Document:

exv10w1

Exhibit 10.1

AGREEMENT OF PURCHASE

AND SALE

dated as of May 3, 2011

between

KPA RIMV, LLC, KPA RIGG, LLC

KPA TYSONS CORNER RI, LLC,

KPA WASHINGTON DC, LLC and

KPA SAN ANTONIO, LLC

collectively, as SELLERS,

and

CHATHAM LODGING, L.P.,

as PURCHASER

Double Tree, Washington, DC

Homewood Suites, San Antonio, TX

Residence Inn, Tysons Corner, VA

Residence Inn, San Diego, CA

Residence Inn, Anaheim, CA

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE
1 DEFINITIONS; RULES OF CONSTRUCTION
	 	 	1	 
	 
	 	 	 	 
	1.1   Definitions
	 	 	1	 
	1.2   Rules of Construction
	 	 	8	 
	 
	 	 	 	 
	ARTICLE 2  PURCHASE AND SALE; DEPOSIT; PAYMENT OF PURCHASE
PRICE
	 	 	9	 
	 
	 	 	 	 
	2.1   Purchase and Sale
	 	 	9	 
	2.2   Deposit
	 	 	9	 
	2.3   Payment of Purchase Price
	 	 	9	 
	2.4   Assumption of Assumed Loans
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 3 COURT APPROVAL
	 	 	10	 
	 
	 	 	 	 
	3.1  Bankruptcy Court Approval/Bid Protections
	 	 	10	 
	3.2   The Confirmation Order
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 4  SELLERS’ REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	12	 
	 
	 	 	 	 
	4.1   Organization and Power
	 	 	12	 
	4.2   Authorization and Execution
	 	 	12	 
	4.3   Noncontravention
	 	 	12	 
	4.4   No Special Taxes
	 	 	13	 
	4.5   Compliance with Existing Laws
	 	 	13	 
	4.6   Contracts and Leases
	 	 	13	 
	4.7   Warranties and Guaranties
	 	 	13	 
	4.8   Litigation
	 	 	13	 
	4.9   Title
	 	 	13	 
	4.10  Operation of Property
	 	 	14	 
	4.11   Personal Property
	 	 	14	 
	4.12   Independent Audit
	 	 	14	 
	4.13   Liquor License
	 	 	14	 
	4.14   Bankruptcy
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 5  PURCHASER’S REPRESENTATIONS, WARRANTIES AND
COVENANTS
	 	 	15	 
	 
	 	 	 	 
	5.1  Organization and Power
	 	 	15	 
	5.2  Noncontravention
	 	 	15	 
	5.3   Litigation
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 6  CONDITIONS AND ADDITIONAL COVENANTS
	 	 	16	 
	 
	 	 	 	 
	6.1 Conditions to Purchaser’s Obligations
	 	 	16	 
	6.2  Conditions to Sellers’ Obligations
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 7  CLOSING
	 	 	17	 
	 
	 	 	 	 
	7.1  Closing
	 	 	17	 

-i-

 

	 	 	 	 	 
	 	 	Page	 
	7.2  Sellers’ Deliveries
	 	 	18	 
	7.3  Purchaser’s Deliveries
	 	 	18	 
	7.4   Closing Costs
	 	 	19	 
	7.5   Income and Expense Allocations
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 8  CONDEMNATION; RISK OF LOSS
	 	 	20	 
	 
	 	 	 	 
	8.1   Condemnation
	 	 	20	 
	8.2   Risk of Loss
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 9  LIABILITY OF PURCHASER; LIABILITY OF SELLER;
TERMINATION RIGHTS
	 	 	21	 
	 
	 	 	 	 
	9.1   Liability of Purchaser and Seller
	 	 	21	 
	9.2  Termination by Purchaser
	 	 	21	 
	9.3  Termination by Seller
	 	 	21	 
	9.4   Break-Up Fee and Expense Reimbursement
	 	 	22	 
	 
	 	 	 	 
	ARTICLE 10  MISCELLANEOUS PROVISIONS
	 	 	22	 
	 
	 	 	 	 
	10.1   Completeness; Modification
	 	 	22	 
	10.2   Assignments
	 	 	22	 
	10.3  Successors and Assigns
	 	 	22	 
	10.4   Days
	 	 	23	 
	10.5  Governing Law
	 	 	23	 
	10.6  Counterparts
	 	 	23	 
	10.7   Severability
	 	 	23	 
	10.8   Costs
	 	 	23	 
	10.9   Notices
	 	 	23	 
	10.10   Incorporation by Reference
	 	 	24	 
	10.11   Further Assurances
	 	 	24	 
	10.12   No Partnership
	 	 	24	 
	10.13   Time of Essence
	 	 	24	 
	10.14   No Third-Party Beneficiary
	 	 	24	 
	10.15   Waiver of Jury Trial
	 	 	25	 

-ii-

 

	 	 	 	 	 
	[LIST OF EXHIBITS/SCHEDULES]
	 	 	 	 
	 
	 	 	 	 
	Exhibit A  —  Seller and Property
	 	 	 	 
	Exhibit B  —  Legal Description of the Real Property
	 	 	 	 
	Exhibit C  —  Liquor Licenses
	 	 	 	 
	Exhibit D  —  Assumed Loan Modification Terms
	 	 	 	 
	Exhibit E  —  Contracts and Leases
	 	 	 	 
	Exhibit F  —  Existing Warranties and Guaranties
	 	 	 	 
	Exhibit G  —  Assumed Loans
	 	 	 	 
	Exhibit H  —  Plans of Reorganization
	 	 	 	 

-iii-

 

AGREEMENT OF PURCHASE AND SALE

     THIS AGREEMENT OF PURCHASE AND SALE (this “Agreement”), dated as of May 3, 2011
(“Effective Date”), between KPA RIMV, LLC, a Delaware limited liability company (“KPA
Mission Valley”), KPA RIGG, LLC, a Delaware limited liability Company (“KPA Garden
Grove”), KPA TYSONS CORNER RI, LLC, a Delaware limited liability company (“KPA Tysons
Corner”). KPA WASHINGTON DC LLC, a Delaware limited liability company (“KPA Washington
DC”), and KPA SAN ANTONIO, LLC, a Delaware limited liability company (“KPA San
Antonio,” and each of KPA Mission Valley, KPA Garden Grove, KPA Tysons Corner and KPA
Washington DC, a “Seller,” and collectively, the “Sellers”), and CHATHAM LODGING,
L.P., a Delaware limited partnership (the “Purchaser”).

RECITALS:

     WHEREAS, each Seller owns a fee simple interest in its respective Real Property (as defined
below), as more particularly described on Exhibit B attached hereto;

     WHEREAS, on July 19, 2010, the Sellers, together with the Sellers’ Affiliates (defined
below), commenced cases under chapter 11 of title 11 of the United States Code (the
“Bankruptcy Code”) by filing voluntary petitions for relief (the “Sellers’ Chapter 11
Cases”) with the United States Bankruptcy Court for the Southern District of New York (the
“Bankruptcy Court”); and

     WHEREAS, pursuant to the terms of the Debtors’ Plans of Reorganization Pursuant to Chapter 11
of the Bankruptcy Code to which this Agreement is attached as Exhibit H (as amended,
revised, modified or supplemented from time to time, the “Plan”), and subject to the terms
and conditions set forth in this Agreement, Purchaser desires to acquire from the Sellers and,
subject to the entry of the Confirmation Order (as defined in the Plan), Seller desires to sell to
Purchaser, the Property for the Purchase Price upon the terms and conditions of this Agreement.

     NOW THEREFORE, in consideration of the foregoing and the representations, warranties,
covenants and agreements contained in this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto
agree as follows:

ARTICLE 1

DEFINITIONS; RULES OF CONSTRUCTION

     1.1 Definitions.

     The following terms shall have the indicated meanings:

     “Affiliate” shall, with respect to any Person, mean any other Person that directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Person specified, where “control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management policies of a Person, through
ownership of voting securities or rights, by contract, as trustee, executor or otherwise.

 

 

     “Agreement” has the meaning set forth in the preamble hereto.

     “Applicable Laws” means all statutes, laws (including common law), regulations,
rules, ordinances, codes and other requirements of any Governmental Body, including any Orders.

     “Assignment and Assumption Agreement” means the assignment and assumption agreement
pursuant to which the Sellers and each Operating Tenant (notwithstanding its joinder to this
Agreement) shall assign and the Purchaser shall assume from the Sellers and each Operating Tenant
the Assumed Contracts and the Assumed Leases, in such form and substance as Purchaser, the
Operating Tenants, and Sellers shall mutually agree.

     “Assignment and Consent Agreement” means an agreement (in a form to be agreed upon)
between Purchaser, the Sellers and the Servicer, whereby, amongst other things, the Servicer will
consent to the assignment of the Assumed Loans from the Sellers to Purchaser, as such Assumed
Loans have been modified in accordance with the Assumed Loan Modification Terms set forth on
Exhibit D attached hereto.

     “Assumed Contracts” means, collectively, the Contracts set forth in Exhibit E
attached hereto, which Contracts shall be assumed by the Sellers and assigned to the Purchaser
pursuant to Section 365 of the Bankruptcy Code, the Confirmation Order or other order of the
Bankruptcy Court and the Assignment and Assumption Agreement.

     “Assumed Leases” means, collectively, the Leases set forth in Exhibit E
attached hereto, which Leases shall be assumed by the Sellers and assigned to the Purchaser
pursuant to Section 365 of the Bankruptcy Code, the Confirmation Order, or other order of the
Bankruptcy Court and the Assignment and Assumption Agreement.

     “Assumed Loan Modification Terms” means the modified loan terms of the Assumed Loans
previously agreed to by Servicer and Purchaser pursuant to that certain term sheet with respect to
the Assumed Loans and set forth on Exhibit D attached hereto.

     “Assumed Loans” means the loans identified on Exhibit G attached hereto
having an aggregate, current and actual balance equal to (x) One Hundred Fifty Nine Million One
Hundred Fifty Nine Thousand Six Hundred Ninety Five and 40/100 Dollars ($159,159,695.40) minus (y)
the Paydown Amount, as such Assumed Loans have been modified in accordance with the Assumed Loan
Modification Terms, provided, that the Assumed Loans shall not include any Pre-Closing
Date Interest/Principal Payments.

     “Assumption Application” has the meaning set forth in Section 2.4.

     “Authorizations” means all licenses, permits and approvals required by any
Governmental Body, quasi-governmental agency, or officer for the ownership, operation and use of
such Property or any part thereof.

     “Bill of Sale (Inventory)” means the bill of sale conveying title to the Inventory to
the Purchaser, it’s property manager, lessee or designee, in such form and substance as the
Purchaser and each Seller shall mutually agree.

2

 

     “Bill of Sale (Personal Property)” means the bill of sale conveying title to the
Tangible Personal Property, and Intangible Personal Property, to the extent assignable, from each
Seller to the Purchaser.

     “Break-Up Fee” means an amount in cash equal to Two Million Dollars ($2,000,000.00).

     “Break-Up Fee and Expense Reimbursement Motion” has the meaning set forth in
Section 3.1.

     “Business Day” shall mean any day other than a Saturday, Sunday, any other day on
which commercial banks in New York, New York are authorized or obligated to close under Applicable
Laws or, for purposes of any provision of this Agreement requiring the filing of papers with the
Bankruptcy Court or the entry of an Order by the Bankruptcy Court no later than a specified day,
any other day on which the Bankruptcy Court is closed.

     “Cash Purchase Price” means a cash amount equal to Thirty Five Million Eight Hundred
Forty Thousand Three Hundred and Four Dollars and 60/100 Dollars ($35,840,304.60).

     “Claims” means claims, suits, proceedings, causes of action, Liabilities, losses,
damages, penalties, judgments, settlements, costs, expenses, fines, disbursements, demands,
reasonable costs, fees and expenses of counsel, including in respect of investigation, interest,
demands and actions of any nature or any kind whatsoever.

     “Closing” means a consummation of a purchase and sale of the Property pursuant to
this Agreement.

     “Closing Date” means the date on which the Closing occurs, but in no event later than
the date identified in Section 7.1.

     “Commission” has the meaning set forth in Section 4.12.

     “Confirmation Order” has the meaning set forth in the preamble hereto.

     “Contracts” shall mean any contracts, agreements, licenses and leases (other than the
Leases) entered into by each Seller and each Operating Tenant, as applicable (whether oral or
written), affecting or related to the Property by which any Seller or the Operating Tenant, as
applicable, is bound.

     “Deed” means a special warranty deed conveying title to the Real Property from each
Seller to the Purchaser, subject only to Permitted Encumbrances, in such form and substance as
Purchaser and each Seller shall mutually agree.

     “Deposit” has the meaning set forth in Section 2.2.

     “Deposit Escrow Agent” means Wells Fargo Bank, N.A.

     “Deposit Interest” has the meaning set forth in Section 2.2.

3

 

     “DIP PIP Payment” has the meaning set forth in Section 6.1(d).

     “Effective Date” has the meaning set forth in the preamble hereto.

     “Encumbrances” means all mortgages, pledges, charges, liens, debentures, trust deeds,
claims, assignments by way of security or otherwise, security interests, conditional sales
contracts or other title retention agreements or similar interests or instruments charging, or
creating a security interest in the Property or any part thereof or interest therein, and any
agreements, leases, licenses, occupancy agreements, options, easements, rights of way,
restrictions, executions or other encumbrances (including notices or other registrations in
respect of any of the foregoing) affecting the title, current use, occupancy or operation of the
Property or any part thereof or interest therein.

     “Existing PIP Work Hotels” means the Hotels located in Tysons Corner, VA and Mission
Valley, CA.

     “Expense Reimbursement” means the reimbursement of any and all reasonable and
documented fees (including attorneys’ fees), expenses and other costs incurred by Purchaser or its
Affiliates in connection with the negotiation, documentation and diligence with respect to the
Transaction in an amount not to exceed Five Hundred Thousand Dollars ($500,000.00).

     “Final Closing Statement” has the meaning set forth in Section 7.5(e).

     “FIRPTA Certificate” means the affidavit of each Seller conveying Real Property under
Section 1445 of the Internal Revenue Code certifying that such Seller is not a foreign
corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms
are defined in the Internal Revenue Code and the Income Tax Regulations), in such form and
substance as Purchaser and each Seller shall mutually agree.

     “Governmental Body” means any federal, state, municipal or other governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign.

     “Guest Ledger” means the collection of all open balances, whether secured by some
form of payment or unsecured, for all in house Hotel guests remaining as of the Closing Date.

     “Hearing” means the hearing to be held by the Bankruptcy Court to consider the
Confirmation Order and the approval of the Transaction.

     “Hotel” means the hotels owned by each Seller (as of the Closing Date), as the case
may be, named and set forth on Exhibit A attached hereto and the related amenities and
appurtenances thereto.

     “Improvements” means the Hotel and all other buildings, improvements, fixtures and
other items of real estate located on the Land.

     “Intangible Personal Property” means all intangible personal property owned by the
Sellers and used in connection with the ownership, operation, leasing, occupancy or maintenance of
the Property, including, without limitation, the right to use the trade name associated with the

4

 

Property and all variations thereof, the Authorizations, escrow accounts, insurance policies,
general intangibles, business records, plans and specifications, surveys and title insurance
policies pertaining to the Real Property and the Personal Property, all licenses, permits and
approvals with respect to the construction, ownership, operation, leasing, occupancy or
maintenance of the Property, any unpaid award for taking by condemnation or any damage to the Land
by reason of a change of grade or location of or access to any street or highway, and the share of
the Tray Ledger determined under Section 7.5, excluding (a) any of the aforesaid rights
the Purchaser elects not to acquire, (b) the Sellers’ cash on hand, in bank accounts and invested
with financial institutions and (c) accounts receivable except for the above described share of
the Tray Ledger.

     “Interim Liquor Agreement” has the meaning set forth in Section 4.13.

     “Inventory” means all inventory located at the Hotels and owned by the Sellers,
including without limitation, all mattresses, pillows, bed linens, towels, paper goods, soaps,
cleaning supplies and other such supplies.

     “July 31 Expense Reimbursement” means the sum of One Million Dollars ($1,000,000.00).

     “Knowledge” shall mean the actual knowledge of Marc Beilinson, Mark Murphy or Tim
Walker after discussions with the manager of the Hotels, without any other duty of inquiry or
investigation. For the purposes of this definition, the term “actual knowledge” means,
with respect to any Person, the conscious awareness of such Person at the time in question, and
expressly excludes any constructive or implied knowledge of such Person.

     “KPA Garden Grove” has the meaning set forth in the preamble hereto.

     “KPA Mission Valley” has the meaning set forth in the preamble hereto.

     “KPA San Antonio” has the meaning set forth in the preamble hereto.

     “KPA Tysons Corner” has the meaning set forth in the preamble hereto.

     “KPA Washington DC” has the meaning set forth in the preamble hereto.

     “Land” means each of the Sellers’ land legally described on Exhibit B
attached hereto, together with all easements, rights, privileges, remainders, reversions and
appurtenances thereunto belonging or in any way appertaining, and all of the estate, right, title,
interest, claim or demand whatsoever of each Seller therein, in the streets and ways adjacent
thereto and in the beds thereof, either at law or in equity, in possession or expectancy, now or
hereafter acquired.

     “Leases” means any agreements to lease, leases, renewals of leases, subtenancy
agreements and other rights (including licenses) granted by or on behalf of, or to, any Seller or
any of its predecessors in title which entitle any Person to possess or occupy any space on or
within the Real Property.

5

 

     “Liability” means any debt, liability, commitment or other obligation (whether direct
or indirect, known or unknown, absolute or contingent, accrued or unaccrued, liquidated or
unliquidated, or due or not yet due) and including all costs, fees and expenses relating thereto.

     “Liquor License” means those certain liquor licenses set forth on Exhibit C
attached hereto and any other liquor licenses required by applicable governing bodies for lawful
service of liquor at the Hotels.

     “Loan Assumption” has the meaning set forth in Section 2.4.

     “Operating Tenant” (i) with respect to KPA RIMV, Grand Prix RIMV Lessee LLC, a
Delaware limited liability company, (ii) with respect to KPA Washington DC, KPA Washington DC,
LLC, a Delaware limited liability company, (iii) with respect to KPA Garden Grove, Grand Prix RIGG
Lessee LLC, a Delaware limited liability company, (iv) with respect to KPA San Antonio, Grand Prix
General Lessee LLC, a Delaware limited liability company, and (v) with respect to KPA Tysons
Corner, Grand Prix General Lessee LLC, a Delaware limited liability company.

     “Order” means any order, court order, writ, judgment, injunction, decree,
stipulation, determination, decision, verdict, ruling, or award entered by or with any
Governmental Body (whether temporary, preliminary or permanent).

     “Owner’s Title Policy” means an owner’s title insurance policy, pro forma, or marked
and signed title commitment issued to the Purchaser by the Title Company, pursuant to which the
Title Company insures the Purchaser’s ownership of fee simple title to the Real Property
(including the marketability thereof) subject only to Permitted Encumbrances. The Owner’s Title
Policy shall insure the Purchaser in the amount of the Purchase Price and shall be acceptable in
form and substance to the Purchaser. The description of the Land in the Owner’s Title Policy shall
be identical to the description shown on the Survey.

     “Party” means Seller or Purchaser, individually, and “Parties” means Seller
and Purchaser, collectively.

     “Paydown Amount” means an amount not to exceed Twenty Five Million Dollars
($25,000,000.00) paid (or caused to be paid) by Purchaser (or its designee) to Servicer (or its
designee) on the Closing Date to be applied against the Assumed Loans.

     “Permitted Encumbrances” means: (i) the Assumed Loans; (ii) minor discrepancies,
conflicts in boundary lines, shortage in area, encroachments and any other state of facts shown on
any accurate survey prepared by a professionally licensed land surveyor made available to the
Purchaser and any easements, rights of way, covenants, conditions, limitations and restrictions of
record that are shown on Schedule B-2 of the Owner’s Title Policy (provided that any item
set forth therein relating to any Tax, or “claim of lien” shall not be a Permitted Encumbrance from
and after the entry of the Confirmation Order); (iii) laws, regulations, resolutions or ordinances,
including building, zoning and environmental protection, as to the use, occupancy, subdivision,
development, conversion or redevelopment of the Real Property imposed by any Governmental Body, but
only to the extent that such laws, regulations, resolutions or
ordinances have not been

6

 

violated in any material respect; and (iv) liens for real estate and personal property Taxes not
yet due and payable.

     “Person” means an individual, a partnership, a joint venture, a corporation, a
business trust, a limited liability company, a trust, an unincorporated organization, a joint
stock company, a labor union, an estate, a Governmental Body or any other entity.

     “Personal Property” means the Tangible Personal Property and the Intangible Personal
Property.

     “PIP” has the meaning set forth in Section 6.1(d).

     “Plan” has the meaning set forth in the recitals.

     “Pre-Closing Date Interest/Principal Payments” means the amount (if any) of principal
or interest payments owed to the Servicer by the Seller or Sellers, as the case may be, with
respect to the Assumed Loans, that accrued with respect to each such Assumed Loan up to and
including the Closing Date.

     “Property” means collectively the Real Property, the Inventory and the Personal
Property owned by each of the Sellers or each Operating Tenant, as applicable.

     “Purchase Price” means the sum of the (i) Cash Purchase Price, (ii) Paydown Amount
and (iii) Assumed Loans, as such amounts may be reduced in accordance with Sections 6.1(d)
and 7.5 herein (or as otherwise provided in this Agreement).

     “Purchaser” has the meaning set forth in the preamble hereto.

     “Real Property” means the Land and the Improvements.

     “Representative” means with respect to any Person, such Person’s officers, directors,
managers, employees, agents, representatives and financing sources (including any investment
banker, financial advisor, accountant, legal counsel, agent, representative or expert retained by
or acting on behalf of such Person or its subsidiaries).

     “Seller” or “Sellers” has the meaning set forth in the preamble hereto.

     “Sellers’ Chapter 11 Cases” has the meaning set forth in the recitals.

     “Seller’s Organizational Documents” means the current limited liability company or
operating agreement and certificate of formation of each Seller.

     “Servicer” means LNR Partners, LLC, as special servicer under the Assumed Loans.

     “Specified Termination Event” has the meaning set forth in Section 9.4.

     “Survey” means each survey ordered by Purchaser prepared delineating the boundary
lines of the Land, location of the Improvements, all rights of way and easements and contiguous
public roads, the same prepared for the benefit of and certified to Purchaser and the Title

7

 

Company; Purchaser shall pay all costs and expenses of, and incurred in connection with, such
survey. The Survey shall be adequate for the Title Company to delete any exception for general
survey matters in the Owner’s Title Policy. If there is a discrepancy between the description of
the Land attached hereto as Exhibit B and the description of the Land as shown on the
Survey, the survey shall confirm that the property description identifies the Property.

     “Tangible Personal Property” means the items of tangible personal property consisting
of all furniture, fixtures and equipment situated on, attached to or used in the operation of the
Hotels, and all furniture, furnishings, equipment, machinery and other personal property of every
kind located on or used in the operation of the Hotels and owned by the Sellers.

     “Tax” or “Taxes” means any federal, state, local or foreign net income, gross income,
gross receipts, windfall profit, severance, property, production, sales, use, license, excise,
franchise, employment, unemployment, payroll, withholding, alternative or add on minimum, ad
valorem, value added, transfer, stamp, or environmental tax, escheat payments or any other tax,
custom, duty, impost, levy, governmental fee or other like assessment or charge (together with any
and all interest, penalties, additions to tax and additional amounts imposed with respect
thereto).

     “Title Company” means Madison Title Agency, LLC.

     “Transaction” means the transactions contemplated by this Agreement to be consummated
at the Closing, including, but no limited to, the purchase and sale of the Property.

     “Tray Ledger” means the final night’s room revenue (revenue from rooms occupied as of
12:01 a.m. on the Closing Date, exclusive of food, beverage, telephone and similar charges which
shall be retained by the Seller), including any sales taxes, room taxes or other taxes thereon.

     1.2 Rules of Construction.

     The following rules shall apply to the construction and interpretation of this Agreement:

     (a) Singular words shall connote the plural number as well as the singular and vice versa,
and the masculine shall include the feminine and the neuter.

     (b) All references herein to particular articles, sections, subsections, clauses or exhibits
are references to articles, sections, subsections, clauses or exhibits of this Agreement.

     (c) The table of contents and headings contained herein are solely for convenience of
reference and shall not constitute a part of this Agreement nor shall they affect its meaning,
construction or effect.

     (d) Each Party and its counsel have reviewed and revised (or requested revisions of) this
Agreement, and therefore any usual rules of construction requiring that ambiguities are to be
resolved against a particular Party shall not be applicable in the construction and interpretation
of this Agreement or any exhibits hereto.

8

 

ARTICLE 2

PURCHASE AND SALE; DEPOSIT; PAYMENT OF PURCHASE PRICE

     2.1 Purchase and Sale. The Sellers agree to sell, transfer, assign, set over and
convey to the Purchaser and the Purchaser agrees to purchase, acquire and assume from the Sellers
and each Operating Tenant, as applicable, the Property, for the Purchase Price, in accordance with
the terms and conditions set forth herein.

     2.2 Deposit. If Purchaser is determined by the Sellers to have made the highest and
best bid and declared the “winner” of the auction for the Properties (scheduled to be held on May
3, 2011), then within one (1) Business Day following the conclusion of such auction, the Purchaser
will deposit in escrow with the Deposit Escrow Agent (in accordance with an escrow agreement to be
negotiated between the Parties and the Deposit Escrow Agent) the sum of Ten Million Dollars
($10,000,000.00) as a deposit (the “Deposit”). The Deposit shall be in the form of cash
and shall be invested by the Deposit Escrow Agent in an interest-bearing account reasonably
acceptable to the Purchaser and the Sellers. All interest earned on the Deposit shall be credited
against the Purchase Price (the “Deposit Interest”).

     2.3 Payment of Purchase Price. On the Closing Date, the Purchaser shall (subject to
Section 2.4 and an executed Assignment and Consent Agreement) (A) assume the Assumed
Loans, (B) pay an amount equal to the Paydown Amount to the Servicer and (C) pay an amount equal
to the Cash Purchase Price to Sellers (for themselves and for the benefit of each Operating Tenant
in respect of their interest in the Property, as applicable) less the sum of (i) the Deposit and
(ii) the Deposit Interest, and as adjusted in the manner specified in Sections 6.1(d) and
7.5 herein, in cash or by confirmed wire transfer of immediately available federal funds to the
account of the Title Company, or as otherwise agreed to by the parties. Wire instructions shall be
sent by the Sellers to the Purchaser at least five (5) Business Days before the Closing Date.

     2.4 Assumption of Assumed Loans. Purchaser shall, subject to the finalization of the
Assignment and Consent Agreement, assume the Assumed Loans on the Closing Date. With respect to
Purchaser’s assumption of the Assumed Loans, (a) not later than two (2) Business Days after the
Effective Date, Purchaser shall, with the cooperation of Seller, use commercially reasonable
efforts to commence its efforts to process the assumption of the Assumed Loans by Purchaser
(“Loan Assumption”), including, but not limited to, providing to the Servicer all
reasonable information concerning the assignment of the Assumed Loans to the Purchaser
(“Assumption Application”), (b) Purchaser and Seller shall cooperate and use all
reasonable and diligent efforts to cause the Servicer to consent to the Loan Assumption and to
cause the applicable Seller and all applicable guarantors, if any, to be released from any and all
liability under the Assumed Loans following the Closing Date (but Sellers shall not be required to
spend any funds to do so but only to the extent all Sellers are in compliance with this
Section 2.4(b)) and (c) Purchaser shall pay all reasonable (i) fees (including all
reasonable recording fees and the cost of title insurance endorsements to the existing title
insurance policies for the Properties), (ii) assumption fees, and (iii) expenses and/or costs
required by the Servicer to process the Assumption Application and the Loan Assumption.

     2.5 Instructions to Deposit Escrow Agent. Whenever the terms of this Agreement provide
for the return or the release of the Deposit and Deposit Interest (if any), Purchaser and

9

 

Seller agree to promptly notify the Deposit Escrow Agent by sending a Joint Notice (as defined in
the escrow agreement to be entered into by the Parties and the Deposit Escrow Agent) in accordance
with the terms of the escrow agreement in order to effectuate the return or the release of the
Deposit and Deposit Interest (if any).

ARTICLE 3

COURT APPROVAL

     3.1 Bankruptcy Court Approval/Bid Protections. The Agreement is subject to Bankruptcy
Court approval, which the Seller shall promptly seek in connection with confirmation of the Plan
and through the Confirmation Order. Purchaser hereby acknowledges that (a) the Hearing is
scheduled for June 23, 2011, which such date may be extended in Sellers’ sole discretion and (b)
the hearing to consider approval of the disclosure statement relative to the Plan is scheduled for
May 10, 2011, which such date may be extended in Sellers’ sole discretion. Sellers shall use its
best efforts to cause the Bankruptcy Court to enter the Confirmation Order as soon as practicable
after confirmation of the Plan. The Sellers shall file a motion with the Bankruptcy Court seeking
the entry and approval of the Break-Up Fee, the Expense Reimbursement and the July 31 Expense
Reimbursement by no later than May 6, 2011 (the “Break-Up Fee and Expense Reimbursement
Motion”). The Sellers will use their best efforts to cause the Bankruptcy Court to enter the
Break-Up Fee and Expense Reimbursement Motion as soon as practicable after the filing of the
Break-Up Fee and Expense Reimbursement Motion, but in no event later than May 24, 2011. Purchaser
and the Sellers acknowledge that the Sellers must take reasonable steps to demonstrate that they
have sought to obtain the highest or best offer for the Property, including giving notice thereof
to the creditors of the Sellers and other interested parties, providing information about the
Property to prospective bidders entertaining higher or better qualified offers from such
prospective bidders, and, in the event that additional qualified prospective bidders desire to bid
for the Property, conducting an auction. The Sellers and the Purchaser agree that the provisions
of this Agreement, including this Article 3 and Section 9.4 are reasonable, were a
material inducement to Purchaser to enter into this Agreement and are designed to achieve the
highest or best offer for the Property.

     3.2 The Confirmation Order. At the Hearing the Sellers shall seek the entry of the
Confirmation Order. The Confirmation Order shall, among other matters:

     (a) approve this Agreement and the consummation of the Transaction upon the terms and subject
to the conditions of this Agreement;

     (b) find that, as of the Closing Date, the transactions contemplated by this Agreement effect
a legal, valid, enforceable and effective sale and transfer of the Property to and the assumption
of the Assumed Loans by the Purchaser and shall vest the Purchaser with title to the Property free
and clear of all Encumbrances other than Permitted Encumbrances;

     (c) find that the Assumed Loans have, net of the Paydown Amount, an outstanding principal
balance not exceeding One Hundred Thirty Four Million and One Hundred and
Fifty-Nine Thousand Eight Hundred and Fifteen Dollars and 40/100 Dollars ($134,159,815.40),
and as

10

 

of the Closing Date and giving effect to the Paydown Amount (i) the Assumed Loans are in full
force and effect, (ii) there is no event of default (or an event that through the passage of time
would give rise to an event of default) with respect to the Assumed Loans (iii) the Assumed Loans
are secured by duly perfected liens against and security interests in the Property and are
enforceable in accordance with their terms and upon the assumption of the Assumed Loans, will be
valid, enforceable and binding obligations of Purchaser in accordance with their terms and (iv)
from and after the Closing Date until the date of any subsequent default or event of default the
Assumed Loans will accrue interest at the non-default rate (as such non-default rates are more
particularly described in each Assumed Loan);

     (d) find that the consideration provided by the Purchaser pursuant to this Agreement
constitutes reasonably equivalent value and fair consideration for the Property;

     (e) (i) authorize the Sellers and each of the Operating Tenants to assume and assign to the
Purchaser each of the Assumed Contracts and Assumed Leases, (ii) find that, as of the Closing
Date, the Contracts and Leases to be assumed by the Sellers and each Operating Tenant assigned to
the Purchaser pursuant to this Agreement and the Assignment and Assumption Agreement will have
been duly assigned to the Purchaser in accordance with Section 365 of the Bankruptcy Code and
(iii) order that any Cure Costs (as defined in the Confirmation Order) under the Assumed Contracts
and Assumed Leases shall be paid by the Sellers as soon as practicable and in no event later than
the date on which the Assumed Contract or Assumed Lease is deemed assumed and assigned in
accordance with the Cure Procedures (as defined in the Confirmation Order) (unless the Bankruptcy
Court orders otherwise);

     (f) find that the Purchaser is a good faith purchaser of the Property pursuant to Section
363(m) of the Bankruptcy Code;

     (g) find that the Purchaser did not engage in any conduct that would cause or permit this
Agreement or the consummation of the Transaction to be avoided, or costs or damages to be imposed,
under Section 363(n) of the Bankruptcy Code;

     (h) order that the Assumed Contracts and the Assumed Leases will be transferred to, and
remain in full force and effect for the benefit of, the Purchaser, notwithstanding any provision
in any such Contract or Lease or any requirement of Applicable Law (including those described in
Sections 365(b)(2) and (f) of the Bankruptcy Code) that prohibits, restricts or limits in any way
such assignment or transfer;

     (i) approve any other agreement to the extent provided by this Agreement;

     (j) find that the Sellers gave due and proper notice of the Transaction to each party
entitled thereto;

     (k) find that the Purchaser has satisfied all requirements under Sections 365(b)(1) and
365(f)(2) of the Bankruptcy Code to provide adequate assurance of future performance of the Assumed
Contracts and Assumed Leases and that the Purchaser has guaranteed the obligations of any assign
which has assumed each Assumed Contract and Assumed Lease;

11

 

     (l) enjoin and forever bar the non-debtor party or parties to each Assumed Contract or
Assumed Lease from asserting against the Purchaser or any of the Property: (a) any default, Claim,
Liability or other cause of action existing as of the Closing Date whether asserted or not and (b)
any objection to the assumption and assignment of such non-debtor party’s Assumed Contract and
Assumed Lease;

     (m) find that, to the extent permitted by Applicable Law, the Purchaser is not a successor to
any Seller or its bankruptcy estate by reason of any theory of law or equity, and the Purchaser
shall not assume or in any way be responsible for any Liability of a Seller and/or its bankruptcy
estate, except as otherwise expressly provided in this Agreement;

     (n) make this Agreement expressly binding (based upon language satisfactory to the Purchaser)
upon any United States bankruptcy court or trustee in the event of conversion of any of the Seller
Chapter 11 Cases to chapter 7, appointment of a chapter 11 trustee in any Seller Chapter 11 Case,
or transfer of venue of any Seller Chapter 11 Case to a bankruptcy court other than the Bankruptcy
Court; and

     (o) order that, notwithstanding the provisions of Federal Rules of Bankruptcy Procedure
6004(h) and 6006(d), the Confirmation Order is effective immediately upon entry.

ARTICLE 4

SELLERS’ REPRESENTATIONS, WARRANTIES AND COVENANTS

     To induce the Purchaser to enter into this Agreement and to purchase the Property, each
Seller, hereby makes the following representations, warranties and covenants, upon each of which
the Seller acknowledges and agrees that the Purchaser is entitled to rely and has relied. Each
such representation shall be materially true and correct on the Effective Date and shall be
materially true and correct on the Closing Date.

     4.1 Organization and Power. Each Seller is a limited liability company, duly formed,
validly existing and in good standing under the laws of its state of formation and has all
requisite powers and all governmental licenses, authorizations, consents and approvals to carry on
its business as now conducted and to enter into and perform its obligations hereunder and under any
document or instrument required to be executed and delivered on behalf of each Seller hereunder.

     4.2 Authorization and Execution. This Agreement has been duly authorized by all
necessary action on the part of each Seller, has been duly executed and delivered by each Seller,
constitutes the valid and binding agreement of each Seller and is enforceable in accordance with
its terms. There is no other Person or entity who has an ownership interest in the Property to be
sold hereunder by each Seller or whose consent is required in connection with each Seller’s
performance of its obligations hereunder.

     4.3 Noncontravention. Subject to any consent to the assignment of any particular
Assumed Contract or Assumed Lease required by the terms thereof or by Applicable Laws, to each
Seller’s Knowledge, the execution and delivery of, and the performance by each Seller of its
obligations under, this Agreement do not and will not contravene, or constitute a default under,
any provision of applicable law or regulation, each Seller’s Organizational Documents or

12

 

any agreement, judgment, injunction, order, decree or other instrument binding upon each Seller.
There are no outstanding agreements (written or oral) pursuant to which any Seller (or any
predecessor to or Representative of the Seller) or any Person has agreed to sell or has granted an
option or right of first refusal, right of first offer or similar right to purchase or otherwise
dispose of the Property or any part thereof.

     4.4 No Special Taxes. Each Seller has no Knowledge of, nor has it received any
notice of, any special taxes or assessments relating to the Property to be sold hereunder by the
Seller or any part thereof or any planned public improvements that may result in a special tax or
assessment against the Property.

     4.5 Compliance with Existing Laws. To each Seller’s Knowledge, and except as would
not reasonably be expected to have a material adverse effect on the use operation of each Hotel,
each Seller possesses all Authorizations, each of which is valid and in full force and effect, and
no provision, condition or limitation of any of the Authorizations has been materially breached or
violated.

     4.6 Contracts and Leases. Except in the ordinary course of business, the Seller will
not (and shall cause the applicable Operating Tenant to not) (i) enter into any new Contract or
Lease with respect to the Property and (ii) enter into any agreements modifying any Contract or
Lease, unless (a) any such agreement is terminable without any penalty whatsoever to Purchaser upon
thirty (30) days’ notice, (b) any such agreement or modification will not bind the Purchaser or the
Property after the date of Closing or (c) the Seller or the applicable Operating Tenant, as
applicable, has obtained the Purchaser’s prior written consent to such agreement or modification.
All of the Contracts and Leases in force and effect as of the date hereof are listed on Exhibit
 E attached hereto.

     4.7 Warranties and Guaranties. Each Seller shall not before or after Closing, release
or modify any warranties or guarantees, if any, of manufacturers, suppliers and installers relating
to the Improvements and the Personal Property or any part thereof, except with the prior written
consent of the Purchaser (such consent not to be unreasonably withheld or delayed). A complete list
of all such warranties and guaranties in effect as of this date is attached hereto as Exhibit
F.

     4.8 Litigation. Except for all Claims or pending motions that have been asserted or
filed prior to the date hereof by third parties against the Sellers in the Sellers’ Chapter 11
Cases, including any adversary proceedings in connection therewith, there is not pending or, to the
Knowledge of the Sellers, threatened, any action, suit, proceeding, claim, investigation,
application or complaint (whether or not purportedly on behalf of a Seller) against or affecting a
Seller which in any way could materially and adversely affect the Property, in law or in equity, or
which could affect the validity of this Agreement.

     4.9 Title. As of the Effective Date, each Seller has good and marketable fee simple
title to, and the exclusive right to possess, use and occupy, consistent with its current use and
occupation, its respective Real Property, subject to Permitted Encumbrances. The Real Property
constitutes all of the owned real property of the Sellers, and there is no real property used in
connection with the Property which is not part of the Property being sold to Purchaser pursuant to
this Agreement. As of the Closing Date, Purchaser shall have good and marketable title to

13

 

each of the Hotels free and clear of all Claims as more fully set forth in the Confirmation Order.
As of the Effective Date, each Seller has provided Purchaser with all existing surveys and title
insurance policies, pro formas and commitments with respect to the Real Property.

     4.10 Operation of Property. Seller covenants (i) that between the Effective Date and
the Closing Date, it will (and it will cause the applicable Operating Tenant to) continue to direct
the manager of the Hotels to operate the Hotels in a manner consistent with the use and operations
in place at the Hotels as of the Effective Date and (ii) that it shall not (and shall cause the
applicable Operating Tenant to not) take any action that would have a material adverse effect on
the Property or the Purchaser’s ability to continue to use and operate the Hotels after the Closing
Date in a manner consistent with the use and operations in place at the Hotels as of the Effective
Date.

     4.11 Personal Property. All of the Personal Property and Inventory being conveyed by
the Sellers (and the Operating Tenant, as applicable pursuant to the Assignment and Assumption
Agreement) to the Purchaser or its designee are free and clear of all liens, leases and other
encumbrances and will be so on the Closing Date, and the Sellers have good, merchantable title
thereto and the right to convey same in accordance with the terms of the Agreement.

     4.12 Independent Audit. Immediately upon execution of this Agreement, each Seller
(and shall cause the applicable Operating Tenant) shall cooperate fully and provide access for
Purchaser’s Representatives to the Real Property and all financial and other information relating
to the Property which would be sufficient to enable them to prepare audited financial statements in
conformity with Regulation S-X of the Securities and Exchange Commission (the
“Commission”) and to enable them to prepare a registration statement, report or disclosure
statement for filing with the Commission, all at Purchaser’s sole cost and expense. Each Seller
shall also provide to Purchaser’s Representatives a signed representative letter which would be
sufficient to enable an independent public accountant to render an opinion on the financial
statements related to the Property.

     4.13 Liquor License. Only with respect to the Real Property owned by KPA Mission
Valley and KPA Tysons Corner, if by the Closing Date the Purchaser is unable to (1) obtain the
permanent transfer of the Liquor License; or (2) obtain another arrangement pending the permanent
transfer of the Liquor License to the Purchaser, then, on the Closing Date, the Sellers shall use
commercially reasonable efforts to enter into an agreement with the Purchaser, to the extent
legally permissible and on terms and conditions reasonably acceptable to the Purchaser and the
Sellers, providing for an interim arrangement (the “Interim Liquor Agreement”) of up to six
(6) months whereby the Sellers shall allow the Purchaser, the Purchaser’s designee, lessee or the
Purchaser’s hotel management company, as applicable, to operate all food and beverage areas within
the Hotels under the existing Liquor License pending the temporary or permanent transfer of the
Liquor License to the Purchaser, the Purchaser’s lessee, designee or the Purchaser’s hotel
management company, as applicable. The Interim Liquor Agreement may be structured in the form of a
short term lease or other agreement to consummate the intent of the parties, cancelable at any time
by the Purchaser. The Purchaser shall indemnify, defend and hold the Seller and its Affiliates
harmless against any liabilities incurred in such operation (unless caused by the Seller’s willful
or grossly negligent conduct or omission or material breach of the

14

 

Interim Liquor Agreement) and provide adequate insurance (including, without limitation, liquor
liability insurance) naming the Sellers as an additional insured.

     4.14 Bankruptcy. Subject to the entry of the Confirmation Order and any order
approving the assumption and assignment of the Assumed Contracts and Assumed Leases, the Sellers
have complied with all requirements of the Bankruptcy Code and Federal Rules of Bankruptcy
Procedure in connection with obtaining approval of the sale of the Property (including the
assumption and assignment to Purchaser of any Assumed Contracts and Assumed Leases) to the
Purchaser pursuant to this Agreement.

     In the event Purchaser obtains actual knowledge on or before Closing of any material
inaccuracy in any of the representations and warranties contained in this Article 4, and
such material inaccuracy is not promptly corrected or resolved by the Sellers following notice
from Purchaser, Purchaser may at Purchaser’s sole and exclusive remedy either: (i) terminate this
Agreement, whereupon neither Party shall have any further rights or obligations pursuant to this
Agreement, other than as set forth herein with respect to rights or obligations that survive
termination; or (ii) waive any and all Claims against Seller on account of such inaccuracy and
close the transaction.

ARTICLE 5

PURCHASER’S REPRESENTATIONS, WARRANTIES AND COVENANTS

     To induce the Sellers to enter into this Agreement and to sell the Property, the
Purchaser hereby makes the following representations, warranties and covenants, upon each of which
the Purchaser acknowledges and agrees that the Sellers are entitled to rely and has relied. Each
such representation shall be materially true and correct on the Effective Date and shall be
materially true and correct on the Closing Date.

     5.1 Organization and Power. The Purchaser is a limited partnership duly organized,
validly existing and in good standing under the laws of the state of Delaware, and has all trust
powers and all governmental licenses, authorizations, consents and approvals to carry on its
business as now conducted and to enter into and perform its obligations under this Agreement and
any document or instrument required to be executed and delivered on behalf of the Purchaser
hereunder.

     5.2 Noncontravention. The execution and delivery of this Agreement and the
performance by the Purchaser of its obligations hereunder do not and will not contravene, or
constitute a default under, any provisions of Applicable Law, the Purchaser’s declaration of trust
or other trust document, or any agreement, judgment, injunction, order, decree or other instrument
binding upon the Purchaser.

     5.3 Litigation. To the knowledge of Purchaser, there is no action, suit or proceeding,
pending or known by the Purchaser to be threatened against or affecting the Purchaser in any court
or before any arbitrator or before any Governmental Body which (a) in any manner raises any
question affecting the validity or enforceability of this Agreement or any other agreement or
instrument to which the Purchaser is a party or by which it is bound and that is to be used in
connection with, or is contemplated by, this Agreement, (b) could affect the ability of the

15

 

Purchaser to perform its obligations hereunder, or under any document to be delivered pursuant
hereto, (c) could create a lien on the Property, any part thereof or any interest therein or (d)
could adversely affect the Property, any part thereof or any interest therein, or the use,
operation, condition or occupancy thereof.

ARTICLE 6

CONDITIONS AND ADDITIONAL COVENANTS

     6.1 Conditions to Purchaser’s Obligations. The Purchaser’s obligations hereunder
are subject to the satisfaction of the following conditions precedent with respect to the Property
and the compliance by the Seller with the following covenants, to the extent applicable to the
Seller:

     (a) Seller’s Deliveries. The Seller shall have delivered to the Title Company
or the Purchaser, as the case may be, on or before the date of Closing, all of the documents
and other information required of the Seller pursuant to Section 7.2.

     (b)
Representations, Warranties and Covenants; Obligations of the Seller;
Certificate. All of the Seller’s representations and warranties made in this Agreement
shall be materially true and correct as of the date hereof and as of the date of Closing as
if then made, there shall have occurred no material adverse change in the condition of the
Property since the date hereof, each Seller shall have performed all of the covenants and
other obligations under this Agreement applicable to each such Seller.

     (c) Condition of Improvements. Except to the extent that repair or restoration
of a Property is required hereunder, in which case the Improvements and the Tangible
Personal Property shall be in the condition required by this Agreement, the Improvements and
the Tangible Personal Property shall be in the same or better condition at Closing as they
are as of the date hereof, reasonable wear and tear excepted. The Sellers shall not (and
cause the applicable Operating Tenant to not) have removed or caused or permitted to be
removed any material part or material portion of the Real Property or the Tangible Personal
Property unless the same is replaced, prior to Closing, with similar items of at least equal
quality acceptable to the Purchaser.

     (d) Property Improvement Plans. The Sellers shall provide documentation to
Purchaser that Six Million Four Hundred Thousand Dollars ($6,400,000.00) (the “DIP PIP
Payment”) has been spent on the Property Improvement Plan (“PIP”) work at the Existing PIP
Work Hotels, provided, however, to the extent the PIP work at the Existing PIP Work
Hotels is completed but all of the DIP PIP Payment has not been spent for the PIP work, then
the Purchase Price (as otherwise adjusted in accordance with this Agreement) required to be
delivered by the Purchaser on the Closing Date will be equal to the Purchase Price less the
difference between the DIP PIP Payment and the amount actually spent on the PIP work at the
Existing PIP Work Hotels.

     (e) Assumption of the Assumed Loans. The Servicer shall have consented to the
Purchaser’s assumption of the Assumed Loans pursuant to an executed Assignment and Consent
Agreement entered into before or as of the Closing Date, it being understood

16

 

and agreed that Purchaser’s only obligation (financial or otherwise) with respect to
obtaining Servicer’s consent to such assumption is set forth in Section 2.4 hereof.

     (f) Independent Audit. As of the Effective Date, Seller shall cooperate with
Purchaser and provide Purchaser and/or Purchaser’s Representatives immediate access to the
Real Property to allow the timely preparation, at Purchaser’s sole cost and expense, of
audited financial statements in conformity with Regulation S-X of the Commission.

     (g) Bankruptcy Court Approval. After notice and a hearing as defined in
Section 102(1) of the Bankruptcy Code, the Bankruptcy Court shall have entered the
Confirmation Order (i) shall not have been stayed, stayed pending appeal or vacated and (ii)
shall not have been amended, supplemented or otherwise modified in a manner that results in
such Confirmation Order no longer being an order of the Bankruptcy Court, in form and
substance reasonably satisfactory to the Purchaser, authorizing the matters referred to in
Section 3.2.

     (h) Assignment of Contracts and Leases; Rejection. Notwithstanding the joinder
to this Agreement by each Operating Tenant, the Sellers or the Operating Tenants, as
applicable, shall have assumed and assigned to Purchaser the Assumed Contracts and Assumed
Leases in accordance with the Assignment and Assumption Agreement, in each case pursuant to
Section 365 of the Bankruptcy Code and the Confirmation Order, subject to Purchaser’s
provision of adequate assurance as may be required under Section 365 of the Bankruptcy
Code.

     6.2 Conditions to Sellers’ Obligations. The Seller’s obligations hereunder are
subject to the satisfaction of the following conditions precedent with respect to the Property and
the compliance by the Purchaser with the following covenants, to the extent applicable to the
Purchaser:

     (a) Purchaser’s Deliveries. The Purchaser shall have delivered to the Title
Company or the Seller, as the case may be, on or before the date of Closing, all of the
documents and other information required of the Seller pursuant to Section 7.3.

     (b) Representations, Warranties and Covenants; Obligations of the Purchaser;
Certificate. All of the Purchaser’s representations and warranties made in this
Agreement shall be materially true and correct as of the date hereof and as of the date of
Closing as if then made, there shall have occurred no material adverse change in the
financial condition of the Purchaser since the date hereof, the Purchaser shall have
performed all of the covenants and other obligations under this Agreement applicable to the
Purchaser.

ARTICLE 7

CLOSING

     7.1 Closing. Closing shall take place at 10:00 a.m. on the third Business Day
following the date on which all of the conditions set forth in Article 6 and Article
7 hereof have been satisfied or waived (other than any conditions that can only be satisfied as
of the Closing, but subject to the satisfaction or waiver of such conditions) (the “Closing Date”),
at the offices of

17

 

Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, or at such other time or
place as may be mutually agreed to by the Parties.

     7.2 Sellers’ Deliveries. Each Seller shall deliver to Purchaser all of the following
instruments, each of which shall have been duly executed and, where applicable, acknowledged on
behalf of such Seller and shall be dated as of the date of Closing:

     (a) The Deed for each Seller’s Real Property;

     (b) The Bill of Sale (Inventory) for each Seller’s Inventory;

     (c) The Bill of Sale (Personal Property) for each Seller’s Personal Property;

     (d) The Assignment and Assumption Agreement;

     (e) Three certified copies of the Confirmation Order;

     (f) Certificate(s)/Registration of Title for any vehicles owned by the Seller and used in
connection with the Property;

     (g) Such agreements, affidavits or other documents as may be required by the Title
Company to issue the Owner’s Title Policy with affirmative coverage over mechanics’ and
materialmen’s liens;

     (h) The FIRPTA Certificate;

     (i) True, correct and complete copies of all warranties, if any, of manufacturers,
suppliers and installers possessed by the Sellers and relating to the Improvements and the
Personal Property, or any part thereof;

     (j) An assignment of all warranties and guarantees from all contractors and
subcontractors, manufacturers, and suppliers in effect with respect to the Improvements;

     (k) A certificate of good standing from each of the Sellers;

     (l) Any other document or instrument reasonably requested by the Purchaser or required
hereby.

     7.3 Purchaser’s Deliveries. At Closing, the Purchaser shall pay or deliver to the
Seller the following:

     (a) The portion of the Purchase Price described in Section 2.3;

     (b) The Bill of Sale (Inventory) for each Seller’s Inventory;

     (c) The Bill of Sale (Personal Property) for each Seller’s Personal Property;

     (d) The Assignment and Assumption Agreement; and

18

 

     (e) Any other document or instrument reasonably requested by the Seller or required
hereby.

     7.4 Closing Costs. Purchaser shall pay for all costs and expenses associated with the
conveyance of the Property, including, but not limited to, Survey costs and expenses, title
insurance premiums and fees, recording fees and taxes, and all costs associated with the assignment
and assumption of the Assumed Contracts and Assumed Leases (including, for purposes of clarity, the
assumption fee and the “paydown” fee owed to Servicer in an amount not to exceed One Million Five
Hundred Ninety-One Thousand Five Hundred Ninety-Six Dollars ($1,591,596.00)). Seller and
Purchaser shall be responsible for the payment of its own attorney’s fees incurred in connection
with transaction which is the subject of this Agreement.

     7.5 Income and Expense Allocations.

     (a) All income, except any Intangible Personal Property, and expenses with respect to the
Property, and applicable to the period of time before and after Closing, determined in accordance
with sound accounting principles consistently applied, shall be allocated between the Seller and
the Purchaser. The Seller shall be entitled to all income and responsible for all expenses for the
period of time up to but not including the Closing Date, and the Purchaser shall be entitled to
all income and responsible for all expenses for the period of time from, after and including the
Closing Date. Without limiting the generality of the foregoing, the following items of income and
expense shall be allocated at Closing:

     (i) Current and prepaid rents, including, without limitation, prepaid room receipts,
function receipts and other reservation receipts (all of which Purchaser shall honor);

     (ii) Real estate and personal property taxes;

     (iii) Amounts under the Assumed Contracts and Assumed Leases to be assigned to and
assumed by Purchaser, Purchaser’s property manager, lessee or designee;

     (iv) Utility charges (including but not limited to charges for water, sewer and
electricity);

     (v) License and permit fees, where transferable;

     (vi) All prepaid reservations and contracts for rooms confirmed by each Seller prior to
the Closing Date for dates after the Closing Date, all of which Purchaser shall honor;

     (vii) The Tray Ledger, which shall be divided equally between the parties; and

     (viii) All secured balances on the Guest Ledger which Purchaser shall purchase at face
amount subject to a three percent (3%) discount for any balances secured by credit cards.

19

 

     (b) The Seller shall receive a credit for any prepaid expenses accruing to periods on or after
the Closing Date. At Closing, each Seller shall sell to Purchaser, and Purchaser shall purchase
from the Seller, all petty cash funds located at the Property.

     (c) Each Seller shall be required to pay all sales taxes, hotel occupancy taxes, and similar
impositions through the date of Closing.

     (d) The Purchaser shall not be obligated to collect any accounts receivable or revenues
accrued prior to the Closing Date on behalf of each Seller, but if the Purchaser collects same, the
Purchaser will promptly remit to each Seller such amounts in the form received.

     (e) If accurate allocations of any item cannot be made at Closing because current bills are
not obtainable, the parties shall allocate such income or expenses at Closing on the best available
information, subject to adjustment upon receipt of the final bill or other evidence of the
applicable income or expense. Any income received or expense incurred by the Sellers or the
Purchaser with respect to the Property after the date of Closing shall be promptly allocated in the
manner described herein and the parties shall promptly pay or reimburse any amount due. Within
ninety (90) days following the Closing Date, Seller and Purchaser shall jointly prepare a final
closing statement reasonably satisfactory to Seller and Purchaser in form and substance (the
“Final Closing Statement”) setting forth the final determination of the adjustments and
prorations provided for herein. The net amount due to Seller or Purchaser, if any, as shown in the
Final Closing Statement, shall be paid in cash by the Party obligated therefor within ten (10)
Business Days following that Party’s receipt of the approved Final Closing Statement. The
adjustments, prorations and determinations agreed to by Seller and Purchaser in the Final Closing
Statement shall be conclusive and binding on the Parties.

ARTICLE 8

CONDEMNATION; RISK OF LOSS

     8.1 Condemnation. In the event of any actual or threatened taking, pursuant to
the power of eminent domain, of all or any portion of the Real Property owned by each Seller, or
any proposed sale in lieu thereof, the Sellers shall give written notice thereof to the Purchaser
promptly after such Seller learns or receives notice thereof. If all or any part of a Seller’s
Real Property which would materially adversely interfere with the operation or use of the Hotel is,
or is to be, so condemned or sold, the Purchaser shall have the right to terminate this Agreement
pursuant to Section 9.3. If the Purchaser elects not to terminate this Agreement, all
proceeds, awards and other payments arising out of such condemnation or sale (actual or threatened)
shall be paid or assigned, as applicable, to the Purchaser at Closing.

     8.2 Risk of Loss. In the event of any fire or other casualty at any of the Hotels,
Seller shall give written notice thereof to Purchaser promptly after Seller learns or receives
notice thereof. Seller shall pay or assign, as applicable, all insurance proceeds and rights to
proceeds arising out of such loss or damage to Purchaser at Closing less any reasonable costs
incurred by Seller to collect such proceeds and any portion of such proceeds that Seller uses to
make temporary or emergency repairs that are reasonably consented to by Purchaser.

20

 

ARTICLE 9

LIABILITY OF PURCHASER; LIABILITY OF SELLER;

TERMINATION RIGHTS

     9.1 Liability of Purchaser and Seller. Except for any obligation expressly
assumed or agreed to be assumed by the Purchaser hereunder or pursuant to the Confirmation Order,
the Purchaser does not assume any obligation of the Seller or any liability for Claims arising out
of any occurrence prior to Closing. Except as provided in this Agreement and by Applicable Law, the
Sellers shall not be responsible for any obligation of the Purchaser or any liability for Claims
arising out of any occurrence on or after the Closing.

     9.2 Termination by Purchaser. Purchaser may terminate this Agreement (i) in
accordance with Section 8.1 hereof, (ii) if the Closing has not occurred prior to August 5,
2011, (iii) if the Confirmation Order is not entered on or before July 31, 2011, (iv) if the
Sellers do not file the Break-Up Fee and Expense Reimbursement Motion with the Bankruptcy Court by
May 6, 2011, (v) if the Bankruptcy Court does not enter an order approving the Break-Up Fee and
Expense Reimbursement Motion by May 24, 2011, or (vi) if a Seller materially defaults in performing
any of its obligations under this Agreement (including its obligation to sell the Property), and
such Seller fails to cure any such matter within ten (10) Business Days after notice thereof from
the Purchaser, the Purchaser, at its option, may elect either (a) to terminate this Agreement, in
which event the Deposit and the Deposit Interest shall be forthwith returned to the Purchaser and
all other rights and obligations of the Seller and the Purchaser hereunder shall terminate
immediately (except those which expressly survive the termination of this Agreement), or (b) to
waive its right to terminate and, instead, to proceed to Closing.

     9.3 Termination by Seller. If the Purchaser materially defaults in performing any of
its obligations under this Agreement (including its obligation to purchase the Property), and the
Purchaser fails to cure any such default within ten (10) Business Days after notice thereof from
the Seller, then the Seller’s sole remedy for such default shall be to terminate this Agreement and
retain the Deposit. The Seller and the Purchaser agree that, in the event of such a default, the
damages that the Seller would sustain as a result thereof would be difficult if not impossible to
ascertain. Therefore, the Seller and the Purchaser agree that the Seller shall retain the Deposit
as full and complete liquidated damages and as the Seller’s sole remedy.

     If upon the determination of Seller’s directors, trustees, or members, as applicable, and
upon advice of counsel, any term or provision of this Agreement shall prevent, amend, alter, or
reduce Seller’s ability to exercise its fiduciary duties under applicable law, Seller shall have
the right to terminate this Agreement, whereupon Seller shall promptly, but no later than three
(3) Business Days from the date of such termination, pay to Purchaser (or its designee) the sum of
(i) the Deposit, (ii) the Deposit Interest, (iii) the Break-Up Fee and (iv) the Expense
Reimbursement, and neither Party shall have any further rights or obligations pursuant to this
Agreement, other than as set forth herein with respect to rights or obligations that survive
termination.

     Seller may terminate this Agreement if the Confirmation Order is not entered on or before
July 31, 2011, whereupon Seller shall promptly, but not later than three (3) Business Days from
July 31, 2011, pay to Purchaser the sum of (i) the Deposit, (ii) the Deposit Interest, if any,

21

 

(iii) the July 31 Expense Reimbursement and (iv) the Break-Up Fee, and neither Party shall have
any further rights or obligations pursuant to this Agreement, other than as set forth herein with
respect to rights or obligations that survive termination.

     9.4 Break-Up Fee and Expense Reimbursement. In the event that this Agreement is
terminated by Purchaser pursuant to any of the rights of termination granted to Purchaser under
subsections 9.2(ii)-(iii) or 9.2(vi), or if the Seller terminates this Agreement
pursuant to the second paragraph of Section 9.3 hereof, (each of subsections
9.2(ii)-(iii), 9.2(vi) and the second paragraph of Section 9.3 hereof, a
“Specified Termination Event”), provided that a breach by Purchaser of any material term
or provision of this Agreement was not the material cause of or a material contributing factor to
the Specified Termination Event, the Sellers shall pay the Break-Up Fee and the Expense
Reimbursement to the Purchaser or its designee not later than three Business Days following any
Specified Termination Event; provided, however, to the extent the Sellers shall have used
commercially reasonable efforts seeking the entry of the Confirmation Order by July 31 2011, and
notwithstanding such efforts, each or all of the Sellers did not cause (or directed to cause),
directly or indirectly, the action or contribute, in anyway, to the reason or circumstances that
resulted in the failure of the Bankruptcy Court to enter the Confirmation Order by July 31, 2011,
then to the extent Purchaser chooses to terminate this Agreement in accordance with Sections 9.4
(ii)-(iii), Seller shall only pay (in accordance with this Section 9.4) to Purchaser the July 31
Expense Reimbursement.

     The Seller’s obligation to make any payment on account of the Break-Up Fee and the Expense
Reimbursement shall have super-priority administrative expense status, senior to all other
administrative expense claims (other than Seller’s obligations pursuant to the Lehman DIP Facility
and the Five Mile DIP Facility and the DIP Orders (as such terms are defined in the Plan), which
obligations shall be pari passu with the Seller’s obligation to pay the Break-Up and Expense
Reimbursement, under Section 364(c)(1) of the Bankruptcy Code, until such payment is made.

ARTICLE 10

MISCELLANEOUS PROVISIONS

     10.1 Completeness; Modification. This Agreement constitutes the entire
agreement between the parties hereto with respect to the transactions contemplated hereby and
supersedes all prior discussions, understandings, agreements and negotiations between the parties
hereto. This Agreement may be modified only by a written instrument duly executed by the parties
hereto.

     10.2 Assignments. Purchaser may assign its rights hereunder with the consent of
Seller (which consent shall not be unreasonably withheld) to any Affiliate of Purchaser;
provided, however, that Purchaser shall remain liable under this Agreement and shall not be
released from its obligations hereunder.

     10.3 Successors and Assigns. This Agreement shall inure to the benefit of and bind the
Purchaser and the Seller and their respective successors and assigns.

22

 

     10.4 Days. If any action is required to be performed, or if any notice, consent or
other communication is given, on a day that is a Saturday or Sunday or a legal holiday in the
jurisdiction in which the action is required to be performed or in which is located the intended
recipient of such notice, consent or other communication, such performance shall be deemed to be
required, and such notice, consent or other communication shall be deemed to be given, on the first
(1st) business day following such Saturday, Sunday or legal holiday. Unless otherwise specified
herein, all references herein to a “day” or “days” shall refer to calendar days and not business
days.

     10.5 Governing Law. This Agreement and all documents referred to herein shall be
governed by and construed and interpreted in accordance with the laws of the state of New York.

     10.6 Counterparts. To facilitate execution, this Agreement may be executed in as
many counterparts as may be required. It shall not be necessary that the signature on behalf of
both parties hereto appear on each counterpart hereof. All counterparts hereof shall collectively
constitute a single agreement.

     10.7 Severability. If any term, covenant or condition of this Agreement, or the
application thereof to any Person or circumstance, shall to any extent be
invalid or unenforceable, the remainder of this Agreement, or the application of such term,
covenant or condition to other persons or circumstances, shall not be affected thereby, and each
term, covenant or condition of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

     10.8 Costs. Regardless of whether Closing occurs hereunder, and except as otherwise
expressly provided herein, each Party shall be responsible for its own costs in connection with
this Agreement and the transactions contemplated hereby, including without limitation fees of
attorneys, engineers and accountants.

     10.9 Notices. All notices, requests, demands and other communications hereunder
shall be in writing and shall be delivered by hand, transmitted by facsimile transmission, sent by
electronic mail in “.pdf’ format, sent prepaid by Federal Express (or a comparable overnight
delivery service) or sent by the United States mail, certified, postage prepaid, return receipt
requested, at the addresses and with such copies as designated below. Any notice, request,
demand or other communication delivered or sent in the manner aforesaid shall be deemed given or
made (as the case may be) when actually delivered to the intended recipient.

	 	 	 	 	 

	 

	 	If to the Seller:
	 	304 Royal Poinciana Way
	 

	 	 	 	Suite 306
	 

	 	 	 	Palm Beach, Florida 33480
	 

	 	 	 	Attn: Marc Beilinson and Mark Murphy
	 

	 	 	 	Fax: (561)650-0958
	 

	 	 	 	Email: mbeilinson@beilinsonpartners.com
	 

	 	 	 	Email: mmurphy@innkeepersusa.com

23

 

	 	 	 	 	 

	 

	 	with a copy to:
	 	Kirkland & Ellis LLP
	 

	 	 	 	300 North LaSalle
	 

	 	 	 	Chicago, Illinois 60654
	 

	 	 	 	Attn: Anup Sathy, P.C. and Brian S. Lennon
	 

	 	 	 	Fax: (312)862-2200
	 

	 	 	 	Email: asathy@kirkland.com
	 

	 	 	 	Email: blennon@kirkland.com
	 
	 	 	 	 
	 

	 	If to the Purchaser:
	 	Chatham Lodging Trust
	 

	 	 	 	50 Cocoanut Row
	 

	 	 	 	Suite 211
	 

	 	 	 	Palm Beach, Florida 33480
	 

	 	 	 	Attn: Jeffrey H. Fisher
	 

	 	 	 	Fax: (561)659-7318
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Wachtell, Lipton, Rosen & Katz
	 

	 	 	 	51 West 52nd Street
	 

	 	 	 	New York, New York 10019
	 

	 	 	 	Attn: Scott K. Charles
	 

	 	 	 	Fax: (212)403-2202
	 

	 	 	 	Attn: David Fischman
	 

	 	 	 	Fax: (212)403-2311

Or to such other address as the intended recipient may have specified in a notice to the other
party. Any party hereto may change its address or designate different or other persons or entities
to receive copies by notifying the other party in the manner described in this Section.

     10.10 Incorporation by Reference. All of the exhibits attached hereto are by this
reference incorporated herein and made a part hereof.

     10.11 Further Assurances. The Seller and the Purchaser each covenant and agree to
sign, execute and deliver, or cause to be signed, executed and delivered, and to do or make, or
cause to be done or made, upon the written request of the other Party, any and all agreements,
instruments, papers, deeds, acts or things, supplemental, confirmatory or otherwise, as may be
reasonably required by either Party for the purpose of or in connection with consummating the
transactions described herein.

     10.12 No Partnership. This Agreement does not and shall not be construed to create a
partnership, joint venture or any other relationship between the parties hereto except the
relationship of seller and purchaser specifically established hereby.

     10.13 Time of Essence. Time is of the essence with respect to every provision
hereof.

     10.14 No Third-Party Beneficiary. The provisions of this Agreement and of the
documents to be executed and delivered at Closing are and will be for the benefit of the Seller and
the Purchaser only and are not for the benefit of any third (3rd) party, and accordingly, no

24

 

third (3rd) party shall have the right to enforce the provisions of this Agreement or of the
documents to be executed and delivered at Closing.

     10.15 Waiver of Jury Trial. The Seller and the Purchaser each hereby waive any right
to jury trial in connection with the enforcement by the Purchaser, or the Seller, of any of their
respective rights and remedies hereunder.

[SIGNATURES ON FOLLOWING PAGE]

25

 

     IN WITNESS WHEREOF, the Sellers and the Purchaser have caused this Agreement to be executed as
of the day and year first above written.

	 	 	 	 	 	 	 

	 	 	SELLERS:	 	 
	 
	 	 	 	 	 	 
	 	 	KPA RIMV, LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 
	 
	 	 	 	 	 	 
	 	 	KPA TYSONS CORNER RI, LLC, a Delaware limited
liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 
	 
	 	 	 	 	 	 
	 	 	KPA WASHINGTON DC DT LLC, a Delaware limited
liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 
	 
	 	 	 	 	 	 
	 	 	KPA SAN ANTONIO, LLC, a Delaware limited
liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 

 

 

	 	 	 	 	 	 	 

	 	 	KPA RIGG, LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 

 

 

	 	 	 	 	 	 	 

	 	 	PURCHASER:	 	 
	 
	 	 	 	 	 	 
	 	 	CHATHAM LODGING L.P., a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dennis Craven
 

	 	 
	 

	 	Name:
	 	Dennis Craven	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

Joinder of Operating Tenants

The undersigned Operating Tenants hereby join this Agreement for the purpose of transferring
each of its interest(s) in the Property, as applicable, and shall be bound to the provisions of
this Agreement applicable to each Operating Tenant with respect thereto.

	 	 	 	 	 	 	 

	 	 	OPERATING TENANTS:	 	 
	 
	 	 	 	 	 	 
	 	 	GRAND PRIX RIMV LESSEE LLC, a

Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 
	 
	 	 	 	 	 	 
	 	 	GRAND PRIX GENERAL LESSEE LLC, a 

Delaware
limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 
	 
	 	 	 	 	 	 
	 	 	GRAND PRIX RIGG LESSEE LLC, a 

Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark A. Murphy
 

	 	 
	 

	 	Name:
	 	Mark A. Murphy	 	 
	 

	 	Title:
	 	VP	 	 

 

 

EXHIBIT A

SELLER AND PROPERTY

	 	 	 	 	 
	Seller	 	Site Name	 	Location
	KPA RIMV, LLC

	 	Residence Inn San Diego,
Mission Valley
	 	1865 Hotel Circle South San
Diego, CA 92108
	 
	 	 	 	 
	KPA San Antonio, LLC

	 	Homewood Suites, San
Antonio
	 	432 West Market Street San
Antonio, TX 78205
	 
	 	 	 	 
	KPA Tysons Corner RI, LLC

	 	Residence Inn, Tysons Corner
Mall
	 	8400 Old Courthouse Road Vienna,
VA 22182
	 
	 	 	 	 
	KPA WASHINGTON DC LLC

	 	DoubleTree Guest Suites,
Washington DC
	 	801 New Hampshire Avenue, NW
Washington, DC 20005
	 
	 	 	 	 
	KPA RIGG, LLC

	 	Residence Inn, Anaheim (Garden
Grove)
	 	11931 Harbor Boulevard, Garden
Grove, California

A-1

 

EXHIBIT B

LEGAL DESCRIPTIONS OF THE REAL PROPERTY

See attached.

B-1

 

EXHIBIT C

     LIQUOR LICENSES

[To be delivered by Seller within three (3) business days following the
date of this Agreement.]

C-1

 

EXHIBIT D

ASSUMED LOAN MODIFICATION TERMS

D-1

 

EXHIBIT E

CONTRACTS AND LEASES

[To be delivered by Seller within three (3) business days following the date of this Agreement.]

E-1

 

EXHIBIT F

EXISTING WARRANTIES AND GUARANTIES

[To be delivered by Seller within three (3) business days following the date of this Agreement.]

F-1

 

EXHIBIT G

ASSUMED LOANS

	 	 	 	 	 
	                    
     Hotel	 	Outstanding Principal Amount
	Residence Inn San Diego, Mission Valley
	 	$	47,168,769.26	 
	Homewood Suites, San Antonio
	 	$	24,062,695.40	 
	Residence Inn, Tysons Corner Mall
	 	$	25,057,021.67	 
	DoubleTree Guest Suites, Washington DC
	 	$	25,454,752.20	 
	Residence Inn, Anaheim (Garden Grove)
	 	$	37,416,576.45	 

F-1

 

EXHIBIT H

PLANS OF REORGANIZATION

G-1exv10w2

Exhibit 10.2

FIRST AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

     This First Amendment to Agreement of Purchase and Sale Agreement (this “Amendment”)
is dated effective the 12th day of May, 2011, by and among KPA RIMV, LLC, a Delaware limited
liability company (“KPA Mission Valley”), KPA RIGG, LLC, a Delaware limited liability
Company (“KPA Garden Grove”), KPA TYSONS CORNER RI, LLC, a Delaware limited liability
company (“KPA Tysons Corner”), KPA SAN ANTONIO, LLC, a Delaware limited liability company
(“KPA San Antonio”), KPA WASHINGTON DC LLC, a Delaware limited liability company (“KPA
Washington DC”) and INNKEEPERS USA LIMITED PARTNERSHIP, a Virginia limited partnership
(“Innkeepers USA”), and CHATHAM LODGING, L.P., a Delaware limited partnership (the
“Purchaser”).

     WHEREAS, KPA Mission Valley, KPA Garden Grove, KPA Tysons Corner, KPA San Antonio, KPA
Washington DC and Purchaser entered into a certain Agreement of Purchase and Sale dated on May 3,
2011 (the “Purchase Agreement”), concerning the purchase and sale of the real property and
hotel facilities located at (i) 1865 Hotel Circle South, San Diego, California, (ii) 432 West
Market Street, San Antonio, Texas, (iii) 8400 Old Courthouse Road, Vienna, Virginia, (iv) 11931
Harbor Boulevard, Garden Grove, California, and (v) 801 New Hampshire Avenue, NW, Washington, DC
(the “DC Hotel”), all as more specifically described in the Purchase Agreement;

     WHEREAS, Innkeepers USA is the fee owner of the real property located at the DC Hotel and
more particularly described in the Purchase Agreement, pursuant to that certain Special Warranty
Deed dated as of December 17, 2004 and recorded on December 29, 2004 as Document Number 2004176320
with the Washington DC Recorder of Deeds;

     WHEREAS, KPA Washington DC is the ground lessee under that certain Ground Lease made as of
September 21, 2006 by and between Innkeepers USA, as ground lessor, and KPA Washington DC (as
successor by name change to KPA Washington DC DT LLC) (the “DC Ground Lessee”), as ground
lessee, as evidenced by that certain Memorandum of Ground Lease dated as of September 21, 2006 and
recorded on September 26, 2006 as Document Number 2006130673 with the Washington DC Recorder of
Deeds (the “DC Ground Lease”);

     WHEREAS, the Purchase Agreement erroneously did not include Innkeepers USA as a Seller with
respect to the real property located at the DC Hotel;

     WHEREAS, Servicer, in connection with the assumption of the Assumed Loans, is requiring that
certain direct or indirect subsidiaries of Purchaser that are organized as special purpose
vehicles take title to the Real Property at Closing; and

     WHEREAS, the Parties desire to amend the Purchase Agreement, to provide, among other things,
that (i) Innkeepers USA be included as a Seller with respect to the real property located at the DC
Hotel and (ii) Seller, at Closing, will transfer and convey title to the Real Property (in
accordance with the Purchase Agreement) to the special purpose vehicles so designated by Purchaser.

 

 

          Now therefore, in consideration of the foregoing premises and other good and valuable
consideration, the receipt of which is hereby acknowledged, the Parties hereto agree that the
Purchase Agreement shall be amended as follows:

1. Definitions. All initial capitalized terms used, but not defined, in this Amendment
shall have the meanings set forth in the Purchase Agreement.

2. Amendment.

	 	a.	 	The definitions of “Seller” and “Sellers” are hereby amended and restated in
its
entirety to mean:

“KPA RIMV, LLC, a Delaware limited liability company (“KPA Mission Valley”), KPA RIGG,
LLC, a Delaware limited liability Company (“KPA Garden Grove”), KPA TYSONS CORNER RI, LLC,
a Delaware limited liability company (“KPA Tysons Corner”), KPA SAN ANTONIO, LLC, a
Delaware limited liability company (“KPA San Antonio,”), and INNKEEPERS USA LIMITED
PARTNERSHIP, a Delaware limited liability company (“Innkeepers USA” and each of KPA
Mission Valley, KPA Garden Grove, KPA Tysons Corner, KPA San Antonio and Innkeepers USA, a
“Seller,” and collectively, the “Sellers”).

	 	b.	 	The third recital in the preamble to the Purchase Agreement is hereby amended
to
replace the reference “to which this Agreement is attached as Exhibit H” to “to
which this Agreement is attached as an exhibit” and all other references to Exhibit
H and the Exhibit H in the Purchase Agreement are hereby deleted.
	 
	 	c.	 	The definition of “Assignment and Assumption Agreement” is hereby
amended
and restated in its entirety to mean:

“the assignment and assumption agreement pursuant to which the Sellers, the DC Ground Lessee and
each Operating Tenant (notwithstanding its joinder to this Agreement), as applicable, shall assign
and the Purchaser (or its Permitted Designee) shall assume from the Sellers, the DC Ground Lessee
and each Operating Tenant, as applicable, the Assumed Contracts and the Assumed Leases, in such
form and substance as Purchaser, the Operating Tenants, and Sellers shall mutually agree.”

	 	d.	 	The definition of “Assumed Contracts” is hereby amended and restated
in its
entirety to mean:

“collectively, the Contracts set forth in Exhibit E attached hereto, which Contracts shall
be assumed by the Sellers, DC Ground Lessee or Operating Tenants (as applicable) and assigned to
the Purchaser (or its Permitted Designee) pursuant to Section 365 of the Bankruptcy Code, the
Confirmation Order or other order of the Bankruptcy Court and the Assignment and Assumption
Agreement.”

	 	e.	 	The definition of “Assumed Leases” is hereby amended and restated in
its entirety
to mean:

2

 

“collectively, the Leases set forth in Exhibit E attached hereto, which Leases shall be
assumed by the Sellers, DC Ground Lessee or Operating Tenants (as applicable) and assigned to the
Purchaser (or its Permitted Designee) pursuant to Section 365 of the Bankruptcy Code, the
Confirmation Order, or other order of the Bankruptcy Court and the Assignment and Assumption
Agreement.”

	 	f.	 	The definition of “Contracts” is hereby amended and restated in its
entirety to
mean:

“any contracts, agreements, licenses and leases (other than the Leases) entered into by each
Seller, the DC Ground Lessee, and each Operating Tenant, as applicable (whether oral or written),
affecting or related to the Property by which any Seller, the DC Ground Lessee or the Operating
Tenant, as applicable, is bound.”

	 	g.	 	Subsection “(ii)” of the definition of “Operating Tenant” is hereby
amended and
restated in its entirety to mean:

“(ii) with respect to Innkeepers USA Limited Partnership, Grand Prix General Lessee LLC, a Delaware
limited liability company,”

	 	h.	 	Section 2.1 of the Purchase Agreement is hereby amended to replace the
reference to “Sellers and each Operating Tenant” with “Sellers, the DC Ground Lessee
and each Operating Tenant” and to replace all references to “Purchaser” with “Purchaser
(or its Permitted Designee).”
	 
	 	i.	 	The first sentence of Section 2.3 of the Purchase Agreement is hereby amended
to replace all references to “Purchaser shall” with “Purchaser shall, or shall cause
its Permitted Designee to,”.
	 
	 	j.	 	The first sentence of Section 2.4 of the Purchase Agreement is hereby amended
to replace the reference to “Purchaser shall,” with “Purchaser shall, or shall cause
its Permitted Designee to,”.
	 
	 	k.	 	The second sentence of Section 2.4 is hereby amended to replace the reference
to “Purchaser’s” with “Purchaser’s (or its Permitted Designee’s).”
	 
	 	l.	 	Section 2.4(a) is hereby amended to replace the reference to “Assumed Loans to
the Purchaser” with “Assumed Loans to the Purchaser (or its Permitted Designee).”
	 
	 	m.	 	Section 2.4(b) is hereby amended to replace the reference to “Purchaser and
Seller shall” with “Purchaser and Seller shall, and Purchaser shall cause its Permitted
Designee to,”.
	 
	 	n.	 	Section 2.4(c) is hereby amended to replace the reference to “Purchaser shall
pay” with “Purchaser shall, or Purchaser shall cause its Permitted Designee to, pay”.

3

 

	 	o.	 	 Section 3.2(b) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	p.	 	Section 3.2(c) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	q.	 	Section 3.2(d) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	r.	 	Section 3.2(e)(i) of the Purchase Agreement is hereby amended to replace the reference to
“Sellers and each of the Operating Tenants” with “Sellers, the DC Ground Lessee and each
Operating Tenant (as applicable)” and to replace all references to “Purchaser” with
“Purchaser (or its Permitted Designee).”
	 
	 	s.	 	Section 3.2(e)(ii) of the Purchase Agreement is hereby amended to replace the reference to
“Sellers and each Operating Tenant” with “Sellers, the DC Ground Lessee and each Operating
Tenant (as applicable)” and to replace all references to “Purchaser” with “Purchaser (or its
Permitted Designee).”
	 
	 	t.	 	Section 3.2(f) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	u.	 	Section 3.2(h) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	v.	 	Section 3.2(k) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	w.	 	Section 3.2(l) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	x.	 	Section 3.2(m) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	y.	 	Section 4.1 of the Purchase Agreement is hereby amended to replace the reference to “Each
Seller is a limited liability company” with “Each Seller is a limited liability company or
limited partnership, as the case may be.”
	 
	 	z.	 	Section 4.6 of the Purchase Agreement is hereby amended to replace the reference to “shall
cause the applicable Operating Tenant to” with “shall cause the DC Ground Lessee or the
applicable Operating Tenant to” and to replace the reference in subsection (c) to “Seller or
the applicable Operating Tenant” with “Seller, the DC Ground Lessee or the applicable
Operating Tenant.”
	 
	 	aa.	 	Section 4.9 of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”

4

 

	 	bb.	 	Section 4.10 of the Purchase Agreement is hereby amended to replace each of the two
(2) references to “cause the applicable Operating Tenant to” with “cause the DC Ground
Lessee or the applicable Operating Tenant to.”
	 
	 	cc.	 	Section 4.11 of the Purchase Agreement is hereby amended to replace the two (2) references
to “and the Operating Tenant” with “and the DC Ground Lessee and the Operating Tenant” and to
replace the reference to “Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	dd.	 	Section 4.12 of the Purchase Agreement is hereby amended to replace the reference to “cause
the applicable Operating Tenant to” with “cause the DC Ground Lessee and the applicable
Operating Tenant.”
	 
	 	ee.	 	Section 4.14 of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	ff.	 	Subsection (i) in the last paragraph in Article 4 of the Purchase Agreement is hereby amended
and restated in its entirety and replaced with “(i) whereupon Seller shall promptly, but no
later than three (3) Business Days from the date of such termination, pay to Purchaser the sum
of (A) the Deposit and (B) the Deposit Interest, and neither Party shall have any further
rights or obligations pursuant to this Agreement, other than as set forth herein with respect
to rights or obligations that survive termination.
	 
	 	gg.	 	Section 6.1(c) of the Purchase Agreement is hereby amended to replace the reference to
“cause the applicable Operating Tenant to” with “cause the DC Ground Lessee and the
applicable Operating Tenant.”
	 
	 	hh.	 	Section 6.1(d) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	ii.	 	Section 6.1(e) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser’s assumption” with “Purchaser (or its Permitted Designee’s) assumption.”
	 
	 	jj.	 	Section 6.1(h) of the Purchase Agreement is hereby amended to replace the reference to
“Sellers or the Operating Tenant” with “Sellers, the DC Ground Lessee, or the Operating
Tenant” and to replace the reference to “Purchaser” with “Purchaser (or its Permitted
Designee).”
	 
	 	kk.	 	Section 6.2(a) of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser shall have delivered” with “Purchaser shall have delivered, or shall have caused
its Permitted Designee to have delivered,”.
	 
	 	ll.	 	Section 7.2 of the Purchase Agreement is hereby amended to replace the reference to
“Purchaser” with “Purchaser (or its Permitted Designee).”

5

 

	 	mm.	 	Section 7.3 of the Purchase Agreement is hereby amended to replace the
reference to “Purchaser shall pay or deliver” with “Purchaser shall pay or deliver,
or shall cause its Permitted Designee to pay or deliver,”.
	 
	 	nn.	 	The first sentence of Section 7.4 of the Purchase Agreement is hereby amended
to replace the reference to “Purchaser shall pay” with “Purchaser shall pay, or shall
cause its Permitted Designee to pay,”.
	 
	 	oo.	 	 The second sentence of Section 7.4 of the Purchase Agreement is hereby amended
to replace the reference to “Seller and Purchaser shall be responsible for the payment”
to “Seller and Purchaser shall be responsible, and Purchaser shall cause its Permitted
Designee to be responsible (to the extent of any designation), for the payment.”
	 
	 	pp.	 	The first and second sentences of Section 7.5(a) of the Purchase Agreement are
hereby amended to replace the reference to “Purchaser” with “Purchaser (or its
Permitted Designee).”
	 
	 	qq.	 	Section 7.5(a)(i) of the Purchase Agreement is hereby amended to replace the
reference to “Purchaser shall” with “Purchaser shall, or shall cause its Permitted
Designee to,”.
	 
	 	rr.	 	Section 7.5(a)(iii) of the Purchase Agreement is hereby amended to replace the
reference to “Purchaser, Purchaser’s property manager” with “Purchaser (or its
Permitted Designee), Purchaser’s property manager.”
	 
	 	ss.	 	Section 7.5(a)(vi) of the Purchase Agreement is hereby amended to replace the
reference to “Purchaser shall” with “Purchaser shall, or shall cause its Permitted
Designee to,”.
	 
	 	tt.	 	Section 7.5(a)(viii) of the Purchase Agreement is hereby amended to replace the
reference to “Purchaser shall” with “Purchaser shall, or shall cause its Permitted
Designee to,”.
	 
	 	uu.	 	Section 7.5(b) of the Purchase Agreement is hereby amended to replace the
reference to “to Purchaser, and Purchaser shall” with “to Purchaser (or its Permitted
Designee), and Purchaser shall, or shall cause its Permitted Designee to,”.
	 
	 	vv.	 	Section 7.5(d) of the Purchase Agreement is hereby amended and restated in its
entirety:

“(d) Neither the Purchaser nor any of its Permitted Designees (to the extent of any designation)
shall be obligated to collect any accounts receivable or revenues accrued prior to the Closing Date
on behalf of each Seller, but if the Purchaser (or its Permitted Designee) collects same, the
Purchaser will, or will cause its Permitted Designee to, promptly remit to each Seller such amounts
in the form received.”

6

 

	 	ww.	 	Section 7.5(e) of the Purchase Agreement is hereby amended to replace all
references to “Purchaser” with “Purchaser (or its Permitted Designee).”
	 
	 	xx.	 	Exhibit A to the Purchase Agreement is hereby amended to replace the reference
to “KPA WASHINGTON DC LLC” with “Innkeepers USA Limited Partnership.”
	 
	 	yy.	 	Exhibit E to the Purchase Agreement is hereby amended and restated in its
entirety with the Exhibit E attached hereto.
	 
	 	zz.	 	Permitted Designee. Purchaser shall have the right, in its sole and
absolute discretion, on or before the Closing Date, to designate one or more designees
(chosen in Purchaser’s sole and absolute discretion) that as of the Closing Date,
will, in accordance with this Amendment, the Purchase Agreement and the Assignment and
Consent Agreement, become the title holder to all or any part of the Property (as
determined by Purchaser in its sole and absolute discretion) (each such designee, a
“Permitted Designee”). Purchaser shall cause its Permitted Designee to comply
with all terms and conditions of the Purchase Agreement (as amended by this Amendment)
applicable to such Permitted Designee.

3. No Other Amendments. Except as otherwise expressly amended by this Amendment, (i) this
Amendment shall not otherwise operate to waive, modify, release, consent to or in any manner affect
any rights or obligations of Seller and Purchaser under the Purchase Agreement, and (ii) the
Purchase Agreement (as amended by this Amendment) shall remain in full force and effect.

4. Conflict. Any conflict between the terms of the Purchase Agreement and the terms of
this Amendment shall be resolved in favor of the terms of this Amendment.

5. Incorporation of Recitals and Schedules. The recitals to this Amendment are
incorporated herein by such reference and made a part of this Amendment.

6. Execution of Amendment. A Party may deliver executed signature pages to this Amendment
by facsimile or other electronic transmission to any other Party, which facsimile or electronic
copy shall be deemed to be an original executed signature page. This Amendment may be executed in
any number of counterparts, each of which shall be deemed an original and all of which counterparts
together shall constitute one agreement with the same effect as if the Parties had signed the same
signature page.

7. Full Force and Effect. The Agreement shall remain in full force and effect as amended
herein.

[Remainder of page intentionally left blank;

Signatures on following pages.]

7

 

     In witness hereof, each party has caused this Amendment to be executed and delivered in its
name by a duly authorized officer or representative as of the day and year above first written.

	 	 	 	 	 

	 	 	SELLERS:
	 
	 	 	 	 
	 	 	KPA RIMV, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:
	 	VP
	 
	 	 	 	 
	 	 	KPA TYSONS CORNER RI, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:
	 	VP
	 
	 	 	 	 
	 	 	KPA SAN ANTONIO, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:
	 	VP
	 
	 	 	 	 
	 	 	KPA RIGG, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:
	 	VP

 

 

	 	 	 	 	 

	 	 	INNKEEPERS USA LIMITED
	 	 	PARTNERSHIP, a Virginia limited partnership
	 
	 	 	 	 
	 

	 	By:

Name:
	 	Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:
	 	VP
	 
	 	 	 	 
	 	 	DC GROUND LESSEE:
	 
	 	 	 	 
	 	 	KPA WASHINGTON DC DT LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:
	 	VP

 

 

	 	 	 	 	 

	 	 	PURCHASER:
	 
	 	 	 	 
	 	 	CHATHAM LODGING, L.P., a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Dennis Craven
 
 Dennis
Craven
	 

	 	Title:
	 	Vice President

 

 

	 	 	 	 	 

	 	 	OPERATING TENANTS:
	 
	 	 	 	 
	 	 	GRAND PRIX RIMV LESSEE LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:	 	VP
	 
	 	 	 	 
	 	 	GRAND PRIX GENERAL LESSEE LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:	 	VP
	 
	 	 	 	 
	 	 	GRAND PRIX RIGG LESSEE LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark A. Murphy
 
 Mark
A. Murphy
	 

	 	Title:	 	VP

 

 

EXHIBIT E

CONTRACTS AND LEASES

	 	 	 	 	 	 	 	 	 
	Contract	 	 	 	 	 	 	 	 
	 No	 	Counter Party	 	Contract Type	 	Entity	 	Property Description
	27 - 1

	 	Hess Corporation
	 	Utility Service — Energy
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	28 - 1

	 	Washington Gas
Energy Services
	 	Utility Service — Energy
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	 

	 	Doubletree Hotel
Systems, Inc.
	 	Amended and Restated
Franchise License
Agreement
	 	Grand Prix General
Lessee LLC
	 	Doubletree

Washington DC
	 
	 	 	 	 	 	 	 	 
	 

	 	Promus Hotels, Inc.
	 	Franchise License
Agreement
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	31 - 1

	 	Marriott
International, Inc.
	 	Marriott Franchise
Agreement
	 	Grand Prix General
Lessee LLC
	 	Residence Inn
Tyson’s Corner
	 
	 	 	 	 	 	 	 	 
	47 - 1

	 	Jean Te Enterprises
DBA Holiday Gifts
	 	Gift Shop Lease
	 	Grand Prix RIGG
Lessee LLC
	 	Residence Inn
Anaheim/Garden
Grove
	 
	 	 	 	 	 	 	 	 
	50 - 1

	 	Hotel Partners,
L.P. dba Homewood
Suites Hotel
	 	Assignment of
Restaurant Leases
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	75 - 1

	 	Marriott
International, Inc.
	 	Marriott Franchise
Agreement
	 	Grand Prix RIGG
Lessee LLC
	 	Residence Inn
Anaheim/Garden
Grove
	 
	 	 	 	 	 	 	 	 
	82 - 1

	 	Marriott
International, Inc.
	 	Marriott Franchise
Agreement
	 	Grand Prix RIMV
Lessee, LLC
	 	Residence Inn San
Diego/Mission
Valley
	 
	 	 	 	 	 	 	 	 
	330 - 1

	 	DMX Music
	 	Music Service
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	334 - 1

	 	Brickman
	 	Landscape
Interior/Exterior
Maintenance
	 	Grand Prix RIMV
Lessee, LLC
	 	Residence Inn San
Diego/Mission
Valley
	 
	 	 	 	 	 	 	 	 
	352 - 1

	 	KeyLink Service
Solutions, Inc.
	 	Business Center
Services Agreement
	 	Grand Prix RIGG
Lessee LLC
	 	Residence Inn
Anaheim/Garden
Grove

E-1

 

	 	 	 	 	 	 	 	 	 
	Contract	 	 	 	 	 	 	 	 
	No	 	Counter Party	 	Contract Type	 	Entity	 	Property Description
	355 - 1

	 	Otis Elevator
Company
	 	Elevator Maintenance
	 	Grand Prix General
Lessee LLC
	 	Residence Inn
Tyson’s Corner
	 
	 	 	 	 	 	 	 	 
	372 - 1

	 	Hyattsville
Nursery, Inc.
	 	Landscape
Interior/Exterior
Maintenance
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	388 - 1

	 	Greenleaf
Compaction, Inc.
	 	Waste Management
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	393 - 1

	 	Granada Homes, Inc.
	 	Parking Space Rental
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	445 - 1

	 	Dunbar Armored, Inc.
	 	Security Services
	 	Grand Prix RIMV Lessee,
LLC
	 	Residence Inn San
Diego/Mission
Valley
	 
	 	 	 	 	 	 	 	 
	446 - 1

	 	Ricoh Business
Systems
	 	Office Equipment
Lease and/or
Maintenance
	 	Grand Prix RIMV Lessee,
LLC
	 	Residence Inn San
Diego/Mission
Valley
	 
	 	 	 	 	 	 	 	 
	449 - 1

	 	Virginia Sprinkler
Company, Inc.
	 	Fire and Security
Monitoring/Maintenance
	 	Grand Prix General
Lessee LLC
	 	Residence Inn
Tyson’s Corner -
Mall
	 
	 	 	 	 	 	 	 	 
	450 - 1

	 	Simple Cleaners, LLC
	 	Laundry/Linen Service
	 	Grand Prix RIGG Lessee
LLC
	 	Residence Inn
Anaheim/Garden
Grove
	 
	 	 	 	 	 	 	 	 
	451 - 1

	 	Ricoh Business
Systems
	 	Equipment Maintenance
Agreement
	 	Grand Prix RIGG Lessee
LLC
	 	Residence Inn
Anaheim/Garden
Grove
	 
	 	 	 	 	 	 	 	 
	476 - 1

	 	Signature Metal &
Marble, LLC
	 	Cleaning Services
	 	Grand Prix General
Lessee LLC
	 	Residence Inn
Tyson’s Corner -
Mall
	 
	 	 	 	 	 	 	 	 
	478 - 1

	 	U.S. Lawns of
Tyson’s Corner
	 	Landscape
Interior/Exterior
Maintenance
	 	Grand Prix General
Lessee LLC
	 	Residence Inn
Tyson’s Corner -
Mall
	 
	 	 	 	 	 	 	 	 
	504 - 1

	 	BFPE International
	 	Fire and Security
Monitoring/Maintenance
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	505 - 1

	 	Capital Elevator
Services Inc.
	 	Elevator Maintenance
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	518 - 1

	 	Winco of South Texas
	 	Cleaning Services
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	519 - 1

	 	Ace Parking
	 	Valet Parking Contract
	 	Grand Prix General Lessee
	 	Homewood Suites San

E-2

 

	 	 	 	 	 	 	 	 	 
	Contract	 	 	 	 	 	 	 	 
	No	 	Counter Party	 	Contract Type	 	Entity	 	Property Description
	 

	 	Management, Inc.
	 	 	 	LLC
	 	Antonio
	 
	 	 	 	 	 	 	 	 
	520 - 1

	 	Fire Alarm Control
Systems, Inc.
	 	Fire and Security
Monitoring/Maintenance
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	522 - 1

	 	F.N.G. Security and
Investigations
	 	Security Services
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	524 - 1

524 - 2

	 	City Public Service
Board of San
Antonio
	 	Utility Service — Energy
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	526 - 1

	 	City Public Service
Board of San
Antonio
	 	Utility Service — Energy
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	527 - 1

	 	Fire Alarm Control
Systems, Inc.
	 	Fire and Security
Monitoring/Maintenance
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	530 - 1

	 	Lodgenet
Entertainment
Corporation
	 	Entertainment Services
- Guest TV
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	531 - 1

	 	Lodgenet
	 	Entertainment Services
- Guest TV
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	593 - 1

	 	Texas Wired Music,
Inc.
	 	Music Service
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	595 - 1

	 	Resource Technology
Management, Inc.
	 	Internet Services
Agreement
	 	Grand Prix General
Lessee LLC
	 	Homewood Suites San
Antonio
	 
	 	 	 	 	 	 	 	 
	788 - 1

	 	Marriott
International, Inc.
	 	Electronic Systems
License Agreement
	 	Grand Prix RIMV Lessee,
LLC
	 	Residence Inn San
Diego/Mission Valley
	 
	 	 	 	 	 	 	 	 
	790 - 1

	 	Marriott
International, Inc.
	 	Owner Agreement
	 	Grand Prix RIMV Lessee,
LLC
	 	Residence Inn San
Diego/Mission Valley
	 
	 	 	 	 	 	 	 	 
	790 - 1

	 	Marriott
International, Inc.
	 	Owner Agreement
	 	KPA RIMV, LLC
	 	Residence Inn San
Diego/Mission Valley
	 
	 	 	 	 	 	 	 	 
	827 - 1

	 	Marriott
International, Inc.
	 	Electronic Systems
License Agreement
	 	Grand Prix General
Lessee LLC
	 	Residence Inn
Tyson’s Corner -
Mall
	 
	 	 	 	 	 	 	 	 
	828 - 1

	 	Marriott
	 	Owner Agreement
	 	Grand Prix General Lessee
	 	Residence Inn Tyson’s

E-3

 

	 	 	 	 	 	 	 	 	 
	Contract	 	 	 	 	 	 	 	 
	No	 	Counter Party	 	Contract Type	 	Entity	 	Property Description
	 

	 	International, Inc.
	 	 	 	LLC
	 	Corner
	 
	 	 	 	 	 	 	 	 
	828 - 1

	 	Marriott
International, Inc.
	 	Owner Agreement
	 	KPA Tysons Corner
RI, LLC
	 	Residence Inn
Tyson’s Corner
	 
	 	 	 	 	 	 	 	 
	867 - 1

	 	On Command
	 	Entertainment Services
	 	Grand Prix RIGG
Lessee LLC
	 	Residence Inn
Anaheim/Garden
Grove
	 
	 	 	 	 	 	 	 	 
	868 - 1

	 	TeleCheck
	 	Check Protection
Service Agreement
	 	Grand Prix RIGG
Lessee LLC
	 	Residence Inn
Anaheim/Garden
Grove
	 
	 	 	 	 	 	 	 	 
	901 - 1

	 	Xeta Technologies
	 	Office Equipment
Lease and/or
Maintenance
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	902 - 1

	 	Xeta Technologies
	 	Maintenance Agreement
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	903 - 1

	 	DMX Music, Inc.
	 	Music Service
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	922 - 1

	 	Hilton Systems
Solutions LLC
	 	Attachment to
Internet Service
Agreement
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	923 - 1

	 	Hilton Systems
Solutions LLC
	 	Internet Services
Agreement
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	924 - 1

	 	Hilton Systems
Solutions LLC
	 	Internet Services
Agreement
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	963 - 1

	 	Macke Water
Systems, Inc.
	 	Water Cooler Rental
and Service
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	1008 - 1

	 	KPA Washington DC,
LLC
	 	Ground Lease
	 	Grand Prix General
Lessee LLC
	 	Doubletree
Washington DC
	 
	 	 	 	 	 	 	 	 
	1008 - 1

	 	KPA Washington DC,
LLC
	 	Ground Lease
	 	Innkeepers USA
Limited Partnership
	 	Doubletree
Washington DC

E-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]