Document:

EXHIBIT 10 (vii)

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement") is entered into as of this 21st
day of April, 2005 by and between American Oil & Gas, Inc., a Nevada corporation
(the "Company"), and Kendell V. Tholstrom ("Employee") to be effective as of
April 21, 2005 (the "Effective Date"). Employee and Company are sometimes
referred to individually as a "Party" and collectively as the "Parties."

     In consideration of the mutual covenants, promises and agreements herein
contained, the Company and Employee hereby covenant, promise and agree to and
with each other as follows:

     1. Employment. The Company shall employ Employee and Employee shall perform
services for and on behalf of the Company upon the terms and conditions set
forth in this Agreement.

     2. Positions and Duties of Employment. Employee shall be required to devote
his full energy, skill and best efforts as required to the furtherance of his
managerial duties with the Company as the Company's Vice-President, or such
other senior executive officer as determined by the Board of Directors of the
Company (the "Board"), and as a Petroleum Engineer for the Company.

     Employee understands that his employment by the Company involves a high
degree of trust and confidence, that he is employed for the purpose of
furthering the Company's reputation and improving the Company's operations and
profitability, and that in executing this Agreement he undertakes the
obligations set forth herein to accomplish such objectives. Employee agrees that
he shall serve the Company fully, diligently, competently, and to the best of
his ability. Employee certifies that he fully understands his right to discuss
this Agreement with his attorney, that he has availed himself of this right to
the extent that he desires, that he has carefully read and fully understands
this entire Agreement, and that he is voluntarily entering into this Agreement.

     3. Duties. Employee shall perform the following services for the Company:

          3.1 Employee shall serve as Vice-President of the Company, or in such
other senior executive officer position as determined by the Board, and in that
capacity shall work with the Company to pursue the Company's plans as directed
by the Board. Employee shall have the responsibilities, duties, obligations,
rights, benefits, and requisite authority as is customary for the position of
vice-president and as may be determined by the Board.

          3.2 Employee shall perform the duties and functions of a Petroleum
Engineer of the Company, subject to the direction of the Board and the executive
officers of the Company. Employee shall have the responsibilities, duties,
obligations, rights, benefits, and requisite authority as is customary for the
position of Petroleum Engineer and as may be determined by the Board and the
executive officers of the Company.

          3.3 During the term of this Agreement, Employee shall devote
substantially all of Employee's business time, attention, knowledge, and skills
solely to the business and interests of the Company and to the performance of
Employee's duties under this Agreement. Without limiting the foregoing, Employee
shall perform services on behalf of the Company for at least 40 hours per week,
and Employee shall be available at the request of the Company at other times,
including weekends and holidays, to meet the needs and requests of the Company's
customers.

<PAGE>

          3.4 During the term of this Agreement, Employee will not engage in any
other activities or undertake any other commitments that conflict with or take
priority over Employee's responsibilities and obligations to the Company and the
Company's customers, including without limitation those responsibilities and
obligations incurred pursuant to this Agreement.

     4. Term. Unless terminated earlier as provided for in this Agreement, the
term of this Agreement shall commence on the Effective Date and end on the fifth
anniversary of the Effective Date (the "Term"). If the employment relationship
is terminated by either Party, Employee agrees to cooperate with the Company and
with the Company's new management with respect to the transition of the new
management in the operations previously performed by Employee. Upon Employee's
termination, Employee agrees to return to the Company all Company documents (and
all copies thereof), any other Company property in Employee's possession or
control, and any materials of any kind that contain or embody any proprietary or
confidential material of the Company.

     5. Compensation. Employee shall receive the following as compensation:

          (a) A salary at the annual rate of $95,000, subject to possible
increases from time to time in the discretion of the Board, or a committee
selected by the Board, payable in accordance with the Company's customary
payroll practices.

          (b) At the discretion of the Board, or a committee selected by the
Board, a performance-based bonus.

          (c) Company shall include Employee, if otherwise eligible, in any
profit sharing plan, executive stock option plan, pension plan, retirement plan,
medical and/or hospitalization plan, and/or any and all other benefit plans,
which may be placed in effect by the Company for the benefit of the Company's
employees during the Term. Except for the fact that the Company at all times
shall provide Employee with all or at least a portion of Employee's medical
and/or hospitalization insurance, which shall not be less than that afforded to
the Company's other employees, nothing in this Agreement shall limit (i)
Company's ability to exercise the discretion provided to it under any such
benefit plan, or (ii) the Company's discretion to adopt, not adopt, amend or
terminate any such benefit plan at any time.

          (d) The Company shall provide Employee with three weeks vacation leave
per each year of Employee's employment and sick leave consistent with Company
plans and policies in effect for Employees from time to time.

          (e) Any payments which the Company shall make to Employee pursuant to
this Agreement shall be reduced by standard withholding and other applicable
payroll deductions, including but not limited to federal, state or local income
or other taxes, Social Security and Medicare Taxes, State Unemployment
Insurance, State Disability Insurance, and the like.

                                       2
<PAGE>

          (f) During the term of his employment, Employee shall be reimbursed
for reasonable expenses that are authorized by the Company and that are incurred
by Employee for the benefit of the Company in accordance with the standard
reimbursement practices of the Company. Any direct payment or reimbursement of
expenses shall be made only upon presentation of an itemized accounting
conforming in form and content to standards prescribed by the Internal Revenue
Service relative to the substantiation of the deductibility of business
expenses.

     6. Confidentiality. Employee hereby warrants, covenants and agrees that,
Employee may disclose confidential information, including but not limited to (a)
information, memoranda, plans or other documents concerning Company's business
or development plans, customers or suppliers, (b) Company's development, or
sales and marketing methods or techniques, or (c) Company's trade secrets and
other "know-how" or information not of a public nature, regardless of how such
information came to the custody of Employee, only when Employee believes such
disclosure to be in the best interest of the Company and never contrary to the
specific written instruction of the Board. For purposes of this Agreement, such
information shall include, but not be limited to, information, including a
formula, pattern, compilation, program, device, method, technique or process,
that (i) derives independent economic value, present or potential, from not
being generally known to, and not being readily ascertainable by proper means
by, other persons who can obtain economic value from its disclosure or use, and
(ii) is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy. The warranty, covenant and agreement set forth in this
paragraph shall not expire, shall survive this Agreement, and shall be binding
upon Employee without regard to the passage of time or other events.

     7. Non-Compete.

          (a) Employee acknowledges and recognizes the highly competitive nature
of the Company's business and that Employee's duties hereunder justify
restricting Employee's further employment. The Employee agrees that so long as
the Employee is employed by the Company, Employee, except when acting at the
request of the Company on behalf of or for the benefit of the Company, (i) will
not induce customers, agents or other sources of distribution of the Company's
business under contract, doing business with the Company, or in negotiations to
do business with the Company to terminate, reduce, alter or divert business with
or from the Company, (ii) will not, directly or indirectly, solicit or induce,
or enter into any discussions that would have the effect of soliciting or
inducing, any individual that was, within ninety days prior to the termination
of this Agreement, an employee of Company or any of Company's affiliates to
leave the Company or such affiliate of the Company, (iii) will not, directly or
indirectly, employ any individual that was, within ninety days prior to the
termination of this Agreement, an employee of either the Company or an affiliate
of the Company, and (iv) shall not, directly or indirectly, either as a
principal, agent, employee, employer, consultant, partner, member or manager of
a limited liability company, shareholder of a company that does not have
securities registered under the Securities Exchange Act of 1934, as amended (the
"1934 Act"), or shareholder in excess of one percent of a company that has
securities registered under the 1934 Act, corporate officer or director, or in
any other individual or representative capacity, engage or otherwise participate
in any manner or fashion in any business that is in competition in any manner

                                       3
<PAGE>

whatsoever with the business activities of Company. Employee further covenants
and agrees that the restrictive covenant set forth in this paragraph is
reasonable as to duration, terms, and geographical area and that the same
protects the legitimate interests of Company, imposes no undue hardship on
Employee, and is not injurious to the public. Ownership by Employee, for
investment purposes only, of less than one percent of any class of securities of
a corporation if said securities are listed on a national securities exchange or
registered under the 1934 Act shall not constitute a breach of the covenant set
forth under (iv) above. It is the desire and intent of the Parties that the
provisions of this paragraph be enforced to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement
is sought. Accordingly, if any particular portion of this paragraph shall be
adjudicated to be invalid or unenforceable, this paragraph shall be deemed
amended to apply in the broadest allowable manner and to delete therefrom the
portion adjudicated to be invalid or unenforceable, such amendment and deletion
to apply only with respect to the operation of paragraph in the particular
jurisdiction in which that adjudication is made.

          (b) The Company recognizes that the Employee currently owns interests
in Tower Equipment Corporation and Ragged Mountain Resources, LLC, and these
entities may own minor oil and gas related interests. Ownership in these
entities will not constitute a breach of the covenant set forth under 7(a)(iv)
above.

          (c) In the event that Employee's employment with Company is terminated
pursuant to Section 8(a) below, the provisions in Section 7(a) above shall
continue to apply for a period of 12 months following the date of termination,
however, such provisions will be limited geographically to any areas that
Company is currently developing, or any areas that Company has, during the 12
month period prior to the date of termination, analyzed to determine if
development and exploration is feasible in such area. Company shall, no later
than thirty days after the termination of Employee's employment pursuant to
Section 8(a) below, provide Employee with a list of areas to which Section 7(a)
is limited.

     8. Termination.

          (a) In the event that Employee's employment with the Company is
terminated for Cause, by reason of Employee's death or disability, or due to
Employee's resignation or voluntary termination, then all compensation and
benefits will cease as of the effective date of such termination, and Employee
shall receive no severance benefits, or any other compensation; provided that
Employee shall be entitled to receive all compensation earned and all benefits
and reimbursements due through the effective date of termination.

               (i) For purposes of this Agreement, "Cause" shall mean that the
Board, acting in good faith based upon the information then known to the
Company, determines that Employee has engaged in or committed any of the
following: willful misconduct, gross negligence, theft, fraud, or other illegal
conduct; refusal or unwillingness to perform Employee's duties; performance by
Employee of Employee's duties determined by the Board to be inadequate in a
material respect; breach of any applicable non-competition, confidentiality or
other proprietary information or inventions agreement between Employee and the
Company; inappropriate conflict of interest; insubordination; failure to follow
the directions of the Board or any committee thereof; or any other material
breach of this Agreement. Indictment or conviction of any felony, or any entry
of a plea of nolo contendre in a felony proceeding, under the laws of the United
States or any State shall also be considered "Cause" hereunder.

                                       4
<PAGE>

          (b) In the event that the Board determines, in its sole discretion,
that it is in the best interests of the Company to terminate the Employee's
employment with the Company, and the Board does not desire to base such
termination on the provisions of Section 8(a) regardless of whether it is unable
or does not desire to do so, then all compensation and benefits will cease as of
three months after the effective date of such termination, and Employee shall
receive no severance benefits, or any other compensation; provided that Employee
shall be entitled to receive all compensation earned and all benefits and
reimbursements due through the date which is three months after the effective
date of termination.

          (c) Employee agrees that the payments contemplated by this Agreement
shall constitute the exclusive and sole remedy for any termination of
employment, and Employee covenants not to assert or pursue any other remedies,
at law or in equity, with respect to any termination of employment.

          (d) Any party terminating this Agreement shall give prompt written
notice ("Notice of Termination") to the other party hereto advising such other
party of the termination of this Agreement stating in reasonable detail the
basis for such termination.

     9. Remedies. If there is a breach or threatened breach of any provision of
Section 6 or Section 7 of this Agreement, the Company will suffer irreparable
harm and shall be entitled to an injunction restraining Employee from such
breach. Nothing herein shall be construed as prohibiting the Company from
pursuing any other remedies for such breach or threatened breach.

     10. Severability. It is the clear intention of the Parties to this
Agreement that no term, provision or clause of this Agreement shall be deemed to
be invalid, illegal or unenforceable in any respect, unless such term, provision
or clause cannot be otherwise construed, interpreted, or modified to give effect
to the intent of the Parties and to be valid, legal or enforceable. The Parties
specifically charge the trier of fact to give effect to the intent of the
Parties, even if in doing so, information of a specific provision of this
Agreement is required consistent with the foregoing stated intent. In the event
that such a term, provision, or clause cannot be so construed, interpreted or
modified, the validity, legality and enforceability of the remaining provisions
contained herein and other application(s) thereof shall not in any way be
affected or impaired thereby and shall remain in full force and effect.

     11. Waiver of Breach. The waiver by the Company or Employee of the breach
of any provision of this Agreement by the other Party shall not operate or be
construed as a waiver of any subsequent breach by that Party.

     12. Entire Agreement. This document contains the entire agreement between
the Parties and supersedes all prior oral or written agreements, if any,
concerning the subject matter hereof or otherwise concerning Employee's
employment by the Company. This Agreement may not be changed orally, but only by
agreement in writing signed by the Parties.

     13. Governing Law. This Agreement, its validity, interpretation and
enforcement, shall be governed by the laws of the State of Colorado, excluding
conflict of laws principles. Employee hereby expressly consents to personal
jurisdiction in the state and federal courts located in Denver County, Colorado
for any lawsuit filed there against him by the Company arising from or relating
to this Agreement.

                                       5
<PAGE>

     14. Notices. Any notice pursuant to this Agreement shall be validly given
or served if that notice is made in writing and delivered personally or sent by
certified mail or registered, return receipt requested, postage prepaid, to the
following addresses:

     If to Company:   American Oil & Gas, Inc.
                      1050 17th Street, Suite 1850
                      Denver, CO  80265
                      Attention:  Andy Calerich

     If to Employee:  To the address for Employee set forth below his signature.

     All notices so given shall be deemed effective upon personal delivery or,
if sent by certified or registered mail, five business days after date of
mailing. Either party, by notice so given, may change the address to which his
or its future notices shall be sent.

     15. Assignment and Binding Effect. This Agreement shall be binding upon
Employee and the Company and shall benefit the Company and its successors and
assigns. This Agreement shall not be assignable by Employee.

     16. Headings. The headings in this Agreement are for convenience only; they
form no part of this Agreement and shall not affect its interpretation.

     17. Construction. Employee represents he has (a) read and completely
understands this Agreement and (b) had an opportunity to consult with any legal
and other advisers as he has desired in connection with this Agreement. This
Agreement shall not be construed against any one of the Parties.

                                   * * * * * *

                                        6
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective on the day and year first above written.

EMPLOYEE                                        AMERICAN OIL & GAS, INC.

/s/ Kendell V. Tholstrom                        /s/ Andrew Calerich
-------------------------------                 --------------------------------
Kendell V. Tholstrom, Individually              Name: Andrew Calerich
                                                                Title: President

                                       7Exhibit 10.1

Exhibit
10.1

 

 

 

AGREEMENT
OF PURCHASE AND SALE

 

 

THE
SELLER PARTIES

 

Identified
herein

 

 

"SELLER"

 

 

ASHFORD
HOSPITALITY LIMITED PARTNERSHIP,

 

a
Delaware limited partnership

 

 

"BUYER"

 

 

 

 

AGREEMENT OF PURCHASE AND SALE

INDEX

 

	
      ARTICLE I. ASSETS PURCHASED AND SOLD
	
      11

	
      Section 1.01
	
      Purchase and Sale
	
      11

	
      Section 1.02
	
      Personal Property
	
      11

	
      Section 1.03
	
      Operating Agreements
	
      12

	
      Section 1.04
	
      Intangible Property
	
      12

	
      Section 1.05
	
      Management Agreements
	
      13

	
      Section 1.06
	
      Land and Hotels
	
      13

	
      Section 1.07
	
      Operating Leases
	
      13

	
      ARTICLE II. PURCHASE PRICE
	
      14

	
      Section 2.01
	
      Price
	
      14

	
      Section 2.02
	
      Deposit
	
      14

	
      Section 2.03
	
      Balance of Purchase Price
	
      14

	
      Section 2.04
	
      Escrow Agent
	
      14

	
      Section 2.05
	
      Reserve Accounts
	
      15

	
      Section 2.06
	
      Property Improvement Plan Expenditures
	
      15

	
      ARTICLE III. OPERATION OF THE PROPERTY
	
      16

	
      Section 3.01
	
      Operation in the Ordinary Course of Business
	
      16

	
      ARTICLE IV. PRORATIONS AND ADJUSTMENTS
	
      16

	
      Section 4.01
	
      Closing Statement/Operations Settlement
	
      16

	
      Section 4.02
	
      Taxes and Rents
	
      17

	
      Section 4.03
	
      Utilities
	
      17

	
      Section 4.04
	
      Assigned Operating Agreements
	
      18

 

2

 

	
      Section 4.05
	
      Room Revenues; Reservations; Tray Ledger; Accounts Receivable
      and House Funds
	
      18

	
      Section 4.06
	
      Accounts Payable and Expenses
	
      19

	
      Section 4.07
	
      2005 Capital Expenditure and Property Improvement Plan
	
      19

	
      ARTICLE V. EMPLOYEES
	
      20

	
      Section 5.01
	
      Salaries, etc.
	
      20

	
      ARTICLE VI. REPRESNTATIONS AND WARRANTIES OF SELLER
	
      20

	
      Section 6.01
	
      Existence and Good Standing
	
      20

	
      Section 6.02
	
      Authority
	
      20

	
      Section 6.03
	
      No Conflict
	
      20

	
      Section 6.04
	
      Seller is Not a “Foreign Person”
	
      20

	
      Section 6.05
	
      No Commitments
	
      20

	
      Section 6.06
	
      Insurance
	
      20

	
      Section 6.07
	
      No Special Taxes
	
      21

	
      Section 6.08
	
      Litigation
	
      21

	
      Section 6.09
	
      Condemnation
	
      21

	
      Section 6.10
	
      Title to Personal Property
	
      21

	
      Section 6.11
	
      Compliance with Applicable Law
	
      21

	
      Section 6.12
	
      Taxes
	
      21

	
      Section 6.13
	
      Financial Statements
	
      21

	
      Section 6.14
	
      Operating Agreements
	
      21

	
      Section 6.15
	
      Management Agreements
	
      21

	
      ARTICLE VII. REPRESENTATIONS AND WARRANTIES OF BUYER
	
      22

	
      Section 7.01
	
      Existence and Good Standing
	
      22

 

3

 

	
      Section 7.02
	
      Authority
	
      22

	
      Section 7.03
	
      No Conflict
	
      22

	
      Section 7.04
	
      AS IS
	
      22

	
      ARTICLE VIII. REMEDIES
	
      24

	
      Section 8.01
	
      Seller’s Remedies
	
      24

	
      Section 8.02
	
      Buyer’s Remedies
	
      24

	
      Section 8.03
	
      Post-Closing Matters
	
      24

	
      ARTICLE IX. CONDITIONS
	
      25

	
      Section 9.01
	
      Sellers’ Obligation
	
      25

	
      Section 9.02
	
      Buyer’s Obligation
	
      25

	
      ARTICLE X. CONVEYANCE OF ASSETS
	
      25

	
      Section 10.01
	
      Instruments of Conveyance
	
      25

	
      Section 10.02
	
      Personal Property
	
      26

	
      ARTICLE XI. TITLE TO REAL PROPERTY
	
      27

	
      Section 11.01
	
      Title Insurance Commitments
	
      27

	
      Section 11.02
	
      Title Defects
	
      27

	
      Section 11.03
	
      Survey
	
      27

	
      Section 11.04
	
      Access to Property; Due Diligence Materials
	
      27

	
      ARTICLE XII. THE CLOSING
	
      28

	
      Section 12.01
	
      Time and Place
	
      28

	
      Section 12.02
	
      Payment of Purchase Price
	
      28

	
      Section 12.03
	
      Closing Costs
	
      28

	
      Section 12.04
	
      Revenue and Expense Prorations
	
      30

	
      Section 12.05
	
      Closing Documents
	
      30

 

 

4

 

	
      ARTICLE XIII. INSURANCE, CONDEMNATION AND CASULATY
	
      30

	
      Section 13.01
	
      Insurance
	
      30

	
      Section 13.02
	
      Condemnation and Casualty
	
      30

	
      ARTCILE XIV. MISCELLANEOUS COVENANTS AND PROVISONS
	
      31

	
      Section 14.01
	
      Assignment; Successors and Assigns
	
      31

	
      Section 14.02
	
      Counterparts
	
      31

	
      Section 14.03
	
      Waiver
	
      31

	
      Section 14.04
	
      Amendments
	
      31

	
      Section 14.05
	
      Further Agreements
	
      31

	
      Section 14.06
	
      Attorneys’ Fees
	
      31

	
      Section 14.07
	
      Entire Agreement
	
      32

	
      Section 14.08
	
      Brokers and Finders
	
      32

	
      Section 14.09
	
      Notices
	
      32

	
      Section 14.10
	
      Section Headings; Interpretation
	
      33

	
      Section 14.11
	
      Governing Law
	
      33

	
      Section 14.12
	
      Disclosure of Confidential Information/Public Announcements/
      Communication with Governmental Authorities/Communication with
      Employees
	
      33

	
      Section 14.13
	
      Time of Essence
	
      35

 

5

EXHIBIT
"A" - Legal Description of Land

EXHIBIT
"B" - Assignment and Assumption of Intangible Property

EXHIBIT
"C" - Assignment and Assumption of Management Agreements

EXHIBIT
"D" - Assignment and Assumption of Operating Agreements

EXHIBIT
"E" - Intentionally Left Blank

EXHIBIT
"F"- Bill of Sale (Personal Property)

EXHIBIT
"G" - Schedule of Assumed Management Agreements

EXHIBIT
"H" - Schedule of Operating Agreements

EXHIBIT
"I" - Schedule of Operating Leases

EXHIBIT
“J” - Schedule of Operating Tenants

EXHIBIT
"K" - Purchase Price Allocation Schedule

EXHIBIT
"L" - Schedule of Sellers

EXHIBIT
“M” - Litigation Schedule

EXHIBIT
“N” - Form of New Management Agreements

EXHIBIT
“O” - Beverage Facilities Agreement

EXHIBIT
“P” - Schedule of Title Objections

EXHIBIT
“Q” - Schedule of Properties With Non-Assumed Management Agreements

6

AGREEMENT
OF PURCHASE AND SALE

 

AGREEMENT
OF PURCHASE AND SALE made and
entered into as of April 26, 2005, by and between Sellers and
Buyer.

 

DEFINITIONS

 

For the
purposes of this Agreement, the parties agree that the following terms shall
have the following meanings:

 

	1.  	
      Accounts
      Receivable:
      All accounts receivable relating to the Hotels, other than the Tray
      Ledgers, accruing prior to the Transfer Time (including, without
      limitation, receivables and revenues for food, beverage and telephone
      use).

 

	2.  	
      Agreement:
      This Agreement of Purchase and Sale by and between Buyer and Sellers
      providing for the sale and purchase of the
Property.

 

	3.  	
      Assignment
      and Assumption of Ground Lease:
      An assignment and assumption of the Ground Lease, pursuant to which with
      respect the Ground Lease (i) the relevant Seller shall assign and transfer
      to Buyer all of such Seller’s right, title and interest in and to, and
      Buyer shall assume all of such Seller’s obligations and liabilities under,
      the Ground Lease first accruing from and after Closing, and (ii) such
      assignment shall be free and clear of all encumbrances save and except for
      the Permitted Exceptions relating to the Property which is the subject of
      the Ground Lease. The Assignment and Assumption of Ground Lease shall be a
      special warranty assignment in the form as is customary for commercial
      transaction in the jurisdiction in which the relevant Hotel is
      located.

 

	4.  	
      Assignment
      and Assumption of Intangible Property:
      An assignment and assumption of the Intangible Property in the form
      attached hereto as Exhibit
      “B”
      and by this reference incorporated herein, pursuant to which each Seller
      and/or Operating Tenant shall assign and transfer to Buyer all of such
      Seller’s and/or Operating Tenant’s right, title and interest in and to,
      and Buyer or its operating lessee shall assume all of such Seller’s and/or
      Operating Tenant’s obligations and liabilities under, the Intangible
      Property first accruing from and after Closing, to the extent that such
      assignments are legally and contractually
permitted.

 

	5.  	
      Assignment
      and Assumption of Management Agreements:
      An assignment and assumption of the Assumed Management Agreements and the
      Owner Agreements relating thereto in the form attached hereto as
      Exhibit
      “C”
      and by this reference incorporated herein, pursuant to which each Seller
      and Operating Tenant shall assign and transfer to Buyer or its operating
      lessee all of such Seller’s and Operating Tenant’s right, title and
      interest in and to, and Buyer or its operating lessee shall assume all of
      such Operating Tenant’s obligations and liabilities under, the Assumed
      Management Agreements and Owner Agreements relating thereto first accruing
      from and after Closing.

 

7

 

	6.  	
      Assignment
      and Assumption of Operating Agreements:
      An assignment and assumption of the Operating Agreements in the form
      attached hereto as Exhibit
      “D”
      and by this reference incorporated herein, pursuant to which each Seller
      and/or Operating Tenant shall assign and transfer to Buyer or its
      operating lessee all of such Seller’s and/or Operating Tenant’s right,
      title and interest in and to, and Buyer or its operating lessee shall
      assume all of such Seller’s and/or Operating Tenant’s obligations and
      liabilities under, the Operating Agreements first accruing from and after
      Closing.

 

	7.  	
      Assumed
      Management Agreements:
      Those certain Management Agreements between an Operating Tenant and a
      Manager which are more particularly described on Exhibit
      “G”
      attached hereto and by this reference incorporated herein, pursuant to
      which the Manager manages and operates the applicable Hotel subject to the
      applicable Assumed Management Agreement. Each of the Assumed Management
      Agreements is at times herein referred to as an Assumed Management
      Agreement.

 

	8.  	
      Bill
      of Sale (Personal Property): A
      bill of sale in the form attached hereto as Exhibit
      “F”
      and by this reference incorporated herein, pursuant to which each Seller
      and/or Operating Tenant shall transfer and convey to Buyer and/or its
      operating lessee the Personal Property owned by such Seller and/or
      Operating Tenant in an “AS IS, WHERE IS” condition and without recourse or
      express or implied warranty other than such Seller’s and/or Operating
      Tenant’s limited warranty of title and freedom from encumbrance (other
      than (i) any liens or mortgages assumed or entered into by Buyer; or (ii)
      any personal property sales tax or other tax) first accruing from and
      after the Transfer Time.

 

	9.  	
      Broker:
      Banc of America Securities LLC. 

 

	10.  	
      Buyer:
      Ashford Hospitality Limited Partnership, a Delaware limited partnership or
      its Permitted Assignee(s).

 

	11.  	
      Closing:
      The consummation of the transactions contemplated by this Agreement which
      shall occur on the Closing Date.

 

	12.  	
      Closing
      Date:
      June 17, 2005 or such earlier date agreed to by Sellers and
      Buyer.

 

	13.  	
      Closing
      Statement:
      As defined in Section 4.01.

 

	14.  	
      Data
      Room Web Site: A
      secure web site established by Sellers in which various due diligence
      materials relating to the Property have been or will be made available to
      Buyer.

 

8

 

	15.  	
      Deeds:
      The deeds pursuant to which each Seller shall convey to Buyer all of such
      Seller’s right, title and interest in and to the Land and Hotel which such
      Seller owns free and clear of all encumbrances save and except for the
      Permitted Exceptions relating to such Land and Hotels. Such Deeds shall be
      by special warranty deeds in the form as is customary for commercial
      transactions in the jurisdiction in which each Hotel is
      located.

 

	16.  	
      Deposit:
      The sum of Fifteen Million and No/100 Dollars ($15,000,000.00) and any
      interest accrued thereon.

 

	17.  	
      Effective
      Date:
      The date on which this Agreement is executed and accepted by the last of
      Buyer and all Sellers, such date to be entered into the first paragraph of
      this Agreement.

 

	18.  	
      Employees:
      Those individuals employed by Managers at the
Hotels.

 

	19.  	
      Escrow
      Agent:
      The Talon Group, Orlando Commercial Services Division, a division of First
      American Title Insurance Company, whose address is 111 North Orange
      Avenue, Suite 1285, Orlando, Florida 32801, Attention: Michael
      Moore.

 

	20.  	
      Ground
      Lease:
      That certain lease agreement by and between Commonwealth Trust Company,
      Trustee for Chopin Trust, as landlord, and RFP Group, Inc., dated November
      30, 1987, as amended and assigned, pursuant to which the Seller of the
      Wilmington, Delaware Residence Inn holds a leasehold interest in and to
      the Hotel and that portion of the Land located in Wilmington,
      Delaware.

 

	21.  	
      Hotels:
      The hotel buildings and all accessory buildings and structures, if any,
      and all fixtures placed on or attached thereto, owned by Sellers and
      located on the parcels comprising the Land. Each of the Hotels is at times
      herein referred to individually as a Hotel.

 

	22.  	
      House
      Funds:
      Cash on hand at or for the Hotels, including, without limitation, petty
      cash funds and cashiers’ banks but exclusive of Reserve
    Funds.

 

	23.  	
      Intangible
      Property:
      All of Sellers’ and Operating Tenants’ respective right, title and
      interest in and to all intangible property in the possession of Sellers
      and Operating Tenants and used in connection with the Land, Hotels or
      Personal Property, including without limitation, all licenses and permits
      (but specifically excluding any and all licenses and permits to sell
      alcohol), approvals, authorizations and other entitlements, all guaranties
      and warranties related to the Hotels and the Personal Property or the
      construction, fabrication or maintenance thereof, all plans and
      specifications relating to the Improvements and any landscaping, all
      tradenames, logos, telephone numbers, websites and domains (including
      access to FTP file content) and signage rights used by Sellers and
      Operating Tenants in connection with the operation of the Hotels, and all
      books, records, reports, test results, environmental assessments, surveys
      and other 

 

9

documents
and materials related to Sellers’ and Operating Tenants’ operation of the Hotels
and Sellers’ and Operating Tenants’ maintenance and repair of the
Property.

 

	24.  	
      Inventory:
      All inventory located at the Hotels, including without limitation, all
      mattresses, pillows, bed linens, towels and Operating
      Supplies.

 

	25.  	
      Knowledge:
      The actual knowledge of (A) Marcel Verbaas and (B) the current general
      managers of each of the Hotels (provided that the actual knowledge of such
      current general manager shall be limited to such general manager’s actual
      knowledge of matters relating to the Hotel for which such individual
      serves as the general manager), without any duty of inquiry or
      investigation, and expressly excluding the knowledge of any other
      shareholder, partner, member, trustee, beneficiary, director, officer,
      manager, employee, agent or representative of the Sellers or any of their
      Affiliates. 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.

 

	26.  	
      Land:
      Those certain parcels of land more particularly described in Exhibit
      “A”
      annexed hereto and incorporated herein by reference, and all rights and
      appurtenances thereto.

 

	27.  	
      Management
      Agreements:
      The Assumed Management Agreements and the Non-Assumed Management
      Agreements.

 

	28.  	
      Managers:
      Each “Manager” of a Hotel under and pursuant to the Management Agreements.
      

 

	29.  	
      Material
      Operating Agreements:
      Those Operating Agreements that (A)(i) require more than thirty (30) days
      notice to terminate, or (ii) are terminable upon notice of thirty (30)
      days or less and require payment of a termination fee, and (B) either (i)
      require aggregate annual payments (including any termination fee) in
      excess of Twenty Thousand and No/100 Dollars ($20,000.00) per Operating
      Agreement for any year during the term of such Operating Agreement after
      the Closing, or (ii) have an unexpired term following the Closing
      (including any mandatory renewal terms that are exercisable by the
      counterparty thereto) of more than one (1)
year.

 

	30.  	
      Non-Assumed
      Management Agreements:
      Those certain Management Agreements between an Operating Tenant and a
      Manager which relate to the management and operation of the Hotels more
      particularly described on Exhibit
      “Q”
      attached hereto and by this reference incorporated herein pursuant to
      which the applicable Manager manages and operates the applicable
      Hotel.

 

10

 

	31.  	
      Operating
      Agreements:
      All contracts, agreements, leases (including, but not limited to,
      commercial leases and equipment leases), maintenance agreements and
      service contracts, to which Sellers are a party, which are in effect on
      the Closing Date and which relate to the ownership and/or operation of the
      Hotels, including, without limitation, any such agreements as are listed
      in Exhibit
      “H”
      annexed to this Agreement and incorporated herein by this reference, but
      specifically excluding the Ground Leases, Operating Leases and the
      Management Agreements.

 

	32.  	
      Operating
      Leases:
      Those certain lease agreements by and between each Seller, as “Landlord”,
      and each Operating Tenant, as amended, and more particularly described on
      Exhibit
      “I”
      attached hereto and by this reference incorporated herein, pursuant to
      which each Operating Tenant leases its respective Hotel.
  

 

	33.  	
      Operations
      Settlement: A
      final accounting prepared by Sellers’ and Buyer’s accountants in the
      period between eight o’clock p.m. (local time) on the day prior to the
      Closing Date and eight o’clock a.m. (local time) on the Closing Date, the
      results of which shall be incorporated into the closing
      statement.

 

	34.  	
      Operating
      Supplies:
      Any and all operating supplies, whether consumables or non-consumables,
      used or consumed in the ordinary course of business at the Hotels and
      owned by Sellers or Operating Tenants, including without limitation, paper
      products, soap, cleaning supplies, food, and alcoholic and non-alcoholic
      beverages.

 

	35.  	
      Operating
      Tenants:
      Those entities identified as the Operating Tenant of each Hotel on
      Exhibit
      “J”
      attached hereto which are affiliates of Sellers. Each such entity is at
      times herein referred to as an “Operating
Tenant.”

 

	36.  	
      Other
      Revenues:
      All revenues earned by Sellers from the operation of the Hotels other than
      Room Revenues, including, without limitation, revenues from the sale of
      food, the sale of alcoholic and nonalcoholic beverages, rental of meeting
      and banquet rooms, telephone sales, pay television sales, valet and
      parking services, and other similar revenues, together with any sales tax
      or other taxes thereon.

 

	37.  	
      Owner
      Agreements:
      Those certain Owner Agreements between a Seller, Operating Tenant and a
      Manager which relate to Hotels with Assumed Management Agreements. Each of
      the Owner Agreements is at times herein referred to as an Owner
      Agreement.

 

	38.  	
      Permitted
      Assignee:
      An entity wholly owned by Buyer which shall be formed by Buyer following
      the Effective Date and prior to the Closing Date for purposes of acquiring
      all or any portion of or interest in the
Property.

 

11

 

	39.  	
      Permitted
      Exceptions:
      Any and all (i) restrictions, easements, reservations, covenants and other
      matters of record (including, without limitation, all instruments, matters
      and items set forth as exceptions to title in the Title Commitments) and
      zoning and land use ordinances and laws of any governmental authority
      (except for monetary liens, mortgages and encumbrances which shall be paid
      by Sellers prior to Closing and other matters to be cured by Seller
      pursuant to this Agreement); (ii) general taxes and assessments for the
      year of the Closing and thereafter, and special taxes and assessments
      first becoming due and payable after the Closing Date; (iii)
      encroachments, overlaps, boundary line disputes, unrecorded easements or
      other matters disclosed or indicated by or shown on the Surveys or their
      updates or which would be disclosed or indicated by or shown on a current,
      accurate survey or a personal inspection of the Property; (iv) leases and
      tenancies in writing for any areas of the Land or Hotels which are to be
      assumed by Buyer; (v) disputed liens or encumbrances for which Sellers
      shall have provided bond or security satisfactory to the Title Company;
      and (vi) liens, mortgages and encumbrances created by
    Buyer.

 

	40.  	
      Personal
      Property:
      All furniture, furnishings, fixtures, equipment, vehicles, machinery,
      appliances, dishes, utensils, cookware, materials and Inventory, located
      at the Hotels, owned by any Seller or any Operating Tenant, and used
      solely in connection with the operation of the Hotels, but (subject to the
      provisions of Section 1.02) specifically excluding any Personal Property
      that is leased by any Seller from a
third-party.

 

	41.  	
      PIPs:
      The property improvement or other similar plans for the Hotels
      contemplated by the Management Agreements.

 

	42.  	
      Property: A
      collective term which shall mean all of the Land, Hotels, Intangible
      Property and Personal Property.

 

	43.  	
      Purchase
      Price:
      The amount specified in Section 2.01 as the purchase price for the
      Property.

 

	44.  	
      Purchase
      Price Allocation Schedule:
      The schedule attached hereto as Exhibit
      “K”
      pursuant to which the Purchase Price is allocated among each Property for
      the purposes of calculating title insurance premiums and other closing
      costs.

 

	45.  	
      Reserve
      Funds:
      All funds held in reserve accounts for furniture, fixtures and equipment,
      for capital expenditures, or for other matters relating to the operation
      of the Hotels, whether such accounts are held in the name of the Sellers,
      Operating Tenants or Managers on behalf of Sellers or Operating
      Tenants.

 

	46.  	
      Room
      Revenues:
      All revenues from the rental of guest rooms of the Hotels (but excluding
      any items included in the definition of Other Revenues), together with any
      and all sales or other taxes thereon.

 

12

 

	47.  	
      Sellers:
      Shall mean those entities more particularly described on Exhibit
      “L”
      attached hereto and by this reference incorporated herein. Each such
      entity is at times herein referred to as a
“Seller.”

 

	48.  	
      Surveys:
      The surveys of each parcel comprising the Land and the Hotel located on
      such parcel obtained by Buyer prior to execution of this Agreement. Each
      of the Surveys is at times herein referred to as a
    “Survey”.

 

	49.  	
      Title
      Company:
      First American Title Insurance Company through the Talon Group, Orlando
      Commercial Services Division, a division of First American Title Insurance
      Company, whose address is 111 North Orange Avenue, Suite 1285, Orlando,
      Florida 32801, Attention: Michael Moore.

 

	50.  	
      Title
      Insurance Commitments:
      The commitments of title insurance issued by Title Company and provided by
      Sellers to Buyer with respect to each parcel comprising the Land prior to
      the execution of this Agreement. Each of the Title Commitments is at times
      herein referred to as a “Title Commitment”.

 

	51.  	
      Title
      Policies:
      The owner’s policies of title insurance to be issued to Buyer pursuant to
      the terms of the Title Insurance Commitments and this Agreement. Each of
      the Title Policies is at times herein referred to as a “Title
      Policy”.

 

	52.  	
      Transfer
      Time:
      12:01 a.m. (local time) on the Closing
Date.

 

	53.  	
      Tray
      Ledgers:
      Any accounts receivable of registered guests who have not checked out and
      who are occupying rooms on the evening prior to, and the morning of, the
      Closing Date.

 

AGREEMENT

 

ARTICLE
I.  

 

ASSETS
PURCHASED AND SOLD

 

Section
1.01  Purchase
and Sale.»

 

Subject
to the terms and conditions of this Agreement and in consideration of the
performance of the covenants contained herein, Buyer agrees to purchase from
Sellers and Sellers agree to sell to Buyer, all of Sellers’ right, title and
interest in and to the Property. 

 

Section
1.02  Personal
Property.»

 

Subject
to the terms and conditions of this Agreement, at Closing Sellers agree to
assign, transfer and convey to Buyer all of Sellers’ right, title and interest
in and to the Personal Property pursuant to the Bill of Sale (Personal
Property). In the event that any Personal Property is owned by any Operating
Tenant, Sellers agree to cause such Operating Tenant to assign, transfer and
convey to Buyer any such Personal Property at Closing, pursuant to a bill of
sale in the same form as the Bill of Sale (Personal Property). 

 

13

 

Section
1.03  Operating
Agreements.»

 

At
Closing, each Seller shall assign and transfer to Buyer or its operating lessee
all of such Seller’s right, title and interest in and to, and Buyer or its
operating lessee shall assume all of such Seller’s obligations and liabilities
first arising from and after Closing under, the Operating Agreements pursuant to
the Assignment and Assumption of Operating Agreements. Sellers have, to Sellers’
knowledge, provided Buyers with complete copies of all Material Operating
Agreements which were in effect as of the Effective Date. Seller shall promptly
provide Buyer with complete copies of any Operating Agreements entered into
subsequent to the Effective Date and prior to the Closing Date. Notwithstanding
the foregoing, Sellers reserve the right to provide Buyer with access to all
such Operating Agreements via the Data Room Web Site in lieu of delivering hard
copies of such Operating Agreements to Buyer, provided, however, that Sellers
shall give prior notice to Buyer of any new Operating Agreements entered into
subsequent to the Effective Date that are provided in the Data Room Web Site.
Buyer shall execute any financial statements, applications, assumption
agreements and/or other documents which may be required to effect the assignment
and assumption of such Operating Agreements. Buyer shall pay all out of pocket
fees and expenses of third parties under the Operating Agreements in regard to
such assignments or transfers, including any transfer charges reasonably
necessary to obtain the consent of any such third party. Buyer understands and
agrees that it is solely Buyer’s responsibility to obtain any and all Operating
Agreements necessary to conduct business at the Hotels from and after the
Closing Date. Buyer’s failure to obtain any Operating Agreements which are
necessary or convenient to the operation of the Hotels shall not affect or delay
the performance of Buyer’s obligations under this Agreement. In the event that
any Operating Tenant is a party to and holder of rights under any Operating
Agreement, Sellers agree to cause such Operating Tenant to assign and transfer
such rights to Buyer or its operating lessee at Closing, pursuant to an
assignment and assumption agreement in the same form as the Assignment and
Assumption of Operating Agreements. Buyer shall indemnify, defend and hold
Sellers and Operating Tenants harmless from any claim, liability, cost or
expense (including without limitation reasonable attorneys’ fees) arising out of
any Operating Agreement from and after the Transfer Time. Sellers and Operating
Tenants shall indemnify, defend and hold Buyer harmless from any claim,
liability, cost or expense (including without limitation reasonable attorneys’
fees and costs) arising out of any Operating Agreement for the period prior to
the Transfer Time.

 

Section
1.04  Intangible
Property.»

 

At
Closing, each Seller shall assign and transfer to Buyer or its operating lessee
all of such Seller’s right, title and interest in and to, and Buyer or its
operating lessee shall assume all of Seller’s obligations and liabilities first
arising from and after Closing under, the Intangible Property, pursuant to the
Assignment and Assumption of Intangible Property. Sellers have, to Sellers’
knowledge, provided Buyers with copies of all documents comprising the
Intangible Property which were in Sellers’ possession or control and in effect
as of the Effective Date. Seller shall promptly provide Buyer with copies of any
documents comprising Intangible Property issued to Sellers or entered into by
Sellers subsequent to the Effective Date and prior to the Closing Date.
Notwithstanding the foregoing, Sellers reserve the right to provide Buyer with
access to all such documents comprising Intangible Property via the Data Room
Web Site in lieu of delivering hard copies of such documents comprising
Intangible Property to Buyer; provided, Sellers shall give prior notice to Buyer
of any new Intangible Property received subsequent to the Effective Date that
are provided in the Data Room Web Site. 

 

14

Buyer
understands and agrees that it is solely Buyer’s responsibility to obtain any
and all Intangible Property necessary to conduct business at the Hotels from and
after the Closing Date. Buyer’s failure to obtain any Intangible Property which
are necessary or convenient to the operation of the Hotels shall not affect or
delay the performance of Buyer’s obligations under this Agreement. In the event
that any Operating Tenant is the holder of rights under any Intangible Property,
Sellers agree to cause such Operating Tenant to assign and transfer such rights
to Buyer or its operating lessee at Closing, pursuant to an assignment and
assumption agreement in the same form as the Assignment and Assumption of
Intangible Property.

 

Section
1.05  Management
Agreements. »

 

(a)  Prior to
the execution of this Agreement, Sellers have furnished Buyer with copies of all
Assumed Management Agreements in Sellers’ possession or control or made such
Assumed Management Agreements available to Buyer via the Data Room Web Site in
lieu of delivering hard copies of the Assumed Management Agreements to
Buyer.

 

(b)  At
Closing, Sellers shall cause the Operating Tenants under the Assumed Management
Agreements to assign and transfer to Buyer or its operating lessee all of such
Operating Tenants’ right, title and interest in and to, and Buyer or its
operating lessee shall assume all of Operating Tenants’ obligations and
liabilities under first arising from and after Closing, under the Assumed
Management Agreements, pursuant to the Assignment and Assumption of Management
Agreements. 

 

(c)  Seller,
at its sole cost and expense, shall cause the Non-Assumed Management Agreements
to be terminated as of the Closing Date. Buyer shall enter into new management
agreements with Managers with respect to those Hotels which are managed pursuant
to Non-Assumed Management Agreements. Such management agreements will be in the
form attached hereto as Exhibit
“N”.

 

(d)  Seller
shall use reasonable efforts to secure from Managers written confirmation that
as a result of the contemplated sale of the Property, no additional change in
ownership PIPs will be required other than the scope of work outlined in the
current PIPs and capital expenditure plans previously provided to Buyer by
Sellers. Subject to Section 2.06 of this Agreement, the parties hereto agree
that in no event, however, shall the Purchase Price be subject to adjustment
based on the level or extent of PIPs or capital expenditures. 

 

Section
1.06  Land
and Hotels.»

 

At
Closing, Sellers shall convey title to the Land and Hotels owned by Sellers to
Buyer pursuant to the Deeds and shall convey its leasehold interest in the Land
and Hotel which the applicable Seller occupies pursuant to the Ground Lease by
the Assignment and Assumption of Ground Lease.

 

Section
1.07  Operating
Leases.»

 

At or
prior to Closing, Sellers, at Sellers’ sole cost and expense, shall terminate
the Operating Leases.

 

15

 

ARTICLE
II.  

 

PURCHASE
PRICE

 

Section
2.01  Price.»

 

The
Purchase Price for the Property shall be Four Hundred Sixty-Five Million and
No/100 Dollars ($465,000,000.00), all cash, subject to closing adjustments as
provided in this Agreement. 

 

Section
2.02  Deposit.»

 

Provided
that the Deposit has not already been lodged with Escrow Agent prior to
execution of this Agreement, upon execution of this Agreement by Buyer, the
Deposit, in the form of a cashier’s or certified check or wire transfer, shall
be immediately deposited with the Escrow Agent by Buyer. Such amount to be
deposited by the Escrow Agent into an interest-bearing,
fully-insured account.
In the event that the Deposit has not been lodged with Escrow Agent within one
(1) business day following the Effective Date, this agreement shall immediately
terminate. The Deposit shall be applied to payment of the Purchase Price at
Closing or shall otherwise be paid as herein provided. Buyer acknowledges and
agrees the Deposit is “At Risk” and is not refundable to Buyer except in the
event of a default by Sellers under this Agreement or as otherwise expressly
provided in this Agreement. All interest earned in said account of the Escrow
Agent shall be reported by the Escrow Agent to the Internal Revenue Service as
income to Buyer (and Buyer agrees to execute a W-9 form and any other federal
tax documents necessary in connection therewith). 

 

Section
2.03  Balance
of Purchase Price. »

 

(a)   The
balance of the Purchase Price for the Property (subject to the adjustments
and/or prorations provided in this Agreement) shall be paid by Buyer by wire
transfer of good funds to Escrow Agent at Closing as set forth in Section
12.02.

 

Section
2.04  Escrow
Agent. »

 

(a)  The
Escrow Agent in its capacity as holder of the Deposit in escrow joins in the
execution of this Agreement for the limited purpose of acknowledging and
agreeing to the provisions of this Section 2.04.

 

(b)  The
duties of the Escrow Agent shall be as follows:

 

(1)  The
Escrow Agent shall hold and disburse the Deposit in accordance with the terms
and provisions of this Agreement.

 

(2)  If this
Agreement shall be terminated by the mutual written agreement of Sellers and
Buyer, or if the Escrow Agent shall be unable to determine at any time to whom
the Deposit should be paid, or if a dispute shall develop between Sellers and
Buyer concerning to whom the Deposit should be paid and delivered, then and in
any such event, the Escrow Agent shall pay and deliver such in accordance with
the joint written instructions of Sellers and Buyer. In the event that such
written instructions shall not be received by the Escrow Agent within ten (10)
days after the Escrow Agent has served a written request for instructions upon
Sellers and Buyer, then the Escrow Agent shall have the right to pay and deliver
the Deposit into an appropriate court of proper jurisdiction in the state of
Florida, and interplead 

 

16

Sellers
and Buyer in respect thereof, and thereupon the Escrow Agent shall be discharged
of any obligations in connection with this Agreement.

 

(c)  If costs
or expenses are incurred by the Escrow Agent in its capacity as holder of the
Deposit in escrow because of litigation or a dispute between Sellers and Buyer
arising out of the holding of the Deposit in escrow, Sellers and Buyer shall
each pay the Escrow Agent one-half of such reasonable costs and expenses not to
exceed a total of $10,000.00. Except for such costs or expenses, no fee or
charge shall be due and payable to the Escrow Agent for its services as escrow
holder only.

 

(d)  By
joining herein, the Escrow Agent undertakes only to perform the duties and
obligations imposed upon the Escrow Agent under the terms of this Agreement and
expressly does not undertake to perform any of the other covenants, terms and
provisions incumbent upon Sellers and Buyer hereunder.

 

(e)  Buyer and
Sellers hereby agree and acknowledge that the Escrow Agent assumes no liability
in connection herewith except for its negligence or willful misconduct; that the
Escrow Agent shall never be responsible for the validity, correctness or
genuineness of any document or notice referred to under this Agreement; and that
in the event of any dispute under this Agreement, the Escrow Agent may seek
advice from its own legal counsel and shall be fully protected in any action
taken by it in good faith in accordance with the good faith opinion of its legal
counsel.

 

Section
2.05  Reserve
Accounts. »

 

(a)   Except
as set forth in Section 4.07 hereof, Reserve Funds shall be retained by Sellers
at Closing. In the event that any Reserve Funds are held by a Manager, Buyer
shall at Closing pay to such Manager an amount equal to the amount of such
Reserve Funds held by such Manager and the parties hereto shall cause such
Manager to return such Reserve Funds to Seller at Closing.

 

Section
2.06  Property
Improvement Plan Expenditures. »

 

(a)   Sellers
have heretofore in the calendar year 2005, and will continue to incur
expenditures with respect to the portion of the Property comprising the
Residence Inn Ft. Worth River Plaza Hotel, Residence Inn Salt Lake City
Cottonwood Hotel, Residence Inn Tyler Hotel and/or Residence Inn Palm Desert
Hotel, pursuant to PIPs and/or existing capital expenditure plans prior to
Closing. Subject to the final sentence of this Section
2.06, Buyer shall reimburse Sellers for such expenditures at Closing. Prior to
the Effective Date, the Sellers have delivered the current budget for the
expenditures contemplated by this Section 2.06, all renovation or capital
improvement contracts entered into by Sellers with respect to such expenditures,
and written evidence verifying all expenditures made by Sellers prior to the
Effective Date which are subject to reimbursement. Sellers agree to not change
the scope of the work contemplated by such budgets and to obtain Buyer’s written
consent before undertaking any expenditures in excess of those contemplated by
the budgets for any of the aforementioned Hotels or that portion of the Land
associated therewith.

 

17

 

ARTICLE
III.  

 

OPERATION
OF THE PROPERTY

 

Section
3.01  Operation
in the Ordinary Course of Business.»

 

Sellers
shall not (and Seller shall cause Operating Tenants and Manager to not), without
the prior written consent of Buyer, except in the ordinary course of business,
(i) enter into any leases or tenancies with respect to the Property, (ii) enter
into any service or maintenance agreements which are not terminable upon thirty
(30) days notice, (iii) engage or retain new or additional employees, entities
or independent contractors whose compensation may be assumable by Buyer (or
reimbursable by Buyer to Manager), (iv) modify or release any warranties or
guaranties with respect to the Property, or (v) grant any encumbrances on the
Property or contract for any construction or service for the Property which may
impose any mechanics or materialmen's lien on the Property beyond Closing.
Sellers shall and shall cause Operating Tenants to, subject to the terms of the
Management Agreements, use reasonable efforts to cause the Managers to maintain
inventory levels consistent with Managers’ prior practices and continue to
operate the Property in the ordinary course of business.

 

ARTICLE
IV.  

 

PRORATIONS
AND ADJUSTMENTS

 

Section
4.01  Closing
Statement/Operations Settlement.»

 

 

 

(a)  Closing
Statement. Taxes,
rents, revenues and expenses pertaining to assigned Operating Agreements,
prepaid utility charges, and material deviations, if any, in the amount of the
Personal Property at the Hotels occurring in the period between the first and
second inventories provided for in Section 10.02 shall be allocated and prorated
between Buyer and Sellers pursuant to a written Closing Statement to be prepared
by Sellers and executed by Buyer and Sellers at the Closing. Any additional
amounts owed by Buyer or credits due to Buyer shall be reflected in such
statement and the Purchase Price shall be adjusted accordingly.

 

(b)  Operations
Settlement. Room
Revenues for the night prior to the Closing Date (e.g., if the Closing Date is
June 15, 2005, Room Revenues for the period of time commencing on the evening of
June 14, 2005 and ending on the morning of June 15, 2005), prepaid deposits for
confirmed reservations, hotel facilities and services for periods after the
Transfer Time; and the purchase price for the Tray Ledgers, House Funds and
Accounts Receivable shall be determined by the Operations Settlement. As the
Closing Date’s financial results are necessary for completion of the Operations
Settlement, Buyer agrees to the Hotel’s employees’ completion of posting of
financial activity, all schedules, credit card billings, and all other
activities normally associated with the daily activity of the Hotels. Any
amounts determined to be due and owing to Sellers by Buyer or to Buyer by
Sellers pursuant to the Operations Settlement shall be incorporated into the
Closing Statements but to the extent that any of the foregoing information is
unavailable or is found to be inaccurate, the same shall be handled as a
post-closing adjustment, the obligations of which shall survive the
Closing.

 

18

 

Section
4.02  Taxes
and Rents.»

 

At
Closing, all general real estate and personal property taxes for the year of the
Closing and special taxes and assessments shall be prorated as of the Closing
Date (with Buyer to pay taxes attributed to the Closing Date and all periods
thereafter) using the latest available tax rates and assessments and taking
advantage of any discounts or rebates available for early payment and/or payment
before delinquency. Except as set forth herein, the parties shall have no
obligation to readjust such prorations after the Closing; provided, however, if
the proration is based upon the previous tax year’s bills, the parties shall
make an appropriate adjustment upon receipt of the current tax year’s bills.
Sellers shall pay general real estate and personal property taxes for all years
prior to the year of the Closing and all special taxes or assessments then due
and payable as of the Closing Date, except that, if any assessment against the
Property, or any portion thereof, is payable in installments, Buyer shall pay
any and all of such installments which may be paid after the Closing Date, and
any installment relating to the year of Closing shall be prorated as of the
Closing Date (with Buyer to pay all portions of such installment attributed to
the Closing Date and all periods thereafter). Buyer acknowledges that Sellers
are currently pursuing tax appeals with respect to certain of the Hotels. Buyer
agrees to continue any such appeals that relate to current tax years at Buyer’s
expense; provided, however, that such expense shall be paid out of the proceeds
of the tax refund resulting from such appeal, if any, prior to the proration of
such refund as contemplated hereby. Seller shall be entitled to continue all
such appeals that relate to previous tax years. Any tax refunds or rebates
occurring or accruing with respect to any and all time periods before the
Closing Date shall remain the property of Seller, and, if Buyer collects or
receives same, Buyer shall promptly remit same to Seller. The provisions of the
immediately preceding sentence shall survive the Closing. All taxes or
assessments which become due and payable on or after the Closing Date shall be
paid by Buyer. 

 

Section
4.03  Utilities.»

 

Prior to
the Closing, Sellers shall notify all utility companies servicing their
respective portions of the Property of the anticipated change in ownership of
the Property and request that all billings after the Transfer Time be made to
Buyer at the addresses of the Hotel located on their portion of the Property.
Utility meters will be read, to the extent that the utility company will do so,
during the daylight hours on the Closing Date, with charges to that time paid by
Seller and charges thereafter paid by Buyer. Prepaid utility charges shall be
adjusted on the Closing Statement and paid for at Closing. Charges for utilities
which are unmetered, or the meters for which have not been read on the Closing
Date, will be prorated between Buyer and Seller as of the Transfer Time based
upon utility billings received after Closing. Seller or Buyer, as appropriate,
shall, upon receipt, submit a copy of the utility billings for any such charges
to the other party and such party shall pay its pro rata share of such charges
to the party requesting payment within seven (7) days from the date of any such
request. This obligation shall survive Closing.

 

Buyer
shall be responsible for paying, before the Closing, all deposits required by
utility companies in order to continue service at the Hotels for periods after
the Transfer Time and shall take any other action and make any other payments
required to assure uninterrupted availability of utilities at the Hotels and the
Land for all periods after Closing. Following Closing, all utility deposits made
by any Seller shall be refunded directly to Seller by the utility company
holding same. This obligation shall survive Closing.

 

19

 

Section
4.04  Assigned
Operating Agreements.»

 

 

 

(a)  All
income and expenses with respect to the assigned Operating Agreements will be
prorated as of the Closing Date (with income and expenses for the Closing Date
and thereafter to be allocated to Buyer). There shall be added to the amount due
to Sellers at Closing, on the Closing Statement, the amount of any amounts paid
by Sellers under any Operating Agreements attributable to periods including and
after the Closing Date, and there shall be deducted from the amount due Sellers
at Closing, on the Closing Statement, any such amounts paid to and collected by
Sellers under any Operating Agreements attributable to periods including and
after the Closing Date. 

 

(b)  Sellers
shall be responsible for all management fees and other amounts payable or
reimbursable under the Assumed Management Agreements that accrue for the period
prior to the Closing Date, including, without limitation, any accrued incentive
fees under the Assumed Management Agreements. Buyer shall be responsible for all
management fees and other amounts payable or reimbursable under the Assumed
Management Agreements that accrue for the period from and after the Closing
Date, including, without limitation, any incentive fees that accrue to the
period from and after the Closing Date under the Assumed Management Agreements.

 

Section
4.05  Room
Revenues; Reservations; Tray Ledger; Accounts Receivable and House
Funds. »

 

(a)  Room
Revenues for the night prior to the Closing Date (e.g., if the Closing Date is
June 15, 2005, Room Revenues for the period of time commencing on the evening of
June 14, 2005 and ending on the morning of June 15, 2005) shall be divided
equally between Buyer and Sellers pursuant to the Operations Settlement. Other
Revenues for the night prior to the Closing Date shall belong solely to
Seller.

 

(b)  Buyer
will honor, for its account, the terms and rates of all pre-closing reservations
confirmed by Sellers or Managers for dates after the Closing Date. Buyer
authorizes Sellers and Managers to continue to accept reservations for periods
after the Closing in the ordinary course of Sellers’ or Managers’ business.
Buyer recognizes that such reservations may include discounts or other benefits
provided in the ordinary course of business, including, without limitation,
benefits under any awards programs, sports team, corporate, government or group
discounts, weekend discounts or requirements that ancillary food, beverage or
other benefits be delivered by Buyer to the guest(s) holding such reservations.
Buyer agrees to honor all such reservations in accordance with their terms. Any
pre-closing deposits made to Sellers with respect to confirmed reservations for
dates after the Closing Date will be credited to Buyer at the Operations
Settlement. Any post-closing deposits received by Sellers with respect to
confirmed reservations for dates after the Closing Date will be forwarded to
Buyer upon receipt.

 

20

Buyer
will honor, for its account, all of Sellers room allocation agreements and
banquet facility and service agreements entered into in the ordinary course of
business which have been granted to groups, persons or other customers for
periods after the Closing Date at the rates and terms provided in such
agreements.

 

Buyer
agrees that Sellers cannot make and have made no representation or warranty that
any party holding a room reservation or agreement for Hotel facilities or
services will utilize such reservation or honor such agreement. Buyer, by the
execution hereof, assumes the risk of non-utilization of reservations and
nonperformance of such agreements.

 

The
provisions of this Section 4.05(b), including, without limitation, the
assumptions of risk and indemnities by Buyer set forth above, shall survive the
Closing.

 

(c)  Buyer
shall purchase the Tray Ledgers from Sellers pursuant to the Operations
Settlement, with deduction for the portion of the Tray Ledger consisting of
one-half of the Room Revenues for the night prior to the Closing
Date.

 

(d)  Buyer
shall purchase the House Funds, exclusive of any non-cash items, from Sellers
pursuant to the Operations Settlement.

 

(e)  At
Closing, Sellers shall receive a credit for all Accounts Receivable in an amount
equal to: (i) one hundred percent (100%) of all such Accounts Receivable which
are unpaid for not more than ninety (90) days; plus (ii)
ninety percent (90%) of all such Accounts Receivable which are unpaid for more
than ninety (90) days, but not more than one hundred twenty (120) days;
plus (iii)
eighty-five percent (85%) of all such Accounts Receivable which are unpaid for
more than one hundred twenty (120) days, but not more than one hundred fifty
(150) days; plus (iv)
eighty percent (80%) of all such Accounts Receivable which are unpaid for more
than one hundred fifty (150) days.

 

Section
4.06  Accounts
Payable and Expenses.»

 

All
accounts payable and expenses related to operations of the Property which have
accrued before the Transfer Time shall be paid by Sellers. Buyer understands and
agrees that Sellers may postpone and/or contest payment of any account payable
or expense which is the subject of a bona fide dispute, or for which a bill is
not rendered until after Closing. All accounts payable and expenses accruing
after the Transfer Time will be Buyer’s responsibility. 

 

Section
4.07  2005
Capital Expenditure and Property Improvement Plan Expenses.»

 

Sellers
agree that in the event Sellers do not expend Three Million Five Hundred
Thousand and No/100 Dollars ($3,500,000.00) on capital expenditures (including
PIPs) on Hotels (other than the PIPs contemplated in section 2.06 hereof)
between January 1, 2005 and the Closing Date, the sum representing the
difference between Three Million Five Hundred Thousand and No/100 Dollars
($3,500,000.00) and the capital expenditures made by Sellers shall remain in
reserve accounts at Closing for the benefit of, and be the property of, Buyer.
Buyer shall not be obligated to reimburse Sellers for, or to pay for, such
sums.

 

21

 

ARTICLE
V.  

 

EMPLOYEES

 

Section
5.01  Salaries,
etc.»

 

Sellers
shall not be responsible for the payment of the salaries, vacation pay, wages or
benefits of any employees of the Hotels accruing after the Transfer Time.

 

ARTICLE
VI.  

 

REPRESENTATIONS
AND WARRANTIES OF SELLER

 

Seller
represents and warrants to Buyer as follows:

 

Section
6.01  Existence
and Good Standing.»

 

Sellers
are duly organized, validly existing and in good standing under the laws of the
state of their respective organization.

 

Section
6.02  Authority.»

 

Sellers
have, and on the Closing Date will have, all requisite power and authority to
execute and deliver this Agreement and to consummate the transactions
contemplated herein pursuant to the terms and conditions of this
Agreement.

 

Section
6.03  No
Conflict.»

 

The
execution and delivery of this Agreement and the consummation of the
transactions contemplated herein will not conflict with, breach, result in a
default under, or violate any commitment, document or instrument to which Seller
is a party or by which it is bound. 

 

Section
6.04  Seller
Is Not a “Foreign Person”»

 

. None of
the Sellers is a “foreign person” within the meaning of Section 1445 of the
Internal Revenue Code, as amended (i.e., none of Sellers is a foreign
corporation, foreign partnership, foreign trust, foreign estate or foreign
person as those terms are defined in the Internal Revenue Code and regulations
promulgated thereunder).

 

Section
6.05  No
Commitments»

 

. Except
as reflected by the Permitted Exceptions or due diligence materials delivered or
otherwise made available by Sellers to Buyer, no commitments have been made by
Sellers to any governmental authority, utility company, school board, church or
other religious body, or any homeowners’ association or any other organization,
group or individual, relating to the Property which would impose an obligation
upon Buyer to make any contribution or dedication of money or land or to
construct, install or maintain any improvements of a public or private nature on
or off the Property.

 

Section
6.06  Insurance»

 

. To
Sellers’ Knowledge, all insurance policies held with respect to the Property by
Seller or Manager are valid and in full force and effect and Sellers have and,
to Sellers’ Knowledge, Manager has complied with all requirements or
recommendations of the insurance carriers of the insurance
policies.

 

22

 

Section
6.07  No
Special Taxes»

 

. Except
as disclosed by the Permitted Exceptions or due diligence materials delivered or
otherwise made available by Seller, Seller has no Knowledge of, nor has it
received any notice of, any special taxes or assessments relating to the
Property or any part thereof or any planned public improvements that may result
in a special tax or assessment against the Property.

 

Section
6.08  Litigation.»

 

Except as
set forth on the schedule attached as Exhibit
“M” hereto,
there is no pending and Sellers have no Knowledge of any threatened litigation
with respect to the Property in which any Seller is named a party which has not
been resolved, settled or dismissed. 

 

Section
6.09  Condemnation.»

 

Sellers
have not received any written notice of any pending condemnation proceeding or
other proceeding in eminent domain, and to the Sellers’ Knowledge, no such
condemnation proceeding or eminent domain proceeding is threatened affecting the
Property or any portion thereof. Seller has no Knowledge of any change or
proposed change in the route, grade or width of, or otherwise affecting, any
street, creek or road adjacent to or serving the Land.

 

Section
6.10  Title
to Personal Property.»

 

Except as
set forth in writing by any Seller, the Sellers have good and valid title to all
tangible Personal Property, which shall be free and clear of all liens and
encumbrances as of the Closing.

 

Section
6.11  Compliance
with Applicable Law.»

 

Sellers
have not received any written notice of a violation of any applicable law with
respect to the Property which have not been cured or dismissed.

 

Section
6.12  Taxes.»

 

All
property, sales use and occupancy taxes which accrue prior to the Closing Date
will be paid in full or prorated at Closing.

 

Section
6.13  Financial
Statements.»

 

To
Sellers’ Knowledge, the financial statements delivered by Sellers to Buyer are
complete, accurate and fairly represent the historical results of the operations
and financial condition of the Hotels.

 

Section
6.14  Operating
Agreements.»

 

Sellers
is in compliance in all material respects with the Operating Agreements. To
Seller’s Knowledge, the schedule of Operating Agreements attached hereto as
Exhibit
“H” includes
the Material Operating Agreements.

 

Section
6.15  Management
Agreements.»

 

There are
no Events of Default under any Management Agreement (as defined therein),
Sellers have received no written notice of an Event of Default under any
Management Agreement (as defined therein), and, to Sellers’ Knowledge, all sums
due and payable thereunder as of Closing have been paid. To Seller’s Knowledge,
the Assumed Management Agreements delivered by sellers to Buyer are true and
correct copies of the Assumed Management Agreements.

 

23

 

The
representations and warranties in this Article 6 shall survive the Closing for a
period of one (1) year following the Closing Date; provided, however, that the
representation contained in Section 6.13 above shall survive the Closing for a
period of six (6) months following the Closing Date.

 

ARTICLE
VII.  

 

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to Sellers as follows:

 

Section
7.01  Existence
and Good Standing.»

 

Buyer is
a corporation, and is duly organized, validly existing and in good standing
under the laws of the state of its organization.

 

Section
7.02  Authority.»

 

Buyer
has, and on the Closing Date will have, all requisite power and authority to
execute and deliver this Agreement and to consummate the transactions
contemplated herein pursuant to the terms and conditions of this Agreement. The
Board of Directors of Buyer have approved this Agreement and certified
resolutions evidencing such approval will be delivered to Sellers at
Closing.

 

Section
7.03  No
Conflict.»

 

To
Buyer’s knowledge, the execution and delivery of this Agreement and the
consummation of the transactions contemplated herein will not conflict with,
breach, result in a default under, or violate any commitment, document or
instrument to which Buyer is a party or by which it is bound. 

 

Section
7.04  AS
IS.»

 

 BUYER
EXPRESSLY ACKNOWLEDGES AND AGREES THAT THE PROPERTY IS BEING SOLD TO BUYER AND
THAT BUYER AGREES TO PURCHASE AND ACCEPT THE PROPERTY, AND EACH AND EVERY PART
AND COMPONENT THEREOF, IN AN “AS IS, WHERE IS” CONDITION AS OF THE CLOSING WITH
NO REPRESENTATIONS OR WARRANTIES FROM SELLERS, EITHER EXPRESS OR IMPLIED EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT. BUYER AGREES THAT BUYER IS NOT RELYING
UPON, AND HAS NOT RECEIVED OR BEEN GIVEN, ANY REPRESENTATIONS (EXCEPT AS
EXPRESSLY SET FORTH IN THIS AGREEMENT), STATEMENTS OR WARRANTIES (ORAL OR
WRITTEN, IMPLIED OR EXPRESS) OF OR BY ANY OFFICER, EMPLOYEE, AGENT OR
REPRESENTATIVE OF SELLER, OR ANY SALESPERSON OR BROKER (IF ANY) INVOLVED IN THIS
TRANSACTION, AS TO THE PROPERTY OR ANY PART OR COMPONENT THEREOF IN ANY RESPECT,
INCLUDING, BUT NOT LIMITED TO, ANY REPRESENTATIONS, STATEMENTS OR WARRANTIES AS
TO THE PHYSICAL OR ENVIRONMENTAL CONDITION OF THE PROPERTY, THE FITNESS OF THE
PROPERTY FOR USE AS A HOTEL, THE FINANCIAL PERFORMANCE OR POTENTIAL OF THE
PROPERTY, THE COMPLIANCE OF THE PROPERTY WITH APPLICABLE BUILDING, ZONING,
SUBDIVISION, ENVIRONMENTAL, LIFE SAFETY OR LAND USE LAWS, CODES, ORDINANCES,
RULES, ORDERS, OR REGULATIONS, OR THE STATE OF REPAIR OF THE PROPERTY, AND
BUYER, FOR ITSELF AND ITS HEIRS, LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS,
WAIVES ANY RIGHT TO ASSERT 

 

24

ANY CLAIM
OR DEMAND AGAINST SELLERS AT LAW OR IN EQUITY RELATING TO ANY SUCH MATTER,
WHETHER LATENT OR PATENT, DISCLOSED OR UNDISCLOSED, KNOWN OR UNKNOWN, NOW
EXISTING OR HEREAFTER ARISING. EXCEPT FOR ANY TITLE OR SURVEY MATTERS CREATED
SOLELY BY SELLER IN VIOLATION OF THIS AGREEMENT, BUYER AGREES THAT IT SHALL HAVE
NO RECOURSE WHATSOEVER AGAINST SELLER, AT LAW OR IN EQUITY, SHOULD THE SURVEY OR
THE TITLE INSURANCE COMMITMENTS OR THE TITLE POLICIES FAIL TO DISCLOSE ANY
MATTER AFFECTING THE PROPERTY OR REVEAL ANY SUCH MATTER IN AN INACCURATE,
MISLEADING OR INCOMPLETE FASHION OR OTHERWISE BE IN ERROR. BUYER ACKNOWLEDGES
THAT IT SHALL REVIEW THE SURVEY AND THE TITLE INSURANCE COMMITMENTS (AS SAME MAY
BE MARKED AT CLOSING) AND TO DISCUSS THEIR CONTENTS WITH THE INDEPENDENT
CONTRACTORS WHO PREPARED OR ISSUED EACH OF THEM. BUYER ACCORDINGLY AGREES TO
LOOK SOLELY TO THE PREPARER OF THE SURVEY AND THE ISSUER OF THE TITLE INSURANCE
COMMITMENTS AND TITLE POLICIES FOR ANY CLAIM ARISING OUT OF OR IN CONNECTION
WITH SUCH INSTRUMENTS AND HEREBY RELEASES SELLERS FROM ANY SUCH CLAIM (EXCEPT
FOR ANY CLAIM THAT SELLERS AGREE TO CURE AS SET FORTH IN THIS
AGREEMENT).

 

Buyer
recognizes that the Hotels and Personal Property are not new and that there
exists a possibility that the Property is not in compliance with the
requirements which would be imposed on a newly constructed hotel by presently
effective federal, state and local building, plumbing, electrical, fire, health,
handicap, environmental and life safety laws, codes, ordinances, rules, orders
and/or regulations (collectively, the “building codes”). The Hotels and other
improvements on the Land may contain substances or materials no longer permitted
to be used in newly constructed buildings including, without limitation,
asbestos or other insulation materials, lead or other paints, wiring,
electrical, or plumbing materials and may not contain other materials or
equipment required to be installed in a newly constructed building. Buyer has
had the opportunity, as set forth in Section 11.04, to conduct such
investigations and inspections of the Property as Buyer deemed necessary with
respect to all such matters. Buyer agrees to accept and shall the Property in an
“AS-IS, WHERE IS” condition and at Closing to accept and assume the risk of
noncompliance of the Property with all such building codes. Except with respect
to those representations set forth in Section 6 hereof, Buyer waives any right
to excuse (except as set forth in Section 11.04 below) or delay performance of
its obligations under this Agreement or to assert any claim against Sellers
(before or after Closing) arising out of any failure of the Property to comply
with any such building codes.

 

Except
with respect to those representations set forth in Section 6 hereof, it is
specifically understood and agreed by Sellers and Buyer that Sellers do not
make, and shall not be deemed to have made, any representation, warranty or
covenant with respect to (i) any Environmental Laws that may affect any of the
Property or (ii) the presence or absence of any Hazardous or Toxic Substances
in, on, above, under or about any of the Property. As used in this Section 7.04,
(A) the term “Environmental Laws” means all federal, State and local laws,
codes, ordinances, rules, orders and regulations now or hereafter in effect
relating to pollution or the protection of the environment, including without
limitation, all laws, codes, ordinances, rules, orders and regulations governing
the generation, use, collection, treatment, storage, transportation, recovery,
removal, discharge, spill or disposal of any or all Hazardous or Toxic
Substances, and (B) the 

 

25

term
“Hazardous Substances” or “Toxic Substances” means materials and substances
defined as “hazardous substances”, “hazardous wastes”, “toxic substances” or
“toxic wastes” in (I) the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, 42 U.S.C. Sections 9601-9675, as amended by the Superfund
Amendments and Reauthorization Act of 1988, and any further amendments thereto
and rules, orders and regulations thereunder; (II) the Resource Conservation and
Recovery Act of 1976, 42 U.S.C. Sections 6901-6992, as amended by the Hazardous
and Solid Waste Amendments of 1984, and any further amendments thereto and
rules, orders and regulations thereunder; or (III) any other Environmental
Laws.

 

It is
understood and agreed by Sellers and Buyer that in the event of any conflict
between the terms and provisions of this Section 7.04 and any other term or
provision to this Agreement, the relevant term or provision of this Section 7.04
shall control and govern. The provisions of this Section 7.04 shall survive
Closing.

 

ARTICLE
VIII.  

 

REMEDIES

 

Section
8.01  Seller’s
Remedies.»

 

If Buyer
defaults under any provision of this Agreement before the Closing, Buyer and
Sellers agree that the damages that Sellers will sustain as a result thereof
will be substantial, but the actual damages will be difficult or impossible to
ascertain. Accordingly, Buyer and Sellers agree that, in the event of Buyer’s
default, Sellers may, as their sole and exclusive remedies, terminate this
Agreement by written notice to Buyer in which event Sellers shall receive the
Deposit as liquidated damages for such default, the amount of which Deposit
Buyer and Sellers agree is not punitive or a penalty but is just, fair and
reasonable, and the Escrow Agent shall immediately pay the Deposit to
Sellers.

 

Section
8.02  Buyer’s
Remedies.»

 

In the
event of a default hereunder on the part of any Seller, Buyer’s sole and
exclusive remedies hereunder shall be either: (1) the right to terminate this
Agreement and receive a return of the full amount of the Deposit, plus interest
thereon; or (2) the right to seek specific performance hereof, provided that
Buyer must file a suit for specific performance in the appropriate jurisdiction
within ninety (90) days from the date of such default by such
Seller.

 

The
parties waive all damages and remedies for defaults prior to Closing except as
provided in this Agreement.

 

Section
8.03  Post-Closing
Matters.»

 

Notwithstanding
the terms and provisions of Sections 8.01 and 8.02 or any other term or
provision of this Agreement, Sellers and Buyer shall each retain the right to
seek and obtain relief for events occurring after the Closing Date provided
that: (a) this transaction in fact closes; (b) the obligations for which relief
is sought are obligations which by their express terms are to survive Closing or
which by their express terms are to performed following Closing (including any
indemnities hereunder, if any); and (c) such relief shall be limited to a suit
for monetary damages, unless expressly otherwise provided in this Agreement.
Except for obligations which by their express terms are to survive Closing or
which by their express terms are to be performed following Closing, the terms
and provisions of this Agreement shall not survive the Closing and shall merge
into the Deeds from Sellers to Buyer. The provisions of this Section 8.05 shall
survive Closing.

 

26

 

ARTICLE
IX.  

 

CONDITIONS

 

Section
9.01  Sellers’
Obligation.»

 

In
addition to any other conditions precedent for the benefit of Sellers expressly
set forth in this Agreement, the obligation of Sellers to perform this Agreement
is subject to the following conditions unless waived in writing by
Sellers:

 

(a)  The
representations and warranties of Buyer in this Agreement shall be true and
correct in all material respects as of the Closing Date as if made on and as of
the Closing Date.

 

(b)  Buyer
shall have performed all obligations required to be performed by it under this
Agreement on or prior to the Closing Date.

 

Section
9.02  Buyer’s
Obligation.»

 

In
addition to any other conditions precedent for the benefit of Buyer expressly
set forth in this Agreement, the obligation of Buyer to perform this Agreement
is subject to the following conditions unless waived in writing by
Buyer:

 

(a)  The
representations and warranties of Sellers in this Agreement shall be true and
correct in all material respects as of the Closing Date as if made on and as of
the Closing Date.

 

(b)  Sellers
shall have performed all obligations required to be performed by them under this
Agreement on or prior to the Closing Date.

 

(c)  There
shall be no litigation instituted after the execution of this Agreement with
respect to the Property which, if adversely determined, would have a material
and adverse impact on the Property or the operation of the Hotels. 

 

(d)  Seller
shall have received and delivered to Buyer a consent, in the form and substance
specified in the Ground Lease (if any), from the lessor under the Ground Lease
to the Assignment and Assumption of Ground Lease (to the extent required by the
Ground Lease) together with an estoppel certificate (to the extent the Seller
has a right to request and the ground lessor has an obligation to provide an
estoppel certificate pursuant to the terms of the Ground Lease) in form and
substance required under the Ground Lease, if any. 

 

(e)  Sellers
shall have paid to Marriott International, Inc., or its affiliates, the sum of
Ten Million Five Hundred Thousand and No/100 Dollars ($10,500,000.00) in
satisfaction of accumulated loans.

 

ARTICLE
X.  

 

CONVEYANCE
OF ASSETS

 

Section
10.01  Instruments
of Conveyance.»

 

At
Closing, Sellers (and/or Operating Tenant) and Buyer (and/or its operating
lessee) shall execute and deliver to each other the following
documents:

 

27

 

(a)  Sellers,
unless such Seller holds title to its portion of the Land pursuant to a Ground
Lease, shall execute and deliver to Buyer the Deeds. 

 

(b)  Each
Seller which holds title to its portion of the Land pursuant to a Ground Lease
and Buyer shall execute and deliver to each other counterparts of the Assignment
and Assumption of Ground Leases.

 

(c)  Each
Seller and/or Operating Tenant and Buyer and/or its operating lessee shall
execute and deliver to each other a Bill of Sale (Personal
Property).

 

(d)  Each
Seller and/or Operating Tenant and Buyer and/or its operating lessee shall
execute and deliver to each other counterparts of an Assignment and Assumption
of Intangible Property.

 

(e)  Each
Seller and/or Operating Tenant and Buyer or its operating lessee shall execute
and deliver to each other counterparts of an Assignment and Assumption of
Operating Agreements.

 

(f)  Each
Operating Tenant and Buyer or its operating lessee shall execute and deliver to
each other counterparts of an Assignment and Assumption of Management
Agreements.

 

(g)  Sellers
and Buyer shall execute a closing statement.

 

(h)  Each
Seller shall execute and deliver, at Closing, a so-called “Non-Foreign
Affidavit” (pursuant to Section 1445 of the Internal Revenue Code).

 

(i)  Buyer
shall complete and deliver at Closing a Form 1099 as required by the Internal
Revenue Code.

 

(j)  Buyer and
Sellers shall execute such other affidavits, authorizing resolutions, and
documents as may be reasonably required by the Title Company.

 

Section
10.02  Personal
Property.»

 

Seller
shall maintain levels of personal property at the Hotels, at all times prior to
Closing, consistent with the levels of personal property maintained as of the
Effective Date hereof.

 

28

 

ARTICLE
XI.  

 

TITLE
TO REAL PROPERTY

 

Section
11.01  Title
Insurance Commitments.»

 

Prior to
the execution of this Agreement, Sellers shall have obtained the Title Insurance
Commitments and delivered the same to Buyer. Buyer hereby acknowledges that
Buyer has approved the Title Commitments and has accepted the Title Insurance
Commitments as so delivered to Buyer as evidence of the status of Sellers’ title
to the Hotels and Land. If requested by Buyer, Seller will provide policies of
coinsurance provided that any incremental costs therefore shall be paid by the
Buyer as contemplated in Section 12.03(b)(3) hereof.

 

Section
11.02  Title
Defects.»

 

Prior to
the execution of this Agreement, Buyer has objected to, and Sellers have agreed
to cure, those title matters, if any, set forth on Exhibit
“P” attached
hereto and by this reference incorporated herein (the “Title Defects”). Sellers
shall have thirty (30) days from the Effective Date to cure any such Title
Defects except for monetary liens and encumbrances which may be paid at Closing.
If Sellers fail to cure any of the Title Defects (other than monetary liens and
encumbrances, which Seller shall be obligated to cure at Closing), Buyer’s sole
and exclusive remedy shall be to either (i) terminate this Agreement by written
notice to Sellers given on or before the Closing Date without recourse against
Sellers and to obtain a refund of the Deposit from the Escrow Agent, or (ii) to
accept title to the Land and Hotels in their then condition without reduction of
the Purchase Price or reservation of any claim against Seller.

 

Section
11.03  Survey.»

 

Prior to
the execution of this Agreement, Sellers have provided Buyer with copies of any
surveys of the Land which Sellers have in their possession or control. Prior to
the execution of this Agreement, Buyer has obtained and provided Sellers and
Title Company with a copy of, Surveys of the Hotels and Land prepared by a
licensed surveyor in the state in which the Hotel which is the subject of the
Survey is located and otherwise meeting the ALTA requirements and standards.
Prior to the execution of this Agreement, Buyer has objected to, and Sellers
have agreed to cure, those survey matters, if any, set forth on Exhibit
“P” attached
hereto and by this reference incorporated herein (the “Survey Defects”). Sellers
shall have thirty (30) days from the Effective Date to cure any such Survey
Defects. If Seller fails to cure any of the Survey Defects, Buyer’s sole and
exclusive remedy shall be to either (i) terminate this Agreement by written
notice to Sellers given on or before the Closing Date without recourse against
Sellers and to obtain a refund of the Deposit from the Escrow Agent, or (ii) to
accept the condition of the Land and Hotels in their then condition without
reduction of the Purchase Price or reservation of any claim against
Seller.

 

Section
11.04  Access
to Property; Due
Diligence Materials.»

 

Buyer
acknowledges that prior to the execution of this Agreement, Buyer has had the
opportunity to inspect and conduct a full inspection and investigation of the
Property and accepts the condition of the Property in its “AS IS” “WHERE IS”
condition and acknowledges that Buyer has no right to terminate this Agreement
except in the event of a default by Sellers hereunder or except as otherwise
expressly provided in this Agreement.

 

29

 

ARTICLE
XII.  

 

THE
CLOSING

 

Section
12.01  Time and
Place.»

 

Subject
to the conditions in Article IX, the casualty and condemnation provisions in
Article XIII and an extension of the Closing Date as a result of Sellers’
attempt to cure Title Defects, the Closing shall take place on the Closing Date
at 10:00 a.m. (local time) at the office of counsel for Buyer, or at such other
date, place and time as Buyer and Sellers may mutually agree upon in writing. At
the request of either party, Buyer and Sellers shall reasonably cooperate to
accomplish this Closing "by mail." Buyer shall take possession of the Property
effective as of the Closing Date.

 

Section
12.02  Payment
of Purchase Price.»

 

At the
Closing, Buyer shall deliver by wire transfer of good funds the balance of the
Purchase Price (subject to adjustments and/or prorations provided in this
Agreement) to the Escrow Agent no later that 2:00 p.m. (Eastern Time) on the
Closing Date. The Deposit and the balance of the Purchase Price (as adjusted)
shall be paid to each of the Sellers, in such amounts as directed by the
Sellers, by the Escrow Agent by wire transfer of good funds to such bank
accounts specified by Sellers after delivery of the closing documents by Sellers
to the Title Company but before recordation of the Deeds or any other instrument
all as more particularly set forth in the escrow closing instructions of Sellers
and Buyer.

 

Section
12.03  Closing
Costs. »

 

(a)  Sellers
shall pay the following costs and expenses at Closing:

 

(1)  Sellers’
prorated share of real estate and tangible personal property taxes, rents or
assessments as set forth in this Agreement and any general real estate and
personal property taxes for all years prior to the year of the
Closing;

 

(2)  The cost
of issuing the Title Insurance Commitments and the premium for issuance of the
Title Policies together with the cost of reasonable and customary endorsements
to the Title Policies not relating to Buyer’s financing, if any;

 

(3)  Sellers’
own legal expenses;

 

(4)  One-half
of the closing fee and/or settlement fee charged by the Escrow
Agent;

 

(5)  All costs
of satisfying in full any existing debt secured by the Property and removing any
encumbrances in the form of monetary liens from the Title Policies;
and

 

(6)  Any and
all other costs and expenses expressly allocated to Sellers under this
Agreement. 

 

30

 

(b)  Buyer
shall pay the following costs and expenses at Closing:

 

(1)  Costs of
transferring or canceling any Operating Agreements; 

 

(2)  Costs of
recording the Deeds and any other transfer documents requiring
recordation;

 

(3)  All
premiums and costs for issuing any endorsements or additional coverage to the
Title Policy which are not to be paid by Sellers or contemplated hereinabove,
any title insurance premium or cost (including endorsements and additional
coverage with respect thereto) related to Buyer’s financing, and any additional
premiums and costs for coinsurance requested by Buyer;

 

(4)  Costs of
supplying tax certificates to the Title Company;

 

(5)  Any sales
taxes, transfer taxes or stamp taxes pertaining to the transfer of the Property
from Sellers to Buyer;

 

(6)  Any
indebtedness or mortgage related taxes and recording or other fees relating to
any mortgage, deed of trust or other security instrument executed by
Buyer;

 

(7)  All fees,
costs and expenses incurred with respect to any purchase money financing
incurred by Buyer; 

 

(8)  Buyer’s
prorated share of all real estate and tangible personal property taxes, rents,
or assessments as set forth in this Agreement;

 

(9)  Buyer’s
own legal expenses;

 

(10)  One-half
of the cost of closing or settlement fee charged by the Escrow
Agent.

 

(11)  The cost
of preparing the Surveys; and

 

(12)  Any
termination charges related termination of any Operating
Agreements.

 

(13)  Any UCC
searches.

 

(14)  Any costs
or expenses incurred by Buyer in connection with its inspections and due
diligence preformed on the Property.

 

(15)  Any and
all other costs and expenses expressly allocated to Buyer under this
Agreement.

 

31

 

Section
12.04  Revenue
and Expense Prorations.»

 

Pursuant
to Article IV, Sellers and Buyer will make appropriate apportionments and
prorations of expenses, rents, taxes and revenues and settle them by appropriate
credits on the Closing Statement or pursuant to the Operations Settlement, as
the case may be.

 

Section
12.05  Closing
Documents.»

 

At the
Closing, Buyer and Sellers shall also execute and deliver such documents as are
specified or contemplated by this Agreement, including, but not limited to,
those required by Sections 4.01 and 10.01.

 

ARTICLE
XIII.  

 

INSURANCE,
CONDEMNATION AND CASUALTY

 

Section
13.01  Insurance.»

 

All
Sellers’ insurance policies, including, without limitation, fire and any
additional hazard insurance, shall be cancelled by Sellers as of the Transfer
Time, and any refunded premiums shall be retained by Sellers. Buyer will be
responsible for acquiring and placing its own insurance in force from and after
the Transfer Time.

 

Section
13.02  Condemnation
and Casualty. »

 

(a)  If,
before the Closing, any Seller receives notice that any Hotel or Hotels and any
parcel or parcels comprising the Land are to be wholly condemned, or to be
condemned in such substantial part that the value of the portion of the Hotels
and Land so condemned exceeds Fifty Million and No/100 Dollars ($50,000,000.00),
or if one or more of the Hotels is wholly or partially destroyed by fire or
other casualty, or if so much of the Hotels is damaged by fire or other casualty
to the extent that the cost of repairing such damage shall exceed Fifty Million
and No/100 Dollars ($50,000,000.00) as determined by the casualty insurer(s)
insuring the Hotels, then, in any such event, Buyer and each of the Sellers
shall each have the right to terminate this Agreement by delivering notice of
termination in writing to the other party within thirty (30) days after the
receipt of notice of such condemnation or casualty (but not later than the
Closing Date) (which notice will, to the extent then known, contain the amount
of compensation offered for such condemnation or the amount of insurance
proceeds offered to be paid on account of such casualty, as the case may be) and
upon giving such notice of termination the Deposit shall be returned by the
Escrow Agent to Buyer, and Sellers and Buyer shall each be released and
discharged from any further obligation to each other hereunder except for those
which expressly survive the termination of this Agreement; provided, however,
that if neither Buyer nor Sellers elects to terminate this Agreement, the
purchase contemplated herein shall be consummated without reduction of the
Purchase Price, within the later of (i) fifteen (15) days after the expiration
of such thirty (30) day period or (ii) the Closing Date, but Buyer shall be
entitled to all proceeds of fire or other casualty insurance or condemnation
(other than proceeds relating to business interruption or loss for periods prior
to the Transfer Time), Buyer shall receive a credit to the Purchase Price for
any deductibles with respect to any insurance proceeds and Sellers shall have no
responsibility for the restoration and repair of the Property.

 

32

 

(b)  If,
before the Closing, any one or more Hotel is damaged by fire or other casualty
to the extent that the cost of repairing or restoring the same shall be less
than an amount equal to Fifty Million and No/100 Dollars ($50,000,000.00), or if
any Seller receives notice that any Hotel and/or Land is to be partially
condemned but that the value of the Land and Hotels to be condemned does not
exceed Fifty Million and No/100 Dollars ($50,000,000.00), then, and in any such
event, the Closing shall proceed as scheduled and Sellers shall assign to Buyer
the proceeds (excluding proceeds for business interruption or loss for periods
prior to the Transfer Time) of any casualty insurance or any condemnation award,
as the case may be, Buyer shall receive a credit to the Purchase Price for any
deductibles with respect to any insurance proceeds and Sellers shall have no
responsibility for restoration or repair of the Property.

 

ARTICLE
XIV.  

 

MISCELLANEOUS
COVENANTS AND PROVISIONS

 

Section
14.01  Assignment;
Successors and Assigns.»

 

Except as
otherwise provided in this Section 14.01, neither this Agreement nor any right
or interest herein may be assigned by Buyer without the prior written approval
of Sellers. Notwithstanding anything to the contrary, Buyer shall have the right
to assign all or any portions of this Agreement to one or more Permitted
Assignees without obtaining Sellers’ consent; provided that (1) such Permitted
Assignee(s) assumes in writing all of Buyer’s applicable obligations and
liabilities hereunder, (2) a copy of the assignment and assumption of this
Agreement is provided to Sellers promptly following execution thereof and (3)
Buyer shall not be released from any of its obligations to Sellers hereunder.
Subject to the foregoing, this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, legal representatives,
successors and assigns.

 

Section
14.02  Counterparts.»

 

This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
instrument.

 

Section
14.03  Waiver.»

 

No
failure or delay in acting by any party to this Agreement shall be deemed a
waiver of such party’s rights. Any waiver of rights or remedies shall be
required to be signed by the party charged with the waiver in order for such
waiver to be effective.

 

Section
14.04  Amendments.»

 

This
Agreement may be modified or amended only by the written consent of Sellers and
Buyer.

 

Section
14.05  Further
Agreements.»

 

Each
party agrees that it will execute and deliver to the other party any additional
documents, agreements or instruments necessary or reasonable to give effect to
this Agreement or any provision hereof.

 

Section
14.06  Attorneys’
Fees.»

 

In the
event that any party is required to retain the services of an attorney to
enforce or otherwise litigate or defend any matter or claim arising out of or in
connection with this Agreement, then the prevailing party shall be entitled to
its reasonable attorneys’ fees from the non-prevailing party.

 

33

 

Section
14.07  Entire
Agreement.»

 

This
Agreement sets forth all the promises, representations, agreements, conditions
and understandings relative to the transactions set forth herein, and neither
Sellers nor Buyer are relying upon any promises, representations, agreements,
conditions or understandings, either oral or written, (which are hereby
superseded in their entirety) other than those expressed in this
Agreement.

 

Section
14.08  Brokers
and Finders.»

 

Sellers
and Buyer each represent and warrant to the other that it has not employed,
retained or consulted any broker, agent or other finder with respect to the
Property or in carrying on negotiations relative to this Agreement, except as
provided for in this Section 14.08, and Sellers and Buyer shall indemnify and
hold the other harmless from and against any and all claims, demands, causes of
action, debts, liabilities, judgments and damages (including costs and
reasonable attorneys’ fees incurred in connection with the enforcement of this
indemnity) which may be asserted or recovered against the other on account of
any brokerage fee, commission, or other compensation arising in breach of this
representation and warranty. Sellers and Buyer hereby acknowledge that Broker, a
licensed real estate broker involved in the negotiation of the transactions
contemplated herein, shall be paid a sales commission by Sellers at Closing if,
and only if, the transactions contemplated by this Agreement are closed and
consummated. 

 

Section
14.09  Notices.»

 

All
notices, demands and requests required, permitted or given pursuant to the
provisions of this Agreement shall be in writing, and either hand delivered in
person or delivered by certified mail, postage prepaid, return receipt
requested, or by Federal Express or other similar overnight courier service,
addressed as follows: 

 

	
      If
      to Buyer:
	
      Ashford
      Hospitality Limited Partnership

	 	
      14185
      Dallas Parkway, Suite 1100

	 	
      Dallas,
      Texas 75254

	 	
      Attention:
      David A. Brooks

	 	 
	 	
      with
      a copy to:

	 	 
	 	
      Andrews
      Kurth LLP

      1717
      Main Street, Suite 3700

      Dallas,
      Texas 75201

      Attention:
      Brigitte Kimichik

	 	 
	
      If
      to Seller
	
      CNL
      Hotels & Resorts, Inc.

      CNL
      Center at City Commons

      450
      South Orange Avenue

      Orlando,
      Florida 32801-3336

      Attention:
      Marcel Verbaas

	 	 
	 	
      with
      a copy to:

	 	 
	 	
      Lowndes,
      Drosdick, Doster, Kantor

      &
      Reed, P.A.

      215
      N. Eola Drive

      Orlando,
      Florida 32802-2809

      Attention:
      Richard J. Fildes

Any
notice, demand or request which shall be served upon any of the parties in the
manner aforesaid shall be deemed sufficiently given (i) upon being hand
delivered in person, (ii) transmitted by facsimile transmission provided a copy
is sent pursuant to (iii) or the following business day, or (iii) upon being
deposited with Federal Express or other similar overnight courier service;
provided, however, the time period in which any response to such notice, demand
or request must be given shall commence on the date of actual delivery of the
notice, demand or request to the address to which it is sent (rather than
delivery to the specific addressee). Rejection or other refusal to accept or the
inability to deliver because of changed address of which no notice was given as
provided below shall be deemed delivery of the notice, demand or request sent.
The addresses given above may be changed by any party by ten (10) days’ prior
notice to all other parties given in the manner provided herein.

 

Section
14.10  Section
Headings; Interpretation.»

 

The
section headings of this Agreement are for reference only and shall not be used
to construe or interpret this Agreement. All terms and words used in this
Agreement, regardless of the number or gender in which they are used, shall be
deemed to include any other number and any other gender as the context may
require. If any term or condition of this Agreement or the application thereof
to any person or circumstance shall, to any extent, be held legally invalid or
unenforceable, the remainder of this Agreement, and the application of such
terms or conditions to persons or circumstances other than those as to which it
is held legally invalid or unenforceable, shall not be affected thereby and each
term and condition of this Agreement shall be valid to the fullest extent
permitted by law.

 

Section
14.11  Governing
Law.»

 

This
Agreement shall be governed by the laws of the state of Florida; provided,
however, that with respect to matters that relate to a specific portion of the
Property, then this Agreement shall be governed by the laws of the state where
such Property is located.

 

Section
14.12   Disclosure
of Confidential Information/ Public Announcements/ Communication with
Governmental Authorities/ Communication with Employees. »

 

 

(a)  The
parties hereto acknowledge and agree that the existence of this Agreement, the
terms of this Agreement and any other information disclosed in the due diligence
materials delivered to or produced by Buyer or any other documents, materials,
data or other information with respect to the Property which is not generally
known to the public (the "Confidential Information") shall in all respects
remain confidential and shall not be disclosed by the Buyer except as provided
herein. Buyer may disclose Confidential Information to officers, directors,
employees, attorneys, accountants, consultants, lenders, financial advisors,
partners and investors (collectively, “Representatives”), who in the reasonable
business judgment of such party, need to know the Confidential Information for
the purpose of evaluating the transactions contemplated by this Agreement. Buyer
will inform its Representatives of its confidentiality obligations under this
Agreement, and such Representatives shall agree to be bound by the terms and
conditions of this Agreement, before Buyer may disclose any Confidential
Information to its Representatives. The disclosure 

 

34

 

of any
Confidential Information by any Representative in breach of this Agreement will
constitute a breach of this Agreement by Buyer, for which Buyer will be liable.
If Buyer or any of its Representatives is required by any subpoena,
interrogatories, request for production, or other legal process or by any
applicable law or regulation to disclose any Confidential Information, Buyer
will give (to the extent not prohibited by law) Sellers prompt written notice of
the requirement and will cooperate with the Sellers so that Sellers, at their
expense, may seek an appropriate protective order. In the absence of a
protective order, Buyer and its Representatives may disclose only such
Confidential Information as may in Buyer's reasonable opinion, be necessary to
avoid any penalty, sanction, or other material adverse consequence, and Buyer
will use commercially reasonable efforts to secure confidential treatment of any
Confidential Information so disclosed. 

 

(b)  Notwithstanding
the foregoing, any party hereto shall have the right to make a public
announcement regarding the transaction described in this Agreement, provided,
however, that, prior to and as a condition precedent to such public
announcement, all other parties hereto shall approve the timing, form and
substance of any such public announcement, except if a party hereto is required
to make a public announcement under any securities law, the party making such
public announcement may do so only after having provided the other party with a
copy of such public announcement and only as long as such public announcement is
made in strict accordance with the applicable law requiring such public
announcement be made.

 

(c)  Without
limiting the generality of the provisions in subsection (a) above, Buyer shall
not, through its officers, employees, managers, contractors, consultants,
agents, representatives or any other person (including, without limitation,
Buyer's third party consultants), directly or indirectly, communicate with any
governmental authority or any official, employee or representative thereof,
involving any matter with respect to the Property without the Sellers' prior
written consent, which consent shall not be unreasonably withheld, unless such
communication is arranged by the Sellers. Notwithstanding the foregoing, Buyer
and its representatives and consultants shall have the right to review building
department, health department and other local governmental authority records
with respect to the Property and the operation of the Hotels and request written
or verbal confirmation of zoning and any other compliance by the Land or Hotels
with any applicable laws, without any requirement to obtain the consent of the
Sellers. Notwithstanding the foregoing, Buyer shall have the right to
communicate with the applicable governmental authority in connection with the
issuance of any liquor licenses required for the sale of liquor at the Hotels,
and any and all other permits or licenses required to be transferred or applied
for in connection with the sale of the Hotels, all without the prior consent of
the Sellers; provided, however, that (i) Buyer shall provide Sellers with
regular updates regarding the progress of any and all such communications; and
(ii) no inspections of the Hotels by the applicable governmental authorities
shall occur unless a representative of the Sellers is present during such
inspections.

 

(d)  Liquor
Licenses. To the
extent transferable, Sellers shall transfer to Buyer or its designee, or cause
to be transferred to Buyer or its designee, all liquor licenses and alcoholic
beverage licenses which are necessary to operate the restaurant, bars and
lounges presently located within the Hotel located in Crystal City, Virginia
(the “Crystal City Hotel”) and held in the name of Sellers (and not the
Manager). To that end, Sellers and Buyer shall reasonably 

 

35

cooperate
each with the other, and each shall execute such transfer forms, license
applications and other documents as may be necessary to effect such transfer.
The parties shall use good faith efforts to effect such transfer prior to
Closing. If permitted under the laws of the Commonwealth of Virginia, the
parties shall execute and file all necessary transfer forms, applications and
papers with the appropriate liquor and alcoholic beverage authorities prior to
Closing, to the end that the transfer shall take effect, if possible, on the
Closing Date, simultaneously with Closing. If not so permitted, then the parties
agree each with the other that they will promptly execute all transfer forms,
applications and other documents required by the appropriate liquor and
alcoholic beverage authorities in order to effect such transfer at the earliest
date in time possible consistent with the laws of the Commonwealth of Virginia,
in order that all liquor licenses may be transferred from Sellers to Buyer or
its designee at the earliest possible time. If under the laws of the
Commonwealth of Virginia, such licenses cannot be transferred or otherwise will
not be transferred until after Closing, then Sellers covenant and agree that
Sellers shall reasonably cooperate with Buyer in keeping open the bars and
lounges and liquor facilities of the Crystal City Hotel between the Closing Date
and the time when such liquor license transfers actually become effective, by
causing the current Manager of such facilities to continue exercising
supervision and management under Sellers’ licenses pursuant to a written
agreement in the substantially the form attached hereto as Exhibit “O” until
such time as Buyer obtains licenses for such facilities, but in any event not
later than sixty (60) days after the Closing Date (at which time such written
agreement shall terminate); provided, however, that Buyer, at Buyer’s cost and
expense, shall maintain in force and effect at all times insurance reasonably
acceptable to Sellers (with Sellers as additional named insureds) and shall
indemnify and hold Sellers harmless from any liability, damages or claims
encountered in connection with such operations during said period of time,
except for Sellers’ gross negligence or willful misconduct and no employees of
said facilities shall be employees of any Seller. All cost and expense of such
operations during said period of time shall be the sole responsibility of and be
promptly paid by Buyer. Buyer covenants and agrees that upon the filing of all
necessary transfer forms, applications and other documents with the appropriate
liquor and alcoholic beverage authorities, Buyer will diligently and in good
faith prosecute the transfer of the liquor licenses to completion.

 

(e)  Communication
with Employees. Without
limiting the generality of the provisions in subsection (a) above, Buyer shall
not, through its officers, employees, managers, contractors, consultants,
agents, representatives or any other person (including, without limitation,
Buyer's third party consultants), directly or indirectly, communicate with any
Employees or any person representing any Employees involving any matter with
respect to the Property, the Employees or this Agreement, without the prior
written consent of Sellers and Managers, which consent may be withheld in the
sole discretion of Sellers and Managers, unless such communication is arranged
by the Sellers and/or Managers. Notwithstanding the foregoing, the Sellers shall
reasonably cooperate with Buyer in order to arrange communications, pursuant to
a schedule to be reasonably agreed upon by the parties in order to allow Buyer
to interview the Employees for possible continued employment, and Buyer shall
apprise the Sellers from time to time as to its plans for communicating with
such Employees, and to complete such communications in advance of the
Closing.

 

Section
14.13  Time
of Essence.»

 

Time is
of the essence of this Agreement and each term and provision hereof; provided,
however (unless specifically provided to the contrary elsewhere in this
Agreement), when the date by which any action, event or condition is to occur or
any 

 

36

notice or
other communication is to be given falls on a Saturday, Sunday or legal holiday,
the date by which such action, event or condition is to occur or such notice or
other communication is to be given shall be automatically extended to the
business day immediately succeeding such Saturday, Sunday or legal
holiday.

 

IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered as of the
date first above written.

 

 

[SIGNATURES
ON FOLLOWING PAGE]

 

37

 

	 	
      BUYER:

	 	 
	 	
      ASHFORD
      HOSPITALITY LIMITED PARTNERSHIP, 

      a
      Delaware limited partnership

       

      By:
      Ashford OP General Partner LLC, its general partner

	 	 
	 	 
	 	
      By:
      

	 	
      Name:
      David Brooks

	 	
      Its:
      Vice President

	 	 
	 	
      Date
      Executed: ,
      2005

	 	 

38

	 	
      CNL
      HOSPITALITY PARTNERS, LP,

      a
      Delaware limited partnership

	 	
      By: CNL
      Hospitality GP Corp.,

      a
      Delaware corporation,

      its
      sole general partner

	 	
      By:
          

	 	
      Name:    

	 	
      Title:    

39

	 	
      CNL
      CRYSTAL CITY II HOTEL, LP,

      a
      Delaware limited partnership

	 	
      By: CNL
      Crystal City II Hotel GP, LLC,

      a
      Delaware limited liability company,

      its
      sole general partner

	 	
      By:
          

	 	
      Name:    

	 	
      Title:    

40

	 	
      RFS
      PARTNERSHIP, L.P.,

      a
      Tennessee limited partnership

	 	
      By: CNL
      Rose GP Corp.,

      a
      Delaware corporation

      its
      sole general partner

	 	
      By:
          

	 	
      Name:    

	 	
      Title:    

41

	 	
      ROSE
      SPE 1, LP,

      a
      Delaware limited partnership

	 	
      By: Rose
      SPE 1 GP, LLC,

      a
      Delaware limited liability company,

      its
      sole general partner

	 	
      By:
          

	 	
      Name:    

	 	
      Title:    

42

	 	
      CNL
      HOTEL CY-WESTON, LTD.,

      a
      Florida limited partnership

	 	
      By: CNL
      CY-WESTON, LLC,

      a
      Florida limited liability company,

      its
      sole general partner

	 	
      By:
          

	 	
      Name:    

	 	
      Title:    

43

	 	
      CNL
      FOOTHILL HOTEL PARTNERSHIP, LP,

      a
      Delaware limited partnership

	 	
      By: CNL
      Foothill GP Corp.,

      a
      Delaware corporation,

      its
      sole general partner

	 	
      By:
          

	 	
      Name:    

	 	
      Title:    

44

	 	
      ESCROW
      AGENT:

	 	 
	 	
      The
      Talon Group, a
      division of First American Title Insurance Company

	 	 
	 	 
	 	
      By:
       

	 	
      Name:
       

	 	
      Title:
       

	 	 
	 	
      Date
      Executed ,
      2005 

	 	 
	 	
      For
      Purposes of Acknowledging and Agreeing only to the provisions of Section
      2.04 of this Agreement

 

45

EXHIBIT
“A”

Legal
Description of Land

Beginning
at a point North 00°03'09" West along the Quarter Section Line 755.55 feet and
South 89 25'08" East 292.73 feet from the Center Section Corner of Section 23,
Township 2 South, Range 1 East, Salt Lake Base and Meridian, and running thence
North 89°25'08" West 420.15 feet to a point on the Easterly right of way of Big
Cottonwood Canyon Road, said point being a curve to the right, the radius point
of which bears North 71°57'36" East, 543.00 feet; thence Northerly along the arc
of said curve and said Easterly right of way line 199.04 feet to a point on the
Easterly right of way line of 30th East Street; theme North 12 26'45" East along
said Easterly right of way line 227.04 feet; thence South 77°11'17" East 477.91
feet; thence South 12°16'59" West 323.61 feet to the point of
beginning.

 

Also
described by survey as:

Beginning
at a point North 00 03'09" West along the Quarter Section Line 755.55 feet and
South 89°25'08" East 292.73 feet from the Center Section Corner of Section 23,
Township 2 South, Range 1 East, Salt Lake Base and Meridian, and running thence
North 89 25'08" West 420.15 feet to a point on the Easterly right of way of Big
Cottonwood Canyon Road, said point being a curve to the right, with a radius of
543.00 feet and a chord that bears North O7 32'21" West 197.92 feet to a point
on the Easterly right of way line of 30th East Street; thence North 12°26'45"
East along said Easterly right of way line 227.04 feet; thence South 77°11'17"
East 477.91 feet; thence South 12°16'59" West 323.61 feet to the point of
beginning.

 

PARCEL
2:

 

Together
with a perpetual non-exclusive easement over an access road, described as
follows, connecting with 3000 East as granted in that Private Road Easement and
Maintenance Agreement by and between Solitude Ski Corporation and l.g.p.d.,
L.C.,
recorded February 19, 1998, as Entry No. 6867994 in Book 7884, at Page 1357 of
Official Records:

 

Beginning
at a point that is North 00°03'09" West 1192.37 feet and due West 100.17 feet
from the Center of Section 23, Township 2 South, Range 1 East, Salt Lake Base
and Meridian, thence South 77°11'17" East 598.09 feet; thence South 12°55'06"
West 40.00 feet; thence North 77 11'17" West 72.19 feet; thence South 12° 16'59"
West 291.11 feet; thence North 89°25'08" West 49.53 feet; thence North 12°16'59"
East 301.61 feet; thence North 77°11'17" West 477.97 feet; thence North
12°26'45" East 40.00 feet to the point of beginning.

(For
reference only: Tax Parcel No. 22-23-180-004 22-23-251-015)

Cottonwood

46

EXHIBIT
“A”

Legal
Description

All of
that real property situated, lying and being in Arlington County, Virginia, more
particularly described as follows:

PARCEL
ONE:

PARCEL A,
Old Dominion Properties Company, as shown on the Plat made by Kephart and
Company, Certified Land Surveyors, entitled “Plat showing Old Dominion
Properties Company, being a Vacation, Rededication and Resubdivision of Part of
the Original V.F. Bond Property, Deed Book 741 at Page 454, and Parcels A &
B, V.F. Bond Property, Deed Book 829 at Page 275, Arlington County, Virginia,”
which Plat was recorded March 9, 1988 as Instrument Number 18751 in Deed Book
2317 at Page 785, among the land records of Arlington County, Virginia being
more particularly described as follows:

Beginning
at a point in the line dividing the properties of Kingdon Gould and Old Dominion
Properties, said point being North 80 degrees 35 minutes 12 seconds West 5.88
feet from a point marked by an iron pipe which the easterly line of the
Richmond, Fredericksburg and Potomac Railroad right of way (known as 50 feet
industrial right of way) is intersected by the property line dividing the
properties of Kingdon Gould and Richmond, Fredericksburg and Potomac Railroad
and running thence South 23 degrees 10 minutes 43 seconds West 249.80 feet to a
point, thence North 86 degrees 10 minutes 22 seconds West 133.48 feet to a
point, thence North 3 degrees 49 minutes 38 seconds East 256.84 feet to a point,
thence South 80 degrees
35 minutes 12 seconds East 217.28 feet to the point of beginning.

AND BEING
THE SAME LAND conveyed to CRYSTAL CITY HOTEL ASSOCIATES, L.L.C., a New Jersey
limited liability company by Deed from RAHN/CRYSTAL, LTD., a Florida limited
partnership, dated November 1, 1996 and recorded among the Land Records of
Arlington County, Virginia on November 1, 1996 in Deed Book 2803 at page
1288.

PARCEL
TWO:

TOGETHER
WITH that certain non-exclusive Easement Agreement dated March 10, 1988 by and
between Old Dominion Properties Company, a Virginia general partnership, and
Rahn/Crystal Ltd., a Florida limited partnership recorded in Deed Book 2317 at
Page 

1302.

PARCEL
THREE:

TOGETHER
WITH that certain non-exclusive Easement Agreement by and between Old Dominion
Properties Company, a Virginia general partnership; Jeff-Davis
Associates
Limited Partnership, a Virginia limited partnership; and Rahn/Crystal Ltd., a
Florida limited partnership, recorded in Deed Book 2458 at Page
486.

Crystal
City

47

EXHIBIT
“A”

Legal
Description

All of
that certain piece, parcel or tract of land lying, situate and being in the
County of Fairfax, Commonwealth of Virginia, shown as Parcel 2A on that certain
plat entitled “Plat of Subdivision on Parcel 2 TRINITY CENTRE”, dated March 4,
1999, revised May 5, 1999, which plat is attached to that certain Deed of
Subdivision, Dedication, Easement, Reservation and Vacation, dated May 12, 1999,
and recorded in the land records of Fairfax County, Virginia, in Deed Book
10959, at page 1267, and consisting of approximately 3.7482 acres, more or
less.

TOGETHER
WITH AND SUBJECT TO a permanent, non-exclusive and reciprocal easement and
right-of-way for Ingress and Egress over and across Parcel 2A and Parcel 3A,
TRINITY CENTRE, by instrument recorded in Deed Book 10489, at page 1336, and as
more particularly described in that certain Declaration of Easement and Joint
Maintenance Agreement recorded in Deed Book 10489 at page 1362, among the
aforesaid land records; and

TOGETHER
WITH AND SUBJECT TO the rights, benefits and easements set forth in the
Declaration for TRINITY CENTRE, recorded in Deed Book 10489 at page 1262, among
the aforesaid land records; and further

TOGETHER
WITH a non-exclusive, permanent and perpetual easement for: (a) the performance
of work over and across all of Outlot ‘A’ and Outlot ‘B’ TRINITY CENTRE; (b) the
construction of guardrails, light fixtures and landscaping over and across a
portion of Outlot ‘A’ and Outlot ‘B’; and (c) landscaping over and across a
portion of Outlot ‘B’, in the locations shown on the plats attached thereto
entitled “Plat Showing Guardrails, Landscaping and Lighting Easement on Outlot
‘A’”, dated May 11, 1999; “Plat Showing Guardrails, Landscape and Lighting
Easement on Outlot ‘B’”, dated May 11, 1999; and “Plat Showing a Landscape
Easement on Outlot ‘B’” dated May 11, 1999, as set forth in the certain Easement
Agreement dated June 28, 1999, recorded in Deed Book 10986 at page 389, among
the aforesaid land records and;

TOGETHER
WITH the right and benefits of that certain Declaration of Restrictions dated
June 28, 1999, recorded in Deed Book 10986, at page 418, among the aforesaid
land records and;

TOGETHER
WITH AND SUBJECT TO the non-exclusive rights, benefits and easements as set
forth in the Sign Easement Agreement recorded in Deed Book 11629 at [age 1327
among the aforesaid land records.

Centerville

48

EXHIBIT
“A”

Legal
Description

All that
real property in Fairfax County, Virginia described as:

Parcel 5,
containing 3.07182 acres, more or less, as set forth and shown on that certain
Subdivision Plat entitled “Plat Showing Parcels 1 thru 6 Jefferson Park - Being
a Resubdivision of Parcels 2A, 2B, 3B and 4A Yorktowne” as recorded among the
Land Records of Fairfax County, Virginia in Deed Book 10580 at Page
1480.

TOGETHER
WITH the non-exclusive Private Sign Easement, the non-exclusive Western Access
Road Easement and 8” Water line Easement, the non-exclusive Temporary Secondary
Construction Access Easement, the non-exclusive 10’ Utility Easement and the
non-exclusive Temporary Construction Access Easement and the non-exclusive
Temporary Grading Easement all as set forth in Master Easement Agreement by and
between Greenstar II, L.P. and Residence Inn by Marriott, Inc, dated November
10, 1998 and recorded November 10, 1998 in Deed Book 10650 at page 1024 among
the said Land Records.

TOGETHER
WITH AND SUBJECT TO the Storm Sewer Easement Agreement by and between Edward
Katz and Joseph A. Keating, Trustees for the benefit of Yorktowne Shopping
Center, a Virginia Joint Venture and Residence Inn by Marriot, Inc., dated
November 10, 1998 and recorded November 10, 1998 in Deed Book 10650 at page 1067
among the said Land Records.

ALSO
TOGETHER WITH AND SUBJECT TO a non-exclusive easement over all street, walks and
paths on the Commercial Common Area and Community Trails System for the purpose
of vehicular and/or pedestrian access, ingress and egress set forth in Deed Book
10122 at page 1376 among the said Land Records.

Merrifield

49

EXHIBIT
“A”

Legal
Description

The
Property is situated in the State of California, County of Orange, City of Lake
Forest and is described as follows:

Parcel 2
(Formerly Parcel 5 of Parcel Map No. 99-216 as shown on a map filed in Book 319,
Pages 24 to 26, of Parcel Maps) of Lot Line Adjustment No. LLA 2001-04, recorded
June 19, 2001 as instrument no. 20010403219 of Official Records of Orange
County, California.

Foothill

50

Exhibit
A

Legal
Description

TRACT
1

All that
certain piece, parcel or tract of land situate in the County of Durham, State of
North Carolina, being known as Tract 1 according to a plat recorded in the
Register of Deeds Office for Durham County in Book 144, Page 162 and containing
4.780 acres on a plat entitled “ALTA/ACSM Land Title Survey for Marriott
International, Inc., 920 Slater Road, Durham County, Durham, North Carolina
(Imperial Center) (Springhill Suites)”, dated December 12, 2000, and last
revised January 30, 2001, by Site Design, Inc. with the following metes and
bounds to WIT:

BEGINNING
at an old 1” open top iron pin (Bent) located on the eastern right of way of
Slater Road (N.C.S.R. 1974) at the joint corner of Imperial Hotel Group LTD.
Property, now or formerly, said iron pin being 544’ more or less from the
intersection of the eastern right of way of Emperor Boulevard with its
intersection with said eastern right of way of Slater Road (N.C.S.R. 1974);
thence leaving said eastern right of way of Slater Road and running along the
line of said Imperial Hotel Group LTD Property South 79°44’23’ East 106.80 feet
to an old 1” open top iron pin; thence North 51°55’ 51” East 214,99 feet to an
old 1” open top iron pin (Bent); thence North 11 °34’ 14” East 387.37 feet to an
old 1” open top iron pin located on the southern right of way of Interstate 40;
thence turning and running along said southern right of way South 48°49’11” East
10.11 feet to an old 3⁄4” open top iron pin; thence South 44°18’04” East 241.42
feet to an old N.C.D.0.T. right of way monument; thence South 25°27’03 East
410.90 feet to an old 3⁄4” open top iron pin at the joint corner of Ransdell Heirs
Property, now or formerly; thence turning and running along the line of said
heirs property South 75°59’38” West 471.42 feet to an old 1” open top iron pin
(Bent); thence North 79°31’58” West 173.02 feet to an old 1” open top iron pin
(Bent) located on the eastern right of way of Slater Road (N.C.S.R. 1974);
thence turning and running along said eastern right of way and along a curve to
the left having a radius of 798.23 feet and a chord bearing and distance of
North 28°53’33” West 160.00 feet to the POINT OF BEGINNING.

TRACT
2:

TOGETHER
WITH a perpetual, non-exclusive twenty (20) foot wide easement to construct,
repair, replace and maintain sanitary sewer facilities as more particularly set
forth within that certain Agreement by and between Nortel Networks, Inc.,
formerly known as Northern Telecom Inc., and Springhill SMC Corporation,
recorded in Book 2677, Page 707, Durham County Registry. 

Raleigh/Durham

51

EXHIBIT
A

 

Tract 1
(Fee Tract); 

 

ALL THAT
CERTAIN PIECE,
PARCEL OR
TRACT OF LAND SITUATE, LYING AND BEING IN THE CITY OF CHARLOTTE. COUNTY OF
MECKLENBURG, STATE OF NORTH CAROLINA, BEING KNOWN AS LOT 3, UNIVERSITY RESEARCH
PARK MAP 100, AS RECORDED IN THE R.O.D. OFFICE FOR MECKLENBURG COUNTY IN MAP
BOOK 31, PAGE 881 AND CONTAINING 3.620 ACRES ACCORDING TO AN -ALTA/ACSM LAND
TITLE SURVEY FOR MARRIOTT INTERNATIONAL, INC., 8700 RESEARCH DRIVE. MECKLENBURG
COUNTY. CHARLOTTE, NORTH CAROLINA (SPRINGHILL SUITES)", DATED 02/27/01. AND LAST
REVISED MARCH 16, 2001 BY SITE DESIGN. INC. 

 

Tract 2
(Fee Tract):

ALL THAT
CERTAIN PIECE, PARCEL OR TRACT OF LAND SITUATE, LYING AND BEING IN THE CITY OF
CHARLOTTE. COUNTY OF MECKLENBURG, STATE OF NORTH CAROLINA, CONTAINING 2.826
ACRES AND SHOWN AS "FAIRFAX CHARLOTTE II LTD PARTNERSHIP N/F, GREENWAY DEDICATED
TO MECKLENBURG COUNTY PARKS AND RECREATION" AS SHOWN ON PLAT ENTITLED
"UNIVERSITY RESEARCH PARK MAP 100, " RECORDED IN MAP BOOK 31, PAGE 881,
MECKLENBURG COUNTY REGISTRY.

 

Tract 3 (
Easement Tracts):

Parcel
1:

 

Together
with non-exclusive easements for the purpose of installing, operating,
maintaining, repairing and replacing utilities, facilities and equipment,
including storm drainage lines and facilities, temporary and/or permanent
electric and telephone lines, wire and conducts, manholes, pipes. lines and/or
conduits for the transmission of water, sewerage or natural gas, and lines,
wires or conduits for the transmission of electronic data and/or broadcast
signals in accordance with the terms, provisions and conditions contained within
that certain Declaration of Protective Covenants and Easements dated September
3, 1990, by Fairfax Charlotte II Limited Partnership recorded In Book 10795,
Page 637, Mecklenburg County Registry.

 

Parcel
2:

 

Together
with a non-exclusive easement far the purpose of ingress, egress, regress,
access and delivery, both pedestrian and vehicular, in accordance with the
terms, provisions and conditions contained within that certain Declaration of
Protective Covenants and Easements dated September 3. 1999. by Fairfax Charlotte
l| Limited Partnership recorded in Book 10795. Page 637, Mecklenburg County
Registry.

 

Parcel
3:

 

Together
with non-exclusive easement for the purpose of installing, constructing,
operating, repairing, replacing and maintaining water mains and other
appurtenant facilities for the transmission and distribution of water and a
non-exclusive "Emergency Water Easement", in 

52

 

accordance
with the terms, provisions and conditions contained within that certain Water
Easement Agreement dated September 28, 1999, by and between TownePlace
Management Corporation. Fairfax Charlotte II Limited Partnership and Springhill
SMC Corporation recorded in Book 10796, Page 681. Mecklenburg County
Registry.

 

Parcel
4:

 

Together
with a non-exclusive grading, slope and temporary construction easement for the
purpose of performing construction, grading and maintenance work and activities
to establish a new and permanent slope and grade and maintain same in accordance
with the terms, provisions and conditions contained within that certain Grading,
Slope end Temporary Construction Easement Agreement dated September 28, 1989, by
end between TownePlace Management Corporation and Springhill SMC Corporation
recorded in Book 10795, Page 667, Mecklenburg County Registry.

 

Parcel
5: 

 

Together
with a non-exclusive easement for the purpose of Installing, constructing,
repairing, replacing and maintaining storm water drainage lines and related
facilities In accordance with the terms, provisions and conditions contained
within that certain Storm Water Drainage, Temporary Storm Water Management and
Temporary Construction Easement Agreement dated September 28, 1999, by and
between Springhill SMC Corporation, TownePlace Management Corporation and
Fairfax Charlotte 11 Limited Partnership recorded in Book 10795. Page 738,
Mecklenburg County Registry, Together with a non-exclusive temporary easement
for the purpose of installing, constructing, operating, maintaining repairing,
replacing and removing the storm water management facilities in accordance with
the terms, provisions and conditions contained within said
agreement.

 

Parcel
6: 

 

Together
with a non-exclusive Ingress, egress and access easement (the "Fairfax Sidewalk
Easement) and a non-exclusive ingress, egress and access easement (the
"TownePlace Sidewalk Easement" in accordance with the terms, provisions and
conditions contained within that certain Access, Utilities and Sidewalk Easement
Agreement dated September 26, 1999, by and between Springhill SMC Corporation,
Fairfax Charlotte II Limited Partnership and TownePlace Management Corporation
recorded in Book 10795, Page 709, Mecklenburg County Registry.

 

Parcel
7: 

together
with a non-exclusive grading, slope and temporary construction easement for the
purpose of performing construction, grading, and maintenance work and activities
to establish a new and permanent slope and grade and maintain same in accordance
with the terms, provisions and conditions contained within that certain Grading,
Slope and Temporary Construction Easement Agreement dated September 28, 1999, by
and between Fairfax Charlotte II Limited Partnership and Springhill SMC
Corporation recorded in Book 10795. Page 778, Mecklenburg County
Registry.

Charlotte

53

EXHIBIT
“A”

LEGAL
DESCRIPTION

Parcel
“J” in Block lettered “C” in the subdivision known as "PARCELS J AND K, BLOCK C,
WASHINGTONIAN CENTER" as per plat thereof recorded in Plat Book 190 at Plat No.
20870 among the Land Records of Montgomery County, Maryland.

TOGETHER
with the non-exclusive reciprocal easement for ingress and egress in and from
the Boardwalk Easement to any parcel to permit the free flow of pedestrians from
the Phase I Improvements and the Master Parcel to and in the Boardwalk Easement
as defined and set forth in that certain Boardwalk Easement Agreement Phase I,
dated August 4, 1988 and recorded on August 22, 1988 in Liber 8429 at folio 281,
as amended by that certain Amendment to Easement Agreements dated March 15, 1990
and recorded on March 19, 1990 in Liber 9236 at folio 881 and as re-recorded in
Liber 9254 at folio 460.

TOGETHER
with the non-exclusive easement rights to drain Stormwater in, over, under and
through State Highway Easement and the 40’ Storm Drain Easement for ultimate
discharge into the detention pond along with the non-exclusive, perpetual
easement to drain Stormwater for discharge into the detention pond as defined
and set forth in the Confirmatory Agreement and Grant of Easements Regarding
Stormwater Drainage, dated May 2, 1997 by and between HMH Properties, Inc.,
Washingtonian Associates, L.C. and Residence Inn by Marriott, Inc. and recorded
on May 7, 1997 in Liber 14856 at folio 361 and the non-exclusive use in the Fire
Lane Easement Area, Landscape Easement Area and the Storm Drain Easement Area as
set forth and defined in that certain Reciprocal Easement Agreement dated May 2,
1997 by and between Residence Inn by Marriott, Inc. and Washingtonian
Associates, L.C., recorded on May 7, 1997 in Liber 14856 at folio 345 and
re-recorded in Liber 14871 at folio 110.

TOGETHER
with the non-exclusive use of easements for ingress and egress as set forth,
created and defined by that certain Declaration of Covenants, Conditions,
Easements and Restrictions dated June 21, 1999 made by Washingtonian Associates,
L.C. and recorded on June 22, 1999 in Liber 17219 at folio 34. 

Gaithersburg

54

Exhibit
A

Legal
Description

 

Parcel
1 (Fee):

Certain
lots or parcels of land, with the buildings thereon, located in Scarborough,
Maine, and being more particularly described as follows (the
"Premises"):

Two
certain lots or parcels of land situated in the Town of Scarborough, County of
Cumberland and State of Maine, and being Lots 1105 and 1106 on plan entitled
"Amended Subdivision Plan Roundwood" made by BH2M and Mitchell & Associates,
recorded on April 18, 1997 in the Cumberland County Registry of Deeds at Plan
Book 197, Page 131, (the "Plan"), to which Plan reference is hereby made for a
more particular description.

Together
with the following: (1) any percentage allocated interest of the Premises in
Common Properties, all as more particularly described on the Plan; and (2) all
of TownePlace Management Corporation's right, title and interest, if any, to the
use and enjoyment of the easement in common with TownePlace Management
Corporation, its successors and assigns, and others, described in the instrument
recorded in the Cumberland County Registry of Deeds at Plan Book 13038, Page 76
insofar as said easement benefits the Premises.

 

Said
Parcel 1 also being described as follows:

A certain
parcel of land situated on the northerly side of Roundwood Drive in the Town of
Scarborough, County of Cumberland and State of Maine, bounded and described as
follows:

BEGINNING
at the southwest comer of land now or formerly of Robert and Ruth Mougalian
recorded in the Cumberland County Registry of Deeds in Book 9488, Page 336 on
the northerly sideline of Roundwood Drive shown as lot on "Amended Subdivision
Plan, Roundwood Drive, Scarborough", dated October 1996, revised through May 15,
1997, by BH2M, Inc. recorded in Plan Book 197, Page 303, from which point a
radial line bears N 3° 30' 59" E;

Thence
northwesterly by Roundwood Drive by a curve to the right having a radius of
670.00 feet an arc distance of 166.42 feet;

Thence N
72° 15' 07" W by Roundwood Drive 6.26 feet to a point on a curve, from which
point a radial line bears S 84° 10' 12" W;

Thence,
northerly, northwesterly and westerly by Roundwood Drive by a curve to the left
having a radius of 75.00 feet an arc distance of 110.00 feet to the land
now

or
formerly of Residence Inn by Marriott, Inc., as recorded in the Cumberland
County Registry of Deeds in Book 11904, Page 119;

 

Thence N
11° 42' 19" W by said land 272.49 feet to a 1/2" iron
pipe found and the land of the Maine Turnpike Authority;

 

Thence N
51° 11' 14" E by Maine Turnpike Authority 170.57 feet to Gorham
Road;

Thence S
72° 26' 19" E by Gorham Road 229.50 feet to a 5/8" iron rod found and the land
of Mougalian;

 

Thence S
10° 01' 05" W by Mougalian 145.66 feet;

55

Thence S
06° 01' 35" W by Mougalian 262.41 feet to the point of beginning. Parcel
2 (Sign Easement):

An
easement interest in a certain lot or parcel of land situated on Payne Road in
Scarborough, Cumberland County, State of Maine, in accordance with the
provisions set forth in Deed of Easement from Derek R. Burt to Residence Inn by
Marriott, Inc., dated April 28, 1995 and recorded in the Cumberland County
Registry of Deeds in Book 11904, Page 121, and as further set forth in the Sign
Sub-Easement Agreement by and between Innkeepers Residence Portland, L.P., as
grantor, TownePlace Management Corporation, as Grantee and Derek R. Burt, as
owner, dated September 21, 1988 and recorded in the Cumberland County Registry
of Deeds in Book 14161, Page 63.

 

Parcel
3 (Fire Lane Easement):

An
easement in a certain lot or parcel of land situated on Roundwood Drive in
Scarborough, County of Cumberland and State of Maine as set forth in a Fire Lane
Easement Agreement by and between Innkeepers Residence Portland, L.P. and
TownePlace Management Corporation, dated September 21, 1998 and recorded in the
Cumberland County Registry of Deeds in Book 14161, Page 71.

Scarborough

56

EXHIBIT
“A”

Beginning
at a point on the Northeasterly sideline of North Street, Tewksbury, Middlesex
County (Northern District), Massachusetts said beginning point being at the
point of tangency of a curve connecting the Northeasterly sideline of said North
Street and the Northwesterly sideline of Connector Road;

Thence
running N 39o 17’ 54” W by the Northeasterly sideline of North Street three
hundred twenty-four and seventy-two hundredths (324.72) feet to a
point;

Thence
turning and running N 50o 42’ 06” E by land now or formerly of John L. Vinios
three hundred fifteen and thirty-four hundredths (315.34) feet to a
point;

Thence
turning and running S 59o 25’ 42” E forty-one and eighty-two hundredths (41.82)
feet 

to a
point;

Thence
turning and running S 39o 17’ 54” E still by land now or formerly of John L.
Vinios three hundred fifty-seven and twenty-four hundredths (357.24) to a point
on the Northwesterly sideline of Connector Road;

Thence
turning and running by a curve to the left of four hundred fifty and no
hundredths (450.00) feet radius by the Northwesterly sideline of said Connector
Road one hundred seven and two hundredths (107.02) feet to a point of
tangency;

Thence
running S 54o 26’ 47” W still by the Northwesterly sideline of said Connector
Road 

one
hundred eighty-seven and seventy-eight hundredths (187.78) feet to appoint of
curvature;

Thence
running by a curve to the right of forty and no hundredths (40.00) feet radius
joining 

the
Northwesterly sideline of said Connector Road and the Northwesterly sideline of
North 

Street
sixty and twenty-two hundredths (60.22) feet to the point of
beginning.

Together
with the benefit of rights reserved by James T. Chadwick and Charles M. Gorman,
Trustees of Tewksbury Andover Street Trust in deed to Chalet Susse
International, Inc. dated March 15, 1988 and recorded in Book 4439, Page 15 and
as shown on plan recorded in Plan Book 164, Plan 103.

Together
with the rights to use Connector Road as shown on Plan Book 168, Plan
83.

Together
with the rights, obligations and easements as set forth in an Easement Agreement
by and between John L. Vinios and TownePlace Management Corporation dated
September 22, 1998 and recorded in Book
9594, Page 256.

Together
with the rights, obligations and easements contained in Easement, Construction

and
Maintenance Agreement by and between John L. Vinios and TownePlace Management
Corporation dated September 22, 1998 recorded in Book
9594, Page 267.

Together
with the benefit of Restrictive Covenant as set forth in an instrument dated
September 22, 1998 and recorded in Book 9594, Page 283.

Together
with the rights and easements contained in Easement, Construction and
Maintenance Agreement dated May 9, 1989 and recorded in Book
4886, Page 206.

Tewksbury

57

Exhibit
A

Legal
Description

TRACT
1:

LOT 4,
COLLEGE BOULEVARD PLAZA, SECOND PLAT, a Replat of part of Lot 2, College
Boulevard Plaza, a subdivision in the City of Overland Park, Johnson County,
Kansas. 

TRACT
2:

Together
with a non-exclusive permanent drainage easement over the Northerly part of LOT
2, COLLEGE BOULEVARD PLAZA, a subdivision in the City of Overland Park, Johnson
County, Kansas, as described in the instrument recorded in Book 6185, Page 328.

TRACT
3:

Together
with a non-exclusive sewer line right of way over the Northerly part of LOT 2,
COLLEGE BOULEVARD PLAZA, a subdivision in the City of Overland Park, Johnson
County, Kansas, as described in the instrument recorded in Book 6185, Page 345.

Overland
Park

58

EXHIBIT
“A”

Legal
Description

TRACT ONE
(FEE SIMPLE)

ALL THAT
TRACT OR PARCEL OF LAND LYING AND BEING in Land Lot #1118 and #1119,
2nd District,
2nd Section,
Fulton County, Georgia, being TRACT 1 and being the same property shown on Plat
of survey by John W. Stanzilis, Jr., a Georgia Registered Land Surveyor #2109,
and being identified as "Boundary and Topographic Survey for the RBA Group"
dated November 5, 1997, and being more particularly described as
follows:

TO FIND
THE POINT OF BEGINNING, commence at a BUGGY AXLE being the common land lot
corner of Land Lots 1113, 1114, 1119, and 1120; Thence, following the northern
land lot line of Land Lot 1119 South 89°10'31" East for a distance of 478.62
feet to a point located on the western proposed right-of-way of Deerfield
Parkway (100' right-of-way); Thence, following the northern land lot line of
Land Lot 1119 South 89°10'31" East for a distance of 110.63 feet to a point
located at the eastern proposed right-of-way of Deerfield Parkway (100'
right-of-way); Thence, leaving the northern land lot line of Land Lot 1119 and
following the eastern proposed right-of-way of Deerfield Parkway (100'
right-of-way) South 24°30'00" East for a distance of 507.09 feet to a point on
the eastern proposed right-of-way of Deerfield Parkway (100' right-of-way);
Thence, along a miter of proposed right-of-way of Deerfield Parkway (100'
right-of-way) South 69°30'00" East for a distance of 69.26 feet to a point on
the northern side of proposed right-of-way of Morris Road Extension; Thence,
along the northern proposed right-of-way of Morris Road Extension North
65°30'00" East for a distance of 157.15 feet to a point; Thence, along the
northern proposed right-of-way of Morris Road Extension along a curve to the
right having a radius of 600.00 feet and an arc length of 286.09 feet, being
subtended by a chord North 79°09'35" East for a distance of 283.38 feet to a
point; Thence, along the northern proposed right-of-way of Morris Road Extension
South 87°10'51" East for a distance of 57.73 feet to a point on the common land
lot line of Land Lots 1118 and 1119; Thence,
crossing the
proposed right-of-way of Morris Road Extension, along the common land lot line
of Land Lots 1118 and 1119, South 00°25'27" East for a distance of 100.16 feet
to a point on the southern proposed right-of-way of Morris Road Extension and
TRUE POINT OF BEGINNING; Thence, leaving the common land lot line of Land Lots
1118 and 1119, along the southern proposed right-of-way of Morris Road Extension
South 87°10'51" East for a distance of 44.25 feet to a point; Thence, leaving
the southern proposed right-of-way of the Morris Road Extension (100'
right-of-way) South 02°49'09" West for a distance of 166.50 feet to a point in
the proposed lake; Thence, South
27°32'42"
East for a distance of 223.90 feet to a point in the proposed lake; Thence,
South 64°33'24" West for a distance of 446.12 feet to a point; Thence, South
83°22'52" West for a distance of 70.97 feet to a point on the eastern proposed
right-of-way of Deerfield Parkway (100' right-of-way); Thence, following the
eastern proposed right-of-way of Deerfield Parkway (100' right-of-way) along a
curve to the left with a radius of 1014.50 feet, an arc length of 262.43 feet
being subtended by a chord North 14°25'38" West for a distance of 261.70 feet to
a point; Thence, following the eastern proposed right-of-way of Deerfield
Parkway (100' right-of-way) North 15°29'28" West for a distance of 83.63 feet to
a point; Thence, following the eastern proposed right-of-way of Deerfield
Parkway (100' right-of-way) North 24°30'00" West for a distance of 71.98 feet to
a point on the southern proposed right-of-way of Morris Road Extension; Thence,
leaving the eastern proposed right-of-way of Deerfield Parkway (100'
right-of-way) along the southern proposed right-of-way of Morris

59

Road
Extension, North 20°30'00" East for a distance of 70.71 feet to a point; Thence,
along the southern proposed right-of-way of Morris Road Extension, North
65°30'00" East for a distance of 144.13 feet to a point; Thence, along the
southern proposed right-of-way of Morris Road Extension, along a curve to the
right having a radius of 500.00 feet and an arc length of 238.41 feet, being
subtended by a chord North 79°09'34" East for a distance of 236.15 feet to a
point; Thence,
following the southern proposed right-of-way of the Morris Road Extension (100'
right-of-way) South 87°10'51" East for a distance of 63.40 feet to a point on
the common land lot lines of Land Lots 1118 and 1119, said point being the TRUE
POINT OF BEGINNING.

The above
described property is the same property shown on that plat of a “Boundary and
Topographic Survey for the RBA Group” dated November 5, 1997, by John W.
Stanzilis, Jr., Registered Land Surveyor, said plat is incorporated herein and
made a part hereof by specific reference. For a more complete and accurate
description, said survey is identified as Job #98-1490.

TRACT TWO
(EASEMENT ONLY)

TOGETHER
WITH ("Easement One") appurtenant easements granted in Reciprocal Easement
Agreement (Marriott) by and between Deerfield Park, LLC ("Deerfield") and
William B. Orkin at 24183/61, amended and restated at 24479/31. (Easements for
temporary construction [now expired] access; and sanitary sewer).

TOGETHER
WITH ("Easement Two") sanitary sewer easement described as Easement 9 and
Easement 4, and sanitary sewer outfall easement and being more particularly
described on Exhibit A-1 attached hereto and by this reference incorporated
herein.*

TOGETHER
WITH ("Easement Three") appurtenant easements as described in that certain
Access, Sanitary Sewer and Temporary Construction Easement Agreement by and
between Deerfield and CMG at 24479/108.

*NOTES:

	
      1.
	
      Said
      Easement 9 is set forth in Deed Book 24183/178, amended and restated at
      Deed Book 24479/1, said Records;

2.  Said
Easement 4 is set forth in Deed Book 24479/108, said Records;

	
      3.
	
      Said
      Outfall Sewer Easement is set forth on Plat of Survey for Courtyard
      Management Corporation ("CIVIC") by John W. Stanzilis, Georgia Registered
      Land Surveyor No. 2109, Solar Land Surveying Company dated November 5,
      1997, last revised May 18, 1998, filed June 9, 1998 and recorded in Plat
      Book 201, Page 12.

TRACT TWO
(EASEMENT ONLY) Exhibit A-1 Legal Description Easement
9

ALL THAT
TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOT 1118, 2nd
District, 2nd Section,
Fulton County, Georgia, being TRACT 1 being Easement 9, and being the same
property shown on plat of survey by John W. Stanzilis Jr., a Georgia Registered
Land Surveyor #2109, and being identified as "Boundary and Topographic Survey
for the Courtyard Management Corporation" dated November 5, 1997, and being more
particularly described as follows:

TO FIND
THE POINT OF BEGINNING, Commence at an iron pin set, being on the common Land
Lot Line of Land Lots 1119 and 1118, located on the southern proposed
right-of-way of Morris Road Extension (100' right-of-way); Thence South 87
degrees 10 minutes 51 seconds East for a distance of 44.25 feet to a point, said
point also being the TRUE POINT OF BEGINNING;

Thence
South 87 degrees 10 minutes 51 seconds East for a distance of 119.69 feet to a
point; Thence South 00 degrees 50 minutes 45 seconds East for a distance of
12.02 feet to a point; Thence North 87 degrees 10 minutes 51 seconds West for a
distance of 120.46 feet to a point; Thence North 02 

60

degrees
49 minutes 09 seconds East for a distance of 12.00 feet to a point, said point
also being the TRUE POINT OF BEGINNING.

Together
with and subject to covenants, easements and restrictions of
record.

Said
property contains 0.03 acres more or less.

TRACT TWO
(EASEMENT ONLY) Exhibit A-1 Legal Description Easement
4

ALL THAT
TRACT OF PARCEL OF LAND LYING AND BEING IN LAND LOT 1118, 2nd
District, 2nd Section,
Fulton County, Georgia being TRACT 1 being Easement 4 and being the same
property shown on plat of survey by John W. Stanzilis Jr., a Georgia Registered
Land Surveyor #2109 and being identified as "Boundary and Topographic Survey for
the Courtyard Management Corporation" dated November 5, 1997, and being more
particularly described as follows:

TO FIND
THE POINT OF BEGINNING, Commence at an iron pin set, being on the common Land
Lot Line of Land Lots 1119 and 1118, located on the southern proposed
right-of-way of Morris Road Extension (100' right-of-way); Thence South 87
degrees 10 minutes 51 seconds East for a distance of 44.25 feet to a point:
Thence South 87 degrees 10 minutes 51 seconds East for a distance of 99.65 feet
to a point, said point also being the TRUE POINT OF BEGINNING; Thence North 00
degrees 50 minutes 45 seconds West for a distance of 100.20 feet to a point;
Thence South 87 degrees 10 minutes 51 seconds East for a distance of 20.04 feet
to a point; Thence South 00 degrees 50 minutes 45 seconds East for a distance of
100.20 feet to a point; Thence North 87 degrees 10 minutes 51 seconds West for a
distance of 20.04 feet to a point, said point also being the TRUE POINT OF
BEGINNING.

Together
with and subject to covenants, easements and restrictions of
record.

Said
property contains 0.05 acres more or less.

TRACT TWO
(EASEMENT ONLY) Exhibit A-1 Legal Description Sanitary Sewer Outfall
Easement

ALL THAT
TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOT 1114, 1115 & 1118,
2nd
District, 2nd Section,
Fulton County, Georgia, being TRACT 1, being Sanitary Sewer Outfall Easement,
and being the same property shown on plat of survey by John W. Stanzilis Jr., a
Georgia Registered Land Surveyor # 2109, and being identified as "boundary and
Topographic Survey for the Courtyard Management Corporation" dated November 5,
1997 and being more particularly described as follows:

TO FIND
THE POINT OF BEGINNING, Commence at an iron pin set, being on the common Land
Lot Line of Land Lots 1119 and 1118, located on the southern proposed
right-of-way of Morris Road Extension (100' right-of-way); Thence South 87
degrees 10 minutes 51 seconds East for a distance of 44.25 feet to a point;
Thence South 87 degrees 10 minutes 51 seconds East for a distance of 99.65 feet
to a point; Thence North 00 degrees 50 minutes 45 seconds West for a distance of
100.21 feet to a point, said point also being the TRUE POINT OF
BEGINNING;

Thence
North 04 degrees 51 minutes 29 seconds West for a distance of 62.24 feet to a
point; Thence North 09 degrees 35 minutes 05 seconds East for a distance of
193.40 feet to a point; Thence North 25 degrees 57 minutes 26 seconds West for a
distance of 244.06 feet to a point; Thence North 06 degrees 00 minutes 54
seconds West for a distance of 110.62 feet to a point; Thence North 80 degrees
18 minutes 18 seconds West for a distance of 151.08 feet to a point; Thence
North 62 degrees 22 minutes 03 seconds East for a distance of 7.87 feet to a
point; Thence North 07 degrees 

61

17
minutes 22 seconds East for a distance of 15.24 feet to a point; Thence South 80
degrees 18
minutes 18
seconds
East for
a distance of 160.61 feet to a point; Thence South 05 degrees 00 minutes 54
seconds
East for
a distance of 122.25 feet to a point; Thence South 25 degrees 57 minutes 26
seconds East for a distance of 246.95 feet to a point; Thence South 09 degrees
35 minutes 05 seconds West for a distance of 197.29 feet to a point; Thence
South 02 degrees 43 minutes 59 seconds East for a distance of 62.38 feet to a
point; Thence North 87 degrees 10 minutes 51 seconds West for a distance of
20.04 feet to a point, said point also being the TRUE POINT OF
BEGINNING:

Together
with and subject to covenants, easements and restrictions of
record.

Said
property contains 0.355 acres more or less.

Alpharetta

62

 

EXHIBIT
“A” 

 

 

All that
certain real property situated in the County of Riverside, State of California,
described as follows: 

 

 

 

 

Parcel
A:

 

 

Parcel 1
of Parcel Map 29465, in the City of Palm Desert, County of Riverside, State of
California, as per map recorded in Book 196, page(s) 31 and 32, of Parcel Maps,
in the office of the County Recorder of said County. 

 

 

Parcel
B:

 

Non-exclusive
easements, as set forth in Section 2.02 of a Mutual Easement Agreement, recorded
May 31, 2000 as Instrument No. 2000-207952, of Official Records. 

Palm
Desert

EVERY
PAGE= "EVERY
PAGE" 0020399\111199\821280\10 

63

EXHIBIT
"A"

(City
of Newark)

Parcel
One:

Parcel 1,
Parcel Map 7179, filed April 01, 1999, in Map Book
244, Pages 24-25, Alameda
County Records.

Parcel
Two:

Non-Exclusive
reciprocal Easement rights and privileges of use, both pedestrian and vehicular,
appurtenant to Parcel One for the installation, construction, operation,
maintenance, repair and replacement of a roadway and walkway and for the
installation, plating, ponds, and streams and all irrigation and drainage
facilities over a Southwesterly portion of Parcel 1, Parcel Map 4180, filed
December 27, 1983, Map Book
141, Pages 79-80, Alameda
County Records, as shown and delineated and upon all terms and conditions
contained in the Declaration of Restrictions, creating Roadway, walkway and
landscaping Easement, executed by Duffel Financial and Construction Company, a
California corporation, Recorded July 31, 1990, Instrument
No. 90-207536, Alameda
County Records, and as modified by the Modification of Easement Recorded June
26, 1996, Instrument
No. 96154458,
Official Records.

Parcel
Three:

A
Non-Exclusive private storm drain Easement for the benefit of Parcel One for the
purpose of installing and maintaining storm drain facilities, over that certain
20 foot by 15 foot Southwesterly portion of Parcel 2, Parcel Map 7179, filed
April 01, 1999, in Map Book
244, Pages 24-25, Alameda
County Records, as delineated on said Maps as “PSDE”.

Assessor’s
Parcel Number:  901-0195-037
and 901-0195-038

Apn
Map:
    901-0195-037,038

Newark

64

EXHIBIT
“A”

All that
certain real property situated in the County of San Diego, State of California,
described as follows:

Lot 7 of
Pacific Corporate Center Unit 8, in the City of San Diego, County of San Diego,
State of California, according to Map thereof No. 11988, filed in the Office of
the County Recorder of San Diego County, January 13, 1988.

Assessor’s
Parcel Number: 341-392-24

Mira
Mesa

65

 

Exhibit
"A" 

 

Parcel
1:

A portion
of Land lying in Sections 11, 12 and 14, Township 24 South, Range 28 East,
Orange County, Florida, being more particularly described as
follows:

Begin at
the Southwest corner of Lot 1, IHL INTERCHANGE CENTER, recorded in Plat Book 27,
pages 96 through 98, Public Records of Orange County, Florida, said point also
being a point on the Southeasterly right of way line of Interstate 4; thence run
South 43°35'11" West along said Southeasterly right of way line a distance of
112.95 feet; thence continue along said right of way line South 38°37'04" West,
a distance of 299.11 feet; thence departing said Southeasterly right of way
line, run South 89°25'21" East, a distance of 342.08 feet; thence run South
00°34'39" West, a distance of 14.34 feet; thence run South 59°25'21" East, a
distance of 36.27 feet; thence run South 89°25'21" East, a distance of 933.50
feet to a point on the Westerly right of way line of Westwood Boulevard; thence
run the following two (2) courses and distances along said right of way lien
North 00°29'18" East, a distance of 39.15 feet to a point of curvature of a
curve concave Easterly, having a radius of 690.00 feet, an included angle of
26°49'34", a chord bearing of North 13°54'05" East, run along the arc of said
curve a distance of 323.06 feet; thence departing said Westerly right of way
line, and along the South line of the aforementioned Lot 1, run North 89°25'21"
West, a distance of 1119.35 feet to the Point of Beginning.

TOGETHER
WITH:

Parcel
2:

The
non-exclusive easement rights granted in that certain Non-Exclusive Ingress and
Egress Easement between ILH Company and CNL Hotel RI-Orlando, Ltd., dated
December 6, 2000 and recorded on December 7, 2000, in Official Records Book
6146, page 1695, of the Public Records of Orange County, Florida, over and
across the following property:

Cross
Access Easement:

A portion
of Lot IHL INTERCHANGE CENTER, recorded in Plat Book 27, pages 96 through 98, of
the Public Records of Orange County, Florida, being more particularly described
as follows:

Begin at
the intersection of the South line of Lot 1, IHL INTERCHANGE CENTER, as recorded
in Plat Book 27, pages 96, 97 and 98, of the Public Records of Orange County,
Florida, with the Westerly right of way line of Westwood Boulevard; thence run
North 89°25'21" West, a distance of 201.70 feet to a point on a non-tangent
curve concave Northwesterly having a radius of 288.42 feet, an included angle of
37°56'12", and a chord bearing of North 50°50'30" East, run 190.97 feet along
the arc of said curve to a point; thence run South 60°34'17" East, 82.02 feet;
thence run South 90°00'00" East, 33.50 feet to a point on said Westerly right of
way line and said point also being a point on a non-tangent curve concave
Southeasterly having a radius of 690.00 feet, an included angle of 07°47'22",
and a chord bearing of South 31°15'10" West, run 93.81 feet along the arc of
said curve to the Point of Beginning.

66

Parcel
3:

Together
with the Non-Exclusive easement rights granted in that certain Easement
Agreement and Restrictive Covenant between Marriott Ownership Resorts, Inc., CNL
Hotel RI-Orlando, Ltd., and HAO Condominium Association, Inc., dated December 6,
2000 and recorded December 7, 2000 in Official Records Book 6146, page 1672, of
the Public Records of Orange County, Florida, over and across the following
property:

Storm
Sewer Easement:

A portion
of Section 14, Township 24 South, Range 28 East, Orange County, Florida, and a
portion of Lots 38 and 39, ADDITION TO LAKE WILLIS CAMPS, as recorded in Plat
Book "R", page 110, Public Records of Orange County, Florida, being more
particularly described as follows: 

Commence
at the intersection of the South line of Lot 1, IHL INTERCHANGE CENTER, as
recorded in Plat Book 27, pages 96, 97 and 98, of the Public Records of Orange
County, Florida, with the Westerly right of way line of Westwood Boulevard;
thence run North 89°25'21" West along said South line of Lot 1 a distance of
297.21 feet; thence run South 00°34'36" West, a distance of 350.65 feet to the
Point of Beginning of a Storm Sewer Easement; thence run South 25°16'36" East, a
distance of 46.80 feet; thence South 22°16'13" West, a distance of 230.89 feet;
thence run South 50°36'50" East, a distance of 158.76 feet; thence North
47°17'55" East, a distance of 24.83 feet; thence run North 76°03'10" East, a
distance of 24.83 feet; thence run South 89°34'12" East, a distance of 45.29
feet; thence run South 67°03'20" East, a distance of 38.29 feet; thence run
South 22°01'36" East, a distance of 38.29 feet; thence run South 00°29'18" West,
a distance of 303.00 feet; thence run South 07°48'39" West, a distance of
48.43feet; thence run South 25°46'54" West, a distance of 70.22 feet; thence run
South 45°06'19" West, a distance of 57.31 feet; thence run South 66°48'01" West,
a distance of 70.09 feet; thence run South 51°52'28" West, a distance of 23.77
feet; thence run South 23°29'19" West, a distance of 22.14 feet; thence run
South 21°30'41" East, a distance of 53.50 feet; thence run South 70°25'14" East,
a distance of South 70°28'14" East, a distance of 36.76 feet; thence run North
82°57'04" East, a distance of 37.51 feet; thence run South 63°27'11" East, a
distance of 25.36 feet; thence run South 42°02'54" East, a distance of 45.22
feet; thence South 19°47'46" East, a distance of 47.41 feet; thence run South
01°32'01" West, a distance of 41.42 feet; thence run South 09°17'28" West, a
distance of 89.77 feet; thence run South 15°36'13" East, a distance of 30.07
feet; thence South 20°09'32" West, a distance of 21.21 feet; thence run South
62°32'22" West, a distance of 22.17 feet; thence run South 67°35'61" West, a
distance of 98.43 feet; thence run South 21°27'03" West, a distance of 106.25
feet; thence run South 89°27'10" West, a distance of 568.35 feet; thence run
South 54°23'12" East, a distance of 13.57 feet; thence run South 89°27'14" West,
a distance of 530.76 feet; thence run South 00°26'28" West, a distance of 386.06
feet; thence run South 89°44'02" West, a distance of 1319.93 feet; thence run
North 00°29'39" East, a distance of 147.06 feet to the Southeasterly right of
way line of Interstate No. 4; thence run North 38°37'04" East along said right
of way line a distance of 387.00 feet; thence departing said right of way line
run North 52°26'06" East, a distance of 134.05 feet; thence run North 59°35'05"
East, a distance of 151.12 feet; thence run North 58°48'54" East, a distance of
267.29 feet; thence run North 74°01'24" East, a distance of 22.50 feet; thence
run North 24°25'49" West, a distance of 214.73 

67

feet to
the Southeasterly right of way line of Interstate No. 4; thence run North
38°37'04" East along said right of way line a distance of 22.44 feet; thence
departing said right of way line run South 24°25'49" East, a distance of 227.87
feet; thence run North 76°11'12" East, a distance of 111.94 feet; thence run
North 85°20'05" East, a distance of 110.27 feet; thence run South 89°25'33"
East, a distance of 103.01 feet; thence run North 03°19'41" West, a distance of
113.89 feet; thence run South 89°55'81" West, a distance of 69.70 feet; thence
run North 61°23'43" West, a distance of 35.98 feet; thence run North 19°01'29"
West, a distance of 29.01 feet; thence run North 11°16'08" East, a distance of
45.11 feet; thence run North 22°27'23" East, a distance of 58.93 feet; thence
run North 36°29'32" East, a distance of 81.32 feet; thence run North 52°16'32"
East, a distance of 101.61 feet; thence run North 65°09'41" East, a distance of
85.05 feet; thence run North 76°58'59" East, a distance of 85.63 feet; thence
run South 48°53'18" East, a distance of 30.02 feet; thence run North 59°11'22"
East, a distance of 46.67 feet; thence run North 06°28'02" East, a distance of
52.84 feet; thence run North 02°14'54" East, a distance of 43.33 feet; thence
run North 11°05'58" East, a distance of 55.21 feet; thence run North 34°37'53"
East, a distance of 85.96 feet; thence run North 47°41'24" East, a distance of
47.18 feet; thence run North 62°18'27" East, a distance of 52.05 feet; thence
run North 75°06'05" East, a distance of 34.83 feet; thence run North 83°58'25"
East, a distance of 25.49 feet; thence run North 22°42'18" East, a distance of
107.83 feet; thence run North 10°32'11" West, a distance of 169.85 feet; thence
run South 89°25'21" East, a distance of 20.35 feet; thence run South 10°03'06"
East, a distance of 84.92 feet; thence run North 53°22'50" East, a distance of
76.30 feet; thence run South 88°07'12" East, a distance of 155.58 feet; thence
run North 00°28'00" East, a distance of 8.38 feet; thence run South 89°25'21"
East, a distance of 20.00 feet; thence run South 00°28'00" West, a distance of
28.85 feet; thence run North 88°07'12" West, a distance of 189.11 feet; thence
run South 53°22'50" West, a distance of 80.13 feet; thence run South 12°11'07"
East, a distance of 64.03 feet; thence run South 22°42'18" West, a distance of
107.10 feet; thence run South 70°41'39" East, a distance of 23.93 feet; thence
run South 53°59'39" East, a distance of 34.59 feet; thence run South 50°29'03"
East, a distance of 44.44 feet; thence run South 31°06'57" East, a distance of
31.20 feet; thence run 07°33'51" East, a distance of 34.11 feet; thence run
South 19°17'08" West, a distance of 40.17 feet; thence run South 30°18'30" West,
a distance of 65.50 feet; thence run South 24°30'45" West, a distance of 42.57
feet; thence run South 33°07'47" West, a distance of 42.04 feet; thence run
South 47°39'58" West, a distance of 38.71 feet; thence run South 62°01'16" West,
a distance of 42.28 feet; thence run South 76°54'35" West, a distance of 41.74
feet; thence run North 57°14'38" West, a distance of 48.72 feet; thence run
North 75°37'52" West, a distance of 52.21 feet; thence run North 64°50'21" West,
a distance of 17.26 feet; thence run South 59°11'22" West, a distance of 48.99
feet; thence run South 08°43'14" East, a distance of 28.36 feet; thence run
South 15°47'59" West, a distance of 28.36 feet; thence run South 32°41'55" West,
a distance of 57.63 feet; thence run South 47°45'46" West, a distance of 46.79
feet; thence run South 63°11'27" West, a distance of 80.80 feet; thence run
South 79°54'06" West, a distance of 55.45 feet; thence run South 03°19'41" East,
a distance of 114.91 feet; thence run South 87°38'24" East, a distance of 89.25
feet; thence run South78°39'23" East, a distance of 123.75 feet; thence run
South 68°25'10" East, a distance of 171.08 feet; thence run South 655°03'06"
East, a distance of 185.63 feet; thence run South 42°43'21" East, a distance of
83.81 feet; thence run South 54°42'04" East, a distance of 179.86 feet; thence
run North 89°27'10" East, a distance of 582.41 feet; thence run North 21°27'03"
East, a distance of 85.58 feet; thence run North 86°17'45" West, a distance of
37.05 feet; thence run North 65°00'02" West, a distance of 34.24 feet; thence
run North 25°55'39" West, a distance of 46.31 feet; thence run North

68

76°24'20"
West, a distance of 28.01 feet; thence run North 09°47'48" West, a distance of
52.16 feet; thence run North 06°18'50" East, a distance of 57.22 feet; thence
run North 56°13'56" East, a distance of 44.61 feet; thence run North 28°50'11"
East, a distance of 52.07 feet; thence run North 21°30'41" West, a distance of
53.50 feet; thence run North 66°30'41" West, a distance of 42.30 feet; thence
run North 47°07'42" West, a distance of 26.55 feet; thence run North 08°21'42"
West, a distance of 26.55 feet; thence run North 11°01'18" East, a distance of
158.77 feet; thence run North 21°20'14" East, a distance of 34.02 feet; thence
run North 31°39'10" East, a distance of 145.59 feet; thence run North 20°24'10"
East, a distance of 44.09 feet; thence run North 09°09'10" East, a distance of
138.78 feet; thence run North 50°36'50" West, a distance of 151.28 feet; thence
run North 22°16'13" East, a distance of 236.85 feet; thence run North 25°16'35"
West, a distance of 47.68 feet; thence run South 89°25'21" East, a distance of
22.22 feet to the Point of Beginning.

AND 20
FOOT SANITARY SEWER EASEMENT

A portion
of Section 14, Township 24 South, Range 28 East, Orange County, Florida, being
more particularly described as follows:

Commence
at the intersection of the South line of Lot 1, IHL INTERCHANGE CENTER, as
recorded in Plat Book 27, page 96, 97 and 98, of the Public Records of Orange
County, Florida, with the Westerly right of way line of Westwood Boulevard;
thence run North 89°25'21" West along said South line of Lot 1 a distance of
619.60 feet; thence run South 00°34'36" West, a distance of 350.65 feet to the
point of beginning of a 20 foot Sanitary Sewer Easement lying 10 feet continuous
on each side of the following described centerline: Thence run South 25°50'34"
East, a distance of 32.94 feet; thence run South 34°37'50" East, a distance of
184.65 feet; thence run South 15°43'16" West, a distance of 296.00 feet; thence
run South 10°02'18" West, a distance of 228.00 feet; thence run South 62°02'06'
East, a distance of 48.00 feet; thence run South 24°58'46" West, a distance of
129.00 feet; thence run South 20°01'14" East, a distance of 58.08 feet; thence
run South 65°01'14" East, a distance of 207.91 feet; thence run South 89°05'21"
East, a distance of 85.35 feet; thence run North 68°24'39" East, a distance of
106.95 feet; thence run North 57°09'39" East, a distance of 51.14 feet; thence
run North 79°39'39" East, a distance of 62.34 feet; thence run North 89°50'22"
East, a distance of 43.33 feet; thence run South 64°47'15" East, a distance of
10.89 feet to the Point of termination, said point also being a point on the
aforementioned Westerly right of way line of Westwood Boulevard.

AND

NO BUILD
ZONE EASEMENT:

A portion
of Section 14, Township 24 South, Range 28 East, Orange County, Florida, being
more particularly described as follows: 

Commence
at the intersection of the South line of Lot 1, IHL INTERCHANGE CENTER, as
recorded in Plat Book 27, pages 96, 97 and 98, of the Public Records of Orange
County, Florida, with the Westerly right of way line of Westwood Boulevard, said
point also being a point on a curve concave Southeasterly having a radius of
690.00 feet and central angle of 26°49'34"; 

69

thence on
a chord bearing of South 13°54'04" West, run Southwesterly along the arc of said
curve a distance of 323.06 feet to the Point of Tangency; thence continue along
said Westerly right of way line of Westwood Boulevard, run South 00°29'18" West,
a distance of 39.15 feet; thence departing said Westerly right of way line run
North 89°25'21" West, a distance of 343.23 feet to the point of beginning;
thence run South 00°34'39" West, a distance of 12.50 feet; thence run North
89°25'21" West, a distance of 101.18 feet; thence run North 00°34'39 East, a
distance of 12.50 feet; thence run South 89°25'21" East, a distance of 101.18
feet to the point of beginning.

Parcel
4:

BUFFER
AREA:

Together
with rights established by that certain Declaration of Restrictions by Marriott
Ownership Resorts, Inc., a Delaware corporation, dated December 6, 2000 and
recorded on December 7, 2000 in Official Records Book 6146, page 1646, of the
Public Records of Orange County, Florida.

SeaWorld

70

 

Exhibit
A

 

BEGINNING
at a point located at the Northwest comer of lot herein described, said point
being situate at a point in the curved Easterly line of Block 1311, Lot 1 where
the lame Is Intersected by the Southerly line of Block 1311,. Lot 1.05 as
illustrated on a certain plan entitled "Subdivision Plan of Block 1311, Lot
1.04", prepared by Taylor, Wiseman & Taylor, dated to February 27,1998 (Dwg.
No. 357-18527); THENCE
FROM THE PLACE OF BEGINNING.

 

{1} North
83 degrees 53 minutes 39 seconds East for a distance of 36.99 feet to a point;
thence

 

(2) North
44 degrees 04 minutes 41 seconds East for a distance of 164.32 feet to an old
Iron pin; thence

 

(3) North
68 degrees 07 minutes 11 seconds East for a distance of 32.72 feet to an old
iron pin; thence

 

(4) South
45 degrees 23 minutes 40 seconds East for a distance of 281.58 feet to an old
Iron pin; thence

 

(5) South
44 degrees 36 minutes 20 seconds West for a distance of 34.77 feet to a point;
thence.

 

(6) South
16 degrees 34 minutes 49 seconds West for a distance of 266.61 feet to a point;
thence

(7) North
73 degrees 25 minutes 11 seconds West for a distance of 359.50 feet to a point;
thence through a portion of aforementioned Century Parkway

 

(8) North
16 degrees 34 minutes 49 seconds East for a distance of 191.50 feet to a point;
thence further through the same

(9)
Around a curve having an angle of 17 degrees 41 minutes 09 seconds, a radius of
200.00 feet, a tangent of 31.11 feet, an arc of 61.73 feet, for a chord course
of North 7 degrees 44 minutes 14 seconds East for a chord distance of 61.49 feet
to the place of beginning.

 

BEING
KNOWN AS Block 1311, Lot 1.07 on Tax Map Township of Mount Laurel

TOGETHER
with the right, title and Interest in and to that certain Sanitary Sewer
Easement Agreement as contained in Deed Book 5645 page 873 and Beneficial rights
in and to the use of a Drainage Easement and Retention Basin as contained in
Declaration of Reciprocal Easement recorded In Deed Book 4893 page 336 and First
Amendment to Declaration of Reciprocal Easements as contained in Deed Book 5272
page 234, and the beneficial rights In and to a certain Declaration of
Restrictions, Covenants and Easements as contained in Deed Book 3776 page
118.

Mt.
Laurel

71

	
      Sacramento/Cal
      Expo (Residence Inns)

       

      1550
      Howe Avenue

       

      Sacramento,
      CA 95825

       

      Sacramento
      County

       

Real
property in the unincorporated area of the County of Sacramento, State of
California, described as follows:

 

THE NORTH
ONE-HALF OF THE SOUTH ONE-HALF OF THE WEST ONE-HALF OF THE NORTHEAST ONE-QUARTER
OF THE NORTHWEST ONE-QUARTER OF SECTION 65 AS SHOWN ON THE ‘MAP OF SURVEY AND
SUBDIVISION OF RANCHO DEL PASO’, RECORDED IN THE OFFICE OF THE COUNTY RECORDER
OF SACRAMENTO COUNTY, MARCH 4, 1911, IN BOOK A OF MAPS, MAP NO. 94.

 

 

EXCEPTING
THEREFROM, THAT PORTION OF THE ABOVE DESCRIBED LAND CONVEYED BY WILSON H.
TRUSSEL TO AMERICAN RIVER FLOOD CONTROL DISTRICT BY DEED DATED MAY 29, 1933 AND
RECORDED BOOK 540 OF OFFICIAL RECORDS AT PAGE 449, SACRAMENTO COUNTY RECORDS,
DESCRIBED AS FOLLOWS:

 

BEGINNING
AT THE NORTHWEST CORNER OF THE SOUTHWEST ONE-QUARTER OF THE NORTHEAST
ONE-QUARTER OF THE NORTHWEST ONE-QUARTER OF SECTION 65 OF RANCHO DEL PASO, FILED
IN THE OFFICE OF THE COUNTY RECORDER OF SACRAMENTO COUNTY, MARCH 4, 1911 IN BOOK
A OF SURVEYS, MAP NO. 94, THENCE, FROM SAID POINT OF BEGINNING SOUTH 01 DEGREES
46 MINUTES 30 SECONDS EAST 150.00 FEET ALONG THE LINE DIVIDING THE NORTHWEST
ONE-QUARTER OF SECTION 65 INTO EAST AND WEST HALVES; THENCE NORTH 89 DEGREES 02
MINUTES 30 SECONDS EAST 70.00 FEET; THENCE NORTH O1 DEGREES 46 MINUTES 30
SECONDS WEST 150.00 FEET TO A POINT ON THE NORTH LINE OF THE SOUTHWEST
ONE-QUARTER OF THE NORTHEAST ONE-QUARTER OF THE NORTHWEST ONE-QUARTER OF SAID
SECTION 65; THENCE SOUTH 89 DEGREES 02 MINUTES 30 SECONDS WEST 70.00 FEET ALONG
SAID NORTH LINE TO THE POINT OF BEGINNING.

Sacramento

72

	
      Wilmington
      / Newark

       

      (Residence
      Inns)

       

      240
      Chapman Road

       

      Wilmington/Newark,
      DE 19702

       

      New
      Castle County

       

ALL that
certain tract, piece or parcel of land situate on Chapman Road (also known as
Chopin Road), White Clay Creek Hundred, New Castle County, State of Delaware and
described as follows:

 

BEGINNING
at point on the southeasterly side of Interstate Route 95, said point being a
corner for lands now or formerly the State of Delaware and being distant North
45° 02’00”
East, 150.65 feet measured along the said southeasterly side of Interstate Route
95 from its intersection with the northwesterly side of Chapman Road; thence
from the said point of Beginning, leaving the northeasterly line of said lands
now or formerly of the State of Delaware, the three (3) following described
courses and distances: (1) North 45° 02’ 00”
East 157.00 feet to a point; (2) North 58° 49’ 47”
East, 519.73 feet to a point, said point being distant southeasterly 210.00 feet
therefrom measured at right angles thereto the center line of the eastbound
roadway for Interstate Route 95 at Sta. 340+00; and (3) North 56° 23’ 57”
East, 195.82 feet to a point on the southwesterly side of a 50 foot wide common
entrance/exit easement through lands now or formerly of Commonwealth Trust
Company (Deed Recorded B, Volume 90, Page 308, Tax Parcel No. 09-029.00-10);
thence leaving the said southeasterly right of way for Interstate Route 95 and
along the said southwesterly side of a 50 foot wide common entrance/exit
easement, South 15° 51’ 29”
East 412.99 feet to a point on the said northwesterly side of Chapman Road;
thence thereby, the three (3) following described courses and distances: (1)
South 80° 23’ 18”
West, 201.26 feet to a point; (2) South 75° 47’ 16”
West, 305.95 feet to a point; and (3) South 74° 58’ 28”
West, 318.98 feet to a point at a corner for said lands now or formerly of the
State of Delaware; thence leaving the said northwesterly side of Chapman Road
and along the northeasterly line of said lands now or formerly of the State of
Delaware, North 15° 55’23”
West, 104.37 feet to the point and place of Beginning.

 

TOGETHER
with the use of, with others, the aforesaid 50 foot wide common entrance/exit
easement running from Chapman Road to Interstate Route 95, adjacent to and along
the northeasterly line of the herein described property.

 

Parcel
No. 0902900031.

Wilmington

73

	
      Miami
      Airport West (TownePlace Suites)

       

      10505
      N.W. 36th
      Street

       

      Miami
      Airport West, FL 33178

       

      Miami-Dade
      County

       

 

The West
269.00 feet to the East 896.21 feet of Tract 28, FLORIDA FRUIT LANDS COMPANY’S
SUBDIVISION NO. 1, in Section 29, Township 53 South, Range 40 East, according to
the Plat thereof, as recorded in Plat Book 2, at Page 17, of the Public Records
of Dade County, Florida, less the South 35 feet thereof for Road
Right-of-Way.

Miami
Airport West

74

	
      Miami
      Lakes (TownePlace Suites)

       

      8079
      N.W. 154th
      Street

       

      Miami
      Lakes, FL 33016

       

      Miami-Dade
      County

       

 

 

Tract
“B”, MA AT MIAMI LAKES, according to the plat thereof, as recorded in Plat Book
126, Page 40 Public Records of Miami-Dade County, Florida.

Miami
Lakes

75

EXHIBIT
“A”

 

COURTYARD
BY MARRIOTT, WESTON, FLORIDA

 

DESCRIPTION
OF THE PROPERTY

 

PARCEL
I:

 

A portion
of Lot 10, Block 2, PARK OF COMMERCE, according to the Plat thereof, as recorded
in Plat Book 110, Page 15, of the Public Records of Broward County, Florida, and
being more particularly described as follows:

 

Commencing
at the Southwest corner of Lot 14, Block 2, of said Plat; thence North 08° 10'
01" West, a distance of 230.00 feet; thence North 56° 20' 00" West, a distance
of 138.00 feet; thence North 01° 35' 00" West, a distance of 130.00 feet; thence
North 84° 47' 25" East, a distance of 431.71 feet; thence North 58° 40' 00"
East, radial to the next described curve to the left, a distance of 55.00 feet,
the last five (5) herein described courses being coincident with the West and
North boundaries of said Lot 14; thence Southeasterly, Easterly, Northeasterly
and Northerly along the arc of said curve having a radius of 50.00 feet and a
central angle of 173° 59' 00", a distance of 151.83 feet to a point of reverse
curvature of a circular curve to the right, thence Northerly along the arc of
said curve having a radius of 25.00 feet, a central angle of 42° 50' 00", a
distance of 18.69 feet to the point of reverse curvature of a circular curve to
the left; thence Northerly along the arc of said curve having a radius of
1700.00 feet, a central angle of 11° 31' 00", a distance of 341.71 feet to the
point of tangency; thence North 06° 00' 00" East, a distance of 300.60 feet;
thence North 52° 13' 55" East, a distance of 50.55 feet to a point on an arc of
a curve concave to the South, whose radius point bears South 08° 27' 50" West;
thence Northeasterly along the arc of said curve having a radius of 1547.00
feet, a central angle of 04° 59' 16", a distance of 134.67 feet to a point of
reverse curvature of a circular curve to the left; thence Southeasterly,
Easterly and Northeasterly along the arc of said curve having a radius of 406.14
feet and a central angle of 78° 32' 07", a distance of 556.70 feet to a point of
compound curvature of a circular curve to the left; thence continue
Northwesterly along the arc of said curve having a radius of 1870.00 feet, a
central angle of 01° 11' 31", a distance of 38.90 feet to the POINT OF
BEGINNING; the last eight (8) courses being coincident with a portion of the
South, East and Southeast boundary of that certain Private Access and Utility
Easement as shown on said Plat; thence continue Northeasterly along the arc of
said curve, having a central angle of 10° 05' 04", a distance of 329.13 feet;
thence South 76" 12' 24" East, non-radial to the last described curve, a
distance of 443.40 feet to the Southeasterly boundary of said Lot 10; thence
South 10° 47' 07" West, a distance of 156.17 feet to the point of curvature of a
circular curve to the right from which the radius point of the next described
curve bears North 80° 03' 09" West; thence Southwesterly along the arc of said
curve having a radius of 1035.92 feet, a central angle of 15° 03' 52", a
distance of 272.37 feet, the last two (2) courses being along a portion of said
Southeast boundary of Lot 10; thence North 64° 03' 36" West, non radial to the
last described curve, a distance of 472.73 feet to the POINT OF
BEGINNING.

 

TOGETHER
WITH:

 

PARCEL
II:

 

Private
Access & Utility Easements for the benefit of Parcel I as created by the
recorded Plat of PARK OF COMMERCE, according to the Plat thereof as recorded in
Plat Book 110, Page 15, of the Public Records of Broward County Florida, for
ingress, egress and utilities over, across and under ATLANTIC LOOP (now known as
North Commerce Parkway) and MEDITERRANEAN ROAD as located on the said recorded
Plat.

 

PARCEL
III:

 

Cross
Access & Cross Parking Easements for the benefit of Parcel I as created by
Cross Access and Cross Parking Agreement dated December 27, 1999 and recorded on
January 6, 2000 in Official Records Book 30160, Page 1461, Public Records of
Broward County, Florida.

 

PARCEL
IV:

 

 

Rights
established for the benefit of Parcel I as created by Declaration of
Restrictions dated December 27, 1999 and recorded on January 6, 2000 in Official
Records Book 30160, Page 1454, Public Records of Broward County,
Florida.

 

Said
lands situate, lying and being in the City of Weston, Broward County,
Florida.

Weston

76

	
      Fishkill
      (Residence Inns)

      14
      Schuyler Boulevard

      Fishkill,
      NY 12521

      Duchess
      County

       

LEGAL
DESCRIPTION

PARCEL
I

 

ALL that
certain plot, piece or parcel of land situate, lying and being in the Village of
Fishkill, County of Dutchess, State of New York, known as Lot 5B as shown on a
map entitled, "Merritt Park Subdivision", filed February 14, 1985 in the
Dutchess County Clerk's Office as Map No. 7154, said Lot 5B being bounded and
described as follows:

 

BEGINNING
at a point on the eastern side of N.Y.S. Route 9, north bound lane, said point
being a common property line point with lands now or formerly of Holiday Inn and
Merritt Park Lands Associates, Inc.; -

 

THENCE
along the easterly bounds of N.Y.S. Route 9 North ten degrees, forty-eight
minutes, twenty-five seconds West, three hundred thirty-eight and twenty
hundredths feet, North 10 Degrees 48' 25" West 338.20 feet, to a set iron rod on
the boundary of lands now or formerly of Denny's, Inc.;

 

THENCE
leaving the easterly bounds of N.Y.S. Route 9 and continuing along the southerly
bounds of lands now or formerly of Denny's, Inc., North seventy-eight degrees,
fifteen minutes, no seconds East, one hundred ninety-three and nine hundredths
feet, North 78 Degrees 15' 00" East 193.09 feet, to a set iron rod on the
westerly line of "Access Road A" as shown on Map 7154 as aforesaid, said Access
Road A being a 60 foot wide right of way from Schuyler Boulevard to the lands
herein described;

 

THENCE
along said westerly line of said right of way, South two degrees, forty-one
minutes, no seconds East, sixty-eight and seventy-six hundredths feet, South 02
Degrees 41' 00 East 68.76 feet to a set iron rod;

 

THENCE
along the southerly side of said right of way, North eighty-seven degrees,
nineteen minutes, no seconds East, sixty and fifty-five hundredths feet, North
87 Degrees 19' 00" East 60.55 feet, to a set iron rod, being the southwesterly
corner of lands now or formerly under contract of sale to Luxury Inns of
Fishkill;

 

THENCE
along said lands of Luxury Inns of Fishkill, north seventy-eight degrees,
fifteen minutes, no seconds East, two hundred ninety-two and fifty-one
hundredths Feet, North 78 Degrees 15 00" East 292.51 feet, to a set iron
rod;

 

THENCE
along lands of Merritt Park Lands Associates, South fourteen degrees, twenty-two
minutes, fifty seconds East, South 14 Degrees 22' 50" East 332.76 feet, to a set
iron rod on lands now or formerly of Landbrook, Inc.;

 

77

THENCE
along lands now or formerly of Landbrook, Inc., and Holiday Inn, South
eighty-five degrees, thirty-six minutes and twenty seconds West, five hundred
sixty feet, South 85 Degrees 36' 20" West 560.00 feet, to the point and place of
BEGINNING.

 

EXCEPTING
AND RESERVING out of the above described parcel the following portion on which
there is a permanent drainage easement by the New York State Department of
Transportation, said excepted and reserved portion being more particularly
described as follows:

 

BEGINNING
at a point on the easterly side of N.Y.S. Route 9, northbound lane, said point
being a common property line point with lands now or formerly of Landbrook, Inc.
and Merritt Park Lands Associates, Inc.;

 

THENCE
along the easterly bounds of N.Y.S. Route 9, North ten degrees, forty-eight
minutes, twenty-five seconds West, fifty feet, North 10 Degrees 48' 25" West
50.00 feet to a set iron rod;

 

THENCE
leaving the easterly bounds of N.Y.S. Route 9, North eighty-one degrees,
twenty-three minutes, ten seconds east, forty-one and thirty-five hundredths
feet, North 81 Degrees 23' 10" East 41.35 feet, to a set iron rod;

 

THENCE
South ten degrees, eleven minutes, two seconds East, fifty-three feet, South 10
Degrees 11' 02" East 53.00 feet, to an iron rod set on the bounds of lands now
or formerly of Landbrook, Inc.;

 

THENCE
along said bounds of lands of Landbrook, Inc., South eighty-five degrees,
thirty-six minutes, twenty seconds West, forty-one feet, South 85 Degrees 36'
20" West 41.00 feet, to the point and place of BEGINNING.

 

PARCEL
II

 

ALL that
certain plot, piece or parcel of land situate, lying and being in the Village
and Town of Fishkill, County of Dutchess, State of New York, being a portion of
Lot 10 shown on a map entitled, "Merritt Park Subdivision" and filed in the
Dutchess County Clerk's Office as Map No. 7206 on April 11, 1985 and as more
particularly bounded and described as follows:

 

BEGINNING
at a point on the northerly bounds of lands now or formerly of Landbrook, Inc.
and the easterly bounds of lands now or formerly of MR Associates, also known as
Lot 513 as shown on the above captioned filed Subdivision Map No. 7206, said
point being South eighty-five degrees, forty-one minutes, twenty-nine seconds
east, five hundred sixty feet, North 85 Degrees 41' 29" East 560.00 feet, along
the northerly bounds of lands now or formerly of Holiday Inn from the easterly
bounds of N.Y.S. Route 9, said the point also being North twenty-five degrees,
forty-three minutes, fifty-eight seconds West, twenty-six hundredths feet, North
25 _ Degrees 43' 58" West 0.26 feet, from a found 1/2 " iron rod, 1 "
reveal;

 

THENCE
from said point of beginning and along the easterly bounds of lands now or
formerly of MR Associates, North fourteen degrees, twenty-one minutes, fifty-one
seconds West, three hundred thirty-three and fifty-four hundredths feet, North
14 Degrees 21' 51" West 333.51 feet, to a point, said point being on the
division line between lands now or formerly of MR Associates to the south and
lands now or formerly of Luxury Inns of Fishkill to the north, said point being

 

78

North
seventy-eight degrees, fifteen minutes, no seconds East, two hundred ninety-two
and fifty-one hundredths feet, North 78 Degrees 15' 00" East 292.51 feet from a
found 7/8" iron rod at the southwest corner of lands now or formerly of Luxury
Inns of Fishkill;

 

THENCE
through the above captioned Lot 10 the following two courses and distances,
North eighty-five degrees, forty-one minutes, twenty-nine seconds East, one
hundred thirty-two and sixty-four hundredths feet, North 85 Degrees 41' 29"
East, 132.64 feet, to a set 1/2 inch iron rod;

 

THENCE
South fourteen degrees, twenty-one minutes, fifty-one seconds East, three
hundred thirty-three and fifty-four hundredths feet, South 14 Degrees 21' 51
Degrees East 333.54 feet to a set iron rod, said set 1/2 inch iron rod being
South eighty-five degrees, forty-one minutes, twenty-nine seconds West,
sixty-two and seventy-one hundredths feet, South 85 Degrees 41' 29" West 62.71
feet, from a found 1/2 inch iron rod, 3" reveal marking the northeasterly corner
of lands now or formerly of Landbrook, Inc.;

 

THENCE
along the northerly bounds of lands now or formerly of Landbrook, Inc., South
eighty-five degrees, forty-one minutes, twenty-nine seconds West, one hundred
thirty-two and sixty-four hundredth feet, South 85 Degrees 41' 29" West 132.64
feet to the point or place of beginning.

 

The above
described premises are presently known as Lots 5B and 10A on a certain map
entitled, "Merritt Park Subdivision" filed in the Dutchess County Clerk's of the
County Clerk's on December 6, 1988 as Map No. 7206A.

 

EXCEPTING
therefrom a parcel of land designated "Permanent N.Y.S. D.O.T. Drainage
Easement" adjoining Lot 5B on the southwest as shown on Filed Map No.
7206A.

 

TOGETHER
with a non exclusive easement for ingress and egress as set forth in Liber 1665
page 830 as corrected by Liber 1819 page 834 and as shown in Filed Map No.
7206A.

Fishkill

79

 

Ann Arbor
(Residence Inns)

800
Victors Way

Ann
Arbor, MI 48108

Washtenaw
County

RFS
Partnership, L.P.

 

PARCEL
1:

 

Beginning
at the Northwest corner of Lot 1, Atrium Office Center, City of Ann Arbor,
Washtenaw County, Michigan, as recorded in Liber 26 of Plats, Page 78,
Washtenaw County Records; thence South 52°41’20” East 25.00 feet along the
Southerly right-of-way line of Victors Way; thence continuing along said
right-of-way line Easterly 78.86 feet along the arc of a 536.03 foot radius
circular curve to the left, through a central angle of 08°25’45”, having a chord
which bears South 56°54’15” East 78.79 feet, thence South 37°18’30” West 412.59
feet to a point on the Southerly line of said Lot 1; thence North 63°49’40” West
105.57 feet along said Southerly line to the Southwest corner of said
Lot 1; thence North 37°18’30” East 427.19 feet along the Westerly line of
said Lot to the point of beginning. Being a part of Lot 1 of said Atrium Office
Center.

 

Together
with a Utility Easement recorded in Liber 2119, Page 741, Washtenaw County
Records described as: Commencing at the West 1/4 corner of Section 9, Town 3
South, Range 6 East, City of Ann Arbor, Washtenaw County, Michigan; thence North
01°40’20” West 1078.28 feet along the West line of said Section and the
centerline of State Road; thence North 87°21’10” East 211.28 feet; thence North
75°55’50” East 201.99 feet; thence Easterly 355.48 feet along the arc of a
510.02 feet radius non-tangential curve to the right through a central angle of
39°56’10” having a chord which bears South 72°40’50” East 348.33 feet; thence
South 52°42’40” East 195.00 feet to the point of beginning; thence South
52°42’40” East 215.00 feet; thence South 37°17’10” West 325.14 feet; thence
North 47°19’45” West 18.08 feet; thence North 37°17’10” East 51.70 feet; thence
North 51°17’15” West 19.28 feet; thence North 38°42’45” East 154.62 feet; thence
South 43°48’20” East 14.95 feet; thence North 30°25’05” East 75.03 feet; thence
North 46°45’50” West 51.56 feet; thence North 59°58’30” West 92.12 feet; thence
South 47°27’05” West 89.40 feet; thence North 47°10’30” West 18.19 feet; thence
South 37°03’05” West 168.91 feet; thence South 47°19’45” East 204.37 feet;
thence South 37°17’10” West 60.62 feet; thence North 47°26’00” West 246.59 feet;
thence North 42°05’40” East 60.80 feet; thence South 47°19’45” East 17.05 feet;
thence North 37°03’05” East 168.97 feet; thence North 47°10’30” West 2.20 feet;
thence North 42°05’40” East 135.38 feet to the point of beginning.

 

Together
with a storm sewer easement that is created in Liber 2350, Page 851, Washtenaw
County Records that gives access to the private easement for storm detention as
shown on Lot 3 of Atrium Office Center.

 

Together
with a non-exclusive private easement for storm detention over a portion of Lot
3 of Atrium Office as shown on the plat.

 

80

 

PARCEL
2:

 

Commencing
at the West 1/4 corner of Section 9, Town 3 North, Range 6 East, City of Ann
Arbor, Washtenaw County, Michigan, thence North 01°40’20” West 1078.28 feet
along the West line of said section and the centerline of State Road, thence
North 87°21’10” East 211.28 feet, thence North 75°55’50” East 201.99 feet,
thence Easterly 355.48 feet along the arc of a 510.02 foot radius non-tangential
curve to the right through a central angle of 39°56’10” having a chord which
bears South 72°40’50” East 348.33 feet, thence South 52°42’40” East 195.00 feet
to the Point of beginning; thence continuing South 52°42’40” East 215.00 feet;
thence South 37°17’10” West 427.19 feet; thence North 63°51’00” West 143.99 feet
along the Northerly right-of-way line of the I-94 Expressway; thence North
52°42’50” West 112.00 feet continuing along said right-of-way line; thence North
42°05’40” East 456.62 feet to the point of beginning, being a part of the
Northwest 1/4 of Section 9, Town 3 South, Range 6 East, City of Ann Arbor,
Washtenaw County, Michigan;

 

Together
with permanent, non-exclusive easements appurtenant to and benefiting the
above-described property and adjoining and adjacent land, created in Declaration
of Easement recorded May 12, 1977 in Liber 1593, Page 388, and described as
follows:

1. A
permanent, non-exclusive easement for the installation and maintenance of
sanitary sewers described as follows:

 

Commencing
at the West 1/4 corner of Section 9, Town 3 South, Range 6 East, City of Ann
Arbor, Washtenaw County, Michigan, thence North 01°40’20” West 1198.30 feet
along the West line of said Section and the centerline of State Road, thence
North 87°21’10” East 1187.01 feet to the point of beginning; thence continuing
North 87°21’10” East 868.57 feet, thence North 08°21’10” West 509.38 feet;
thence North 81°38’50” East 20.00 feet; thence South 08°21’10” East 531.48 feet
along the Westerly right-of-way line of the Ann Arbor Railroad; thence South
87°21’10” West 871.01 feet; thence South 01°40’20” East 1.38 feet; thence 388.43
feet along the arc of 571.22 foot radius circular curve to the right through a
central angle of 38°57’50” having a chord which bears South 17°48’25” West
380.99 feet; thence South 37°17’20” West 80.00 feet; thence North 52°42’40” West
20.00 feet; thence North 37°17’20” East 80.00 feet; thence 374.82 feet along the
arc of a 551.22 foot radius circular curve to the left through a central angle
of 38°57’40” having a chord which bears North 17°48’25” East 367.64 feet; thence
North 01°40’20” West 21.04 feet to the point of beginning.

 

2. A
permanent, non-exclusive easement for the runoff and retention of surface water
described as follows:

 

Commencing
at the West 1/4 of Section 9, Town 3 South, Range 6 East, City of Ann Arbor,
Washtenaw County, Michigan; thence North 01°40’20” West 1078.28 feet along the
West line of said Section and the centerline of State Road; thence North
87°21’10” East 100.00 feet to a point on the Easterly right-of-way line of State
Road; thence South 01°40’20” East 137.43 feet along said right-of-way line;
thence South 52°42’50” East 721.15 feet along the Northerly right-of-way line of
the I-94 Expressway; thence South 63°51’00” East 143.99 feet continuing along
said right of way to the point of beginning; thence 37°17’10” East 50.96 feet;

 

81

thence
South 63°51’00” East 141.17 feet; thence South 77°35’30” East 289.51 feet;
thence North 89°51’50” East 235.90 feet; thence North 02°36’40” West 195.31
feet; thence North 87°27’20” East 700.00 feet; thence South 08°21’10” East
251.26 feet along the Westerly right-of-way line of Ann Arbor Railroad; thence
along the Northerly right-of-way line of the I-94 Expressway in the following
courses: South 87°23’20” West 617.78 feet, South 89°51’50” West 351.01 feet,
North 77°35’30” West 301.03 feet and North 63°51’00” West 157.04 feet to the
point of beginning.

 

Tax
parcel identification number: 09-12-09-201-017

Ann
Arbor

82

	
      Orlando
      International Drive (Residence Inns)

       

      7975
      Canada Avenue

       

      Orlando,
      FL 32819

       

      Orange
      County

       

Lots 8,
8A and 9 of INTERNATIONAL COVE, according to the Plat thereof as recorded in
Plat Book 12, Page(s) 18-19 of the Public Records of Orange County,
Florida.

 

Together
with all right, title and interest in and to any easements contained in that
certain Notice of Restrictions, Grant of Easement and Agreement of Maintenance
recorded in Book 3383, Page 1125; re-recorded in Book 3395, Page 1623; and
re-recorded in Book 3434, Page 404.

Orlando,
I-Drive

83

Warwick
(Residence Inns)

500
Kilvert Street

Warwick,
RI 02883

Kent
County

 

That
certain tract or parcel of land with all buildings and improvements thereon,
situated northerly of Metro Center Boulevard, in the City of Warwick, County of
Kent, State of Rhode Island is herein bounded and described:

 

Beginning
at the point of tangency of a curve to Metro Center Boulevard, thence proceeding
South 59 degrees 54 minutes 43 seconds west along the northerly line of Metro
Center Boulevard, a distance of three hundred eighty-five and 80/100 (385.80)
feet to a point;

 

Thence
turning an interior angle of 259 degrees 36 minutes 43 seconds and proceeding
south 19 degrees 42 minutes 00 seconds east a distance of eleven and 01/100
(11.01) feet to a point, bounded easterly by Metro Center
Boulevard;

 

Thence
turning an interior angle of 96 degrees 32 minutes 51 seconds and proceeding
south 63 degrees 45 minutes 09 seconds west a distance of two hundred
forty-four and 92/100 (244.92) feet to a point, said point being located one
hundred seventy-four and 68/100 (174.68) feet left of Centerline Station
112+08.32, as shown on State Highway plat #1483;

 

Thence
turning an interior angle of 180 degrees 41 minutes 20 seconds and proceeding
south 63 degrees 03 minutes 49 seconds west a distance of fifty and 07/100
(50.07) feet to a point, said point being located one hundred twenty-five and
00/100 (125.00) feet left of Centerline Station 112+15.72, as shown on said
plat, the last two courses bounded southerly by Metro Center
Boulevard;

 

Thence
turning an interior angle of 82 degrees 42 minutes 06 seconds and proceeding
north 19 degrees 38 minutes 17 seconds west a distance of two hundred
sixty-three and 81/100 (263.81) feet to a point, said point being located one
hundred sixty-one and 43/100 (161.43) feet south 19 degrees 38 minutes 17
seconds east of a point located one hundred twenty-five and 00/100 (125.00) feet
left of Centerline Station 107+89.98 as shown on State Freeway Plat
No. 1220, the last course bounded westerly by Airport
Connector;

 

Thence
turning an interior angle of 99 degrees 45 minutes 03 seconds and proceeding
north 60 degrees 36 minutes 40 seconds east a distance of five hundred
thirty-seven and 52/100 (537.52) feet to a point;

 

Thence
turning an interior angle of 130 degrees 36 minutes 11 seconds and proceeding
south 69 degrees 59 minutes 30 seconds east a distance of sixty-seven and
07/100 (67.07) feet to a point, the last two courses bounded northwesterly and
northerly by other land of this grantor;

 

Thence
turning an interior chord angle of 160 degrees 06 minutes 06 seconds and
proceeding along the arc of a curve with a delta angle of 140 degrees 12 minutes
12 seconds and a radius of sixty-two and 00/100 (62.00) feet a distance of one
hundred fifty-one and 72/100 (151.72) feet to a point;

84

Thence
turning and proceeding along the arc of a curve with a delta angle of 74 degrees
39 minutes 35 seconds and a radius of twenty-five and 00/100 (25.00) feet a
distance of thirty-two and 58/100 (32.58) feet to a point;

 

Thence
turning an interior chord angle of 142 degrees 39 minutes 33 seconds and
proceeding south 45 degrees 31 minutes 39 seconds east a distance of fifty-two
and 07/100 (52.07) feet to a point;

 

Thence
turning an interior chord angle of 127 degrees 16 minutes 54 seconds and
proceeding along the arc of a curve with a delta angle of 105 degrees 26 minutes
29 seconds and a radius of twenty-five and 00/100 (25.00) feet a distance of
forty-six and 01/100 (46.01) feet to the point and place of beginning, the last
four (4) courses bounded by Kilvert Street; the last herein described course
forms an interior chord angle of 127 degrees 16 minutes 54 seconds with the
first herein described course.

 

For a
more particular description, reference is herein made to an ALTA/ACSM Land Title
Survey prepared by Lunar Mapping Unlimited, dated June 17, 2003, Project No.
1766.

 

Also,
being the same premises as Plan of “Partial Replat of Parcel #4 of Metro Center
Office Industrial Park “North Parcel” dated May 2, 1988, prepared by Garafalo
& Associates, Inc. (A.P. 276 portion of Lot 8).”

 

 

Together
with the benefit of and subject to a Declaration of Restrictions by Metrocenter
Associates, dated June 20, 1988 and recorded on June 20, 1988 in Book 1145, Page
285.

 

 

WarwickFort
Worth River Plaza (Residence Inn)

85

 

1701 S.
University Drive

Fort
Worth, TX 76107

Tarrant
County

That
certain tract of land situated in the A. Voght Survey, Abstract No. 1585,
and the E. S. Harris Survey, Abstract No. 688, City of Fort Worth, Tarrant
County, Texas and being all of Lot 3-A-3, Block 1, River Plaza Complex, an
addition to the City of Fort Worth, as recorded in Volume 388-131,
Page 005, Plat Records, Tarrant County, Texas; said tract being more
particularly described as follows;

 

BEGINNING
at 5/8-inch iron rod with yellow plastic cap stamped “GSES, INC., RPLS 4804” set
at the southwest corner of said Lot 3-A-3, Block 1; said point also being on the
east right-of-way line of University Drive (variable width right-of-way); said
point also being on the northwest line of the Clear Fork of Trinity
River;

 

THENCE,
with the said right-of-way line of University Drive and the west line of
Lot 3-A-3, Block 1, the following metes and bounds;

 

North 00
degrees 13 minutes 00 seconds East, a distance of 262.92 feet (plat calls 263.00
feet) to a 5/8-inch iron rod with yellow plastic cap stamped “GSES, INC., RPLS
4804” set for corner;

 

North 70
degrees 43 minutes 00 seconds East, a distance of 2.15 feet to a 5/8-inch iron
rod with yellow plastic cap stamped “GSES, INC., RPLS 4804” set for
corner;

 

North 03
degrees 14 minutes 00 seconds West, a distance of 79.55 feet to a 5/8-inch iron
rod with yellow plastic cap stamped “GSES, INC., RPLS 4804” set for
corner;

 

North 00
degrees 43 minutes 00 seconds West, a distance of 228.25 feet to a railroad
spike found for corner;

 

North 01
degrees 07 minutes 00 seconds East, a distance of 14.73 feet to a 5/8-inch iron
rod found at the western most northwest corner of said Lot 3-A-3, Block 1; said
point also being the southwest corner of Lot 3-A-4, Block 1 of said River Plaza
Complex; said point also being the beginning of a curve to the left having a
radius of 120.12 feet;

 

THENCE,
northeasterly, with said curve to the left and leaving said east right-of-way
line of University Drive, through a central angle of 24 degrees 46 minutes 37
seconds, an arc distance of 51.94 feet (chord bears North 78 degrees 43 minutes
41 seconds East, 51.54 feet) to a 1/2-inch iron rod found at the northern most
northwest corner of said Lot 3-A-3, Block 1; said point also being the southwest
corner of Lot 3-A-2, Block 1 of said River Plaza Complex;

 

THENCE,
South 65 degrees 52 minutes 00 seconds East, leaving the south line of said
Lot 3-A-4, Block 1 and with the common line of said Lots 3-A-3 and 3-A-2,
Block 1, a distance of 411.77 feet (plat calls 411.86 feet) to a 1/2-inch iron
rod found at the northeast corner of said Lot 3-A-3, Block 1; said point
also being the southeast corner of said Lot 3-A-2, Block 1; said point also
being on the said northwest line of the Clear Fork of Trinity
River;

 

86

THENCE,
with the common line of said Lot 3-A-3, Block 1 and Clear Fork of Trinity River,
the following metes and bounds; South 24 degrees 08 minutes 00 seconds West, a
distance of 14.65 feet to a 1/2-inch iron rod found at the beginning of a curve
to the right having a radius of 812.93 feet; southwesterly, with said curve to
the right through a central angle of 42 degrees 21 minutes 23 seconds, an arc
distance of 600.97 feet (plat calls 590.00 feet) (chord bears South 45 degrees
08 minutes 01 seconds West, 587.37 feet) to the POINT OF BEGINNING.

Ft. Worth
River Plaza

87

 

Fort
Worth Southwest (TownePlace Suites)

4200
International Plaza

Fort
Worth, TX 76109, Tarrant County

More
fully described as that certain tract of land situated in the B. B. B. & C.
RR. Survey, Abstract No. 217, City of Fort Worth, Tarrant County, Texas and
being all of Lot 3, Block G, Overton West Addition, an addition to the City of
Fort Worth, as recorded in Cabinet A, Page 3793, Plat Records, Tarrant
County, Texas; said tract being more particularly described as
follows:

 

BEGINNING
at a 1/2-inch iron rod found at the intersection of the west right-of-way line
of International Plaza (100 foot right-of-way) and the north right-of-way line
of State Highway 183 (variable width right-of-way); said point also being the
southeast corner of said Lot 3, Block G;

 

THENCE,
North 64 degrees 38 minutes 00 seconds West, along said north right-of-way line,
a distance of 284.84 feet to a 1/2-inch iron rod found at the southwest corner
of said Lot 3, Block G; said point also being the southeast corner of Lot 4,
Block G, Overton West Addition, an addition to the City of Fort Worth, as
recorded in Cabinet A, Page 5578, Plat Records, Tarrant County,
Texas;

 

THENCE,
North 25 degrees 22 minutes 36 seconds East, with the west line of said Lot 3,
Block G, a distance of 387.80 feet to a 1/2-inch iron rod found at the northeast
corner of said Lot 3, Block G; said point also being the northeast corner of Lot
2, Block G, Overton West Addition, an addition to the City of Forth Worth, as
recorded in Cabinet A, Page 3319, Plat Records, Tarrant County, Texas; said
point also being on the south line of Lot 1A, Block G, Overton West Addition, an
addition to the City of Fort Worth, as recorded in Volume 388-121, Page 88, Deed
Records, Tarrant County, Texas; said point also being on a non-tangent curve to
the left having a radius of 1423.27 feet;

 

THENCE,
southeasterly, with said curve to the left, through a central angle of 12
degrees 56 minutes 39 seconds, an arc distance of 321.54 feet (chord bears South
44 degrees 53 minutes 33 seconds East, 320.86 feet) to a 1/2-inch iron rod found
at the end of said curve; said point also being northeast corner of said Lot 3,
Block G; said point also being the southeast corner of said Lot 1A, Block G;
said point also being on the said west right-of-way line of International
Plaza;

 

THENCE,
with the common line of said Lot 3, Block G and International Plaza, the
following metes and bounds;

 

South 36
degrees 43 minutes 00 seconds West, a distance of 10.00 feet to a 5/8-inch iron
rod with yellow plastic cap stamped “GSES, INC., RPLS 4804” set at the beginning
of a tangent curve to the left having a radius of 804.74 feet; southwesterly,
with said curve to the left, through a central angle of 11 degrees 24 minutes 51
seconds, an arc distance of 160.31 feet (chord bears South 30 degrees 50 minutes
18 seconds West, 160.05 feet) to a 5/8-inch iron rod with yellow plastic cap
stamped “GSES, INC., RPLS 4804” set at the end of said curve; South 25 degrees
22 minutes 00 seconds West, a distance of 110.30 feet to the POINT OF
BEGINNING.

Ft. Worth
Southwest

88

 

Tyler
(Residence Inn)

3303
Troup Highway

Tyler, TX
75701

Smith
County

 

All that
certain lot, tract or parcel of land located in the Wm. Keys Survey, Abstract
No. 526, Smith County, Texas, being all of Lot 28-B, New City Block 976,
City of Tyler, as shown on a plat recorded in Cabinet B, Slide 282-B of the Plat
Records of Smith County, Texas and being more particularly described by metes
and bounds as follows:

 

BEGINNING
at a found 1/2” rebar at the intersection of the south right of way line of
Golden Road and the west right of way line of Troup Highway (State Highway No.
110), said rebar being the northeast corner of said Lot 28-B and the True Point
of Beginning of the property being described;

 

THENCE S
26° 45’ 57” E, 280.94 feet (280.79 feet record) along the west right of way line
of Troup Highway (State Highway No. 110) to a found “PK” nail in
concrete;

 

THENCE S
22° 19’ 45” E, 107.01 feet (S 22° 26’ 22” E, 107.09 feet record) continuing
along the west right of way line of Troup Highway (State Highway No. 110) to a
found 1/2” rebar for the southeast corner of Lot 28-B;

 

THENCE S
64° 31’ 38” W, 459.88 feet (S 64° 31’ 16” W, 460.00 feet record) leaving the
west right of way line of Troup Highway (State Highway No. 110) and along the
south line of Lot 28-B to a found “PK” nail in concrete retaining wall for
the southwest corner of Lot 28-B;

 

THENCE N
25° 28’ 38” W, 397.74 feet (N 25° 28’ 44” W, 397.59 feet record) with the west
line of Lot 28-B to a found “PK” nail in sidewalk for the northwest corner of
Lot 28-B in the south right of way line of Golden Road;

 

THENCE
along the south right of way line of Golden Road a distance of 102.13 feet
(102.05 feet record) along the arc of a curve to the left whose radius is 529.84
feet, whose central angle is 11° 02’ 37” and whose long chord bears N 70°
07’ 56” E, 101.07 feet (N 70° 03’ 23” E, 101.89 feet record) to a found 1/2”
rebar;

 

THENCE N
64° 32’ 19” E, 357.96 feet continuing along the south right of way line of
Golden Road to the True Point of Beginning.

Tyler

89

EXHIBIT
“B”

 

 

ASSIGNMENT
AND ASSUMPTION OF INTANGIBLE PROPERTY

 

THIS
ASSIGNMENT AND ASSUMPTION OF INTANGIBLE PROPERTY (this “Assignment”) is made and
entered into as of the ___day of ______, 2005, by and between
_____________________________, a ____________________having a mailing address at
_____________________________________(“Assignor”), and _________________, a
____________, having a mailing address at ___________(“Assignee”);

 

 

W I T
N E S S E T H:

 

WHEREAS,
Assignor and Assignee are parties to that certain Agreement of Purchase and Sale
dated _________ __, 2005 (the “Agreement”), pursuant to which Seller has agreed,
among other things, to sell, assign, transfer and convey to Assignee the
Property (as defined in the Agreement); and

 

WHEREAS,
in connection with the sale and purchase of the Property, Assignor has agreed to
assign to Assignee all of Assignor’s right, title and interest in and to, and
Assignee has agreed to assume from Assignor all of Assignor’s obligations and
liabilities under, the Intangible Property. Unless otherwise defined herein, all
capitalized terms used in this Assignment shall have the meaning given to such
term in the Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound, the parties
agree as follows:

 

1. Assignment.
Assignor hereby assigns, transfers, and conveys to Assignee all of Assignor’s
right, title and interest in and to the Intangible Property, to the extent that
such assignments are legally and contractually permitted.

2. Assumption.
Assignee hereby assumes all liabilities and obligations of Assignor under the
Intangible Property which arise on or after the Transfer Time and agrees to
perform all obligations of Assignor under the Intangible Property which are to
be performed or which become due on or after the Transfer Time.

3. Further
Assurances.
Assignor covenants with Assignee and Assignee covenants with Assignor that each
will execute or procure any additional documents necessary to establish the
rights of the other hereunder.

4. Counterparts. This
Assignment may be executed by the parties in counterparts, in which event the
signature pages thereof shall be combined in order to constitute a single
original document.

90

5. Binding
Effect. This
Assignment shall be binding upon and inure to the benefit of Assignor, Assignee
and their respective successors and assigns.

IN
WITNESS WHEREOF, the parties have executed this Assignment as of the date set
forth above.

 

	
      Signed,
      sealed and delivered

      in
      the presence of:
	 
	 	 
	 	
      a
      

	 	 
	 	
      By:
      

	 	
      Name:
      

	
      Witness
      Name: 
	
      Title:
      

	 	 
	 	 
	 	
      (CORPORATE
      SEAL)

	 	 
	 	 
	
      Witness
      Name: 
	 
	 	 
	 	 
	 	 
	 	
      a
      

	 	 
	 	 
	 	
      By:
      

	 	
      Name:
      

	
      Witness
      Name: 
	
      Title:
      

	 	 
	 	
      (CORPORATE
      SEAL)

	 	 
	 	 
	
      Witness
      Name: 
	 

 

 

91

EXHIBIT
“C”

 

 

ASSIGNMENT
AND ASSUMPTION OF MANAGEMENT AGREEMENT AND OWNER AGREEMENT

 

THIS
ASSIGNMENT AND ASSUMPTION OF MANAGEMENT AGREEMENT AND OWNER AGREEMENT (this
“Assignment”) is made and entered into as of the ___day of ______, 2005, by and
among _____________________________, a ____________________having a mailing
address at ___________________________ (“Tenant Assignor”),
_____________________________, a ____________________ having a mailing address
at ___________________________ (“Landlord Assignor”),
_____________________________, a ____________________ having a mailing address
at _____________________________ (“Ashford Landlord”) and _________________, a
____________, having a mailing address at ___________(“Ashford
Tenant”).

 

 

W I T
N E S S E T H:

 

WHEREAS,
Tenant Assignor and Landlord Assignor entered into that certain Lease Agreement
dated ____________ (the “Lease”), whereby Landlord Assignor leased to Tenant
Assignor and Tenant Assignor leased from Landlord Assignor certain real property
and improvements commonly known as the _______________________, and as more
particularly described on Exhibit
A attached
hereto (the “Hotel”);

 

WHEREAS,
the Hotel is managed by ________________ (“Manager”) pursuant to that certain
Management Agreement by and between Tenant Assignor and Manager dated as of
_________________ (the “Management Agreement”);

 

WHEREAS,
Tenant Assignor, Landlord Assignor and Manager entered into that certain Owner
Agreement dated as of _________________ (the “Owner
Agreement”),
which governed certain aspects of the ownership and management of the
Hotel;

 

WHEREAS,
concurrently with the execution of this Assignment, Landlord Assignor shall sell
and convey to Ashford Landlord, a wholly owned subsidiary of Ashford Hospitality
Limited Partnership, all of Landlord Assignor’s right, title and interest in and
to the Hotel (the “Sale Transaction”), and Landlord Assignor and Tenant Assignor
shall terminate the Lease, so that upon consummation of such Sale Transaction,
Landlord Assignor and Tenant Assignor shall have no right, title and interest in
or to the Hotel;

 

WHEREAS,
concurrently with the execution of this Assignment, Ashford Landlord and Ashford
Tenant shall enter into that certain Lease Agreement dated as of even date
herewith whereby Ashford Landlord shall lease the Hotel to Ashford Tenant, and
Ashford Tenant shall lease the Hotel from Ashford Landlord; and

 

92

WHEREAS,
in connection with the Sale Transaction, (i) Tenant Assignor has agreed to
assign all of its rights, privileges, duties and obligations under the
Management Agreement (including under the Property Improvement Plan addenda to
the Management Agreement and under the approved Capital Expenditure Plans for
2005 for the Hotel) and the Owner Agreement to Ashford Tenant and Ashford Tenant
has agreed to assume all of Tenant Assignor’s rights, privileges, duties and
obligations thereunder which arise on or after the Effective Date, and (ii)
Landlord Assignor has agreed to assign all of its rights, privileges, duties and
obligations under the Owner Agreement to Ashford Landlord, and Ashford Landlord
has agreed to assume all of Landlord Assignor’s rights, privileges, duties and
obligations thereunder which arise on or after the Effective Date, all of the
foregoing pursuant to the terms and provisions of this Assignment.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound, the parties
agree as follows:

 

1. Assignment. Tenant
Assignor hereby assigns all of its rights, privileges, duties and obligations
under the Management Agreement (including under the Property Improvement Plan
addenda to the Management Agreement and under the approved Capital Expenditure
Plans for 2005 for the Hotel) and the Owner Agreement that arise on or after the
Effective Date to Ashford Tenant, and Landlord Assignor hereby assigns all of
its rights, privileges, duties and obligations under the Owner Agreement that
arise on or after the Effective Date to Ashford Landlord.

2. Assumption. Ashford
Tenant hereby assumes all of Tenant Assignor’s rights, privileges, duties and
obligations under the Management Agreement (including under the Property
Improvement Plan addenda to the Management Agreement and under the approved
Capital Expenditure Plans for 2005 for the Hotel) and the Owner Agreement that
arise on or after the Effective Date, and Ashford Landlord hereby assumes all of
Landlord Assignor’s rights, privileges, duties and obligations under the Owner
Agreement that arise on or after the Effective Date.

3. Further
Assurances. Each of
Landlord Assignor, Tenant Assignor, Ashford Landlord and Ashford Tenant agrees
that each will execute or procure any additional documents necessary to
establish the rights of the others hereunder.

4. Counterparts. This
Assignment may be executed by the parties in counterparts, in which event the
signature pages thereof shall be combined in order to constitute a single
original document.

5. Binding
Effect. This
Assignment shall be binding upon and inure to the benefit of Landlord Assignor,
Tenant Assignor, Ashford Landlord and Ashford Tenant, and their respective
successors and assigns.

93

IN
WITNESS WHEREOF, the parties have executed this Assignment as of the date set
forth above.

 

 

	
      Signed,
      sealed and delivered

      in
      the presence of:
	 
	 	
      LANDLORD
      ASSIGNOR

	 	 
	 	 
	 	
      a
      

	 	 
	 	
      By:
      

	
      Witness
      Name: 
	
      Name:
      

	 	
      Title:
      

	 	 
	
      Witness
      Name: 
	 
	 	 
	 	 
	 	
      TENANT
      ASSIGNOR

	 	 
	 	 
	 	
      a
      

	 	 
	 	
      By:
      

	
      Witness
      Name: 
	
      Name:
      

	 	
      Title:
      

	 	 
	
      Witness
      Name: 
	 
	 	 
	 	 
	 	
      ASHFORD
      LANDLORD

	 	 
	 	 
	 	
      a
      

	 	 
	 	
      By:
      

	
      Witness
      Name: 
	
      Name:
      

	 	
      Title:
      

	 	 
	
      Witness
      Name: 
	 
	 	 

94

	 	 
	 	
      ASHFORD
      TENANT

	 	 
	 	 
	 	
      a
      

	 	 
	 	
      By:
      

	
      Witness
      Name: 
	
      Name:
      

	 	
      Title:
      

	 	 
	
      Witness
      Name: 
	 
	 	 
	 	 

 

 

95

EXHIBIT
“D”

 

 

ASSIGNMENT
AND ASSUMPTION OF OPERATING AGREEMENTS

 

THIS
ASSIGNMENT AND ASSUMPTION OF OPERATING AGREEMENTS (this “Assignment”) is made
and entered into as of the ___day of ______, 2005, by and between
_____________________________, a ____________________having a mailing address at
_____________________________________(“Assignor”), and _________________, a
____________, having a mailing address at ___________(“Assignee”);

 

 

W I T
N E S S E T H:

 

WHEREAS,
Assignor and Assignee are parties to that certain Agreement of Purchase and Sale
dated _________ __, 2005 (the “Agreement”), pursuant to which Seller has agreed,
among other things, to sell, assign, transfer and convey to Assignee the
Property (as defined in the Agreement); and

 

WHEREAS,
in connection with the sale and purchase of the Property, Assignor has agreed to
assign to Assignee all of Assignor’s right, title and interest in and to, and
Assignee has agreed to assume from Assignor all of Assignor’s obligations and
liabilities under, the Operating Agreements. Unless otherwise defined herein,
all capitalized terms used in this Assignment shall have the meaning given to
such term in the Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound, the parties
agree as follows:

 

1. Assignment.
Assignor hereby assigns, transfers, and conveys to Assignee all of Assignor’s
right, title and interest in and to the Operating Agreements, to the extent that
such assignments are legally and contractually permitted.

2. Assumption.
Assignee hereby assumes all liabilities and obligations of Assignor under the
Operating Agreements which arise on or after the Transfer Time and agrees to
perform all obligations of Assignor under the Operating Agreements which are to
be performed or which become due on or after the Transfer Time.

3. Indemnity
by Assignee.
Assignee shall indemnify, defend and hold Assignor harmless from any claim,
liability, cost or expense (including without limitation reasonable attorneys’
fees) arising out of any Operating Agreement from and after the Transfer
Time

96

4. Indemnity
by Assignor.
Assignor shall indemnify, defend and hold Assignee harmless from any claim,
liability, cost or expense (including without limitation reasonable attorneys’
fees and costs) arising out of any Operating Agreement for the period prior to
the Transfer Time.

5. Further
Assurances.
Assignor covenants with Assignee and Assignee covenants with Assignor that each
will execute or procure any additional documents necessary to establish the
rights of the other hereunder.

6. Counterparts. This
Assignment may be executed by the parties in counterparts, in which event the
signature pages thereof shall be combined in order to constitute a single
original document.

7. Binding
Effect. This
Assignment shall be binding upon and inure to the benefit of Assignor, Assignee
and their respective successors and assigns.

IN
WITNESS WHEREOF, the parties have executed this Assignment as of the date set
forth above.

 

	
      Signed,
      sealed and delivered

      in
      the presence of:
	 
	 	 
	 	
      a
      

	 	 
	 	
      By:
      

	 	
      Name:
      

	
      Witness
      Name: 
	
      Title:
      

	 	 
	 	 
	 	
      (CORPORATE
      SEAL)

	 	 
	 	 
	
      Witness
      Name: 
	 
	 	 
	 	 
	 	 
	 	
      a
      

	 	 
	 	 
	 	
      By:
      

	 	
      Name:
      

	
      Witness
      Name: 
	
      Title:
      

	 	 
	 	
      (CORPORATE
      SEAL)

	 	 
	 	 
	
      Witness
      Name: 
	 

97

EXHIBIT
“E”

Intentionally
Left Blank

98

EXHIBIT
“F”

 

 

LIMITED
WARRANTY BILL OF SALE

 

THIS
LIMITED WARRANTY BILL OF SALE (the
“Bill of Sale”) is made and entered into as of the __day of ____________, 2005,
by and between ___________________________, a __________________ (“Seller”) and
______________________________, a___________________ (“Buyer”);

 

 

W I T
N E S S E T H:

 

WHEREAS,
Seller and Buyer are parties to that certain Agreement of Purchase and Sale
dated _________ __, 2005 (the “Agreement”), pursuant to which Seller has agreed,
among other things, to sell, assign, transfer and convey to Assignee the
Property (as defined in the Agreement); and

 

WHEREAS,
in connection with the sale and purchase of the Property, Seller has agreed to
sell, transfer and convey to Buyer all of Seller’s right, title and interest in
and to the Personal Property. Unless otherwise defined herein, all capitalized
terms used in this Assignment shall have the meaning given to such term in the
Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and Ten Dollars ($10.00) and other
good and valuable consideration in hand paid by Buyer to Seller, the receipt and
sufficiency of which are hereby acknowledged, Seller and Buyer do hereby agree
as follows:

 

1. Seller
does hereby sell, transfer and convey to Assignee the Personal Property and
Purchaser hereby purchases and accepts all of the Personal
Property.

 

2. EXCEPT AS
OTHERWISE PROVIDED IN THIS PARAGRAPH 2 BELOW, ALL OF THE PERSONAL PROPERTY IS
HEREBY SOLD, TRANSFERRED AND CONVEYED TO BUYER ON AN “AS IS”, “WHERE IS”,
“WITHOUT ALL FAULTS” BASIS, WITHOUT RECOURSE, REPRESENTATION, IMPLIED OR EXPRESS
WARRANTY, GUARANTY, PROMISE, PROJECTION OR PREDICTION WHATSOEVER WITH RESPECT TO
THE PERSONAL PROPERTY, WHETHER WRITTEN OR ORAL, EXPRESS OR IMPLIED, OR ARISING
BY OPERATION OF LAW, INCLUDING WITHOUT LIMITATION ANY WARRANTY OR
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Notwithstanding the
foregoing to the contrary, Seller does hereby warrant to Buyer that the Personal
Property is owned by Seller free and clear of all encumbrances of whatsoever
nature; EXCEPTING ONLY the liens or mortgages assumed or entered into by Buyer,
if any, and any personal property sales tax or other tax.

 

99

 

3. This Bill
of Sale may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instruments and any of the parties
hereto may execute this Bill of Sale by signing any such
counterpart.

 

IN
WITNESS WHEREOF, the undersigned has executed this Bill of Sale as of the date
first above written.

 

	
      Signed,
      sealed and delivered

      In
      the presence of:
	
       

      “SELLER”:

	 	 
	 	
      a
      

	 	 
	 	 
	 	
      By:
      

	
      Printed
      Name: 
	
      Name:
      

	 	
      Title:
      

	 	 
	 	 
	
      Printed
      Name: 
	 
	 	 
	 	 
	 	
      “BUYER”:

	 	
      ,
      

	 	
      a
      

	 	 
	 	 
	 	
      By:

	
      Printed
      Name: 
	
      Name:
      

	 	
      Title:
      

	 	 
	 	 
	
      Printed
      Name: 
	 
	 	 

100

EXHIBIT
“G”

Schedule
of Assumed Management Agreements

# Brand Property
Name/City/ST Mgmt
Agr Owner 
ManagerDate

1 RI Sacramento
CA CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

2 RI Wilmington,
Newark DE CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

3 TPS Miami
Airport-West, Miami FL CNL Rose
SPE Tenant Corp. Towneplace
Management Corporation 5/21/04

4 TPS Miami
Lakes, FL CNL Rose
SPE Tenant Corp. Towneplace
Management Corporation 5/21/04

5 RI Orlando-Internat'l
Drive FL CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

6 RI Ann
Arbor
MI CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

7 RI Fishkill
NY CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

8 RI Warwick-Providence
RI CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

9 RI Ft.
Worth-River Plaza, TX CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

10 TPS Ft.
Worth-Southwest, TX CNL Rose
SPE Tenant Corp. Towneplace
Management Corporation 10/10/03

11 RI Tyler
TX CNL Rose
SPE Tenant Corp. Residence
Inn by Marriott, Inc. 10/10/03

12 CY Crystal
City - Arlington VA Plano
Tenant Corp. Courtyard
Management Corporation 8/29/03

  

101

EXHIBIT
“H”

Schedule
of Operating Agreements

(a)  CY
Alpharetta

 

[Missing Graphic Reference]

	·  	
      CRST
      Lease Information

	·  	
      Waste
      Management Service Agreement

	·  	
      OTIS
      Elevator Service Agreement

	·  	
      Radio
      Station License

	·  	
      Interior
      Plant Service Agreement

	·  	
      STSN

	·  	
      PBX
      Phone Switch (updated)

[Missing Graphic Reference]

102

(b)  CY
Arlington

 

[Missing Graphic Reference]

	·  	
      Security
      Officer Service Contract

	·  	
      XEROX
      Lease Agreement

	·  	
      Contract
      Assumption Agreement - LodgeNet System

	·  	
      JP
      Sewerotor, Inc Contract

	·  	
      Fidelity
      Engineering Corporation - Emergency Generator Maintenance
      Agreement

	·  	
      Valcourt
      Building Services of WA, DC - Cleaning Bldg exterior
    agreement

	·  	
      PM
      Hood & Duct - Cleaning of Kitchen Exhaust System
    Agreement

	·  	
      Washington
      Flyer Magazine

	·  	
      Waste
      Management

	·  	
      Plantworks

	·  	
      Satellite
      (LodgeNet)

	·  	
      Fujitec
      (Elevators)

	·  	
      PaeTec
      Communications

	·  	
      Xeta
      Corp. maintenance agreement

	·  	
      Ecolab
      (pest control)

	·  	
      Gazal
      (dry cleaning)

	·  	
      CoolerSmart

	·  	
      High
      Sierra Pools (Pool Service)

103

(c)  CY
Foothill Ranch

 

[Missing Graphic Reference]

	·  	
      Alamo
      Leasing (Van)

	·  	
      Xerox
      Lease Agreement (Copy machine)

	·  	
      Water
      Softening System agreement - WaterMan

	·  	
      Waste
      Management Service Agreement

	·  	
      Oakridge
      Landscape Agreement

	·  	
      Facilitec
      (Kitchen Hood Cleaning)

	·  	
      Elevator
      Maintenance

	·  	
      StayOnline

	·  	
      Pitney
      Bowes (postage machine)

104

(d)  CY
Overland Park

 

[Missing Graphic Reference]

	·  	
      Urban
      Farmer Service Agreement (Plant care)

	·  	
      Signature
      Landscape Service Agreement

	·  	
      Defenbaugh
      Disposal Service

	·  	
      Ellerman
      Snow Removal

	·  	
      Faultless
      Linens Service Agreement

	·  	
      ADT
      Security Services

	·  	
      Allen
      Foods, Inc Agreement

	·  	
      Dressler
      Consutlting Engineers,Inc - Stormwater
Detention

	·  	
      Kansas
      Logos, Inc- Dept of Transportation Logo
Sign

	·  	
      MARSH
      USA, Inc - Certificate of Insurance

	·  	
      MICROS
      Systems, Inc - Facilities Service Agreement

	·  	
      Ocean
      Spray Juice Vending 

	·  	
      XETA
      Corp Software Agreement

	·  	
      STSN

105

(e)  CY
Palm Desert

 

[Missing Graphic Reference]

	·  	
      Motor
      Vehicle Lease Agreement

	·  	
      Pitney
      Bowes Agreement

	·  	
      Canon
      Sales Agreement (Copier)

	·  	
      Time
      Warner Entertainment Service Agreement

	·  	
      Paradise
      Plant Maintenance

	·  	
      OTIS
      Elevator Maintenance Agreement

	·  	
      Alliance
      Protection Service - Alarm System Agreement

	·  	
      NEXTEL
      Service Agreement

	·  	
      Muzak
      - Music Service Agreement

	·  	
      Executive
      One Security Services - Private Patrol
Contract

	·  	
      XETA
      Corp - Software Service

	·  	
      STSN
      - Wireless internet access agreement

	·  	
      S&G
      Enterprises - Grease Trap Service 

	·  	
      Pac-West
      Landscaping Service Agreement

	·  	
      ECOLAB
      - Pest control elimination agreement

(f)  CY
Weston

 

 

	·  	
      XEROX
      - lease agreement

	·  	
      Starbucks
      Espresso Machine Lease Agreement

	·  	
      Valley
      Crest - Landscape Management Agreement

	·  	
      Thyssen
      Krupp Elevator - Maintenance Agreement

	·  	
      ECOLAB
      - pest control elimination agreement

	·  	
      Initial
      Tropical Plants - service agreement

	·  	
      Alamo
      Leasing (van lease)

	·  	
      Muzak

	·  	
      Pinkerton
      (outside security)

106

(g)  RI
Ann Arbor

 

[Missing Graphic Reference]

	·  	
      Mitel
      Network Services Solutions

	·  	
      Security
      Services, Inc - agreement

	·  	
      LodgeNet
      - Pay Per View service agreement

	·  	
      ADT
      Security Services, Inc - agreement

	·  	
      Pitney
      Bowes - lease agreement

	·  	
      ECOLAB
      - Pest elimination Services agreement

	·  	
      Republic
      Waste Services agreement

	·  	
      Wiesman
      Enterprise Inc - vending machine agreement

	·  	
      A&H
      Lawn care service agreement

	·  	
      Schindler
      - Elevator maintenance contract

	·  	
      Alamo
      leasing - motor vehicle lease agreement

	·  	
      StayOnline

107

(h)  RI
Cottonwood

 

[Missing Graphic Reference]

	·  	
      ECOLAB
      - Pest elimination contract

	·  	
      OTIS
      - Elevator Maintenance Contract

	·  	
      Avendra
      - vending machine contract

	·  	
      Muzak
      - music service agreement

	·  	
      TruGreen
      Landscape - Landscaping maintenance
contract

	·  	
      ARSO
      - Shared services agreement

	·  	
      Comcast
      - Cable TV Service agreement

	·  	
      Alamo
      Leasing - Van Lease

	·  	
      STSN
      - Fee for Service agreement

	·  	
      XETA
      - post warranty service plan agreement

	·  	
      IKON
      Office Solutions - Maintenance contract

	·  	
      Construction
      Contract with KR Commercial Interiors

108

(i)  RI
Fishkill 

 

[Missing Graphic Reference]

	·  	
      Meristar/Flagstone
      National Contract - copier/Fax Printer
Lease

	·  	
      Business
      certificate - Centurion Protective Services
Agreement

	·  	
      ECOLAB
      - Pest control elimitaion

	·  	
      LodgeNet
      - software services

	·  	
      Neave
      Landscaping, Inc - Service Agreement

	·  	
      Millingan’s
      Landscaping

	·  	
      StayOnline

	·  	
      Royal
      Carting Service

	·  	
      ADT
      Security

109

(j)  RI
Fort Worth

 

[Missing Graphic Reference]

	·  	
      Charter
      Communications - Cable TV Service Agreement

	·  	
      KC
      Landscape - Service Agreement

	·  	
      LodgeNet
      - Pay Per View Agreement

	·  	
      Muzak
      - music service agreement

	·  	
      Waste
      Management Service Agreement

	·  	
      XEROX
      - Lease Agreement

	·  	
      StayOnline

	·  	
      Construction
      Contract with Moline Construction
Management

110

(k)  RI
Merrifield

 

[Missing Graphic Reference]

	·  	
      Lease
      Agreement - cooler smart

	·  	
      Pine
      Ridge Landscaping - service agreement

	·  	
      TruGreen
      Landcare - service agreement

	·  	
      XEROX
      - service agreement/lease

	·  	
      ADT
      Security System agreement

	·  	
      STSN

111

(l)  RI
Mira Mesa 

 

[Missing Graphic Reference]

	·  	
      ADT
      Security Services Agreement

	·  	
      OTIS
      - Elevator maintenance contract

	·  	
      Safeguard
      Security/International Contractor Agreement

	·  	
      The
      Brickman Group, LTD - Landscape maintenance

	·  	
      Showcase
      Business centers, Inc - business center
services

	·  	
      Constellation
      New Energy - Electricity Service Agreement

	·  	
      Acurid
      - Pest Control Agreement

	·  	
      Waste
      Management Service Agreement

	·  	
      Darling
      Restaurants - Grease Traps service proposa

	·  	
      StayOnline

	·  	
      Alamo
      Leasing (van lease)

112

(m)  RI
Orlando I-Drive

 

[Missing Graphic Reference]

	·  	
      Marketing
      Desk Agreement

	·  	
      Guest
      services Desk Agreement

	·  	
      ECOLAB-
      Pest control elimination

	·  	
      Shared
      Services Agreement

	·  	
      LodgeNet
      service agreement

	·  	
      Security
      Services of America service agreement

	·  	
      Imagistics
      Maintenance agreement

	·  	
      International
      Cove Owners Association, Inc

	·  	
      LCA,
      - Lease agreement - Motorola radios

	·  	
      StayOnline

	·  	
      TruGreen
      Landscaping

	·  	
      11th
      hour Business Centers

113

(n)  RI
Sea World

 

[Missing Graphic Reference]

	·  	
      Waste
      Management Service Agreement

	·  	
      Valley
      Crest Landscape Maintenance and Service
Agreement

	·  	
      Signature
      Systems of Florida - Alarm monitoring service
agreement

	·  	
      Welbro
      Building Corp

	·  	
      OTIS
      - Elevator Maintenance agreement

	·  	
      Muzak
      - music service agreement

	·  	
      Hartford
      Boiler & Construction co - maintenance and Inspection boiler
      room

	·  	
      Foliage
      Design Systems - Plants Maintenance
Agreement

	·  	
      Florida
      Power service agreement

	·  	
      Fitness
      Services of Florida - preventative maintenance
agreement

	·  	
      Delta
      Fire Sprinklers, Inc - service inspection
contract

	·  	
      ADT
      Security services - Agreement

	·  	
      Shared
      services agreement

	·  	
      Guest
      services Desk agreement

	·  	
      McLane
      Food Service distribution agreement

	·  	
      STSN
      - system financing agreement

	·  	
      Team
      Leasing LLC Agreement

	·  	
      Muzak
      - Music service agreement

	·  	
      Easement
      agreement and Restrictive Covenant - Horizons condominium
      association

	·  	
      ADT
      Security Services agreement

	·  	
      Lease
      Agreement - Power Play Arcade

	·  	
      Datawave
      - Telecard Merchandise Prepaid Card
agreement

	·  	
      Admission
      Media agreement

	·  	
      Pitney
      Bowes 

	·  	
      Xerox
      

114

(o)  RI
Palm Desert

 

[Missing Graphic Reference]

	·  	
      Judgebuilt’s
      corporate service program - room

	·  	
      Security
      Service Agreement - Executive One

	·  	
      STSN
      - Lease agreement

	·  	
      ECOLAB
      - Pest elimination agreement

	·  	
      Pac
      West Land Care, Inc - Landscape Management

	·  	
      On
      Command - Monitoring agreement

	·  	
      Pitney
      Bowes - 

	·  	
      Musi
      - cal - music service agreement

	·  	
      Grease
      Trap service - S&G Enterprises

	·  	
      Alliance
      Protection Service - Alarm System Agreement

	·  	
      Canon
      Business Solutions - Lease agreement

	·  	
      Motor
      Vehicle Lease agreement - Sunline Services
Group

	·  	
      Time
      Warner cable services

	·  	
      Support
      Services Agreement - MITEL Networks

	·  	
      The
      Pool Store -pool service

[Missing Graphic Reference]

115

(p)  RI
Providence

 

[Missing Graphic Reference]

	·  	
      Waste
      Management Service agreement

	·  	
      Airport
      Advertising space contract - Interspace
Advertising

	·  	
      StayOnline

	·  	
      Mitel
      Networks (phone switch)

	·  	
      Cox
      Cable

	·  	
      

[Missing Graphic Reference]

116

(q)  RI
Sacramento

 

[Missing Graphic Reference]

	·  	
      Landscape
      Management Services contract

	·  	
      American
      Access Controls & Security Systems -
agreement

	·  	
      SECURITAS
      - Security officer

	·  	
      Cable
      TV Service Agreement - ComCast Cablevision of
Sacramento

	·  	
      XETA
      Corporation - PBS Service Contract

	·  	
      StayOnline

[Missing Graphic Reference]

117

(r)  RI
Tyler

 

[Missing Graphic Reference]

	·  	
      XEROX
      lease agreement

	·  	
      Service
      Agreement - Terminex Termite Protection

	·  	
      Cable
      Television Service agreement

	·  	
      Kwik
      Wash Laundries, Inc - Lease agreement

	·  	
      ECOLAB
      - Pest elimination agreement

	·  	
      StayOnline

	·  	
      Construction
      Contract Moline Construction 

[Missing Graphic Reference]

118

(s)  RI
Wilmington

 

[Missing Graphic Reference]

	·  	
      Service
      Agreement - Securitas

	·  	
      Service
      Agreement - Wayman’s Fire Protection

	·  	
      Service
      Agreement - Terminix Termite Protection

	·  	
      The
      Brickman Group, LTD - Snow removal services
agreement

	·  	
      Landscape
      Management Contract

	·  	
      J&J
      Systems - Irrigation Maintenance Service
Agreement

	·  	
      Pitney
      Bowes 

	·  	
      Xerox

	·  	
      StayOnline

[Missing Graphic Reference]

119

(t)  SHS
Centreville

 

[Missing Graphic Reference]

	·  	
      Filterfresh
      - Water equipment Rental agreement

	·  	
      TruGreen
      Landscape - service agreement

	·  	
      Muzak
      - music service agreement

	·  	
      Canon
      - Lease agreement

	·  	
      Pitney
      Bowes

	·  	
      STSN

	·  	
      Sunset
      Pools (lifeguard labor)

	·  	
      Otis
      (elevator maintenance)

	·  	
      Xeta
      (call accounting)

	·  	
      Ecolabs
      (pest control)

	·  	
      Bergmann
      (termites)

	·  	
      Cox
      Cable

[Missing Graphic Reference]

120

(u)  SHS
Charlotte

 

[Missing Graphic Reference]

	·  	
      ECOLAB-
      Pest elimination service agreement

	·  	
      Quality
      Business Systems - Lease agreement Toshiba Digital
  systems

	·  	
      Schindler
      Elevator corp. - maintenance contract

	·  	
      STSN

	·  	
      Custom
      Landscapes

	·  	
      Stein
      Services (termite)

[Missing Graphic Reference]

121

(v)  SHS
Durham

 

[Missing Graphic Reference]

 

	·  	
      Pitney
      Bowes - Lease Agreement

	·  	
      XEROX-
      Lease agreement

	·  	
      Schindler
      Secure - Elevator agreement

	·  	
      ECOLAB
      - pest elimination agreement

	·  	
      On
      Command - hotel channel agreement

	·  	
      Nextira
      One - Annual Maintenance Service

	·  	
      Republic
      Waste service agreement

	·  	
      PDA
      - Grinder pump Station Inspection agreement

	·  	
      TruGreen
      Landcare service agreement

	·  	
      STEIN
      - Subterranean Termite agreement

	·  	
      STSN

[Missing Graphic Reference]

122

(w)  SHS
Gaithersburg

 

[Missing Graphic Reference]

	·  	
      Canon
      Lease Agreement

	·  	
      DMX
      Music - Music Service agreement

	·  	
      ECOLAB
      - pest elimination agreement

	·  	
      Facility
      Vending services agreement

	·  	
      Enchanted
      Foliage - Plant maintenance agreement

	·  	
      Expert
      Security Services agreement

	·  	
      Pitney
      Bowes - lease agreement

	·  	
      Waste
      Management service agreement

	·  	
      Netira
      LLC - service agreement

	·  	
      Williams
      Communications Solutions service agreement

	·  	
      The
      Brickman Group Landscape - maintenance

	·  	
      XETA
      Corporation

	·  	
      STSN

[Missing Graphic Reference]

123

(x)  TPS
Fort Worth

 

[Missing Graphic Reference]

	·  	
      XEROX
      lease agreement

	·  	
      MIS
      Associates - maintenance contract

	·  	
      Plant
      Care co. - landscape contract

	·  	
      Webservice
      Company, Inc- lease agreement

	·  	
      OTIS
      - elevator Maintenance

	·  	
      Trinity
      waste service agreement

	·  	
      StayOnline

[Missing Graphic Reference]

124

(y)  TPS
Miami Lakes

 

[Missing Graphic Reference]

	·  	
      GE
      Capital Equipment lease agreement

	·  	
      Waste
      Management Service

	·  	
      ECOLAB
      - Pest elimination agreement

	·  	
      StayOnline

[Missing Graphic Reference]

125

(z)  TPS
Miami West Doral

 

[Missing Graphic Reference]

	·  	
      GE
      Capital Copier lease agreement

	·  	
      StayOnline
      /ftg internet

	·  	
      ECOLAB
      - Swimming pool program

	·  	
      Waste
      Management

	·  	
      Tyco
      fire & security (inspection reports)

	·  	
      Artistic
      Lawn Service

[Missing Graphic Reference]

126

(aa)  TPS
Mt. Laurel

 

[Missing Graphic Reference]

	·  	
      United
      Elevator Service Contract

	·  	
      Elite
      Builders Snow Removal

	·  	
      Elite
      Landscaping

	·  	
      Comcast
      Cable Service Contract

	·  	
      ADT
      Alarm monitoring service

	·  	
      EST
      Service agreement for Fire Alarm Testing and Annual
    Inspection

	·  	
      Copier
      Lease

	·  	
      STSN

	·  	
      Ecolab
      (pest control)

Nextiara
Contract

[Missing Graphic Reference]

127

(bb)  TPS
Newark

 

[Missing Graphic Reference]

	·  	
      Taylor
      Houseman - Preventive maintenance

	·  	
      Medallion
      Landscape Management - Service Agreement

	·  	
      Thyssne
      Krupp - Elevator Service Agreement

	·  	
      STSN

	·  	
      

[Missing Graphic Reference]

128

(cc)  TPS
Scarborough

 

[Missing Graphic Reference]

	·  	
      Northstar
      Landscape Company - Service Agreement

	·  	
      STSN

	·  	
      Northstar
      Landscape Company - Service Agreement
(Updated)

	·  	
      Citigroup
      (phone switch)

	·  	
      Otis
      (elevator maintenance)

	·  	
      Atlantic
      Exterminating (pest control)

	·  	
      Imagistics
      (copier/fax)

[Missing Graphic Reference]

129

(dd)  TPS
Tewksbury

 

[Missing Graphic Reference]

	·  	
      Hotel
      Inspection Report

	·  	
      SPEC
      - landscape service agreement

	·  	
      Pitney
      Bowes Service Agreement

	·  	
      STSN

	·  	
      SPEC
      Landscape

	·  	
      Nortel
      (Phone Switch)

	·  	
      Ecolabs
      (pest control)

	·  	
      Imagistics
      (copier/fax)

	·  	
      Otis
      (elevator maintenance)

EVERY
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130

EXHIBIT
“I”

Schedule
of Operating Leases 

# Brand Property
Name/City/ST Owner
(Lessor) Tenant
(Lessee) Lease
Date

1 CY Foothill
Ranch, Lake Forest CA CNL
Foothill Hotel Partnership, LP Foothill
Tenant Corporation 3/9/04

2 TPS Newark
CA CNL
Hospitality Partners, LP CNL M2
Tenant Corp. 8/6/04

3 CY Palm
Desert CA CNL
Hospitality Partners, LP CNL M2
Tenant Corp. 8/6/04

4 RI Palm
Desert CA CNL
Hospitality Partners, LP CNL M2
Tenant Corp. 8/6/04

5 RI Sacramento
(Cal Expo) CA Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

6 RI Mira
Mesa, San Diego CA CNL
Hospitality Partners, LP CNL M2
Tenant Corp. 8/6/04

7 RI Wilmington,
Newark DE Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

8 TPS Miami
Airport-West Miami FL Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 5/21/04

9 TPS Miami
Lakes FL Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 5/21/04

10 RI Orlando-Int'l
Drive, Orlando FL Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

11 RI Sea World
Orlando FL RFS
Partnership, L.P. CNL
Hospitality Leasing Corp 7/10/03

12 CY Weston
(Ft. Lauderdale) FL CNL Hotel
CY-Weston, Ltd. CNL
Hospitality Leasing Corp 12/22/00

13 CY Alpharetta
GA CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

14 CY Overland
Park KS CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

15 TPS Tewksbury
MA CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

16 TPS Scarborough
ME CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

17 SHS Gaithersburg
MD CNL
Hospitality Partners, LP CNL M2
Tenant Corp. 8/6/04

18 RI Ann Arbor
MI Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

19 SHS Charlotte
NC CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

20 SHS Raleigh
Durham NC CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

21 TPS Mt.
Laurel NJ CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

22 RI Fishkill
NY Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

23 RI Warwick
(Providence) RI Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

24 RI Ft.
Worth(River Plaza) TX Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

25 TPS Ft. Worth
(Southwest) TX Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

26 RI Tyler
TX Rose SPE
1, LP CNL Rose
SPE Tenant Corp. 12/4/03

27 RI Cottonwood
Salt Lake City UT CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

28 CY Crystal
City Arlington VA CNL
Crystal City II Hotel, LP Plano
Tenant Corp. 8/29/04

29 SHS Centreville
VA CNL
Hospitality Partners, LP CNL Hotel
Tenant Corp. 10/13/04

30 RI Merrifield,
Falls Church, VA CNL
Hospitality Partners, LP CNL M2
Tenant Corp. 8/6/04

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131

EXHIBIT
“J”

Schedule
of Operating Tenants 

# Brand Property
Name City ST Tenant
(Lessee)  

1 CY Foothill
Ranch  Lake
Forest CA Foothill
Tenant Corporation

2 TPS Newark Newark CA CNL M2
Tenant Corp.

3 CY Palm
Desert Palm
Desert CA CNL M2
Tenant Corp.

4 RI Palm
Desert Palm
Desert CA CNL M2
Tenant Corp.

5 RI Sacramento-Cal
Expo Sacramento CA CNL Rose
SPE Tenant Corp.

6 RI Mira
Mesa-San Diego San
Diego CA CNL M2
Tenant Corp.

7 RI Wilmington-Newark Newark DE CNL Rose
SPE Tenant Corp.

8 TPS Miami
Airport-West Miami
 FL CNL Rose
SPE Tenant Corp.

9 TPS Miami
Lakes Miami
Lakes FL CNL Rose
SPE Tenant Corp.

10 RI Orlando-Internat'l
Drive Orlando FL CNL Rose
SPE Tenant Corp.

11 RI Sea World
Orlando Orlando FL CNL
Hospitality Leasing Corp

12 CY Weston
(Ft. Lauderdale) Weston FL CNL
Hospitality Leasing Corp

13 CY Alpharetta Alpharetta GA CNL Hotel
Tenant Corp.

14 CY Overland
Park Overland
Park KS CNL Hotel
Tenant Corp.

15 TPS Tewksbury Tewksbury MA CNL Hotel
Tenant Corp.

16 TPS Scarborough Scarborough ME CNL Hotel
Tenant Corp.

17 SHS Gaithersburg Gaithersburg MD CNL M2
Tenant Corp.

18 RI Ann
Arbor Ann
Arbor MI CNL Rose
SPE Tenant Corp.

19 SHS Charlotte Charlotte NC CNL Hotel
Tenant Corp.

20 SHS Raleigh
Durham Durham NC CNL Hotel
Tenant Corp.

21 TPS Mt.
Laurel Mount
Laurel NJ CNL Hotel
Tenant Corp.

22 RI Fishkill Fishkill NY CNL Rose
SPE Tenant Corp.

23 RI Warwick-Providence Warwick RI CNL Rose
SPE Tenant Corp.

24 RI Ft.
Worth-River Plaza Fort
Worth TX CNL Rose
SPE Tenant Corp.

25 TPS Ft.
Worth-Southwest Ft.
Worth TX CNL Rose
SPE Tenant Corp.

26 RI Tyler Tyler TX CNL Rose
SPE Tenant Corp.

27 RI Cottonwood
(Salt Lake) Salt Lake
City UT CNL Hotel
Tenant Corp.

28 CY Crystal
City - Arlington Arlington VA Plano
Tenant Corp.

29 SHS Centreville Centreville VA CNL Hotel
Tenant Corp.

30 RI Merrifield Falls
Church VA CNL M2
Tenant Corp.

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132

EXHIBIT
“K”

Purchase
Price Allocation Schedule

The
allocation of the Purchase Price among the Hotels shall be agreed upon by Buyer
and Sellers each acting reasonably prior to Closing; provided, however, that no
more than 9.64% of the Purchase Price shall be allocated to personal property
unless otherwise agreed to by the parties.

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133

EXHIBIT
“L”

Schedule
of Sellers

# Brand Property
Name City ST Seller    

1 CY Foothill
Ranch  Lake
Forest CA CNL
Foothill Hotel Partnership, LP

2 TPS Newark Newark CA CNL
Hospitality Partners, LP

3 CY Palm
Desert Palm
Desert CA CNL
Hospitality Partners, LP

4 RI Palm
Desert Palm
Desert CA CNL
Hospitality Partners, LP

5 RI Sacramento-Cal
Expo Sacramento CA Rose SPE
1, LP

6 RI Mira
Mesa-San Diego San
Diego CA CNL
Hospitality Partners, LP

7 RI Wilmington-Newark Newark DE Rose SPE
1, LP

8 TPS Miami
Airport-West Miami
 FL Rose SPE
1, LP

9 TPS Miami
Lakes Miami
Lakes FL Rose SPE
1, LP

10 RI Orlando-Internat'l
Drive Orlando FL Rose SPE
1, LP

11 RI Sea World
Orlando Orlando FL RFS
Partnership, L.P.

12 CY Weston
(Ft. Lauderdale) Weston FL CNL Hotel
CY-Weston, Ltd.

13 CY Alpharetta Alpharetta GA CNL
Hospitality Partners, LP

14 CY Overland
Park Overland
Park KS CNL
Hospitality Partners, LP

15 TPS Tewksbury Tewksbury MA CNL
Hospitality Partners, LP

16 TPS Scarborough Scarborough ME CNL
Hospitality Partners, LP

17 SHS Gaithersburg Gaithersburg MD CNL
Hospitality Partners, LP

18 RI Ann
Arbor Ann
Arbor MI Rose SPE
1, LP

19 SHS Charlotte Charlotte NC CNL
Hospitality Partners, LP

20 SHS Raleigh
Durham Durham NC CNL
Hospitality Partners, LP

21 TPS Mt.
Laurel Mount
Laurel NJ CNL
Hospitality Partners, LP

22 RI Fishkill Fishkill NY Rose SPE
1, LP

23 RI Warwick-Providence Warwick RI Rose SPE
1, LP

24 RI Ft.
Worth-River Plaza Fort
Worth TX Rose SPE
1, LP

25 TPS Ft.
Worth-Southwest Ft.
Worth TX Rose SPE
1, LP

26 RI Tyler Tyler TX Rose SPE
1, LP

27 RI Cottonwood
(Salt Lake) Salt Lake
City UT CNL
Hospitality Partners, LP

28 CY Crystal
City - Arlington Arlington VA CNL
Crystal City II Hotel, LP

29 SHS Centreville Centreville VA CNL
Hospitality Partners, LP

30 RI Merrifield Falls
Church VA CNL
Hospitality Partners, LP

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134

Exhibit
“M”

Litigation
Schedule

	
      CLAIMANT
	
      OWNER/DEFENDANT
	
      SITE
	
      DESCRIPTION

      OF
      CLAIM
	
      AMOUNT
      OF CLAIM
	
      LITIGATION

	
      Berrett,
      Jana
	
      Marriott
      International, Inc. 
	
      SpringHill
      Suites, Centerville, VA
	
      Alleges
      laptop notebook was damaged by property
	
      Unspecified
	
      Yes

	
      Erwin,
      Massangk
	
      Rose
      SPE 1 LP
	
      Residence
      Inn Orlando, FL
	
      Robbed
      at gunpoint; Jewelry and cash totaling $54,950 stolen
	
      Unspecified
	
      No

	
      Mullins,
      Susan
	
      Rose
      SPE 1 LP
	
      Residence
      Inn by Marriott Warwick, RI
	
      Slip
      and Fall; Injured her rotator cuff
	
      Unspecified
	
      No

	
      Raudales,
      Jesse
	
      Rose
      SPE 1 LP
	
      Residence
      Inn Sacramento, CA
	
      Alleges
      he was denied service and discriminated against because of his
      race
	
      Unspecified
	
      No

	
      Rice,
      Dennis
	
      Rose
      SPE 1 LP
	
      Residence
      Inn Sacramento, CA
	
      Alleges
      he was denied service and discriminated against because of his
      race
	
      Unspecified
	
      No

	
      Schwartz,
      Ruth
	
      Marriott
      International, Inc.
	
      TownePlace
      Suites, Tewksbury, MA
	
      Slip
      and Fall resulting in an injury 
	
      Unspecified
	
      Yes

	
      Wong,
      Ronald
	
      County
      of Riverside and Marriott International, Inc.
	
      Residence
      Inn Palm Desert, CA
	
      Alleges
      he was injured in automobile accident due to the faulty design of the
      intersection of Cook Street/Riviera (Property entrance)
	
      Unspecified
	
      Yes

 

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135

EXHIBIT
“N”

Form
of New Management Agreements

The
form of management agreement attached as Exhibit D to that certain letter
agreement of even date herewith by and among Marriott International, Inc., CNL
Hotels & Resorts, Inc. and Ashford Hospitality Limited Partnership, as such
form of management agreement may be revised to incorporate the list of terms
attached as Exhibit D-1 to such letter agreement and any other terms agreed upon
between Purchaser and Managers prior to Closing.

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136

EXHIBIT
“O”

Beverage
Facilities Agreement

ALCOHOLIC
BEVERAGE

 

MANAGEMENT
AGREEMENT

 

THIS
ALCOHOLIC BEVERAGE MANAGEMENT AGREEMENT (this “Agreement”) is
made and entered into as of the ________ day of __________, 2005 (the “Effective
Date”), by and between __________________________________(“Owner”),
_________________________________ (“Tenant”) and
__________________________ (“Licensee”).

 

W I T N E
S S E T H:

 

WHEREAS,
Owner is the owner of the real property and hotel, and related facilities
including all fixtures, improvements and personal property, known as the
________________________ (the “Hotel”),
located in _____________________, ___________.

 

WHEREAS,
Tenant occupies the Hotel pursuant to that certain Lease Agreement between Owner
and Tenant dated as of even date herewith.

 

WHEREAS,
Licensee is the holder of certain licenses for the sale and service of alcoholic
beverages (the “Liquor
Licenses”) in the
bar areas, restaurants, meeting and banquet rooms, guest rooms, and in-room
mini-bars, if any, of the Hotel (the “Premises”).

 

WHEREAS,
Owner, Tenant and/or Manager has applied for the issuance of new Liquor Licenses
to Owner, Tenant and/or Manager (the “Liquor License Applicant”), but, as of the
Effective Date, Liquor License Applicant has not obtained such Liquor
Licenses.

 

WHEREAS,
Manager or such other party designated by Owner (the “Designated Agent”) shall
act as the Licensee’s designated agent with respect to alcoholic and
non-alcoholic beverage sales, service (including room service), and other
operations within the Premises (“Beverage
Operations”).

 

WHEREAS,
Owner desires that Licensee continue to hold the Liquor Licenses to provide
continuity in the Beverage Operations.

 

WHEREAS,
Licensee is willing to enter into this Agreement to allow for the provision of
Beverage Operations in the Premises.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants herein
contained, the parties hereto agree as follows:

 

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137

 

ARTICLE
XV.  

 

ROLE OF
LICENSEE; PROPERTY RIGHTS; TERM

 

Section
15.13  Appointment. Owner,
Tenant and Manager, as applicable, hereby appoint Designated Agent, as agent of
Licensee and Designated Agent, as agent of Licensee hereby accepts the
appointment, as the sole and exclusive manager of Beverage Operations. Owner
hereby grants Designated Agent nonexclusive possession of the Premises, and
Designated Agent hereby accepts such nonexclusive grant of possession of the
Premises; provided, however, Designated Agent shall be the sole and exclusive
party to conduct or cause the conduct of Beverage Operations within the
Premises.

 

Section
15.14  Inventory
and Supplies. Owner
and Tenant acknowledge that title to the inventory of alcoholic beverages
(including wine and beer, the “Alcoholic
Beverage Inventory”) on
hand at the Hotel as of the date of Owner’s purchase of the Hotel has not passed
to Owner, but has been retained by Licensee. To the extent permitted by law, at
the end of the Term (as hereafter defined), Licensee shall assign to Liquor
License Applicant, for no additional charge, but without warranty, all of its
right, title, and interest in and to so much Alcoholic Beverage Inventory as may
be on hand at the Hotel as of the last day of the Term. Owner or Tenant, at its
sole expense, shall provide, order, and keep restocked in a timely manner all
inventory of non-alcoholic beverages and of operating equipment and supplies
(including glassware and other supplies, “Other
Inventory”)
necessary to conduct Beverage Operations in a manner consistent with past
operating practices; and Licensee or Designated Agent shall have the right to
use, consume, and sell Other Inventory in the conduct of Beverage Operations
under this Agreement. Owner shall bear all risk of loss, breakage, or pilferage
with respect to Other Inventory.

 

Section
15.15  Fixtures
and Equipment; Maintenance; Surrender. Owner
or Tenant shall provide, at Owner’s expense, and Designated Agent shall have the
right to the nonexclusive use of, all fixtures, equipment, furnishings, and
furniture necessary for conducting Beverage Operations in a manner consistent
with past operating practices. At the end of the Term, Licensee and Designated
Agent shall surrender the Premises to Owner in their then current condition, and
Owner shall bear all risk of loss, damage, or destruction to the Premises or
other portions of the Hotel.

 

Section
15.16   Term. This
Agreement shall commence on the Effective Date and expire on the earlier to
occur of the following (the "Term"): 

 

(a)  the date
which is ninety (90) days after the Effective Date; 

 

(b)  the date
on which the Liquor License Applicant obtains new Liquor Licenses;

 

(c)  the
issuance of any final non-appealable ruling, decision or order by any court of
competent jurisdiction or other governmental authority that (i) new Liquor
Licenses shall not be issued to Liquor License Applicant, (ii) the suspension or
revocation of the Liquor Licenses by the applicable governmental authority, or
(ii) this Agreement is prohibited under applicable law; or

 

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138

 

(d)  the
occurrence of an Event of Default by Owner or Tenant.

 

ARTICLE
XVI.  

 

REVENUE
AND EXPENSES; PAYMENT TO OWNER

 

Section
16.13  Revenues. All
gross revenue and receipts derived from Beverage Operations (“Beverage
Revenues”) shall
be deposited into a bank account established by Owner, Tenant or Manager in such
party’s name for the benefit of Licensee or Designated Agent, as determined by
Licensee (the “Account”). Upon the expiration of the Term, all funds remaining
in the Account shall be retained by the Liquor License Applicant. To the extent
Beverage Revenues are charged to guest rooms or otherwise centrally paid or
collected through operations at the Hotel other than Beverage Operations, Owner
shall separately account for such Beverage Revenues and remit the same to the
Account from time to time at reasonable intervals established by Licensee or
Designated Agent.

 

Section
16.14  Licensee
Expenses. During
the Term, all costs and expenses with respect to Beverage Operations
(collectively, “Liquor
Facilities Expenses”),
including, without limitation, the following expenses, shall be paid out of the
Account: (a) the cost of purchasing Alcoholic Beverage Inventory sufficient to
replace Alcoholic Beverage Inventory used and consumed in connection with
Beverage Operations during the Term, (b) fees payable to governmental agencies
during the Term to keep the Liquor Licenses in full force and effect, (c) all
wages, salaries and other commercially reasonable compensation and benefits paid
to Beverage Employees, and (d) the premiums for the insurance policies required
to be maintained under this Agreement. Notwithstanding anything to the contrary
herein, in the event that Liquor Facilities Expenses exceed the amount in the
Account at any given time, Owner and Tenant shall be responsible for the payment
of such Liquor Facilities Expenses.

 

ARTICLE
XVII.  

 

BEVERAGE
OPERATIONS

 

Section
17.13  Authority
and Duties.
Licensee or Designated Agent, as determined by Licensee, shall have the
exclusive responsibility, authority, and control of the operation, direction,
purchase, sale, storage, handling, management, and supervision of the Beverage
Operations, subject to the terms of this Agreement, including the following
authority:

 

(a)  the
hiring and discharge of all employees performing services in connection with
Beverage Operations;

 

(b)  the
determination of all beverage service policies at the Hotel; and

 

(c)  the
entering into of such contracts for the purchase and delivery of Alcoholic
Beverage Inventory as Designated Agent shall from time to time consider
appropriate.

 

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139

 

Section
17.14  Employees.
Designated Agent shall, in its name and not as agent of Licensee, employ,
direct, control and discharge, as the case may be, all personnel engaged in
Beverage Operations (“Beverage
Employees”).

 

Section
17.15  Records.
Designated Agent shall keep full and adequate books of account and other records
reflecting the results of the Beverage Operations. Designated Agent may elect to
keep the books and records of the Beverage Operations in its home office or
other suitable location, or at the Hotel and all such books and records shall be
available to Licensee, Owner and their representatives at all reasonable times
for examinations, audit, inspection and transcription. Designated Agent shall
supply Licensee and Owner with copies of such books and records upon reasonable
notice by Owner or Licensee.

 

ARTICLE
XVIII.  

 

INSURANCE

 

Section
18.13  Maintenance
of Insurance.
Throughout the Term, Owner or Tenant will maintain or cause to be maintained,
policies of commercial general liability insurance (with contractual indemnity
and ownership or operation of motor vehicles coverage) with the premiums thereon
fully paid in advance, issued by and binding upon an insurance company
authorized to transact business in the State of Virginia and of good financial
standing, such insurance to afford minimum protection of not less than
$5,000,000 combined single limit for each occurrence and $10,000,000 for the
aggregate of all occurrences within each policy year. In addition, throughout
the Term Owner shall also maintain (i) dram shop liquor liability insurance of
at least $5,000,000 for the Premises; (ii) workers’ compensation insurance as
required by law; and (iii) completed products insurance. The insurance required
to be maintained by Owner hereunder shall name Licensee as an additional insured
and shall only be cancelable following at least thirty (30) days written notice
to Licensee. Owner shall furnish evidence of such insurance within ten (10) days
after written request from Licensee.

 

Section
18.14  Waiver
of Subrogation. Owner
shall have all policies of insurance provide that the insurance company will
have no right to subrogation against Licensee or any of its agents or employees
or affiliates. Owner waives any claim against Licensee for any liability, cost,
or expense (including attorney’s fees and disbursements) arising out of any
insured claim, in part or in full of any nature whatsoever. The parties agree
that all policies of insurance to be procured by the parties hereto shall permit
the foregoing waiver.

 

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140

 

Section
18.15  Waiver
and Indemnity.
Licensee shall not, in the performance of this Agreement, be liable to Owner,
Tenant or Designated Agent due to any act or omissions, negligent, tortuous or
otherwise, of any agent or employee of Owner, Tenant or Designated Agent; nor
shall Licensee, in the performance of this Agreement, be liable to Owner due to
any act or omission of Licensee, its agents, employees, or affiliates
(collectively, “Licensee
Parties”). Owner
shall indemnify, defend, and hold Licensee Parties (except for Designated Agent,
if a party other than Licensee) harmless from any and all liabilities, damages,
or claims incurred by Licensee Parties in connection with this Agreement or the
Beverage Operations from and after the date hereof, INCLUDING,
WITHOUT LIMITATION, ANY SUCH LIABILITIES, DAMAGES OR CLAIMS CAUSED BY THE
NEGLIGENCE OF LICENSEE PARTIES.

 

ARTICLE
XIX.  

 

EVENTS OF
DEFAULT; TERMINATION

 

Section
19.13  Events
of Default. Each of
the following shall constitute an “Event of Default” under this
Agreement:

 

(a)  The
failure of any party to pay when due any amount payable to another party under
this Agreement for a period of ten (10) days after written notice from the other
party that such payment is due and payable; or

 

(b)  Owner,
Tenant, Designated Agent or Licensee fails fully to remedy any other breach of
its obligations under this Agreement within thirty (30) days (or such longer
time as the non-defaulting other party may in writing allow), after receipt of
written notice from the other party specifying one or more of such breaches of
this Agreement;

 

Section
19.14  Remedies. Upon
the occurrence and during the continuation of an Event of Default, the
non-defaulting party may terminate this Agreement upon written notice to the
other party and except as to liabilities or claims which shall have accrued or
arisen prior to or on account of such termination, all obligations hereunder
shall cease. In any judicial proceeding in which the validity of termination is
at issue, neither party will be limited to the reasons for default set forth in
any notice sent pursuant to this Agreement.

 

ARTICLE
XX.  

 

MISCELLANEOUS

 

Section
20.13  Notices. Any
notice, statement or demand required to be given under this Agreement shall be
in writing and shall be deemed to have to been given if delivered personally or
mailed by registered or certified mail, return receipt requested, addressed, as
follows:

 

If to
Licensee:   
______________________________

Telephone:    

Facsimile:    

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141

If to
Tenant:         

Telephone:    

Facsimile:    

If to
Licensee:         

Telephone:    

Facsimile:    

If to
Designated Agent:       

Telephone:    

Facsimile:    

 

Section
20.14  Survival. Unless
expressly stated to the contrary, all obligations for any payment or
reimbursement by one party to the other shall survive the end of the Term. The
provisions of Sections 4.2 and 4.3 of this Agreement shall survive the end of
the Term.

 

Section
20.15  Partial
Invalidity. If any
of the phrases, sentences, clauses or paragraphs contained in the Agreement
shall be declared invalid by the final and unappealable order, decree, judgment
or any court, this Agreement shall be construed as if such phrases, sentences,
clauses or paragraphs had not been inserted, provided that the economic basis of
this Agreement is not thereby altered.

 

Section
20.16  Modifications;
Waivers. This
Agreement may not be changed, modified or terminated, nor may any provision
hereof be waived, except by a writing signed by the party to be charged with any
such change, modification, termination or waiver. The waiver of any of the terms
and conditions of this Agreement on any occasion or occasions shall not be
deemed a waiver of such terms and conditions on any future
occasion.

 

Section
20.17  Entire
Agreement. This
Agreement constitutes the entire Agreement between the parties relating to the
subject matter hereof, superseding all prior agreements or undertakings, oral or
written.

 

Section
20.18  Governing
Law. This
Agreement shall be governed by, interpreted under the construed and enforced in
accordance with the laws of the State of Virginia and the courts of such State
shall have jurisdiction over any matters arising hereunder.

 

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142

 

Section
20.19  Assignment. Owner,
Tenant and Designated Agent may not without the prior written consent of
Licensee, assign or transfer any of their respective rights under this Agreement
to any other person, firm or company.

 

[Remainder
of Page Intentionally Left Blank]

 

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143

IN
WITNESS HEREOF, Licensee and Owner have duly executed this Agreement as of the
day and year first above written.

 

OWNER:

,

a    

By:    

Name:    

Title:    

TENANT:

,

a    

By:    

Name:    

Title:    

MANAGER:

,

a    

By:    

Name:    

Title:    

LICENSEE:

,

a    

By:    

Name:    

Title:    

EVERY
PAGE= "EVERY
PAGE" 0020399\111199\821280\10 

144

DESIGNATED
AGENT:

,

a    

By:    

Name:    

Title:    

EVERY
PAGE= "EVERY
PAGE" 0020399\111199\821280\10 

145

EXHIBIT
“P”

Schedule
of Title Objections

(1)  Sellers will
execute and deliver any affidavit or certificate reasonably requested of Seller
by the Title Company in order to delete any requirements set forth in Schedule
B-I of the Title Insurance Commitments and/or standard title exceptions set
forth in Schedule B-II of the Title Insurance Commitments.

 

(2)  Sellers
will pay or satisfy on or before Closing any monetary encumbrance reflected
on Schedule B-I or Schedule B-II of the Title Insurance
Commitments.

 

(3)  Sellers
will provide a good standing letter from any third-party to any item in
Schedule B-II of the Title Insurance Commitments, which such third-party is
required to provide. Such estoppel will be in the form and content required
under such item.

 

(4)   Seller
will use good faith efforts to obtain a good standing letter from any third
party to any CC&R’s set forth on Schedule B-II of any Title Commitment which
imposes ongoing obligations on the owner under such CC&R’s (but does not
specifically provide for a mechanism of obtaining such good standing letter) and
if such third party refuses to provide such good standing letter, Seller agrees
to provide and affidavit or certificate confirming that Seller is not in default
in the performance of any such ongoing obligations.;

 

(5)  Sellers
will deliver any required notice of the sale of the applicable Hotel
to third-parties under any item in Schedule B-II of the Title
Insurance Commitments.

 

(6)  Sellers
will cooperate in good faith with Buyer to obtain any consent to the sale
from any third-party required under any item in Schedule B-II of the
Title Insurance Commitments, in form and content as required by such
item.

 

(7)  To the
extent that any item in Schedule B-II of the Title Insurance Commitments
requires payments by the property owner of assessments or other monies to any
third-party, Sellers will provide written confirmation from such third-party
regarding payment of such amounts to the extent such third-party is obligated to
do so. To the extent such third-party is not obligated and refuses to provide
such confirmation, Sellers will provide Buyer with an affidavit or certified
statement confirming the amounts payable and the status of payment of such
amounts as current, and to the extent such Schedule B-II Item requires the owner
to comply with any annual reporting requirements, to provide Buyer with a copy
of the most recent annual report filed or submitted. 

 

(8)  Seller
will terminate or cause to be terminated any item in Schedule B-II of the Title
Insurance Commitments which pursuant to the terms of the this Agreement are
to be terminated at Closing including any Management Agreements that are not to
be assumed, lender-related matters, lease agreements, and third party purchase
options and rights of first refusal.

 

 

EVERY
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146

EXHIBIT
“Q”

 

Schedule
of Properties With Non-Assumed Management Agreements

# Brand Property
Name City ST Seller    

1 CY Foothill
Ranch  Lake
Forest CA 

2 TPS Newark Newark CA 

3 CY Palm
Desert Palm
Desert CA 

4 RI Palm
Desert Palm
Desert CA 

5 RI Mira
Mesa-San Diego San
Diego CA 

6 RI Sea World
Orlando Orlando FL 

7 CY Weston
(Ft. Lauderdale) Weston FL 

8 CY Alpharetta Alpharetta GA 

9 CY Overland
Park Overland
Park KS 

10 TPS Tewksbury Tewksbury MA 

11 TPS Scarborough Scarborough ME 

12 SHS Gaithersburg Gaithersburg MD 

13 SHS Charlotte Charlotte NC 

14 SHS Raleigh
Durham Durham NC 

15 TPS Mt.
Laurel Mount
Laurel NJ 

16 RI Cottonwood
(Salt Lake) Salt Lake
City UT 

17 SHS Centreville Centreville VA 

18 RI Merrifield Falls
Church VA

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]