective as of January 1, 2020 (the “Effective Date”), by and between HPT
TRS MRP, INC., a Maryland corporation (“Tenant”); and ESSEX HOUSE CONDOMINIUM CORPORATION, a Delaware
corporation (“Manager”).

 

R E C I T A L S :

 

A.             
Landlord (as defined herein) is the owner of (i) fee title to those certain Hotel Room Apartments, including the appurtenant
easements, of the condominium project known as “Kauai Marriott Resort and Beach Club” as more fully set forth in the
Condominium Declaration (as defined herein), (ii) subleasehold interest in the Parking Sublease Parcel, and (iii) an irrevocable,
non-exclusive easement on the Golf and Tennis Easement Parcel (as defined herein), all as more particularly described on Exhibit A
attached to this Agreement and incorporated herein (collectively, the “Site”) on which certain improvements
have been constructed consisting of a building containing the number of Guest Rooms as specified on the Addenda hereto (as the
same may be revised from time to time), and certain other amenities and related facilities, the “Building”.
The Site and the Building, in addition to certain other rights, improvements, and personal property, are referred to as the “Hotel”.
Pursuant to the Lease, Landlord has leased the Hotel (except for certain assets of Tenant or Manager included within the definition
of Hotel) which is subject to this Agreement, to Tenant.

 

B.              
Tenant wishes to engage Manager to manage and operate the Hotel and Manager wishes to manage and operate the Hotel, all
subject to and upon the terms and conditions herein set forth.

 

C.              
Pursuant to the Lease (as defined herein) and certain other leases, Tenant or an Affiliate (as defined herein) of Tenant
has leased other hotels from Landlord or an Affiliate of Landlord managed by Affiliates of Manager (all properties subject to the
Lease and/or such other leases at any given time, and as further described in the definition of “Portfolio Properties”
set forth in Article XII, are collectively, the “Portfolio Properties”). Manager, Tenant and their applicable
Affiliates have agreed that revenues, working capital, reserves and other items from the Portfolio Properties will be pooled, disbursed
and distributed in accordance with the terms and conditions of the Pooling Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained in this Agreement and other good and valuable consideration, the receipt of which
is hereby acknowledged, Tenant and Manager agree as follows:

 

ARTICLE I

 

APPOINTMENT OF MANAGER

 

1.01          Appointment.
Subject to the provisions of this Agreement, Tenant hereby engages Manager to supervise, direct and control the management,
promotion and operation of the Hotel throughout the Term. Manager accepts said engagement and agrees to manage the Hotel
during the Term in accordance with the terms and conditions of this Agreement. The Hotel shall be known as the Kauai Marriott
Resort and Beach Club with such additional identification as may be necessary to provide local identification. If the name of
the System is changed, Manager will change the name of the Hotel to conform thereto. All capitalized terms shall have the
meaning ascribed to them in Article XII hereof.

 

     

     

    

 

1.02         
Management of the Hotel.

 

A.               
Manager shall manage and operate the Hotel in an efficient and economical manner consistent with the prevailing standards
in other hotels in the System, including all activities in connection therewith which are customary and usual to such an operation.
Manager shall, in connection with the Hotel and in accordance with the System Standards and the terms of this Agreement, perform
each of the following functions (provided that in all cases, except as otherwise set forth in this Agreement, the costs and expenses
of performing such functions shall be Deductions):

 

1.                 
Recruit, employ, supervise, direct and (when appropriate) discharge all of the employees at the Hotel.

 

2.                 
Establish prices, rates and charges for services provided in the Hotel, including rates for Guest Rooms.

 

3.                  Establish and revise, as necessary, administrative policies and procedures, including policies and procedures for the control
of revenue and expenditures, for the purchasing of supplies and services, for the control of credit, and for the scheduling of
maintenance, and verify that the foregoing procedures are operating in a sound manner.

 

4.                  Manage expenditures to replenish Inventories and Fixed Asset Supplies, make payments on accounts payable and collect accounts
receivable.

 

5.                 
Arrange for and supervise public relations and advertising and prepare marketing plans.

 

6.                 
Procure all Inventories and replacement Fixed Asset Supplies.

 

7.                 
Prepare and deliver interim accountings, annual accountings, Annual Operating Projections, Reserve Estimates and such other
information as is required by this Agreement.

 

8.                 
Plan, execute and supervise repairs, maintenance alterations and improvements at the Hotel.

 

9.                 
Provide, or cause to be provided, risk management services relating to the types of insurance required to be obtained or
provided by Manager under this Agreement and provide such information related to risk management to Tenant as Tenant may from time
to time reasonably request.

 

10.                Obtain
and keep in full force and effect, either in its own name or in Tenant’s name, as may be required by applicable law,
any and all licenses and permits to the extent same is within the control of Manager (or, if same is not within the control
of Manager, Manager shall use all due diligence and reasonable efforts to obtain and keep same in full force and effect).

 

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11.                Reasonably cooperate (provided that Manager shall not be obligated to enter into any amendments of this Agreement) in any
attempt(s):

 

(a)              
to effectuate a Sale of the Hotel under the terms of this Agreement (provided that nothing herein shall affect the provisions
of Section 10.02); or

 

(b)              
to effectuate a direct or indirect sale or other disposition of the Landlord’s interest in the Hotel as permitted
under the Owner Agreement; or

 

(c)              
to obtain any Qualified Mortgage.

 

12.             
  Subject to the requirements of Section 10.01 hereof, negotiate and administer, on behalf of Tenant, leases, subleases, licenses
and concession agreements for all public space at the Hotel, including all stores, office space and lobby space.

 

13.             
 On behalf of Tenant, negotiate, enter into and administer service contracts and licenses for the operation of the Hotel,
including contracts and licenses for health and safety systems maintenance, electricity, gas, telephone, cleaning, elevator and
boiler maintenance, air conditioning maintenance, laundry and dry cleaning, master television service, use of copyrighted materials
(such as music and videos), entertainment and other services as Manager deems advisable.

 

14.             
  Negotiate, enter into and administer contracts for the use of banquet and meeting facilities and Guest Rooms by groups and
individuals.

 

15.               
Take reasonable action to collect and institute in its own name or in the name of Tenant or the Hotel, in each instance
as Manager in its reasonable discretion deems appropriate, legal actions or proceedings to collect charges, rent or other income
derived from the operation of the Hotel or to oust or dispossess guests, tenants, members or other persons in possession therefrom,
or to cancel or terminate any lease, license or concession agreement for the breach thereof or default thereunder by the tenant,
licensee or concessionaire.

 

16.              
  Make representatives available to consult with and advise Tenant or Tenant’s designee at Tenant’s reasonable
request concerning policies and procedures affecting the conduct of the business of the Hotel.

 

17.               
Collect on behalf of Tenant and account for and remit to governmental authorities all applicable excise, sales, occupancy
and use taxes or similar governmental charges collected by or at the Hotel directly from guests, members or other patrons, or as
part of the sales price of any goods, services or displays, such as gross receipts, admission or similar or equivalent taxes, duties,
levies or charges.

 

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18.               
Keep Tenant advised of significant events which occur with respect to the Hotel which might reasonably be expected to have
a material adverse effect on the financial performance or value of the Hotel.

 

19.               
Perform such other tasks with respect to the Hotel as are customary and consistent with the System Standards.

 

B.                 The operation of the Hotel shall be under the exclusive supervision and control of Manager which, except as otherwise specifically
provided in this Agreement, shall be responsible for the proper and efficient operation of the Hotel. Subject to the terms of this
Agreement, Manager shall have discretion and control, free from interference, interruption or disturbance, in all matters relating
to management and operation of the Hotel, including, without limitation, the following: charges for Guest Rooms and commercial
space; credit policies; food and beverage services; employment policies; granting of leases, subleases, licenses and concessions
for shops and agencies within the Hotel consistent with the provisions of Section 10.01 hereof; receipt, holding and disbursement
of funds; maintenance of bank accounts; procurement of Inventories (including initial inventories), supplies and services; promotion
and publicity; payment of costs and expenses as are specifically provided for in this Agreement or are otherwise reasonably necessary
for the proper and efficient operation of the Hotel; and, generally, all activities necessary for operation of the Hotel.

 

C.                
Manager shall use reasonable efforts to comply with and abide by all Legal Requirements and Insurance Requirements pertaining
to its operation of the Hotel, provided that Manager shall have the right, but not the obligation, in its reasonable discretion,
to contest or oppose, by appropriate proceedings, any such laws and regulations in accordance with Section 11.24 hereof. Except
as expressly provided to the contrary in this Agreement, all costs and expenses of such compliance with respect to the Hotel shall
be paid from Gross Revenues as Deductions in the computation of Operating Profit of the Hotel or from the Reserve of the Hotel,
whichever is applicable, and the reasonable expenses of any such contest shall be paid from Gross Revenues as Deductions with respect
to the Hotel.

 

D.               
Manager shall use due diligence and exercise commercially reasonable efforts to obtain and maintain all approvals necessary
to use and operate the Hotel in accordance with the System Standards and Legal Requirements. Tenant shall cooperate with Manager
in this regard and, in connection therewith, shall execute all applications and consents required to be executed by Tenant in order
for Manager to obtain and maintain such approvals. All costs incurred by Tenant in this regard shall be included in Deductions
for the Hotel.

 

E.                 Manager
shall not use, and shall exercise commercially reasonable efforts to prevent the use of, the Hotel’s
and Manager’s personal property used in connection with the Hotel, if any, for any unlawful purpose. Manager shall not
commit, and shall use commercially reasonable efforts to prevent the commission, of any waste at the Hotel. Manager shall not
use, and shall use commercially reasonable efforts to prevent the use of, the Hotel in such a manner as will constitute an
unlawful nuisance thereon or therein. Manager shall use commercially reasonable efforts to prevent the use of the Hotel in
such a manner as might reasonably be expected to impair Tenant’s or Landlord’s title thereto or any portion
thereof or might reasonably be expected to give rise for a claim or claims for adverse use or adverse possession by the
public, as such, or of implied dedication of the Hotel or any portion thereof.

 

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F.                
Manager shall, to the extent within Manager’s control, use commercially reasonable efforts to cause Tenant to be in
compliance with the Lease, and the costs of the same shall be paid as Deductions for the Hotel hereunder except as otherwise specifically
provided for in this Agreement.

 

1.03         
Services Provided by Manager.

 

A.               
Manager will provide the Central Office Services and will bear all costs of the Central Office Services described in Exhibit
B, and in no event will the costs of the Central Office Services be charged to the Hotel as Deductions, either directly or
through the Above-Property Programs & Services.

 

B.                
In operating the Hotel, Manager may provide or cause to be provided, and the Hotel will participate in, certain functions
for the operation of the Hotel through the use of facilities, systems, equipment and individuals not physically located at the
Hotel, including Chain Services, MBS Systems, Reservation Systems, Loyalty Programs and Program Services (collectively referred
to as the “Above-Property Programs & Services”).

 

C.                
Manager will provide or cause to be provided, and the Hotel will participate in, certain services (“Chain Services”)
that are provided on a comparable basis to System hotels. Chain Services include:

 

1.                 
the general categories of services listed in Exhibit C; and

 

2.                 
additional central programs or services as may from time to time be provided for the benefit of System hotels or to replace
services performed at individual System hotels that Manager determines can be provided more efficiently and economically to such
hotels on a System-wide basis. However, services may only be added to “Chain Services” if such services (i) are not
Central Office Services; and (ii) are either new services that had not been previously performed at the Hotel, or services that
had been previously performed at the Hotel, but that can be performed more efficiently and economically on a System-wide basis.

 

Manager will provide
to Tenant, within ninety (90) days after the end of each Fiscal Year, a report (the “Chain Services Report”)
(i) identifying the general categories (such as National Sales Office Services) and subcategories (such as Worldwide sales offices)
of Chain Services provided for the Hotel for such Fiscal Year; (ii) setting forth the total cost paid by the Hotel for each general
category of Chain Services and the methodologies for allocating these costs to the Hotel for such Fiscal Year. The Chain Services
Report will include a certification by a vice president of Manager that the Chain Services cost allocated to the Hotel for such
Fiscal Year was made in accordance with this Agreement.

 

D.                Manager
and/or its Affiliates may provide or cause to be provided, and the Hotel will participate in, certain marketing programs (the
 “Additional Marketing Programs”) that are not part of Chain Services, or the Loyalty Programs, or
locally-generated public relations, advertising, promotions and marketing programs. As of the Effective Date, the Additional
Marketing Programs include email marketing, internet search engine marketing, transaction-based paid internet searches, sales
lead referrals and bookings, cooperative advertising programs, travel agency programs, incentive awards and gift cards.

 

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E.                
Manager may, in its discretion, provide or cause to be provided certain programs and processes that manage certain aspects
of the Hotel’s finances and accounting through processes that consolidate certain accounts payable, billing and accounts
receivable, and related functions and procedures, into one or more shared services centers, or third party centers, for the System
(including any similar or successor systems or services, the “MBS Systems”). Manager may change the scope, services,
service provider, features and functions of the MBS Systems from time to time as it determines in its reasonable discretion to
be most efficient and economical for the System.

 

F.                 
Manager may modify, add or delete categories of Above-Property Programs & Services in its reasonable discretion. If
Manager provides or causes to be provided a new Above-Property Program & Service to the Hotel, then Manager will determine
whether such new Above-Property Program & Service is treated as a Chain Service based on whether (i) the new Above-Property
Program & Service supports only a subgroup of System hotels, or selected or individual hotels, or (ii) the costs of the new
Above-Property Program & Service is more appropriately recovered based on hotel usage. If either clause (i) or clause (ii)
applies, the new Above-Property Program & Service will not be treated as a Chain Service.

 

G.               
The Above-Property Programs & Services may be delivered to (i) all System hotels; (ii) certain subsets of System hotels
based on certain criteria such as hotel type; (iii) hotels on a local, regional or cluster basis; or (iv) the Hotel and one or
more other hotels or businesses on a shared basis. Any of these programs and services may also be provided or delivered to any
other businesses. The Above-Property Programs & Services provided or delivered to the Hotel may change from time to time as
reasonably determined by Manager subject to Sections 1.03.C(2) and 1.03.F. Manager may change, discontinue or reconstitute the
Above-Property Programs & Services on a country, regional, or international basis.

 

H.                The
Above-Property Programs & Services costs (including for the avoidance of doubt the Program Services costs) will be
allocated by Manager on a fair and reasonable basis (for example, by the number of Guest Rooms, percentage of Gross Room
Revenues or other revenues, or volume of use) among all of the properties participating in such programs and services, which
basis may be different for different groups of Above-Property Programs & Services and may change from time to time as
reasonably determined by Manager. The Hotel’s costs (i) will be Deductions; (ii) will include the actual costs of
providing, developing and supporting the Above-Property Programs & Services, including corporate overhead and development
costs related to the Above-Property Programs & Services; (iii) will not include any profit component to Manager; and (iv)
will not include any amounts that are paid by or on behalf of Tenant pursuant to any other provision of this Agreement for
such Above-Property Programs & Services. Manager may provide the Above-Property Programs & Services to other Persons
and properties that are not part of the System (or allow these Persons and properties to use the Above-Property Programs
 & Services’ systems and infrastructure) at a price that will include the recovery of these costs and may also
include a profit to Manager or its Affiliates. Tenant acknowledges that the direct benefit to the Hotel from the services
described in clauses 1 and 3 of Exhibit C might not be proportionate to the Hotel’s cost allocation. At
Tenant’s request, Manager will provide an annual explanation of the cost allocation method for the Above-Property
Programs & Services that the Hotel receives.

 

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I.                   Any
amounts that Manager collects in a Fiscal Year from the Hotel and other hotels receiving the Above-Property Programs & Services which are not used by Manager or its Affiliates to cover the costs incurred in providing Above-Property Programs & Services during such Fiscal Year, will be carried forward without interest and used to cover the costs incurred in future Fiscal Years. If the amounts that Manager and its Affiliates collect from the Hotel and other hotels for Above-Property Programs & Services are at any time insufficient to cover the costs Manager or its Affiliates incur, then Manager and its Affiliates may advance amounts from their own funds to cover the shortfall. These advances may be interest bearing loans and will be repaid from future amounts collected from the Hotel and other System hotels receiving the Above-Property Programs & Services.

 

1.04         
Program Services.

 

A.               
As of the Effective Date, Program Services will include the Above-Property Programs & Services described in clauses
1 and 3 of Exhibit C and Reservation Systems, as well as certain other Above-Property Programs & Services specified
by Manager (“Program Services”). Program Services will also include the actual costs of providing, developing
and supporting the Program Services, including corporate overhead and development costs related to the Program Services, costs
for collecting and accounting for any monies collected by Manager or its Affiliates for Program Services (the “PSF”),
reimbursing capital invested in developing such Program Services and financing such capital.

 

B.                
Beginning on the Effective Date, Tenant shall pay Manager the Program Services Contribution to reimburse Manager and its
Affiliates for Program Services.

 

C.                
Manager may (i) use the PSF to cover the costs of Program Services that benefit System hotels as a whole, groups of System
hotels, or other lodging properties operated or franchised by Manager or its Affiliates, or (ii) change the programs and services
covered by the PSF. Tenant acknowledges that the direct benefit to the Hotel from the Program Services might not be proportionate
to the Program Services Contribution. Program Services will not necessarily include all of the hotels in the System, and some Program
Services may also benefit or include Other Marriott Products.

 

1.05         
Employees.

 

A.                All
personnel employed at the Hotel shall at all times be the employees of Manager. Subject to the terms of this
Agreement, Manager shall have absolute discretion with respect to all personnel employed at the Hotel, including, without
limitation, decisions regarding hiring (subject to Section 1.05.B), promoting, transferring, compensating, supervising,
terminating, directing and training all employees at the Hotel, and, generally, establishing and maintaining all policies
relating to employment; provided, however, that Manager shall use commercially reasonable efforts to comply
with all Legal Requirements pertaining thereto and not enter into any written employment agreements with any person which
purport to bind Tenant and/or purport to be effective regardless of a Termination, without obtaining Tenant’s consent,
which consent may be withheld in Tenant’s sole and absolute discretion. Manager shall use reasonable efforts to comply
with and abide by all Legal Requirements regarding labor relations; if either Manager or Tenant shall be required, pursuant
to any such Legal Requirement, to recognize a labor union or to enter into a collective bargaining with a labor union, the
party so required shall promptly notify the other party pursuant to this Section 1.05. Manager shall indemnify Landlord and
Tenant for all costs and expenses (including reasonable attorneys’ fees) incurred by either of them if they are joined
in or made party to any third-party suit or cause of action in connection with an Employee Claim where the basis of such
Employee Claim is conduct by Manager that is a substantial violation of the standards of responsible labor relations as
generally practiced by prudent owners or operators of similar hotel properties in the general geographic area of the relevant
Hotel, the costs of which shall not be a Deduction. Any Dispute between Tenant and Manager as to whether or not certain
conduct by Manager is not in accordance with the aforesaid standards shall be resolved by Arbitration pursuant to Section
11.23.A hereof. The Arbitration proceedings described in the preceding sentence shall be conducted independently of any
arbitration proceedings with respect to such Employee Claim pursuant to the applicable employee-related contract. All
information regarding individual Hotel employees, such as employee records and compensation information, is proprietary to
Manager and confidential and will not be disclosed to Tenant except as otherwise expressly provided in this Agreement.

 

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B.                
Manager shall have the authority to hire, dismiss or transfer the Hotel’s general manager; provided, however,
that Manager shall keep Tenant reasonably informed with respect to such actions, including prior notification to Tenant of Manager’s
desire to transfer the general manager, and shall give Tenant the opportunity to participate in the hiring process with respect
to the general managers as follows:

 

1.                  Manager shall provide Tenant at least thirty (30) days’ prior notice of any proposed hiring of a general manager.
Manager shall consult with Tenant to obtain any suggestions by Tenant as to the preferred background and specific expertise of
candidates for such Hotel position, which suggestions, if any, Manager shall utilize in arriving at a preferred profile for candidates
for such position.

 

2.                  Manager
shall submit to Tenant for its approval a reasonably qualified candidate for such position. Tenant shall have a period of ten
(10) Business Days from its receipt of the applicable candidate’s resume within which to interview and evaluate such
candidate (provided that such candidate and the necessary representatives of Tenant are reasonably available during
such period of time for such interview or evaluation, and such candidate shall not be required to provide additional
information or undertake testing of any sort as part of such process). Tenant shall be deemed to have approved such candidate
unless Manager receives Tenant’s written disapproval of such candidate within such ten (10)-Business Day period. If
Tenant disapproves the first (1st) candidate (based on the process described above), then Manager shall submit a second (2nd)
candidate, using the same process described above. If such second (2nd) candidate is disapproved by Tenant (based on the same
process described above), then Manager shall submit a third (3rd) candidate, using the same process as described above. If
Tenant disapproves of all three (3) candidates for the position submitted by Manager pursuant to the provisions of this
Section 1.05.B, Manager shall have the right to select the person to be offered the position of general manager, in
Manager’s sole discretion, from the three (3) candidates proposed to Tenant.

 

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C.                
Manager shall decide which, if any, of the employees of the Hotel shall reside at the Hotel (provided that Tenant’s
prior approval shall be obtained if more than two (2) such employees and their immediate families reside at the Hotel), and shall
be permitted to provide free accommodations and amenities to its employees and representatives living at or visiting the Hotel
in connection with its management or operation consistent with the Marriott Companies usual practices for Marriott-managed hotels
in the System. No person shall otherwise be given gratuitous accommodations or services without prior joint approval of Tenant
and Manager except in accordance with usual practices of the hotel and travel industry.

 

D.               
Manager shall identify, appoint, assign, instruct and supervise employees in connection with the operation of the Hotel
which Manager deems necessary or advisable for the operation of the Hotel.

 

E.                
Tenant acknowledges that Manager has informed Tenant that Manager and its Affiliates may collect and use Hotel Employee
Personal Data to manage Hotel employees as provided in this Agreement. Tenant shall notify Manager promptly of any inquiry or complaint
of which Tenant becomes aware that is received from a Hotel employee, data protection authority or other third party regarding
the collection, use or transfer of Hotel Employee Personal Data. Tenant will reasonably cooperate with Manager in any defense of
such a complaint, and will not, without Manager’s prior written consent, make any intentional admission or take any action
that would reasonably be expected to adversely prejudice the defense or settlement of any third-party complaint regarding Hotel
Employee Personal Data or any investigation by a data protection authority.

 

1.06         
Right to Inspect. Manager shall permit Landlord and Tenant and their respective authorized representatives to inspect
or show the Hotel during usual business hours upon not less than twenty-four (24) hours’ notice and to make such repairs
as Landlord is permitted or required to make pursuant to the terms of the Lease, provided that any inspection or repair by Landlord
or its representatives shall not unreasonably interfere with the use and operation of the Hotel and further provided that in the
event of an emergency as determined by Landlord in its reasonable discretion, prior notice shall not be required.

 

1.07          Right
of Offset. Manager acknowledges that it shall not have, in any instance, a right of offset against
Tenant’s Priority with respect to the Hotel under any circumstances (or against Aggregate Tenant’s Priority with
respect to hotels for which the Pooling Agreement is in effect). Manager shall have the right to offset against amounts due
to Tenant with respect to the Hotel pursuant to Section 3.02.B hereof (and against amounts due to Tenant pursuant to Section
2.02.A of the Pooling Agreement with respect to hotels for which the Pooling Agreement is in effect) (but in all events
excluding amounts due to Tenant as Tenant’s Priority or Aggregate Tenant’s Priority), including amounts
(i) which Landlord or Tenant fail to advance to the Reserve for the Hotel which either of them is required to make as
provided for herein or in the Lease or Owner Agreement (in each instance as determined by the Expert pursuant to Section
11.23.B, if applicable), or (ii) due under a final judgment against Tenant obtained by Manager with respect to the
Hotel, or (iii) which Tenant fails to pay to Manager in violation of Section 4.01.D(2) of this Agreement with respect to
the Hotel. Except as expressly provided herein, Manager shall not offset against the amounts owed to Tenant hereunder or
under the Pooling Agreement.

 

    9

     

    

 

ARTICLE II

 

TERM

2.01         
Term.

 

A.               
The Term of this Agreement shall be, from the Effective Date to the expiration or earlier termination of the Initial Term
and, if exercised in accordance with the terms hereof, the Renewal Term(s). The Initial Term and, if exercised, each Renewal Term
are collectively referred to as the “Term.” The “Initial Term” shall begin on the Effective
Date as set forth in the preceding sentence, and, unless sooner terminated as provided in this Agreement, shall continue December 31,
2035. Provided that (1) Manager and its Affiliates have renewed all of the Other Management Agreements for the first Renewal
Term or second Renewal Term, as applicable in accordance with their terms, and (2) there exists at the time of renewal no
Manager Event of Default under this Agreement or any of the Other Management Agreements beyond the expiration of any applicable
notice and cure period and for which Tenant has, at such time, the right to terminate this Agreement, the Term shall thereafter
automatically be extended for each of two (2) successive periods of ten (10) Fiscal Years (each, a “Renewal Term”),
unless Manager gives Tenant and Landlord written notice of Manager’s decision not to extend on or before the date which
is twelve (12) months prior to the date of the expiration of the Initial Term or first Renewal Term (as the case may be), time
being of the essence. If Manager does not extend the Initial Term or first Renewal Term (as the case may be), then during such
twelve (12)-month period prior to the date of the expiration of the Initial Term or first Renewal Term (as the case may be), Tenant
shall have the right to effect an earlier Termination of this Agreement by written notice to Manager, which Termination shall
be effective as of the effective date which is set forth in said notice, provided that said effective date shall be at least one
hundred twenty (120) days after the date of said notice, and in no event earlier than July 1 of the year of such Termination,
and such Termination shall be in accordance with the provisions of Section 11.11 of this Agreement.

 

B.                
Each Renewal Term shall commence on the day succeeding the expiration of the Initial Term or the preceding Renewal Term,
as the case may be. All of the terms, covenants and provisions of this Agreement shall apply to each such Renewal Term. If Manager
shall give notice that it elects not to extend the term in accordance with this Section 2.01, this Agreement shall automatically
terminate at the end of the Term then in effect, or such earlier date as provided above, and Manager shall have no further option
to extend the Term of this Agreement. Otherwise, the extension of this Agreement shall be automatically effected without the execution
of any additional documents; it being understood and agreed, however, that Manager and Tenant shall execute such documents and
agreements as either party shall reasonably require to evidence the same.

 

    10

     

    

 

ARTICLE III

 

COMPENSATION OF MANAGER

 

3.01         
Management Fees. In consideration of the services provided to Tenant so that the Hotel becomes a member of the System
and in consideration of the management services to be performed during the Term, Manager shall be paid the sum of the following
as its management fees:

 

A.               
The System Fee; plus

 

B.               
The Base Management Fee; plus

 

C.               
The First Incentive Management Fee; plus

 

D.               
The Second Incentive Management Fee.

 

So long as the Pooling
Agreement has not been terminated in accordance with its terms with respect to the Hotel, payments of the Management Fees with
respect to periods for which the Pooling Agreement was in effect shall be made at the time, and in the amounts, provided for under
the Pooling Agreement. Notwithstanding anything herein to the contrary, if, in any Fiscal Year or portion thereof prior to the
termination of the Pooling Agreement in accordance with its terms with respect to the Hotel, the First Incentive Management Fee
or the Second Incentive Management Fee are not payable in full under the Pooling Agreement, Manager shall not be entitled to the
payment of the portion of the First Incentive Management Fee or the Second Incentive Management Fee not payable under the terms
of the Pooling Agreement for such Fiscal Year or partial Fiscal Year with respect to the Hotel, and in no event shall Tenant be
liable for the payment of any such unpaid portion to Manager. Notwithstanding anything herein to the contrary, if, in any Fiscal
Year after the termination of the Pooling Agreement in accordance with its terms or with respect to the Hotel, the First Incentive
Management Fee or the Second Incentive Management Fee is not payable under Section 3.02.B hereof with respect to the Hotel, Manager
shall not be entitled to the payment of the portion of the First Incentive Management Fee or the Second Incentive Management Fee
not payable under Section 3.02.B hereof, and in no event shall Tenant be liable for the payment of such portion of the First Incentive
Management Fee or the Second Incentive Management Fee to Manager.

 

3.02         
Operating Profit.

 

A.               
So long as the Pooling Agreement has not been terminated in accordance with its terms with respect to the Hotel, Operating
Profit for the Hotel with respect to periods for which the Pooling Agreement was in effect shall be distributed, to the extent
available, as provided in the Pooling Agreement and the provisions of Section 3.02.B shall not apply.

 

    11

     

    

 

B.                
For any period during the Term after the termination of the Pooling Agreement in accordance with its terms with respect
to the Hotel, Operating Profit for the Hotel shall be distributed in the following order of priority:

 

1.                 
First, to Tenant, in an amount equal to Tenant’s Priority for the Hotel.

 

2.                 
Second, to Tenant, in an amount
equal to the amount of rent due pursuant to the ground lease (if any) to which the Hotel is subject, as set forth on the applicable
Addendum for the Hotel (the “Ground Lease Rent”).

 

3.                 
Third, to Manager, in an amount equal to the Base Management Fee for
the Hotel.

 

4.                 
Fourth, pari passu, to (i) Tenant, in an amount necessary to reimburse Tenant for all Tenant Working Capital Advances
and Tenant Operating Loss Advances made by Tenant, from time to time (collectively, “Tenant Advances”) with
respect to the Hotel which have not yet been repaid by distributions pursuant to this Section 3.02.B(4), and (ii) to Marriott,
in an amount necessary to reimburse Marriott or any Affiliate for all Additional Marriott Advances made by Marriott or any Affiliate
(including Manager) allocable to the Hotel and all Additional Manager Advances from time to time which have not yet been repaid
by distributions pursuant to this Section 3.02.B(4). If at any time the amounts available for distribution to Tenant and Marriott
with respect to the Hotel pursuant to this Section 3.02.B(4) (“Available Funds”) are insufficient (a) to repay
to Tenant all outstanding Tenant Advances (the “Sum Due Tenant”), and (b) to repay to Marriott all outstanding
Additional Marriott Advances and Additional Manager Advances with respect to the Hotel (the “Sum Due Marriott”),
then (x) Tenant shall be paid from the Available Funds for the Hotel the amount obtained by multiplying a number equal to the
amount of the Available Funds by a fraction, the numerator of which is the Sum Due Tenant and the denominator of which is the
sum of the Sum Due Tenant plus the Sum Due Marriott, and (y) Marriott shall be paid from the Available Funds the amount obtained
by multiplying a number equal to the amount of the Available Funds for the Hotel by a fraction, the numerator of which is the
Sum Due Marriott and the denominator of which is the sum of the Sum Due Tenant plus the Sum Due Marriott.

 

5.                 
Fifth, to Manager, in an amount equal to
any accrued, but unpaid Base Management Fees for the Hotel.

 

6.                 
Sixth, to Manager, in an amount equal to the First Incentive Management Fee for the Hotel.

 

7.                 
Seventh, to Tenant, in an amount up to sixty percent (60%) of Operating Profit
remaining after deducting amounts paid or payable in respect of Sections 3.02.B(1) through (6) hereof necessary for the
Security Deposit Replenishment with respect to the Hotel.

 

8.                 
Eighth, to Manager, in an amount equal to the Second Incentive Management Fee for the Hotel.

 

9.                 
Finally, to Tenant, the balance, if any.

 

    12

     

    

 

C.                
For any period during which the Hotel is no longer subject to the terms of the Pooling Agreement pursuant to the terms
thereof, Tenant shall receive Tenant’s Priority in accordance with the terms hereof, subject, however, to the provisions
of this Section 3.02.C. If the Operating Profit for the applicable Accounting Period, as determined by Manager, is less than Tenant’s
Priority with respect to such Accounting Period (a “Tenant’s Priority Shortfall”), then such Tenant’s
Priority Shortfall shall first be funded by Security Deposit Advances, and if the Security Deposit is depleted or otherwise insufficient
to fund such Tenant’s Priority Shortfall, then the amount of the Tenant’s
Priority Shortfall required to satisfy the Tenant’s Termination Threshold shall be funded by Marriott Guaranty Advances,
subject to the terms of the Marriott Guaranty Agreement, for so long as the Marriott Guaranty Agreement is in effect, and any
such amounts funded in excess of the Tenant’s Termination Threshold shall be deemed to have been funded by Marriott as an
Additional Marriott Advance and/or Manager as an Additional Manager Advance (as applicable) and not as a Marriott Guaranty Advance.
Any amount of the Tenant’s Priority Shortfall not funded from the Security Deposit or by Marriott or Manager shall accrue
and be paid as provided in Section 4.01 hereof. If a Guaranty Termination Event has occurred, then Manager may, without any obligation
and in its sole and absolute discretion, fund up to the Post-Guaranty Termination Threshold, and any such amounts funded by Manager
following such Guaranty Termination Event shall be deemed Additional Manager Advances. If (a) no Guaranty Termination Event has
occurred, and Marriott has not funded up to the Tenant’s Termination Threshold under the Marriott Guaranty Agreement as
provided herein for the applicable Fiscal Year on a cumulative basis within ten (10) days of receiving written request
from Tenant or (b) a Guaranty Termination Event has occurred, and Manager has not funded up to the Post-Guaranty Termination Threshold
for the applicable Fiscal Year on a cumulative basis within ten (10) days of
receiving written request from Tenant (such event, a “Manager Funding Termination Event”), then Tenant shall
have the right to effect a Termination of this Agreement with respect to the Hotel by written notice to Manager, which Termination
shall be effective as of the effective date which is set forth in said notice; provided that said effective date shall be at least
sixty (60) days (or such longer period required by applicable Legal Requirements concerning the termination of Hotel employees)
after the date of such notice. If the Termination is pursuant to clause (a) of this Section 3.02.C, then such Termination (i) shall
be in accordance with the provisions of Section 11.11 of this Agreement, (ii) shall constitute a Manager Default, and (iii) shall
entitle Tenant to all rights and remedies available to it with respect to a Manager Default as provided for in Article IX
hereof. If the Termination is due to a Manager Funding Termination Event, then such
Termination shall not constitute a Manager Default or Manager Event of Default and shall be in accordance with the provisions
of Section 11.11 of this Agreement.

 

D.               
Notwithstanding the provisions of Section 3.02.B(2) hereof, the parties hereby acknowledge and agree that none of Manager,
Marriott or any of their respective Affiliates are obligated to pay and in no event shall be liable in any way whatsoever (i)
for any payment of, or failure to pay, the Ground Lease Rent to the lessor under any such ground lease; and/or (ii) if there is
insufficient Operating Profit to cover the full amount of such Ground Lease Rent.

 

    13

     

    

 

ARTICLE IV

 

ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS

 

4.01         
Accounting, Interim Payment and Annual Reconciliation.

 

A.               
Within twenty (20) days after the close of each Accounting Period, Manager shall deliver an interim accounting (the “Accounting
Period Statement”) to Tenant and Landlord showing for the Hotel, Gross Revenues, Gross Room Revenues, occupancy percentage
and average daily rate, Deductions, Operating Profit, and applications and distributions thereof for the preceding Accounting
Period.

 

Only if the
Pooling Agreement has been terminated in accordance with its terms with respect to the Hotel, the following provisions for
interim distributions shall apply with respect to the Hotel for periods subsequent to the termination date. Notwithstanding
the order of distribution of Operating Profit set forth in Section 3.02.B, for each Accounting Period, Manager shall, with
each interim accounting, transfer to Tenant any interim amounts due Tenant, transfer to Marriott any interim amounts due to
Marriott, and retain any interim amounts due to Manager under Section 3.02.B, including, without limitation, the Base
Management Fee, the First Incentive Management Fee, and the Second
Incentive Management Fee calculated on a year-to-date basis for such Fiscal Year. If the portion of Operating Profit
to be distributed to Tenant pursuant to Sections 3.02.B(1), (2), (4) or (7) is insufficient to pay each of such interim
amounts then due in full following the end of any Accounting Period, any such interim amounts left unpaid shall be paid from
and to the extent of Operating Profit available therefor at the time distributions are made following successive Accounting
Periods until such interim amounts are paid in full, and such payments shall be made from such available Operating Profit in
the same order of priority as other payments made on account of such items following such Accounting Periods. If the portion
of Operating Profit to be distributed to Marriott or Manager pursuant to Sections 3.02.B(3), (4), (5), (6) or (8) is
insufficient to pay each of such interim amounts then due in full following the end of any Accounting Period, any such
interim amounts left unpaid shall be paid from and to the extent of Operating Profit available therefor at the time
distributions are made following successive Accounting Periods until such interim amounts are paid in full, and such payments
shall be made from such available Operating Profit in the same order of priority as other payments made on account of such
items following such Accounting Periods. The portion of Operating Profit to be distributed as interim distributions to Tenant
as Tenant’s Priority, Ground Lease Rent and as Security Deposit Replenishment pursuant to Section 3.02.B for the
then-current Fiscal Year for the Hotel, as well as the portion of Operating Profit to be retained by Manager as the Base
Management Fee, the First Incentive Management Fee and the Second Incentive Management Fee pursuant to Section 3.02.B for the
Hotel, shall be determined by applying in each instance a cumulative prorated amount to such Tenant’s Priority, Ground
Lease Rent, Security Deposit Replenishment, Base Management Fee, First Incentive Management Fee and Second Incentive
Management Fee (calculated on a year-to-date basis, with the prorated amount being one-twelfth (1/12) of the total amount for
each of such items for each Accounting Period of each Fiscal Year) to the year-to-date cumulative Operating Profit of the
Hotel (all such portions being hereinafter collectively referred to as the “Prorated Portions”). In each
Accounting Period after the first Accounting Period of a Fiscal Year, inclusive, the Prorated Portions shall be adjusted to
reflect distributions to Tenant, and retention by Manager, of Operating Profit with respect to such Prorated Portions for
prior Accounting Periods during the then current Fiscal Year. All the distributions shall be made in the order of priority as
set forth in Section 3.02 hereof.

 

    14

     

    

 

B.                
Intentionally Deleted.

 

C.             1.                 Calculations and payments of the First Incentive Management Fee, the Second Incentive Management Fee, Tenant’s
Priority, and Ground Lease Rent for the Hotel and distributions of Operating Profit made with respect to each Accounting Period
within a Fiscal Year for the Hotel shall be accounted for cumulatively within a Fiscal Year, but shall not be cumulative from one
Fiscal Year to the next. Calculations and payments of any Base Management Fees or Reimburseable Advances payable pursuant to Sections
3.02.B(3), (4) and (5) hereof and the Security Deposit Replenishment shall be accounted for cumulatively within a Fiscal Year,
and shall be cumulative from one Fiscal Year to the next. Calculations of Security Deposit Advances and Marriott Guaranty Advances
shall be accounted for cumulatively within a Fiscal Year.

 

2.                 Within
sixty (60) days after the end of each Fiscal Year, Manager shall deliver to Tenant and Landlord a statement (the “Annual
Operating Statement”) in reasonable detail summarizing the operations of the Hotel with respect to which this Agreement
was in effect for the immediately preceding Fiscal Year and an Officer’s Certificate certifying that such Annual Operating
Statement is true and correct. The parties shall, within ten (10) Business Days after Tenant’s receipt of such statement,
make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final
figures set forth in such Annual Operating Statement; provided, however, that for any period prior to the termination
of the Pooling Agreement in accordance with its terms with respect to the Hotel, the year-end adjustments for the Hotel shall be
made pursuant to the Pooling Agreement. Such final accounting shall be controlling over the interim accountings and shall be final
subject to adjustments required as a result of an audit requested by Landlord or Tenant below. No adjustment shall be made for
any Operating Loss or Operating Profit for the Hotel in a preceding or subsequent Fiscal Year.

 

D.            1.                  In addition, on or before April 30 of each Fiscal Year, commencing on April 30, 2021, Manager shall deliver to
Tenant and Landlord an Officer’s Certificate setting forth the totals of Gross Revenues, Deductions, and the calculation
of the First Incentive Management Fee, the Security Deposit Replenishment and the Second Incentive Management Fee for the Hotel
with respect to which this Agreement was in effect for the preceding Fiscal Year. If Tenant desires, at its own expense, that an
audit be delivered with the delivery of an Officer’s Certificate, Tenant shall notify Manager in writing no later than February
1 of the Fiscal Year in which such Officer’s Certificate will be delivered. Such audit shall be completed by a firm of independent
certified public accountants proposed by Manager and approved by Tenant and Landlord (which approval shall not be unreasonably
withheld or delayed). Any dispute concerning the correctness of an audit shall be settled by an Expert in accordance with Section
11.23.B. Manager shall pay the cost of any such audit revealing an understatement of Operating Profit by more than five percent
(5%), and such amount shall not be a Deduction.

 

    15

     

    

 

2.                  If
the Security Deposit Replenishment or any other amounts due to Tenant as shown in the Officer’s Certificate provided in
Section 4.01.D(1) above for the Hotel exceed the amounts previously paid with respect thereto to Tenant, Manager shall promptly
pay such excess to Tenant at such time as the Officer’s Certificate is delivered, together with interest at the Disbursement
Rate, which interest shall accrue from the close of such preceding Fiscal Year until the date that such certificate is required
to be delivered and, thereafter, such interest shall accrue at the Overdue Rate, until the amount of such difference shall be
paid or otherwise discharged. Manager shall notify Tenant of such payment and the amount thereof and Manager shall promptly render
a statement to Tenant setting forth the adjustments required to be made to the distributions under Section 3.02.B for such Fiscal
Year and the parties shall promptly make, and cause their respective Affiliates to make, any adjustments or additional payments
or reimbursements required to comply with such revised statement. If the Security Deposit Replenishment due as shown in the Officer’s
Certificate for the Hotel is less than the amount previously paid with respect thereto to Tenant, Tenant shall within ten (10)
Business Days of receipt of written request from Manager, pay such excess to Manager, together with interest at the Disbursement
Rate, which interest shall accrue from the date of such overpayment until it is repaid. Manager shall notify Tenant of the requirement
of such payment and the amount thereof and Manager shall promptly render a statement to Tenant setting forth the adjustments required
to be made to the distributions under Section 3.02.B for such Fiscal Year and the parties shall promptly make, and cause their
respective Affiliates to make promptly, any adjustments or additional payments or reimbursements required to comply with such
revised statement.

 

E.             To the extent there is an Operating Loss for any Fiscal Year with respect
to the Hotel, Tenant shall have the right, without any obligation and in its sole and absolute discretion, to advance funds required
to fund such deficiency within twenty (20) days after Manager has delivered written notice thereof to Tenant; provided,
however, during any period in which the Hotel is subject to the Pooling Agreement, the determination of any Operating Loss
for the Hotel shall be made based on the aggregate of the Operating Profit and Operating Losses of all Portfolio Properties and
Tenant’s rights shall be governed by the terms and provisions of the Pooling Agreement. Any Operating Loss so funded by
Tenant shall constitute a “Tenant Operating Loss Advance”. If Tenant does not fund such Operating Loss in accordance
with the terms of this Section 4.01.E, then Manager shall also have the right, within twenty (20) days after such initial twenty
(20)-day period, without any obligation and in its sole and absolute discretion, to advance funds required to fund such Operating
Loss, and any such advance shall constitute an Additional Manager Advance with respect to the Hotel. Any Tenant Operating Loss
Advances and/or Additional Manager Advances shall be repaid in accordance with Section 3.02.B(4) hereof.

 

F.             1.                  In
addition, Manager shall provide Landlord and Tenant with information relating to the Hotel and public information relating to
Manager and its Affiliates that (a) may be required in order for Landlord or Tenant as the case may be to prepare
financial statements in accordance with GAAP or to comply with applicable securities laws and regulations and the SEC’s
interpretation thereof, (b) may be required for Tenant or Landlord to prepare federal, state or local tax returns, or
(c) is of the type that Manager customarily prepares for other hotel owners; provided, however, that
(i) Manager reserves the right, in good faith, at
Manager’s expense, to challenge and require Landlord and Tenant to use commercially reasonable efforts to challenge any
assertion by the SEC, any other applicable regulatory authority, or Landlord’s or Tenant’s independent
public accountants that applicable law, regulations or GAAP require the provision or publication of Proprietary Information,
(ii) Landlord and Tenant shall not, without Manager’s consent (which consent shall not be unreasonably withheld,
delayed or conditioned), acquiesce to any such challenged assertion until Landlord and Tenant have exhausted all reasonable
available avenues of administrative review, and (iii) Landlord and Tenant shall consult with Manager in pursuing any
such challenge and will allow Manager to participate therein, at Manager’s expense, if and to the extent that Manager
so elects. Landlord and Tenant acknowledge that the foregoing does not constitute an agreement by Manager either to join in
Landlord and Tenant filing with or appearance before the SEC or any other regulatory authority or to take or consent to any
other action which would cause Manager to be liable to any third party for any statement or information other than those
statements incorporated by reference pursuant to clause (a) above.

 

    16

     

    

 

2.                  Subject
to such Person entering into a confidentiality agreement with Manager as Manager may reasonably require, Tenant may at any time,
and from time to time, provide copies of any of the statements furnished under this Section 4.01 to any Person which has made or
is contemplating making a Qualified Mortgage, or another lender, or a prospective lender.

 

3.                  In
addition, Landlord and Tenant shall have the right, from time to time at Landlord’s or Tenant’s (as the case may be)
sole cost and expense, upon reasonable written notice, during Manager’s customary business hours, to cause Manager’s
books and records to be audited by auditors selected by Landlord or Tenant (as the case may be) at the place or places where such
books and records are customarily kept, provided that, prior to conducting such audit, Landlord or Tenant, as the case may be,
shall enter into a confidentiality agreement with Manager, such agreement to be in form and substance reasonably satisfactory to
Landlord or Tenant (as the case may be) and Manager.

 

4.02         
Books and Records.

 

A.               
Books of control and account pertaining to operations at the Hotel shall be kept on the accrual basis and in all material
respects in accordance with the Uniform System of Accounts and with GAAP (provided that, to the extent of a conflict between the
two, GAAP shall control over the Uniform System of Accounts), or in accordance with such industry standards or such other standards
with which Manager and its Affiliates are required to comply from time to time, with the exceptions, if any, provided in this Agreement
and the Pooling Agreement, to the extent applicable which will accurately record the Gross Revenues of the Hotel and applications
thereof. Manager shall retain, for at least three (3) years after the expiration of each Fiscal Year, reasonably adequate records
showing Gross Revenues and applications thereof for the Hotel for such Fiscal Year (which obligation shall survive termination
hereof).

 

B.                 Tenant
may at reasonable intervals during Manager’s normal business hours examine such books and records including, without
limitation, supporting data and sales and excise tax returns. If Tenant desires, at its own expense, to audit, examine, or
review the annual operating statement which is described in Section 4.01.C(2), Tenant shall notify Manager in writing
within one (1) year after receipt of such statement of its intention to audit and begin such audit within such one (1) year
after Manager’s receipt of such notice. Tenant shall use commercially reasonable efforts to complete such audit as soon
as practicable after the commencement thereof, subject to reasonable extension if Tenant’s or its accountant’s
inability to complete the audit within such time is caused by Manager. If Tenant does not make such an audit, then such
statement shall be deemed to be conclusively accepted by Tenant as being correct, and Tenant shall have no right thereafter,
except for adjustments made pursuant to an audit requested by Landlord under the Owner Agreement or in the event of fraud by
Manager, to question or examine the same. If any audit by Tenant or Landlord as aforesaid (1) discloses an understatement of
any net amounts due Tenant and its Affiliates, in the aggregate, hereunder (and, prior to the termination of the Pooling
Agreement in accordance with its terms with respect to the Hotel and the Other Management Agreements for the Fiscal Year in
question) Manager shall, and shall cause its Affiliates, to promptly pay Tenant such net amounts found to be due, plus
interest thereon at the Overdue Rate from the date such amounts should originally have been paid, or (2) discloses that
Manager and its Affiliates have not received, in the aggregate, any net amounts due them hereunder (and, prior to the
termination of the Pooling Agreement in accordance with its terms with respect to the Hotel and the Other
Management Agreements for the Fiscal Year in question), Tenant shall, and shall cause its Affiliates, to promptly pay Manager
such net amounts, plus interest thereon (at the Prime Rate plus one percent (1%) per annum) from the date such amounts should
originally have been paid. Manager shall promptly after completion of the adjustments required as a result of any such audit,
render a statement to Tenant setting for that adjustments required to be made to the distributions under Section 3.02.B for
such Fiscal Year which reflect all adjustments made to the amounts due Tenant, Marriott and/or Manager as a result of such
audit and the parties shall make and cause their respective Affiliates to make any adjustments or additional payments or
reimbursements required to comply with such revised statement. Any dispute concerning the correctness of an audit shall be
settled by the Expert in accordance with Section 11.23.B. Manager shall pay the cost of any audit revealing understatement of
Operating Profit by more than five percent (5%), and such amount shall not be a Deduction from Gross Revenues.

 

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C.                
Manager shall have the right, at its option, to provide Tenant with automated delivery, in electronic format, of the data
required under Sections 4.01.A, 4.01.C(2), 4.01.D(1), 4.02.A and 4.04 (consistent with the then-current standard operating procedures
generally employed by Manager with respect to other hotels in the System), which delivery may be by means of a link to an intranet
website of Manager or an Affiliate provided contemporaneous notice of the posting of data is provided to Tenant via electronic
mail to a person designated in writing by Tenant to Manager. The parties shall cooperate reasonably with each other in order to
adapt to new technologies that may be available with respect to the transmission of such data.

 

4.03         
Accounts, Expenditures.

 

A.                Tenant
irrevocably authorizes and directs Manager to pay, and Manager agrees to pay (or repay, as applicable), without notice,
demand or request therefor, but in each instance subject to the provisions of the Pooling Agreement, if applicable, and the
Marriott Guaranty Agreement, if applicable, with respect to the Hotel: (1) Tenant’s Priority to Tenant when
due and payable hereunder, (2) the Ground Lease Rent (if any) to Tenant, (3) the Base Management Fee to itself, (4)
distributions to Tenant, Marriott and/or Manager with respect to the Tenant Advances, Additional Marriott Advances and
Additional Manager Advances, (5) any accrued, but unpaid Base Management Fees to itself, (6) the First Incentive
Management Fee to itself, (7) the Security Deposit Replenishment to Tenant, (8) the Second Incentive Management Fee
to itself, and (9)  the remaining balance, if any, to Tenant, in each of the foregoing instances set forth in this
Section 4.03.A(1) through (9), at the time interim distributions are made pursuant to Section 4.01 hereof (except as
otherwise set forth herein), and to the extent of the sufficiency of, and in the order of, distribution of Operating Profit
under Section 3.02.B. Subject to Section 4.03.D, Manager is authorized to, and shall, make all expenditures required to be
made hereunder with respect to the operation of the Hotel, but only from funds available for such payments under the terms of
this Agreement or under the terms of the Pooling Agreement, if applicable, or under the Marriott Guaranty Agreement, if
applicable.

 

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B.                
Notwithstanding anything herein to the contrary, within sixty (60) days after the end of each Fiscal Year, Marriott or Manager
shall determine whether any Additional Manager Advance, any Additional Marriott Advance or any Marriott Guaranty Advance (pursuant
to the terms of the Marriott Guaranty Agreement) was made with respect to such Fiscal Year, and if Marriott or Manager has made
such an advance with respect to such Fiscal Year, then Marriott or Manager shall advise Tenant in writing of the type and amount
of such advance, and the balance of the Aggregate Amount Funded shall be deemed increased by the amount of any Marriott Guaranty
Advance.

 

C.                
Subject to the terms of the Pooling Agreement, as appropriate, all escrow reserve accounts and funds derived from the operation
of the Hotel shall be deposited by Manager in a bank account(s) in a bank designated by Manager. Withdrawals from said accounts
shall be made solely by representatives of Manager whose signatures have been authorized. Reasonable petty cash funds shall be
maintained at the Hotel.

 

D.               
Manager shall not be required to make any advance or payment hereunder or to or for the account of Tenant except out of
funds available therefor pursuant to the terms of this Agreement except as otherwise set forth herein or in any of the Incidental
Documents, and Manager shall not be obligated to incur any liability or obligation for Tenant’s account without assurances
satisfactory to Manager that necessary funds for the discharge thereof will be provided by Tenant. In any event, if any such liability
or obligation is incurred by Manager for Tenant’s account and Marriott does not have funds available under the Pooling Agreement
or Manager does not have funds hereunder if the Pooling Agreement is not in effect with respect to the Hotel, to pay such amount
on or before twenty (20) days after the end of the Accounting Period in which such liability or obligation was paid, the amount
advanced to pay such obligation shall be an Additional Manager Advance which shall be repaid as provided in Section 3.02.B hereof.

 

4.04          Annual
Operating Projection. Manager shall furnish to Tenant for its review, at least thirty (30) days prior to the beginning of
each Fiscal Year (or such earlier date if that becomes the prevailing practice within the System), a statement of the
estimated financial results of the operation of the Hotel for the forthcoming Fiscal Year (“Annual Operating
Projection”). Such projection shall project the estimated Gross Revenues, departmental profits, Deductions, and
Operating Profit for the ensuing Fiscal Year. Manager agrees to take reasonable steps to ensure that, at Tenant’s
request, qualified personnel from Manager’s staff are available to explain such Annual Operating Projections to Tenant.
A meeting (or meetings) for such purpose shall be held, at Tenant’s request, within a reasonable period of time after
the submission to Tenant of the Annual Operating Projection. Manager will at all times give good faith consideration to
Tenant’s suggestions regarding any Annual Operating Projection. Manager shall thereafter submit to Tenant, by no later
than seventy-five (75) days after the beginning of such Fiscal Year, a modified Annual Operating Projection if any changes
are made following receipt of comments from Tenant. Manager shall endeavor to adhere to the Annual Operating Projection. It
is understood, however, that the Annual Operating Projection is an estimate only and that unforeseen circumstances such as,
but not limited to, the costs of labor, material, services and supplies, casualty, operation of law, or economic and market
conditions may make adherence to the Annual Operating Projection impracticable, and Manager shall be entitled to depart
therefrom due to causes of the foregoing nature; provided, however, that nothing herein shall be deemed to
authorize Manager to take any action prohibited by this Agreement or to reduce Manager’s other rights or obligations
hereunder.

 

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4.05         
Working Capital.

 

A.               
Subject to the terms of the Pooling Agreement, upon written notice from Manager, Tenant shall, within ten (10) Business
Days of Manager’s request, advance funds necessary to maintain Working Capital at levels determined by Manager to be reasonably
necessary to satisfy the needs of the Hotel as its operation may from time to time require (such additional funds, the “Additional
Working Capital”). Any such request by Manager shall be accompanied by a reasonably detailed explanation of the reasons
for the request. All Additional Working Capital shall be utilized by Manager on behalf of Tenant for the purposes of this Agreement
pursuant to cash-management policies established for the System; provided, however, that so long as the Hotel is
subject to the Pooling Agreement, the Working Capital for the Hotel will be pooled with working capital provided under the Other
Management Agreements and may be used to fund working capital needs for all Portfolio Properties. If Tenant fails to timely fund
such Additional Working Capital within ten (10) Business Days after Manager’s request for the same, then, without affecting
Manager’s other rights and remedies under this Agreement, Manager shall have the right, without any obligation and in its
sole and absolute discretion, to advance such Additional Working Capital within ten (10) Business Days after such initial ten
(10)-Business Day period, and all such advances shall constitute Tenant Working
Capital Advances or Additional Manager Advances, as applicable, and shall be repaid as provided in Section 3.02.B(4) hereof.

 

B.                
Subject to the Pooling Agreement, upon a Termination, Manager shall disburse to Tenant all Working Capital remaining after
payment of all Deductions and all amounts owed to Manager hereunder and amounts payable by Tenant hereunder (including funds to
be held in escrow under Sections 6.01.B(2)(e) and 11.11).

 

4.06         
Fixed Asset Supplies. Any Fixed Asset Supplies that are necessary to maintain Fixed Asset Supplies at levels determined
by Manager to be necessary to satisfy the needs of the Hotel, as its operation may from time to time require, shall be paid from
Gross Revenues of the Hotel as Deductions. Such additional Fixed Asset Supplies shall remain the property of Tenant throughout
the Term of this Agreement and upon Termination, except for Fixed Asset Supplies purchased by Manager pursuant to Section 11.11.E.

 

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ARTICLE V

 

REPAIRS, MAINTENANCE AND REPLACEMENTS

 

5.01         
Manager’s Maintenance Obligation. Except as provided in Section 5.02 hereof, and subject to the availability
of sufficient funds in the applicable Reserves, Manager shall maintain the Hotel including all private roadways, sidewalks and
curbs located thereon in good order and repair, reasonable wear and tear excepted (whether or not the need for such repairs occurs
as a result of Tenant’s or Manager’s use, any prior use, the elements or the age of the Hotel, or any portion thereof),
and in conformity with Legal Requirements, System Standards and any Existing CC&Rs or Future CC&Rs (which Future CC&Rs
must be approved in writing by Manager if the same may be reasonably expected to interfere in any material way with the operation
of or financial performance of the Hotel). Except as provided in Section 5.02 hereof, and subject to the availability of sufficient
funds in the applicable Reserve for the Hotel with respect to capital items, and the sufficiency of Gross Revenue and Working
Capital for the Hotel otherwise, in each instance, as applicable, Manager shall promptly make or cause to be made all necessary
and appropriate repairs, replacements, renewals, and additions thereto of every kind and nature, whether interior or exterior,
structural or nonstructural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition existing prior
to the commencement of the Term (concealed or otherwise). All repairs, renovations, alterations, improvements, renewals, replacements
or additions shall be made in a good, workmanlike manner, consistent with Manager’s and industry standards for like hotels
in like locales, in accordance with all applicable federal, state and local statutes, ordinances, by-laws, codes, rules and regulations
relating to any such work. Subject to the availability of sufficient funds in the applicable Reserve for the Hotel or otherwise
available pursuant to this Agreement, Manager shall not take or omit to take any action, with respect to the Hotel (and not the
System as a whole) the taking or omission of which would materially and adversely impair the value of the Hotel or any part thereof
for its use as a hotel. The cost and expense incurred in connection with Manager’s obligations hereunder shall be paid either
from funds provided by Tenant or Landlord as provided for herein, Gross Revenues, Working Capital or from the Reserves, pursuant
to Sections 5.02 and 5.03 below.

 

5.02         
Repairs and Maintenance to be Paid from Gross Revenues. Manager shall promptly make or cause to be made, such routine
maintenance, repairs and minor alterations as it determines are necessary to comply with Manager’s obligations under Section
5.01. The phrase “routine maintenance, repairs, and minor alterations” as used in this Section 5.02 shall include only
those which are normally expensed under GAAP. The cost of such maintenance, repairs and alterations shall be paid from Gross Revenues
for the Hotel (and not from the Hotel’s Reserves) and shall be treated as a Deduction in determining Operating Profit for
the Hotel.

 

5.03         
Items to be Paid from Reserves.

 

A.               
To the extent funds are in the Reserves for the Hotel or such funds are provided by Tenant or Landlord under Section 5.07
hereof, Manager shall promptly make or cause to be made, all of the items listed in Section 5.03.B below as are necessary to comply
with Manager’s obligations under Section 5.01 hereof. The cost of such items shall be paid from the applicable Reserve and
not from Gross Revenues of the Hotel.

 

B.                
Manager has established for the Hotel, and currently holds funds in, an interest bearing escrow reserve account (each, a
 “Reserve” and collectively, the “Reserves”), which Reserves shall not be comingled with any
other funds except for the Reserves of other Portfolio Properties, in a bank or similar institution designated by Manager and reasonably
acceptable to Tenant and Landlord, to cover the cost of:

 

1.                 
Replacements, renewals and additions related to the FF&E at the Hotel; and

 

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2.                 
Subject to Section 5.02 hereof, routine or non-major repairs, renovations, renewals, additions, alterations, improvements
or replacements and maintenance to the Hotel which are normally capitalized (as opposed to expensed) under GAAP, such as exterior
and interior repainting; resurfacing building walls, floors, roofs and parking areas; and replacing folding walls and the like
(but which are not major repairs, alterations, improvements, renewals, replacements, or additions to the Hotel’s structure,
roof, or exterior façade, or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing or vertical
transportation systems); and

 

3.                 
Major repairs, renovations, additions, alterations, improvements, renewals or replacements to the Hotel including, without
limitation, with respect to its structure, roof, or exterior façade, and to its mechanical, electrical, heating, ventilating,
air conditioning, plumbing or vertical transportation systems; and

 

4.                 
All lease payments for equipment and other personal property reasonably necessary for the operation of the Hotel; and

 

C.                
Manager shall transfer into the Reserve for the Hotel the amounts as provided on the applicable Addendum. Transfers into
each Reserve shall be made at the time of each interim accounting described in Section 4.01.A hereof. All amounts transferred to
each Reserve shall be deducted from Gross Revenues in determining Operating Profit for the Hotel and shall be deposited in the
Reserve account described in Section 5.03.B.

 

D.               
Manager shall from time to time make expenditures for the items described in Sections 5.03.B(1), (2), (3), and (4), as it
deems necessary without the approval of Landlord or Tenant. At the end of each Fiscal Year, any amounts remaining in the Reserve
for the Hotel shall be carried forward to the next Fiscal Year. Proceeds from the sale of FF&E no longer necessary to the operation
of the Hotel shall be added to the Reserve for the Hotel, and shall not be included in Gross Revenue for the Hotel. The Reserves
will be kept in interest-bearing accounts, and any interest which accrues thereon shall be retained in such Reserve. Neither (1) proceeds
from the disposition of FF&E, nor (2) interest which accrues on amounts held in the Reserves, shall (a) result in
any reduction in the required contributions to the Reserves set forth in Section 5.03.C above, nor (b) be included in Gross
Revenues.

 

5.04         
Reserve Estimates. Manager shall prepare and deliver to Tenant and Landlord for their review, at the same time the
Annual Operating Projection is submitted, an estimate for the Hotel (each, a “Reserve Estimate”) of the Reserve
expenditures necessary during the forthcoming Fiscal Year for (1) replacements, renewals, and additions to the FF&E of
the Hotel and (2) repairs, renovations, additions, alterations, improvements, renewals or replacements to the Hotel of the
nature described in Section 5.03.B, for the forthcoming Fiscal Year. Manager agrees to take reasonable steps to ensure that, at
Tenant’s or Landlord’s request, qualified personnel from Manager’s staff are available to explain each proposed
Reserve Estimate with respect to expenditures described in Section 5.03.B(3). A meeting (or meetings) for such purpose shall be
held, at Tenant’s or Landlord’s request, within a reasonable period of time after the submission to Tenant or Landlord
of the applicable Reserve Estimate. Any disputes as to items in each Reserve Estimate for expenditures described in Section 5.03.B(3)
shall be resolved as set forth in Sections 5.07.C and 5.07.D hereof. Such expenditures shall be funded from the applicable Reserve
to the extent funds are available therefor or from funds provided under Section 5.07 hereof.

 

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5.05         
Additional Requirements for Reserves.

 

A.               
All expenditures from the Reserves shall be (as to both the amount of each such expenditure and the timing thereof) both
reasonable and necessary given the objective that the Hotel will be maintained and operated to a standard comparable to competitive
properties and in accordance with the System Standards.

 

B.                
Manager shall provide to Tenant and Landlord within forty (40) Business Days after the end of each Accounting Period, a
statement setting forth, on a line item basis, Reserve expenditures made to date and any variances or anticipated variances and/or
amendments from the applicable Reserve Estimate.

 

C.                
Notwithstanding anything contained herein to the contrary, it is understood and agreed that so long as the Pooling Agreement
is applicable to the Hotel, the Reserves pursuant to this Agreement and the Other Management Agreements to which the Pooling Agreement
is then applicable shall be maintained and used on a pooled basis such that all Reserve funds shall be deposited in a single account
and Manager and the managers under the Other Management Agreements may apply any funds therein to any of the Portfolio Properties
in accordance with the terms of this Agreement, the Other Management Agreements, and the Pooling Agreement.

 

D.               
Other than Tenant’s or Manager’s personal property, all materials which are scrapped or removed in connection
with the making of any major or non-major repairs, renovation, additions, alterations, improvements, removals or replacements as
described in Section 5.03.B above, or Section 5.08 below should be disposed of by Manager and the net proceeds thereof shall be
deposited in the applicable Reserve and not included in Gross Revenue.

 

5.06         
Ownership of Replacements. All repairs, renovations, additions, alterations, improvements, renewals or replacements
made pursuant to this Article V, and all amounts kept in the Reserves, shall, except as otherwise provided in this Agreement, be
the property of Tenant or Landlord, as applicable, as provided under the Lease.

 

5.07         
Obligation to Provide Additional Reserve Funds.

 

A.               
Notwithstanding anything contained herein to the contrary, no expenditures in excess of the applicable Reserves shall be
made without the approval of Tenant during the last two (2) years of a Lease Term (unless Tenant has exercised its rights for a
renewal term under the Lease) except those required by reason of or under any Insurance Requirement or Legal Requirement, or otherwise
required for the continued safe and orderly operation of the Hotel.

 

B.                
If, at any time, the funds in any Reserve shall be insufficient or are reasonably projected to be insufficient for necessary
and permitted expenditures thereof, Manager shall give Landlord and Tenant written notice thereof, which notice shall set forth,
in reasonable detail, the nature of the required or permitted action, the estimated cost thereof (including the amount which is
in excess of the amount of funds in such Reserve) and such other information with respect thereto as Landlord or Tenant may reasonably
require, and the following shall apply: Provided that (1) there then exists no Manager Default that has a material adverse effect
on Tenant and which arises from acts or failures to act by Manager with respect to the Hotel, and (2) Manager shall comply with
the provisions of Section 5.08 hereof, if applicable, Tenant shall, within thirty (30) Business Days after such notice, or such
later date as Manager may direct by reasonable prior notice, disburse (or cause Landlord to disburse) such required funds to Manager
for deposit into the Reserves as one or more lump sum contributions, in which event Tenant’s Priority with respect to the
Hotel shall be adjusted as provided for herein in the definition of Tenant’s Priority and the Addendum for the Hotel shall
be revised in accordance therewith.

 

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C.                
If Landlord or Tenant disputes Manager’s request for a lump sum contribution to a Reserve, Manager shall attempt to
resolve such dispute through negotiation. If after one meeting (or conference call) of direct negotiations between Manager and
Landlord or Tenant, as applicable, any party determines that open issues cannot be resolved within sixty (60) days, such matters
shall be settled by the Expert in accordance with Section 11.23.B. Tenant and Landlord shall, to the extent possible, identify
items in dispute on a line by line basis.

 

D.               
A failure or refusal by Landlord or Tenant to provide the additional funds required in accordance with Section 5.07.B above
within the time period set forth in Section 5.07.B (including after any Expert resolution pursuant to Section 11.23.B, if applicable)
shall entitle Manager, at its option, to notify Landlord and Tenant in writing that Manager may terminate this Agreement. If Tenant
does not deposit in such Reserve the additional funds required in accordance with Section 5.07.B within thirty (30) days after
receipt of such notice of intent to terminate, Manager may, in its sole and absolute discretion, (i) elect to terminate this
Agreement by written notice to Tenant and this Agreement shall terminate as of the date that is one hundred eighty (180) days
after the date of Tenant’s receipt of Manager’s termination notice, and which Termination shall otherwise be in accordance
with the provisions of Section 11.11 hereof (an “FF&E Termination”), or (ii) exercise any remedy available
at law or in equity (except as specifically limited herein). If Manager elects to effect
an FF&E Termination, then, at Manager’s election and direction, Tenant shall enter into a franchise agreement with Marriott
for the Hotel (such an event, a “Franchise Conversion”), and Tenant shall satisfy the requirements set
forth on Exhibit D. Notwithstanding the foregoing, Manager may advance the needed Reserve funds if (1) such funds are required
in order for the Hotel to comply with System Standards related to the health or safety of persons or property on or about the
Hotel; (2) such funds are required by reason of or under any Insurance Requirement or Legal Requirement, or otherwise required
for the continued safe and orderly operation of the Hotel; (3) there is an emergency threatening the Hotel or the life or property
of the Hotel’s guests; or (4) the failure to take remedial action may subject Manager, Landlord, Tenant, their Affiliates
or any of their respective directors, managers, officers or employees to civil or criminal liability (other than de minimis civil
fines or fees) (in each case, the “Emergency Funding”). Tenant agrees and authorizes Manager to reimburse Manager
for such Emergency Funding from future Reserves of the Hotel, unless Manager elects to treat such Emergency Funding as an Additional
Manager Advance.

 

5.08         
Additional Requirements Relating to Certain Capital Improvements.

 

A.               
Prior to commencing construction of any additions or modifications to any structural element of the Hotel, the cost of
which is reasonably estimated to exceed $300,000, as adjusted as provided below (other than Renovations made pursuant to the Renovation-Related
Agreements) (a “Capital Addition”) (other than any Capital Addition which is reasonably required to be made
immediately in order to prevent imminent damage or danger to person or property or to subject Manager, Tenant or Landlord to criminal
liability), Manager shall submit, to Tenant and Landlord in writing, a proposal setting forth, in reasonable detail, any
such proposed improvement and cost estimate therefor and shall provide to Tenant and to Landlord such plans and specifications,
and such permits, licenses, contracts and such other information concerning the same as Landlord or Tenant may reasonably request.
Landlord and Tenant shall have twenty (20) Business Days to approve or disapprove all materials submitted to Landlord or Tenant,
as the case may be, in connection with any such proposal. Failure of Landlord or Tenant to respond to Manager’s proposal
within twenty (20) Business Days after receipt of all information and materials requested by Landlord or Tenant (if applicable)
in connection with the proposed improvement shall be deemed to constitute approval of the same by the failing party.

 

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B.                
In the event any dispute shall arise with respect to the withholding of any approval by either Landlord or Tenant, Manager
shall meet with Landlord and Tenant to discuss the objections of Landlord or Tenant, and Manager, Landlord and Tenant shall attempt
in good faith to resolve any disagreement relating to the proposal submitted by Manager. If after sixty (60) days such disagreement
has not been resolved, any party may submit the issue to the Expert in accordance with Section 11.23.B. No Capital Addition shall
be made which would tie-in or connect the Hotel with any other improvements on property adjacent to the Hotel (and not part of
the Site) including, without limitation, tie-ins of buildings or other structures or utilities (other than connections to public
utilities). Manager shall not finance the cost of any construction of such improvements by the granting of a lien on, or security
interest in, the Hotel or Manager’s interest therein without the prior written consent of Landlord, which consent may be
in Landlord’s sole discretion.

 

C.                
The $300,000 limit referred to above shall be increased from time to time to an amount equal to $300,000 multiplied by a
fraction, the denominator of which shall be the Index for the nearest month prior to the Effective Date and the numerator of which
shall be the Index for the nearest month for which the Index is available prior to the first day of the Accounting Period in which
such determination is being made.

 

D.                
Landlord and Tenant may not withhold their approval of any Capital Addition described in this Section 5.08 if (1) such
Capital Addition is required in order for the Hotel to comply with System Standards; (2) such Capital Addition is required
by reason of or under any Insurance Requirement or Legal Requirement, or otherwise required for the continued safe and orderly
operation of the Hotel; (3) such Capital Addition is required by reason of an emergency threatening the Hotel or the life or property
of Hotel guests; or (4) the failure to take remedial action may subject Manager, Landlord, Tenant, their Affiliates or any of their
respective directors, managers, officers or employees to civil or criminal liability (other than de minimis civil fines or fees).
If Manager takes such action, then it will promptly notify Tenant.

 

ARTICLE VI

 

INSURANCE, DAMAGE AND CONDEMNATION

 

6.01         
Insurance. Tenant and Manager will comply with their respective obligations under the insurance provisions in Exhibit
E. Tenant and Manager hereby agree that, as of the Effective Date, Manager will procure and maintain property insurance for
the Hotel pursuant to Section 6.01.A of Exhibit E; provided; however, that Tenant may elect to procure and maintain such property
insurance subject to and in accordance with the provisions of Section 6.01.A of Exhibit E.

 

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6.02         
Damage and Repair.

 

A.                
If, during the Term, the Hotel shall be totally or partially destroyed and the Hotel is thereby rendered Unsuitable for
Its Permitted Use, (1) Manager may terminate this Agreement by sixty (60) days’ written notice to Tenant and Landlord
(which Termination shall not be deemed due to a Manager Default), or (2) if the Lease has been terminated as a result of such
casualty, Tenant may terminate this Agreement by written notice to Manager and Landlord, whereupon, this Agreement and the Lease,
shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.

 

B.                
If, during the Term, the Hotel is damaged or destroyed by fire, casualty or other cause but is not rendered Unsuitable for
Its Permitted Use and the Lease is not terminated in accordance with its terms, subject to Sections 6.02.C and 6.02.D below, and
provided there then exists no Manager Default which arises from acts or failures to act by Manager, then Tenant shall forward to
Manager the funds necessary to repair or replace the damaged or destroyed portion of the Hotel to the same condition as existed
previously and Manager shall have the right to discontinue operating the Hotel to the extent it deems necessary to comply with
applicable law, ordinance, regulation or order or as necessary for the safe and orderly operation of the Hotel.

 

C.            
1.     If the cost of the repair or restoration of the Hotel is less than the sum of the deductible plus the amount of insurance
proceeds received by Landlord or Tenant, Tenant shall be required to make available the funds necessary (minus the amount of such
deductible) to cause the Hotel to be repaired and restored to the extent of such insurance proceeds. The amount of such deductible
shall be funded first from the Reserve for the Hotel, and to the extent such Reserve is insufficient therefor, the balance shall
be funded by Tenant, and any such funding by Tenant shall result in an adjustment to Tenant’s Priority with respect to the
Hotel as if Tenant had made a lump sum deposit into the Reserve for the Hotel, in the manner set forth in the definition of Tenant’s
Priority, and the Addendum applicable to the Hotel shall be revised in accordance therewith.

 

2.     If
the cost of the repair or restoration of the Hotel exceeds the amount of insurance proceeds received by Landlord, plus the deductible
amount, Manager shall give notice to Tenant and Landlord setting forth in reasonable detail the nature of such deficiency, and
Tenant shall promptly thereafter advise Manager in writing whether Tenant shall pay and assume the amount of such deficiency (Tenant
having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable
obligation of Tenant). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have
the right (but not the obligation), exercisable at Landlord’s sole election by written notice to Tenant and Manager, given
within sixty (60) days after Manager’s notice of the deficiency, to elect to make available for application to the cost
of repair or restoration the amount of such deficiency. In the event that neither Landlord nor Tenant shall elect to make such
deficiency available for restoration, (a) Manager may effect Termination of this Agreement by written notice to Tenant and Landlord
(which Termination shall not be deemed due to a Manager Default), or (b) if the Lease has been terminated as a result of such
casualty, Tenant may effect a Termination of this Agreement by written notice to Manager and Landlord, whereupon, this Agreement
shall terminate as provided in Section 6.02.A.

 

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D.               
In the event Tenant is required to make available the funds necessary to restore the Hotel, Tenant shall promptly do so
and such funds shall be used to perform the repair and restoration of the Hotel, so as to restore the Hotel in compliance with
all Legal Requirements and so that the Hotel shall be, to the extent practicable, substantially equivalent in value and general
utility to its general utility and value immediately prior to such damage or destruction and in compliance with System Standards.
Manager shall, at Tenant’s request, provide general supervisory services with respect to completion of such work as part
of the services provided hereunder in consideration of the management fees paid to Manager; however, Manager shall not be obligated
to provide additional secure services unless Tenant and Manager enter into separate arrangements to provide such services and for
stated additional consideration. Subject to the terms of the Lease, Landlord shall advance the insurance proceeds and any additional
amounts payable by Landlord pursuant to this Section 6.02.D to Tenant regularly during the repair and restoration period so as
to permit payment for the cost of any such restoration and repair. Any such advances shall be made not more than monthly within
ten (10) Business Days after Tenant submits to Landlord a written requisition and substantiation therefor on AIA Forms G702 and
G703 (or on such other form or forms as may be reasonably acceptable to Landlord). Landlord may, at its option, condition advancement
of said insurance proceeds and other amounts on (i) the absence of an Event of Default (as defined in the Lease), (ii) its
approval of plans and specifications of an architect satisfactory to Landlord (which approval shall not be unreasonably withheld
or delayed), (iii) general contractors’ estimates, (iv) architect’s certificates, (v) unconditional
lien waivers of general contractors, if available, (vi) evidence of approval by all governmental authorities and other regulatory
bodies whose approval is required and (vii) such other certificates as Landlord may, from time to time, reasonably require.

 

E.                
If this Agreement is not otherwise terminated with respect to a totally or partially destroyed Hotel as permitted herein,
and Landlord and/or Tenant makes funds available to repair and restore any the Hotel, then, except for deductibles which are addressed
in Section 6.02.C above, any reserves, losses, costs or expenses which are uninsured or are not otherwise self-insured because
the same are not required to be insured or self-insured hereunder (as applicable, the “Uninsured Costs”), shall
be accounted for in accordance with the following sentence. Effective as of the first day of the Accounting Period immediately
following the completion of the repair or restoration of the Hotel (or, if the Hotel, or any portion thereof, was closed as a result
of the damage or destruction, then as of the first day of the Accounting Period immediately following the date the Hotel, or such
portion thereof, is reopened), the Tenant’s Priority shall be the greater of (i) the Tenant’s Priority for the
Hotel as of the day immediately preceding any such damage or destruction, or (ii) eight percent (8%) multiplied by the total
cost (including any Uninsured Costs) to repair and restore the Hotel in accordance with the terms of this Agreement.

 

F.                 
All business interruption insurance proceeds shall be paid to Manager and included in Gross Revenues. Any casualty which
does not result in a Termination of this Agreement with respect to the Hotel shall not excuse the payment of sums due to Tenant
hereunder.

 

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G.               
Manager hereby waives any statutory rights of termination which may arise by reason of any damage to or destruction of the
Hotel.

 

6.03         
Damage Near End of Term. Notwithstanding any provisions of Section 6.01, Section 6.02 or Exhibit E hereof
to the contrary, if damage to or destruction of the Hotel occurs during the last twelve (12) months of the Term (including any
exercised Renewal Term) and if such damage or destruction cannot reasonably be expected to be fully repaired and restored prior
to the date that is nine (9) months prior to the end of such Term (including any exercised Renewal Term), then the provisions of
Section 6.02.A shall apply as if the Hotel had been totally or partially destroyed and the Hotel operated thereon rendered Unsuitable
for Its Permitted Use.

 

6.04         
Condemnation. If either (i) the whole of the Hotel shall be taken by Condemnation, or (ii) a Condemnation
of less than the whole of the Hotel renders the Hotel Unsuitable for Its Permitted Use, then this Agreement shall terminate and
Tenant and Landlord shall seek the Award for their interests in the Hotel as provided in the Lease. In addition, Manager shall
have the right to initiate such proceedings as it deems advisable to recover any damages to which Manager may be entitled; provided,
however, that Manager shall be entitled to retain the award or compensation it may obtain through such proceedings which
are conducted separately from those of Tenant and Landlord only if such award or compensation does not reduce the award or compensation
otherwise available to Tenant and Landlord. For this purpose, any award or compensation received by any holder of a Mortgage on
the Hotel shall be deemed to be an award of compensation received by Landlord.

 

6.05         
Partial Condemnation. In the event of a Condemnation of less than the whole of the Hotel such that the Hotel is not
rendered Unsuitable for Its Permitted Use, Manager shall, to the extent of the Award and any additional amounts disbursed by Tenant
or Landlord as hereinafter provided, commence promptly and continue diligently to restore the untaken portion of the Hotel so that
the Hotel shall constitute a complete architectural unit of the same general character and condition (as nearly as may be possible
under the circumstances) as the Hotel located thereon existing immediately prior to such Condemnation, in full compliance with
all Legal Requirements, subject to the provisions of this Section 6.05. Manager shall, at Tenant’s request, provide general
supervisory services with respect to completion of such work as part of the services provided hereunder in consideration of the
management fees paid to Manager, however, Manager shall not be obligated to provide additional services unless Tenant and Manager
enter into separate arrangements to provide such services and for stated additional consideration. If the cost of the repair or
restoration of the Hotel exceeds the amount of the Award, then Manager shall give Landlord and Tenant written notice thereof, which
notice shall set forth in reasonable detail the nature of such deficiency, and Tenant shall promptly thereafter advise Manager
in writing whether Tenant will pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that
if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this
Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right
(but not the obligation), exercisable at Landlord’s sole election by notice to Tenant and Manager given within sixty (60)
days after Tenant’s notice of the deficiency, to elect to make available for application to the cost of repair or restoration
the amount of such deficiency. In the event neither Landlord nor Tenant shall elect to make such deficiency available for restoration,
either Manager or Tenant may terminate this Agreement with respect to the Hotel.

 

    28

     

    

 

6.06         
Disbursement of Award. Subject to the terms hereof, Tenant or Landlord, as applicable, shall contribute to the cost
of restoration that part of the Award necessary to complete such repair or restoration, together with severance and other damages
awarded for the Hotel and any deficiency Tenant or Landlord, as applicable, has agreed to disburse, to Manager regularly during
the restoration period so as to permit payment for the cost of such repair or restoration. Landlord may, at its option, condition
advancement of such Award and other amounts on (i) the absence of any Manager Event of Default, (ii) its approval of
plans and specifications of an architect satisfactory to Landlord (which approval shall not be unreasonably withheld or delayed),
(iii) general contractors’ estimates, (iv) architect’s certificates, (v) unconditional lien waivers
of general contractors, if available, (vi) evidence of approval by all governmental authorities and other regulatory bodies
whose approval is required, and (vii) such other certificates as Landlord may, from time to time, reasonably require. Landlord’s
and Tenant’s obligation under this Section 6.06 to disburse the Award and such other amounts shall be subject to (x) the
collection thereof by Landlord and (y) the satisfaction of any applicable requirements of any Qualified Mortgage, and the
release of such Award by the applicable Mortgagee. Tenant’s obligation to restore the Hotel shall be subject to the release
of the Award to Landlord by the Mortgagee under a Qualified Mortgage.

 

6.07         
Temporary Condemnation. In the event of any temporary Condemnation of the Hotel or Tenant’s interest therein,
this Agreement shall continue in full force and effect. The entire amount of any Award made for such temporary Condemnation allocable
to the Term, whether paid by way of damages, rent or otherwise, shall be paid to Manager and shall constitute Gross Revenues. Tenant
shall, promptly upon the termination of any such period of temporary Condemnation, at its sole cost and expense, restore the Hotel
to the condition that existed immediately prior to such Condemnation, in full compliance with all Legal Requirements, unless such
period of temporary Condemnation shall extend beyond the expiration of the Term, in which event Tenant shall not be required to
make such restoration. For purposes of this Section 6.07, a Condemnation shall be deemed to be temporary if the period of such
Condemnation is not expected to, and does not, exceed twelve (12) months.

 

6.08         
Allocation of Award. Except as provided in Sections 6.06 and 6.07 and the second and third sentences of this Section
6.08, the total Award shall be solely the property of and payable to Landlord. Any portion of the Award made for the taking of
Tenant’s leasehold interest in the Hotel, loss of business, the taking of Tenant’s Personal Property, or Tenant’s
removal and relocation expenses shall be the sole property of, and payable to, Tenant. Any portion of the Award made for the taking
of Manager’s interest in the Hotel or Manager’s loss of business during the remainder of the Term hereof shall be the
sole property of, and payable to, Manager, subject to the provisions of Section 6.04 hereof. In any Condemnation proceedings, Landlord,
Tenant, and Manager shall each seek its own Award in conformity herewith, at its own expense.

 

6.09         
Effect of Condemnation. Any condemnation which does not result in a Termination of this Agreement in accordance with
its terms with respect to the Hotel shall not excuse the payment of sums due to Tenant hereunder and this Agreement shall remain
in full force and effect.

 

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ARTICLE VII

TAXES; OTHER CHARGES

 

7.01         
Real Estate and Personal Property Taxes.

 

A.               
Subject to Section 11.24 relating to permitted contests, Manager shall pay, from Gross Revenues for the Hotel, all Impositions,
before any fine, penalty, interest or cost (other than any opportunity cost as a result of a failure to take advantage of any discount
for early payment) may be added for non-payment, such payments to be made directly to the taxing authorities where feasible, and
shall promptly, upon request, furnish to Landlord and Tenant copies of official receipts or other reasonably satisfactory proof
evidencing such payments. Any such payments shall be a Deduction in determining Operating Profit for the Hotel. If any such Imposition
may, at the option of the taxpayer, lawfully be paid in installments (whether or not interest shall accrue on the unpaid balance
of such Imposition), Manager may exercise the option to pay the same (and any accrued interest on the unpaid balance of such Imposition)
in installments and, in such event, shall pay such installments during the Term as the same become due and before any fine, penalty,
premium, further interest or cost may be added thereto. Manager shall, upon request, provide such data as is maintained by Manager
with respect to the Hotel as may be necessary to prepare any required returns and reports by Landlord or Tenant.

 

Tenant shall give,
and will use reasonable efforts to cause Landlord to give, copies of official tax bills and assessments which it may receive with
respect to the Hotel and prompt notice to Tenant and Manager of all Impositions payable by Tenant under the Lease of which Tenant
or Landlord, as the case may be, at any time has knowledge; provided, however, that Landlord’s or Tenant’s
failure to give any such notice shall in no way diminish Manager’s obligation hereunder to pay such Impositions (except that
Landlord or Tenant, as applicable, shall be responsible for any interest or penalties incurred as a result of Landlord’s
or Tenant’s, as applicable, failure promptly to forward the same).

 

B.                
The word “Impositions” as used in this Agreement shall include, but not be limited to, franchise taxes
under the laws of the State(s) and gross receipt or general excise taxes or sales taxes payable on (i) Rent payable to Landlord,
(ii) all sums payable to Tenant pursuant to this Agreement (or the Pooling Agreement with respect to the Hotel), and (iii) all
sums payable to Manager pursuant to this Agreement as System Fees or Management Fees (or pursuant to the Pooling Agreement with
respect to the Hotel), if any, but shall not include the following, all of which shall be paid from the applicable Reserve, and
not from Gross Revenues:

 

1.                 
Special assessments (regardless of when due or whether they are paid as a lump sum or in installments over time) imposed
because of facilities which are constructed by or on behalf of the assessing jurisdiction (for example, roads, sidewalks, sewers,
culverts, etc.) which directly benefit the Hotel (regardless of whether or not they also benefit other buildings), which assessments
shall be treated as capital costs of construction and not as Deductions; and

 

2.                 
“Impact Fees” (regardless of when due or whether they are paid as a lump sum or in installments over time)
which are required as a condition to the issuance of site plan approval, zoning variances or building permits, which impact fees
shall be treated as capital costs of construction and not as Deductions.

 

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C.                
Notwithstanding anything herein to the contrary, each of Tenant and Manager shall pay from its own funds (and not from Gross
Revenues of the Hotel or any Reserve) any franchise, corporate, estate, inheritance, succession, capital levy or transfer tax imposed
on Tenant or Manager, as applicable, or any income tax imposed (but not gross receipt or general excise taxes) on any income of
Tenant or Manager (including distributions to Tenant pursuant to Article III hereof).

 

D.               
Manager shall cause to be paid, when due, from Gross Revenues, as Deductions, to the extent of the sufficiency of funds
available therefore:

 

1.                 
Utility Charges — all charges for electricity, power, gas, oil, water and other utilities used in connection with
the Hotel.

 

2.                 
Insurance Premiums — all premiums for the insurance coverage required to be maintained pursuant to Section 6.01 and
Exhibit E hereof.

 

3.                 
Other Charges — all other amounts, liabilities and obligations arising in connection with the operation of the Hotel
except those obligations expressly assumed by Landlord or Tenant pursuant to the provisions of this Agreement or any of the Incidental
Documents or expressly stated not to be paid from Gross Revenues of the Hotel pursuant to this Agreement.

 

ARTICLE VIII

 

OWNERSHIP OF THE HOTEL

 

8.01         
Ownership of the Hotel.

 

A.               
Tenant hereby covenants that it will not hereafter impose or consent to the imposition of any liens, encumbrances or other
charges, except as follows:

 

1.                 
easements or other encumbrances that do not adversely affect the operation of the Hotel by Manager and that are not prohibited
pursuant to Section 8.04 of this Agreement;

 

2.                 
mortgages which constitute Qualified Mortgages and related security instruments;

 

3.                 
liens for taxes, assessments, levies or other public charges not yet due or due but not yet payable; or

 

4.                 
equipment leases for office equipment, telephone, motor vehicles and other property approved by Manager.

 

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B.                
Subject to liens permitted by Section 8.01.A hereof and further subject to liens permitted to be placed by Landlord pursuant
to the Owner Agreement, Tenant covenants that, so long as there then exists no Manager Default which arises from acts or failures
to act by Manager with respect to the Hotel, Manager shall quietly hold, occupy and enjoy the Hotel throughout the Term hereof
free from hindrance, ejection or molestation by Tenant or Landlord or other party claiming under, through or by right of Tenant
or Landlord. Tenant agrees to pay and discharge any payments and charges and, at its expense, to prosecute all appropriate actions,
judicial or otherwise, necessary to assure such free and quiet occupation as set forth in the preceding sentence. Tenant will reasonably
cooperate with Manager and its Affiliates in connection with Manager’s operation of the Hotel.

 

C.                
Tenant will make all payments under any Mortgage by the due date from its own funds and not as Deductions. Manager has no
responsibility for payment of debt service.

 

8.02         
Requirements for Mortgages.

 

A.               
Tenant and/or Landlord may encumber the Hotel individually, or with one or more other Portfolio Properties, with any Mortgage
that meets all of the following requirements (each, a “Qualified Mortgage”):

 

1.                 
the proposed Mortgage is from an Institutional Lender and is on commercially reasonable terms;

 

2.                 
for Mortgages other than for the initial construction of the Hotel, the outstanding aggregate principal amount secured by
all Mortgages, including the proposed Mortgage, is seventy percent (70%) or less of the fair market value of the Portfolio Properties
subject to the proposed Mortgage measured as of the Finance Date;

 

3.                 
the ratio, as of the Finance Date, of (a) aggregate Operating Profit for the twelve (12) full Accounting Periods immediately
before the Finance Date to (b) debt service for the same period for all Mortgages encumbering the Portfolio Properties that
are subject to the proposed Mortgage, including the proposed Mortgage, equals or exceeds 1.4 to 1; and

 

4.                 
Mortgagee and Manager enter into an SNDA.

 

B.                
Manager may provide information about the Hotel to any Mortgagee, or to any Affiliate of Manager that provides any financing
in connection with the Hotel, that such Mortgagee or such Affiliate reasonably requests. Upon Manager’s request, Tenant will
promptly provide drafts, and the executed term sheets and loan documents for all Mortgages encumbering the Hotel.

 

C.                
If any action taken by a Mortgagee materially and adversely restricts Manager from operating the Hotel in accordance with
the System Standards, then (i) such action will constitute a Tenant Default; and (ii) Manager may terminate this Agreement upon
at least sixty (60) days’ prior written notice to Tenant without affecting Manager’s other rights and remedies under
this Agreement.

 

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D.               
If title to or possession of the Hotel is transferred by judicial or administrative process (for example, by Foreclosure
or bankruptcy proceedings) to a Person that does not meet the requirements in Section 10.02.A, then Manager may terminate this
Agreement upon at least sixty (60) days’ prior written notice to Tenant without affecting Manager’s other rights
and remedies under this Agreement.

 

8.03         
Subordination and Non-Disturbance Agreement.

 

A.               
Tenant will obtain from any Mortgagee that holds a Mortgage as of or after the Effective Date an agreement, reasonably satisfactory
to Manager and recordable in the jurisdiction where the Hotel is located (the “SNDA”), which provides that:

 

1.                 
the right, title and interest of Manager in and to the Hotel under this Agreement will be subject and subordinate to the
lien of the Mortgage;

 

2.                 
if there is a Foreclosure under the Mortgage, then Manager will not be named as a party in any Foreclosure, and so long
as no Manager Event of Default (beyond the applicable notice and cure period, if any) has occurred thereunder which entitles Tenant
to terminate this Agreement, (a) this Agreement will not terminate, (b) Mortgagee and any Subsequent Tenant will recognize
the rights of Manager under this Agreement, and (c) Manager’s rights to operate the Hotel under this Agreement will
not be disturbed; and

 

3.                 
if there is a Foreclosure under the Mortgage, then Manager will be obligated to each Subsequent Tenant to perform under
the terms of this Agreement with the same force and effect as if the Subsequent Tenant were the Tenant, for as long as the Subsequent
Tenant meets the requirements of Section 10.02.A.

 

B.                
If the SNDA requires Manager to pay amounts otherwise due to Tenant under this Agreement directly to Mortgagee or its designee,
rather than to Tenant, then Tenant hereby irrevocably consents to such payment.

 

C.                
If Tenant does not obtain an SNDA for any Mortgage, then Manager may terminate this Agreement upon at least sixty (60) days’
prior written notice to Tenant without affecting Manager’s other rights and remedies under this Agreement.

 

8.04         
No Covenants, Conditions or Restrictions.

 

A.               
Tenant represents and warrants that, as of the Effective Date, there are not, and covenants that during the Term of this
Agreement, Tenant shall not enter into (unless Manager has given its prior written consent thereto including as to any amendment,
which consent shall not be unreasonably withheld, conditioned or delayed), any covenants, conditions or restrictions, including
reciprocal easement agreements, common area assessments or cost-sharing arrangements (collectively referred to as “Future
CC&Rs”) affecting the Site or Hotel that would (i) prohibit or limit Manager from operating the Hotel in accordance
with System Standards, including related amenities of the Hotel; (ii) allow the Hotel facilities (for example, parking spaces)
to be used by persons other than guests, invitees or employees of the Hotel; (iii) allow the Hotel facilities to be used for specified
charges or rates that have not been approved by Manager; or (iv) subject the Hotel to exclusive arrangements regarding food and
beverage operation, retail merchandise or any other operations or part of the Hotel. Manager hereby consents to (a) any easements,
covenants, conditions or restrictions, including without limitation any reciprocal easement agreements or cost-sharing agreements,
existing as of the date Landlord acquired title to the Hotel, and (b) any of the foregoing items with respect to the Hotel existing
as of the Effective Date and of which Manager has knowledge (all of the foregoing, collectively, the “Existing CC&Rs”).
Tenant further covenants and agrees that for the duration of this Agreement, in the event Tenant receives any written notice or
correspondence relating to any Existing CC&Rs or the Condominium Declaration, Tenant covenants that it shall forward such
notice or correspondence to Manager within five (5) Business Days of receipt thereof by Landlord or Tenant.

 

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B.                
All financial obligations imposed on Tenant or on the Hotel pursuant to any Future CC&Rs for which Manager’s consent
is required under Section 8.04.A above shall be paid by Tenant from its own funds, and not from Gross Revenues of the Hotel or
from the Reserve of the Hotel, unless Manager has given its prior written consent to such Future CC&Rs as required under Section
8.04.A.

 

C.                
Manager shall manage, operate, maintain and repair the Hotel in compliance with all obligations imposed on Tenant, Landlord
or the Hotel pursuant to any Existing CC&Rs or Future CC&Rs (unless Manager’s consent is required for such Future
CC&Rs and Manager does not consent to such Future CC&Rs) to the extent such Existing CC&Rs and Future CC&Rs relate
to the management, operation, maintenance and repair of the Hotel.

 

8.05         
Liens; Credit. Manager and Tenant shall use commercially reasonable efforts to prevent any liens from being filed
against the Hotel which arise from any maintenance, repairs, alterations, improvements, renewals or replacements in or to the Hotel.
Manager and Tenant shall cooperate, and Tenant shall cause the Landlord to cooperate, fully in obtaining the release of any such
liens, and the cost thereof, if the lien was not occasioned by the fault of a party, shall be treated the same as the cost of the
matter to which it relates. If the lien arises as a result of the fault of a party, then the party at fault shall bear the cost
of obtaining the lien release. In no event shall any party borrow money in the name of, or pledge the credit of, any other party.
Manager shall not allow any lien to exist with respect to its interest in this Agreement.

 

Subject to the right
to contest matters set forth in Section 11.24 hereof and for encumbrances permitted under Section 8.01 hereof, Manager shall not,
to the extent funds to pay the same are provided on a timely basis as required hereunder, directly or indirectly, create or allow
to remain and shall promptly discharge any lien, encumbrance, attachment, title retention agreement or claim upon the Hotel, except
(a) existing liens for those taxes of Landlord which Manager is not required to pay hereunder, (b) liens for Impositions
or for sums resulting from noncompliance with Legal Requirements so long as (i) the same are not yet due and payable, or (ii) are
being contested in accordance with Section 11.24, (c) liens of mechanics, laborers, materialmen, suppliers or vendors incurred
in the ordinary course of business that are not yet due and payable or are for sums that are being contested in accordance with
Section 11.24 and (d) any Mortgages or other liens which are the responsibility of Landlord.

 

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ARTICLE IX

DEFAULTS

 

9.01         
Manager Events of Default. Each of the following shall constitute a “Manager Event of Default”
to the extent permitted by applicable law:

 

A.               
The filing by Manager or Marriott of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under
any bankruptcy law, or the admission by Manager that it is unable to pay its debts as they become due, or the institution of any
proceeding by Manager for its dissolution or termination. Upon the occurrence of any Manager Event of Default as described under
this Section 9.01.A, said Manager Event of Default shall be deemed a “Manager Default” under this Agreement.

 

B.                
The consent by Manager or Marriott to an involuntary petition in bankruptcy or the failure to vacate, within ninety (90)
days from the date of entry thereof, any order approving an involuntary petition by Manager. Upon the occurrence of any Manager
Event of Default as described under this Section 9.01.B, said Manager Event of Default shall be deemed a “Manager Default”
under this Agreement.

 

C.                
The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating
Manager or Marriott as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee,
or liquidator of all or a substantial part of Manager’s or Marriott’s assets, and such order, judgment or decree’s
continuing unstayed and in effect for an aggregate of sixty (60)
days (whether or not consecutive). Upon the occurrence of any Manager Event of Default as described under this Section 9.01.C,
said Manager Event of Default shall be deemed a “Manager Default” under this Agreement.

 

D.               
The failure of Marriott or Manager or any Affiliate of either of them to make any payment required to be made by any of
them in accordance with the terms of this Agreement, or any Incidental Document on or before the date due. Upon the occurrence
of any Manager Event of Default as described under this Section 9.01.D, said Manager Event of Default shall be deemed a “Manager
Default” under this Agreement if Marriott or Manager or such Affiliate fails to cure such Manager Event of Default (1) within
any applicable notice and cure period, if any, provided in the document pursuant to which such payment is to be made, or (2) otherwise,
eight (8) days after receipt of written notice from the other party to such document demanding such cure.

 

E.                
The failure of Marriott or Manager or any Affiliate of either of them to perform, keep or fulfill any of the other covenants,
undertakings, obligations or conditions set forth in this Agreement, or the occurrence of an “Event of Default” under
any Incidental Document as a result of a material breach by Marriott or Manager or any such Affiliate thereunder, on or before
the date required for the same. Upon the occurrence of any Manager Event of Default as described under this Section 9.01.E, said
Manager Event of Default shall be deemed a “Manager Default” under this Agreement if Marriott or Manager or such Affiliate
fails to cure such Manager Event of Default within thirty (30) days after receipt of written notice from Tenant demanding such
cure, or, if the Manager Event of Default is susceptible of cure, but such cure cannot be accomplished within said thirty (30)-day
period of time, if Marriott or Manager or such Affiliate fails to commence the cure of such Manager Event of Default within fifteen
(15) days of such notice or thereafter fails to diligently pursue such efforts to completion.

 

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F.                 
The failure of Manager to maintain insurance coverages required to be maintained by Manager under Article VI hereof
(excluding insurance elected to be maintained by Tenant pursuant to Article VI hereof), and such failure shall constitute a Manager
Default hereunder if it continues for eight (8) days after written notice thereof from Tenant (except that no notice shall be required
if any such insurance coverage shall have lapsed).

 

G.               
Any material representation or warranty made by Manager or any Affiliate in this Agreement or in any Incidental Document
proves to have been false in any material respect on the date when made or deemed made, and the same shall constitute a Manager
Default if Manager fails to cure or change the fact or event which caused such representation or warranty to have been false when
made within fifteen (15) Business Days of receiving notice of such falseness from Tenant; provided, however, that
if such default is susceptible of cure but such cure cannot reasonably be accomplished with the use of due diligence within such
period of time and if, in addition, Manager commences to cure or cause to be cured such default within fifteen (15) Business Days
after receiving notice thereof from Tenant and thereafter prosecutes the cure of such default with due diligence, such period of
time shall be extended to such period of time as may be reasonably necessary to cure such default with due diligence.

 

H.               
The occurrence of any other event described in this Agreement as a Manager Default, including without limitation, the events
described in Section 3.02.C, or the occurrence of a Manager Default as described in the Pooling Agreement.

 

9.02         
Remedies for Manager Defaults.

 

A.               
In the event of a Manager Default that has a material adverse effect on Tenant, Tenant shall have the right to: (1) terminate
this Agreement by written notice to Manager, which Termination shall be effective as of the effective date which is set forth in
said notice, provided that said effective date shall be at least sixty (60) days (or such longer period required by applicable
Legal Requirements concerning the termination of Hotel employees) after the date of such notice; (2) institute forthwith any
and all proceedings permitted by law or equity (provided they are not specifically barred under the terms of this Agreement), including,
without limitation, actions for specific performance and/or damages; or (3) avail itself of the remedies described in Section
9.03. The parties agree that a Manager Default under Section 9.01.A, 9.01.B, 9.01.C, or 9.01.F will be deemed to have a material
adverse effect on Tenant.

 

B.                
Intentionally Omitted.

 

C.                
Any payments received by Tenant under any of the provisions of this Agreement during the existence or continuance of a Manager
Default (and any payment made to Tenant from others rather than Manager due to the existence of any Manager Default) shall be applied
to Manager’s current and past due obligations under this Agreement in such order as Tenant may determine or as may be prescribed
by applicable law.

 

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9.03         
Additional Remedies for Manager Defaults.

 

A.               
Upon the occurrence of a Manager Default under the provisions of Section 9.01.D, the amount owed to Tenant or any Affiliate
of Tenant pursuant thereto shall accrue interest, at an annual rate equal to the Overdue Rate, from and after the date on which
such payment was originally due.

 

B.                
The rights granted under this Article IX shall not be in substitution for, but shall be in addition, to, any and all
rights and remedies available to Tenant (including, without limitation, injunctive relief and damages) by reason of applicable
provisions of law or equity.

 

C.                
At any time after the occurrence of a Manager Default, Tenant shall have the right, but shall not be obligated, to cure
a Life Safety Event occurring at the Hotel by performing necessary repairs and/or maintenance after first providing Manager with
written notice of such Life Safety Event, and requesting that such Life Safety Event be cured by Manager within five (5) Business
Days. If (1) a Life Safety Event remains uncured following the applicable notice period in the foregoing sentence or (2) such Life
Safety Event is not curable within such notice period and Manager has failed to begin to cure such Life Safety Event within such
notice period (or fails to diligently proceed to cure such Life Safety Event to completion after commencing to do so within such
notice period), then Manager shall permit Landlord and/or Tenant, upon five (5) Business Days’ written notice to Manager,
to enter upon the Hotel solely for the purposes of effecting a cure for such Life Safety Event, provided (i) Landlord and/or Tenant,
as applicable, act strictly in accordance with the terms of the Lease, this Agreement and the applicable Legal Requirements, and
(ii) Landlord and/or Tenant, as applicable, do not unreasonably interfere with the operation of the Hotel and use commercially
reasonable efforts to ensure that any work performed at the Hotel is performed in such a manner that minimizes any disruption in
the operations of the Hotel. All costs and expenses incurred by Tenant and/or Landlord in connection with any such cure of a Life
Safety Event shall be paid from the Reserve. Tenant and/or Landlord may exercise the foregoing rights without waiving any other
of its rights or releasing Manager from any of its obligations under this Agreement.

 

9.04         
Non-Recourse Provision. Notwithstanding anything herein to the contrary, but subject to the balance of this Section
9.04, Manager’s obligations pursuant to this Agreement and the Pooling Agreement are in all instances non-recourse to Manager,
and in the event of any claim, suit or cause of action by Tenant against Manager pursuant to or in connection with this Agreement
or the Pooling Agreement or the transactions contemplated by either of them, Tenant’s sole recourse against Manager shall
be with respect to amounts held by Marriott or Manager for the account of Tenant pursuant to this Agreement or the Pooling Agreement,
and to amounts available pursuant to the Marriott Guaranty Agreement and to amounts available pursuant to the Security Deposit
Agreement, and Manager shall have no other liability beyond the extent thereof with respect to any such claim, suit or cause of
action. Notwithstanding the foregoing, this Section 9.04 shall not be applicable with respect to (a) fraud committed by Manager,
(b) misapplication or misappropriation of funds committed by Manager, (c) the willful misconduct of Manager, (d) the
gross negligence of Manager, or (e) losses against which Manager has elected to self-insure pursuant to Section 6.01 and
Exhibit E hereof. This Section 9.04 shall not be construed to limit any right of set-off to which Tenant may be entitled
with respect to any amount to which Manager or any Affiliate may be entitled pursuant to this Agreement, any Other Management Agreement
or the Pooling Agreement, and Tenant shall be entitled to set-off against amounts owed by Tenant to Manager hereunder amounts
owed to Tenant under this Agreement or any Incidental Document, but excluding in any event System Fees due to Manager hereunder
or under any Other Management Agreement and any fees due to Marriott pursuant to any Franchise Agreement.

 

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9.05         
Good Faith Dispute by Manager. If Manager shall in good faith dispute the occurrence of any Manager Default and Manager,
before the expiration of the applicable cure period, shall give notice thereof to Tenant, setting forth, in reasonable detail,
the basis therefor, no Manager Default shall be deemed to have occurred and Manager shall have no obligation with respect thereto
until final adverse determination thereof; provided, however, that in the event that such dispute is ultimately determined
against Manager, then Manager shall pay to Tenant interest on any disputed funds at the Overdue Rate, from the date demand for
such funds was made by Tenant until paid. If Tenant and Manager shall fail, in good faith, to resolve any such dispute within ten
(10) days after Manager’s notice of dispute, either may submit the matter for resolution by Arbitration. In the event that
the determination in such Arbitration is that a Manager Default, in fact, exists, Manager shall have the applicable cure period
from the date of such final determination to cure such Manager Default.

 

9.06         
Tenant Events of Default. Each of the following shall constitute a “Tenant Event of Default” to
the extent permitted by applicable law:

 

A.               
The filing by Tenant or SVC of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any
bankruptcy law, or the admission by Tenant that it is unable to pay its debts as they become due, or the institution of any proceeding
by Tenant for its dissolution or termination. Upon the occurrence of any Tenant Event of Default as described under this Section
9.06.A, said Tenant Event of Default shall be deemed a “Tenant Default” under this Agreement.

 

B.                
The consent by Tenant or SVC to an involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days
from the date of entry thereof, any order approving an involuntary petition by Tenant. Upon the occurrence of any Tenant Event
of Default as described under this Section 9.06.B, said Tenant Event of Default shall be deemed a “Tenant Default”
under this Agreement.

 

C.                
The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating
Tenant or SVC as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator
of all or a substantial part of Tenant’s or SVC’s assets, and such order, judgment or decree’s continuing unstayed
and in effect for an aggregate of sixty (60) days (whether or not consecutive). Upon the occurrence of any Tenant Event of Default
as described under this Section 9.06.C, said Tenant Event of Default shall be deemed a “Tenant Default” under this
Agreement.

 

D.                
The failure of Tenant to make any payment (or cause to be made any payment by any Affiliate of Tenant which is a party
thereto) required to be made in accordance with the terms of this Agreement or any Incidental Document on or before the date due.
Upon the occurrence of any Tenant Event of Default as described under this Section 9.06.D, said Tenant Event of Default shall be
deemed a “Tenant Default” under this Agreement if Tenant fails to cure such Tenant Event of Default (1) within
any applicable notice and cure period, if any, provided in the document pursuant to which such payment is to be made, or (2) otherwise,
eight (8) days after receipt of written notice from the other party to such document demanding such cure.

 

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E.                
The failure of Tenant, SVC or Landlord to perform, keep or fulfill any of the other covenants, undertakings, obligations
or conditions set forth in this Agreement or any Incidental Document. Upon the occurrence of any Tenant Event of Default as described
under this Section 9.06.E, said Tenant Event of Default shall be deemed a “Tenant Default” under this Agreement if
Tenant fails to cure the Tenant Event of Default within thirty (30) days after receipt of written notice from Manager demanding
such cure, or, if the Tenant Event of Default is susceptible of cure, but such cure cannot be accomplished within said thirty (30)-day
period of time, if Tenant fails to commence the cure of such Tenant Event of Default within fifteen (15) days of such notice or
thereafter fails to diligently pursue such efforts to completion.

 

F.                 
The failure of Tenant to maintain insurance coverages elected to be maintained by Tenant under Article VI hereof (excluding
insurance maintained by Manager pursuant thereto), and such failure shall constitute a Tenant Default hereunder if it continues
for eight (8) days after written notice thereof from Manager (except that no notice shall be required if any such insurance coverage
shall have lapsed).

 

G.                
Any material representation or warranty made by Tenant or any Affiliate in this Agreement or in any Incidental Document
proves to have been false in any material respect on the date when made or deemed made, and the same shall constitute a Tenant
Default if Tenant fails to cure or change the fact or event which caused such representation or warranty to have been false when
made within fifteen (15) Business Days of receiving notice of such falseness from Manager; provided, however, that
if such default is susceptible of cure but such cure cannot reasonably be accomplished with the use of due diligence within such
period of time and if, in addition, Tenant commences to cure or cause to be cured such default within fifteen (15) Business Days
after receiving notice thereof from Manager and thereafter prosecutes the cure of such default with due diligence, such period
of time shall be extended to such period of time as may be reasonably necessary to cure such default with due diligence.

 

H.               
The occurrence of an event of default beyond any applicable notice and cure period under any obligation, agreement, instrument
or document which is secured in whole or in part by Tenant’s or Landlord’s interest in the Hotel or should the holder
of such security accelerate the indebtedness secured thereby or commence a foreclosure thereof. Upon the occurrence of any Tenant
Event of Default as described under this Section 9.06.H, said Tenant Event of Default shall be deemed a “Tenant Default”
under this Agreement.

 

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9.07         
Remedies for Tenant Defaults.

 

A.               
In the event of a Tenant Default that has a material adverse effect on Manager or its Affiliates, Manager shall have the
right to: (1)  terminate this Agreement by written notice to Tenant, which Termination shall be effective as of the effective
date which is set forth in said notice, provided that said effective date shall be at least sixty (60) days (or such longer period
required by applicable Legal Requirements concerning the termination of Hotel employees) after the date of such notice; and (2) institute
forthwith any and all proceedings permitted by law or equity (provided they are not specifically barred under the terms of this
Agreement), including, without limitation, actions for specific performance and/or damages. In the event of a Termination as described
in this Section 9.07, Manager shall retain all of its rights under the Owner Agreement. The parties agree that a Tenant Default
under Sections 9.06.A, 9.06.B, 9.06.C, 9.06D and/or 9.06.F will (x) be deemed to have a material adverse effect on Manager or
its Affiliates and (y) except as otherwise expressly set forth herein, shall be the only provisions for which a Tenant Default
thereof shall give rise to Manager’s right to terminate this Agreement; provided, however, that a Tenant Default under Section
9.06D will only be deemed to have a material adverse effect on Manager or its Affiliates to the extent that such Tenant Default
arises from Tenant’s failure to make any payment (or cause to be made any payment by any Affiliate of Tenant which is party
thereto) required to be made under any Renovation-Related Agreement, Tenant’s failure to provide sufficient Additional Working
Capital in accordance with the provisions of Section 4.05.A hereof or Tenant’s failure to provide sufficient Reserve funds
in accordance with the provisions of Sections 5.07.B and 5.07.D hereof. Notwithstanding the provisions of this Section 9.07.A,
so long as the Hotel is subject to a Qualified Mortgage or owned by a Person who acquired such interest pursuant to a Qualified
Mortgage (or a deed-in-lieu in connection therewith), Manager shall not exercise the termination right provided for in this Section
9.07.A if the Tenant Default described herein arises under Section 9.06.A, 9.06.B or 9.06.C and is also a default pursuant to
the terms of such Qualified Mortgage so long as the mortgagee thereunder is diligently pursuing its remedies to cure the event
or circumstance which created such Tenant Default as described in this Section 9.07.A and provides Manager with written notice
of the same.

 

B.                
Upon the occurrence of a Tenant Default which arises with respect to a violation by Tenant of Section 10.02 hereof with
respect to a Sale of the Hotel in violation of such provision or by Landlord with respect to a violation of Sections 8 and 9 of
the Owner Agreement or Section 8.01.A(2) with respect to the encumbering of the Hotel by Landlord or Tenant by a Mortgage which
is not a Qualified Mortgage, or by Landlord with respect to a violation of Section 9 of the Owner Agreement, Manager shall have,
in addition to all other rights and remedies provided for herein, the right to effect a Termination of this Agreement. Notwithstanding
the foregoing sentence, so long as the Hotel is subject to a Qualified Mortgage or owned by a Person who acquired such interest
pursuant to a Qualified Mortgage (or a deed-in-lieu in connection therewith), Manager shall not exercise the termination right
provided for in this Section 9.07.B if the Tenant Default described herein is also a default pursuant to the terms of such Qualified
Mortgage so long as the mortgagee thereunder is diligently pursuing its remedies to cure the event or circumstance which created
such Tenant Default as described in this Section 9.07.B and provides Manager with written notice of the same.

 

C.                
Manager and/or any Affiliate shall be entitled, in case of any breach of the covenants of Section 11.11.M by Tenant or others
claiming through it, to injunctive relief and to any other right or remedy available at law or in equity. The provisions of this
Section 9.07.C shall survive any Termination.

 

D.               
The rights granted under this Article IX shall not be in substitution for, but shall be in addition, to, any and all
rights and remedies available to Manager or its Affiliates (including, without limitation, injunctive relief and damages) by reason
of applicable provisions of law or equity.

 

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E.                
For the avoidance of doubt, nothing contained in this Agreement shall restrict or modify any of the rights or remedies to
which Manager and/or its Affiliates are entitled under the Renovation-Related Agreement(s) (including without limitation, the right
to terminate this Agreement pursuant to Section 2.06 of the Renovation-Related Agreement(s)).

 

9.08        
Good Faith Dispute by Tenant. If Tenant shall in good faith dispute the occurrence of any Tenant Default and Tenant,
before the expiration of the applicable cure period, shall give notice thereof to Manager, setting forth, in reasonable detail,
the basis therefor, no Tenant Default shall be deemed to have occurred and Tenant shall have no obligation with respect thereto
until final adverse determination thereof; provided, however, that in the event that such dispute is ultimately determined
against Tenant, then Tenant shall pay to Manager interest of any disputed funds at the Overdue Rate from the date demand for such
funds was made by Manager until paid. If Manager and Tenant shall fail, in good faith, to resolve any such dispute within ten (10)
days after Tenant’s notice of dispute, either may submit the matter for resolution by Arbitration. In the event that the
determination in such Arbitration is that a Tenant Default, in fact, exists, Tenant shall have the applicable cure period from
the date of such final determination to cure such Tenant Default.

 

9.09        
Landlord Defaults. Each of the following shall constitute a “Landlord Default”: (1) the failure
of Landlord to provide funds to any Reserve on or before the date such funds are required to be paid under Section 5.07.B hereof
or under the Owner Agreement (after any Expert resolution pursuant to Section 11.23.B, if applicable), (2) the failure of
Landlord to make insurance or condemnation proceeds available for repair, restoration or replacement required under the Owner Agreement,
(3) the imposition by Landlord of a Mortgage against the Hotel which is not a Qualified Mortgage, (4) the permitting
by Landlord of a lien on Landlord’s interest in the Hotel in violation of the terms hereof or of the Owner Agreement, or
(5) a Landlord Sale of the Hotel occurs in violation of the Owner Agreement.

 

If a Landlord Default
occurs, Tenant shall have no remedies under this Agreement with respect to such Landlord Default, but reserves its rights and remedies
under the Lease. Notwithstanding anything herein to the contrary, Manager shall be entitled to exercise any and all of the remedies
of Manager with respect to a Landlord Default under the Owner Agreement.

 

9.10        
Extraordinary Events. In all cases, if Tenant or Manager fails to comply with any term of this Agreement (other than
an obligation of a monetary nature or as otherwise specifically provided herein), and the failure is caused in whole or in part
by one or more Extraordinary Events, the failure will not be a default or Event of Default, and will be excused for as long as
the failure is caused in whole or in part by such Extraordinary Event.

 

ARTICLE X

 

ASSIGNMENT AND SALE

 

10.01      
Assignment.

 

A.                Except
as provided in Sections 10.01.B and 10.01.C, Manager shall not assign mortgage, pledge, hypothecate or otherwise transfer its
interest in all or any portion of this Agreement or any rights arising under this Agreement or suffer or permit
such interests or rights to be assigned, transferred, mortgaged, pledged, hypothecated or encumbered, in whole or in part,
whether voluntarily, involuntarily or by operation of law, or permit the use or operation of the Hotel by anyone other than
Manager or Tenant. For purposes of this Section 10.01.A, an assignment of this Agreement shall be deemed to include the
following (for purposes of this Section 10.01.A, a “Corporate Transfer”): any direct or indirect transfer
of any interest in Manager such that Manager shall cease to be an Affiliate of Marriott or any transaction pursuant to which
Manager is merged or consolidated with another entity which is not Marriott or an Affiliate of Marriott or pursuant to which
all or substantially all of Manager’s assets are transferred to any other entity, but shall not include any involuntary
liens or attachments contested by Manager in good faith in accordance with Section 11.24 of this Agreement.

 

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B.                
Notwithstanding the foregoing, if, after giving effect to a Corporate Transfer, Manager, or all or substantially all of
Manager’s assets, would be owned or controlled by a Person who would, in connection therewith, acquire all or substantially
all of the business of Marriott, provided that (1) such Person ratifies in writing the obligations of Manager pursuant to
this Agreement, and (2) in Tenant’s reasonable determination, such Person and its controlling parties (a) shall
have sufficient expertise and financial resources to carry on the such business consistent with historical practices, (b) shall
not be known in the community as being of bad moral character, or have been convicted of a felony in any state or federal court,
or be in control of or controlled by Persons who have been convicted of felonies in any state or federal court, (c) shall
qualify as an “eligible independent contractor” under Section 856(d)(9) of the Code and (d) shall otherwise satisfy
the requirements of Section 10.01.C hereunder, Tenant shall at Manager’s request, waive the restrictions set forth in this
Section 10.01 with respect to such Corporate Transfer and no consent by Tenant shall be required with respect thereto. If Tenant
fails to give notice of such waiver (or the withholding thereof) within twenty (20) Business Days after Manager’s written
request therefor, such waiver shall be deemed given.

 

C.                 Notwithstanding
the terms of Section 10.01.A, Manager shall have the right, without Tenant’s consent, to (1) assign its interest
in all or part of this Agreement or its obligations to perform services hereunder to Marriott or any Affiliate of Marriott,
(2) sublease or grant concessions or licenses to shops or any other space at the Hotel so long as the terms of any such
subleases or concessions do not exceed the Term of this Agreement, provided that (a) such subleases or concessions are for
newsstand, gift shop, parking garage, health club, restaurant, bar or commissary purposes or similar concessions,
(b) such subleases do not have a term in excess of the lesser of five (5) years and the remaining Term under this
Agreement, (c) such subleases do not demise, (i) in the aggregate, in excess of three thousand (3,000) square feet
of the Hotel, or (ii) for any single sublease, in excess of one thousand (1,000) square feet of the Hotel, (d) any
such sublease, license or concession to an Affiliate of a Manager shall be on terms consistent with those that would be
reached through arms-length negotiation, (e) for so long as Landlord or any Affiliate of Landlord shall seek to qualify
as a real estate investment trust, anything contained in this Agreement to the contrary notwithstanding, Manager shall not
sublet or otherwise enter into any agreement with respect to the Hotel on any basis such that the rental or other fees to be
paid by any sublessee thereunder would be based, in whole or in part, on either (i) the income or profits derived by the
business activities of such sublessee, or (ii) any other formula such that any portion of such sublease rental would
fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Internal Revenue Code
of 1986, as amended, or any similar or successor provision thereto, and (f) such subleases or concessions will not
violate or affect any Legal Requirement or Insurance Requirement, and Manager shall obtain or cause the subtenant to obtain
such additional insurance coverage applicable to the activities to be conducted in such subleased space as Landlord and any
Mortgagee under a Qualified Mortgage may reasonably require, (3) assign its interest in this Agreement in connection
with a merger or consolidation or a sale of all or substantially all of the assets of Manager or Marriott, and
(4) assign its interest in this Agreement in connection with a merger or consolidation or a sale of all or substantially
all of the System assets (including associated management agreements) owned by Manager, Marriott or any Affiliate of Manager
or Marriott.

 

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D.                
Tenant shall not assign or transfer its interest in this Agreement without the prior written consent of Manager; provided,
however, that Tenant shall have the right, without such consent to (1) assign its interest in this Agreement in connection
with a Sale of the Hotel which complies with the provisions of Section 10.02 of this Agreement, (2) assign its interest hereunder
to Landlord or an Affiliate of Landlord under the terms of the Lease or the Owner Agreement, (3) assign its interest hereunder
to Manager or an Affiliate of Manager, and (4) assign its interest hereunder to an Affiliate of Tenant in a corporate restructuring
of Tenant or any of its Affiliates, provided such assignment complies with the provisions of Section 10.02 of this Agreement.

 

E.                
In the event either party consents to an assignment of this Agreement by the other, no further assignment shall be made
without the express consent in writing of such party, unless such assignment may otherwise be made without such consent pursuant
to the terms of this Agreement. An assignment by Tenant of its interest in this Agreement approved or permitted pursuant to the
terms hereof shall relieve Tenant from its obligations under this Agreement arising from and after the effective date of such assignment.
An assignment by Manager of its interest in this Agreement shall not relieve Manager from its obligations under this Agreement
unless such assignment occurs in the context of a sale of all or substantially all of the business of Marriott and its Affiliates
and which is otherwise permitted or approved, if required, pursuant to this Agreement, in which event Manager shall be so relieved
from such obligations arising from and after the effective date of such assignment.

 

10.02      
Sale of the Hotel.

 

A.                Tenant
may enter into a Sale of the Hotel to any Person which (1) is an Affiliate of Tenant, and (2) who
assumes Tenant’s obligations with respect to the Hotel under this Agreement, the Owner Agreement (to the extent
applicable to the Hotel being sold) and, to the extent applicable with respect to the “deconsolidation”
provisions thereof, the Pooling Agreement (or ratifies each of such obligations if such Sale of the Hotel is pursuant to a
transfer of a Controlling Interest in Tenant). Tenant shall not enter into any Sale of the Hotel to any Person (or any
Affiliate of any Person) who (a) does not have sufficient financial resources and liquidity to fulfill Tenant’s
obligations with respect to the Hotel under this Agreement, the Owner Agreement and, to the extent applicable as set forth in
the preceding sentence, the Pooling Agreement; (b) is known in the community as being of bad moral character, or has
been convicted of a felony in any state or federal court, or is in control of or controlled by Persons who have been
convicted of felonies in any state or federal court; (c) is engaged in the business of operating (as distinguished from
owning) at least five (5) hotels or other lodging facilities in competition with Manager, Marriott or any Affiliate of
either; (d) fails to expressly assume in writing the obligations of Tenant hereunder and under the Owner Agreement; or
(e) is, or has an Affiliate that is, a Specially Designated National or Blocked Person.

 

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B.                
Tenant shall provide written notice of any proposed Sale of the Hotel and shall provide to Manager such information concerning
the proposed transferee’s financial condition, ownership and business interests and as may be reasonably necessary or appropriate
in order for Manager to determine if such transfer is consistent with the above provisions.

 

C.               
In connection with any Sale of the Hotel, Manager and the purchaser or its tenant shall enter into a new management agreement
with Manager, which new management agreement will be on all of the terms and conditions of this Agreement except that the Initial
Term and Renewal Term(s) of any such new management agreement shall consist only of the balance of the Initial Term and Renewal
Term(s) remaining under this Agreement at the time of execution of such new management agreement. Such new management agreement
shall be executed by Manager and such new tenant at the time of closing of a Sale of the Hotel, and a memorandum of such new management
agreement shall be executed by the parties and recorded immediately following recording of the deed or memorandum of lease or assignment
and prior to recordation of any other documents.

 

D.                
Intentionally Deleted.

 

E.                
Notwithstanding anything herein to the contrary, including the foregoing provisions of this Article X, (a) no
Sale of the Hotel by Tenant shall or can occur prior to the completion of the Renovations pursuant to the Renovation-Related Agreements,
and (b) following the completion of the Renovations pursuant to the Renovation-Related Agreements, Tenant may consummate a
Sale of the Hotel, at no cost to Manager or Marriott, provided that (i) the applicable Landlord or an Affiliate thereof or
SVC shall continue to own the Hotel, (ii) the permitted purchaser must meet and comply with the requirements of this Section
10.02 and those set forth in the Lease, and (iii) the applicable Landlord, Tenant and the permitted purchaser shall execute
and deliver such documents as Manager may reasonably require to reflect such assignment.

 

ARTICLE XI

 

MISCELLANEOUS

 

11.01     
Right to Make Agreement. Each party warrants, with respect to itself, that neither the execution of this Agreement
nor the finalization of the transactions contemplated hereby shall violate any provision of law or judgment, writ, injunction,
order or decree of any court or governmental authority having jurisdiction over it; result in or constitute a breach or default
under any indenture, contract, other commitment or restriction to which it is a party or by which it is bound; or require any consent,
vote or approval which has not been taken, or at the time of the transaction involved shall not have been given or taken. Each
party covenants that it has and will continue to have throughout the Term (including any extensions thereof), the full right to
enter into this Agreement and perform its obligations hereunder.

 

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11.02     
Actions by Manager. Manager covenants and agrees that it shall not take any action which would be binding upon Tenant
or Landlord except to the extent it is permitted to do so pursuant to the terms of this Agreement.

 

11.03      
Relationship. In the performance of this Agreement, Manager shall act solely as an independent contractor. Neither
this Agreement nor any agreements, instruments, documents or transactions contemplated hereby shall in any respect be interpreted,
deemed or construed as making Manager a partner, joint venturer with, or agent of, Tenant. Tenant and Manager agree that neither
party will make any contrary assertion, claim or counterclaim in any action, suit, Expert resolution pursuant to Section 11.23.B,
arbitration or other legal proceedings involving Tenant and Manager. Nothing contained herein is intended to, nor shall be construed
as, creating any landlord-tenant relationship between Manager and Tenant or between Manager and Landlord. Each of Manager and Tenant
shall prepare and shall cause their Affiliates to prepare their financial statements and tax returns consistent with the foregoing
characterization.

 

11.04     
Applicable Law. This Agreement shall be construed under and shall be governed by the laws of the State of Maryland,
without regard to its “choice of law” rules. The provisions of this Section 11.04 survive any Termination.

 

11.05      
Recordation. The terms and provisions of this Agreement shall run with the parcels of land designated as the Site,
and with Tenant’s interest therein, and shall be binding upon all successors to such interest. The parties shall execute
simultaneously with this Agreement sufficient copies of a “Memorandum of Management Agreement” in recordable form satisfactory
to both parties, which Memorandum of Management Agreement shall, if legally permitted, be recorded or registered (or such other
steps shall be taken by the parties as are necessary, to the extent legally permitted, to give official notice to all third parties
that this Agreement binds the Hotel) promptly following the Effective Date of this Agreement in the jurisdiction in which the Hotel
is located. Any cost of such recordation shall be paid by Manager. Following any Termination, Manager and Tenant shall execute
a “Memorandum of Termination of Management Agreement” or other similar document, which document shall be in a recordable
form reasonably agreed upon by both parties.

 

11.06      
Headings; Section References. The headings of Sections herein are inserted for convenience only and are in no way
intended to describe, interpret, define or limit the scope or content of this Agreement or any provision hereto. All references
to Articles, Sections, paragraphs, clauses, exhibits, or addenda shall refer to the corresponding Article, Section, paragraph,
clause of, or exhibit or addendum attached to, this Agreement unless otherwise specified.

 

11.07     
Notices. Subject to the provisions of this Section 11.07, notices and other communications under this Agreement must
be (i) in writing; (ii) delivered by hand against receipt, by certified or registered mail, postage prepaid, return receipt requested
or by a nationally recognized overnight delivery service; and (iii) addressed as provided below or at any other address in the
United States designated in writing by the party receiving the notice. Any notice will be deemed received when delivery is received
or refused at the address provided below or at the other address designated in writing.

 

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	 	To Tenant:	HPT TRS MRP, Inc.

c/o Service Properties Trust

Two Newton Place

255 Washington St

Newton, MA 02458

Attn: President

Phone: (617) 964-8389

 

		To Manager:	Essex House Condominium Corporation

c/o Marriott International, Inc.

10400 Fernwood Road

Bethesda, Maryland 20817

Attn: Law Department 52/923 –
Hotel Operations

Phone: (301)
380-9555

 

		with a copy to:	Marriott Hotel Services, Inc.

c/o Marriott International, Inc.

10400 Fernwood Road

Bethesda, Maryland 20817

Attn: Senior Vice President, Finance
 & Accounting

Dept. 51/918.04

Phone: (301) 380-6577

 

Notwithstanding the foregoing, Manager
and/or any of its Affiliates may provide Tenant and/or Landlord (as applicable) with electronic delivery of the reports and other
documents required to be provided by Manager and/or its Affiliates under this Agreement, which reports and other documents shall
be in a format reasonably agreed upon by Manager and Tenant. Manager, Tenant and Landlord will reasonably cooperate with one another
to adapt to new technologies that may be available for the transmission of such reports or such other documents.

 

11.08     
Environmental Matters.

 

A.                Subject
to Section 11.08.D hereof and the sufficiency of funds in each applicable Reserve, during the Term or at any other time while
Manager is in possession of the Hotel, (1) Manager shall not store, spill upon, dispose of or transfer to or from the Hotel
any Hazardous Substance, except in compliance with all Legal Requirements, (2) Manager shall maintain the Hotel at all
times free of any Hazardous Substance (except in compliance with all Legal Requirements), and (3) Manager (a) upon
receipt of notice or knowledge shall promptly notify Landlord and Tenant in writing of any material change in the nature or
extent of Hazardous Substances at the Hotel, (b) shall file and transmit to Landlord and Tenant a copy of any Community
Right to Know report which is required to be filed by Manager pursuant to SARA Title III or any other Legal Requirements,
(c) shall transmit to Landlord and Tenant copies of any citations, orders, notices or other governmental communications
received by Manager with respect thereto (collectively, “Environmental Notice”), which Environmental
Notice requires a written response or any action to be taken and/or if such Environmental Notice gives notice of and/or
presents a material risk of any material violation of any Legal Requirement and/or presents a material risk of any material
cost, expense, loss or damage (an “Environmental Obligation”), (d) shall observe and comply with all
Legal Requirements relating to the use, maintenance and disposal of Hazardous Substances and all orders or directives from
any official, court or agency of competent jurisdiction relating to the use or maintenance or requiring the removal,
treatment, containment or other disposition thereof, and (e) shall pay or otherwise dispose of any fine, charge or
Imposition related thereto, unless Tenant or Manager shall contest the same in good faith and by appropriate proceedings and
the right to use and the value of the Hotel is not materially and adversely affected thereby.

 

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B.                
Subject to Sections 11.08.C and 11.08.D below and the sufficiency of funds in each applicable Reserve, in the event of the
discovery of Hazardous Substances other than those maintained in accordance with Legal Requirements on any portion of the Site
or in the Hotel during the Term of this Agreement, Manager shall promptly (i) clean up and remove from and about the Hotel
all Hazardous Substances thereon, (ii) contain and prevent any further release or threat of release of Hazardous Substances
on or about the Hotel, (iii) use good faith efforts to eliminate any further release or threat of release of Hazardous Substances
on or about the Hotel, and (iv) otherwise effect a remediation of the problem in accordance with (1) the Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., as amended; (2) the regulations
promulgated thereunder, from time to time; (3) all federal, state and local laws, rules and regulations (now or hereafter
in effect) dealing with the use, generation, treatment, storage, disposal or abatement of Hazardous Substances; and (4) the
regulations promulgated thereunder, from time to time (collectively referred to as “Environmental Laws”).

 

C.                
The actual costs incurred or the estimated costs to be incurred with respect to any costs that have been or are to be incurred
under Section 11.08.B above are herein collectively referred to as, the “Environmental Costs.” Any costs incurred
by Tenant with respect to any judgment or settlement approved by Manager (such approval shall not be unreasonably withheld, conditioned
or delayed with respect to any third party claims including, without limitation, claims by Landlord arising under the Lease), including
reasonable attorney fees incurred with respect to such claims, as a result of release or threat of release of Hazardous Substances
on or about the Hotel are herein referred to as the “Other Environmental Costs.” The Environmental Costs and
the Other Environmental Costs are collectively referred to herein as the “Section 11.08 Costs.”

 

D.               
All Section 11.08 Costs with respect to the Hotel shall be paid from the applicable Reserve; provided, however,
that, if the presence of any Hazardous Substances on or at the Hotel or the violation of any Environmental Law in the course of
operating the Hotel is caused by (i) Manager’s willful misconduct, or (ii) the gross negligence of a member of the Hotel’s
executive committee or a Marriott executive more senior than a member of the Hotel’s executive committee, then such Section
11.08 Costs shall be paid by Manager at its sole cost and expense and not as a Deduction, and Manager shall indemnify Tenant for
any loss, cost, claim or expense (including reasonable attorneys’ fees) incurred by Tenant in connection therewith, except
in all cases, to the extent that such loss, cost, claim or expense is caused, in whole or in part, by Landlord or Tenant.

 

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11.09     
Confidentiality.

 

A.               
The terms of this Agreement are confidential and Tenant and Manager will each use reasonable efforts to prevent disclosure
of the terms to any Person not related to either party without the prior approval of the other party, except (i) as required by
Legal Requirements (including, without limitation, the rules and regulations promulgated by the SEC or any stock exchange applicable
to Tenant or its Affiliates with respect to any report, prospectus or other filing made by Tenant or its Affiliates with the SEC
or any such stock exchange); (ii) as may be necessary in any Dispute; (iii) to the extent necessary to obtain licenses, permits
and other public approvals; (iv) for disclosure by Manager or its Affiliates in connection with any claim or assertion related
to the MI Trademarks; (v) in connection with a Transfer or a financing of Tenant, its Affiliates or their corporate assets; (vi)
in connection with a financing or sale of Manager, its Affiliates or their corporate assets; (vii) for disclosure by Manager or
its Affiliates of information customarily provided in the hotel industry to data gathering and reporting services; (viii) as provided
in Section 11.12; or (ix) to any professional providing Tenant or Manager (or its Affiliates) with legal, accounting or tax advice,
provided that such professional is aware of the confidentiality provision in this Section 11.09 and agrees in writing to be bound
thereby. The provisions of this Section 11.09 survive any Termination.

 

B.                
No reference to Manager or to any Affiliate will be made in any prospectus, private placement memorandum, offering circular
or offering documentation related thereto (collectively referred to as the “Prospectus”), issued by Tenant or
an Affiliate, which is designated to interest potential investors in the Hotel, unless Manager has previously received a copy of
all such references. However, regardless of whether Manager does or does not so receive a copy of all such references, neither
Manager nor any Affiliate will be deemed a sponsor of the offering described in the Prospectus, nor will it have any responsibility
for the Prospectus, and the Prospectus will so state. Unless Manager agrees in advance, the Prospectus will not include any MI
Trademark or other trademarks, symbols, logos or designs of Manager or any Affiliates. Tenant shall indemnify, defend and hold
Manager harmless from and against all loss, costs, liability and damage (including attorneys’ fees and expenses, and the
cost of litigation) arising out of any Prospectus or the offering described therein, and this obligation of Tenant shall survive
any Termination of this Agreement.

 

11.10     
Projections. Tenant acknowledges that any written or oral projections, pro formas, or other similar information that
has been, prior to execution of this Agreement, or will, during the Term of this Agreement, be provided by Manager, Marriott, or
any Affiliate to Tenant is for information purposes only and that Manager, Marriott, and any such Affiliate do not guarantee that
the Hotel will achieve the results set forth in any such projections, pro formas, or other similar information. Any such projections,
pro formas, or other similar information are based on assumptions and estimates, and unanticipated events may occur subsequent
to the date of preparation of such projections, pro formas, and other similar information. Therefore, the actual results achieved
by the Hotel are likely to vary from the estimates contained in any such projections, pro formas, or other similar information
and such variations might be material.

 

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11.11     
Actions to be Taken Upon Termination. Upon a Termination of this Agreement, the following shall be applicable:

 

A.               
Manager shall, within ninety (90) days after Termination of this Agreement, prepare and deliver to Tenant a final accounting
statement, as more particularly described in Section 4.01 hereof, along with a statement of any sums due from Tenant to Manager
pursuant hereto, dated as of the date of Termination. Within thirty (30) days of the receipt by Tenant of such final accounting
statement, the parties will make whatever cash adjustments are necessary pursuant to such final statement. If any dispute shall
arise with respect to the final accounting statement which cannot be resolved by the parties within the thirty (30)-day period
provided for making any cash adjustments, it shall be settled by the Expert in accordance with Section 11.23.B; provided,
however, that any cash adjustments relating to items which are not in dispute shall be made within the original thirty (30)-day
period. The cost of preparing such final accounting statement shall be a Deduction, unless the Termination occurs as a result of
a default by either party, in which case the defaulting party shall pay such cost. Manager and Tenant acknowledge that there may
be certain adjustments for which the information will not be available at the time of the final accounting and the parties agree
to readjust such amounts and make the necessary cash adjustments when such information becomes available; provided, however,
that all accounts shall be deemed final as of the second (2nd) anniversary of the effective date of Termination.

 

B.                
Manager shall release and transfer to Tenant, or cause Marriott under the Pooling Agreement to release and transfer to Tenant,
any of Tenant’s funds which are held or controlled by Manager or Marriott with respect to the Hotel, with the exception of
funds of Tenant to be held in escrow pursuant to Section 6.01.B(2)(e) of Exhibit E and Section 11.11.I and otherwise in
accordance herewith. All amounts in the applicable Reserves shall be applied to any amounts payable from such Reserves hereunder
or under the Owner Agreement and the balance shall be paid to Landlord.

 

C.                
Manager shall make available to Tenant such books and records respecting the Hotel (including those from prior years, subject
to Manager’s reasonable records retention policies) as will be needed by Tenant to prepare the accounting statements, in
accordance with the Uniform System of Accounts, for the Hotel for the year in which the Termination occurs and for any subsequent
year.

 

D.               
Manager shall (to the extent permitted by law) assign to Tenant or to the new manager all operating licenses and permits
for the Hotel which have been issued in Manager’s name (including liquor and restaurant licenses, if any).

 

E.                
Manager shall have the option, to be exercised within thirty (30) days after Termination, to purchase, at their then-book
value, any items of the Hotel’s Inventories and Fixed Asset Supplies as may be marked with any MI Trademark. In the event
Manager does not exercise such option, Tenant agrees that it will use any such items not so purchased exclusively in connection
with the Hotel until they are consumed.

 

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F.                  Manager
shall, at Tenant’s sole cost and expense, use good faith commercially reasonable efforts to transfer to and cooperate
with Tenant or Tenant’s designee in connection with the processing of all applications for licenses, operating permits
and other governmental authorizations and all contracts entered into by Manager, including contracts with governmental or
quasi-governmental entities, which Manager has entered into with respect to the use and operation of the Hotel as then
operated (and Tenant shall assume responsibility for all of the same), but excluding (i) all insurance contracts and
multi-property contracts not limited in scope to the Hotel or other Portfolio Properties (if applicable), (ii) all
contracts and leases with Affiliates of Manager, (iii) utility deposits, and (iv) telephone numbers for the Hotel
(which telephone numbers Manager shall be required to convey to Tenant only if this Agreement is terminated as the result of
a Manager Event of Default). Tenant shall indemnify and hold Manager harmless for all claims, costs and expenses (including
reasonable attorneys’ fees) arising from acts or omissions by Tenant or Tenant’s designee under such contracts
subsequent to the earlier of the date of Termination or the date of transfer thereof to Tenant or Tenant’s
designee.

 

G.               
Tenant shall have the right to operate the improvements on the Site without modifying the architectural design of the same,
notwithstanding the fact that such design or certain features thereof may be proprietary to Manager and/or protected by trademarks
or service marks held by Manager or an Affiliate.

 

H.               
Any computer software (including upgrades and replacements) at the Hotel owned by Manager, Marriott, an Affiliate, or the
licensor of any of them is proprietary to Manager, Marriott, such Affiliate, or the licensor of any of them and shall in all events
remain the exclusive property of Manager, Marriott, the Affiliate or the licensor of any of them, as the case may be, and nothing
contained in this Agreement shall confer on Tenant the right to use any of such software. Subject to the terms and conditions of
any applicable Franchise Agreement, Manager shall have the right to remove from the Hotel without compensation to Tenant any computer
software (including upgrades and replacements), including, without limitation, the System software, owned by Manager, Marriott,
any Affiliate or the licensor of any of them. Furthermore, upon Termination, Manager shall be entitled to remove from the Hotel
without compensation to Tenant any computer equipment utilized as part of a Reservation System or owned by a party other than Tenant,
unless a Franchise Agreement is in place and such equipment is to be provided pursuant to the Franchise Agreement.

 

I.                  
Before any Termination, Manager will set up a reserve to pay all costs that may accrue after Termination, but that relate
to the operation of the Hotel before Termination, including costs relating to litigation and tax liabilities (including sales,
use and occupancy taxes). Notwithstanding the foregoing, Tenant shall pay, at its own cost and expense, any and all costs and expenses
incurred by Manager or its Affiliate in connection with the transfer or termination of Hotel employees (including, without limitation,
severance pay, unemployment compensation, employment relocation, and legal costs and other employee liability costs), and any such
costs and expenses shall not be Deductions and shall be paid or reimbursed to Manager or its Affiliate within ten (10) Business
Days after Manager’s or such Affiliate’s written request therefor. The reserve will be funded first, from Gross Revenues;
second, if Gross Revenues are insufficient, then by Tenant within ten (10) days after receipt of Manager’s notice of the
necessary amounts; and, third, if Tenant does not pay any of the above amounts within the ten (10)-day period, then by withdrawals
by Manager from the Hotel’s operating account(s), the Reserves, Working Capital funds or any other Tenant funds under Manager’s
control. The reserve described in this Section 11.11.I is in addition to the reserve described in Section 6.01.B(2)(e) of Exhibit
E. For the avoidance of doubt, for so long as the Pooling Agreement is in effect, any reserve funding under this Section 11.11.I
that is made from Gross Revenues shall be accounted for on a pooled basis and treated as a Deduction.

 

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J.                 
Various other actions shall be taken, as described in this Agreement, including, but not limited to, the actions described
in Section 4.05 and Section 6.01.B(2)(e) of Exhibit E.

 

K.                
Manager shall peacefully vacate and surrender the Hotel to Tenant.

 

L.                
Tenant shall cause the successor operator of the Hotel to hire a sufficient number of existing Hotel employees to avoid
the possibility of a “plant closing” or “mass layoff” under the Worker Adjustment and Retraining Notification
Act, 29 U.S.C. 2101 et seq. or a similar occurrence under any other Legal Requirement, in connection with the Termination.

 

M.              
All use of the MI Trademarks at or in connection with the Hotel will stop as of Termination. Tenant shall make arrangements
to remove any signs and similar identification with a MI Trademark at least ten (10) days before Termination. If Tenant does not
timely make such arrangements, then Manager and its Affiliates may cover or remove the signs and similar identification not more
than two days before Termination at Tenant’s cost. Tenant shall remove all Inventories, Fixed Asset Supplies and other items
with an MI Trademark, or remove the MI Trademarks from such Inventories, Fixed Asset Supplies or other items as of the Termination
date. If Tenant does not timely remove these items, then Manager and its Affiliates may do so at Tenant’s cost. Tenant shall
reimburse all costs incurred by Manager and its Affiliates for covering or removing any items bearing MI Trademarks within ten
(10) days after notice from Manager. If Tenant fails to do so, then Manager may reimburse itself for these costs from the Hotel’s
operating account(s), the Reserves, Working Capital funds or any other Tenant funds under Manager’s control without affecting
Manager’s other rights and remedies under this Agreement.

 

N.               
Upon Termination, Tenant shall immediately stop processing and upon request of Manager, promptly return to Manager or securely
destroy, any Personal Data processed in connection with this Agreement or as required by Legal Requirements. However, Manager will
provide to Tenant (i) all Guest Personal Data in Manager’s control necessary for Tenant to process exiting booking for the
time after Termination, and (ii) all Hotel Employee Personal Data in Manager’s control necessary for Tenant or a third-party
manager to meet Legal Requirements as the employer of Hotel employees after Termination.

 

O.                
Upon expiration of the entire Term of this Agreement in accordance with its terms (and not as a result of an Event of Default)
and following the completion of the final accounting provided for in Section 11.11.A hereof and the distributions provided for
thereunder, Tenant shall have no further liability for repayment of any accrued Management Fees or any Additional Manager Advances,
Additional Marriott Advances and any other advances made by Marriott or Manager pursuant to this Agreement or the Pooling Agreement.

 

The provisions of this
Section 11.11 shall survive any Termination.

 

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11.12      Trademarks,
Trade Names and Service Marks. The MI Trademarks, when used alone or in connection with another word or words, and the
Marriott or Marriott Hotels trademarks, service marks, other trade names, symbols, logos and designs shall in all events
remain the exclusive property of Marriott and its Affiliates (as applicable) and nothing contained in this Agreement shall
confer on Tenant the right to use any of the MI Trademarks otherwise than in strict accordance with the terms of this
Agreement. Nothing in this Agreement will be construed to grant Tenant any right of ownership in or right to use or license
others to use the MI Trademarks. Except as otherwise expressly provided for in this Agreement, Tenant shall not use the MI
Trademarks without Manager’s prior approval, which can be withheld in Manager’s sole discretion. Except as
provided in Section 11.11.E, upon termination of this Agreement, any use of or right to use any of the MI Trademarks by
Tenant shall cease forthwith and Tenant shall promptly remove from the Hotel any signs or similar items which contain any of
said MI Trademarks in accordance with this Agreement. The right to use the MI Trademarks belongs exclusively to Marriott
and/or its Affiliates (as applicable), and the use thereof inures to the benefit of Marriott whether or not the same are
registered and regardless of the source of the same. The provisions of this Section 11.12 shall survive any Termination.

 

11.13     
Data Protection.

 

A.               
Manager and its Affiliates will collect, use and disclose Guest Personal Data in the course of operating the Hotel. Tenant
may use Guest Personal Data to comply with Legal Requirements applicable to Tenant. Tenant shall not have access to or use Guest
Preferences.

 

B.                
Tenant shall take such actions and execute such documents as requested by Manager or its Affiliates that are necessary for
compliance with Legal Requirements applicable to Personal Data related to the Hotel, such as data transfer agreements.

 

C.                
Tenant shall promptly inform Manager if Tenant: (i) discovers or reasonably suspects a Security Incident; (ii) has been
contacted by any Person seeking to exercise any right under Legal Requirements pertaining to Personal Data; or (iii) has been contacted
by a data protection authority about the processing of Personal Data (in which case Manager and any of its Affiliates may conduct
the proceedings and Tenant shall reasonably cooperate with Manager and its Affiliates).

 

D.               
The following provisions apply to Personal Data received by Tenant (to the extent Tenant acts as data controller) from Manager
or its Affiliates that is subject to Privacy Shield:

 

1.                 
Tenant and any other Person acting under its authority will protect Privacy Shield Data at the same level of privacy protection
as required by the Privacy Shield Principles and will collect, use and share Privacy Shield Data solely for the purposes consistent
with this Agreement and any applicable notice to the relevant individual provided by Manager or its Affiliates.

 

2.                 
If Tenant no longer meets its obligation to provide the same level of protection as required by Privacy Shield, it will
immediately (i) notify Manager; and (ii) in consultation with Manager, either cease all processing of Privacy Shield Data or take
other reasonable and appropriate steps to remediate the issue.

 

3.                 
Tenant shall institute measures for reporting, investigating and remediating any Privacy Shield related complaints.

 

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E.                
The provisions of this Section 11.13 survive any Termination.

 

11.14     
Waiver. The failure of either party to insist upon a strict performance of any of the terms or provisions of this
Agreement, or to exercise any option, right or remedy contained in this Agreement, shall not be construed as a waiver or as a relinquishment
for the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force and effect.
No waiver by either party of any term or provision hereof shall be deemed to have been made unless expressed in writing and signed
by such party.

 

11.15     
Partial Invalidity. If any portion of this Agreement shall be declared invalid by order, decree or judgment of a
court, or otherwise, this Agreement shall be construed as if such portion had not been so inserted except when such construction
would operate as an undue hardship on Manager or Tenant or constitute a substantial deviation from the general intent and purpose
of said parties as reflected in this Agreement.

 

11.16      
Survival. Except as otherwise specifically provided herein, the rights and obligations of the parties herein shall
not survive any Termination.

 

11.17     
Negotiation of Agreement. Tenant and Manager are business entities having substantial experience with the matters
addressed in this Agreement. Tenant and Manager have each fully participated in the negotiation and drafting of this Agreement,
and this Agreement is to be interpreted without regard to any rule or principle that may require ambiguities in a provision to
be construed against the drafter of the provision. No inferences will be drawn from the fact that the final executed version of
this Agreement differs from previous drafts.

 

11.18      
Intentionally Deleted.

 

11.19      
Entire Agreement; Recitals. Subject to Section 11.45, this Agreement and the Incidental Documents, together with
any other writings signed by the parties expressly stated to be supplemental hereto and together with any instruments to be executed
and delivered pursuant to this Agreement, constitutes the entire agreement between the parties and supersedes all prior understandings
and writings, and may be changed only by a writing signed by the parties hereto. The Recitals hereto are incorporated herein by
reference and made a part hereof.

 

11.20       Affiliates.
Manager shall be entitled to contract with companies that are Affiliates (or companies in which Manager has an ownership
interest if such interest is not sufficient to make such a company an Affiliate) to provide goods and/or services to the
Hotel; provided that the prices and/or terms for such goods and/or services are competitive. Additionally, Manager
may contract for the purchase of goods and services for the Hotel with third parties that have other contractual
relationships with Manager, Marriott and their Affiliates, so long as the prices and terms are competitive. In determining,
pursuant to the foregoing, whether such prices and/or terms are competitive, they will be compared to the prices and/or terms
which would be available from reputable and qualified parties for goods and/or services of similar quality, and the goods
and/or services which are being purchased shall be grouped in reasonable categories, rather than being compared item by item.
Any dispute as to whether prices and/or terms are competitive in the market will be resolved by the Expert. The prices paid
may include overhead and the allowance of a reasonable return to Manager’s Affiliates (or companies in which Manager
has an ownership interest if such interest is not sufficient to make such a company an Affiliate), provided that such prices
are competitive as provided for herein. Tenant acknowledges and agrees that, with respect to any purchases of goods or
services pursuant to this Section 11.20, and subject to the foregoing qualification that prices and/or terms are competitive,
Manager’s Affiliates may retain for their own benefit any allowances, credits, rebates, commissions and discounts
received with respect to any such purchases.

 

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11.21      
Competing Facilities. Neither this Agreement nor anything implied by the relationship between Manager and Tenant
shall prohibit any of the Marriott Companies from constructing, operating, promoting, and/or authorizing others to construct, operate,
or promote one or more Other Marriott Products, or any other lodging concepts, Vacation Club Products, residential units, restaurants,
or other business operations of any type, at any location, including a location proximate to the Site. Tenant acknowledges, accepts
and agrees further that the Marriott Companies retain the right, from time to time, to construct or operate, or both, or promote
or acquire, or authorize or otherwise license others to construct or operate, or both, or promote or acquire any hotels, lodging
concepts or products, Vacation Club Products, restaurants or other business operations of any type whatsoever, including, but not
by way of limitation, those listed above, at any location including one or more sites that may be adjacent, adjoining or proximate
to the Site, which business operations may be in direct competition with the Hotel and that any such exercise may adversely affect
the operation of the Hotel.

 

11.22      
Intentionally Deleted.

 

11.23      
Dispute Resolution; Arbitration and Expert Resolution.

 

A.               
Arbitration. Except with respect to those disputes, claims or controversies which pursuant to the terms of this Agreement
are to be settled by an Expert pursuant to Section 11.23.B, all other disputes, claims or controversies between or among the parties
hereto arising out of or relating to this Agreement or the transactions contemplated hereby, including disputes, claims or controversies
relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement (each, a “Dispute”
and collectively, the “Disputes”), or relating in any way to such a Dispute or Disputes, shall on demand of
any party to such Dispute be resolved through binding and final Arbitration administered by the American Arbitration Association
(“AAA”) under its Commercial Arbitration Rules then in effect (the “Rules”), except as modified
herein. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another.

 

1.                  Notwithstanding
any provision of the Rules to the contrary, there shall be three (3) arbitrators, who shall be appointed as provided in this
Section 11.23.A. Each party shall appoint one arbitrator within fifteen (15) days after receipt by respondent of a copy of
the demand for arbitration. Affiliate claimants on the one hand, or Affiliate respondents on the other hand, shall be treated
as one party, respectively, for purposes of determining the number of arbitrators and the means by which they are
selected. Pursuant to the Rules, the party-appointed arbitrators need not be impartial or independent and shall not be
subject to disqualification for partiality or lack of independence. If the claimants or respondents, as the case may be, fail
to appoint their respective party-appointed arbitrator within fifteen (15) days, the party which has selected an arbitrator
shall request the AAA to provide a list of three (3) arbitrators from the National Roster (as defined in the Rules) (or from
the Large, Complex Commercial Case Panel thereof, if the Procedures for Large, Complex Commercial Disputes apply to the
dispute), each of whom shall be neutral, impartial and unaffiliated with any party and the party that failed to timely
appoint an arbitrator shall have ten (10) days to select one (1) of the three (3) as the second arbitrator; if such party
shall again fail to timely select an arbitrator, the AAA shall make the appointment. The two (2) arbitrators so appointed
shall attempt to agree upon a third arbitrator, who shall chair the arbitration. Such chairperson as may be agreed to by the
party-appointed arbitrators need not be selected from the National Roster, but must meet the standards of the Rules and shall
be neutral, impartial and unaffiliated with any party. If the party-appointed arbitrators fail to agree upon a chairperson
within fifteen (15) days of the appointment of the second arbitrator, the chairperson shall be selected from the National
Roster (or, if the Procedures for Large, Complex Commercial Disputes apply to the dispute, from the Large, Complex Commercial
Case Panel thereof) in the manner provided in the Rules and who shall be neutral, impartial and unaffiliated with any
party.

 

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2.                 
The place of Arbitration shall be Washington, D.C., unless otherwise agreed by the parties.

 

3.                 
Any document discovery otherwise permissible within the Rules shall be limited to the documents bearing directly on the
parties’ claims and defenses or otherwise necessary to the determination of the matter. Unless the parties otherwise agree,
no more than three (3) depositions of individuals affiliated with the claimant(s) or respondent(s), respectively, may be undertaken
at the discretion of the chairperson in accordance with the Rules. The discretion and/or authority committed by the Rules to the
 “arbitrator” or “arbitrator(s)” shall be vested in the chairperson, who may act individually or in consultation
with the party-appointed arbitrators at the chairperson’s discretion.

 

4.                 
Any question regarding the enforceability of this Section 11.23.A or the demand for arbitration shall be determined in accordance
with the Federal Arbitration Act, 9 U.S.C. §1 et seq. and the body of law interpreting such Act. The Arbitration
Award shall be in writing and may, but shall not be required to, briefly state the findings of fact and conclusions of law on which
it is based.

 

5.                 
Unless, and then only to the extent the arbitrators in the award assess costs and expenses or any part thereof against any
specified party or parties (a) each party involved in a Dispute shall bear its own costs and expenses (including attorneys’
fees); and (b) each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and
all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the
parties (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the
other hand) shall equally bear the costs and expenses of the third appointed arbitrator.

 

6.                  The
Arbitration Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between such
parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the
arbitrators. Judgment upon the Arbitration Award may be entered in any court having jurisdiction. To the fullest extent
permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question
of law arising in the course of Arbitration or with respect to any award made except for actions relating to enforcement of
this Section 11.23.A to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other
provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

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7.                 
Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset. The party against which
the Arbitration Award assesses a monetary obligation shall pay that obligation on or before the 30th day following the date of
the Arbitration Award or such other date as the Arbitration Award may provide.

 

B.                
Expert Resolution. Notwithstanding the terms and provisions of Section 11.23.A above, when this Agreement expressly
calls for a matter or dispute to be decided or resolved by the Expert, the following terms apply:

 

1.                 
Tenant or Manager may by notice to the other request that a matter or dispute be submitted to the Expert in accordance with
this Agreement. Tenant and Manager will each select an Expert within ten (10) days after the non-requesting party’s receipt
of the notice. If Tenant or Manager fails to select an Expert within the ten (10)-day period above, the Expert selected by the
other party will be the sole Expert. Within ten (10) days after the parties have each selected an Expert, the two (2) Experts will
select a third Expert. If the two (2) Experts fail to select a third Expert, then the third Expert will be selected by JAMS (“JAMS”).
If there is more than one (1) Expert, then the decision of the Expert will be made by a majority vote.

 

2.                 
An Expert must be an independent, nationally recognized consulting firm or individual with at least ten (10) years of experience
in the lodging industry and must be qualified to resolve the issue in question. An individual or consulting firm cannot be an Expert
if Tenant, Manager or their Affiliates have, directly or indirectly, employed or retained such individual or consulting firm within
two (2) years before the date of selection. The engagement terms for the Expert will obligate the Expert to (i) notify Tenant and
Manager in writing of the Expert’s decision within forty-five (45) days after the date on which the last Expert was selected,
or such other period as Tenant and Manager may agree; and (ii) establish a timetable for making submissions and replies.

 

3.                 
Tenant and Manager may each make written submissions to the Expert and will provide a copy to the other party. The other
party may comment on such submission within the time periods established under Section 11.23.B(2). Until an Expert decision is
rendered, neither party may communicate with any Expert about the subject matter submitted for decision without disclosing the
content of any such communication to the other party. The costs of the Expert and the proceedings will be paid as directed by the
Expert, unless otherwise provided in this Agreement, and the Expert may direct that these costs be treated as Deductions.

 

4.                 
The Expert will decide the matter by applying the standards specified in the relevant provisions of this Agreement. If this
Agreement does not contain a standard for the matter, then the Expert will apply the standards for first class, full service hotels,
considering the long term profitability of the Hotel and the operation of the Hotel in accordance with System Standards.

 

5.                  The
use of the Expert is the exclusive remedy and neither Tenant nor Manager may attempt to adjudicate the matter in any other
manner or forum. The Expert’s decision will be final and binding on the parties and cannot be challenged, whether
by arbitration, in court or otherwise.

 

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6.                 
The provisions of this Section 11.23.B survive any Termination.

 

11.24     
Permitted Contests. Manager shall have the right to contest the amount or validity
of any Imposition, Legal Requirement, Insurance Requirement, lien, attachment, levy, encumbrance, charge or claim (collectively,
 “Claims”) as to the Hotel, by appropriate legal proceedings, conducted in good faith and with due diligence,
provided that (a) such contest shall not cause Landlord or Tenant to be in default under any Qualified Mortgage or reasonably
be expected to result in a lien attaching to the Hotel, unless such lien is fully bonded or otherwise secured to the reasonable
satisfaction of Landlord, (b) no part of the Hotel nor any Gross Revenues therefrom shall be in any immediate danger of sale,
forfeiture, attachment or loss, and (c) Manager shall indemnify and hold harmless Tenant and Landlord from and against any
cost, claim, damage, penalty or reasonable expense, including reasonable attorneys’ fees, incurred by Tenant or Landlord
in connection therewith or as a result thereof. Tenant agrees to sign all required applications and otherwise cooperate with Manager
in expediting the matter, provided that Tenant shall not thereby be subjected to any liability therefor (including, without limitation,
for the payment of any costs or expenses in connection therewith), and any such costs or expenses incurred in connection therewith
shall be paid as a Deduction with respect to the Hotel. Landlord shall, in the Owner Agreement, agree to join in any such proceedings
if required legally to prosecute such contest, provided that Landlord shall not thereby be subjected to any liability therefor
(including, without limitation, for the payment of any costs or expenses in connection therewith) and Manager agrees by agreement
in form and substance reasonably satisfactory to Landlord, to assume and indemnify Landlord with respect to the same. Any amounts
paid under any such indemnity of Manager to Tenant or Landlord shall be a Deduction. Any refund of any Claims and such charges
and penalties or interest thereon which amount shall be paid to Manager and included in Gross Revenues of the Hotel.

 

11.25       Indemnification. Subject
to the provisions of Section 9.04 hereof, Manager shall protect, indemnify and hold harmless Tenant and Landlord for, from
and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and reasonable expenses
(including, without limitation, reasonable attorneys’ fees), to the maximum extent permitted by law, imposed upon or
incurred by or asserted against Tenant or Landlord by reason of: (a) Manager’s failure to pay any Impositions that are
the obligations of Manager to pay pursuant to the applicable provisions of this Agreement, and (b) infringement and other
claims by third parties relating to the proprietary marks of Marriott or Manager with respect to the Hotel; provided,
however, that Manager’s obligations hereunder shall not apply to any liability, obligation, claim, damage, penalty,
cause of action, cost or expense to the extent the same arises from any negligence or willful misconduct of Tenant and/or
Landlord, or their respective Affiliates, employees, agents or invitees. Manager, at its expense, shall contest, resist and
defend any such claim, action or proceeding asserted or instituted against Tenant or Landlord (and shall not be
responsible for any duplicative attorneys’ fees incurred by Tenant or Landlord) or may compromise or otherwise dispose
of the same, with Tenant’s or Landlord’s (as applicable) prior written consent (which consent may not be
unreasonably withheld or delayed). In the event Tenant or Landlord shall unreasonably withhold or delay its consent, Manager
shall not be liable pursuant to this Section 11.25 for any incremental increase in costs or expenses resulting therefrom. The
obligations of Manager under this Section 11.25 are in addition to the obligations set forth in Section 11.08.D and shall
survive a Termination of this Agreement. The indemnification provided for in this Section 11.25 shall not be applicable to
Section 11.08 Costs, with respect to which a specific indemnity is provided in Section 11.08 hereof, to the extent addressed
therein.

 

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11.26      
Estoppel Certificates. Each party to this Agreement shall at any time and from time to time, upon not less than thirty
(30) days’ prior notice from the other party, execute, acknowledge and deliver to such other party, or to any third party
specified by such other party, a statement in writing: (a) certifying that this Agreement is unmodified and in full force
and effect (or if there have been modifications, that the same, as modified, is in full force and effect and stating the modifications);
(b) stating whether or not to the best knowledge of the certifying party (i) there is a continuing default by the non-certifying
party in the performance or observance of any covenant, agreement or condition contained in this Agreement, or (ii) there
shall have occurred any event which, with the giving of notice or passage of time or both, would become such a default, and, if
so, specifying each such default or occurrence of which the certifying party may have knowledge; (c) stating the date to which
distributions of Operating Profit have been made; and (d) stating such other information as the non-certifying party may reasonably
request. Such statement shall be binding upon the certifying party and may be relied upon by the non-certifying party and/or such
third party specified by the non-certifying party as aforesaid, including, without limitation its lenders and any prospective purchaser
or mortgagee of the Hotel or the leasehold estate created by the Lease. The obligations set forth in this Section 11.26 shall survive
any Termination (that is, each party shall, on request, within the time period described above, execute and deliver to the non-certifying
party and to any such third party a statement certifying that this Agreement has been terminated).

 

11.27      
Intentionally Deleted.

 

11.28      
Intentionally Deleted.

 

11.29      
Remedies Cumulative. To the maximum extent permitted by law, each legal, equitable or contractual right, power and
remedy of Tenant or Manager, now or hereafter provided either in this Agreement or by statute or otherwise, shall be cumulative
and concurrent and shall be in addition to every other right, power and remedy and the exercise or beginning of the exercise by
Tenant or Manager (as applicable) of any one or more of such rights, powers and remedies shall not preclude the simultaneous or
subsequent exercise by Tenant of any or all of such rights, powers and remedies.

 

11.30      
Amendments and Modifications. This Agreement shall not be modified or amended except in writing signed by both parties.

 

11.31       Construction;
Nonrecourse. Anything contained in this Agreement to the contrary notwithstanding, all claims against, and liabilities
of, Manager or Tenant arising prior to any date of termination or expiration of this Agreement shall survive such termination
or expiration. Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated except by an
instrument in writing signed by all the parties thereto. All the terms and provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Each term or
provision of this Agreement to be performed by Manager shall be construed as an independent covenant and condition. Time is
of the essence with respect to the exercise of any rights of Manager or Tenant under this Agreement. Except as otherwise set
forth in this Agreement, any obligations arising prior to the expiration or sooner termination of this Agreement of Manager
(including without limitation, any monetary, repair and indemnification obligations) and Tenant shall survive the expiration
or sooner termination of this Agreement. Nothing contained in this Agreement shall be construed to create or impose any
liabilities or obligations and no such liabilities or obligations shall be imposed on any of the shareholders, beneficial
owners, direct or indirect, officers, directors, trustees, employees or agents of Tenant or its Affiliates or Manager or its
Affiliates for the payment or performance of the obligations or liabilities of Tenant or Manager, as applicable,
hereunder.

 

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11.32     
Counterparts; Headings. This Agreement may be executed in one or more counterparts (including by means of facsimile
or via email in electronic or portable document format (.pdf) signature pages), each of which shall be deemed an original but all
of which together will constitute one and the same instrument. Headings in this Agreement are for purposes of reference only and
shall not limit or affect the meaning of the provisions hereof.

 

11.33     
No Political Contributions. Notwithstanding any provision in this Agreement to the contrary, no money or property
of the Hotel shall be paid or used or offered, nor shall Tenant or Manager directly or indirectly use or offer, consent or agree
to use or offer, any money or property of the Hotel (i) in aid of any political party, committee or organization, (ii) in
aid of any corporation, joint stock or other association organized or maintained for political purposes, (iii) in aid of any
candidate for political office or nomination for such office, (iv) in connection with any election, (v) for any political
purpose whatever, or (vi) for the reimbursement or indemnification of any person for any money or property so used.

 

11.34     
Single Agreement. The parties hereto acknowledge and agree that this Agreement and the Other Management Agreements
are intended to constitute, and shall constitute, a single transaction.

 

11.35     
REIT Qualification. Manager shall not take any action which would cause Landlord’s rental income from Tenant
under the Lease for the Hotel to fail to qualify as “rents from real property” pursuant to Sections 856(d)(8)(B) and
856(d)(9) of the Code.

 

11.36     
Further Compliance With Section 856(d) of the Code. Manager represents that, as of the Effective Date, it is an “eligible
independent contractor” as defined under Section 856(d)(9)(A) of the Code, and further agrees that it shall maintain such
status except to the extent events outside of Manager’s control may affect Manager’s independent contractor status.
Landlord, Manager and Tenant agree to cooperate in good faith to the purpose and effect that Manager retain such status. This covenant
shall apply for so long as the Hotel is owned by Landlord (or a successor or permitted assignee) and leased to Tenant (or a successor
or a permitted assignee) as part of an ownership structure that is subject to REIT tax requirements. Without limiting the foregoing,
Manager shall do each of the foregoing:

 

A.                Manager
shall exercise its powers, privileges, responsibilities and obligations under this Agreement (and related documents) so as to
cause the Hotel to qualify as a “qualified lodging facility” pursuant to Section 856(d)(9)(D) of the Code. In
furtherance of the foregoing, Manager shall comply with any regulations or other administrative guidance now or hereafter
existing with respect to qualification as an “eligible independent contractor” under said Section 856(d)(9)(A).
Without limiting any of the foregoing, Manager shall not authorize any wagering activities to be conducted at or in
connection with the Hotel and Manager shall ensure that at least one-half of the guest rooms in the Hotel are used on a
transient basis and that no Hotel will include amenities and facilities which are not customary for similarly situated
properties.

 

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B.                
None of Manager or any of its Affiliates (either individually or collectively) shall own, within the meaning of Section
856(d)(5) of the Code, either directly or indirectly, more than thirty-five percent (35%) of the shares of SVC (whether by vote,
value or number of shares).

 

C.                
To the extent within the reasonable control of Manager and each Affiliate, neither Manager nor any Affiliate shall permit
more than thirty-five percent (35%) of the total combined voting power of Manager’s or such Affiliates outstanding stock
(or thirty-five percent (35%) of the total shares of all classes of its outstanding stock) to be owned, within the meaning of Section
856(d)(5) of the Code, directly or indirectly, by one or more persons owning thirty-five percent (35%) or more of the outstanding
stock of SVC and Manager and its Affiliates shall otherwise comply with any regulations or other administrative guidance now or
hereafter existing under said Section 856(d)(5) of the Code with respect to such ownership limits.

 

D.               
Manager, or a person who is a “related person” within the meaning of Section 856(d)(9)(F) of the Code (a “Related
Person”), shall be actively engaged in the trade or business of operating or managing “qualified lodging facilities”
for one or more persons who are not Related Persons with respect to SVC or Tenant (“Unrelated Persons”). Manager
or such Related Person shall derive at least ten percent (10%) of each of its revenue and profit from operating or managing “qualified
operating facilities” within the meaning of Section 856(d)(9)(D) of the Code for Unrelated Persons and shall comply with
any regulations or other administrative guidance now or hereafter existing under Section 856(d)(9) of the Code with respect to
the amount of hotel management business that needs to be conducted with Unrelated Persons in order for Manager to qualify as an
 “eligible independent contractor” under said Section 856(d)(9).

 

11.37     
Adverse Regulatory Event. In the event of an Adverse Regulatory Event arising from or in connection with this Agreement,
Tenant and Manager shall work together in good faith to amend this Agreement to eliminate the impact of such Adverse Regulatory
Effect. For purposes of this Agreement, the term “Adverse Regulatory Effect” means any time that a law, statute,
ordinance, code, rule or regulation imposes upon Tenant (or could imposes upon Tenant in Tenant’s reasonable opinion), any
material threat to either Landlord’s or Landlord’s Affiliate’s status as a “real estate investment trust”
under the Code or to the treatment of amounts paid to Landlord as “rents from real property” under Section 856(d) of
the Code. Each of Manager and Tenant shall inform the other of any Adverse Regulatory Event of which it is aware and which it believes
likely to impair compliance of the Hotel with respect to the aforementioned sections of the Code.

 

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11.38     Commercial
Leases. For so long as the Hotel is owned by Landlord and leased to Tenant as part of an ownership structure that is subject
to REIT tax requirements, Manager agrees that Manager shall not enter into any sublease with respect to the Hotel (or any part
thereof) without first providing Landlord with a copy thereof. Landlord shall have twenty (20) days from the date of its
receipt of such proposed sublease to give written notice to Manager indicating whether such sublease would, in Landlord’s
reasonable judgment, provide for a rental to be paid by the sublessee thereunder based (or considered to be based), in whole or
in part, on the income or profits derived by the business activities of the sublessee, or any other formula, such that any portion
of the rent payable under the sublease would fail to qualify as “rents from real property” within the meaning of Section
856(d) of the Code, or any similar or successor provisions thereto. If Landlord provides timely notice of its determination that
such proposed sublease would provide for such a rental then Manager will not enter into such proposed sublease. If Landlord shall
fail to give Manager such written notice within such twenty (20) day period, Landlord shall be estopped from claiming that such
sublease violates the terms of this Section 11.38.

 

11.39     Waiver
of Jury Trial. In the event there occurs a Dispute, or an aspect of a Dispute, which under the Rules must be referred to a
court for determination, each of Tenant and Manager hereby absolutely, irrevocably and unconditionally waive trial by jury in
connection with any litigation, action, suit or proceeding relating to the resolution of such Dispute.

 

11.40     Waiver
of Consequential, Incidental, Special & Punitive Damages. Tenant and Manager each absolutely, irrevocably and unconditionally
waives the right to claim or receive consequential, incidental, special or punitive damages in any litigation arising out of or
in connection with this Agreement or any other agreement or document, the relationships of the parties or any actions or omissions
in connection with any of the foregoing. The provisions of this Section 11.40 survive any Termination.

 

11.41     Equity
Interests in Tenant. Tenant represents and warrants that Exhibit F contains a list of all of the direct and indirect
owners of Tenant, excluding any public shareholders of SVC. Tenant represents, warrants, and will ensure throughout the Term,
that neither Tenant nor any of its Affiliates nor any other Person that directly or indirectly owns, has an ownership interest
in, or controls Tenant or any of its Affiliates, is a Restricted Person; provided, however, that nothing in this
sentence shall apply to any public shareholder of SVC.

 

11.42     No
Rights of Third Parties. This Agreement does not give any rights or benefits to any Person that is not a party to this Agreement,
except as provided in this Agreement. To the extent that any Affiliate of Manager or other Person is expressly identified as having
particular rights or benefits under this Agreement, such Person is entitled to enforce those rights and enjoy those benefits in
accordance with this Agreement. The provisions of this Section 11.42 survive any Termination.

 

11.43     
Intentionally Omitted.

 

11.44     Non-Hotel
Marketing Activities by Tenant. The performance of the Hotel depends on an exclusive brand affiliation with Manager and its
Affiliates, and, except as set forth in the Condominium Declaration, Manager has no obligation to allow Tenant or any third party
to use any portion of the Hotel for any activities relating to the marketing, sale or operation of any Vacation Club Products
developed, marketed, sold or operated by Tenant or any third party except, if approved by Manager, Vacation Club Products operated
under the “Marriott Vacation Club,” “Grand Residences by Marriott,” “Pulse,” or Ritz Carlton
brands or such other brands as Manager or its Affiliates may license in the future to Marriott Vacations Worldwide or its
Affiliates (or their permitted successors or assigns).

 

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11.45     Single
Agreement; Integration. It is expressly acknowledged and agreed by Manager and Tenant that the
underlying terms and conditions of this Agreement, the Pooling Agreement, the Marriott Guaranty Agreement and each and every other
document and agreement entered into in connection herewith or therewith and/or contemplated hereby or thereby have been negotiated
by the parties as a single integrated transaction.

 

ARTICLE XII

 

DEFINITION OF TERMS

 

12.01     Definition
of Terms. The following terms when used in this Agreement and the Addenda attached hereto shall have the meanings indicated:

 

“AAA”
shall have the meaning ascribed to such term in Section 11.23.A hereof.

 

“Above-Property
Programs & Services” shall have the meaning ascribed to such term in Section 1.03.B hereof.

 

“Accounting
Period” shall mean a calendar month. Manager, in its discretion, may change the Accounting Period to such other period
that Manager implements for the System.

 

“Accounting
Period Statement” shall have the meaning ascribed to such term in Section 4.01.A hereof.

 

“Addenda”
or “Addendum” shall mean any addendum attached hereto from time to time.

 

“Additional
Manager Advances” shall mean advances by Manager under Sections 3.02.C, 4.01.E, 4.03.D, 4.05.A and 5.07.D hereof.

 

“Additional
Marketing Programs” shall have the meaning ascribed to such term in Section 1.03.D hereof.

 

“Additional
Marriott Advances” shall mean Additional Marriott Advances under the Pooling Agreement, and if the Pooling Agreement
does not apply to the Hotel, then the portion of such Additional Marriott Advances determined to be allocable to the Hotel in accordance
with the Pooling Agreement.

 

“Additional
Working Capital” shall have the meaning ascribed to such term in Section 4.05.A hereof.

 

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“Adverse Regulatory
Effect” shall have the meaning ascribed to such term in Section 11.37 hereof.

 

“Affiliate”
shall mean, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person. For purposes of this definition, the term “control” (including the terms “controlling,”
 “controlled by” and “under common control with”) of a Person means the possession, directly or indirectly,
of the power: (i) to vote fifty percent (50%) or more of the voting stock or equity interests of such Person; or (ii) to
direct or cause the direction of the management and policies of such Person, whether through the ownership of voting stock or equity
interests, by contract or otherwise.

 

“Aggregate
Amount Funded” shall have the meaning set forth in the Marriott Guaranty Agreement.

 

“Aggregate
Tenant’s Priority” shall have the meaning set forth in the Pooling Agreement.

 

“Agreement”
shall have the meaning ascribed to such term in the Preamble, as the same may be amended, modified or supplemented from time to
time.

 

“Annual Operating
Projection” shall have the meaning ascribed to such term in Section 4.04 hereof.

 

“Annual Operating
Statement” shall have the meaning ascribed to such term in Section 4.01.C.

 

“Apartments”
shall have the meaning ascribed to such term in the Condominium Declaration.

 

“Arbitration”
shall mean the process described in Section 11.23.A hereof.

 

“Arbitration
Award” shall have the meaning ascribed to such term in Section 11.23.A hereof.

 

“Available
Funds” shall have the meaning ascribed to such term in Section 3.02.B(4) hereof.

 

“Award”
shall have the meaning ascribed to such term in the Lease.

 

“Base
Management Fee” shall mean, with respect to each Fiscal Year or portion thereof, an amount equal to two percent (2%)
of Gross Revenues for such Fiscal Year or portion thereof.

 

“Building”
shall have the meaning ascribed to such term in Section A of the Recitals.

 

“Business
Day” shall mean any day other than Saturday, Sunday, or any other day on which banking institutions in the Commonwealth
of Massachusetts or the State of Maryland are authorized by law or executive action to close.

 

“Capital Addition”
shall have the meaning ascribed to such term in Section 5.08.A hereof.

 

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“Central Office
Services” shall have the meaning ascribed to such term in Exhibit B.

 

“Chain Services”
shall have the meaning ascribed to such term in Section 1.03.C.

 

“Chain Services
Report” shall have the meaning ascribed to such term in Section 1.03.C hereof.

 

“Claims”
shall have the meaning ascribed to such term in Section 11.24 hereof.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Condemnation”
shall mean, (a) the exercise of any governmental power with respect to the Hotel or any interest therein, whether by legal
proceedings or otherwise, by a Condemnor of its power of condemnation, (b) a voluntary sale or transfer of the Hotel or any
interest therein, to any Condemnor, either under threat of condemnation or while legal proceedings for condemnation are pending,
or (c) a taking or voluntary conveyance of the Hotel or any interest therein, or right accruing thereto or use thereof, as
the result or in settlement of any Condemnation or other eminent domain proceeding affecting the Hotel or any interest therein,
whether or not the same shall have actually been commenced.

 

“Condemnor”
shall mean any public or quasi-public authority, or private corporation or individual, having the power of Condemnation.

 

“Condominium
Declaration” shall mean that certain Declaration of Condominium Property Regime of Marriott’s Kauai Resort and
Beach Club dated March 29, 1995, by and between Marriott Kauai, Inc. and Marriott Kauai Ownership Resorts, Inc., each a Delaware
corporation, as amended.

 

“Controlling
Interest” shall mean (i) if the Person is a corporation, the right to exercise, directly or indirectly, more than
fifty percent (50%) of the voting rights attributable to the shares of such Person (through ownership of such shares or by contract),
or (ii) if the Person is not a corporation, the possession, directly or indirectly, of the power to direct or cause the direction
of the business, management or policies of such Person.

 

“Corporate
Transfer” shall have the meaning ascribed to such term in Section 10.01.A hereof.

 

“Deduction”
shall have the meaning ascribed to such term in the definition of Operating Profit. Deductions shall not include (i) payments
with respect to items for which Manager has given an indemnity, to the extent of such indemnity, (ii) payments with respect
to items for which Manager has agreed to be liable at its own cost and expense herein, (iii) any item specifically stated
not to be a Deduction herein, and (iv) any item for which Manager or any Affiliate has agreed to be liable (other than at
the cost and expense of Tenant or any Affiliate) under the terms of any Incidental Document or any other agreement between Manager
or any Affiliate and Tenant or any Affiliate.

 

“Disbursement
Rate” shall have the meaning ascribed to such term in the Lease.

 

“Disputes”
shall have the meaning ascribed to such term in Section 11.23.A hereof.

 

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“Effective
Date” shall have the meaning ascribed to such term in the Preamble.

 

“Emergency
Funding” shall have the meaning ascribed to such term in Section 5.07.D hereof.

 

“Employee
Claims” shall mean any claims by any Hotel employee or governmental or quasi governmental entity against Tenant or Manager
with respect to the employment of Hotel employees, including claims that (i) are resolved by litigation or by settlement; (ii)
involve allegations that any employment related contracts affecting the Hotel employees have been breached; or (iii) involve allegations
that one or more Employment Laws has been violated. “Employee Claims” exclude claims for workers’ compensation
benefits or for unemployment benefits.

 

“Employment
Laws” shall mean any Legal Requirements relating to employment, conditions of employment, benefits, compensation or termination
of employment, including Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Workers Adjustment
and Retraining Act, the Occupational Safety and Health Act, the Immigration Reform and Control Act of 1986, the Polygraph Protection
Act of 1988 and the Americans With Disabilities Act of 1990.

 

“Environmental
Costs” shall have the meaning ascribed to such term in Section 11.08.C hereof.

 

“Environmental
Laws” shall have the meaning ascribed to such term in Section 11.08.B hereof.

 

“Environmental
Notice” shall have the meaning ascribed to such term in Section 11.08.A hereof.

 

“Environmental
Obligation” shall have the meaning ascribed to such term in Section 11.08.A hereof.

 

“Essex House”
shall mean Essex House Condominium Corporation, a Delaware corporation.

 

“Event of
Default” shall mean any Tenant Event of Default or Manager Event of Default, as the context may require.

 

“Execution
Date” shall have the meaning ascribed to such term in the Preamble.

 

“Existing
CC&Rs” shall have the meaning ascribed to such term in Section 8.04.A hereof.

 

“Exit Hotel
Agreement” shall mean that certain Amended and Restated Exit Hotel Agreement, dated as of the Execution Date but to
be effective as of the Effective Date, by and among, inter alia, Landlord, Tenant, Manager and Marriott,
and certain other parties, as the same may be amended, modified or supplemented from time to time.

 

“Expert”
means the expert or experts selected in accordance with Section 11.23.B hereof.

 

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“Extraordinary
Event” shall mean any of the following events, regardless of the location or duration of the events: acts of nature;
fires and explosions; acts of war, armed conflict or other hostile action; civil war, rebellion, revolution, insurrection or usurpation
of sovereign power; riots or other civil unrest; terrorism; sabotage; chemical or biological events; nuclear events; epidemics
and disease related events; bombing; strikes, lockouts or other labor disturbances; embargoes or blockades; shortage of critical
materials or supplies; action or inaction of governmental authorities that has a material adverse effect on Marriott, Landlord,
Tenant or Manager; or any other events beyond the reasonable control of Marriott, Landlord, Tenant or Manager, excluding general
economic or market conditions that are not caused by any of the events described in this definition.

 

“FF&E”
shall mean furniture, fixtures and equipment, including without limitation: furnishings, fixtures, decorative items, signage, audio-visual
equipment, kitchen equipment and appliances, cabinetry, laundry equipment, housekeeping equipment, telecommunications systems,
security systems and front desk and back-of-the house computer equipment; provided, however, that the term “FF&E”
shall not include Fixed Asset Supplies or Software.

 

“FF&E
Termination” shall have the meaning ascribed to such term in Section 5.07.D hereof.

 

“Finance
Date” shall mean the date of the closing of any proposed Mortgage.

 

“First Incentive
Management Fee” shall mean, with respect to each Fiscal Year or portion thereof, an amount equal to forty percent (40%)
of Operating Profit remaining after deducting amounts paid or payable in respect of Sections 3.02.B(1) through (5) for such Fiscal
Year or portion thereof.

 

“Fiscal Year”
shall mean (i) a calendar year (which is sometimes called a “full” Fiscal Year in this Agreement); (ii) any partial
Fiscal Year between the Effective Date and the first full Fiscal Year; and (iii) the partial Fiscal Year, if any, in which a Termination
occurs. Manager may modify the meaning of “Fiscal Year” if it changes its fiscal year, and if so will adjust the reporting
and accounting procedures under this Agreement, but the adjustment will not alter the Term or reduce the distributions of Operating
Profit or other payments due under this Agreement; provided, however, that for so long as the Pooling Agreement is
in effect, Manager’s Fiscal Year shall not change unless conforming changes are made to the Fiscal Year applicable to all
Portfolio Properties then subject to the Pooling Agreement.

 

“Fixed Asset
Supplies” shall mean items included within “Operating Equipment” under the Uniform System of Accounts that
may be consumed in the operation of the Hotel or are not capitalized, including, but not limited to, linen, china, glassware, tableware,
uniforms, and similar items used in the operation of the Hotel.

 

“Foreclosure”
shall mean any exercise of remedies available to a Mortgagee upon a default under a Mortgage that results or may result in a transfer
of title to, control of, or possession of the Hotel, including (i) transfer by judicial foreclosure; (ii) transfer by deed
in lieu of foreclosure; (iii) appointment of an administrator, receiver, trustee or liquidator; (iv) transfer of ownership or
control of Tenant (for example, by exercise of a stock pledge); (v) transfer resulting from an order given in a bankruptcy, reorganization,
insolvency or similar proceeding; (vi) if Tenant leases the Hotel, an assignment, novation or termination of Tenant’s interest
in the lease; or (vii) transfer through any other judicial or non-judicial exercise of Mortgagee’s remedies.

 

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“Franchise
Agreement” means, with respect to the Hotel, any franchise agreement entered into with respect to the Hotel by and between
Marriott and Tenant, from and after the date hereof, and in accordance with the terms hereof, as the same may be amended, modified
or supplemented from time to time.

 

“Franchise
Conversion” shall have the meaning ascribed to such term in Section 5.07.D hereof.

 

“Franchisor”
shall have the meaning ascribed to such term in the applicable Franchise Agreement.

 

“Future CC&Rs”
shall have the meaning ascribed to such term in Section 8.04.A hereof.

 

“GAAP”
shall mean generally accepted accounting principles, consistently applied.

 

“Golf and
Tennis Easement Parcel” shall mean that certain parcel of land described on Exhibit A attached hereto and incorporated
herein.

 

“Government
Agencies” shall mean any court, agency, authority, board (including, without limitation, environmental protection, planning
and zoning), bureau, commission, department, office or instrumentality of any nature whatsoever of any governmental or quasi-governmental
unit of the United States or the State or any county or any political subdivision of any of the foregoing, whether now or hereafter
in existence, having jurisdiction over Tenant or the Hotel operated thereon.

 

“Gross Revenues”
shall mean for any period with respect to the Hotel, all revenues and receipts of every kind derived from operating the Hotel
and all departments and parts thereof during such period, including, but not limited to: income (from both cash and credit transactions)
after deductions for bad debts and discounts for prompt cash payments and refunds from rental of Guest Rooms and other spaces
at the Hotel, telephone charges, stores, offices, exhibit or sales space of every kind; license, lease and concession fees and
rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines; income from parking;
health club membership fees; food and beverage sales; wholesale and retail sales of merchandise; service charges; and proceeds,
if any, from business interruption or other loss of income insurance; provided, however, that Gross Revenues shall
not include the following: gratuities to employees of the Hotel; federal, state or municipal excise, sales or use taxes or any
other taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; proceeds
from the sale of FF&E; interest received or accrued with respect to the funds in the Reserves or the other operating accounts
of the Hotel; any refunds, rebates, discounts and credits of a similar nature, given, paid or returned in the course of obtaining
Gross Revenues or components thereof; insurance proceeds (other than proceeds from business interruption or other loss of income
insurance); Condemnation proceeds (other than for a temporary taking); or any proceeds from any Sale of the Hotel or from the
refinancing of any debt encumbering the Hotel.

 

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“Gross Room
Revenues” shall include with respect to the Hotel, all gross revenues attributable to or payable for rental of guest
rooms at the Hotel, after deductions for bad debts and discounts for prompt cash payments and refunds from Rental of Guest Rooms,
including, without limitation, all credit transactions, whether or not collected, but excluding (i) any sales or room taxes
collected by Manager for transmittal to the appropriate taxing authority, and (ii) any revenues from sales or rentals of ancillary
goods, such as entertainment rentals, telephone income and fireplace log sales and sales from in-room service bars. Gross Room
Revenues shall also include the proceeds from any business interruption insurance applicable to loss of revenues due to the non-availability
of guest rooms and for guaranteed no-show revenue which is collected. Gross Room Revenues shall be accounted for in accordance
with the Uniform System of Accounts.

 

“Ground Lease
Rent” shall have the meaning ascribed to such term in Section 3.02.B(2) hereof.

 

“Guaranty
Term” shall have the meaning given such term in the Marriott Guaranty Agreement.

 

“Guaranty
Termination Event” means the expiration of the Guaranty Term or the termination of Marriott’s obligation to advance
funds under the Marriott Guaranty Agreement pursuant to the terms of the Marriott Guaranty Agreement.

 

“Guest Personal
Data” means any information relating to identified or identifiable actual or potential guests or customers of the Hotel
or Other Marriott Products, including contact information (such as addresses, phone numbers, email and SMS addresses), Guest Preferences,
and any other information collected from or about actual or potential guests or customers of the Hotel or Other Marriott Products
operated or licensed by Manager or its Affiliates.

 

“Guest Preferences”
means guest histories, preferences, loyalty program activity and any other related information collected from actual or potential
guests or customers of the Hotel or Other Marriott Products operated or licensed by Manager or its Affiliates through the Loyalty
Programs or other means.

 

“Guest Room”
shall mean a lodging unit in the Hotel.

 

“Hazardous
Substance” shall mean any substance:

 

		·	the presence of which requires or may hereafter require notification, investigation or remediation
under any federal, state or local statute, regulation, rule, ordinance, order, action or policy; or

 

		·	which is or becomes defined as a “hazardous waste,” “hazardous material”
or “hazardous substance” or “pollutant” or “contaminant” under any present or future federal,
state or local statute, regulation, rule or ordinance or amendments thereto including, without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act (42 U.S.C. et seq.) and the Resource Conservation and Recovery Act (42 U.S.C. section
6901 et seq.) and the regulations promulgated thereunder; or

 

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		·	which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic
or otherwise hazardous and is or becomes regulated by any governmental authority, agency, department, commission, board, agency
or instrumentality of the United States, any state of the United States, or any political subdivision thereof; or

 

		·	the presence of which at the Hotel causes or materially threatens to cause an unlawful nuisance
upon the Hotel or to adjacent properties or poses or materially threatens to pose a hazard to the Hotel or to the health or safety
of persons on or about the Hotel; or

 

		·	without limitation, which contains gasoline, diesel fuel or other petroleum hydrocarbons or volatile
organic compounds; or

 

		·	without limitation, which contains polychlorinated biphenyls (PCBs) or asbestos or urea formaldehyde
foam insulation; or

 

		·	without limitation, which contains or emits radioactive particles, waves or material; or

 

		·	without limitation, constitutes materials which are now or may hereafter be subject to regulation
pursuant to the Material Waste Tracking Act of 1988, or any applicable laws promulgated by any Government Agencies.

 

“Hotel”
shall mean each Site together with the Building and all other improvements constructed or to be constructed on such Site pursuant
to this Agreement, and all FF&E installed or located on such Site or in the Building, and all easements or other appurtenant
rights thereto owned by Landlord together with, for purposes of this Agreement, all office equipment, telephone equipment, motor
vehicles, and other equipment leased by Tenant as permitted hereunder and Fixed Asset Supplies at the Hotel, in each of the foregoing
instances as and when the same hereunder is subject to the terms of this Agreement.

 

“Hotel Employee
Personal Data” shall mean Personal Data relating to any Hotel employee, job applicant or temporary worker about whom
the Hotel or any Other Marriott Products operated or licensed by Manager or any of its Affiliates collect Personal Data, including
name, address, date of birth, compensation, national ID number, passport number, driver’s license number, social security
number, tax ID number or other ID number.

 

“Hotel Improvements”
means the building or buildings containing guest rooms, a lobby, restaurants, meeting rooms, administrative facilities, parking
(if located on the Site), other amenities and related facilities, and all other improvements constructed or to be constructed on
the Site under this Agreement.

 

“Hotel Room
Apartments” shall have the meaning ascribed to such term in the Condominium Declaration.

 

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“Hotel Systems”
means all audio visual systems, computer hardware and computer equipment, Software and connectivity and information resources systems
installed at the Hotel or used by Manager or its Affiliates in connection with providing Above-Property Programs & Services
to the Hotel, all of which may be upgraded or changed by Manager or its Affiliates from time to time in their sole discretion.
Examples of Hotel Systems as of the Effective Date are any property management system, point of sale system, front office, back
office and accounting management system, sales and reservations systems, timekeeping and Manager’s automated payroll systems,
telecommunications systems and food and beverage inventory systems, engineering software, and word processing and other personal
computer applications.

 

“HPTMI Hawaii”
shall mean HPTMI Hawaii, Inc., a Delaware corporation.

 

“Impositions”
shall have the meaning ascribed to such term in the Lease with the exclusions set forth in Section 7.01.B hereof.

 

“Incidental
Documents” shall mean the Portfolio Agreements and all other documents entered into by Marriott, Manager, Tenant, Landlord,
SVC, and/or the managers under the Other Management Agreements in connection with the transactions contemplated inter alia,
by this Agreement, the Pooling Agreement, the Renovation Related Agreements and the Marriott Guaranty Agreement.

 

“Index”
shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers, All-Cities, All Items 1982–1984 = 100, as
published by the Bureau of Labor Statistics or, in the event publication thereof ceases, by reference to whatever index then published
by the United States Department of Labor at that time is most nearly comparable as a measure of general changes in price levels
for urban areas, as reasonably determined by Manager and Tenant.

 

“Inflation
Index” shall mean the “Gross Domestic Product Implicit Price Deflator” issued by the United States Bureau
of Economic Analysis of the Department of Commerce, or if the Inflation Index is no longer published, any comparable substitute
index mutually agreed by Tenant and Manager published by an agency of the United States government. Any dispute about the selection
of the substitute index will be resolved by the Expert. Whenever an amount is to be “adjusted by the Inflation Index,”
or similar terminology, the adjustment will be equal to the percentage change in the Inflation Index for the month in which the
adjustment is to be made (or if the Inflation Index for that month is not available, the Inflation Index for the most recent month
that is available) as compared to the Inflation Index which was issued for the month in which the Effective Date occurred, unless
otherwise provided in this Agreement.

 

“Initial Term”
shall have the meaning ascribed to such term in Section 2.01.A hereof.

 

“Institutional
Lender” shall mean a commercial bank, investment bank, trust company, savings bank, savings and loan association, commercial
credit corporation, life insurance company, real estate investment trust, pension trust, pension plan or pension fund, a public
or privately held fund engaged in real estate or corporate lending or both, or any other financial institution commonly known
as an institutional lender (or any Affiliate of such institution) in each case having a minimum paid up capital (or net assets
in the case of a pension fund) of $200,000,000, as adjusted by the Inflation Index for the month in which the Finance Date occurs.
A Person is not an “Institutional Lender” if the Person, any of its Affiliates or any other Person that directly or
indirectly owns, has an ownership interest in, or controls the Person or any of its Affiliates is a Restricted Person.

 

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“Insurance
Requirements” shall mean all terms of any insurance policy required by this Agreement and all requirements of the issuer
of any such policy and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters
(or any other body exercising similar functions) binding upon the Hotel.

 

“Insurance
Retentions” shall have the meaning ascribed to such term in Exhibit E hereof.

 

“Inventories”
shall mean “Inventories” as defined in the Uniform System of Accounts, such as, but not limited to, provisions in storerooms,
refrigerators, pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical
supplies; stationery; and other expensed supplies and similar items.

 

“JAMS”
shall have the meaning ascribed to such term in Section 11.23.B(1) hereof.

 

“Landlord”
shall mean as of any date the landlord under the Lease as of such date.

 

“Landlord
Default” shall have the meaning ascribed to such term in Section 9.09 hereof.

 

“Landlord
Sale of the Hotel” shall be as described in the Owner Agreement.

 

“Lease”
shall mean the Lease Agreement between Landlord and Tenant in effect from time to time relating to the Hotel and any replacement
leases of the Hotel by the fee owner thereof to Tenant which provides for Landlord to fund additional capital investment as provided
for under such Lease, which Lease may be amended from time to time, without Manager’s consent, provided the same does not
(a) impose any material cost, expense or obligation upon Manager, or (b) reduce any amounts that would otherwise be payable
to Manager hereunder, or (c) otherwise be expected to interfere with the operation and maintenance of the Hotel or Manager’s
obligations hereunder. Tenant shall provide Manager a copy of any amendment following execution.

 

“Lease Term”
shall have the meaning ascribed to “Term” under the Lease.

 

“Lease Year”
shall mean each Fiscal Year with the initial Lease Year commencing on the commencement of the Lease term and ending on the Friday
closest to December 31.

 

“Legal Requirements”
shall mean, all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances,
judgments, decrees and injunctions affecting the Hotel or the maintenance, construction, alteration or operation thereof, whether
now or hereafter enacted or in existence, including, without limitation, (a) all permits, licenses, authorizations, certificates
and regulations necessary to operate the Hotel, and (b) all covenants, agreements, restrictions and encumbrances contained
in any instruments at any time in force affecting the Hotel which either (i) do not require the approval of Manager, or (ii) have
been approved by Manager as required hereby, including those which may (A) require material repairs, modifications or alterations
in or to the Hotel or (B) in any way materially and adversely affect the use and enjoyment thereof, but excluding any requirements
arising as a result of Landlord’s status as a real estate investment trust, and (c) all valid and lawful requirements
of courts and other government agencies or authorities pertaining to reporting, licensing, permitting, investigation, remediation
and removal of underground improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells),
or emissions, discharges, releases or threatened releases of Hazardous Substances, chemical substances, pesticides, petroleum
or petroleum products, pollutants, contaminants or hazardous or toxic substances, materials or wastes whether solid, liquid or
gaseous in nature, into the environment, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Substances, underground improvements (including, without limitation, treatment or storage tanks,
or water, gas or oil wells), or pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid,
liquid of gaseous in nature.

 

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“License”
shall mean any license, permit, decree, act, order, authorization or other approval or instrument which is necessary in order to
operate the Hotel in accordance with Legal Requirements and pursuant to System Standards and otherwise in accordance with this
Agreement.

 

“Life Safety
Event” shall mean the occurrence of one or more of the following at the Hotel: (a) an event that presents an imminent
threat to the health or safety of persons or property on or about the Hotel; or (b) any other event that materially or adversely
impacts the Hotel and for which the failure to take timely and appropriate remedial action may subject Manager, Landlord, Tenant,
their Affiliates or any of their respective directors, managers, officers or employees to civil or criminal liability (other than
de minimis civil fines or fees).

 

“Loyalty Programs”
shall mean loyalty, recognition, affinity and other programs designed to promote stays at, or usage of, the Hotel and other hotels
operated or franchised by Manager or its Affiliates, and any similar, complementary or successor programs, as they may exist from
time to time. As of the Effective Date, the Loyalty Programs include the “Marriott Bonvoy” program, and various programs
sponsored by airlines, credit card and other companies.

 

“Management
Fees” shall mean, collectively, the Base Management Fee, the First Incentive Management Fee and the Second Incentive
Management Fee.

 

“Manager”
shall have the meaning ascribed to such term in the Preamble hereto or shall mean any successor or permitted assign, as applicable.

 

“Manager Default”
shall have the meaning ascribed to such term in Section 9.01 hereof.

 

“Manager Event
of Default” shall have the meaning ascribed to such term in Section 9.01 hereof.

 

“Manager Funding
Termination Event” shall have the meaning ascribed to such term in Section 3.02.C hereof.

 

“Marriott”
shall mean Marriott International, Inc., a Delaware corporation, and its permitted successors and assigns.

 

“Marriott
Companies” shall mean Manager, Marriott, and any Affiliate of Manager or Marriott.

 

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“Marriott
Guaranty Advances” shall mean advances under the Marriott Guaranty Agreement allocated to pay a portion of Tenant’s
Priority (as more particularly set forth in the Marriott Guaranty Agreement and subject to any applicable cap stated therein) with
respect to the Hotel.

 

“Marriott
Guaranty Agreement” shall mean that certain Marriott Guaranty Agreement, dated as of the Execution Date but to be effective
as of the Effective Date, by and among Marriott and Tenant, and certain other parties, as the same may be supplemented, amended
or modified from time to time, which such guaranty is personal to Tenant and to any Affiliate of SVC or Tenant that may succeed
Tenant under this Agreement.

 

“MBS Systems”
shall have the meaning ascribed to such term in Section 1.03.E hereof.

 

“MI Trademark”
means (i) the names and marks “Marriott” and “JW Marriott”; (ii) the “M” logo; (iii) any word,
name, device, symbol, logo, slogan, design, brand, service mark, Trade Name, other distinctive feature or indicia of origin (including
marks, program names, and restaurant, spa and other outlet names, in each case used at or in connection with the Hotel); and (iv)
any combination of the foregoing; in each case, whether registered or unregistered, and whether or not such term contains the “Marriott”
or “JW Marriott” mark, that is used or registered by Manager or its Affiliates, or by reason of extent of usage is
associated with hotels in the System. The MI Trademarks may be changed or supplemented from time to time.

 

“Minimum Rent”
shall, for any period, mean the amount of Minimum Rent allocable to the Hotel which accrues under the Lease for such period.

 

“Mortgage”
shall mean any mortgage, deed of trust or security document encumbering the Hotel, the Hotel Improvements or the Site.

 

“Mortgagee”
shall mean the holder of any Mortgage.

 

“Officer’s
Certificate” shall mean a certificate executed by a vice president of Manager which certifies that with respect to the
Annual Operating Statement delivered under Section 4.01.C(2) and the annual accounting delivered under Section 4.01.D(1) hereof,
that the accompanying statement or accounting has been properly prepared in accordance with GAAP and fairly presents the financial
operations of the Hotel.

 

“Operating
Loss” shall mean a negative Operating Profit for the Hotel.

 

“Operating
Profit” shall mean, the excess of Gross Revenues over the following deductions, but excluding (i) payments with
respect to items for which Manager has given an indemnity, to the extent of such indemnity, (ii) payments with respect to
items for which Manager has agreed to be liable at its own cost and expense herein, (iii) any item specifically stated not
to be a Deduction herein, and (iv) any item for which Manager or any Affiliate has agreed to be liable (other than at the
cost and expense of Tenant or any Affiliate) under the terms of any Incidental Document or any other agreement between Manager
or any Affiliate and Tenant or any Affiliate (“Deductions”) incurred by Manager in accordance with the terms
of this Agreement, on behalf of Tenant, in operating the Hotel:

 

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1.                 
the cost of sales, including, without limitation, compensation, fringe benefits, payroll taxes and other costs related to
Hotel employees (the foregoing costs shall not include salaries and other employee costs of executive personnel of Manager who
do not work at the Hotel on a regular basis; except that the foregoing costs shall include the allocable portion of the salary
and other employee costs of any general manager or other supervisory personnel assigned to a “cluster” of hotels which
includes the Hotel);

 

2.                  departmental
expenses incurred at departments within the Hotel; administrative and general expenses; the cost of marketing incurred by the
Hotel; advertising and business promotion incurred by the Hotel; heat, light, and power; computer line charges; and routine repairs,
maintenance and minor alterations treated as Deductions under Section 5.02;

 

3                    the
cost of Inventories and Fixed Asset Supplies consumed in the operation of the Hotel;

 

4.                  
a reasonable reserve for uncollectible accounts receivable as determined by Manager;

 

5.                  
all costs and fees of independent professionals or other third parties who are retained by Manager to perform services required
or permitted hereunder;

 

6.                  
all costs and fees of technical consultants and operational experts who are retained or employed by Manager and/or Affiliates
of Manager for specialized services (including, without limitation, quality assurance inspectors) and the cost of attendance by
employees of the Hotel at training and manpower development programs sponsored by Manager;

 

7.                  
the System Fee;

 

8.                 
insurance costs and expenses as provided in Section 6.01 and Exhibit E hereof;

 

9.                  taxes, if any, payable by or assessed against Manager related to this Agreement or to Manager’s operation of the Hotel
(exclusive of Manager’s income taxes) and all Impositions;

 

10.                
transfers to the Hotel’s Reserves required pursuant to Section 5.03.C hereof;

 

11.                
the Hotel’s share of the charges for Above-Property Programs & Services as more fully set forth in Section 1.03
hereof;

 

12.                
the costs of commercially reasonable efforts of causing the Hotel to be in compliance with each and every provision of the
Lease (regardless of whether or not such compliance is a requirement of this Agreement);

 

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13.             
such other costs and expenses incurred by Manager as are specifically provided for elsewhere in this Agreement or are otherwise
reasonably necessary for the proper and efficient operation of the Hotel; and

 

14.             
such other costs and expenses paid to Landlord or Tenant pursuant to the Lease or this Agreement, if such costs and expenses
would have been a Deduction if paid directly by Manager to a third person in respect of the Hotel.

 

The term “Deductions”
shall not include (a) debt service payments pursuant to any Mortgage, and (b) payments pursuant to equipment leases or
other forms of financing obtained by Tenant for the FF&E located in or connected with the Hotel, both of which shall be paid
or caused to be paid by Tenant from its own funds, the Reserve to the extent permitted hereunder, or from funds provided by Landlord
under the Lease.

 

The term “Deductions”
shall not include (a) Rent payable under the Lease, (b) any reimbursement to Manager for advances Manager makes with
respect to the Hotel as permitted hereunder, and (c) the Management Fees for the Hotel.

 

“Other Environmental
Costs” shall have the meaning ascribed to such term in Section 11.08.C hereof.

 

“Other Management
Agreements” shall mean those certain Second Amended and Restated Management Agreements and/or Management Agreement(s)
(as applicable), dated as of the Execution Date but to be effective as of the Effective Date, by and between Manager or an Affiliate
and Tenant or an Affiliate with respect to the Portfolio Properties other than the Hotel, as the same may be supplemented, amended
or modified from time to time.

 

“Other Marriott
Products” means any lodging products, Vacation Club Products, residential products (such as single family homes or multi-unit
apartment buildings or individual units within such buildings), restaurants, and other products and business operations of any
type, using any brand name available to Manager or its Affiliates (including any brand listed in Exhibit G and any future
brands owned or developed by Manager or its Affiliates) or not using any brand name.

 

“Overdue Rate”
shall have the meaning ascribed to such term in the Lease.

 

“Owner Agreement”
shall mean that certain Owner Agreement, dated as of the Execution Date but to be effective as of the Effective Date, by and among
HPTMI Hawaii, Tenant and Essex House and as the same may be supplemented, amended or modified from time to time.

 

“Parking Sublease
Parcel” shall mean that certain parcel of land described on Exhibit A attached hereto and incorporated herein.

 

“Person”
shall mean any individual or entity, and the heirs, executors, administrators, legal representatives, successors and assigns of
such individual or entity where the context so admits.

 

“Personal
Data” shall mean any information relating to an identified or identifiable natural person, and includes Guest Personal
Data and Hotel Employee Personal Data, but excludes any Personal Data that is unrelated to the Hotel, the Portfolio Agreements,
any Other Marriott Products operated or licensed by Manager or its Affiliates, or Manager or its Affiliates.

 

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“PIP”
shall mean Property Improvement Plan.

 

“Pooling
Agreement” shall mean that certain Amended and Restated Pooling Agreement, dated as of the Execution Date but to be
effective as of the Effective Date, by and among, inter alia, Manager, Marriott and Tenant, under which the
Gross Revenues, Working Capital, and Reserves of the Hotel are pooled with Gross Revenues, Working Capital and Reserves of the
other Portfolio Properties, as the same may be supplemented, amended, or modified from time to time.

 

“Portfolio
Agreements” shall mean, collectively, all of the agreements effective as of the Effective Date by and among, inter alia,
Marriott, Landlord, Manager and Tenant and certain other parties, as applicable, pertaining to the operation of the Portfolio
Properties, including without limitation, this Agreement, the Other Management Agreements, the Owner Agreement, the Exit Hotel
Agreement, the Pooling Agreement, the Marriott Guaranty Agreement and the Security Deposit Agreement.

 

“Portfolio
Properties” shall mean, as of any date, the hotels subject to the Pooling Agreement together with the other properties
whose Gross Revenues, Working Capital and Reserves are as of such date pooled with the Gross Revenues, Working Capital and Reserves
of the hotels under the Pooling Agreement.

 

“Post-Guaranty
Termination Threshold” shall mean, with respect to the Hotel and only after the occurrence of a Guaranty Termination
Event, an amount equal to eighty percent (80%) of Tenant’s Priority with respect to the Hotel for any Accounting Period.

 

“Prime Rate”
shall mean the “prime rate” of interest announced from time to time in the “Money Rates” section of the
Wall Street Journal (Eastern Edition).

 

“Privacy Shield”
shall mean the “EU U.S. and Swiss U.S. Privacy Shield Frameworks” developed by the U.S. Department of Commerce, the
European Commission and the Swiss Confederation, including the “Privacy Shield Principles and Supplemental Principles”
(the “Privacy Shield Principles”) available at https://www.privacyshield.gov/EU-US-Framework.

 

“Privacy Shield
Data” shall mean data in any form about an identified or identifiable individual received by the Marriott US Entities
in the United States of America from a Person in the European Economic Area or Switzerland pursuant to the Marriott US Entities’
Privacy Shield certification.

 

“Privacy Shield
Principles” shall have the meaning ascribed to such term in the definition of Privacy Shield.

 

“Program Services”
shall have the meaning ascribed to such term in Section 1.04.A hereof.

 

“Program Services
Contribution” shall mean the amount charged by Manager to the Hotel for Program Services.

 

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“Project”
shall have the meaning ascribed to such term in the Condominium Declaration.

 

“Property
Insurance Premiums” shall have the meaning ascribed to such term in Exhibit E hereof.

 

“Proprietary
Information” shall mean (a) all computer software and accompanying documentation (including all future upgrades,
enhancements, additions, substitutions and modifications thereof), other than computer software which is commercially available,
which are used by Tenant or Manager in connection with the property management system, any Reservation System and all future electronic
systems developed by Tenant or Manager for use in the Hotel, (b) all manuals, brochures and directives used by Tenant or Manager
at the Hotel regarding the procedures and techniques to be used in operating the Hotel, (c) customer lists, and (d) employee
records which must remain confidential either under Legal Requirements or under reasonable corporate policies of Tenant or Manager;
provided, however, that “Proprietary Information” shall not include any software, manuals, brochures
or directives issued by Marriott, as Franchisor to Tenant, as franchisee, under any Franchise Agreement.

 

“Prorated
Portions” shall have the meaning ascribed to such term in Section 4.01.A hereof.

 

“Prospectus”
shall have the meaning ascribed to such term in Section 11.09.A hereof.

 

“PSF”
shall have the meaning ascribed to such term in Section 1.04.A hereof.

 

“Qualified
Mortgage” shall have the meaning ascribed to such term in Section 8.02.A hereof.

 

“Reimburseable
Advances” shall mean the amounts paid or payable with respect to Section 3.02.B(4) hereof.

 

“Related Person”
shall have the meaning ascribed to such term in Section 11.36.D hereof.

 

“Renewal Term”
shall have the meaning ascribed to such term in Section 2.01.A hereof.

 

“Renovations”
shall mean the renovation and improvement work to certain Portfolio Properties pursuant to the Renovation-Related Agreements.

 

“Renovation-Related
Agreements” shall mean that certain (i) Portfolio Renovation Agreement, dated as of the Execution Date but to be effective
as of the Effective Date, among, inter alia, Manager, Landlord, SVC and Tenant and certain other parties, and/or
(ii) Kauai Marriott Resort Hotel & Marriott’s Kauai Resort and Beach Club Renovation Agreement, dated as of the Execution
Date but to be effective as of the Effective Date, among Essex House, HPTMI Hawaii and Tenant, as the same may be supplemented,
amended or modified from time to time.

 

“Rent”
shall mean, for any period, Minimum Rent and any additional rent allocated to the Hotel and accrued under the Lease for the Hotel
for such period, provided the same does not exceed, in each instance, the corresponding amount of Tenant’s Priority.

 

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“Reservation
System” means the worldwide central reservations for the System. As of the Effective Date, the Reservation System includes
systems and services that capture and process hotel reservations from central sources such as toll-free telephone networks, the
Marriott.com internet site, global distribution systems, and participation in international reservations associations in which
Manager or its Affiliates is a member.

 

“Reserve”
shall have the meaning ascribed to such term in Section 5.03.B hereof.

 

“Reserve Estimate”
shall have the meaning ascribed to such term in Section 5.04 hereof.

 

“Restricted
Person” shall mean a Person identified by any government or legal authority as a Person with whom or which Manager or
its Affiliates are prohibited or restricted from transacting business, including any Person (i) on the US Treasury Department’s
Office of Foreign Assets Control List of Specially Designated Nationals and Blocked Persons, under resolutions or sanctions related
lists maintained by the United Nations Security Council, or under the EU Consolidated Financial Sanctions; (ii) directly or indirectly
10% or more owned by any Person identified in clause (i); or (iii) ordinarily resident, incorporated, or located in any country
or territory subject to comprehensive US or EU sanctions, or owned or controlled by, or acting on behalf of, the government of
any such country or territory.

 

“Rules”
shall have the meaning ascribed to such term in Section 11.23.A hereof.

 

“Sale of the
Hotel” shall mean any sale, assignment, transfer or other disposition, for value or otherwise, voluntary or involuntary,
of Tenant’s leasehold title to the Hotel and related property. For purposes of this Agreement, a Sale of the Hotel shall
also include a lease (or sublease) of all or substantially all of Tenant’s leasehold interest in the Hotel and any sale,
assignment, transfer or other disposition, for value or otherwise, voluntary or involuntary, in a single transaction or a series
of transactions, of the Controlling Interest in Tenant, but shall not include any conveyance which results in SVC or an SVC Affiliate
holding a Controlling Interest in such Tenant, Landlord or immediate parent of such Tenant.

 

“SEC”
shall mean the United States Securities Exchange Commission.

 

“Second Incentive
Management Fee” shall mean, with respect to each Fiscal Year or portion thereof, an amount equal to forty percent (40%)
of Operating Profit remaining after deducting amounts paid or payable in respect of Sections 3.02.B(1) through (7) hereof.

 

“Section 11.08
Costs” shall have the meaning ascribed to such term in Section 11.08.C hereof.

 

“Security
Deposit” shall mean the security deposit in the aggregate original amount of Sixty-Four Million Seven Hundred Thousand
Dollars ($64,700,000), held by Tenant pursuant to the terms of the Security Deposit Agreement.

 

“Security
Deposit Advances” shall mean advances made pursuant to the terms of the Security Deposit Agreement.

 

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“Security
Deposit Agreement” shall mean that certain Amended and Restated Security Deposit Agreement, dated as of the Execution
Date but to be effective as of the Effective Date, by and among, inter alia, Marriott, Manager and Tenant,
as the same may be supplemented, amended or modified from time to time.

 

“Security
Deposit Replenishment” shall mean the amounts paid or payable in respect
of Section 3.02.B(7) to the replenishment of the Security Deposit to the original
amount of Sixty-Four Million Seven Hundred Thousand Dollars ($64,700,000), as such amount may be adjusted from time to time pursuant
to the Security Deposit Agreement.

 

“Security
Incident” means any incident leading to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure
of, or access to, Personal Data transmitted, stored or otherwise processed.

 

“Site”
shall have the meaning ascribed to such term in Section A of the Recitals.

 

“SNDA”
shall have the meaning ascribed to such term in Section 8.03.A hereof.

 

“Software”
means all computer software and accompanying documentation (including all future upgrades, enhancements, additions, substitutions
and modifications), other than computer software that is generally commercially available, used by Manager or its Affiliates in
connection with the services, systems and programs provided to the Hotel or the System.

 

“Specially
Designated National or Blocked Person” shall mean (a) a person designated by the U.S. Department of Treasury’s
Office of Foreign Assets Control, or other governmental entity, from time to time as a “specially designated national or
blocked person” or similar status, (b) a person described in Section 1 of U.S. Executive Order 13224 issued on
September 23, 2001, or (c) a person otherwise identified by government or legal authority as a person with whom Manager or
its Affiliates are prohibited from transacting business. Currently, a listing of such designations and the text of the Executive
Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac.

 

“State”
shall mean the state in which the Hotel is located.

 

“Subsequent
Tenant” shall mean any Person that acquires title to, control of, or possession of the Hotel at or through a Foreclosure
(together with any successors or assigns), including any (i) Mortgagee; (ii) purchaser or lessee of the Hotel from Mortgagee; or
(iii) purchaser of the Hotel at Foreclosure.

 

“Sum Due Marriott”
shall have the meaning ascribed to such term in Section 3.02.B(4) hereof.

 

“Sum Due Tenant”
shall have the meaning ascribed to such term in Section 3.02.B(4) hereof.

 

“SVC”
shall mean Service Properties Trust, a Maryland real estate investment trust, and its successors and permitted assigns.

 

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“System”
shall mean all hotels located in the United States and Canada which are operated by Manager or its Affiliate(s) under the Trade
Name(s) listed on the Addenda.

 

“System Fee”
shall mean during any Fiscal Year, an amount equal to the sum of six percent (6%) of Gross Room Revenues of the Hotel and three
percent (3%) of revenues from food and beverage sales of the Hotel (including, without limitation, all catering sales, room service
sales and sales in restaurants and bars contained in the Hotel).

 

“System Standards”
shall mean one or more (as the context requires) of the following: (i) operational standards (for example, services to guests,
quality of food and beverages, cleanliness, staffing and employee compensation and benefits, compliance policies and procedures,
Chain Services, Loyalty Programs and other similar programs); (ii) physical standards (for example, quality of the Hotel Improvements,
FF&E and Fixed Asset Supplies, and frequency of FF&E replacements); and (iii) technology standards (for example, those
relating to the Hotel Systems and other information technology). These standards include (x) those generally prevailing or in the
process of being implemented at other hotels in the System on a fair and consistent basis with other hotels in the System, including
all services and facilities in connection therewith that are customary and usual at comparable hotels in the System; provided,
however, that if the market area or the physical peculiarities of the Hotel warrant(s) it, in the reasonable judgment of Manager,
then a deviation from such standards shall be permitted; and (y) those standards Manager may specify for certain System hotel types
(for example, resort, convention or casino) on a consistent basis for all System hotels of such hotel type.

 

“Tenant”
shall have the meaning ascribed to such term in the Preamble or shall mean any successor or permitted assignee, as applicable.

 

“Tenant Advances”
shall have the meaning ascribed to such term in Section 3.02.B(4) hereof.

 

“Tenant Default”
shall have the meaning ascribed to such term in Sections 9.06 and 9.09 hereof.

 

“Tenant Event
of Default” shall have the meaning ascribed to such term in Section 9.06 hereof.

 

“Tenant Operating
Loss Advance” shall have the meaning ascribed to such term in Section 4.01.E hereof.

 

“Tenant Working
Capital Advances” shall mean the aggregate of all funds remitted by Tenant to Manager in order to fund Additional Working
Capital under Section 4.05 hereof, or pursuant to the Pooling Agreement to the extent allocable to the Hotel.

 

“Tenant’s
Priority” shall mean for each full Fiscal Year, an amount equal to the amount set forth on the applicable Addenda, or
a pro rata portion thereof in any partial Fiscal Year; provided, however, effective on the date of (i) each disbursement
by Landlord or its Affiliate pursuant to Sections 5.1.3(b), 10.2 or 11.2 of the Lease, in each instance at the request of or with
the approval of Landlord, or (ii) Landlord’s or Tenant’s deposit into the Reserve pursuant to Section 5.07 hereof
with respect to the Hotel (including, without limitation, any such deposit made in accordance with Section 2.05.B. of the Renovation-Related
Agreement(s)), Tenant’s Priority payable with respect to each Accounting Period for the Hotel shall be increased by an amount
equal to the quotient obtained by dividing (a) eight percent (8%) times the amounts so disbursed or deposited, by (b) twelve
(12). If any disbursement or deposit is made during any Accounting Period on a day other than the first day of an Accounting Period,
the Tenant’s Priority payable for the Hotel for the immediately following Accounting Period (after having been so increased)
shall be further increased (but only for such instant Accounting Period) by the amount by which Tenant’s Priority for the
preceding Accounting Period, as adjusted for disbursement or deposit on a per diem basis, exceeded the amount of Tenant’s
Priority actually paid to Tenant for such preceding Accounting Period.

 

    80

     

    

 

 

“Tenant’s
Priority Shortfall” shall have the meaning ascribed to such term in Section 3.02.C hereof.

 

“Tenant’s
Personal Property” shall mean all motor vehicles, consumable inventories and supplies, furniture, furnishings, movable
walls and partitions, equipment and machinery and all other tangible personal property of Tenant, if any, acquired by Tenant on
and after the Effective Date and located at the Hotel or used in Tenant’s business at the Hotel, and all modifications, replacements,
alterations and additions to such personal property.

 

“Tenant’s
Termination Threshold” shall mean, with respect to the Hotel, an amount equal to eighty-five percent (85%) of Tenant’s
Priority with respect to the Hotel for any Accounting Period.

 

“Term”
shall have the meaning ascribed to such term in Section 2.01A hereof.

 

“Termination”
shall mean the expiration or sooner cessation of the Term.

 

“Trade Names”
shall mean any name, whether informal (such as a fictitious or “doing business as” name) or formal (such as the full
legal name of a corporation or partnership), used to identify an entity or business.

 

“Transfer”
shall mean any sale, assignment, transfer or other disposition, for value or otherwise, voluntary or involuntary, of (i) Tenant’s
interest in the Site, Hotel Improvements or the Hotel; (ii) a lease or sublease of all or substantially all of the Site, Hotel
Improvements or the Hotel; or (iii) in a single transaction or a series of transactions, (x) the right to exercise, directly or
indirectly, more than 50% of the voting rights attributable to the ownership interests of Tenant (through ownership of such interests
or by contract); or (y) the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of Tenant.

 

“Uniform System
of Accounts” shall mean the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition, 2006, as published
by the American Hotel & Lodging Educational Institute, as revised from time to time to the extent such revision has been or
is in the process of being generally implemented within the System.

 

“Uninsured
Costs” shall have the meaning ascribed to such term in Section 6.02.E hereof.

 

    81

     

    

 

“Unrelated
Persons” shall have the meaning ascribed to such term in Section 11.36.D hereof.

 

“Unsuitable
for Its Permitted Use” shall mean, with respect to the Hotel, a state or condition of the Hotel such that (a) following
any damage or destruction involving the Hotel, the Hotel cannot be operated in the good faith judgment of Manager on a commercially
practicable basis and it cannot reasonably be expected to be restored to substantially the same condition as existed immediately
before such damage or destruction and otherwise as required under Section 6.02.D hereof, within nine (9) months following such
damage or destruction or such shorter period of time as to which business interruption insurance is available to cover Rent and
other costs related to the Hotel following such damage or destruction, or (b) as the result of a partial taking by Condemnation,
the Hotel cannot be operated, in the good faith judgment of Manager on a commercially practicable basis in light of then existing
circumstances.

 

“Vacation
Club Products” shall mean timeshare, fractional, interval, vacation club, destination club, vacation membership, private
membership club, private residence club, and points club products, programs and services and shall be broadly construed to include
other forms of products, programs and services wherein purchasers acquire an ownership interest, use right or other entitlement
to use certain determinable holiday villa or apartment units and associated facilities on a periodic basis and pay for such ownership
interest, use right or other entitlement in advance.

 

“Working Capital”
shall mean funds that are used in the day-to-day operation of the business of the Hotel, including, without limitation, amounts
sufficient for the maintenance of change and petty cash funds, amounts deposited, in operating bank accounts, receivables, amounts
deposited in payroll accounts, prepaid expenses and funds required to maintain Inventories, less accounts payable and accrued current
liabilities.

 

[SIGNATURES BEGIN ON THE FOLLOWING PAGE]

 

    82

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed under seal as of the Execution Date.

 

	 	 	TENANT:
	 	 	 
	WITNESS:
     	 	HPT
    TRS MRP, Inc., a Maryland corporation
	 	 	 
	/s/
    John M. Steiner	 	By:
    	/s/
    John G. Murray
	Print
    Name: John M. Steiner	 	Name:  	John
    G. Murray
	 	 	Title:	President

 

[Signature Page to Management Agreement
 – Kauai - Full Service]

 

    

     

    

 

 

	 	 	MANAGER:
	 	 	 
	WITNESS:	 	ESSEX HOUSE CONDOMINIUM CORPORATION,
a Delaware corporation  
	 	 	 
	/s/
    Tara Jackson 	 	By:	/s/ Julie Bowen 
	Print
Name: Tara Jackson	 	Name:  	Julie Bowen
	 	 	Title:	Authorized Signatory

 

[Signature Page to Management Agreement
 – Kauai - Full Service]

 

    

     

    

 

 

EXHIBIT A

THE SITE

 

ITEM ONE

(Condominium Units)

 

FIRST:

 

Those certain Apartments described in Schedules
 “1”, and '2” attached hereto and incorporated herein by reference, of the condominium project (“Project”)
know as “MARRIOTT’S KAUAI RESORT AND BEACH CLUB”, as established by that certain Declaration of Condominium Property
Regime (“Declaration”) dated March 29, 1995, filed in the Office of the Assistant Registrar of the Land Court
of the State of Hawaii as Document No. 2230409, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document
No. 95-048462, as amended, and as shown on the plans thereof filed in said Land Court as Condominium Map No. 1082, and also filed
in said Bureau of Conveyances as Condominium Map No. 2232, as the same may be amended from time to time.

 

TOGETHER WITH appurtenant
easements as follows:

 

(a)              
Nonexclusive easements for use of the common elements in accordance with the purpose for which they are intended without
hindering or encroaching upon the lawful rights of the other apartment owners, subject always to the exclusive use of the limited
common elements as provided in the Declaration.

 

(b)              
A nonexclusive easement in the other apartments in the building in which each such Apartment is located for support.

 

(c)              
Nonexclusive easements for use of the common elements for ingress to, egress from, utility services for and support, maintenance
and repair of each such Apartment.

 

(d)               In
the case of encroachment by any such Apartment upon any other apartment or common elements, a valid easement for such encroachment
and the maintenance thereof shall and does exist in favor of and appurtenant to the Apartments herein conveyed for so long as
such encroachment continues. In the event any building of the Project shall be partially or totally destroyed and then rebuilt,
or in the event of shifting, settlement or movement of any portion of the Project, encroachments upon any part of the common elements
or apartments due to the same shall be permitted, and valid easements for such encroachments and the maintenance thereof shall
exist in favor of and appurtenant to the Apartments herein conveyed for so long as such encroachment continues.

 

(e)              
The right to use those certain limited common elements of the Project, if any, which are described in the Declaration as
being appurtenant to each such Apartment, provided that such easement shall be deemed conveyed or encumbered with each such Apartment
even though such interest is not expressly mentioned or described in the conveyance.

 

EXCEPTING AND RESERVING
AND SUBJECT TO easements for encroachment appurtenant to other apartments as they arise in the manner set forth in the preceding
paragraph, now or hereafter existing thereon, and subject also to easements for access to the property from time to time during
reasonable hours as may be necessary for the operation of the property or for making emergency repairs therein to prevent damage
to the common elements or to another apartment or apartments or for the installation, repair or replacement of any common elements.

 

     

     

    

 

SECOND:

 

For each such Apartment,
an undivided interest, as described in said Schedules “1”, and “2”, attached hereto, and as established
by the Declaration, in and to all common elements of the Project, including the land, or such other percentage interest as hereafter
established for each such Apartment by any amendment of the Declaration, as tenant in common with the holders of other undivided
interests in and to said common elements.

 

Being all of the land
described in Transfer Certificate(s) of Title No. 585,262.

 

[Signature Page to Management Agreement – Kauai - Full
Service]

 

     

     

    

 

ITEM TWO:

(Parking Sublease Parcel)

 

UNRECORDED SUBLEASE

 

	Lessor:	KAUAI LAGOONS RESORT COMPANY, LTD., a Hawaii corporation
	Lessee:	HEMMETER-VMS KAUAI COMPANY, II, a Hawaii limited partnership
	Dated:	January 30, 1991
	Term:	commencing on the date hereof and ending at 12:01 a.m. Hawaii Standard Time on March 30, 2060

The foregoing Unrecorded Sublease was confirmed
by a Short Form Sublease dated January 30, 1991 by and between the foregoing parties, recorded in the Bureau of Conveyances of
the State of Hawaii as Document No. 91-012249.

 

Through mesne assignments the lessor’s
interest in the aforesaid Unrecorded Sublease was assigned by the following:

 

ASSIGNMENT AND ASSUMPTION OF SUBLEASE

 

	Assignor:	K D GOLF OWNERSHIP LLC, a Hawaii limited liability company
	Assignee:	MORI GOLF (KAUAI), LLC, a Delaware limited liability company
	Dated:	August 10, 2007
	Document No. 2007-144033

 

     

     

    

 

Through mesne assignment(s), the lessee’s
foregoing Unrecorded SubLease was assigned by the following:

 

ASSIGNMENT OF LEASE

 

	Lessor:	STANLEY HOWARD YOUNG, as Commissioner
	Lessee:	MARRIOTT KAUAI, INC., a Delaware corporation, as to an undivided 42% interest, and MARRIOTT KAUAI OWNERSHIP RESORTS, INC., a Delaware corporation, as to an undivided 58% interest, as Tenants in Common
	Dated:	August 3, 1994
	Doc. No.:	2169454
	Doc.No.	94-129345

Consents to Assignment of Sublease, Attornment
Agreement and Estoppel Certificates dated August 3, 1994, by Wm. Hyde Rice, Limited, a Hawaii corporation, and Kauai Lagoons Resort
Company, Ltd., a Hawaii corporation, recorded in said Bureau of Conveyances as Document No. 94-129346.

 

Through mesne assignment(s) the foregoing
Unrecorded Sublease was further assigned by the following:

 

ASSIGNMENT AND ASSUMPTION OF SUBLEASEHOLD
INTEREST

 

	Assignor:	MARRIOTT KAUAI, INC., a Delaware corporation
	Assignee:	HPTMI HAWAII, INC., a Delaware corporation, as to an Undivided 42% interest
	Dated:	June 15, 2001
	Doc. No.	2001-097933

Consents to Assignment of Sublease, Attornment
Agreement and Estoppel Certificates dated June 14, 2001, by Wm. Hyde Rice, Limited, a Hawaii corporation, recorded in said Bureau
of Conveyances as Document No. 2001-097934.

 

     

     

    

 

 

A.        
All of that certain parcel of land (being portion(s) of the land(s) described in and covered by Royal Patent 4480, Land
Commission Award Number 7713, Apana 2, Part 1 to V. Kamamalu) situate, lying and being at Kalapaki,-District of Lihue, Island and
County of Kauai, State of Hawaii, being LOT “R”, more particularly described as follows:

 

Beginning at the West
comer of this parcel of land, on the Northerly side of Rice Street, the coordinates of said point of beginning referred to Government
Survey Triangulation Station “KALEPA” being 12,836.96 feet South and 917.49 feet East, thence running by azimuths measured
clockwise from true South:

 

	1.	244°	40’	 	313.43	feet along Lots 20, 19 and 18 of Lihue Industrial Park, Unit 2 (File Plan 1669); 

                                                                   

	2.	204°	30’	 	222.73	feet along Lots 18 and 17 of Lihue Industrial Park, Unit 2 (File Plan 1669);  

                                                       

	3.	121°	30’	 	209.05	feet along Lot 17 of Lihue Industrial Park, Unit 2 (File Plan 1669);  

                                                       

	4.	170°	36’	 	85.25	feet along Lot 17 of Lihue Industrial Park, Unit 2 (File Plan 1669);  

                                                       

	5.	182°	25’	 	39.96	feet along Lot 16 of Lihue Industrial Park, Unit 2 (File Plan 1669);  

                                                       

	6.	244°	36’	 	15.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);  

                                                       

	7.	213°	00’	 	175.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);  

                                                       

	8.	247°	00’	 	104.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);  

                                                       

	9.	265°	00’	 	261.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);  

                                                       

	10.	254°	00’	 	367.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);  

                                                       

	11.	281°	30’	 	123.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

                                                       

 

     

     

    

 

	12.	312°	00’	 	30.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

                            

	13.	332°	00’	 	93.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	14.	341°	00’	 	150.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	15.	350°	00’	 	105.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	16.	6°	00’	 	80.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	17.	15°	00’	 	90.00	feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	18.	21°	00’	 	105.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	19.	337°	00’	 	220.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	20.	315°	00’	 	55.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan (1905);

         

	21.	326°	00'	 	220.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan (1905);

         

	22.	297°	00'	 	200.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	23.	312°	00'	 	95.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	25.	326°	00'	 	140.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	26.	316°	04’	 	54.83	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	28.	323°	10’	 	21.00	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

	29.	330°	13’	30”	80.82	
        feet along Lot 2 of The Kauai Lagoons (File Plan 1905);

         

 

     

     

    

 

	30.	358°	56’	 	45.80	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	31.	167°	14’	 	31.00	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	32.	72°	39’	 	113.20	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	33.	342°	39’	 	10.00	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	34.	72°	39’	 	223.60	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	35.	342°	39’	 	10.00	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	36.	68°	45’	 	79.00	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	37.	60°	06’	 	103.50	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	38.	49°	57’	 	103.10	
        feet along Lot of The Kauai Lagoons (File Plan (1905);

         

	39.	40°	10’	 	103.00	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	40.	30°	01’	 	103.60	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	41.	22°	10’	 	53.20	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	42.	109°	57’	 	10.00	
        feet along Lot 1 of 'The Kauai Lagoons (File Plan 1905);

         

	43.	19°	57’	 	59.60	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

	44.	20°	01’	 	78.27	
        feet along Lot 1 of The Kauai Lagoons (File Plan 1905);

         

 

     

     

    

 

	45.	109°	01’	207.77	 	
        feet along the Northeasterly side of Kalapaki Access Road;

         

	46.	Thence along the Northeasterly side of	
        Kalapaki Access Road, on a curve to the right with a radius
        of 60.00 feet, the chord azimuth and distance being:

         

	 	140°	28’	30”	66.16	
        feet;

         

	47.	175°	56’	 	374.92	
        feet along the Easterly side of Rice Street;

         

	48.	265°	56'	 	5.00	
        feet along the Easterly side of Rice Street;

         

	49.	Thence along the Easterly side of Rice Street,	
        on a curve to the left with a radius of 1,235.00 feet, the chord
        azimuth and distance being:

         

	 	172°	06’	30"	164.77	
        feet;

         

	50.	168°	17’	 	103.14	feet along the Easterly side of Rice Street;

         

	51.	Thence along the Northeasterly side of Rice	
        Street, on a curve to the left with a radius of 535.00 feet,
        the chord azimuth and distance being:

         

	 	156°	52’	54”	211.52	
        feet;

         

	52.	235°	28’	48"	10.00	
        feet along the Northeasterly side of Rice Street;

         

	53.	Thence along the Northeasterly side of Rice	
        Street on a curve to the left with a radius of 545.00 feet,
        the chord azimuth and distance being:

         

	 	145°	16’	54"	3.77	
        feet;

         

	54.	145°	05’	 	205.11	
        feet along the Northeasterly side of Rice Street;

         

	55.	Thence along the Northeasterly side of Rice	
        Street, on a curve to the left with a radius of 445.00 feet,
        the chord azimuth and distance being:

         

	 	113°	28'	04"	466.55	
        feet;

         

	56.	80°	27'	20"	202.45	feet along the Northeasterly side of Rice Street;

         

	57.	Thence along the Northeasterly side of Rice	
        Street, on a curve to the right with a radius of 510.00 feet,
        the chord azimuth and distance being:

         

	 	80°	11'	09"	 	Feet to the point of beginning and containing an area of 37.997 acres, more or less.
	 	 	 	 	 

 

     

     

    

 

 

ITEM THREE

(Golf & Tennis Easement Parcel)

 

An irrevocable non-exclusive
appurtenant easement to reserve and play golf and tennis on the lands hereinafter described and commonly known as the “GOLF
COURSE PROPERTY” upon and subject to the terms, conditions and limitations contained in and created by that certain unrecorded
KAUAI LAGOONS RESORT GOLF AND TENNIS PLAY AGREEMENT dated August 3, 1994, by and between KAUAI LAGOONS RESORT COMPANY, LTD., a
Hawaii corporation, (“Resort Company”), and MARRIOTT KAUAI, INC., a Delaware corporation, (“Hotel Company”),
of which a SHORT FORM GOLF AND TENNIS PLAY AGREEMENT is dated August 3, 1994, filed as Land Court Document No. 2169457, and recorded
as Document No. 94-129351, on and over the properties described under Item III, hereinbelow, for a term commencing on the date
on which Hotel Company acquires title to Hotel Property, and terminating on March 30, 2060; said lands being more particularly
described hereinbelow.

 

The foregoing unrecorded Lease was assigned
by the following:

 

ASSIGNMENT AND ASSUMPTION OF KAUAI LAGOONS
GOLF AND TENNIS PLAY AGREEMENT

 

	Assignor:	MARRIOTT KAUAI, INC., a Delaware corporation
	Assignee:	HPTMI HAWAII, INC., a Delaware corporation
	Dated:	June 15, 2001
	Document No.	2716832
	Document No.	2001-097935

 

    

     

    

 

		(A)	(File Plan 1905 Lots)

 

All of those certain parcels
of land situate at Kalapaki, District of Lihue, Island and County of Kauai, State of Hawaii, of "THE KAUAI LAGOONS",
as shown on File Plan Number 1905, filed in the Bureau of Conveyances of the State of Hawaii, and described as follows:

 

	LOTS:	 	5, area 14,042 acres, and
	 	 	6, area 6.269 acres

 

		(B)	(File Plan 1933 Lots)

 

All of those certain parcels
of land situate at Kalapaki, Lihue, Island and County of Kauai, State of Hawaii, being all of the lots in "THE KAUAI LAGOONS
(AMENDED)", filed in the Bureau of Conveyances of the State of Hawaii; as File Plan Number 1933, described as follows:

 

	LOTS:	 	1, area 213.045 acres (net area excluding the Sewer Treatment Plant site, area 5.00 acres),
	 	 	2, area 4.762 acres,
	 	 	3, area 29.228 acres,
	 	 	4, area 9.976 acres, and
	 	 	5, area 17.921 acres.

 

Being a portion of the premises
conveyed to MORI GOLF (Kauai), LLC, a Delaware limited liability company, by that certain Instrument of Conveyance filed as Land
Court Document No. 3641266, recorded as Document No. 2007-144031.

 

		(C)	All of that certain parcel of land situate at Kalapaki, District of Lihue, Island and County of
Kauai, State of Hawaii, described as follows:

 

LOT 3, area 0.91 acre, as shown
on Map 2, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No.
1819 of Interisland Resorts, Ltd.;

 

Being a portion of the premises
described in Transfer Certificate of Title No. 871,637 issued to MORI Golf (Kauai), LLC, a Delaware limited liability company.

 

		(D)	All of that certain parcel of land situate at Kalapaki, District of Lihue, Island and County of
Kauai, State of Hawaii, being LOT 4 of "THE KAUAI LAGOONS", as shown on File Plan Number 1905, filed in the Bureau of
Conveyances of the State of Hawaii, and containing an area of 200.254 acres, more or less.

 

Being a portion of the premises
conveyed to MORI Golf (Kauai), LLC, a Delaware limited liability company, by that certain Instrument of Conveyance filed as Land
Court Document No. 3641266, recorded as Document No. 2007-144031.

 

    

     

    

 

SCHEDULE “1”

 

	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 	 	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 
	 	1091	 	 	 	309	 	 	 	0.55530	%	 	 	1607	 	 	 	371	 	 	 	0.09255	%
	 	1182	 	 	 	331	 	 	 	0.09255	%	 	 	1608	 	 	 	372	 	 	 	0.09255	%
	 	1183	 	 	 	332	 	 	 	0.09255	%	 	 	1609	 	 	 	373	 	 	 	0.09255	%
	 	1184	 	 	 	333	 	 	 	0.09255	%	 	 	1610	 	 	 	374	 	 	 	0.09255	%
	 	1185	 	 	 	334	 	 	 	0.09255	%	 	 	1611	 	 	 	375	 	 	 	0.09255	%
	 	1186	 	 	 	335	 	 	 	0.09255	%	 	 	1612	 	 	 	376	 	 	 	0.09255	%
	 	1187	 	 	 	336	 	 	 	0.09255	%	 	 	1613	 	 	 	377	 	 	 	0.09255	%
	 	1188	 	 	 	337	 	 	 	0.09255	%	 	 	1614	 	 	 	378	 	 	 	0.09255	%
	 	1189	 	 	 	338	 	 	 	0.09255	%	 	 	1615	 	 	 	379	 	 	 	0.09255	%
	 	1190	 	 	 	339	 	 	 	0.09255	%	 	 	1616	 	 	 	380	 	 	 	0.09255	%
	 	1501	 	 	 	340	 	 	 	0.09255	%	 	 	1617	 	 	 	381	 	 	 	0.09255	%
	 	1502	 	 	 	341	 	 	 	0.09255	%	 	 	1618	 	 	 	382	 	 	 	0.09255	%
	 	1503	 	 	 	342	 	 	 	0.09255	%	 	 	1619	 	 	 	383	 	 	 	0.09255	%
	 	1504	 	 	 	343	 	 	 	0.09255	%	 	 	1620	 	 	 	384	 	 	 	0.09255	%
	 	1505	 	 	 	344	 	 	 	0.09255	%	 	 	1621	 	 	 	385	 	 	 	0.09255	%
	 	1506	 	 	 	345	 	 	 	0.09255	%	 	 	1622	 	 	 	386	 	 	 	0.09255	%
	 	1507	 	 	 	346	 	 	 	0.09255	%	 	 	1623	 	 	 	387	 	 	 	0.09255	%
	 	1508	 	 	 	347	 	 	 	0.09255	%	 	 	1624	 	 	 	388	 	 	 	0.09255	%
	 	1509	 	 	 	348	 	 	 	0.09255	%	 	 	1625	 	 	 	389	 	 	 	0.18510	%
	 	1510	 	 	 	349	 	 	 	0.09255	%	 	 	1701	 	 	 	390	 	 	 	0.09255	%
	 	1511	 	 	 	350	 	 	 	0.09255	%	 	 	1702	 	 	 	391	 	 	 	0.09255	%
	 	1512	 	 	 	351	 	 	 	0.09255	%	 	 	1703	 	 	 	392	 	 	 	0.09255	%
	 	1513	 	 	 	352	 	 	 	0.09255	%	 	 	1704	 	 	 	393	 	 	 	0.09255	%
	 	1514	 	 	 	353	 	 	 	0.09255	%	 	 	1705	 	 	 	394	 	 	 	0.09255	%
	 	1515	 	 	 	354	 	 	 	0.09255	%	 	 	1706	 	 	 	395	 	 	 	0.09255	%
	 	1516	 	 	 	355	 	 	 	0.09255	%	 	 	1707	 	 	 	396	 	 	 	0.09255	%
	 	1517	 	 	 	356	 	 	 	0.09255	%	 	 	1708	 	 	 	397	 	 	 	0.09255	%
	 	1518	 	 	 	357	 	 	 	0.09255	%	 	 	1709	 	 	 	398	 	 	 	0.09255	%
	 	1519	 	 	 	358	 	 	 	0.09255	%	 	 	1710	 	 	 	399	 	 	 	0.09255	%
	 	1520	 	 	 	359	 	 	 	0.09255	%	 	 	1711	 	 	 	400	 	 	 	0.09255	%
	 	1521	 	 	 	360	 	 	 	0.09255	%	 	 	1712	 	 	 	401	 	 	 	0.09255	%
	 	1522	 	 	 	361	 	 	 	0.09255	%	 	 	1713	 	 	 	402	 	 	 	0.09255	%
	 	1523	 	 	 	362	 	 	 	0.09255	%	 	 	1714	 	 	 	403	 	 	 	0.09255	%
	 	1524	 	 	 	363	 	 	 	0.09255	%	 	 	1715	 	 	 	404	 	 	 	0.09255	%
	 	1525	 	 	 	364	 	 	 	0.18510	%	 	 	1716	 	 	 	405	 	 	 	0.09255	%
	 	1601	 	 	 	365	 	 	 	0.09255	%	 	 	1717	 	 	 	406	 	 	 	0.09255	%
	 	1602	 	 	 	366	 	 	 	0.09255	%	 	 	1718	 	 	 	407	 	 	 	0.09255	%

 

    

     

    

 

SCHEDULE “1” (continued)

 

	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 	 	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 
	 	1604	 	 	 	368	 	 	 	0.09255	%	 	 	1720	 	 	 	409	 	 	 	0.09255	%
	 	1605	 	 	 	369	 	 	 	0.09255	%	 	 	1721	 	 	 	410	 	 	 	0.09255	%
	 	1606	 	 	 	370	 	 	 	0.09255	%	 	 	1722	 	 	 	411	 	 	 	0.09255	%
	 	1723	 	 	 	412	 	 	 	0.09255	%	 	 	1910	 	 	 	449	 	 	 	0.09255	%
	 	1724	 	 	 	413	 	 	 	0.09255	%	 	 	1911	 	 	 	450	 	 	 	0.09255	%
	 	1725	 	 	 	414	 	 	 	0.18510	%	 	 	1912	 	 	 	451	 	 	 	0.09255	%
	 	1801	 	 	 	415	 	 	 	0.09255	%	 	 	1913	 	 	 	452	 	 	 	0.09255	%
	 	1802	 	 	 	416	 	 	 	0.09255	%	 	 	1914	 	 	 	453	 	 	 	0.09255	%
	 	1803	 	 	 	417	 	 	 	0.09255	%	 	 	1915	 	 	 	454	 	 	 	0.09255	%
	 	1804	 	 	 	418	 	 	 	0.09255	%	 	 	1916	 	 	 	455	 	 	 	0.09255	%
	 	1805	 	 	 	419	 	 	 	0.09255	%	 	 	1917	 	 	 	456	 	 	 	0.09255	%
	 	1806	 	 	 	420	 	 	 	0.09255	%	 	 	1918	 	 	 	457	 	 	 	0.09255	%
	 	1807	 	 	 	421	 	 	 	0.09255	%	 	 	1919	 	 	 	458	 	 	 	0.09255	%
	 	1808	 	 	 	422	 	 	 	0.09255	%	 	 	1920	 	 	 	459	 	 	 	0.09255	%
	 	1809	 	 	 	423	 	 	 	0.09255	%	 	 	1921	 	 	 	460	 	 	 	0.09255	%
	 	1810	 	 	 	424	 	 	 	0.09255	%	 	 	1922	 	 	 	461	 	 	 	0.09255	%
	 	1811	 	 	 	425	 	 	 	0.09255	%	 	 	1923	 	 	 	462	 	 	 	0.09255	%
	 	1812	 	 	 	426	 	 	 	0.09255	%	 	 	1924	 	 	 	463	 	 	 	0.09255	%
	 	1813	 	 	 	427	 	 	 	0.09255	%	 	 	1925	 	 	 	464	 	 	 	0.18510	%
	 	1814	 	 	 	428	 	 	 	0.09255	%	 	 	2001	 	 	 	465	 	 	 	0.09255	%
	 	1815	 	 	 	429	 	 	 	0.09255	%	 	 	2002	 	 	 	466	 	 	 	0.09255	%
	 	1816	 	 	 	430	 	 	 	0.09255	%	 	 	2003	 	 	 	467	 	 	 	0.09255	%
	 	1817	 	 	 	43]	 	 	 	0.09255	%	 	 	2004	 	 	 	468	 	 	 	0.09255	%
	 	1818	 	 	 	432	 	 	 	0.09255	%	 	 	2005	 	 	 	469	 	 	 	0.09255	%
	 	1819	 	 	 	433	 	 	 	0.09255	%	 	 	2006	 	 	 	470	 	 	 	0.09255	%
	 	1820	 	 	 	434	 	 	 	0.09255	%	 	 	2007	 	 	 	471	 	 	 	0.09255	%
	 	1821	 	 	 	435	 	 	 	0.09255	%	 	 	2008	 	 	 	472	 	 	 	0.09255	%
	 	1822	 	 	 	436	 	 	 	0.09255	%	 	 	2009	 	 	 	473	 	 	 	0.09255	%
	 	1823	 	 	 	437	 	 	 	0.09255	%	 	 	2010	 	 	 	474	 	 	 	0.09255	%
	 	1824	 	 	 	438	 	 	 	0.09255	%	 	 	2011	 	 	 	475	 	 	 	0.09255	%
	 	1825	 	 	 	439	 	 	 	0.18510	%	 	 	2012	 	 	 	476	 	 	 	0.09255	%
	 	1901	 	 	 	440	 	 	 	0.09255	%	 	 	2013	 	 	 	477	 	 	 	0.09255	%
	 	1902	 	 	 	441	 	 	 	0.09255	%	 	 	2014	 	 	 	478	 	 	 	0.09255	%
	 	1903	 	 	 	442	 	 	 	0.09255	%	 	 	2015	 	 	 	479	 	 	 	0.09255	%
	 	1904	 	 	 	443	 	 	 	0.09255	%	 	 	2016	 	 	 	480	 	 	 	0.09255	%
	 	1905	 	 	 	444	 	 	 	0.09255	%	 	 	2017	 	 	 	481	 	 	 	0.09255	%
	 	1906	 	 	 	445	 	 	 	0.09255	%	 	 	2018	 	 	 	482	 	 	 	0.09255	%

 

    

     

    

 

SCHEDULE “1” (continued)

 

	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 	 	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 
	 	1908	 	 	 	447	 	 	 	0.09255	%	 	 	2020	 	 	 	484	 	 	 	0.09255	%
	 	1909	 	 	 	448	 	 	 	0.09255	%	 	 	2021	 	 	 	485	 	 	 	0.09255	%
	 	2022	 	 	 	486	 	 	 	0.09255	%	 	 	2206	 	 	 	520	 	 	 	0.09255	%
	 	2023	 	 	 	487	 	 	 	0.09255	%	 	 	2207	 	 	 	521	 	 	 	0.09255	%
	 	2024	 	 	 	488	 	 	 	0.09255	%	 	 	2208	 	 	 	522	 	 	 	0.09255	%
	 	2025	 	 	 	489	 	 	 	0.18510	%	 	 	2209	 	 	 	523	 	 	 	0.09255	%
	 	2101	 	 	 	490	 	 	 	0.09255	%	 	 	2210	 	 	 	524	 	 	 	0.09255	%
	 	2102	 	 	 	491	 	 	 	0.09255	%	 	 	2211	 	 	 	525	 	 	 	0.09255	%
	 	2103	 	 	 	492	 	 	 	0.09255	%	 	 	2212	 	 	 	526	 	 	 	0.09255	%
	 	2104	 	 	 	493	 	 	 	0.09255	%	 	 	2213	 	 	 	527	 	 	 	0.09255	%
	 	2105	 	 	 	494	 	 	 	0.09255	%	 	 	2214	 	 	 	528	 	 	 	0.09255	%
	 	2106	 	 	 	495	 	 	 	0.09255	%	 	 	2215	 	 	 	529	 	 	 	0.09255	%
	 	2107	 	 	 	496	 	 	 	0.09255	%	 	 	2216	 	 	 	530	 	 	 	0.09255	%
	 	2108	 	 	 	497	 	 	 	0.09255	%	 	 	2217	 	 	 	531	 	 	 	0.09255	%
	 	2109	 	 	 	498	 	 	 	0.09255	%	 	 	2218	 	 	 	532	 	 	 	0.09255	%
	 	2110	 	 	 	499	 	 	 	0.09255	%	 	 	2219	 	 	 	533	 	 	 	0.09255	%
	 	2111	 	 	 	500	 	 	 	0.09255	%	 	 	2220	 	 	 	534	 	 	 	0.09255	%
	 	2112	 	 	 	501	 	 	 	0.09255	%	 	 	2221	 	 	 	535	 	 	 	0.09255	%
	 	2113	 	 	 	502	 	 	 	0.09255	%	 	 	2222	 	 	 	536	 	 	 	0.09255	%
	 	2114	 	 	 	503	 	 	 	0.09255	%	 	 	2223	 	 	 	537	 	 	 	0.09255	%
	 	2115	 	 	 	504	 	 	 	0.09255	%	 	 	2224	 	 	 	538	 	 	 	0.09255	%
	 	2116	 	 	 	505	 	 	 	0.09255	%	 	 	2225	 	 	 	539	 	 	 	0.18510	%
	 	2117	 	 	 	506	 	 	 	0.09255	%	 	 	2301	 	 	 	540	 	 	 	0.09255	%
	 	2118	 	 	 	507	 	 	 	0.09255	%	 	 	2302	 	 	 	541	 	 	 	0.09255	%
	 	2119	 	 	 	508	 	 	 	0.09255	%	 	 	2303	 	 	 	542	 	 	 	0.09255	%
	 	2120	 	 	 	509	 	 	 	0.09255	%	 	 	2304	 	 	 	543	 	 	 	0.09255	%
	 	2121	 	 	 	510	 	 	 	0.09255	%	 	 	2305	 	 	 	544	 	 	 	0.09255	%
	 	2122	 	 	 	511	 	 	 	0.09255	%	 	 	2306	 	 	 	545	 	 	 	0.09255	%
	 	2123	 	 	 	512	 	 	 	0.09255	%	 	 	2307	 	 	 	546	 	 	 	0.09255	%
	 	2124	 	 	 	513	 	 	 	0.09255	%	 	 	2308	 	 	 	547	 	 	 	0.09255	%
	 	2125	 	 	 	514	 	 	 	0.18510	%	 	 	2309	 	 	 	548	 	 	 	0.09255	%
	 	2201	 	 	 	515	 	 	 	0.09255	%	 	 	2310	 	 	 	549	 	 	 	0.09255	%
	 	2202	 	 	 	516	 	 	 	0.09255	%	 	 	2311	 	 	 	550	 	 	 	0.09255	%
	 	2203	 	 	 	517	 	 	 	0.09255	%	 	 	2312	 	 	 	551	 	 	 	0.09255	%
	 	2204	 	 	 	518	 	 	 	0.09255	%	 	 	2313	 	 	 	552	 	 	 	0.09255	%
	 	2205	 	 	 	519	 	 	 	0.09255	%	 	 	2314	 	 	 	553	 	 	 	0.09255	%
	 	2315	 	 	 	554	 	 	 	0.09255	%	 	 	2421	 	 	 	585	 	 	 	0.09255	%
	 	2316	 	 	 	555	 	 	 	0.09255	%	 	 	2422	 	 	 	586	 	 	 	0.09255	%

 

    

     

    

 

SCHEDULE “1” (continued)

 

	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 	 	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 
	 	2318	 	 	 	557	 	 	 	0.09255	%	 	 	2424	 	 	 	588	 	 	 	0.27765	%
	 	2319	 	 	 	558	 	 	 	0.09255	%	 	 	R-1	 	 	 	589	 	 	 	0.46627	%
	 	2320	 	 	 	559	 	 	 	0.09255	%	 	 	R-2	 	 	 	590	 	 	 	0.69241	%
	 	2321	 	 	 	560	 	 	 	0.09255	%	 	 	R-3	 	 	 	591	 	 	 	0.39632	%
	 	2322	 	 	 	561	 	 	 	0.09255	%	 	 	R-4	 	 	 	592	 	 	 	0.27276	%
	 	2323	 	 	 	562	 	 	 	0.09255	%	 	 	R-5	 	 	 	593	 	 	 	0.19816	%
	 	2324	 	 	 	563	 	 	 	0.09255	%	 	 	R-6	 	 	 	594	 	 	 	0.23779	%
	 	2325	 	 	 	564	 	 	 	0.18510	%	 	 	R-7	 	 	 	595	 	 	 	0.27743	%
	 	2401	 	 	 	565	 	 	 	0.09255	%	 	 	R-8	 	 	 	596	 	 	 	0.19583	%
	 	2402	 	 	 	566	 	 	 	0.09255	%	 	 	R-9	 	 	 	597	 	 	 	0.51289	%
	 	2403	 	 	 	567	 	 	 	0.09255	%	 	 	R-10	 	 	 	598	 	 	 	0.23546	%
	 	2404	 	 	 	568	 	 	 	0.09255	%	 	 	R-11	 	 	 	599	 	 	 	0.23546	%
	 	2405	 	 	 	569	 	 	 	0.09255	%	 	 	R-12	 	 	 	600	 	 	 	0.23546	%
	 	2406	 	 	 	570	 	 	 	0.09255	%	 	 	R-13	 	 	 	601	 	 	 	0.36835	%
	 	2407	 	 	 	571	 	 	 	0.09255	%	 	 	R-14	 	 	 	602	 	 	 	0.20282	%
	 	2408	 	 	 	572	 	 	 	0.09255	%	 	 	C-1	 	 	 	604	 	 	 	5.77242	%
	 	2409	 	 	 	573	 	 	 	0.09255	%	 	 	C-2	 	 	 	605	 	 	 	0.82063	%
	 	2410	 	 	 	574	 	 	 	0.09255	%	 	 	C-3	 	 	 	606	 	 	 	0.83462	%
	 	2411	 	 	 	575	 	 	 	0.09255	%	 	 	C-4	 	 	 	607	 	 	 	0.20282	%
	 	2412	 	 	 	576	 	 	 	0.09255	%	 	 	C-5	 	 	 	608	 	 	 	0.06994	%
	 	2413	 	 	 	577	 	 	 	0.09255	%	 	 	C-6	 	 	 	609	 	 	 	0.06994	%
	 	2414	 	 	 	578	 	 	 	0.09255	%	 	 	E-3	 	 	 	612	 	 	 	1.62261	%
	 	2415	 	 	 	579	 	 	 	0.09255	%	 	 	F-1	 	 	 	613	 	 	 	0.80847	%
	 	2416	 	 	 	580	 	 	 	0.09255	%	 	 	K-1	 	 	 	614	 	 	 	1.81612	%
	 	2417	 	 	 	581	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	2418	 	 	 	582	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	2419	 	 	 	583	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	2420	 	 	 	584	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 

 

**Being a portion of the land described in Transfer Certificate
of Title No. 585,262.

 

End of Schedule “1”

 

    

     

    

 

  

SCHEDULE “2”

 

	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 	 	Apt No,	 	 	CPR No.	 	 	Und. Int.	 
	 	263	 	 	 	148	 	 	 	0.09255	%	 	 	864	 	 	 	244	 	 	 	0.09255	%
	 	265	 	 	 	149	 	 	 	0.09255	%	 	 	866	 	 	 	245	 	 	 	0.09255	%
	 	345	 	 	 	128	 	 	 	0.09255	%	 	 	868	 	 	 	247	 	 	 	0.09255	%
	 	346	 	 	 	129	 	 	 	0.09255	%	 	 	870	 	 	 	248	 	 	 	0.09255	%
	 	347	 	 	 	130	 	 	 	0.09255	%	 	 	872	 	 	 	250	 	 	 	0.09255	%
	 	348	 	 	 	131	 	 	 	0.09255	%	 	 	874	 	 	 	251	 	 	 	0.09255	%
	 	464	 	 	 	174	 	 	 	0.09255	%	 	 	961	 	 	 	260	 	 	 	0.09255	%
	 	466	 	 	 	175	 	 	 	0.09255	%	 	 	962	 	 	 	261	 	 	 	0.09255	%
	 	468	 	 	 	177	 	 	 	0.09255	%	 	 	964	 	 	 	263	 	 	 	0.09255	%
	 	470	 	 	 	178	 	 	 	0.09255	%	 	 	966	 	 	 	264	 	 	 	0.09255	%
	 	472	 	 	 	180	 	 	 	0.09255	%	 	 	968	 	 	 	266	 	 	 	0.09255	%
	 	474	 	 	 	181	 	 	 	0.09255	%	 	 	970	 	 	 	267	 	 	 	0.09255	%
	 	564	 	 	 	191	 	 	 	0.09255	%	 	 	972	 	 	 	269	 	 	 	0.09255	%
	 	566	 	 	 	192	 	 	 	0.09255	%	 	 	974	 	 	 	270	 	 	 	0.09255	%
	 	568	 	 	 	194	 	 	 	0.09255	%	 	 	1061	 	 	 	279	 	 	 	0.09255	%
	 	570	 	 	 	195	 	 	 	0.09255	%	 	 	1062	 	 	 	280	 	 	 	0.09255	%
	 	572	 	 	 	197	 	 	 	0.09255	%	 	 	1063	 	 	 	281	 	 	 	0.09255	%
	 	574	 	 	 	198	 	 	 	0.09255	%	 	 	1064	 	 	 	282	 	 	 	0.09255	%
	 	664	 	 	 	208	 	 	 	0.09255	%	 	 	1065	 	 	 	283	 	 	 	0.09255	%
	 	666	 	 	 	209	 	 	 	0.09255	%	 	 	1066	 	 	 	284	 	 	 	0.09255	%
	 	668	 	 	 	211	 	 	 	0.09255	%	 	 	1067	 	 	 	285	 	 	 	0.09255	%
	 	670	 	 	 	212	 	 	 	0.09255	%	 	 	1068	 	 	 	286	 	 	 	0.09255	%
	 	672	 	 	 	214	 	 	 	0.09255	%	 	 	1069	 	 	 	287	 	 	 	0.09255	%
	 	674	 	 	 	215	 	 	 	0.09255	%	 	 	1070	 	 	 	288	 	 	 	0.09255	%
	 	761	 	 	 	224	 	 	 	0.09255	%	 	 	1071	 	 	 	289	 	 	 	0.09255	%
	 	762	 	 	 	225	 	 	 	0.09255	%	 	 	1072	 	 	 	290	 	 	 	0.09255	%
	 	764	 	 	 	227	 	 	 	0.09255	%	 	 	1073	 	 	 	291	 	 	 	0.09255	%
	 	766	 	 	 	228	 	 	 	0.09255	%	 	 	1074	 	 	 	292	 	 	 	0.09255	%
	 	768	 	 	 	230	 	 	 	0.09255	%	 	 	1075	 	 	 	293	 	 	 	0.09255	%
	 	770	 	 	 	231	 	 	 	0.09255	%	 	 	1076	 	 	 	294	 	 	 	0.09255	%
	 	772	 	 	 	233	 	 	 	0.09255	%	 	 	1077	 	 	 	295	 	 	 	0.09255	%
	 	774	 	 	 	234	 	 	 	0.09255	%	 	 	1078	 	 	 	296	 	 	 	0.09255	%

 

    

     

    

 

SCHEDULE “2” (continued)

 

	Apt. No.	 	 	CPR No.	 	 	Und. Int.	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1079	 	 	 	297	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1080	 	 	 	298	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1081	 	 	 	299	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1082	 	 	 	300	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1083	 	 	 	301	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1084	 	 	 	302	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1085	 	 	 	303	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1086	 	 	 	304	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1087	 	 	 	305	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1088	 	 	 	306	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1089	 	 	 	307	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1090	 	 	 	308	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1161	 	 	 	310	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1162	 	 	 	311	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1163	 	 	 	312	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1164	 	 	 	313	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1165	 	 	 	314	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1166	 	 	 	315	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1167	 	 	 	316	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1168	 	 	 	317	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1169	 	 	 	318	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1170	 	 	 	319	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1171	 	 	 	320	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1172	 	 	 	321	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1173	 	 	 	322	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1174	 	 	 	323	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1175	 	 	 	324	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1176	 	 	 	325	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1177	 	 	 	326	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1178	 	 	 	327	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1179	 	 	 	328	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1180	 	 	 	329	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 
	 	1181	 	 	 	330	 	 	 	0.09255	%	 	 	 	 	 	 	 	 	 	 	 	 

 

**Being a portion of the land described in Transfer Certificate
of Title No. 585,262.

 

End of Schedule “2”

 

    

     

    

 

EXHIBIT B

 

Central
Office Services

 

“Central Office
Services” means the following activities (other than Chain Services) that are provided on a central or regional basis
to hotels in the System:

 

1.       Executive
Supervision. Executive supervision is currently done by individuals holding the title of “Executive Vice President”
or above, and at the continental division level by individuals holding a title of “Chief Operating Officer” or above.
In the future executive supervision may be done by individuals holding comparable positions of authority but with different titles.

 

2.       Corporate
Planning & Policy. Policy making and planning for Marriott International, Inc. and its Affiliates as a whole or at the
continental division level, including development of operating procedures, but excluding any policy making or planning function
related to an area that is a Chain Service or direct Deduction.

 

3.       Corporate
Finance. Corporate finance, including corporate treasury, financial planning and analysis and corporate accounting, excluding
accounting services provided to the hotels as part of Chain Services or the MBS Systems.

 

4.       Corporate
Human Resources. Corporate personnel providing strategic and executive supervision for human resources activities applicable
to Marriott International, Inc. and its Affiliates as a whole.

 

5.       Certain
Legal Services. Legal services performed either in-house or by outside counsel to (i) draft manuals, policies or guidelines
to be used for the System; and (ii) represent Manager and its Affiliates on issues relating to the relationship between Tenant
and Manager and its Affiliates, unless the Expert directs Tenant to pay the costs of any legal services.

 

6.       Trademarks.
Trademark protection relating to the MI Trademarks, which are used generally by the System.

 

7.       Product
Research & Development. Product research and development and the development of brand standards, excluding product research
and development related to an area that is reimbursable as a Chain Service or a direct Deduction such as product research and development
for sales and marketing.

 

    

     

    

 

EXHIBIT C

 

CURRENT CHAIN SERVICES

  

NOTE: Chain Services are services
that are furnished generally to System hotels on a central basis and that fall into the following categories of services: National
Sales Services; Central Training Services and relocation of property management personnel; National Advertising Services; and Computer,
Payroll and Accounting Services. As of December 31, 2019, these categories include the areas set forth below and the supervision
of such areas below the level of Executive Vice President and (on a regional basis) Regional Executive:

  

1.       National
Sales Office Services, which includes the following subcategories:

 

·       Worldwide
sales offices

·       Domestic
sales offices

·       Distribution
marketing

·       Travel
industry sales

·       National
transient sales

·       Intermediary
sales

·       E-commerce
sales

·       Regional
sales and marketing

·       Revenue
management

·       Customer
events

 

2.       Central
Training Services and relocation, which includes the following subcategories:

 

·       Training
salaries of new property managers

·       Costs
of recruiting and hiring property managers

·       Development
and delivery of training programs

·       Tuition
reimbursement program for property associates

·       Relocation
costs of property managers

 

 3.        National Advertising and Promotion Services, which includes the following subcategories:

 

·       Advertising
administration, advertising media and advertising production

·       Advertising
agencies

·       Public
relations program support

·       Development
of brochures, directories, and other marketing collateral

·       Production
costs for promotional goods

·       Market
research, including the GSS system

 

    

     

    

 

4.       Computer
Payroll and Accounting Services, which includes the following subcategories:

 

·       Computer
operating statement, analysis report and general ledger accounting system

·       Marriott’s
automated payroll and benefits accounting system

·       Operation
and support of the computerized accounting reporting

·       Operation
and support of property computer systems including:

·       Rooms
operations, food and beverage and engineering systems support

·       PC
support and systems applications development

·       Global
field services property systems support

 

    

     

    

 

EXHIBIT D

 

FRANCHISE REQUIREMENTS

 

To obtain a franchise for the Hotel, Tenant
must:

 

		1.	deliver to the applicable Franchisor a franchise application, together with the then-current application
fee being charged to System franchisees at least ninety (90) days prior to the proposed date of the Franchise Conversion (if such
Franchisor does not agree to grant the franchise to Tenant, then Franchisor will refund the application fee, less $10,000);

 

		2.	execute the then-current form of franchise and related agreements, which franchise agreement will
(a) contain the standard forms for new franchised System hotels as of the date of the Franchise Conversion, including the then-current
fees and charges, except that the term of such franchise agreement may be adjusted in Franchisor’s sole discretion to the
remaining Initial Term or remaining Renewal Term (as the case may be), and (b) include a PIP to address any renovation necessary
to comply with Franchisor’s then-current Standards;

 

		3.	meet the then-current criteria for a franchisee of the hotel brand to which the Franchise Conversion
pertains, as determined by Franchisor in its sole discretion;

 

		4.	deliver to Franchisor all requested information and representations regarding Tenant’s corporate
organization, authority, and ownership as well as the financial information of the proposed guarantor of the franchise agreement
obligations;

 

		5.	retain a management company consented to by Franchisor if Franchisor determines that Tenant is
not qualified to operate the Hotel;

 

		6.	pay Franchisor’s reasonable outside counsel costs related to the Franchise Conversion and
the franchise agreement;

 

		7.	make, or cause the applicable management company to make, offers of employment to sufficient numbers
of employees at the Hotel to avoid the occurrence of a “closing” under the WARN Act or similar state law and provide
Manager with all other information requested by Manager regarding offers and conditions of employment to such employees; and

 

		8.	agree to be bound by, or pay any breakage fees for, all ancillary agreements between Manager and
any other parties with respect to the Hotel or executed in connection with this Agreement, including any licensing agreements,
cost sharing agreements, and cluster revenue agreements.

 

    

     

    

 

EXHIBIT E

 

INSURANCE

6.01       Insurance.

 

A.               
Property Insurance.

 

1.                 
Required Coverages. Tenant will procure and maintain the following insurance from the Effective Date:

 

(a)              
Property insurance (and, if applicable, builders risk insurance), including boiler and machinery coverage, on the Hotel
buildings and contents against loss or damage by risks covered by an “all risk of physical loss” form. This coverage,
to the extent available at commercially reasonable rates and terms, will be for not less than 100% of the replacement cost of the
Hotel, less a reasonable deductible and subject to commercially reasonable sub-limits, including a waiver of coinsurance provision,
and landscape improvements coverage for not less than 100% of the replacement cost or $5,000,000, whichever is greater;

 

(b)              
Earthquake insurance and windstorm insurance, to the extent excluded or sub-limited from the insurance under Section 6.01.A(1)(a)
and if the Hotel is located in whole or in part in an earthquake or windstorm prone zone, as applicable, as determined by the appropriate
government authority or insurer. Coverage for these hazards, to the extent available at commercially reasonable rates and terms,
will be for not less than the probable maximum loss of the Hotel (or the aggregate probable maximum loss if insured under a blanket
program) less a reasonable deductible;

 

(c)              
Flood insurance, to the extent excluded or sub-limited from the insurance under Section 6.01.A(1)(a) and if the
Hotel is located in whole or in part within an area identified by the insurer as having a special flood hazard. Coverage for this
hazard, to the extent available at commercially reasonable rates and terms, will be for not less than twenty-five percent (25%)
of the replacement cost of the Hotel, less a reasonable deductible. In no event will flood insurance coverage be less than the
maximum amount available under the National Flood Insurance Program (or successor program) for this coverage;

 

(d)              
Terrorism insurance, to the extent excluded or sub-limited from the insurance under Section 6.01.A(1)(a). Coverage
for this hazard, to the extent available at commercially reasonable rates and terms, will be for not less than one hundred percent
(100%) of the replacement cost of the Hotel, less a reasonable deductible;

 

(e)              
Business interruption insurance caused by any occurrence covered by the insurance described in Sections 6.01.A(1)(a) through
(d). This coverage will include, to the extent available at commercially reasonable rates and terms:

 

(i)                
at least two years’ loss of profits, rental income, necessary continuing expenses and any amounts that would be payable
to Manager as the Management Fee or any other amounts payable to Manager under this Agreement if the loss had not occurred;

 

    

     

    

 

(ii)             
at least ninety (90) days ordinary payroll expenses;

 

(iii)           
at least three hundred sixty-five (365) days of an extended period of indemnity; and

 

(iv)            
at least one hundred eighty (180) days contingent business interruption.

 

Manager may make claims directly
to the insurer for any management fees or other amounts payable to Manager under this Agreement. Tenant and Manager agree that
the amount to be paid to Manager for any claim covered by the insurance described in this Section 6.01.A(1)(e) with respect to
this Agreement will be calculated using the figures for Gross Revenues, and Operating Profit accepted by the insurance company
or an independent third-party business interruption accounting expert selected by Tenant and Manager. If Tenant procures the
business interruption insurance, Tenant will consult with Manager regarding the submission of this claim and Tenant will not settle
this claim without Manager’s approval; and

 

(f)               
Such other property insurance as is customarily required by Manager at similar hotels.

 

Manager will
procure and maintain the insurance in Sections 6.01.A(1)(a) through (f) only if (i) Tenant makes
a written request to Manager at least 60 days before either the Effective Date or the next renewal date of Manager’s property
insurance program; (ii) the Hotel meets the then-current insurability criteria under Manager’s insurance program;
and (iii) Manager approves the request in its sole discretion.

 

2.                 
Insurer & Other Requirements; Waiver; & Participation in Manager’s Program.

 

(a)              
All insurance procured under Section 6.01.A(1) will be obtained from insurance companies of recognized financial standing
reasonably acceptable to Manager. All premiums and deductibles under these policies are subject to Manager’s approval. All
premiums (net of any credits, rebates and discounts) and deductibles for insurance under these policies will be Deductions.

 

(b)              
If Tenant procures the insurance described in Section 6.01.A(1), all policies will be in the name of Tenant, with Manager
and its Affiliates named as additional insureds. If Manager procures this insurance, all policies of such insurance will be in
the name of Manager, with Tenant named as an additional insured. Any property losses will be payable to the respective parties
as their interests may appear. The documentation for each Mortgage will include a provision that proceeds of the insurance described
in Section 6.01.A(1) will be available for repair and restoration of the Hotel.

 

(c)               If
Tenant procures the insurance described in Section 6.01.A(1), Tenant will deliver to Manager certificates of
insurance, or at Manager’s request a copy of the policies, and certificates of renewal for insurance policies about to
expire. All certificates will state that the insurance will not be canceled, non-renewed or reduced without at least 30
days’ prior written notice to the certificate holder.

 

    

     

    

 

(d)              
Tenant and Manager each waives their rights of recovery, and will cause their insurer to waive its rights of subrogation
from the other party or any of such party’s Affiliates, directors, officers, shareholders, agents and employees for loss
or damage to the Hotel, and any related interruption of business, regardless of the cause of the property or business interruption
loss. If any policy of insurance requires an endorsement to effect a waiver of subrogation, Tenant or Manager, as applicable, will
cause them to be endorsed.

 

(e)              
If Tenant is eligible to participate in Manager’s property insurance program but Tenant elects to procure the insurance
under Section 6.01.A(1), and the costs of the premiums and deductibles for coverage under Tenant’s property insurance
program are more than 10% higher than the costs of the premiums and deductibles that would have been payable under Manager’s
property insurance program, then Tenant will pay from its own funds and not as Deductions the entire amount by which such costs
under Tenant’s program exceed such costs under Manager’s program.

 

(f)               
If Manager approves Tenant’s request to have the Hotel participate in Manager’s property insurance program,
the Hotel will do so until Tenant or Manager notifies the other party of its intent to discontinue this participation in accordance
with the following:

 

(i)                
If Tenant chooses to exit Manager’s property insurance program and procure its own property insurance, Tenant will
notify Manager at least 90 days before the next renewal date under Manager’s property insurance program (which is currently
April 1st of each year). If Tenant does not notify Manager in time and subsequently procures its own property insurance,
Tenant will pay Manager 10% of the annual premium under Manager’s property insurance program to cover the fixed costs incurred
by Manager for the placement of these coverages. If Tenant chooses to exit Manager’s property insurance program before the
end of a coverage year Tenant will pay Manager (i) the 10% charge; and (ii) the prorated portion of the premiums of Manager’s
property insurance program relating to the period before the date on which Manager approves Tenant’s replacement property
insurance coverage. For the policies under Sections  6.01.A(1)(b) through (f), if the premium is fully earned then no portion
of the premium will be refunded to Tenant. If the premium is not fully earned, any paid but unearned portion of the premium will
be prorated as of the date on which Manager receives from Tenant certificates of insurance evidencing insurance coverage that complies
with this Section 6.01. Tenant will pay all amounts under this Section 6.01.A(2)(f)(i) from its own funds and not as
Deductions within 10 days after Manager’s request. If Tenant fails to do so, Manager may deduct such amounts from amounts
otherwise to be distributed to Tenant without affecting Manager’s other rights and remedies under this Agreement. If Tenant
exits Manager’s property insurance program and later wishes to participate again, the Hotel will again be included if Tenant
makes a written request at least 60 days before the next renewal date of Manager’s property insurance program and Manager
approves the request in its sole discretion.

 

    

     

    

 

(ii)             
If Tenant procures the property insurance for the Hotel, Manager will pay Tenant the amount of all reasonable insurance
premiums as Deductions at the same time that Manager makes interim payments to Tenant under Section 4.01 (collectively, the
 “Property Insurance Premiums”). These payments will be calculated by prorating the full Fiscal Year budgeted
amount (or the actual amount, if available) of Property Insurance Premiums equally over twelve (12) Accounting Periods. Tenant
will provide Manager with evidence of Tenant’s payment of the Property Insurance Premiums, and the receipt of any credits,
rebates and discounts, within five days after Manager’s request. For each Fiscal Year, Manager will reconcile interim Property
Insurance Premium payments with the actual amount for the entire Fiscal Year, and Tenant and Manager will make any necessary adjustments
following Tenant’s receipt of each Accounting Period Statement or Annual Operating Statement, as applicable. Manager will
only be required to pay Property Insurance Premiums to the extent of available Gross Revenues. Tenant will pay all premiums under
insurance policies that it procures before any fine, penalty or interest is incurred.

 

(iii)           
If Manager chooses to remove the Hotel from Manager’s property insurance program, Manager will notify Tenant at least
90 days before the next renewal date and Tenant will procure insurance for the Hotel as required under Section 6.01 effective
as of the expiration date of the then-current coverage. Tenant may later participate in Manager’s property insurance
program again if Tenant makes a request at least 60 days before Tenant desires the new policy to become effective and Manager approves
the request in its sole discretion.

 

3.                 
Claims. If the Hotel is damaged by any casualty and the Hotel participates in Manager’s property insurance
program under this Section 6.01, Manager will process, adjust and settle the property damage claim with the insurance carriers.
Tenant will sign, promptly and without condition, all documents necessary for Manager to process, adjust and settle the claim.
If the Hotel does not participate in Manager’s property insurance program, Tenant will process, adjust and settle the property
damage claim with the insurance carriers, subject to Section 6.01.A(1)(e), and Tenant will sign promptly and without condition
all documents necessary for Manager to process, adjust and settle Manager’s and its Affiliates’ portion of the claim
attributable to their business interruption interests.

 

B.                
Operational Insurance.

 

1.                 
Coverages. Manager will procure and maintain the following insurance from the Effective Date:

 

(a)              
Commercial general liability insurance against claims for bodily injury, death and property damage occurring in conjunction
with Hotel operations, and automobile liability insurance on vehicles operated in conjunction with the Hotel, with a combined single
limit for each occurrence of at least $100,000,000;

 

(b)              
Workers’ compensation coverage at least as may be required under Legal Requirements and employer’s liability
insurance of at least $1,000,000 per accident/disease, in each case covering Manager’s employees at the Hotel;

 

    

     

    

 

(c)              
Fidelity coverage of at least $2,000,000 covering Manager’s employees at the Hotel;

 

(d)             
Employment practices liability insurance for claims against Manager and, if Tenant is named as a co-defendant with Manager,
for claims against Tenant, in each case arising out of Manager’s employment practices, to the extent available at commercially
reasonable rates and terms, of at least $1,000,000; and

 

(e)              
Such other insurance as, and in amounts that, Manager reasonably determines for protection against claims, liabilities and
losses relating to the operation of the Hotel.

 

2.                 
Insurance Retentions, Requirements, Costs & Reserve.

 

(a)              
Insurance procured under Section 6.01.B(1) may include Insurance Retentions. “Insurance Retentions”
means deductibles or risk retention levels that are not in excess of the per occurrence limit for any loss or reserve established
by Manager for the Hotel. This limit will be substantially similar to the limits for similar hotels participating in the blanket
insurance programs.

 

(b)              
All insurance procured under Section 6.01.B(1) will be in the name of Manager. The insurance procured in accordance
with Section 6.01.B(1) will name Tenant, and any Mortgagees specified by Tenant in writing, as additional insureds.

 

(c)              
At Tenant’s request, Manager will deliver to Tenant certificates of insurance evidencing the insurance coverages under
Section 6.01.B(1)(a) and any renewals. All certificates will, to the extent obtainable, state that the insurance will not
be canceled or reduced without at least 30 days’ prior written notice to the certificate holder.

 

(d)              
All premiums and costs for insurance procured and administered by Manager or its Affiliates under this Section 6.01.B
will be Deductions, including any Insurance Retentions. All charges under the blanket programs will be allocated to the Hotel and
other similar participating hotels on a reasonable basis. Any losses and associated costs that are uninsured will be Deductions.

 

(e)              
Upon Termination or a Transfer, Manager will set up a reserve from Gross Revenues, in an amount determined by Manager based
on loss projections, to cover the amount of any Insurance Retentions and all other costs that may eventually have to be paid by
Tenant or Manager for pending or contingent claims, including those that arise after Termination for causes arising during the
Term. If Gross Revenues are insufficient to fund the reserve, Tenant will pay the shortfall to Manager within 10 days after receipt
of Manager’s notice. If Tenant fails to do so, Manager may withdraw the amounts from the Hotel’s operating account(s),
the Reserve, Working Capital funds or any other Tenant funds under Manager’s control without affecting Manager’s other
rights and remedies under this Agreement.

  

C.                
 General Conditions of Manager’s Insurance Program. Manager may obtain all insurance procured under Section 6.01.A
(if Manager procures such insurance) and Section 6.01.B through blanket insurance programs, with shared aggregate coverage
levels, sub-limits, deductibles, conditions and exclusions based on industry conditions and availability at commercially reasonable
rates and terms. The blanket program may apply to multiple insured locations, these locations may incur losses for the same insured
event and these losses may exhaust the coverage before all claims are resolved. Industry conditions may also lead to policy terms,
conditions, sub-limits or exclusions resulting in coverage levels below the amounts required in Section 6.01.A and Section 6.01.B.
These conditions and limitations are not a breach of Manager’s obligations.

 

    

     

    

 

EXHIBIT F

 

Equity
INterests in Tenant

 

As of the Effective Date and the Execution
Date, (a) the equity interests in Tenant are and will be owned 100% by HPT TRS Inc., a Maryland corporation; (b) the equity interests
in HPT TRS Inc. are and will be owned 100% by Service Properties Trust, a Maryland real estate investment trust; and (c) the equity
interests in Service Properties Trust are and will be publicly traded.

 

    

     

    

 

EXHIBIT G

 

Brands

 

AC Hotels by Marriott

African Pride Hotels

Aloft Hotels

Autograph Collection Hotels

Autograph Collection Residences

Bulgari Hotels & Resorts

Conference Center by Marriott

Courtyard by Marriott Hotels

Delta Hotels & Resorts

EDITION Hotels

EDITION Residences

Element Hotels

Fairfield by Marriott

Fairfield Inn by Marriott

Fairfield Inn & Suites by Marriott

Four Points by Sheraton Hotels

Gaylord Hotels

Grand Residences by Marriott

Horizons by Marriott Club

JW Marriott Hotels

JW Marriott Hotels & Resorts

JW Marriott Marquis Hotels

JW Marriott Residences

Le Méridien Hotels & Resorts

Le Méridien Residences

The Luxury Collection Hotels, Resorts & Suites

The Luxury Collection Residence Club

The Luxury Collection Residences

Marriott Executive Apartments

Marriott Hotels

Marriott Hotels & Conference Centers

Marriott Hotels & Resorts

Marriott Marquis Hotels

Marriott Residences

Marriott Resorts

Marriott Suites Hotels

Marriott Vacation Club

Moxy Hotels

Protea Hotel Fire & Ice!

Protea Hotels

Renaissance ClubSport Hotels

Renaissance Hotels

 

    

     

    

  

Renaissance Residences

Residence Inn by Marriott Hotels

The Residences at The Ritz-Carlton

The Ritz-Carlton Destination Club

The Ritz-Carlton Hotels & Resorts

The Ritz-Carlton Reserve

The Ritz-Carlton Residences

Sheraton Grand Hotels & Resorts

Sheraton Hotels & Resorts

Sheraton Residences

SpringHill Suites by Marriott Hotels

St. Regis Hotels, Resorts & Suites

St. Regis Residence Club

St. Regis Residences

TownePlace Suites by Marriott Hotels

Tribute Portfolio Hotels & Resorts

W Escape

W Hotels

W Residences

Westin Hotels

Westin Hotels & Resorts

Westin Residences

 

    

     

    

 

ADDENDUM

 

	Hotel/Location
	
        3610 Rice Street

        Lihue, HI 96766Exhibit 10.7 

 

AMENDED AND RESTATED POOLING AGREEMENT

 

THIS AMENDED AND RESTATED
POOLING AGREEMENT (this “Agreement”) is executed as of December 31, 2019 (the “Execution Date”),
but is to become effective as of January 1, 2020 (the “Effective Date”), by and among (i) Marriott
International, Inc., a Delaware corporation (“Marriott”), (ii) Marriott Hotel Services, Inc., a Delaware
corporation, Residence Inn By Marriott, LLC, a Delaware limited liability company, Courtyard Management Corporation, a Delaware
corporation, SpringHill SMC, LLC, a Delaware limited liability company, TownePlace Management, LLC, a Delaware limited liability
company and Essex House Condominium Corporation, a Delaware corporation (each individually, a “Manager” and
collectively, the “Managers”), and (iii) HPT TRS MRP, Inc., a Maryland corporation (“MRP Tenant”),
and HPT CY TRS, Inc., a Maryland corporation (“CY Tenant,” and together with MRP Tenant, each individually,
a “Tenant” and collectively, the “Tenants”).

 

RECITALS:

 

A.      HPTMI
Properties Trust, a Maryland real estate investment trust (“HPTMI Landlord”) and MRP Tenant are parties to that
certain Amended, Restated and Consolidated Master Lease Agreement, dated as of January 1, 2011, as amended (as the same may
be amended, modified or supplemented from time to time, the “T-234 Lease”), relating to the properties referenced
therein.

 

B.       HPTCY
Properties Trust, a Maryland real estate investment trust (“HPTCY Landlord”), SVC and CY Tenant are parties
to that certain Master Lease Agreement, dated as of December 31, 2012, as amended (as the same may be amended, modified or
supplemented from time to time, the “CY53 Lease”), relating to the properties referenced therein.

 

C.       HPTMI
Hawaii, Inc., a Delaware corporation (“Kauai Landlord”), and MRP Tenant are parties to that certain Lease Agreement,
executed as of the Execution Date but to become effective as of the Effective Date (as the same may be amended, modified or supplemented
from time to time, the “Kauai Lease”), relating to the property referenced therein.

 

D.       As
of the Execution Date and the Effective Date, the T-234 Lease, the CY53 Lease and the Kauai Lease (each individually, a “Lease”
and collectively, the “Leases”) relate to the hotel properties listed on Exhibit A attached hereto and made
a part hereof (each individually, a “Property” and collectively, the “Properties”).

 

E.       As
of the Execution Date, each Tenant has entered into a Second Amended and Restated Management Agreement, or Management Agreement
(as applicable), with each applicable Manager with respect to each Property (as any of them may be amended, modified or supplemented
from time to time, each, a “Management Agreement” and collectively, the “Management Agreements”).

 

     

     

    

 

F.       Each
Property that is subject to a Lease and a Management Agreement shall constitute a “Portfolio Property” and all
of such Properties shall collectively constitute the “Portfolio Properties.” Any Property with respect to which
a Manager Deconsolidation Event has occurred shall thereafter no longer be considered a Portfolio Property.

 

G.       Simultaneously
with the execution and delivery of this Agreement, Marriott and the Tenants entered into that certain Marriott Guaranty Agreement
(as the same may be amended, modified or supplemented from time to time, the “Marriott Guaranty”) pursuant to
which, inter alia, Marriott has agreed to guarantee to the Tenants (subject to the terms, conditions and limitations set
forth therein) that the Tenants will receive timely payment of a certain portion of Aggregate Tenants’ Priority with respect
to the Portfolio Properties in certain events, upon terms and conditions set forth in this Agreement and the Marriott Guaranty.

 

H.       Certain
parties hereto previously have entered into a Pooling Agreement, dated as of January 1, 2011, for certain Portfolio Properties
pursuant to which, as of the Execution Date, (i) the revenues generated by the operations of such Portfolio Properties are
pooled for purposes of paying operating expenses of such Portfolio Properties, fees and other amounts due to Marriott, the Managers
and MRP Tenant, and distributions to various other persons, and (ii) working capital and reserves of such Portfolio Properties
are managed on a pooled basis (the “Prior Pooling Agreement”). From and after the Effective Date, by this Agreement,
Marriott, each Manager, and each Tenant desire to amend and restate the terms and provisions of the Prior Pooling Agreement in
their entirety and replace them with the terms and provisions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Marriott, each Manager, and each Tenant hereby covenant and agree as follows:

 

ARTICLE I

 

DEFINED TERMS

 

1.01         
Definitions. The following capitalized terms as used in this Agreement shall have the meanings set forth below:

 

“Accounting
Period” shall have the meaning, with respect to any Portfolio Property, given such term in the Management Agreement for
such Portfolio Property.

 

“Additional
Manager Advances” shall mean advances made by the Managers as so defined in each Management Agreement.

 

“Additional
Marriott Advances” shall mean all advances made by Marriott pursuant to Sections 2.02.B (excluding any Security
Deposit Advances or Marriott Guaranty Advances), 3.03, 4.02.A, 4.03 and 5.01.B hereof.

 

“Additional
Pooled Working Capital” shall have the meaning set forth in Section 5.01.B hereof.

 

    2

     

    

 

“Affiliate”
shall have the meaning set forth in the Management Agreements.

 

“Aggregate
Accounting Period Statement” shall have the meaning set forth in Section 3.01 hereof.

 

“Aggregate
Amount Funded” shall have the meaning set forth in the Marriott Guaranty.

 

“Aggregate
Annual Operating Statement” shall have the meaning set forth in Section 3.02.A hereof.

 

“Aggregate
Base Management Fee” shall mean, for any given period, an amount equal to two percent (2%) of Aggregate Gross Revenues
for such period, payable in accordance with Sections 3.01 and 3.02 hereof.

 

“Aggregate
Deductions” shall mean, for any given period, the sum of Deductions for the Portfolio Properties for such period.

 

“Aggregate
First Incentive Management Fee” shall mean, for any given period, an amount equal to forty percent (40%) of Aggregate
Operating Profit remaining after deducting amounts paid or payable in respect of Sections 2.02.A(1) through (5) hereof,
payable in accordance with Sections 3.01 and 3.02 hereof.

 

“Aggregate
Gross Revenues” shall mean, for any given period, the sum of Gross Revenues for the Portfolio Properties for such period.

 

“Aggregate
Ground Lease Rent” shall have the meaning set forth in Section 2.02.A(2) hereof.

 

“Aggregate
Management Fees” shall mean, collectively, the Aggregate Base Management Fee, the Aggregate First Incentive Management
Fee and the Aggregate Second Incentive Management Fee.

 

“Aggregate
Operating Loss” shall mean, for any given period, a negative Aggregate Operating Profit for such period.

 

“Aggregate
Operating Profit” shall mean, for any given period, an amount equal to Aggregate Gross Revenues less Aggregate Deductions
for such period.

 

“Aggregate
Second Incentive Management Fee” shall mean, for any given period, an amount equal to forty percent (40%) of Aggregate
Operating Profit remaining after deducting amounts paid or payable in respect of Sections 2.02.A(1) through (7) hereof,
payable in accordance with Sections 3.01 and 3.02 hereof.

 

“Aggregate
System Fee” shall mean, during any given Portfolio Fiscal Year (or portion thereof), the sum of the System Fees for the
Portfolio Properties for such period.

 

    3

     

    

 

“Aggregate
Tenants’ Priority” shall mean, for any given period, the sum of the Tenant’s Priority for the Portfolio
Properties for such period, payable in accordance with Sections 3.01 and 3.02 hereof; provided, however,
effective on the date a Management Agreement is terminated with respect to a Portfolio Property as a result of a Manager Deconsolidation
Event, an Exit Hotel Removal or otherwise, or pursuant to the terms of the Renovation-Related Agreements, Aggregate Tenants’
Priority payable with respect to each Portfolio Accounting Period for the Portfolio Properties shall be decreased by the amount
of the Tenant’s Priority of such Portfolio Property calculated as of the date the Portfolio Property is no longer subject
to a Management Agreement. If the termination of a Management Agreement with respect to the foregoing occurs on a day other than
the first day of a Portfolio Accounting Period, then the Aggregate Tenants’ Priority payable for the Portfolio Properties
for the immediately following Portfolio Accounting Period (after having been so decreased) shall be further decreased (but only
for such instant Portfolio Accounting Period) by the amount by which Aggregate Tenants’ Priority for the preceding Portfolio
Accounting Period, as adjusted for reduction on a per diem basis, is less than the amount of Aggregate Tenants’ Priority
actually paid to the Tenants for such preceding Portfolio Accounting Period.

 

“Aggregate
Tenants’ Priority Shortfall” shall have the meaning set forth in Section 2.02.B hereof.

 

“Agreement”
shall have the meaning set forth in the Preamble, as the same may be amended, modified or supplemented from time to time.

 

“Allocation
Formula” shall have the meaning set forth in Section 6.02.B hereof.

 

“Arbitration”
shall have the meaning set forth in the Management Agreements.

 

“Available
Funds” shall have the meaning set forth in Section 2.02.A(4) hereof.

 

“Base Management
Fee” shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Business
Day” shall have the meaning given such term in the Management Agreements.

 

“Controlling
Interest” shall mean (i) if the Person is a corporation, the right to exercise, directly or indirectly, more than
fifty percent (50%) of the voting rights attributable to the shares of such Person (through ownership of such shares or by contract),
or (ii) if the Person is not a corporation, the possession, directly or indirectly, of the power to direct or cause the direction
of the business, management or policies of such Person.

 

“CY Tenant”
shall have the meaning set forth in the Preamble.

 

“CY53 Lease”
shall have the meaning set forth in the Recitals.

 

“Deal Terms”
shall have the meaning set forth in Section 7.19.A hereof.

 

“Deconsolidation
Event” shall have the meaning set forth in Section 6.02 hereof.

 

“Deductions”
shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

    4

     

    

 

“Dispute”
shall have the meaning set forth in the Management Agreements.

 

“Effective
Date” shall have the meaning set forth in the Preamble.

 

“Emergency
Funding” shall have the meaning set forth in the Management Agreements.

 

“Execution
Date” shall have the meaning set forth in the Preamble.

 

“Exit Hotel”
shall mean a Portfolio Property designated as a property to be sold, removed and/or franchised during the term of this Agreement
in accordance with the terms and conditions of the Exit Hotel Agreement.

 

“Exit Hotel
Agreement” shall mean that certain Amended and Restated Exit Hotel Agreement, dated as of the Execution Date but to be
effective as of the Effective Date, by and among the Landlords, the Tenants, Marriott and the Managers, as the same may be amended,
modified or supplemented from time to time.

 

“Exit Hotel
Removal” shall mean a sale, removal and/or franchise conversion (or deemed sale, if applicable) of an Exit Hotel pursuant
to the Exit Hotel Agreement.

 

“Expert”
shall have the meaning set forth in the Management Agreements.

 

“First Incentive
Management Fee” shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Fiscal Year”
shall have the meaning, for each Portfolio Property, given such term in the Management Agreement for such Portfolio Property.

 

“GAAP”
shall mean generally accepted accounting principles consistently applied.

 

“Gross Revenues”
shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Ground Lease
Rent” shall have the meaning, for each Portfolio Property, given such term in the Management Agreement for such Portfolio
Property.

 

“HPTCY Landlord”
shall have the meaning set forth in the Recitals.

 

“HPTMI Landlord”
shall have the meaning set forth in the Recitals.

 

“Kauai Landlord”
shall have the meaning set forth in the Recitals.

 

“Kauai Lease”
shall have the meaning set forth in the Recitals.

 

“Landlord”
or “Landlords” shall mean the HPTMI Landlord, HPTCY Landlord, SVC and/or Kauai Landlord, as applicable.

 

“Landlord
Deconsolidation Event” shall have the meaning set forth in Section 6.02 hereof.

 

    5

     

    

 

“Lease”
or “Leases” shall have the meaning set forth in the Recitals.

 

“Legal Requirements”
shall have the meaning set forth in the Management Agreements.

 

“Management
Agreement” and “Management Agreements” shall have the meanings set forth in the Recitals, but shall
include only the Management Agreements for the Portfolio Properties.

 

“Manager”
and “Managers” shall have the meaning set forth in the Preamble.

 

“Manager Deconsolidation
Event” shall have the meaning set forth in Section 6.02 hereof.

 

“Manager Default”
shall have the meaning set forth in the Management Agreements.

 

“Manager Event
of Default” shall have the meaning set forth in the Management Agreements.

 

“Manager Funding
Termination Event” shall have the meaning set forth in the Management Agreements.

 

“Marriott”
shall have the meaning set forth in the Preamble.

 

“Marriott
Guaranty” shall have the meaning set forth in the Recitals.

 

“Marriott
Guaranty Advance” shall mean an advance under the Marriott Guaranty allocated to pay a portion of Aggregate Tenants’
Priority (as more particularly set forth in the Marriott Guaranty and subject to any applicable cap stated therein).

 

“Marriott
Guaranty Term” shall have the meaning given the defined term “Guaranty Term” in the Marriott Guaranty.

 

“Marriott
Guaranty Termination Event” means the expiration of the Marriott Guaranty Term or the termination of Marriott’s
obligation to advance funds under the Marriott Guaranty for any reason pursuant to the terms of the Marriott Guaranty.

 

“MRP Tenant”
shall have the meaning set forth in the Preamble.

 

“Officer’s
Certificate” shall mean a certificate executed by a vice president of each Manager which certifies that with respect
to the Aggregate Annual Operating Statement delivered under Section 3.02.A hereof and the annual accounting delivered under
Section 3.02.B hereof, that the accompanying statement or accounting has been properly prepared in accordance with GAAP
and fairly presents the financial operations of the Portfolio Properties.

 

“Operating
Profit” shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Owner Agreement”
shall have the meaning set forth in the Management Agreements.

 

    6

     

    

 

“Person”
shall mean any individual or entity, and the heirs, executors, administrators, legal representatives, successors and assigns of
such individual or entity where the context so admits.

 

“Pooled Reserve”
shall have the meaning set forth in Section 5.02 hereof.

 

“Pooled Working
Capital” shall have the meaning set forth in Section 5.01.A hereof.

 

“Portfolio
Accounting Period” shall have the same meaning as the definition of “Accounting Period” as set forth in the
Management Agreements applicable to the Portfolio Properties. Marriott shall have the right to make changes to the Portfolio Accounting
Periods in the future, and appropriate corresponding adjustments to this Agreement’s reporting and accounting procedures
shall be made; provided, however, that no such change or adjustment shall in any way reduce or in any material respect
delay the distribution of Aggregate Operating Profit or other payments due hereunder.

 

“Portfolio
Agreements” shall mean all of the agreements, effective as of the Effective Date, by and among Marriott, the Landlords,
the Managers and the Tenants, as applicable, pertaining to the operation of the Portfolio Properties, including without limitation,
this Agreement, the Owner Agreements, the Exit Hotel Agreement and the Management Agreements.

 

“Portfolio
Fiscal Year” shall have the same meaning as the definition of “Fiscal Year” as set forth in the Management
Agreements applicable to the Portfolio Properties; provided, however, if the “Fiscal Year” as set forth
in the Management Agreements applicable to the Portfolio Properties changes, no such change or adjustment, as such change is implemented
in this Agreement, shall in any way reduce or in any material respect delay the distribution of Aggregate Operating Profit or other
payments due hereunder.

 

“Portfolio
Property” and “Portfolio Properties” shall have the meanings set forth in the Recitals.

 

“Post-Guaranty
Termination Threshold” shall mean, for any given period after the occurrence of a Marriott Guaranty Termination Event,
an amount equal to eighty percent (80%) of Aggregate Tenants’ Priority.

 

“Prior Pooling
Agreement” shall have the meaning set forth in the Recitals.

 

“Property”
and “Properties” shall have the meanings set forth in the Recitals.

 

“Prorated
Portions” shall have the meaning set forth in Section 3.01 hereof.

 

“Reimbursable
Advances” shall mean the amounts paid or payable in respect of Section 2.02.A(4) hereof.

 

“Renovation-Related
Agreements” shall have the meaning set forth in the Management Agreements.

 

    7

     

    

 

“Renovations”
shall mean the renovation and improvement work relating to certain Portfolio Properties pursuant to the Renovation-Related Agreements.

 

“Reserve(s)”
shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Rules”
shall have the meaning set forth in the Management Agreements.

 

“Second Incentive
Management Fee” shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Security
Deposit” shall mean the security deposit in the aggregate original amount of Sixty-Four Million Seven Hundred Thousand
Dollars ($64,700,000), held by the Tenants pursuant to the terms of the Security Deposit Agreement.

 

“Security
Deposit Advances” shall mean advances made pursuant to the terms of the Security Deposit Agreement.

 

“Security
Deposit Agreement” shall mean that certain Amended and Restated Security Deposit Agreement, dated as of the Execution
Date but to be effective as of the Effective Date, among Marriott, the Managers and the Tenants, as the same may be amended, modified
or supplemented from time to time.

 

“Security
Deposit Replenishment” shall mean the amounts paid or payable in respect of Section 2.02.A(7) hereof to the replenishment
of the Security Deposit to the original amount of Sixty-Four Million Seven Hundred Thousand Dollars ($64,700,000), as such amount
may be adjusted from time to time pursuant to the Security Deposit Agreement.

 

“Sum Due Marriott”
shall have the meaning set forth in Section 2.02.A(4) hereof.

 

“Sum Due Tenants”
shall have the meaning set forth in Section 2.02.A(4) hereof.

 

“SVC”
shall mean Service Properties Trust (formerly Hospitality Properties Trust), a Maryland real estate investment trust.

 

“SVC Guaranty”
shall mean that certain Amended and Restated Guaranty Agreement, dated as of the Execution Date but to become effective as of the
Effective Date, as the same may be amended, modified or supplemented from time to time, pursuant to which SVC has agreed to guarantee
to Marriott and the Managers (subject to the terms, conditions and limitations set forth therein) the obligations of the Landlords
and the Tenants under the Portfolio Agreements as set forth therein.

 

“System Fee”
shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“T-234
Lease” shall have the meaning set forth in the Recitals.

 

“Tenant”
and “Tenants” shall have the meanings given such terms in the Preamble.

 

    8

     

    

 

“Tenant Advances”
shall mean all Tenant Working Capital Advances and Tenant Aggregate Operating Loss Advances made by the Tenants from time to time.

 

“Tenant Aggregate
Operating Loss Advance” shall have the meaning set forth in Section 3.03 hereof.

 

“Tenant Deconsolidation
Event” shall have the meaning set forth in Section 6.02 hereof.

 

“Tenant Default”
shall have the meaning set forth in the Management Agreements.

 

“Tenant Working
Capital Advances” shall have the meaning set forth in Section 5.01.B hereof.

 

“Tenant’s
Priority” shall have the meaning, for each Property, given such term in the Management Agreement for such Property.

 

“Tenants’
Termination Threshold” shall mean, for any given period prior to the occurrence of a Marriott Guaranty Termination Event,
an amount equal to eighty-five percent (85%) of Aggregate Tenants’ Priority.

 

“Working Capital”
shall have the meaning, with respect to each Property, given such term in the Management Agreement for such Property.

 

ARTICLE II

 

COMPENSATION OF MANAGERS; PRIORITIES FOR

 

DISTRIBUTION OF AGGREGATE OPERATING PROFIT

 

2.01         
System, Base and Incentive Management Fees. In lieu of the System Fee, the Base Management Fee, the First Incentive
Management Fee, and the Second Incentive Management Fee to be paid pursuant to Section 3.01 of each Management Agreement, the Managers
of the Portfolio Properties and the Tenants agree that such Managers shall be paid, collectively, the following management fees:

 

A.               
The Aggregate System Fee; plus

 

B.                
The Aggregate Base Management Fee; plus

 

C.                
The Aggregate First Incentive Management Fee; plus

 

D.               
The Aggregate Second Incentive Management Fee.

 

    9

     

    

 

The Aggregate Management Fees shall
be allocated among the Managers as the Managers shall determine in their sole discretion, and the Tenants shall have no
responsibility or liability in connection with any such allocation as determined by the Managers or the distribution thereof
among the Managers. If in any Portfolio Fiscal Year the amount of Aggregate Operating Profit is insufficient, after
distributions higher in the priority of payments set forth in Section 2.02.A hereof, to pay the full amount of the
Aggregate Base Management Fee, Aggregate First Incentive Management Fee or the Aggregate Second Incentive Management Fee due
for such Portfolio Fiscal Year, the amount paid shall be allocated among the Managers as the Managers shall determine in
their sole discretion, and (i) any portion of the Aggregate Base Management Fee left unpaid shall accrue and be payable
in subsequent Portfolio Fiscal Years and (ii) any portion of the Aggregate First Incentive Management Fee or the
Aggregate Second Incentive Management Fee for such Portfolio Fiscal Year left unpaid shall be deemed waived and shall not
accrue or be payable in any subsequent Portfolio Fiscal Year and in no event shall the Tenants be liable for the payment of
any unpaid portion of the Aggregate First Incentive Management Fee or the Aggregate Second Incentive Management Fee to
Managers. Upon the termination of this Agreement and following the completion of the final accounting provided for in Section
11.11.A of the Management Agreements and distributions provided thereunder, all accrued but unpaid Aggregate Management Fees
(including, without limitation, any accrued Base Management Fees) shall be deemed waived, and in no event shall the Tenants
be liable for the payment of any unpaid portion of such Aggregate Management Fees to the Managers.

 

2.02         
Priorities for Distribution of Aggregate Operating Profit.

 

A.            
Aggregate Operating Profit shall be distributed, to the extent available, in the following order of priority (which distributions
Marriott and the Managers are irrevocably authorized to pay):

 

1.                 
First, to the Tenants, in an amount equal to Aggregate Tenants’ Priority.

 

2.                 
Second, to the Tenants, in an amount equal to the aggregate amount of the Ground Lease Rent due pursuant to the ground leases
(if any) to which the Portfolio Properties are subject (the “Aggregate Ground Lease Rent”).

 

3.                 
Third, to the Managers, in an amount equal to the Aggregate Base Management Fee.

  

4.                  Fourth,
pari passu, to (a) the Tenants, in an amount necessary to reimburse the Tenants for all Tenant Advances made by the
Tenants which have not yet been repaid by distributions pursuant to this Section 2.02.A(4), and (b) to Marriott,
in an amount necessary to reimburse Marriott, Managers and/or any Affiliate for all Additional Marriott Advances and all
Additional Manager Advances made by Marriott, Managers or any Affiliate from time to time which have not yet been repaid by
distributions pursuant to this Section 2.02.A(4). If at any time the amounts available for distribution to the Tenants
and Marriott and/or any Affiliate pursuant to this Section 2.02.A(4) (“Available Funds”) are
insufficient (i) to repay to the Tenants all outstanding Tenant Advances (the “Sum Due Tenants”), and
(ii) to repay to Marriott, Managers and/or any Affiliate all outstanding Additional Marriott Advances and Additional
Manager Advances (the “Sum Due Marriott”), then (X) the Tenants shall be paid from the Available
Funds the amount obtained by multiplying a number equal to the amount of the Available Funds by a fraction, the numerator of
which is the Sum Due Tenants and the denominator of which is a number equal to the sum of the Sum Due Tenants plus the Sum
Due Marriott, and (Y) Marriott shall be paid from the Available Funds the amount obtained by multiplying a number equal to
the amount of the Available Funds by a fraction, the numerator of which is the Sum Due Marriott and the denominator of which
is a number equal to the sum of the Sum Due Tenants plus the Sum Due Marriott.

 

    10

     

    

 

5.                 
Fifth, to the Managers, in an amount equal to any accrued but unpaid Aggregate Base Management Fees.

 

6.                 
Sixth, to the Managers, in an amount equal to the Aggregate First Incentive Management Fee.

 

7.                 
Seventh, to the Tenants, in an amount up to sixty percent (60%) of Aggregate Operating Profit remaining after deducting
amounts paid or payable in respect of Sections 2.02.A(1) through (6) hereof necessary for the Security Deposit Replenishment.

 

8.                 
Eighth, to the Managers, in an amount equal to the Aggregate Second Incentive Management Fee.

 

9.                 
Finally, to the Tenants, the balance, if any.

 

B.                 For
any Portfolio Accounting Period, and subject to the terms hereof, the Tenants shall receive Aggregate Tenants’ Priority
in accordance with the terms hereof, subject, however, to the following provisions of this Section 2.02.B. If the
Aggregate Operating Profit for the applicable Portfolio Accounting Period, as determined by Marriott and the Managers,
is less than Aggregate Tenants’ Priority with respect to such Portfolio Accounting Period (an “Aggregate
Tenants’ Priority Shortfall”), then such Aggregate Tenants’ Priority Shortfall shall first be funded by
Security Deposit Advances, and if the Security Deposit is depleted or otherwise insufficient to fund such Aggregate
Tenants’ Priority Shortfall, then the amount of the Aggregate Tenants’ Priority Shortfall required to satisfy the
Tenants’ Termination Threshold shall be funded by Marriott Guaranty Advances, subject to and in accordance with the
terms of the Marriott Guaranty, for so long as the Marriott Guaranty is in effect, and any such amounts funded in excess of
the Tenants’ Termination Threshold shall be deemed to have been funded by Marriott as an Additional Marriott Advance
and/or Manager as an Additional Manager Advance (as applicable) and not as a Marriott Guaranty Advance. Any amount of the
Aggregate Tenants’ Priority Shortfall not funded from the Security Deposit or by Marriott or its Affiliates shall
accrue and be paid as provided in Section 3.01 hereof. If a Marriott Guaranty Termination Event has occurred, then
Marriott and/or its Affiliates may, without any obligation and in its or their sole and absolute discretion, fund up to the
Post-Guaranty Termination Threshold, and any such amounts funded by Marriott and/or its Affiliates following such Marriott
Guaranty Termination Event shall be deemed Additional Marriott Advances and/or Additional Manager Advances (as applicable).
If (a) no Marriott Guaranty Termination Event has occurred, and Marriott has not funded up to the Tenants’
Termination Threshold under the Marriott Guaranty as provided herein for the applicable Portfolio Fiscal Year on a cumulative
basis within ten (10) days of receiving written request from the Tenants or (b) a Manager Funding Termination Event has
occurred, then the Tenants shall have the right to effect a termination of this Agreement and all (but not less than all) of
the Management Agreements by written notice to Marriott, which termination shall be effective as of the effective date which
is set forth in said notice; provided that said effective date shall be at least sixty (60) days (or such longer
period required by applicable Legal Requirements concerning the termination of Portfolio Property employees) after the date
of such notice. If the termination is pursuant to clause (a) of this Section 2.02.B, then such termination
(i) shall be in accordance with the provisions of Section 11.11 of each Management Agreement, (ii) shall constitute
a Manager Default under each Management Agreement, and (iii) shall entitle the Tenants to all rights and remedies
available to them with respect to Manager Defaults as provided for in Article IX of each Management Agreement. If the
termination is due to a Manager Funding Termination Event, then such termination shall not constitute a Manager Default or
Manager Event of Default under any of the Management Agreements and shall be in accordance with the provisions of Section
11.11 of each Management Agreement.

 

    11

     

    

 

C.                
The parties acknowledge that, as of the Effective Date, the balance of the Security Deposit is estimated to be $33,638,180
(subject to reconciliation). During the term of this Agreement, the Tenants shall not make any payment from the Security Deposit,
or otherwise reduce the balance of the Security Deposit, except in connection with a Security Deposit Advance made pursuant to
Section 2.02.B hereof or otherwise as permitted by the Security Deposit Agreement.

 

D.               
Notwithstanding the provisions of Section 2.02.A(2) hereof, the parties hereby acknowledge and agree that none of
Manager, Marriott or any of their respective Affiliates are obligated to pay and in no event shall be liable in any way whatsoever
(i) for any payment of, or failure to pay, the Aggregate Ground Lease Rent to the lessor(s) under any such ground leases;
and/or (ii) if there is insufficient Aggregate Operating Profit to cover the full amount of such Aggregate Ground Lease Rent.

 

E.                
Notwithstanding any provision to the contrary contained in this Agreement, (i) all distributions and other amounts
payable to the Tenants hereunder shall be distributed or paid by Marriott and/or Managers to MRP Tenant for the benefit of both
Tenants and such amounts shall be allocated between the Tenants as the Tenants determine in their sole discretion, and Marriott,
Managers and their Affiliates shall have no responsibility or liability in connection with any such allocation or the distribution
thereof between the Tenants and (ii) all Aggregate Accounting Period Statements and other reports, statements and officer’s
certificates shall be delivered to MRP Tenant for the benefit of both Tenants.

 

    12

     

    

 

ARTICLE III

 

ACCOUNTING; INTERIM DISTRIBUTIONS; ANNUAL ADJUSTMENTS

 

3.01          Portfolio
Accounting Periods; Statements; Distributions. Within twenty (20) days after the close of each Portfolio Accounting
Period, Marriott shall deliver an interim accounting (the “Aggregate Accounting Period Statement”) to the
Tenants showing Aggregate Gross Revenues, Aggregate Deductions, Aggregate Operating Profit, and applications and
distributions thereof for such Portfolio Accounting Period. Notwithstanding the order of distribution of Aggregate Operating
Profit set forth in Section 2.02.A hereof, for each Portfolio Accounting Period, Marriott shall, with each such
accounting, transfer to the Tenants any interim amounts due the Tenants hereunder, transfer to the Managers any interim
amounts due the Managers, and retain any interim amounts due to Marriott under Section 2.02.A hereof. In addition,
each applicable Manager shall provide each applicable Tenant with interim accountings pursuant to the applicable Management
Agreement on an Accounting Period basis for each Portfolio Property that it manages for such Tenant as if the applicable
Portfolio Property were not a participant in this Agreement. If the portion of Aggregate Operating Profit to be distributed
to the Tenants pursuant to Sections 2.02.A(1), (2), (4) or (7) hereof is insufficient to pay each
of such interim amounts then due in full following the end of any Portfolio Accounting Period, then any such interim amounts
left unpaid shall be paid from and to the extent of Aggregate Operating Profit available therefor at the time distributions
are made for following successive Portfolio Accounting Periods until such interim amounts are paid in full, and such payments
shall be made from such Aggregate Operating Profit in the same order of priority as other payments made on account of such
items following such Portfolio Accounting Periods. If the portion of Aggregate Operating Profit to be distributed to Marriott
or the Managers pursuant to Section 2.02.A(3), (4), (5), (6) or (8) hereof is insufficient
to pay each of such interim amounts then due in full following the end of any Portfolio Accounting Period, then, any such
interim amounts left unpaid shall be paid from and to the extent of Aggregate Operating Profit available therefor at the time
distributions are made following successive Portfolio Accounting Periods until such interim amounts are paid in full, and
such payments shall be made from such Aggregate Operating Profit in the same order of priority as other payments made on
account of such items following such Portfolio Accounting Periods. The portion of Aggregate Operating Profit to be
distributed as interim distributions to the Tenants as Aggregate Tenants’ Priority, as Aggregate Ground Lease Rent and
as Security Deposit Replenishment pursuant to Section 2.02.A hereof for the then-current Portfolio Fiscal Year, as
well as the portion of Aggregate Operating Profit to be distributed to the Managers as their Aggregate Base Management Fee,
Aggregate First Incentive Management Fee and Aggregate Second Incentive Management Fee pursuant to Section 2.02.A
hereof shall be determined by applying in each instance a cumulative prorated amount to such Aggregate Tenants’
Priority, Aggregate Ground Lease Rent, Aggregate Base Management Fee, Aggregate First Incentive Management Fee, Security
Deposit Replenishment and Aggregate Second Incentive Management Fee (calculated on a year-to-date basis, with the prorated
amount being one-twelfth (1/12) of the total amount for each of such items for each Portfolio Accounting Period of each
Portfolio Fiscal Year) to the year-to-date cumulative Aggregate Operating Profit (all such portions being hereinafter
collectively referred to as the “Prorated Portions”). In each Portfolio Accounting Period after the first
Portfolio Accounting Period of a Portfolio Fiscal Year, inclusive, the Prorated Portions shall be adjusted to reflect
distributions, in each instance, to the Tenants and the Managers and retention by Marriott of Aggregate Operating Profit with
respect to such Prorated Portions for prior Portfolio Accounting Periods during the then-current Portfolio Fiscal Year. All
distributions shall be made in the order of priority as set forth in Section 2.02.A hereof.

 

    13

     

    

 

3.02         
Annual Accounting Statements and Cash Adjustments.

 

A.                Calculations
and payments of the Aggregate First Incentive Management Fee, the Aggregate Second Incentive Management Fee, Aggregate
Tenants’ Priority, Aggregate Ground Lease Rent and distributions of Aggregate Operating Profit made with respect to
each Portfolio Accounting Period within a Portfolio Fiscal Year shall be accounted for cumulatively within a Portfolio
Fiscal Year, but shall not be cumulative from one Portfolio Fiscal Year to the next. Calculations and payments of Aggregate
Base Management Fees, Reimbursable Advances and the Security Deposit Replenishment shall be accounted for cumulatively within
a Portfolio Fiscal Year, and shall be cumulative from one Portfolio Fiscal Year to the next. Calculations of Security Deposit
Advances and Marriott Guaranty Advances shall be accounted for cumulatively within a Portfolio Fiscal Year. Within sixty (60)
days after the end of each Portfolio Fiscal Year, Marriott and the Managers shall deliver to the Tenants a statement (an
 “Aggregate Annual Operating Statement”) in reasonable detail summarizing the operations of the Portfolio
Properties for the immediately preceding Portfolio Fiscal Year, and an Officer’s Certificate certifying that such
Aggregate Annual Operating Statement is true and correct. Marriott, the Managers and the Tenants shall, within ten (10)
Business Days after the Tenants’ receipt of such Aggregate Annual Operating Statement, make any adjustments, by cash
payment, in the amounts paid or retained for such Portfolio Fiscal Year as are needed because of the final figures set forth
in such Aggregate Annual Operating Statement. Such final accounting shall be controlling over the interim accountings and
shall be final subject to adjustments required as a result of an audit requested by the Landlords or the Tenants pursuant to
each Management Agreement. No adjustment shall be made for any Aggregate Operating Loss or Aggregate Operating Profit in a
preceding or subsequent Portfolio Fiscal Year. Each Manager shall provide the applicable Tenant with interim and annual
statements pursuant to the applicable Management Agreement for each Portfolio Property that it manages as if the applicable
Portfolio Property were not a participant in this Agreement.

 

B.                
In addition, on or before April 30 of each Portfolio Fiscal Year, commencing on April 30, 2021, Marriott and the
Managers shall deliver to the Tenants and the Landlords an Officer’s Certificate setting forth the totals of Aggregate Gross
Revenue, Aggregate Deductions, the calculation of Aggregate Tenants’ Priority, and Security Deposit Replenishments for the
Properties which were Portfolio Properties with respect to which this Agreement was in effect for the preceding Portfolio Fiscal
Year, subject to the audit rights of the Tenants as set forth in each Management Agreement. Notwithstanding anything contained
in this Agreement to the contrary, Marriott and the Managers shall remain obligated to deliver an Officer’s Certificate as
required by Section 3.02.B of the Prior Pooling Agreement on or before April 30, 2020. MRP Tenant shall have the right to
audit such Officer’s Certificate in accordance with the Prior Pooling Agreement, and the applicable parties shall make such
adjustments with respect thereto as would be required under the Prior Pooling Agreement.

 

3.03         
Aggregate Operating Loss. To the extent there is an Aggregate Operating Loss for any Portfolio Fiscal Year, the Tenants
shall have the right, without any obligation and in their sole and absolute discretion, to advance funds required to fund such
Aggregate Operating Loss within twenty (20) days after Marriott has delivered written notice thereof to the Tenants. Any Aggregate
Operating Loss so funded by the Tenants shall constitute a “Tenant Aggregate Operating Loss Advance.” If the
Tenants do not fund such Aggregate Operating Loss in accordance with the terms of this Section 3.03, then Marriott or its
Affiliates shall also have the right, within twenty (20) days after such initial twenty (20)-day period, without any obligation
and in its or their sole and absolute discretion, to advance funds required to fund such Aggregate Operating Loss, and any such
advance shall constitute an Additional Marriott Advance or Additional Manager Advance (as applicable). Any Tenant Aggregate Operating
Loss Advances and/or Additional Marriott Advances and/or Additional Manager Advances shall be repaid in accordance with Section
2.02.A(4) hereof.

 

    14

     

    

 

ARTICLE IV

 

ACCOUNTS; EXPENDITURES

 

4.01         
Accounts. All funds derived from operation of the Portfolio Properties shall be deposited in one or more bank accounts
designated by Marriott, which accounts may be commingled accounts containing other funds owned by or managed by Marriott. The Pooled
Reserve shall be held in an interest bearing escrow reserve account in a bank or similar institution designated by Manager and
reasonably acceptable to the Tenants and the Landlords, and the Pooled Reserve shall not be commingled with any other funds. Withdrawals
from said accounts shall be made solely by representatives of Marriott whose signatures have been authorized. Reasonable petty
cash funds shall be maintained at the Portfolio Properties.

 

4.02         
Expenditures and Payments.

 

A.               
Marriott, on behalf of and in coordination with the Managers pursuant to their obligations under the Management Agreements,
and in each instance subject to the provisions of this Agreement, shall make expenditures, to the extent of the sufficiency of
funds available therefor pursuant to this Agreement, for all Aggregate Deductions. The Tenants agree and authorize Marriott to
reimburse Marriott or any Affiliate for Emergency Funding from future Reserves of the applicable Portfolio Properties, unless Marriott
or any Affiliate, as applicable, elects to treat such Emergency Funding as an Additional Manager Advance or Additional Marriott
Advance with respect to the Portfolio Property.

 

B.                
Each Tenant irrevocably authorizes and directs Marriott to pay and Marriott agrees to pay (or repay, as applicable), from
Aggregate Operating Profit, without notice, demand or request therefor, but in each instance subject to the provisions of this
Agreement: (i) distributions to the Tenants with respect to Aggregate Tenants’ Priority, (ii) distributions to
the Tenants with respect to the Aggregate Ground Lease Rent (if any), (iii) distributions to the Managers with respect to
the Aggregate Base Management Fee, (iv) distributions to the Tenants, Marriott and/or the Managers with respect to the Tenant
Advances, Additional Marriott Advances and Additional Manager Advances, (v) distributions to the Managers with respect to
any accrued, but unpaid Aggregate Base Management Fees, (vi) distributions to the Managers with respect to the Aggregate First
Incentive Management Fee, (vii) distributions to the Tenants for Security Deposit Replenishment, (viii) distributions
to the Managers with respect to the Aggregate Second Incentive Management Fee, and (ix) distributions to the Tenants of the
remaining balance, if any, in each of the foregoing instances set forth in this Section 4.02.B(i) through (ix), at the time
interim distributions are made pursuant to Section 3.01 hereof, and to the extent of the sufficiency of, and in the order
of distribution of, Aggregate Operating Profit pursuant to Section 2.02.A hereof.

 

4.03         
Classification of Advances Made by Marriott.

 

A.                Notwithstanding
anything herein to the contrary, within sixty (60) days after the end of each Portfolio Fiscal Year, Marriott shall determine
whether any Additional Manager Advance, any Additional Marriott Advance or any Marriott Guaranty Advance (pursuant to the
terms of the Marriott Guaranty) was made with respect to such Portfolio Fiscal Year, and if Marriott or the Managers has made
such an advance with respect to such Portfolio Fiscal Year, then Marriott shall advise the Tenants in writing of the type and
amount of such advance, and the balance of the Aggregate Amount Funded shall be deemed increased by the amount of any
Marriott Guaranty Advance.

 

    15

     

    

 

B.                
Notwithstanding anything herein to the contrary, if the Landlords or the Tenants fail timely to fund the cost of the Renovations
to the Portfolio Properties in accordance with the terms of the Renovation-Related Agreements, and such failure continues for a
period of ten (10) days following receipt of Marriott’s written request for the same to the Landlords and the Tenants, then
(i) such failure shall constitute a Marriott Guaranty Termination Event, and (ii) any and all outstanding Marriott Guaranty
Advances made prior to the date thereof shall be immediately due and payable by the Landlords and the Tenants (and/or by SVC pursuant
to the SVC Guaranty) to Marriott.

 

ARTICLE V

 

POOLING OF WORKING CAPITAL AND RESERVES

 

5.01         
Pooling of Working Capital.

 

A.               
The Working Capital applicable to all Portfolio Properties pursuant to the Management Agreements shall be pooled and used
by Marriott and the Managers for the purposes set forth in Section 4.02.A hereof pursuant to the Managers’ cash-management
policies (the “Pooled Working Capital”). Upon any Manager Deconsolidation Event as to one or more but less
than all of the Portfolio Properties, Pooled Working Capital shall be allocated as described in Section 6.02.A hereof;
provided, however, that any allocation of Pooled Working Capital following an Exit Hotel Removal shall be made in
accordance with the terms of the Exit Hotel Agreement. Upon the expiration or termination of all Management Agreements for all
Portfolio Properties, the Tenants shall, except as otherwise provided in the Management Agreements or this Agreement, receive
any unused Pooled Working Capital.

 

B.                
Upon written notice from Marriott, the Tenants shall, within ten (10) Business Days of Marriott’s request, advance
funds necessary to maintain Pooled Working Capital at a level determined by Marriott to be reasonably necessary to satisfy the
needs of the Portfolio Properties as their operation may from time to time require (such additional funds, the “Additional
Pooled Working Capital”). Any such request by Marriott shall be accompanied by a reasonably detailed explanation of
the reasons for this request. All funds so advanced shall be added to Pooled Working Capital. All advances made by the Tenants
pursuant to this Section 5.01.B shall constitute “Tenant Working Capital Advances.” Tenant Working Capital
Advances shall be repaid in accordance with Section 2.02.A(4) hereof. If the Tenants fail to timely fund such Additional
Pooled Working Capital within ten (10) Business Days after Marriott’s request for the same, then, without affecting the
Managers’ rights and remedies under the Management Agreements, Marriott or its Affiliates shall have the right, without
any obligation and in its or their sole and absolute discretion, to advance such Additional Pooled Working Capital within ten
(10) Business Days after such initial ten (10)-Business Day period, and any such advances shall constitute Additional Marriott
Advances or Additional Manager Advances, which shall be repaid as provided in Section 2.02.A(4) hereof. If the Tenants
do not elect to advance funds as contemplated in this Section 5.01.B, then the Managers shall have the rights set forth
in Section 9.07.A of each Management Agreement.

 

    16

     

    

 

5.02         
Pooling of Reserves.

 

A.               
All deposits required to be made to the Reserves pursuant to the Management Agreements with respect to the Portfolio Properties
shall instead be pooled into one account to be used for the purposes set forth in the Management Agreements and the Renovation-Related
Agreements for the Portfolio Properties on a pooled basis (the “Pooled Reserve”). Subject to the terms of the
Renovation-Related Agreements, the funds in the Pooled Reserve shall be available for all Portfolio Properties regardless of the
amount of funds that would otherwise be held in a Reserve for a particular Portfolio Property if the Reserves were separately maintained.
Upon any Manager Deconsolidation Event as to one or more but less than all of the Portfolio Properties, the Pooled Reserve shall
be allocated as described in Section 6.02.A hereof; provided, however, that any allocation of the Pooled Reserves
following an Exit Hotel Removal shall be made in accordance with the terms of the Exit Hotel Agreement. Upon the expiration or
termination of all Management Agreements for all Portfolio Properties, Marriott and the Managers shall, except as otherwise provided
in the Management Agreements or this Agreement, release and transfer to the applicable Landlords or (if directed by a Landlord)
to the applicable Tenants the remaining Pooled Reserve funds after payment of all expenses that are to be paid out of the Reserves
pursuant to the Management Agreements relating to periods prior to such expiration or termination.

 

B.                
For the avoidance of doubt, the parties acknowledge and agree that the Landlords and the Tenants have an obligation to provide
the additional funds for Reserves required in accordance with Section 5.07 of the Management Agreements and that each Manager shall
have the remedies afforded to it under the terms of the Management Agreements for the failure or refusal by the Landlords or the
Tenants to provide such additional funds.

 

ARTICLE VI

 

REMOVAL OF PROPERTIES AS PORTFOLIO PROPERTIES

 

6.01         
Intentionally Deleted.

 

6.02          Removal
of Properties as Portfolio Properties. Each of the following shall be, with respect to any Portfolio Property, and
subject to the immediately succeeding paragraph, a “Deconsolidation Event”: (i) if any Portfolio
Property (other than with respect to an Exit Hotel Removal) ceases to be owned by the applicable Landlord as of the date
hereof, or any Affiliate thereof or of SVC, which for the purposes hereof, shall include a transfer of a Controlling Interest
in such Landlord if following such transfer, such Landlord is not owned or controlled by SVC or an Affiliate of SVC (a
 “Landlord Deconsolidation Event”); (ii) if any Portfolio Property (other than with respect to an Exit
Hotel Removal) ceases to be leased by the applicable Tenant, or any Affiliate thereof or of SVC, which for the purposes
hereof, shall include a transfer of a Controlling Interest in such Tenant other than to SVC or an Affiliate of SVC (a
 “Tenant Deconsolidation Event”); or (iii) if the applicable Management Agreement is terminated with
respect to such Portfolio Property (other than with respect to an Exit Hotel Removal), and such termination does not
otherwise result in the execution of a new management agreement having the same terms as the terms of the applicable
Management Agreement with SVC or an Affiliate of SVC (a “Manager Deconsolidation Event”). Except as
expressly set forth herein, no provision of this Agreement shall be construed as modifying the terms of any Lease,
Management Agreement or Owner Agreement with respect to transfer of any interest of any part therein.

 

    17

     

    

 

Notwithstanding the
foregoing, or anything to the contrary contained herein or in any other Portfolio Agreement, except with respect to a total condemnation
of any Portfolio Property, (1) no Landlord Deconsolidation Event shall or can occur prior to the expiration or earlier termination
of this Agreement; (2) no Tenant Deconsolidation Event shall or can occur prior to the completion of the Renovations pursuant
to the Renovation-Related Agreements; and (3) following the completion of the Renovations pursuant to the Renovation-Related
Agreements, the Tenants may consummate a Tenant Deconsolidation Event with respect to all (but not less than all) of the Portfolio
Properties subject to this Agreement at the time of such Tenant Deconsolidation Event, at no cost to Marriott or the Managers,
provided that (a) the applicable Landlord or an Affiliate thereof or SVC shall continue to own the Portfolio Properties, (b) the
permitted purchaser must meet and comply with the requirements of Section 10.02 of the Management Agreements and those set forth
in the applicable Lease, and (c) such Landlord, the applicable Tenant and the permitted purchaser shall execute and deliver
such documents as Marriott and the Managers may reasonably require, including any documents required under the applicable Owner
Agreement, to reflect such assignment or transfer and the continued applicability of the Portfolio Agreements with respect to the
Portfolio Properties.

 

A.               
From and after the date of a Manager Deconsolidation Event with respect to any particular Portfolio Property, such Property
shall no longer be treated as a Portfolio Property pursuant to this Agreement. If the Manager Deconsolidation Event occurs on
a day other than the last day of a Portfolio Accounting Period, the parties shall exclude such prorated amounts of the Gross Revenues
and Deductions (and other amounts as may be necessary) applicable to such Property for the period following the Manager Deconsolidation
Event, as are appropriate in their reasonable judgment, in the calculation of Aggregate Gross Revenues and Aggregate Deductions
(and other amounts as may be necessary) for the Portfolio Accounting Period in which the Manager Deconsolidation Event occurred.
Additionally, the parties shall make such prorations, adjustments, allocations, and changes pursuant to the Allocation Formula
set forth in Section 6.02.B hereof to reflect the removal of such Property from being subject to this Agreement and the
applicable Management Agreement. Additionally, in the case of a Manager Deconsolidation Event, the applicable Tenant and the applicable
Manager, both acting reasonably, shall determine the portion of (1) the Pooled Working Capital allocable to the Property being
removed from this Agreement and the amount of the Pooled Working Capital so allocated shall be remitted to the parties entitled
to the same pursuant to the applicable Management Agreement, the applicable Owner Agreement and this Agreement, and (2) the Pooled
Reserve allocable to the Property being removed from this Agreement and the amount of the Pooled Reserve so allocated shall, after
payment of all amounts properly payable therefrom pursuant to the applicable Management Agreement and this Agreement: (i) be
made available to the applicable Tenant to allow such Tenant to fulfill its obligations under the applicable Lease, if the Property
which is the subject of such Manager Deconsolidation Event shall remain subject to the such Lease, and (ii) otherwise, be
delivered to the applicable Landlord. In determining the portion of the Pooled Reserve allocable to such Property, the parties
shall take into account whether and when such Property and the Portfolio Properties have each undergone a substantial soft-goods
or case-goods replacement.

 

    18

     

    

 

B.                
The “Allocation Formula” shall be to multiply the amount in question by a fraction, the numerator of
which is the Operating Profit for the Property with respect to which a Manager Deconsolidation Event has occurred for the preceding
twelve (12) full Portfolio Accounting Periods, and the denominator of which is the Aggregate Operating Profit for all Portfolio
Properties for the same period.

 

C.                
From and after the date of a Tenant Deconsolidation Event as permitted hereinabove (that is not also a Manager Deconsolidation
Event) with respect to the Portfolio Properties, such Portfolio Properties shall continue to be subject to the terms, conditions
and provisions of this Agreement and of the other Portfolio Agreements. In connection with any permitted Tenant Deconsolidation
Event, the applicable Landlord, the applicable Tenant and the permitted successor to such Tenant shall execute and deliver such
documents as Marriott and the Managers may reasonably require to confirm and reflect such Tenant Deconsolidation Event and the
continued applicability of this Agreement and the other Portfolio Agreements with respect to the Portfolio Properties.

 

D.               
Notwithstanding the provisions of this Section 6.02 to the contrary, in the event of a Manager Deconsolidation Event
with respect to any particular Portfolio Property, the amounts of any outstanding Additional Marriott Advances, any outstanding
Additional Manager Advances and any outstanding Tenant Advances shall not be adjusted upon the removal of such Property and shall
remain subject to reimbursement to Marriott, Managers and/or Tenants pursuant to this Agreement; provided, however,
that if the Manager Deconsolidation Event with respect to such Portfolio Property was caused by a Tenant Default, then, notwithstanding
the foregoing, there shall be a reduction to the amount of any outstanding Tenant Advances to reflect an allocation of a portion
of such Tenant Advances to such Property upon the removal of such Property from this Agreement (which allocation shall be determined
based on the Allocation Formula) and (i) the amount of such allocation shall reduce the amount of the outstanding Tenant Advances
for the remaining Portfolio Properties as of the date of the Manager Deconsolidation Event and (ii) following the Manager
Deconsolidation Event, Tenants shall not have any right to reimbursement for the amount of any Tenant Advances so allocated to
the Property being removed from this Agreement.

 

    19

     

    

 

ARTICLE VII

 

MISCELLANEOUS PROVISIONS

 

7.01         
Notices. Subject to the provisions of this Section 7.01, notices and other communications under this Agreement
must be (i) in writing; (ii) delivered by hand against receipt, by certified or registered mail, postage prepaid, return
receipt requested or by a nationally recognized overnight delivery service; and (iii) addressed as provided below or at any
other address designated in writing by the party receiving the notice. Any notice will be deemed received when delivery is received
or refused at the address provided below or at the other address designated in writing.

 

	 	To the Tenants:	HPT TRS MRP, Inc.

HPT CY TRS, Inc.

c/o Service Properties Trust

Two Newton Place

255 Washington Street

Newton, Massachusetts 02458

Attn: President

Phone: (617) 964-8389
	 	 	 
	 	To Marriott:

(and/or to a Manager,

 addressed to such

 Manager in care of 

Marriott)	Marriott International, Inc.

10400 Fernwood Road

Bethesda, Maryland 20817

Attn: Law Department 52/923 – Hotel Operations

Phone: (301) 380-9555
	 	 	 
	 	with a copy to:	Marriott International, Inc.

10400 Fernwood Road

Bethesda, Maryland 20817

Attn: Department 51/911 – Lodging Financial Analysis

Phone: (301) 380-7301

 

Notwithstanding the foregoing, Marriott
may provide the Tenants and the Landlords with electronic delivery of the reports required under this Agreement. Marriott, the
Tenants and the Landlords will reasonably cooperate with one another to adapt to new technologies that may be available for the
transmission of such reports.

 

7.02         
Applicable Law. This Agreement shall be interpreted, construed, applied and enforced in accordance with the laws
of the State of Maryland, without regard to its “choice of law” rules.

 

7.03         
Dispute Resolution; Arbitration and Expert Resolution. Disputes under this Agreement shall be resolved by Arbitration
in accordance with the procedures set forth in Section 11.23.A of the Management Agreements, unless the underlying dispute is one
which, if arising under the Management Agreements would be resolved by referral to an Expert, in which event, the Dispute shall
be resolved in accordance with the procedures set forth in Section 11.23.B of the applicable Management Agreement(s).

 

7.04         
Waiver of Jury Trial. In the event there occurs a Dispute, or an aspect of a Dispute, which under the Rules cannot
be resolved by Arbitration, but must be referred to a court for determination, each Tenant, Marriott and Manager hereby absolutely,
irrevocably and unconditionally waives trial by jury in connection with any litigation, action, suit or proceeding relating to
the resolution of such Dispute.

 

7.05          Binding
Effect. The rights, powers, privileges, and discretions (hereinafter referred to as the “rights”) to which
the parties may be entitled hereunder shall inure to the benefit of each of their respective successors and
permitted assigns. All the rights of the parties herein are cumulative and not alternative and may be enforced successively
or concurrently. Failure of any party to exercise any of its rights shall not be deemed a waiver thereof, and no waiver of
any of a party’s rights shall be deemed to apply to any other rights. The terms, covenants, and conditions of or
imposed upon each party herein shall be binding upon the successors and assigns of such party.

 

    20

     

    

 

7.06         
Severability. In case any provision (or any part of any provision) contained in this Agreement shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such invalid, illegal or unenforceable provision shall not affect
any other provision (or remaining part of the affected provision) of this Agreement, but this Agreement shall be construed as if
such invalid, illegal or unenforceable provision had not been included herein.

 

7.07         
Grammar. When used herein, the singular shall include the plural, the plural shall include the singular, and the
use of any gender shall be applicable to all genders.

 

7.08         
Time of the Essence. Time is of the essence in the performance of the obligations and undertakings of the parties
hereto.

 

7.09         
Captions. The captions appearing in this Agreement are inserted only as a matter of convenience and do not define,
limit, construe or describe the scope or intent of the sections of this Agreement nor in any way affect this Agreement.

 

7.10         
Remedies. No remedy herein conferred upon a party hereto is intended to be exclusive of any other remedy, and each
and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing
at law or in equity or by statute or otherwise.

 

7.11         
Due Authorization. Each party hereto represents and warrants to the other that this Agreement has been duly authorized,
executed and delivered by the representing party, and constitutes the binding and enforceable obligation of such party subject
to (i) applicable bankruptcy, insolvency, reorganization, moratorium, and other laws affecting the rights of creditors generally;
and (ii) the exercise of judicial discretion in accordance with general principles of equity.

 

7.12         
Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile or via
email in electronic or portable document format (.pdf) signature pages), each of which shall be deemed an original but all of which
together will constitute one and the same instrument.

 

7.13         
Entire Agreement. Subject to Section 7.19, this Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and shall supersede and take the place of all prior agreements and understandings,
both written and oral, among the parties hereto relating to the subject matter hereof including, without limitation, the Prior
Pooling Agreement.

 

7.14         
GAAP. All calculations made pursuant to this Agreement shall, except to the extent expressly provided to the contrary
herein, be made in accordance with GAAP, consistently applied.

 

    21

     

    

 

7.15         
Tenants’ Obligations Under the Leases. Nothing contained herein shall limit the Tenants’ obligations
under the Leases. It is acknowledged by the parties hereto that this Agreement is not intended to, and shall not, interfere with
or restrict a Landlord’s rights under any Lease.

 

7.16         
Termination of Tenants’ Liability. Upon expiration of the entire term of each Management Agreement, and following
the completion of the final accounting provided for in Section 11.11.A of each Management Agreement and the distributions provided
for therein, and provided that such expiration did not result from a default by any Tenant under any Management Agreement, Tenants
shall have no further liability for repayment of Additional Marriott Advances made pursuant to this Agreement.

 

7.17         
Default. It shall be a default by any party hereto if such party fails to perform any obligation hereunder within
eight (8) Business Days after receipt of written notice from a non-defaulting party demanding such cure, or, if such default is
susceptible of cure, but such cure cannot be accomplished within said eight (8) Business Day period of time, if the defaulting
party fails to commence the cure of such default within such eight (8) Business Day period of such notice or thereafter fails to
diligently pursue such cure to completion.

 

7.18         
NONLIABILITY OF OFFICERS, ETC. NO TRUSTEE, OFFICER, SHAREHOLDER OR AGENT OF MARRIOTT, ANY MANAGER OR ANY TENANT SHALL
BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, MARRIOTT, ANY MANAGER OR ANY
TENANT. ALL PERSONS DEALING WITH MARRIOTT, ANY MANAGER OR ANY TENANT, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF MARRIOTT, THE
APPLICABLE MANAGER OR THE APPLICABLE TENANT, AS THE CASE MAY BE, FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION
HEREUNDER.

 

7.19         
Single Agreement; Integration.

 

A.               
It is expressly acknowledged and agreed by each of Marriott, the Managers, the Landlords and the Tenants that the underlying
terms and conditions of this Agreement, the Marriott Guaranty, the Management Agreements and each and every other document and
agreement entered into in connection herewith or therewith and/or contemplated hereby or thereby (collectively, the “Deal
Terms”) have been negotiated by the parties as a single integrated transaction. The fact that there exists separate Management
Agreements for the different hotel brands is merely a matter of convenience to Marriott and the Managers to reflect their existing
internal corporate organization. The purpose of this Agreement and the intent of the parties hereto is that the Portfolio Properties
at all times constitute a single pool and portfolio and the Deal Terms have been established with that purpose. The aggregation
and integration of the Portfolio Properties into a single pool and portfolio is a material inducement to the Landlords and the
Tenants to agree to the Deal Terms and an underlying principle of the Deal Terms.

 

    22

     

    

 

B.                 The
Managers acknowledge and agree that a fundamental and material purpose of this Agreement is to integrate the
Portfolio Properties and Deal Terms as one and to invalidate the right of any Manager to reject any Management Agreement or
this Agreement as to a particular Portfolio Property (and not to all Portfolio Properties) in the event of a bankruptcy of
such Manager. Accordingly, each Manager hereby waives, to the maximum extent permitted by law, any right to terminate this
Agreement or reject any of the Deal Terms, whether pursuant to the Title 11 of the U.S. Code or any other similar
insolvency or state bankruptcy laws.

 

7.20         
No Rights of Third Parties. This Agreement does not give any rights or benefits to any Person that is not a party
to this Agreement, except as provided in this Agreement. To the extent that any Affiliate of a Manager or a Tenant is expressly
identified as having particular rights or benefits under this Agreement, such Person is entitled to enforce those rights and enjoy
those benefits in accordance with this Agreement.

 

7.21         
Prior Pooling Agreement. For the avoidance of doubt, the Prior Pooling Agreement shall continue to govern the rights
and obligations of the parties with respect to periods prior to the Effective Date, and this Agreement shall govern the rights
and obligations of the parties with respect to periods from and after the Effective Date.

 

    23

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement with the intention of creating an instrument under seal.

 

	 	MARRIOTT:
	 	 
	 	MARRIOTT INTERNATIONAL, INC.
	 	 
	 	By:	/s/ Julie Bowen 	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory
	 	 	 
	 	MANAGERS:
	 	 
	 	MARRIOTT HOTEL SERVICES, INC.
	 	 
	 	By:	/s/ Julie Bowen	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory

 

	 	RESIDENCE INN BY MARRIOTT, LLC
	 	 
	 	By:	/s/ Julie Bowen 	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory
	 	 	 
	 	COURTYARD MANAGEMENT CORPORATION
	 	 
	 	By:	/s/ Julie Bowen	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory
	 	 	 
	 	SPRINGHILL SMC, LLC
	 	 
	 	By:	/s/ Julie Bowen	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory
	 	 	 
	 	TOWNEPLACE MANAGEMENT, LLC
	 	 
	 	By:	/s/ Julie Bowen	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory

 

[Signature Page to Amended and Restated
Pooling Agreement]

 

     

     

    

 

	 	ESSEX HOUSE CONDOMINIUM CORPORATION
	 	 
	 	By:	/s/ Julie Bowen	(SEAL)
	 	Name:	Julie Bowen
	 	Title:	Authorized Signatory

 

[Signature Page to Amended and Restated
Pooling Agreement]

 

     

     

    

 

	 	TENANTS:
	 	 
	 	HPT TRS MRP, INC.
	 	 
	 	By:	/s/ John G. Murray	(SEAL)
	 	Name:	John G. Murray
	 	Title:	President
	 	 	 
	 	HPT CY TRS, INC.
	 	 	 
	 	By:	/s/ John G. Murray	(SEAL)
	 	Name:	John G. Murray
	 	Title:	President

 

[Signature Page to Amended and Restated
Pooling Agreement]

 

     

     

    

 

EXHIBIT A

 

PROPERTIES

 

	 	Unit Number	Property Name
	1	39-7R8	Kauai Marriott Hotel and Resort
	2	19-2KC	SpringHill Suites Seattle Renton
	3	19-2KD	SpringHill Suites Nashville Airport
	4	31-1JP	Courtyard Oakland Emeryville
	5	31-1MD	Courtyard Houston Hobby
	6	31-1NF	Courtyard Dallas Richardson
	7	31-1Q1	Courtyard Phoenix Tempe
	8	31-1Q2	Courtyard Ft. Worth Fossil Creek
	9	31-1Q3	Courtyard Pleasant Hill
	10	31-1Q7	Courtyard Birmingham Colonnade
	11	31-1Q8	Courtyard Allentown Bethlehem
	12	31-1QB	Courtyard San Ramon
	13	31-1QC	Courtyard Richmond NW
	14	31-1QD	Courtyard Oklahoma City NW
	15	31-1QE	Courtyard Chicago W. Dundee
	16	31-1QH	Courtyard Charleston North
	17	31-1QJ	Courtyard Durham
	18	31-1QM	Courtyard Detroit Novi
	19	31-1QN	Courtyard Las Vegas
	20	31-1QW	Courtyard Phoenix Chandler
	21	31-1QX	Courtyard San Francisco Oyster Point
	22	33-752	Marriott Nashville Airport
	23	57-126	Residence Inn Westborough
	24	57-128	Residence Inn Detroit Warren
	25	57-129	Residence Inn Annapolis
	26	57-130	Residence Inn Syracuse
	27	57-133	Residence Inn Philadelphia Willow Grove 
	28	57-135	Residence Inn Chicago Downtown
	29	57-142	Residence Inn Allentown Bethlehem
	30	57-143	Residence Inn Parsippany
	31	57-144	Residence Inn Fairfax Fair Lakes
	32	57-145	Residence Inn Charlottesville
	33	57-147	Residence Inn BWI Airport
	34	57-152	Residence Inn Chicago Waukegan
	35	57-155	Residence Inn Charleston, WV
	36	57-233	Residence Inn Atlanta Alpharetta
	37	57-235	Residence Inn Nashville
	38	57-236	Residence Inn Durham
	39	57-239	Residence Inn Atlanta Town Center
	40	57-242	Residence Inn Birmingham Homewood
	41	57-243	Residence Inn New Orleans Convention Center

 

    A-1

     

    

 

	 	Unit Number	Property Name
	42	57-248	Residence Inn Raleigh/Cary
	43	57-250	Residence Inn Raleigh-Durham Airport/Morrisville
	44	57-251	Residence Inn Atlanta Alpharetta Northpoint
	45	57-312	Residence Inn Dallas Market Center
	46	57-315	Residence Inn Dallas Central Expressway
	47	57-316	Residence Inn Albuquerque 
	48	57-319	Residence Inn Ft. Worth Fossil Creek
	49	57-320	Residence Inn San Antonio Riverwalk
	50	57-322	Residence Inn Dallas Richardson
	51	57-421	Residence Inn Fountain Valley
	52	57-424	Residence Inn Rancho Bernardo
	53	57-427	Residence Inn Phoenix Scottsdale
	54	57-428	Residence Inn Phoenix Tempe
	55	57-430	Residence Inn Fresno
	56	57-433	Residence Inn Reno South Meadows
	57	57-441	Residence Inn San Francisco Oyster Point
	58	64-5A1	TownePlace Suites Newport News
	59	64-5A2	TownePlace Suites Chantilly
	60	64-5A4	TownePlace Suites Richmond Northwest
	61	64-5A8	TownePlace Suites Atlanta Norcross
	62	64-5A9	TownePlace Suites Atlanta Northlake
	63	64-5AE	TownePlace Suites Chicago West Dundee
	64	64-5AG	TownePlace Suites Virginia Beach
	65	64-5AK	TownePlace Suites Detroit Novi
	66	64-5AL	TownePlace Suites Falls Church
	67	64-5AW	TownePlace Suites Phoenix Scottsdale
	68	64-5AX	TownePlace Suites Boston Danvers
	69	64-5BF	TownePlace Suites Seattle Renton
	70	31-1AD	Courtyard Atlanta Airport North
	71	31-1R7	Courtyard Atlanta Cumberland
	72	31-1P9	Courtyard Atlanta/Jimmy Carter Blvd.
	73	31-1AH	Courtyard Atlanta/Midtown
	74	31-1DG	Courtyard Boston/Danvers
	75	31-1F7	Courtyard Boston/Foxborough
	76	31-1DH	Courtyard Boston/Lowell
	77	31-1W8	Courtyard Boston/Milford
	78	31-1W6	Courtyard Boston/Stoughton
	79	31-1V2	Courtyard Detroit/Auburn Hills
	80	31-1W2	Courtyard Dulles/Fairfax
	81	31-1V1	Courtyard Indianapolis/Carmel
	82	31-1GB	Courtyard Kansas City South
	83	31-1DF	Courtyard Mahwah NJ
	84	31-1T9	Courtyard Minneapolis
	85	31-1DN	Courtyard Philadelphia Airport
	86	31-1JF	Courtyard Phoenix Camelback
	87	31-1R5	Courtyard Raleigh-Durham Airport/Morrisville 
	88	31-1L2	Courtyard Scottsdale/Mayo

 

    A-2

     

    

 

	 	Unit Number	Property Name
	89	31-1JG	Courtyard Seattle/Bellevue
	90	31-1R9	Courtyard Spartanburg
	91	31-1AJ	Courtyard Chattanooga
	92	31-1AF	Courtyard Macon
	93	31-1JE	Courtyard Camarillo
	94	31-1JD	Courtyard San Jose Airport
	95	31-1DK	Courtyard Columbia, MD
	96	31-1V9	Courtyard Kansas City Airport
	97	31-1DB	Courtyard Wilmington
	98	31-1AG	Courtyard Fayetteville
	99	31-1N9	Courtyard Dallas Northpark
	100	31-1JH	Courtyard Fountain Valley
	101	31-1DA	Courtyard Boston/Norwood
	102	31-1J6	Courtyard Los Angeles Airport
	103	31-1AC	Courtyard Charlotte Research Park
	104	31-1GH	Courtyard Milwaukee/Brookfield
	105	31-1DE	Courtyard Boston/Woburn
	106	31-1AK	Courtyard Boca Raton
	107	31-1W3	Courtyard Williamsburg
	108	31-1W5	Courtyard Hanover
	109	31-1AE	Courtyard Miami Lakes
	110	31-1GD	Courtyard Quad Cities
	111	31-1DL	Courtyard Greenbelt
	112	31-1JC	Courtyard Torrance/Business Center
	113	31-1B3	Courtyard Jacksonville/Mayo
	114	31-1F9	Courtyard Willow Grove
	115	31-1F3	Courtyard Syracuse
	116	31-1JB	Courtyard Laguna Hills
	117	31-1V8	Courtyard Chicago/ Arlington
	118	31-1DM	Courtyard Fishkill
	119	31-1W9	Courtyard Newport/Middletown
	120	31-1W4	Courtyard Pittsburgh Airport
	121	31-1DJ	Courtyard Tinton Falls
	122	31-1DC	Courtyard Arlington/ Rosslyn

 

    A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]