Document:

<PAGE>

                                                                 EXHIBIT 10.21.3

                                     FORM OF
                                PROMISSORY NOTE B

______________                                                     JUNE __, 2004

      FOR VALUE RECEIVED, the undersigned, each having an address c/o Lodgian,
Inc., 3445 Peachtree Road, NE, Suite 700, Atlanta, Georgia 30326 (each, a
"BORROWER", and collectively, "BORROWERS"), jointly and severally, promise to
pay to the order of MERRILL LYNCH MORTGAGE LENDING, INC., a Delaware corporation
(together with its successors and assigns, "LENDER"), at Four World Financial
Center, New York, New York 10080, or such other place as Lender may designate in
writing, the principal sum of __________________________________________________
__________________________________________________________________, representing
Component B, with interest on the unpaid principal balance from the date of this
Note, until paid, at the Component B Rate in effect from time to time under the
Loan Agreement (hereinafter defined). This Promissory Note may be referred to
herein as the "NOTE," and the loan evidenced hereby may be referred to herein as
the "LOAN." Capitalized terms used but not otherwise defined herein shall have
the respective meanings given thereto in the Loan Agreement.

      PAYMENTS OF PRINCIPAL AND INTEREST. Borrowers shall make payments of
principal and interest on the outstanding principal balance of this Note in
accordance with the terms and provisions of Sections 2.4 and 2.5 of the Loan
Agreement.

      The entire outstanding principal balance of the Loan, all accrued and
unpaid interest thereon (including interest through the end of the Interest
Accrual Period then in effect) and all other amounts due hereunder and under the
other Loan Documents (collectively, the "DEBT") if not sooner paid (and unless
Borrowers shall extend the term of the Loan for the First Extension Term, the
Second Extension Term, or all Extension Terms) shall be due and payable on June
30, 2006 (the "SCHEDULED MATURITY DATE"). Subject to the terms and conditions of
Section 2.5(B) of the Loan Agreement, Borrowers may extend the term of the Loan
for the Extension Terms. The Scheduled Maturity Date, as the same may be
extended for the First Extension Term, the Second Extension Term, or the Third
Extension Term (subject to the terms and conditions of Section 2.5(B) of the
Loan Agreement), or such other date on which the final payment of the Debt
becomes due hereunder or under the Loan Agreement or the other Loan Documents,
whether at such stated maturity date, by acceleration, or otherwise, shall be
referred to herein as the "MATURITY DATE".

      Interest on the principal sum of this Note shall be calculated on the
basis of a 360 day year, and shall be charged for the actual number of days
elapsed during any month or other accrual period.

      SECURITY; LOAN DOCUMENTS. This Note is being executed and delivered
pursuant to that certain Loan and Security Agreement, dated as of the date
hereof (as amended, modified or restated from time to time, the "LOAN
AGREEMENT"), among Borrowers and Lender, to which reference is hereby made for
the terms

<PAGE>

and conditions governing this Note, including the terms and conditions
under which this Note may be prepaid or its maturity accelerated. This Note is
secured by, among other things, those certain Mortgages/Deeds of Trust/Deeds to
Secure Debt, Assignments of Leases and Rents and Security Agreements, dated as
of the date hereof (as amended, modified or restated from time to time,
collectively, the "INSTRUMENT"), executed by the Borrower named therein,
encumbering such Borrower's fee simple or leasehold interest in and to certain
real property as more particularly described therein (collectively, the
"PROPERTY"). This Note, the Loan Agreement, the Instrument, and all other
documents or instruments given by Borrowers or any one of them or any guarantor
and accepted by Lender for purposes of evidencing, securing, perfecting, or
guaranteeing the indebtedness evidenced by this Note may be referred to as the
"LOAN DOCUMENTS."

      PREPAYMENT; PREPAYMENT CONSIDERATION. Borrowers shall have no right to
prepay the Loan in whole or in part except as expressly provided in Section 2.6
of the Loan Agreement.

      EVENTS OF DEFAULT; ACCELERATION. Upon the occurrence and during the
continuance of any Event of Default, at the option of Lender and without notice,
the entire principal amount and all interest accrued and outstanding hereunder
and all other amounts outstanding under any of the Loan Documents shall at once
become due and payable, and Lender may exercise any and all of its rights and
remedies under any of the Loan Documents or pursuant to applicable law. Lender
may so accelerate such obligations and exercise such remedies at any time after
the occurrence of any Event of Default, regardless of any prior forbearance.

      LATE CHARGES; DEFAULT INTEREST. If an Event of Default relating to
non-payment of any principal, interest or other sums due under this Note or
under any of the other Loan Documents shall occur, then Borrowers shall pay to
Lender, in addition to all sums otherwise due and payable, a late charge in an
amount equal to five percent (5.0%) of such principal, interest or other sums
due hereunder or under any other Loan Document (or, in the case of a partial
payment, the unpaid portion thereof), such late charge to be immediately due and
payable without demand by Lender.

      Upon the occurrence and during the continuance of an Event of Default and
in any event from and after the Maturity Date of the Loan, the outstanding
principal balance of this Note and all other Obligations shall bear interest
until paid in full at a rate per annum (the "DEFAULT RATE") equal to the sum of
(i) four percent (4.0%) and (ii) the Interest Rate otherwise applicable under
this Note.

      Borrowers agree that such late charge and Default Rate of interest are
reasonable and do not constitute a penalty.

      INTEREST LAWS. Notwithstanding any provision to the contrary contained in
this Note, the Loan Agreement or the other Loan Documents, Borrowers shall not
be required to pay, and Lender shall not be permitted to collect, any amount of
interest in excess of the maximum amount of interest permitted by law ("EXCESS
INTEREST"). If any Excess Interest is provided for or determined by a court of
competent jurisdiction to have been provided for in this Note, the Loan
Agreement or in any of the other Loan Documents, then in such event: (i) the
provisions of this subsection shall govern and control; (ii) Borrowers shall not
be obligated to pay any Excess

                                       2
<PAGE>

Interest; (iii) any Excess Interest that Lender may have received hereunder
shall be, at Lender's option, (a) applied as a credit against either or both of
the outstanding principal balance of the Loan or accrued and unpaid interest
thereunder (not to exceed the maximum amount permitted by law), (b) refunded to
the payor thereof, or (c) any combination of the foregoing; (iv) the interest
rate(s) provided for herein shall be automatically reduced to the maximum lawful
rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and
this Note, the Loan Agreement and the other Loan Documents shall be deemed to
have been and shall be, reformed and modified to reflect such reduction; and (v)
Borrowers shall not have any action against Lender for any damages arising out
of the payment or collection of any Excess Interest. Notwithstanding the
foregoing, if for any period of time interest on any Obligation is calculated at
the Maximum Rate rather than the applicable rate under this Note, and thereafter
such applicable rate becomes less than the Maximum Rate, the rate of interest
payable on such Obligations shall, to the extent permitted by law, remain at the
Maximum Rate until Lender shall have received or accrued the amount of interest
which Lender would have received or accrued during such period on Obligations
had the rate of interest not been limited to the Maximum Rate during such
period. If the Default Rate shall be finally determined to be unlawful, then the
Interest Rate shall be applicable during any time when the Default Rate would
have been applicable hereunder, provided however that if the Maximum Rate is
greater or lesser than the Interest Rate, then the foregoing provisions of this
paragraph shall apply.

      CERTAIN RIGHTS AND WAIVERS. From time to time, without affecting the
obligation of Borrowers or their successors or assigns to pay the outstanding
principal balance of this Note, interest thereon and other amounts due hereunder
and to observe the covenants contained herein, in the Loan Agreement, the
Instrument or in any other Loan Document, without affecting the guaranty of any
person or entity for payment of the outstanding principal balance of this Note,
without giving notice to or obtaining the consent of any Borrower or its
successors or assigns or any guarantors or indemnitor, and without liability on
the part of Lender, Lender may, at its option, extend the time for payment of
the outstanding principal balance of this Note or any part thereof, reduce the
payments thereon, release anyone liable for payment of all or a portion of said
indebtedness, accept a renewal of this Note, modify the terms and time of
payment of said outstanding principal balance, join in any extension or
subordination agreement, release any security given herefor, take or release
other or additional security, and agree in writing with the undersigned to
modify the rate of interest or period of amortization of this Note or change the
amount of the monthly installments payable hereunder.

      Presentment, notice of dishonor, and protest are hereby waived by
Borrowers and all makers, sureties, guarantors and endorsers hereof. This Note
shall be binding upon Borrowers and their successors and assigns.

      EACH BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION
BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION WITH THIS NOTE, THE
INSTRUMENTS, ANY OTHER LOAN DOCUMENT, ANY OTHER AGREEMENT CONTEMPLATED TO BE
EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY.

                                        3
<PAGE>

      ASSIGNMENT AND TRANSFER OF NOTE. Lender shall have the right to assign or
transfer, in whole or in part (including the right to grant participation
interests in) any or all of its obligations under this Note, the Loan Agreement,
the Instrument and any or all of the other Loan Documents, subject to the terms
of the Loan Agreement. Lender shall be released of any obligations accruing
after the date of such assignment or transfer to the extent that the same are so
assigned or transferred, and the rights and obligations of "LENDER" hereunder
shall become the rights and obligations of the transferee holder. Lender agrees
to provide Borrowers with notice of any such assignment; provided, however, that
no Borrower's consent shall be required in connection with any such assignment
and no failure or delay by Lender in delivering such notice shall limit the
effectiveness of such assignment.

      LIMITATION ON RECOURSE. The obligations of Borrowers hereunder are subject
to limitations on recourse as provided in Article XII of the Loan Agreement.
This provision shall not limit any rights of Lender under the Guaranty of
Recourse Obligations or the Environmental Indemnity, each dated as of the date
hereof.

      ATTORNEYS' FEES, COSTS OF COLLECTION. Borrowers shall pay to Lender on
demand all reasonable out-of-pocket costs and expenses, including reasonable
attorneys' fees and expenses, incurred by Lender in collecting the indebtedness
arising hereunder or under any other Loan Documents or secured thereby or
otherwise exercising any rights or remedies of Lender hereunder or thereunder or
at law or in equity or enforcing the obligations of any parties hereto or
thereto, or as a consequence of any breach or default by any Borrower or any
guarantor hereunder or thereunder, or otherwise as a consequence of any right
evidenced or secured by this Note or the Loan Documents. Without limitation,
such costs and expenses to be reimbursed by Borrowers shall include reasonable
attorneys' fees and expenses incurred in any bankruptcy case or proceeding and
in any appeal.

      APPLICABLE LAW. This Note shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and
performed in the State of New York and any applicable laws of the United States
of America.

      TIME OF ESSENCE. Subject to the terms of the Loan Agreement, time shall be
of the essence as to all of the terms, covenants and conditions of this Note. If
the due date of any payment due hereunder or under any of the other Loan
Documents shall fall on a day other than a Business Day, Borrowers shall be
required to make such payment on the next succeeding Business Day.

      JOINT AND SEVERAL OBLIGATIONS. The obligations and liabilities of
Borrowers hereunder shall be joint and several.

                        [NO ADDITIONAL TEXT ON THIS PAGE]

                                        4
<PAGE>

      IN WITNESS WHEREOF, the undersigned Borrowers have executed this
Promissory Note as of the date first written above.

                                         BORROWERS:

                                         [LODGIAN ENTITIES]

                                         By:____________________________________
                                            Name:  Daniel E. Ellis
                                            Title: Vice President and Secretary,
                                                   or Authorized Signatory for
                                                   each of the entities listed
                                                   above<PAGE>

                                                                 EXHIBIT 10.21.4

                    FORM OF GUARANTY OF RECOURSE OBLIGATIONS

            This GUARANTY OF RECOURSE OBLIGATIONS (this "GUARANTY"), dated as of
June __, 2004, made by LODGIAN, INC., a Delaware corporation ("GUARANTOR"),
having an address at 3445 Peachtree Road, NE, Suite 700, Atlanta, Georgia 30326,
in favor of MERRILL LYNCH MORTGAGE LENDING, INC., a Delaware corporation, having
an office at 4 World Financial Center, New York, New York 10080 (together with
its successors, transferees and assigns, "LENDER").

                                R E C I T A L S:

            A. Pursuant to that certain Loan and Security Agreement, dated as of
the date hereof (as the same may be amended, modified, supplemented or restated
from time to time, the "LOAN AGREEMENT"), among the Borrowers named therein
(each, a "BORROWER", and collectively, "BORROWERS"), and Lender, Lender has
agreed to make a loan to Borrowers in the aggregate original principal amount of
up to ______________________________________________________ (the "LOAN"),
subject to the terms and conditions of the Loan Agreement;

            B. As a condition to Lender's making the Loan, Lender is requiring
that Guarantor execute and deliver to Lender this Guaranty; and

            C. Guarantor hereby acknowledges that Guarantor holds a direct
and/or indirect ownership interest in each Borrower and that Guarantor will
materially benefit from Lender's agreeing to make the Loan.

            NOW, THEREFORE, in consideration of the premises set forth herein
and as an inducement for and in consideration of the agreement of Lender to make
the Loan pursuant to the Loan Agreement and the other Loan Documents, Guarantor
hereby agrees, covenants, represents and warrants to Lender as follows:

            SECTION 1. DEFINITIONS. All capitalized terms used and not defined
herein shall have the respective meanings given such terms in the Loan
Agreement.

            SECTION 2. GUARANTY.

            (a) Guarantor (but not its members, partners, employees,
shareholders, agents, directors or officers) hereby irrevocably, absolutely and
unconditionally assumes liability for, guarantees payment to Lender of, and
agrees to pay, protect, defend, indemnify and save harmless Lender from and
against any and all Guaranteed Recourse Obligations of Borrowers (as hereinafter
defined).

The obligations which are the subject of the guaranty referred to in this
Section 2 are hereinafter collectively referred to as the "GUARANTEED
OBLIGATIONS".

<PAGE>

            (b) The term "GUARANTEED RECOURSE OBLIGATIONS OF BORROWERS" as used
in this Guaranty shall mean all obligations and liabilities of Borrowers for
which Borrowers shall be personally liable under the provisions of Section 12.2
of the Loan Agreement.

            (c) All sums payable to Lender under this Guaranty shall be payable
on demand and without reduction for any offset, claim, counterclaim or defense.

            SECTION 3. REPRESENTATIONS AND WARRANTIES. Guarantor hereby
represents and warrants to Lender as follows (which representations and
warranties shall be given as of the date hereof and shall survive the execution
and delivery of this Guaranty):

            (a) DUE EXECUTION. This Guaranty has been duly executed and
delivered by Guarantor.

            (b) ENFORCEABILITY. This Guaranty constitutes a legal, valid and
binding obligation of Guarantor, enforceable against Guarantor in accordance
with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors' rights generally, or application of general principles
of equity in any legal proceeding.

            (c) NO VIOLATION. The execution, delivery and performance by
Guarantor of its obligations under this Guaranty do not violate any law,
regulation, order, writ, injunction or decree of any court or governmental body,
agency or other instrumentality applicable to Guarantor, or result in a breach
of any of the terms, conditions or provisions of, or constitute a default under,
or result in the creation or imposition of any mortgage, lien, charge or
encumbrance of any nature whatsoever upon any of the assets of Guarantor
pursuant to the terms of any mortgage, indenture, agreement or instrument to
which Guarantor is a party or by which it or any of its properties is bound.
Guarantor is not in default under any other guaranty which it has provided to
Lender.

            (d) NO LITIGATION. Except as disclosed on Schedule 4.9 to the Loan
Agreement, there are no actions, suits or proceedings at law or at equity,
pending or, to Guarantor's knowledge, threatened against or affecting Guarantor
or which involve or could reasonably be expected to involve the validity or
enforceability of this Guaranty or which might materially adversely affect the
financial condition of Guarantor or the ability of Guarantor to perform any of
its obligations under this Guaranty. Guarantor is not in default beyond any
applicable grace or cure period with respect to any order, writ, injunction,
decree or demand of any Governmental Authority which might materially adversely
affect the financial condition of Guarantor or the ability of Guarantor to
perform any of its obligations under this Guaranty.

            (e) CONSENTS. All consents, approvals, orders or authorizations of,
or registrations, declarations or filings with, all Governmental Authorities
(collectively, the "CONSENTS") that are required in connection with the valid
execution, delivery and performance by Guarantor of this Guaranty have been
obtained and Guarantor agrees that all Consents required in connection with the
carrying out or performance of any of Guarantor's obligations under this
Guaranty will be obtained when required.

            (f) FINANCIAL STATEMENTS AND OTHER INFORMATION. All financial
statements of Guarantor heretofore delivered to Lender fairly present the
financial condition of Guarantor as of

                                       2
<PAGE>

the respective dates thereof, and no materially adverse change has occurred in
the financial conditions reflected therein since the respective dates thereof.
None of the aforesaid financial statements or any certificate or statement
furnished to Lender by or on behalf of Guarantor in connection with the
transactions contemplated hereby, and none of the representations and warranties
in this Guaranty contains any untrue statement of a material fact or omits to
state a material fact necessary in order to make the statements contained
therein or herein not materially misleading. Guarantor is not insolvent within
the meaning of the Bankruptcy Code or any other applicable law, code or
regulation and the execution, delivery and performance of this Guaranty will not
render Guarantor insolvent.

            SECTION 4. FINANCIAL STATEMENTS. Guarantor hereby agrees for the
benefit of Lender that Guarantor will deliver to Lender each of the financial
statements required to be delivered pursuant to Section 5.1 of the Loan
Agreement.

            SECTION 5. INTENTIONALLY DELETED.

            SECTION 6. UNCONDITIONAL CHARACTER OF OBLIGATIONS OF GUARANTOR.

            (a) The obligations of Guarantor hereunder shall be irrevocable,
absolute and unconditional, irrespective of the validity, regularity or
enforceability, in whole or in part, of the Note, the Loan Agreement, the Deeds
of Trust or the other Loan Documents or any provision thereof, or the absence of
any action to enforce the same, any waiver or consent with respect to any
provision thereof, the recovery of any judgment against any Borrower, Guarantor
or any other Person or any action to enforce the same, any failure or delay in
the enforcement of the obligations of Borrowers under the Note, the Loan
Agreement, the Deeds of Trust or any other Loan Documents or Guarantor under
this Guaranty, or any setoff, counterclaim, and irrespective of any other
circumstances which might otherwise limit recourse against Guarantor by Lender
or constitute a legal or equitable discharge or defense of a guarantor or
surety. Lender may enforce the obligations of Guarantor under this Guaranty by a
proceeding at law, in equity or otherwise, independent of any loan foreclosure
or similar proceeding or any deficiency action against Borrowers or any other
Person at any time, either before or after an action against the Properties or
any of them or any part thereof, Borrowers or any other Person. THIS GUARANTY IS
A GUARANTY OF PAYMENT AND PERFORMANCE AND NOT MERELY A GUARANTY OF COLLECTION.
Guarantor waives diligence, notice of acceptance of this Guaranty, filing of
claims with any court, any proceeding to enforce any provision of the Note, the
Loan Agreement, the Deeds of Trust or any other Loan Documents, against
Guarantor, Borrowers or any other Person, any right to require a proceeding
first against Borrowers or any other Person, or to exhaust any security
(including, without limitation, the Properties or any of them or any part
thereof) for the performance of the Guaranteed Obligations or any other
obligations of Borrowers or any other Person, or any protest, presentment,
notice of default (except as may be expressly required under the Loan Documents)
or other notice or demand whatsoever, and Guarantor hereby covenants and agrees
that Guarantor shall not be discharged of its obligations hereunder.

            (b) The obligations of Guarantor under this Guaranty, and the rights
of Lender to enforce the same by proceedings, whether by action at law, suit in
equity or otherwise, shall not be in any way affected by any of the following:

                                       3
<PAGE>

                  (i) any insolvency, bankruptcy, liquidation, reorganization,
      readjustment, composition, dissolution, receivership, conservatorship,
      winding up or other similar proceeding involving or affecting any
      Borrower, any Property or any part thereof, Guarantor or any other Person;

                  (ii) any failure by Lender or any other Person, whether or not
      without fault on its part, to perform or comply with any of the terms of
      the Loan Agreement, or any other Loan Documents, or any document or
      instrument relating thereto;

                  (iii) except (A) with respect to activities occurring after
      the date of a Permitted Assumption or, (B) activities relating to a
      Released Property after the date of a Release with respect thereto, the
      sale, transfer or conveyance of any Property or any interest therein to
      any Person, whether now or hereafter having or acquiring an interest in
      any Property or any interest therein and whether or not pursuant to any
      foreclosure, trustee sale or similar proceeding against any Borrower or
      any Property or any interest therein;

                  (iv) the conveyance to Lender, any Affiliate of Lender or
      Lender's nominee of any Property or any interest therein by a deed-in-lieu
      of foreclosure;

                  (v) the release of any Borrower or any other Person from the
      performance or observance of any of the agreements, covenants, terms or
      conditions contained in any of the Loan Documents by operation of law or
      otherwise;

                  (vi) the release in whole or in part of any collateral for any
      or all Guaranteed Obligations or for the Loan or any portion thereof; or

                  (vii) the exercise by Mezzanine Lender of any remedies made
      available to Mezzanine Lender pursuant to the terms of the Mezzanine Loan
      Documents, including, without limitation, foreclosure or similar remedies
      under any pledge agreement encumbering Mezzanine Borrower's interest in
      any General Partner, any Member, and/or any Borrower except with respect
      to actions taken by the Mezzanine Lender following the Mezzanine Lender
      succeeding to the interests of the Mezzanine Borrowers in and to the
      Borrowers.

      (c) Except as otherwise specifically provided in this Guaranty, Guarantor
hereby expressly and irrevocably waives all defenses in an action brought by
Lender to enforce this Guaranty based on claims of waiver, release, surrender,
alteration or compromise and all setoffs, reductions, or impairments, whether
arising hereunder or otherwise.

      (d) Lender may deal with Borrowers and Affiliates of Borrowers in the same
manner and as freely as if this Guaranty did not exist and shall be entitled,
among other things, to grant Borrowers or any other Person such extension or
extensions of time to perform any act or acts as may be deemed advisable by
Lender, at any time and from time to time, without terminating, affecting or
impairing the validity of this Guaranty or the obligations of Guarantor
hereunder.

      (e) No compromise, alteration, amendment, modification, extension,
renewal, release or other change of, or waiver, consent, delay, omission,
failure to act or other action with

                                       4
<PAGE>

respect to, any liability or obligation under or with respect to, or of any of
the terms, covenants or conditions of, the Note, the Loan Agreement, the Deeds
of Trust or the other Loan Documents or any amendment, modification or other
change of any legal requirement shall in any way alter, impair or affect any of
the obligations of Guarantor hereunder, and Guarantor agrees that if any Loan
Documents are modified with Lender's consent, the Guaranteed Obligations shall
automatically be deemed modified to include such modifications.

            (f) Lender may proceed to protect and enforce any or all of its
rights under this Guaranty by suit in equity or action at law, whether for the
specific performance of any covenants or agreements contained in this Guaranty
or otherwise, or to take any action authorized or permitted under applicable
law, and shall be entitled to require and enforce the performance of all acts
and things required to be performed hereunder by Guarantor. Each and every
remedy of Lender shall, to the extent permitted by law, be cumulative and shall
be in addition to any other remedy given hereunder or now or hereafter existing
at law or in equity.

            (g) No waiver shall be deemed to have been made by Lender of any
rights hereunder unless the same shall be in writing and signed by Lender, and
any such waiver shall be a waiver only with respect to the specific matter
involved and shall in no way impair the rights of Lender or the obligations of
Guarantor to Lender in any other respect or at any other time.

            (h) At the option of Lender, Guarantor may be joined in any action
or proceeding commenced by Lender against Borrowers in connection with or based
upon the Note, the Loan Agreement, the Deeds of Trust or any other Loan
Documents and recovery may be had against Guarantor in such action or proceeding
or in any independent action or proceeding against Guarantor to the extent of
Guarantor's liability hereunder, without any requirement that Lender first
assert, prosecute or exhaust any remedy or claim against Borrowers or any other
Person, or any security for the obligations of Borrowers or any other Person.

            (i) Guarantor agrees that this Guaranty shall continue to be
effective or shall be reinstated, as the case may be, if at any time any payment
is made by Borrowers or Guarantor to Lender and such payment is rescinded or
must otherwise be returned by Lender (as determined by Lender in its sole and
absolute discretion) upon insolvency, bankruptcy, liquidation, reorganization,
readjustment, composition, dissolution, receivership, conservatorship, winding
up or other similar proceeding involving or affecting any Borrower or Guarantor,
all as though such payment had not been made.

            (j) In the event that Guarantor shall advance or become obligated to
pay any sums under this Guaranty or in connection with the Guaranteed
Obligations or in the event that for any reason whatsoever any Borrower or any
subsequent owner of any Property or any part thereof is now, or shall hereafter
become, indebted to Guarantor, Guarantor agrees that (i) the amount of such sums
and of such indebtedness and all interest thereon shall at all times be
subordinate as to the lien, the time of payment and in all other respects to all
sums, including principal and interest and other amounts, at any time owed to
Lender under the Loan Documents, and (ii) Guarantor shall not be entitled to
enforce or receive payment thereof until all principal, interest and other sums
due pursuant to the Loan Documents have been paid in full. Nothing herein
contained is intended or shall be construed to give Guarantor any right of
subrogation in or under the Loan Documents or any right to participate in any
way therein, or in the right, title or interest of Lender

                                       5
<PAGE>

in or to any collateral for the Loan, notwithstanding any payments made by
Guarantor under this Guaranty, until the actual and irrevocable receipt by
Lender of payment in full of all principal, interest and other sums due with
respect to the Loan or otherwise payable under the Loan Documents. If any amount
shall be paid to Guarantor on account of such subrogation rights at any time
when any such sums due and owing to Lender shall not have been fully paid, such
amount shall be paid by Guarantor to Lender for credit and application against
such sums due and owing to Lender. The foregoing shall not prohibit Borrowers
from using the proceeds of the Loan for any permitted use under the Loan
Agreement, including, without limitation, the making of distributions to
Guarantor.

            (k) Guarantor's obligations hereunder shall survive a foreclosure,
delivery of a deed-in-lieu of foreclosure, the exercise of any power of sale or
similar proceeding involving any Property or any part thereof and the exercise
by Lender of any of all of its remedies pursuant to the Loan Documents.
Notwithstanding the foregoing to the contrary, the obligations and liabilities
of Guarantor under this Guaranty shall survive for a period of two (2) years
following payment in full of the Obligations in accordance with the terms of the
Loan Documents, provided, however, in the event that any Guaranteed Obligations
or liabilities of the Guarantor under this Guaranty shall have arisen prior to
the expiration of such period, then in any such event the foregoing survival
period shall not apply and the obligations and liabilities of Guarantor
hereunder shall survive.

            SECTION 7. ENTIRE AGREEMENT/AMENDMENTS. THIS INSTRUMENT REPRESENTS
THE ENTIRE AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER
HEREOF. THE TERMS OF THIS GUARANTY SHALL NOT BE WAIVED, ALTERED, MODIFIED,
AMENDED, SUPPLEMENTED OR TERMINATED IN ANY MANNER WHATSOEVER EXCEPT BY WRITTEN
INSTRUMENT SIGNED BY LENDER AND GUARANTOR.

            SECTION 8. SUCCESSORS AND ASSIGNS. This Guaranty shall be binding
upon Guarantor, and its successors and assigns, may not be assigned or delegated
by Guarantor and shall inure to the benefit of Lender and its successors and
assigns. Lender shall have the right to assign this Guaranty and the obligations
hereunder in connection with any assignment or transfer of all or any portion of
the Loan or any interest therein. All references to "Lender" hereunder shall be
deemed to include the successors and assigns of Lender and the parties hereto
acknowledge that actions taken by Lender hereunder may be taken by Lender's
agents and by the agents of the successors and assigns of Lender.

            SECTION 9. APPLICABLE LAW AND CONSENT TO JURISDICTION. This Guaranty
shall be governed by, and construed in accordance with, the substantive laws of
the State of New York. Guarantor irrevocably (a) agrees that any suit, action or
other legal proceeding arising out of or relating to this Guaranty may be
brought in a court of record in the City and County of New York or in the Courts
of the United States of America located in the Southern District of New York,
(b) consents to the jurisdiction of each such court in any such suit, action or
proceeding and (c) waives any objection which it may have to the laying of venue
of any such suit, action or proceeding in any of such courts and any claim that
any such suit, action or proceeding has been brought in an inconvenient forum.
Guarantor irrevocably consents to the service of any and all process in any such
suit, action or proceeding by service of copies of such process to Guarantor at
its address set forth on the first page hereof. Nothing in this Section 9,
however, shall affect the right of Lender to serve legal process in any other
manner permitted by law or affect the

                                       6
<PAGE>

right of Lender to bring any suit, action or proceeding against Guarantor or its
property in the courts of any other jurisdictions.

            SECTION 10. SECTION HEADINGS. The headings of the sections and
paragraphs of this Guaranty have been inserted for convenience of reference only
and shall in no way define, modify, limit or amplify any of the terms or
provisions hereof.

            SECTION 11. SEVERABILITY. Any provision of this Guaranty which may
be determined by any competent authority to be prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, Guarantor hereby
waives any provision of law which renders any provision hereof prohibited or
unenforceable in any respect.

            SECTION 12. WAIVER OF TRIAL BY JURY. EACH OF GUARANTOR AND LENDER
HEREBY WAIVES THE RIGHT OF TRIAL BY JURY IN ANY LITIGATION, ACTION OR PROCEEDING
ARISING HEREUNDER OR IN CONNECTION THEREWITH.

            SECTION 13. OTHER GUARANTIES; SINGULAR AND PLURAL; JOINT AND SEVERAL
LIABILITY.

            (a) The obligations of Guarantor hereunder are separate and distinct
from, and in addition to, the obligations of Guarantor now or hereafter arising
under the other guaranties pursuant to which Guarantor has guaranteed the
payment and performance of certain other obligations of Borrowers described
therein.

            (b) If there is more than one entity comprising Guarantor, all
references to Guarantor herein shall be to Guarantor (but not its members,
partners, employees, shareholders, agents, directors or officers) or any one or
more of them. All obligations and liabilities of Guarantor hereunder are in
addition to, not in lieu of and are independent of: (i) all obligations of
Borrowers under any other Loan Document, including the Note and the Loan
Agreement; and (ii) any obligation of Guarantor under any other Loan Document to
which Guarantor is a party.

            (c) If there is more than one entity comprising Guarantor, all
obligations of Guarantor hereunder shall be joint and several.

            SECTION 14. NOTICES. All notices, demands, requests, consents,
approvals or other communications required or permitted to be given hereunder to
Lender or Guarantor or which are given to Lender or Guarantor with respect to
this Guaranty shall be in writing and shall be delivered to Lender at the
address set forth in Section 14.5 of the Loan Agreement and to Guarantor at the
address set forth on the first page hereof, each in the manner provided in
Section 14.5 of the Loan Agreement. Guarantor agrees to give Lender not less
than ten (10) days' prior written notice of any change in the location of
Guarantor's principal place of business.

            SECTION 15. GUARANTOR'S RECEIPT OF LOAN DOCUMENTS. Guarantor by its
execution hereof acknowledges receipt of true copies of all of the Loan
Documents, the terms and conditions of which are hereby incorporated herein by
reference.

                                       7
<PAGE>

            SECTION 16. INTEREST; EXPENSES.

            (a) If Guarantor fails to pay all or any sums due hereunder within
ten (10) days of demand by Lender, the amount of such sums payable by Guarantor
to Lender shall bear interest from the date of demand until paid at the Default
Rate in effect from time to time.

            (b) Guarantor hereby agrees to pay all reasonable out of pocket
costs, charges and expenses, including, without limitation, reasonable
attorneys' fees and disbursements, that may be incurred by Lender in enforcing
the covenants, agreements, obligations and liabilities of Guarantor under this
Guaranty.

         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

      IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date
first above written.

                                                     GUARANTOR:

                                                     LODGIAN, INC., a Delaware
                                                     corporation

                                                     By:________________________
                                                        Name:  Daniel E. Ellis
                                                        Title: Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]