Document:

Exhibit 10.36

 

EXECUTION VERSION

 

AMENDED & RESTATED REAL ESTATE
SALE AGREEMENT

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	1. PURCHASE AND SALE	2
	 	 
	2. PURCHASE PRICE	4
	 	 	 
	 	2.1  Earnest Money	5
	 	 	 
	 	2.2  Cash Consideration at Closing	6
	 	 	 
	 	2.3  Purchaser Holdco Class A Units at Closing	6
	 	 	 
	 	2.4  Assumed Debt	6
	 	 	 
	 	2.5  Pro Rata Share	8
	 	 	 
	 	2.6  No Excluded Assets	8
	 	 	 
	 	2.7  Property Allocation	11
	 	 
	3. EVIDENCE OF TITLE	11
	 	 	 
	 	3.1  Title Insurance	11
	 	 	 
	 	3.2  Survey	15
	 	 
	4. CLOSING	15
	 	 	 
	 	4.1  Closing Date	15
	 	 	 
	 	4.2  Seller’s Closing Deliveries	15
	 	 	 
	 	4.3  Purchaser’s Closing Deliveries	18
	 	 	 
	 	4.4  Closing Prorations and Adjustments	20
	 	 	 
	 	4.5  Transaction Costs	24
	 	 	 
	 	4.6  Possession	25
	 	 
	5. CASUALTY LOSS AND CONDEMNATION	25
	 	 	 
	 	5.1  Notice	25
	 	 	 
	 	5.2  Casualty and Condemnation Proceeds	25
	 	 
	6. BROKERAGE	26

 

	7. DEFAULT AND REMEDIES; FAILURE OF CONDITIONS TO CLOSING	26
	 	 	 
	 	7.1  Sellers’ Pre-Closing Default; Failure to Satisfy Purchaser Closing Conditions	26
	 	 	 
	 	7.2  Purchaser’s Pre-Closing Defaults; Failure to Satisfy Sellers’ Closing Conditions	27
	 	 	 
	 	7.3  Purchaser’s Pre-Closing Knowledge	28
	 	 	 
	 	7.4  Post-Closing Remedies	29
	 	 
	8. DILIGENCE; CONDITIONS PRECEDENT	30
	 	 	 
	 	8.1  Diligence and Inspection	30
	 	 	 
	 	8.2  Conditions to Closing	31
	 	 	 
	 	8.3  Additional Provisions Regarding Assumed Debt and Replacement Debt..	34

 

 

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	9. REPRESENTATIONS AND WARRANTIES	34
	 	 	 
	 	9.1  Sellers’ Representations and Warranties	34
	 	 	 
	 	9.2  Seller’s Knowledge	41
	 	 	 
	 	9.3  Survival of Sellers’ Representations and Warranties	41
	 	 	 
	 	9.4  Purchaser’s Representations and Warranties	42
	 	 	 
	 	9.5  Survival of Purchaser’s Representations and Warranties	44
	 	 	 
	 	9.6  Purchaser’s Additional Representations and Warranties	44
	 	 
	10. AS-IS; REAL ESTATE TAXES	46
	 	 	 
	 	10.1  AS-IS CONDITION	46
	 	 	 
	 	10.2  NO ADDITIONAL REPRESENTATIONS	46
	 	 	 
	 	10.3  RELEASE	48
	 	 	 
	 	10.4  Pending Litigation Indemnification	49
	 	 	 
	 	10.5  Real Estate Taxes.	50
	 	 
	11. INDEMNIFICATION; LIMITATION OF LIABILITY	54
	 	 	 
	 	11.1  Indemnification; Limitation of Liability	54
	 	 	 
	 	11.2  No Personal Liability of Sellers’ Directors and Employees	55
	 	 	 
	 	11.3  Cooperation of Sellers	56
	 	 
	12. OPERATION OF THE PROPERTY; SELLER’S COVENANTS	56
	 	 	 
	 	12.1  Ordinary Course of Business	56
	 	 	 
	 	12.2  Service Contracts	57
	 	 	 
	 	12.3  Property Insurance	57
	 	 	 
	 	12.4  Debt Assumption	57
	 	 	 
	 	12.5  Ground Leases	58
	 	 	 
	 	12.6  Litigation	58
	 	 	 
	 	12.7  Management Contracts	58

 

	 	12.8  Replacement Franchise Agreements	58
	 	 	 
	 	12.9  Immediate Repairs	59
	 	 	 
	 	12.10  Television & Internet Service Contracts	59
	 	 	 
	 	12.11  Reliance Letters	59
	 	 
	13. PURCHASER’S COVENANTS	59
	 	 	 
	 	13.1  Replacement Franchise Agreements	59
	 	 	 
	 	13.2  Ground Lessor Consents	60
	 	 	 
	 	13.3  Television & Internet Service Contracts	60
	 	 	 
	 	13.4  Liquor Licenses	60
	 	 	 
	 	13.5  Debt Assumption	61
	 	 	 
	 	13.6  Other Debt Matters	62
	 	 	 
	 	13.7  Property Management	62

 

 

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	14. MISCELLANEOUS	63
	 	 	 
	 	14.1  Indemnification Claims	63
	 	 	 
	 	14.2  Entire Agreement	63
	 	 	 
	 	14.3  Assignment	63
	 	 	 
	 	14.4  No Modification	64
	 	 	 
	 	14.5  Time of the Essence	64
	 	 	 
	 	14.6  Governing Law	64
	 	 	 
	 	14.7  Notice	64
	 	 	 
	 	14.8  Waiver of Trial by Jury	65
	 	 	 
	 	14.9  Confidentiality	65
	 	 	 
	 	14.10  Guest Baggage	66
	 	 	 
	 	14.11  Access to Property Files	66
	 	 	 
	 	14.12  No Memorandum of Agreement	66
	 	 	 
	 	14.13  No Finance Contingency	67
	 	 	 
	 	14.14  Counterpart Signatures	67
	 	 	 
	 	14.15  Designation of Escrowee as Reporting Person	67
	 	 	 
	 	14.16  Business Days	67
	 	 	 
	 	14.17  Signatures	67
	 	 	 
	 	14.18  Legal Representation	67
	 	 	 
	 	14.19  Prevailing Party Attorneys’ Fees	68
	 	 	 
	 	14.20  State-Specific Provisions	68
	 	 	 
	 	14.21  Further Assurances	72
	 	 	 
	 	14.22  Material Defaults	72
	 	 	 
	 	14.23  BP Oil Spill Settlement	72
	 	 	 
	 	14.24  Recitals	72

 

EXHIBITS AND SCHEDULES

 

Schedule 1A – Sellers and Properties

 

Schedule 1B – Purchaser and Properties

 

Schedule 2 – Purchase Price Allocation

 

Schedule 3 – Existing Mortgage and Mezzanine
Financing

 

Schedule 4 – Loan Documents

 

Schedule 5 – Seller’s Knowledge
Parties

 

Schedule 5A – Purchaser’s Knowledge
Parties

 

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Schedule 6 – Arbitration Procedures

 

Schedule 7 – [Reserved]

 

Schedule 8 – Excluded Hotel Assets

 

Schedule 9 – Agreed PIP Allocations

 

Exhibits A-1 – A-126 – Legal Descriptions

 

Exhibits B-1 – B-35 – Deeds

 

Exhibit C – Form of Assignment and Assumption
of Ground Lease

 

Exhibit D – Form of Supplemental Agreement

 

Exhibit E-1 – Form of Purchaser Holdco
Operating Agreement

 

Exhibit E-2 – Form of Bad Boy Guaranty

 

Exhibit E-3 – Form of Mandatory Redemption
Guaranty

 

Exhibit E-4 – Form of Environmental
Indemnity Agreement

 

Exhibit E-5 – Form of Cash Management
Agreement

 

Exhibit F –Earnest Money Escrow Instructions

 

Exhibit G-1 – Form of Title Affidavit

 

Exhibit G-2 – Form of Non-Imputation
Affidavit

 

Exhibit H – Form of Bill of Sale

 

Exhibit I – Form of Tenant Notice Letter

 

Exhibit
J – Form of Assignment and Assumption of Leases, Security Deposits, Advance Booking Deposits, Guest Ledger Accounts and
Service Contracts

 

Exhibit K – Form of Assignment and Assumption
of Intangibles

 

Exhibit L – Form of FIRPTA Certificate

 

Exhibit M – Management Contract Termination

 

Exhibit N – Ground Leases

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Exhibit O – Form of Interim Beverage
Service Agreement

 

Exhibit P – Whitehall Guarantees

 

Exhibit Q – Go Forward Notice

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INDEX OF DEFINED TERMS

 

Page

 

	Act	66
	Action	65
	Adjuster	9
	Agreement	1
	Allocated Amount	5
	Allocated Loan Amount	10
	Allocated Purchase Price	5
	Appraiser	9
	Assumable Service Contracts	3
	Assumed Debt	6
	Business Day	65
	Cash Consideration	4
	Cash Management Bank	18
	Casualty	24
	Casualty/Condemnation Threshold	9
	Change of Control	61
	Changeover Event	59
	Claim	14
	Class A Holders	4
	Closing	14
	Closing Date	14
	Closing Statement	15
	Code	36
	Competitor	41
	Condemnation	24
	Cure	12
	Debt Assumption	6
	Decision	65
	Deed	15
	Designated Representations	27
	Disclosure Letter	32
	Disclosure Statement	66
	Dispute	64
	Division	68
	DTPA	41
	Due Diligence Materials	28
	Earnest Money	5
	Earnest Money Escrow Instructions	5
	Effective Date	1
	Eligible Institution	19

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	Embargoed Person	43
	Encumbered Hotel Assets	6
	Environmental Condition	37
	Environmental Laws	36
	ERISA	40
	Escrowee	5
	Excluded Hotel Asset	4
	Existing Surveys	14
	FF&E	2
	Final Allocation	10
	Financial Statements	38
	First Pool Assets	1
	First Pool Offset Amount	48
	First Pool Overage	49
	First Pool Overage Threshold	50
	First Pool Purchaser Holdco	4
	First Pool Purchaser Holdco Operating Agreement	4
	First Pool Real Estate Taxes	49
	First Pool Underage	49
	First Pool Underage Threshold	50
	Franchise Agreements	34
	Ground Lease Assignment	15
	Ground Leases	35
	Ground Lessor	23
	Ground Lessor Consents	23
	Guest Ledger Account	20
	Hazardous Materials	45
	Hazardous Substances	45
	Hilton	41
	Hotel Asset	3
	Hotel Taxes	19
	Hotels	2
	Hyatt	41
	IHG	41
	Improvements	2
	Indemnitors	7
	Intangible Property	3
	Inventory	3
	Leases	2
	Lender	23
	Lien	12
	Liquor Inventory	3
	Liquor Licenses	58
	Liquor Operations	3
	Loan Documents	6

	Losses	29

 

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	Management Contracts	30
	Marriott	41
	Material Contract	34
	Maximum First Pool Offset Amount	49
	Maximum Second Pool Offset Amount	51
	Natural Hazard Area	66
	Natural Hazard Expert	66
	NJ Bulk Sales Tax Escrowee	68
	NJ Claim	68
	NJ Deficiency	68
	NJ Tax Escrow	68
	NLRB	38
	Objectionable Title Matter	13
	OFAC List	37
	Original Agreement	1
	Original Purchaser	1
	Owner’s Policies	11
	Pending Litigation	47
	Permits	34
	Permitted Assignee	61
	Permitted Exceptions	11
	Personal Property	2
	Portfolio Material Adverse Effect	14
	Pro Rata Share	7
	Property	3
	Property  Material Adverse Effect	13
	Property Representations	27
	Purchase Price	4
	Purchaser	1
	Purchaser Closing Condition Remedies	26
	Purchaser Closing Conditions	29
	Purchaser Holdco	4
	Purchaser Holdco Class A Units	4
	Purchaser Holdco Operating Agreement	4
	Purchaser Indemnified Person	47
	Purchaser Notice Date	27
	Purchaser Parent	18
	Purchaser REIT	18
	Purchaser’s Casualty/Condemnation Notice	8
	Purchaser’s Consultants	64
	Purchaser’s Period	22
	Real Estate Taxes	48
	Real Property	1
	Replacement Debt	7
	Replacement Franchise Agreements	23
	Report	66

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	Required Cure Matters	12
	Reservation Deposit	3
	Reservations	3
	Restored	9
	Retained Baggage	64
	Second Pool Assets	1
	Second Pool Offset Amount	50
	Second Pool Overage	51
	Second Pool Overage Threshold	51
	Second Pool Purchaser Holdco	4
	Second Pool Purchaser Holdco Operating Agreement	4
	Second Pool Real Estate Taxes	51
	Second Pool Underage	51
	Second Pool Underage Threshold	51
	Section 1542	66
	Seller	1
	Seller Closing Conditions	30
	Seller Loan Guarantors	59
	Seller Released Parties	46
	Seller’s Knowledge	39
	Sellers' Notice	1
	Sellers’ Period	22
	Service Contracts	2
	Special Members	18
	Supplemental Agreement	7
	Tax Appeals	22
	Tax Consultant	48
	Tax Notification	68
	Television & Internet Service Contracts	15
	Tenants	2
	Title Commitments	10
	Title Insurer	10
	Unapplied First Pool Underage	49
	Unapplied Second Pool Underage	51
	Union	39
	Updated Survey	14
	Updated Title Commitments	10
	WARN Act	60
	WARN Act Obligations	60
	Whitehall	7
	Whitehall Guarantees	7

 

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AMENDED & RESTATED REAL ESTATE
SALE AGREEMENT

 

THIS AMENDED &
RESTATED REAL ESTATE SALE AGREEMENT (this “Agreement”) is made as of the 11th day of November, 2014
(the “Restatement Date”), by and between the sellers listed on Schedule 1A attached hereto (each, a “Seller”
and collectively, “Sellers”), American Realty Capital Hospitality Portfolio Member, LLC, a Delaware limited
liability company (“Original Purchaser”), and each of the purchasers listed on Schedule 1B attached hereto
(together with Original Purchaser, individually or collectively as the context may require, “Purchaser”).

 

RECITALS

 

A.WHEREAS, each
Seller is the owner of fee or ground leasehold interests in the parcel or parcels of real estate (each such parcel, other than
those that constitute Excluded Hotel Assets, a “Real Property” and collectively, the “Real Properties”)
on which one hundred and twenty-six (126) Hotels and other Improvements incidental thereto are located, which such Hotels owned
by each Seller are set forth opposite its name on Schedule 1A and which parcels of Real Property are each more particularly
described in attached Exhibits A-1 through A-126 (the Real Properties described in Exhibits A-1 through A-106,
other than those that constitute Excluded Hotel Assets, the “First Pool Assets”, and the Real Properties described
in Exhibits A-107 through A-126, other than those that constitute Excluded Hotel Assets, the “Second Pool
Assets”); and

 

B.WHEREAS, Sellers
desire to sell to Purchaser, and Purchaser desires to purchase from Sellers, the Property, each in accordance with and subject
to the terms and conditions set forth in this Agreement; and

 

C.WHEREAS, on May
23, 2014 (the “Effective Date”), Sellers and Original Purchaser entered into that certain Real Estate Sale Agreement,
which Real Estate Sale Agreement was amended by that certain First Amendment to Real Estate Sale Agreement dated June 9, 2014,
further amended by that certain Second Amendment to Real Estate Sale Agreement dated July 21, 2014 and supplemented by those letter
agreements dated (i) July 11, 2014, (ii) August 4, 2014, (iii) August 14, 2014, (iv) August 22, 2014, (v) September 12, 2014, (vi)
October 14, 2014, and (vii) October 30, 2014 (such Real Estate Sale Agreement, as so amended and supplemented, the “Original
Agreement”); and

 

D. WHEREAS, immediately
prior to the execution of this Agreement, Purchaser has elected to exclude the Excluded Hotel Assets (as defined herein) from the
sale transaction described herein pursuant to the Original Agreement; and

 

E.WHEREAS, Sellers
and Purchaser now desire to amend and restate the Original Agreement to reflect all previous amendments and supplements thereto
(other than the letter agreement regarding financial statements, dated as of September 18, 2014, which shall not be considered
part of the Original Agreement), the foregoing exclusion of the Excluded Hotel Assets and the additional amendments to the Original
Agreement as have been agreed between Sellers and Purchaser, in each case as set forth in this Agreement; and

 

    	 

    	 

    

 

 

F.WHEREAS, on November
7, 2014, Sellers delivered to Purchaser a written notice purporting to terminate the Original Agreement (the “Sellers’
Notice”), and pursuant to the terms of this Agreement, Sellers have withdrawn the Sellers’ Notice, and Sellers
and Purchaser have agreed that the Sellers’ Notice has been withdrawn as if it were never issued and the Original Agreement
was not terminated.

 

NOW, THEREFORE, in
consideration of the above Recitals, the mutual covenants and agreements herein set forth and the benefits to be derived therefrom,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and Sellers
agree to amend, restate and supersede in its entirety the Original Agreement as follows:

 

1.PURCHASE
AND SALE. Subject to and in accordance with the terms and conditions set forth in this Agreement, Purchaser shall purchase
from Sellers and Sellers shall sell to Purchaser the Real Properties, together with: (i) all buildings and improvements owned by
Sellers and located on the Real Properties (the “Improvements”, and the portions thereof comprising the hotel(s)
on each individual Real Property, are collectively referred to as the “Hotels”) and any and all of Sellers’
rights, easements, licenses and privileges presently thereon or appertaining thereto; (ii) all of Sellers’ right, title and
interest, if any, in and to any land lying in the bed of any street, alley, road or avenue (whether open, closed or proposed) within,
in front of, behind or otherwise adjoining the Real Properties or any of them, and any other rights-of-way, strips and gores of
land to the extent such land is appurtenant to any of the Real Properties; (iii) all of Sellers’ right, title and interest
in and to the leases, licenses, occupancy agreements and other agreements demising space in or providing for the use or occupancy
of the Real Properties or any part thereof described in the Disclosure Letter (the “Leases”; provided, however,
that the Leases shall not include arrangements or agreements providing for the transient use of guest rooms, banquet rooms, conference
rooms or similar facilities by any Hotel’s guests or patrons), and all refundable deposits, security or otherwise, made by
tenants or other users or occupants of the Improvements or the Real Properties under the Leases (collectively, “Tenants”;
provided, however, that the Tenants shall not include transient users of guest rooms, banquet rooms, conference rooms or similar
facilities at any Hotel); (iv) any and all machinery, equipment, appliances, tools, furniture, furnishings, fittings, fixtures
and other articles of durable personal property of every kind and nature, including all spare parts and reserve stock, which are
owned or leased by or for the account of Sellers and are physically located at the Hotels and used in the operation of any Hotel,
including, without limitation, and subject to depletion and replacement in the ordinary course of business and not in violation
of the express provisions hereof: (A) office furniture and equipment, (B) room furnishings, (C) art work and other
decorative items, (D) televisions, radios, VCRs and other consumer electronic equipment, (E) telecommunications equipment
(other than the systems and/or software that are owned or provided by the franchisors in connection with the operation of the Hotels,
and used at the Hotels subject to the terms of the applicable Franchise Agreements), (F) computer equipment (other than computer
equipment owned or provided by franchisors in connection with the operation of the Hotels, and is used at the Hotels subject to
the terms of the applicable Franchise Agreements), (G) automobiles, vans, trucks, machinery and other vehicles, (H) blankets,
pillows, linens, towels, sheets and other bed clothing, (I) kitchen appliances, cookware and other cooking utensils and (J) all
keys, access cards, combinations to locks and other security devices or other incidents of ownership; but excluding the personal
property, in each case, owned by Hotel tenants, concessionaires or other third parties, or Hotel guests
(collectively, “FF&E”), Inventory

 

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and other tangible property (collectively,
the “Personal Property”) owned by Sellers, located on any of the Real Properties or the Improvements or used
solely in connection with the Real Properties and/or the Improvements; (v) except as otherwise provided herein, all right, title
and interest of Sellers under any and all of the maintenance, service, advertising, utility, television, internet and other like
contracts and agreements with respect to the ownership and operation of the Property set forth in the Disclosure Letter (the “Service
Contracts”); all if and to the extent transferable without third-party consent, or cost or liability to Sellers that
is not reimbursed or prorated pursuant to this Agreement (collectively, the “Assumable Service Contracts”;
provided that Assumable Service Contracts shall not include any Franchise Agreements, Leases, Ground Leases, Television &
Internet Service Contracts or Management Contracts); (vi) all of Sellers’ right, title and interest in and to all intangible
personal property relating to any of the Real Properties and the Improvements (including, without limitation, all permits, licenses
and approvals; warranties, indemnities, claims and guarantees with respect to work performed at the Real Properties and the Improvements;
architectural drawings, plans and specifications, surveys and as-built drawings for the Real Properties and the Improvements;
engineering reports; advertising material, telephone exchange numbers; the Guest Ledger Accounts; intellectual property used in
or held for use in the operation of the Hotels, but excluding any employee training manuals or employee benefit manuals in use
at the Hotels that are the property of franchisors or managers and excluding all service marks, copyrights, trade names, trademarks,
symbols, logos, and all other intellectual property rights, marks or characteristics associated with a brand name of franchisors
or managers; reservations, commitments and other agreements for the use of guest rooms, conference rooms, dining rooms or other
facilities in any Hotel (collectively, the “Reservations”; and each deposit or advance payment received by
any Seller in connection with any Reservation, a “Reservation Deposit”), excluding, however, appraisals, internal
valuations and projections, attorney-client communications and other reports, records and files that customarily would be considered
confidential or privileged; all if and to the extent transferable without third-party consent, or cost or liability to Sellers
that is not reimbursed or prorated pursuant to this Agreement (collectively, the “Intangible Property”); (vii)
all of Sellers’ right, title and interest in and to (A) all retail goods physically located at the Property and held
by or on behalf of any Seller for sale to Hotel guests and others (excluding food and beverages served on-site at any Hotel),
(B) the stock of supplies and other consumables physically located at the Property and used in the operation and maintenance
of the Hotels in the ordinary course of business, and (C) all liquor, wine, beer and other alcoholic beverages physically located
at the Property and held for sale to Hotel guests and others or otherwise used in the operation of any Hotel, in each case, by
or on behalf of Seller, including, without limitation, the contents of any in-room servi-bars and mini-bars (“Liquor
Inventory”), but excluding the Liquor Inventory if applicable alcoholic beverage control laws require a separate sale
and transfer of the sale and/or service of any Liquor Inventory (such sale and service is referred to herein as “Liquor
Operations”) (collectively, the “Inventory”); and (viii) all of Sellers’ rights, title and
interest in and to all books and records and files related to operation of the Real Properties to the extent in their possession
or under their control, including, but not limited to plans, specifications, drawings, blueprints, surveys and environmental reports;
excluding, however, appraisals, internal valuations and projections, attorney-client communications and other reports, records and files that customarily
would be considered confidential or privileged, the Improvements and/or the other items listed in items (i) through (vii) above
(items (i) through (viii) above, together with the Real Properties, are collectively referred to in this Agreement as the “Property”).
For the

 

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avoidance of doubt, all of the foregoing
expressly excludes all property owned by Tenants of the Real Properties, guests of the Hotels, and franchisors or managers of
the Hotels. As used herein, the term “Hotel Asset” means a particular Hotel, together with all portions of
the Property exclusively related or incidental thereto or exclusively used in or held for use in the operation thereof. For the
avoidance of doubt the Property shall not include, and Sellers shall not convey to Purchaser, any real property, improvements,
leases, personal property, intangible property, inventory or other assets or property of any kind comprising of or related to
the hotels listed on Schedule 8 hereto (each, an “Excluded Hotel Asset”), unless and until an applicable
Excluded Hotel Asset is substituted for a Hotel Asset in accordance with the express terms of Section 2.6 hereof.

 

2.PURCHASE
PRICE. The total consideration to be paid by Purchaser to or on behalf of Sellers for the Property is $1,808,113,685.00
(subject to adjustment pursuant to the terms hereof), consisting of (i) $1,384,498,749.00 in cash (the “Cash Consideration”),
(ii) $347,298,021.00 in Class A Units in ARC Hospitality Portfolio I Holdco, LLC, a Delaware limited liability company (“First
Pool Purchaser Holdco”), the indirect owner of 100% of the beneficial and ownership interests in the applicable Purchasers
that will hold record title to the First Pool Assets after Closing, which such units shall be issued pursuant to that certain Limited
Liability Company Agreement of entered into at the Closing (in the form attached hereto as Exhibit E-1) (the “First
Pool Purchaser Holdco Operating Agreement”), (iii) $76,317,185.00 in Class A Units in ARC Hospitality Portfolio II Holdco,
LLC, a Delaware limited liability company (“Second Pool Purchaser Holdco” and, collectively with First Pool
Purchaser Holdco, “Purchaser Holdco”), the indirect owner of 100% of the beneficial and ownership interests
in the applicable Purchasers that will hold record title to the Second Pool Assets after Closing, which such units shall be issued
pursuant to that certain Limited Liability Company Agreement of Second Pool Purchaser Holdco entered into at the Closing (in the
form attached hereto as Exhibit E-1) (the “Second Pool Purchaser Holdco Operating Agreement” and, collectively
with the First Pool Purchaser Holdco Operating Agreement, the “Purchaser Holdco Operating Agreement”), which
units, subject to certain adjustments, will entitle the direct or indirect equity holders in Sellers identified by Sellers prior
to Closing (the “Class A Holders”) to receive, in the aggregate, a monthly distribution equal to 7.50% per annum
for the first 18 months following Closing and 8.00% per annum thereafter, in each case, on the outstanding balance of such units
as further described in the Purchaser Holdco Operating Agreement (such units the “Purchaser Holdco Class A Units”,
and together with the Cash Consideration, the “Purchase Price”). Each individual entity comprising Purchaser
shall be jointly and severally liable to Sellers for the payment in full of the Purchase Price and the performance of the obligations
of any Purchaser hereunder. Subject to adjustment as set forth herein, the aggregate Purchaser Holdco Class A Units issued shall
be $423,615,206.00. In the event that the ratio of (a) the aggregate amount of any financing obtained and/or assumed at Closing
by Purchaser and any of its parents, subsidiaries or affiliates,
which financing encumbers any assets of First Pool Purchaser Holdco or any of its subsidiaries, to (b) the Purchase Price for the
First Pool Assets exceeds 62.50%, then the dollar amount of such excess shall (1) increase the Cash Consideration payable to the
First Pool Sellers on a dollar-for-dollar basis and (2) decrease the amount of the Purchaser Holdco Class A Units distributed in
respect of the First Pool Assets on the same dollar-for-dollar basis (with such decrease allocated amongst such Purchaser Holdco
Class A Units on a pro-rata basis). In the event that the ratio of (x) the aggregate amount of any financing obtained and/or assumed
at Closing by Purchaser and any of its parents, subsidiaries or affiliates, which financing encumbers

 

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 any assets of Second Pool
Purchaser Holdco or any of its subsidiaries, to (y) the Purchase Price for the Second Pool Assets exceeds 62.50%, then the dollar
amount of such excess shall (A) increase the Cash Consideration payable to the Second Pool Sellers on a dollar-for-dollar basis
and (B) decrease the amount of the Purchaser Holdco Class A Units distributed in respect of the Second Pool Assets on the same
dollar-for-dollar basis (with such decrease allocated amongst such Purchaser Holdco Class A Units on a pro-rata basis). In the
event that Purchaser and its affiliates have each used their respective diligent efforts during the period between the Effective
Date and the Closing to raise the required equity investment to fund the Cash Consideration but have been unable to raise an aggregate
amount sufficient to fund such amount, then the dollar amount of such shortfall, but in any event an amount no greater than $23,481,995.00,
shall, at the request of Purchaser, (I) decrease the Cash Consideration payable to the Second Pool Sellers on a dollar-for-dollar
basis and (II) increase the amount of the Purchaser Holdco Class A Units distributed in respect of the Second Pool Assets on the
same dollar-for-dollar basis (with such increase allocated amongst the Purchaser Holdco Class A Units distributed in respect of
the Second Pool Assets on a pro-rata basis) (for the avoidance of doubt, the inability of Purchaser or its affiliates to raise
any capital shall not excuse any of Purchaser’s obligations under this Agreement). A portion of the Purchase Price (including
the Purchaser Holdco Class A Units) shall be allocated to each of the Real Properties (and the other Property related to such Real
Property) as mutually agreed to by Seller and Purchaser as set forth on Schedule 2, including a separate designation of
the Purchaser Holdco Class A Units allocated to each Real Property, which separate designation shall serve as the “Allocated
Amount” for such Hotel Asset in the Purchaser Holdco Operating Agreement, which allocations are based on Purchaser’s
independent valuation of the Property (with respect to each Real Property, such allocation, the “Allocated Purchase Price”),
and the sum of all Allocated Purchase Prices equals the Purchase Price. Any adjustment to the Purchase Price provided for herein
shall be allocated between the Cash Consideration and the Purchaser Holdco Class A Units such that the Purchaser Holdco Class A
Units represent five-eights (5/8ths) of the total of (i) the Purchase Price, as adjusted by this sentence, minus (ii) if the Debt
Assumption is consummated, the principal amount thereof assumed, minus (iii) the aggregate amount of any financing obtained and/or
assumed at Closing by Purchaser and any of its parents, subsidiaries or affiliates, which financing encumbers any assets of Purchaser
Holdco or any of its subsidiaries. Any increase to the Purchase Price provided for herein that results in a Purchase Price greater
than $1,808,113,685.00 shall be added solely to the Cash Consideration. The Purchase Price shall be paid as follows:

 

2.1Earnest
Money.

 

2.1.1Sellers,
Original Purchaser and a duly authorized representative of Chicago Title Insurance Company (“Escrowee”) have
previously executed the Earnest Money Escrow
Instructions attached hereto as Exhibit F (the “Earnest Money Escrow Instructions”). On May 27, 2014,
Purchaser delivered to Escrowee earnest money in the sum of Fifty Million and No/100ths Dollars ($50,000,000.00), and on September
19, 2014, Purchaser delivered to Escrowee supplemental earnest money in the sum of Twenty-Five Million and No/100ths Dollars ($25,000,000.00),
each in accordance with the terms of the Original Agreement (together with any interest earned thereon net of investment costs,
the “Earnest Money”). The Earnest Money shall be invested as Purchaser shall direct from time to time in accordance
with the terms of the Earnest Money Escrow Instructions (and the risk of loss of the Earnest Money shall be borne by

 

    	-5-

    	 

    

Purchaser). Any and all interest
earned on the Earnest Money shall be reported to Purchaser’s federal tax identification number as set forth on the form
W-9 required by Escrowee prior to investment of the Earnest Money.

 

2.1.2If
the transaction closes in accordance with the terms of this Agreement, at the Closing, all of the Earnest Money shall be delivered
by Escrowee to Seller as partial payment of the Purchase Price in accordance with Section 4.1 below. If the transaction fails to
close due to a material default on the part of Purchaser or the failure of any Seller Closing Condition, Sellers shall have the
remedy options provided for in Section 7.2.1 or Section 7.2.2 below, as applicable. If the transaction fails to close due to a
material default on the part of Sellers or the failure of any Purchaser Closing Condition, Purchaser shall have the remedy options
provided for in Section 7.1.1 or Section 7.1.2 below, as applicable.

 

2.2Cash
Consideration at Closing. At Closing, Purchaser shall pay to Sellers, with current federal funds wire-transferred to an account
designated by Escrowee in writing, an amount equal to the Cash Consideration minus the Earnest Money which Sellers receive at the
Closing from the Escrowee in accordance with Section 4.1, and plus or minus, as the case may require, the closing prorations, adjustments
and credits to be made pursuant to the terms of this Agreement and which Sellers have elected to allocate to the Cash Consideration
(including, without limitation, as set forth in Sections 2.4, 2.6, 4.4, 5, 7.1.1, 12.1 and 12.4 below).

 

2.3Purchaser
Holdco Class A Units at Closing. Subject to Section 13.6.2 and the satisfaction of the Purchaser Closing Conditions and the
Seller Closing Conditions, and in accordance with the Purchaser Holdco Operating Agreement, at Closing, each Class A Holder shall
be admitted to Purchaser Holdco as a member and such Class A Holder shall be issued its share of the Purchaser Holdco Class A Units
(as determined pursuant to Section 2.5), as such share of the Purchaser Holdco Class A Units may be adjusted based on the closing
prorations, adjustments and credits to be made pursuant to the terms of this Agreement and which Sellers have elected to allocate
to the Purchaser Holdco Class A Units (including, without limitation, as set forth in Sections 2.4, 2.6, 4.4, 5, 8.2, 7.1.1, 12.1
and 12.4 below).

 

2.4Assumed
Debt.

 

2.4.1As
further described herein, Purchaser will use its diligent best efforts (1) to cause Purchaser or a Permitted Assignee to purchase
the First Pool Assets subject to the existing mortgage and mezzanine financing described on Schedule 3 (the “Assumed Debt”;
and each of the documents, agreements and instruments now or hereafter evidencing, securing or delivered in connection with any
of the Assumed Debt (as the same may have been or may be amended, restated, replaced, supplemented or otherwise modified from time
to time as required by the terms thereof or otherwise with the consent of Purchaser), including, without limitation, those documents,
agreements and instruments listed on Schedule 4, the “Loan Documents”), and (2) to assume the Assumed
Debt at Closing, in each case, in accordance with the terms and conditions set forth herein, including Section 13.5 (the “Debt
Assumption”). For the avoidance of doubt, “diligent best efforts” does not include filing suit against Lender
to cause Lender to approve the Debt Assumption. In the event that Purchaser or a Permitted Assignee

 

    	-6-

    	 

    

consummates the Debt Assumption
at Closing, the Cash Consideration due to the Sellers of the First Pool Assets which are encumbered by the Lien of the Assumed
Debt at Closing (the “Encumbered Hotel Assets”) will be decreased by an amount equal to all outstanding principal
under the Assumed Debt encumbering the Encumbered Hotel Assets transferred at Closing as of the Closing Date, where such amounts
are assumed by Purchaser or a Permitted Assignee in connection with the Debt Assumption, and, notwithstanding anything herein
(or in any other document delivered pursuant to this Agreement), the Encumbered Hotel Assets will be conveyed subject to the Liens
of the Assumed Debt and such Liens shall be Permitted Exceptions for all purposes hereunder.

 

2.4.2Prior
to 5:00 P.M. Eastern Standard Time on November 26, 2014, Purchaser shall have the opportunity to determine to its satisfaction
whether to consummate the Debt Assumption or otherwise obtain other or alternative financing to replace the Assumed Debt (the “Replacement
Debt”) in order to enable it to consummate the acquisition of the Property. This Agreement shall automatically (and without
any further action of any party) terminate at 5:00 P.M., Eastern Standard Time, on November 26, 2014, unless, prior to such time,
Purchaser has delivered a written notice to Sellers in the exact form of Exhibit Q attached hereto (without any modification,
except to insert a date of the notice prior to November 26, 2014) (such written notice, the “Go Forward Notice”)
electing to proceed with such acquisition. If Purchaser delivers a purported Go Forward Notice that is modified in any way from
the form of Go Forward Notice attached hereto as Exhibit Q (other than modifying the date to a date earlier than November
26, 2014), such purported Go Forward Notice shall not be effective or constitute a “Go Forward Notice” and this Agreement
shall automatically terminate in accordance with the preceding sentence at 5:00 P.M. Eastern Standard Time on November 26, 2014,
unless Purchaser delivers a valid and effective Go Forward Notice prior to such time. In the event that this Agreement is terminated
pursuant to the immediately preceding sentences, Purchaser shall receive a return of the Earnest Money, unless Purchaser is otherwise
in default hereunder and Seller is exercising its remedies under Section 7.2.1 hereof. Following such automatic termination, Purchaser
and Sellers shall cease to have any rights or obligations hereunder except for those that expressly survive the termination hereof.
If Purchaser timely delivers the Go Forward Notice, the Earnest Money shall no longer be refundable to Purchaser except as expressly
set forth in the balance of this Agreement and Purchaser shall be obligated to proceed to Closing in accordance with the terms
hereof.

 

2.4.3In
connection with the foregoing, subject to the other terms and conditions of this Agreement, Sellers shall cause Whitehall Street
Global Real Estate Limited Partnership 2007 and Whitehall Parallel Global Real Estate Limited Partnership 2007 (the latter two
entities, together, “Whitehall”) to provide new guarantees and indemnities in respect of the Assumed Debt in
substantially the same form as attached hereto as Exhibit P (collectively, the “Whitehall Guarantees”)
and Purchaser shall cause the Supplemental Agreement in the form attached hereto as Exhibit D (the “Supplemental
Agreement”) to be executed and delivered to each of Whitehall and the Sellers at Closing by Purchaser REIT, Purchaser
Parent, Purchaser and each of the individuals listed therein as parties thereto (such individuals, the “Indemnitors”)
and cause each of the Indemnitors to join and deliver to the Sellers at Closing each of the agreements attached hereto as

    	-7-

    	 

    

 

 

Exhibit
E-2, Exhibit E-3 and Exhibit E-4. For the avoidance of doubt, each of Purchaser Parent and Purchaser REIT shall
also be required to provide guarantees and indemnities under the Assumed Debt and each of the agreements attached hereto as Exhibit
E-2, Exhibit E-3 and Exhibit E-4, in each case, as contemplated in this Agreement.

 

2.5Pro
Rata Share. Each Seller shall receive its pro rata share of the Cash Consideration (taking into account any decrease to the
Cash Consideration payable to such Seller in accordance with Section 2.4.1) and be deemed to have received its pro rata share of
the Purchaser Holdco Class A Units based upon the proportion that the Allocated Purchase Price of each of the Hotel Assets owned
by such Seller bears to the sum of all Allocated Purchase Prices (such Seller’s “Pro Rata Share”). Prior
to Closing, notwithstanding the deemed distribution of Purchaser Holdco Class A Units for purposes of calculating each Seller’s
Pro Rata Share, Sellers will provide a notice to Purchaser specifying the amount of Purchaser Holdco Class A Units to be issued
to each Class A Holder. Purchaser and Sellers each agree that they shall file all tax returns (including, but not limited to, Internal
Revenue Service Form 8594 and any local and state transfer tax forms) in a manner which allocates the Purchase Price in accordance
with Section 2. This Section 2.5 shall survive the Closing.

 

2.6No
Excluded Assets. Purchaser shall not have the right to exclude any Hotel Assets or other portions of the Property from the
transactions contemplated herein for any reason whatsoever other than as expressly set forth in the balance of this Section 2.6;
provided that, notwithstanding anything in this Section 2.6 to the contrary, (i) under no circumstances will Purchaser be permitted
to exclude the Hotel Assets described in Exhibits A-25 (Hampton Inn Chattanooga, TN), A-30 (Hampton Inn Columbus, GA) and A-35
(Hampton Inn Fayetteville, NC) from the Property, (ii) after giving effect to any permitted substitutions of Hotel Assets under
this Section 2.6, under no circumstances may the Excluded Hotel Assets that are First Pool Assets have aggregate Allocated Loan
Amounts that exceed ten percent (10%) of the aggregate Allocated Loan Amounts of all Individual Properties (as such terms are defined
in the Loan Agreement) unless Purchaser has obtained a waiver in writing from Lender of the application of Section 2.5.2(iii)(a)
of the Loan Agreement to the exclusion of such Excluded Hotel Assets, and (iii) under no circumstances may the total number of
Excluded Hotel Assets at any time exceed ten (10). The Hotel Assets which each individual Purchaser will acquire (along with all
other portions of the Property related thereto) are set forth on Schedule 1B.

  

2.6.1If
any Hotel Asset suffers a Condemnation or a Casualty prior to January 22, 2015, then Sellers shall promptly after learning thereof
provide Purchaser with notice thereof, and the damages, in the case of a Condemnation, or the cost to repair, in the case of a
Casualty, when added to damages and costs to repair, as applicable, of all prior Condemnations and/or Casualties to such Hotel
Asset occurring on or after the Effective Date (and which have not been previously Restored) exceed the Casualty/Condemnation Threshold,
then Purchaser shall have the option, exercisable by written notice (such notice, the “Purchaser’s Casualty/Condemnation
Notice”) thereof to Sellers within five (5) Business Days after Purchaser receives written notice from Sellers of a Condemnation
or Casualty together with Appraiser’s or Adjuster’s determination of resulting damages or cost of repair, as applicable,
but in no event later than January 22, 2015, to either (A) waive such Casualty or Condemnation and proceed to Closing without any
further right with respect to the same (other than as expressly set forth in Section 5.2)

    	-8-

    	 

    

 

 

or (B) substitute such
Hotel Asset suffering a Condemnation or Casualty that has not been Restored by the time the Purchaser’s
Casualty/Condemnation Notice is delivered to Sellers for an Excluded Hotel Asset and have a corresponding adjustment made to
the Purchase Price, calculated by adding or subtracting to or from the Purchase Price, as the case may be, the amount that
the Allocated Purchase Price for the substituted Hotel Asset is either greater than or less than the allocated purchase price
for the Excluded Hotel Asset being substituted as indicated on Schedule 8. Any failure by Purchaser to timely make the
foregoing election shall be irrevocably deemed to be an election by Purchaser to proceed under the foregoing clause (A). In
the event that Purchaser timely elects to substitute a Hotel Asset suffering a Casualty or Condemnation in accordance with
this Section 2.6.1, all Condemnation awards or Casualty insurance proceeds paid or payable in connection with the Hotel Asset
being substituted shall be the sole and exclusive property of Sellers, and Purchaser shall have no rights or claims to any
portion thereof. If any Hotel Asset suffers a Condemnation or Casualty on or after January 22, 2015, Sellers shall promptly
after learning thereof provide Purchaser with notice thereof, but Purchaser shall be obligated to proceed to Closing for the
Property and shall have no right to substitute the affected Hotel Asset for an Excluded Hotel Asset or to terminate this
Agreement, and Purchaser’s only remedies with respect to such Hotel Asset shall be the remedies set forth in Section
5.2. As used herein, the term “Casualty/Condemnation Threshold” with respect to any Hotel Asset means an
amount equal to fifteen percent (15%) of the Allocated Purchase Price of such Hotel Asset, and the phrase
“Restored” means that the Hotel Asset in question has been repaired or restored after a casualty or
condemnation occurring after the Effective Date to a condition reasonably similar to the condition such Hotel Asset was
immediately prior to such casualty or condemnation. For purposes of this Agreement, the damages caused by a Condemnation
shall be determined by an MAI certified appraiser selected by Sellers and reasonably approved by Purchaser (the
“Appraiser”) and the cost to repair a Casualty shall be determined by the third-party insurance adjuster
designated by the applicable Seller’s insurance company (the “Adjuster”); provided that in the event
that Purchaser (x) does not approve the Appraiser (acting reasonably), or (y) is not satisfied with the Appraiser’s
damage estimate or the Adjuster’s cost estimate, or such estimates have not been obtained, in each case on or prior to
January 22, 2015, Purchaser, in either case, may elect by written notice delivered no later than January 22, 2015 to either
(i) substitute the affected Hotel Asset for an Excluded Hotel Asset in accordance with this Section 2.6.1, or (ii) proceed to
Closing on such affected Hotel Asset and receive an assignment of any Condemnation awards or Casualty insurance proceeds paid
or payable in respect of such Hotel Asset in accordance with Section 5.2.

 

2.6.2In
the event that a Ground Lease Assignment sought under Section 13.2 for the applicable Ground Lessor has not been delivered to Sellers
by January 28, 2015, Purchaser may elect by written notice to Sellers delivered on or prior to January 28, 2015 to substitute the
Hotel Asset in respect of which a Ground Lease Assignment was not received for an Excluded Hotel Asset. If a Ground Lease Assignment
is not received and Purchaser does not deliver such written notice, in each case, on or prior to January 28, 2015, Sellers shall
have the right to select an Excluded Hotel Asset to substitute for the Hotel Asset in respect of which a Ground Lease Assignment
was not received. In the case of a substitution of an Excluded Hotel Asset pursuant to this Section 2.6.2, the

    	-9-

    	 

    

 

Purchase Price shall
be adjusted by adding or subtracting to or from the Purchase Price, as the case may be, the amount that the Allocated Purchase
Price for the substituted Hotel Asset(s) is either greater than or less than the allocated purchase price(s) for the Excluded Hotel
Asset(s) being substituted as indicated on Schedule 8.

 

2.6.3In
the event of a Property Material Adverse Effect under Section 3.1.2 or Section 3.1.3 hereof on or prior to January 22, 2015, if
Purchaser is provided in such Sections with the option to exercise the rights set forth in this Section 2.6.3, Purchaser may elect
by written notice to Sellers delivered on or prior to January 22, 2015 to substitute the affected Hotel Asset for an Excluded Hotel
Asset, and in the case of any such substitution, the Purchase Price shall be adjusted by adding or subtracting to or from the Purchase
Price, as the case may be, the amount that the Allocated Purchase Price for the substituted Hotel Asset(s) is either greater than
or less than the allocated purchase price(s) for the Excluded Hotel Asset(s) being substituted as indicated on Schedule 8.
After January 22, 2015, Purchaser shall have no right to substitute a Hotel Asset suffering a Property Material Adverse Effect
under Section 3.1.2 or Section 3.1.3 and shall proceed to Closing subject to such matter or matters, which shall, in such case,
be Permitted Exceptions, without any abatement of the Purchase Price, unless such matters constitute a Portfolio Material Adverse
Effect, in which case Purchaser shall have the remedies set forth in Section 3.1.2 or Section 3.1.3 with respect to same, as applicable.

 

2.6.4In
the event that Purchaser, acting reasonably, does not approve insurance or endorsement over by Title Insurer of a Required
Cure Matter under Section 3.1.2, Purchaser may elect by written notice to Sellers by the earlier of within five (5)
Business Days after such insurance or endorsement is presented to Purchaser, or January 22, 2015, to substitute the Hotel
Asset in respect of which such insurance or endorsement over has been proposed for an Excluded Hotel Asset, and in the case
of any such substitution, the Purchase Price shall be adjusted by adding or subtracting to or from the Purchase Price, as the
case may be, the amount that the Allocated Purchase Price for the substituted Hotel Asset(s) is either greater than or less
than the allocated purchase price(s) for the Excluded Hotel Asset(s) being substituted as indicated on Schedule 8.
After January 22, 2015, Purchaser shall have no right to substitute a Hotel Asset due to non-approval of insurance or
endorsement over by Title Insurer of a Required Cure Matter under Section 3.1.2 and shall accept Seller’s
proposed Cure of insurance or endorsement over by Title Insurer of a Required Cure Matter and proceed to Closing subject to
such Cure.

 

2.6.5In
the case of the substitution of any Excluded Hotel Asset for a Hotel Asset in accordance with Section 2.6.1, Section 2.6.2, Section
2.6.3 or Section 2.6.4 hereof, after such substitution, the applicable Hotel Asset for which an Excluded Hotel Asset is being substituted
shall no longer be considered a part of the Property for any purpose hereof and shall thereafter be considered an Excluded Hotel
Asset for all purposes hereof (other than Section 2.6.1, Section 2.6.2, Section 2.6.3 or Section 2.6.4), and the applicable Excluded
Hotel Asset that is substituted for the affected Hotel Asset shall thereafter be considered a Hotel Asset and a part of the Property
for all purposes hereof. At Closing, Seller’s Closing Deliveries and Purchaser’s Closing Deliveries shall include all
documents and countersignatures necessary to convey any Hotel Asset that was previously an Excluded Hotel Asset, and shall omit
all documents and countersignatures that were previously necessary to convey any Hotel Asset that

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has become an Excluded Hotel
Asset in accordance with this Section 2.6. In no event shall Purchaser have any right whatsoever to substitute an Excluded Hotel
Asset for a Hotel Asset for any reason after January 22, 2015, after which date Purchaser shall be obligated to acquire from Seller
all of the Property without any further modifications to the composition thereof.

 

2.7Property
Allocation. Seller and Purchaser agree that, prior to Closing, the Allocated Purchase Price and
the Allocated Loan Amount (as such term is defined in the Loan Agreement) of the Assumed Debt for each individual Hotel Asset shall
be allocated for federal, state and local tax purposes among the applicable portion of (i) the Real Property, (ii) the Improvements,
and (iii) the Personal Property as may be determined by agreement of Seller and Purchaser in accordance with Section 1060 of the
Code. The Allocated Purchase Price (and any other items that are required for federal income tax purposes to be treated as part
of each Allocated Purchase Price) as agreed between Sellers and Purchaser is set forth on Schedule 2 hereto (the “Final
Allocation”). Purchaser and Seller shall (i) cooperate in the filing of any forms (including Form 8594 under Section
1060 of the Code) with respect to such Final Allocation, including any amendments to such forms required pursuant to this Agreement
with respect to any adjustment to the Purchase Price, and (ii) shall file all federal, state and local tax returns and related
tax documents consistent with such Final Allocation, as the same may be adjusted pursuant to any provisions of this Agreement.

 

3.EVIDENCE
OF TITLE.

 

3.1Title
Insurance. Sellers have delivered to Purchaser current commitments for ALTA Owner’s Title Insurance Policies
and/or commitments for ALTA Lender’s Title Insurance Policies (collectively, the “Title
Commitments”) for each of the Real Properties, issued by Stewart Title Guaranty Company, Fidelity National Title
Insurance Company or First American Title Insurance Company (collectively, “Title Insurer”). Prior to
Closing, Purchaser may receive updated Title Commitments or new commitments (“Updated Title Commitments”),
and Purchaser may request that Title Insurer issue, but Sellers shall have no obligation to pay for or to cause Title Insurer
to issue, any available endorsements to the Owner’s Policies. “Owner’s Policies” shall mean
the most recent form of ALTA Owner's Policies of Title Insurance for the applicable jurisdiction, issued to Purchaser at
Closing, insuring, as applicable, fee simple title to, or a ground leasehold interest in, the applicable Real Property and
the Improvements subject only to the Permitted Exceptions dated as of the date of, and insuring Purchaser from and after, the
Closing Date.

 

3.1.1Upon
issuance, the Owner’s Policies will except from coverage only the Permitted Exceptions. “Permitted Exceptions”
means, with respect to the applicable Real Property, (i) those matters identified in the Title Commitments and the Existing Surveys
(other than Required Cure Items), (ii) those matters (other than Required Cure Items) that either are (x) not objected to in writing
within the time periods provided in Section 3.1.3, or (y) if objected to in writing by the Purchaser within such time period, are
those that Sellers have elected by notice to Purchaser within the time periods provided in Section 3.1.3 not to remove or cure,
or have been unable to remove

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or cure within the time periods provided in Section 3.1.3, and subject to which, in the case of this
clause (y), Purchaser is required to or has elected to accept the conveyance of the applicable Real Property in accordance with
Section 3.1.3, (iii) such matters as the Title Insurers are willing to omit as exceptions to coverage or, subject to the reasonable
approval of Purchaser, affirmatively insure over (other than with respect to monetary Liens), (iv) all standard Title Insurer exceptions
and exclusions from coverage set forth in the “title jacket” (except those that would be customarily omitted, including,
without limitation, mechanics liens, pursuant to a title affidavit in the form attached hereto as Exhibit G-1 to be delivered
by the Sellers at Closing), (v) the general exceptions which can be deleted only by delivery of an Updated Survey (unless Purchaser
delivers, as to the applicable Real Property, an Updated Survey acceptable to the Title Insurer, in which case, the general survey
exceptions will be deleted and the state of facts set forth in such Updated Survey will be “read into” the applicable
Owner’s Policy and become Permitted Exceptions), (vi) exceptions resulting from acts of Purchaser, and those claiming
by, through and under Purchaser, (vii) unpaid personal property, real estate, excise, general and special taxes and assessments
not yet delinquent as of the Closing Date (without limiting the provisions regarding proration of such amounts as set forth herein),
(viii) rights of Tenants, as tenants only, under Leases previously delivered to Purchaser or otherwise set forth on the Rent
Roll delivered pursuant to Section 4.2, (ix) local, state and federal zoning, health and safety, building and other governmental
and quasi-governmental laws, ordinances, codes and regulations, and (x) until immediately prior to Closing and, if the Debt Assumption
is consummated, at Closing, the Liens securing the Assumed Debt.

 

3.1.2Except
as permitted under this Agreement, no additional Liens may be created or caused by any Seller on the Property after the
Effective Date that would constitute exceptions to the Owner’s Policy or bind the Real Property or Improvements after
Closing without the prior consent of Purchaser, which consent may be granted or withheld in Purchaser’s sole
discretion. Notwithstanding the foregoing, Sellers shall (x) Cure (i) mortgage Liens other than those associated with the
Assumed Debt (provided, however, if the Debt Assumption is not consummated at Closing, the Liens associated with the Assumed
Debt shall be Cured by the applicable Sellers at Closing) and, if caused by such Seller, mechanics’ Liens and all other
monetary Liens on the Real Property or Improvements, in each case, of an ascertainable amount and which is curable by the
payment or escrow of a liquidated sum of money and (ii) any mechanics’ Liens and all other monetary Liens on the Real
Property or Improvements (excluding, for the avoidance of doubt, those Liens associated with the Assumed Debt) up to a
maximum of Thirty Million and No/100ths Dollars ($30,000,000.00) in the aggregate for all Real Properties and Improvements,
in each case which is curable by the payment or escrow of a liquidated sum of money, and (y) terminate the affiliated Ground
Lease for the Hotel Asset identified on Exhibit A-109 (TownPlace Suites Savannah, GA) (the matters described in the foregoing
clauses (x) and (y), collectively, “Required Cure Matters”), which shall be discharged by the applicable
Seller or omitted from or insured over on the Owner’s Policy by Title Insurer prior to or at Closing (each, a
“Cure”), it being acknowledged and understood by Purchaser that Sellers may contest any such
mechanics’ Liens so long as Sellers Cure the same at or prior to Closing; provided, however, if any Required Cure
Matter is insured or endorsed over by Title Insurer, such insurance or

    	-12-

    	 

    

 

endorsement shall be subject to the consent of
Purchaser acting reasonably (provided that if the Required Cure
Matter is monetary in nature, then Purchaser’s withholding of consent to having the applicable Required Cure Matter
insured or endorsed over shall be deemed reasonable). In the event that there are monetary Liens not caused by Sellers
affecting the Real Property or Improvements (excluding, for the avoidance of doubt, those Liens associated with the Assumed
Debt), which Sellers are not obligated to Cure hereunder and which Sellers elect not to Cure (or do not Cure) prior to the
Closing (provided, however, if Sellers elect to Cure such matter, such Cure may be accomplished in the same manner as a Cure
of a Required Cure Matter), then Purchaser shall proceed to Closing subject to such matter or matters, which shall, in such
case, be Permitted Exceptions, without any abatement of the Purchase Price unless (1) the amount of such monetary Liens
constitutes a Property Material Adverse Effect, in which case Purchaser’s sole remedy, if any, shall be the procedure
set forth in Section 2.6.3, or (2) the aggregate amount of all such monetary Liens constitutes a Portfolio Material Adverse
Effect, in which case, as its sole remedy, unless Sellers are in willful material default hereunder, in which case Purchaser
shall have the rights set forth in Section 7.1.1 hereof, Purchaser may terminate this Agreement in its entirety by written
notice to Sellers delivered prior to Closing and, so long as Sellers have not delivered written notice of a material default
hereunder to Purchaser and Sellers are theretofore exercising their available remedies to terminate this Agreement and retain
the Earnest Money, to receive a return of the Earnest Money, in which case the parties hereto shall have no further rights or
obligations hereunder except those that expressly survive termination. “Lien” shall mean any mortgage,
security interest, encumbrance, charge, deed of trust or other consensual lien, mechanic’s or any materialman’s
lien, judgment lien, special improvement bond or bonded indebtedness, lien for delinquent property taxes or assessments,
other tax and statutory lien (other than the lien for non-delinquent property taxes and assessments or the
Permitted Exceptions).

 

3.1.3If
any Updated Survey or any Updated Title Commitment as to a Real Property discloses any Objectionable Title Matter as to
which Purchaser objects, then, no later than seven (7) Business Days after Purchaser’s receipt of the Updated Survey or
Updated Title Commitment, Purchaser shall have the right to notify Sellers in writing of the Objectionable Title Matter. The
applicable Seller, within seven (7) Business Days after receipt of such notice from Purchaser (but in any event prior to
Closing) shall elect, by written notice to Purchaser, to either (i) Cure such Objectionable Title Matter or (ii) not Cure
such Objectionable Title Matter. If Sellers elect not to Cure such Objectionable Title Matter, then Purchaser shall proceed
to Closing subject to such matter or matters, which shall, in such case, be Permitted Exceptions, without any abatement of
the Purchase Price; provided that (A) if such Objectionable Title Matters in the aggregate with respect to a single Hotel
Asset constitute a Property Material Adverse Effect with respect to such Hotel Asset, Purchaser’s sole remedy, if any,
shall be the procedure set forth in Section 2.6.3, or (B) if such Objectionable Title Matters in the aggregate constitute a
Portfolio Material Adverse Effect, as Purchaser’s sole remedy, Purchaser may elect to terminate this Agreement in its
entirety by written notice to Sellers delivered prior to Closing and, so long as Sellers have not delivered written notice of
a material default hereunder to Purchaser and Sellers are theretofore exercising their

    	-13-

    	 

    

 

available remedies to
terminate this Agreement and retain the Earnest Money, to receive a return of the Earnest Money, in which case the parties
hereto shall have no further rights or obligations hereunder except those that expressly survive termination. If Sellers
elect to Cure such Objectionable Title Matter and if Sellers fail to Cure the Objectionable Title Matter by Closing
(provided, that, notwithstanding anything to the contrary herein, Sellers may, at their option, extend the Closing for the
period required to effect such Cure, but not in excess of thirty (30) days), then Purchaser’s sole remedy, exercisable
no later than Closing (as may be extended as provided herein) shall be to (i) proceed to Closing subject to such matter or
matters, which shall, in such case, be Permitted Exceptions, without any abatement of the Purchase Price, or (ii) (x) if such
Objectionable Title Matters in the aggregate with respect to a single Hotel Asset constitute a Property Material Adverse
Effect with respect to such Hotel Asset, Purchaser’s sole remedy, if any, shall be the procedure set forth in Section
2.6.3, or (y) if such Objectionable Title Matters in the aggregate constitute a Portfolio Material Adverse Effect, as
Purchaser’s sole remedy, Purchaser may elect to terminate this Agreement in its entirety by written notice to Sellers
delivered prior to Closing and, so long as Sellers have not delivered written notice of a material default hereunder to
Purchaser and Sellers are theretofore exercising their available remedies to terminate this Agreement and retain the Earnest
Money, receive a return of the Earnest Money, in which case the parties hereto shall have no further rights or obligations
hereunder except those that expressly survive termination; provided, however, that in the event Purchaser does not give
notice to Sellers of any Objectionable Title Matter on or before the date which is seven (7) Business Days prior to the
Closing Date, whether or not Purchaser has received any Updated Title Commitment or Updated Survey, then Purchaser shall be
deemed to have waived all Objectionable Title Matters and accepted all other matters affecting title to the applicable Real
Property (it being understood that this proviso shall not limit Sellers’ obligations under Section 3.1.2).
“Objectionable Title Matter” means any Lien, encumbrance, exception or defect of title which is not a
Required Cure Matter or a Permitted Exception and of which notice is delivered by Purchaser to Seller on or after the
Effective Date and which is first noted by the Title Insurer on or after the Effective Date in an Updated Title Commitment or
any written title report or update produced on or after the Effective Date and delivered to Purchaser and Sellers.
“Property Material Adverse Effect” shall mean, with respect to any individual Hotel Asset, any one or more
events or conditions with respect to such Hotel Asset, the cumulative effect of which, in the aggregate when combined with
all other such events or conditions with respect to such Hotel Asset, results in an adverse effect on the value, use,
business, condition (financial or otherwise), prospects or results of operations of such Hotel Asset (including Claims that
Purchaser would suffer or incur if it were to acquire such Hotel Asset at its Allocated Purchase Price) or is reasonably
likely to result in a claim or claims, taken as a whole, which in each case exceeds ten percent (10%) of the Allocated
Purchase Price for such Hotel Asset. “Portfolio Material Adverse Effect” shall mean, with respect to the
Property taken as a whole, any one or more occurrences of a breach of or failure to fulfill on the part of Sellers any of the
representations, warranties, covenants or agreements, as applicable, set forth in this Agreement, the cumulative effect of
which, in the aggregate when combined with all other such occurrences, results in an adverse effect on the value, use,
business, condition (financial or otherwise), prospects or results of operations of the Property

    	-14-

    	 

    

  

(including Claims that
Purchaser would suffer or incur if it were to acquire the Property at the Purchase Price) or is reasonably likely to result
in a claim or claims, taken as a whole, which exceeds Thirty Million and No/100ths Dollars ($30,000,000.00).
“Claim” means any claim, demand, liability, legal action or proceeding, investigation, fine or other
penalty, and any damages or losses related thereto (including, without limitation, any loss of property, revenues or business
or any loss in value (but not purely speculative losses), damages, mechanics’ liens, liabilities, costs and expenses,
reasonable attorneys’ and experts’ fees, court costs, costs of investigation and remediation and charges and
disbursements actually and reasonably incurred, as well as the cost of in-house counsel and appeals, but excluding any
exemplary or punitive damages).

 

3.2Survey.
Sellers have delivered to Purchaser one copy of the most recent existing plat of survey (if any) of each Real Property (the “Existing
Surveys”) in Sellers’ possession or control. Purchaser may obtain, at Purchaser’s sole option, election and
expense, an updated or new as-built survey of any Real Property (the “Updated Survey”), in which event Purchaser
shall deliver or cause to be delivered the Updated Survey to Seller and Title Insurer promptly upon receipt thereof.

 

4.CLOSING

 

4.1Closing
Date. The closing of the transaction (that is, the payment of the Purchase Price pursuant to a so-called “New York
style” closing, the transfer of title to the Property, and the satisfaction of all other terms and conditions of this
Agreement with respect to the Property) (the “Closing”) shall occur through escrow at 4:00 p.m. (New York
time) on February 27, 2015, or at such later date as the Closing may be adjourned or extended in accordance with the express
terms of this Agreement (the “Closing Date”) at the New York, New York office of Goodwin Procter LLP, or
such other place as Sellers and Purchaser shall agree in writing. Notwithstanding anything herein to the contrary, in no
event shall the Closing Date be adjourned or extended to a date later than February 27, 2015 without the consent of Sellers.
For the avoidance of doubt, the provisions of Section 7.1 and 7.2 shall apply if the Closing does not occur on or prior to
any then-scheduled Closing Date and such date is not properly and timely extended in accordance with the terms hereof.
Sellers may elect, by written notice to Purchaser and without the consent of Purchaser, to defer the Closing pursuant to
Sellers’ rights set forth in Section 3.1.3, Section 7.1.1, Section 7.1.2, and Section 7.3.

 

4.2Seller’s
Closing Deliveries. At the Closing, each Seller shall execute and deliver to Purchaser or Escrowee, with respect to itself
and the applicable Property owned by such Seller, the following:

 

4.2.1a
deed for the Real Property owned by it in the form for the applicable state attached hereto in the applicable Exhibits B-1
through B-35 (as applicable, a “Deed”);

 

4.2.2a
ground lease assignment for each Real Property owned by such Seller subject to a Ground Lease assigning such Seller’s ground
leasehold interest to the applicable Purchaser in the form attached hereto as Exhibit C (as applicable, a “Ground
Lease Assignment”);

 

    	-15-

    	 

    

4.2.3a
bill of sale in the form attached hereto as Exhibit H;

 

4.2.4a
letter advising Tenants under the Leases, if any, of the change in ownership of the Property in the form attached hereto as Exhibit
I;

 

4.2.5an
Assignment and Assumption of Leases, Security Deposits, Advance Booking Deposits, Guest Ledger Accounts and Service Contracts in
the form attached hereto as Exhibit J, and any additional documentation necessary to (i) assign the Material Contracts and
Assumable Service Contracts in accordance with Section 8.2.1(e), and (ii) assign each of Sellers’ Service Contracts for the
provision of television and internet services at each of the Hotel Assets to Purchaser (the “Television & Internet
Service Contracts”) to the extent such Television & Internet Service Contracts are assignable;

 

4.2.6an
Assignment and Assumption of Intangibles in the form attached hereto as Exhibit K;

 

4.2.7an
affidavit in the form attached hereto as Exhibit L;

 

4.2.8such
customary evidence of such Seller’s power and authority as Title Insurer may reasonably require;

 

4.2.9a
closing statement (the “Closing Statement”), as required by Section 4.4 below, setting forth the prorations,
credits and adjustments to the Purchase Price;

 

4.2.10subject
to the provisions of Sections 7.3 and 8.2.1(a), a certificate, executed by such Seller, remaking such Seller’s representations
and warranties set forth in Section 9.1 as if made on the Closing Date;

 

4.2.11written
terminations, as of the Closing Date, of all existing Management Contracts;

 

4.2.12if
there are Tenants under any Leases at the applicable Real Property, a Rent Roll dated no earlier than ten (10) days prior to the
Closing Date;

 

4.2.13a
title affidavit in the form attached hereto as Exhibit G-1;

 

4.2.14a
title affidavit in the form attached hereto as Exhibit G-2 (for jurisdictions where a non-imputation endorsement for the
Owner’s Policies is available);

 

4.2.15the
items required to be delivered pursuant to Section 5.2, if any;

 

4.2.16original
counterpart signature pages of each Class A Holder to the Purchaser Holdco Operating Agreement;

 

4.2.17completed
and executed transfer tax forms and all other instruments as are customarily executed by sellers in the states where the Property
is

    	-16-

    	 

    

 

located to effectuate the conveyance of property similar to the Property (including those expressly described in Section 14.20.4
and 14.20.6) and, subject to Section 4.5, as are reasonably acceptable to such Purchaser;

 

4.2.18original
letters of credit from tenants, if any, and documentation required by any issuing party necessary to assign such letters of credit
to Purchaser;

 

4.2.19evidence
reasonably satisfactory to Purchaser that each of Purchaser’s Closing Conditions in Section 8.2.1(e) have been satisfied
(it being understood that the delivery of any written terminations or assignments delivered in accordance with the terms of such
agreements shall constitute evidence satisfactory to Purchaser that the Purchaser’s Closing Conditions in Section 8.2.1(e)
have been satisfied as to the contracts covered by such written terminations or assignments, as applicable);

 

4.2.20evidence
reasonably satisfactory to Purchaser that Purchaser’s Closing Conditions in Section 8.2.1(a) with respect to required consents
and/or approvals have been satisfied to the extent applicable;

 

4.2.21to
the extent applicable, original counterparts of each document required by Lender to be executed by Seller with respect to the Debt
Assumption;

 

4.2.22if
Purchaser is electing to assume any rate cap held by any Seller or Sellers with respect to the Assumed Debt, an original
executed assignment of any rate cap held by any Seller or Sellers with respect to the Assumed Debt (and, in consideration
therefore, Purchaser shall increase the Purchase Price payable to Sellers by a proportionate amount of the price paid by
Sellers for such rate cap(s), calculated by dividing the number of months remaining on such rate cap(s) by the number of
months in the term of such rate cap(s)) (for the avoidance of doubt, in the event Purchaser does not elect to assume any such
rate cap, any proceeds payable in respect of the termination or sale of any such Seller’s rate cap shall belong solely
to such Seller);

 

4.2.23an
original certificate signed by an authorized senior officer of each Class A Holder attaching a true, complete and correct copy
of the resolutions of such Class A Holder authorizing the execution by such Class A Holder of the applicable Purchaser Holdco Operating
Agreement;

 

4.2.24a
counterpart original of the Supplemental Agreement, duly executed by Sellers and Whitehall;

 

4.2.25counterpart
originals of each of the Whitehall Guarantees duly executed by Whitehall for delivery to the Lender; and

 

4.2.26
(i) the customary documents referred to in Section 7.1(a)(vi) of the Loan Agreement, (ii) one or more opinions of counsel referred
to in clauses (B)-(E) of Section 7.1(a)(ix) of the Loan Agreement, (iii) the searches referred to in clauses (A) and (B) of Section
7.1(a)(x), in each of the cases of clauses (i), (ii) and (iii), (x) to the extent required by Lender, (y) as such documents, opinions
or searches relate to Whitehall in its capacity as a Replacement Guarantor or continuing “Guarantor” under the Assumed
Debt

 

    	-17-

    	 

    

 

and (z) subject to the express standards set forth in Section 7.1(a) of the Loan Agreement governing the form, content or
delivery of such documents, opinions or searches, as applicable.

 

4.3Purchaser’s
Closing Deliveries. At the Closing, Purchaser shall execute and deliver to Sellers or Escrowee (or, as applicable, to a particular
Seller with respect to the applicable Property owned by such Seller or to Class A Holders), the following:

 

4.3.1the
funds required pursuant to Section 2.2 above to be delivered by Purchaser at the Closing;

 

4.3.2a
counterpart original of the Closing Statement referenced in Section 4.2.9 above;

 

4.3.3a
counterpart original of each Ground Lease Assignment, referenced in Section 4.2.2 above;

 

4.3.4a
counterpart original of the Assignment and Assumption of Leases, Security Deposits, Advance Booking Deposits, Guest Ledger Accounts
and Service Contracts, in the form attached hereto as Exhibit J, referenced in Section 4.2.5 above;

 

4.3.5a
counterpart original of the Assignment and Assumption of Intangibles, in the form attached hereto as Exhibit K, referenced
in Section 4.2.6 above;

 

4.3.6such
customary evidence of Purchaser’s power and authority as Title Insurer may reasonably require;

 

4.3.7subject
to the provisions of Sections 7.3, 8.2.2(a) and 9.5, a certificate remaking Purchaser’s representations and warranties as
if made on the Closing Date;

 

4.3.8(a)
the Purchaser Holdco Operating Agreement and each other agreement contemplated therein to be executed on the Effective Date (e.g.
the Bad Boy Guaranty, Mandatory Redemption Guaranty, Environmental Indemnity and Cash Management Agreement, in the applicable form
attached hereto as one of Exhibits E-2 through E-5) duly executed by American Realty Capital Hospitality Operating Partnership,
L.P., a Delaware limited partnership (“Purchaser Parent”), American Realty Capital Hospitality Trust, Inc.,
a Maryland corporation (“Purchaser REIT”), each Indemnitor, Purchaser, the Special Members (as such term is
defined in the Purchaser Holdco Operating Agreement) and/or Cash Management Bank (as such term is defined in the Cash Management
Agreement), as applicable, and (b) the Supplemental Agreement duly executed by each of Purchaser, Purchaser Parent, Purchaser REIT
and each Indemnitor;

 

4.3.9to
the extent applicable, original counterparts of each document executed by Purchaser or its affiliates with respect to the Debt
Assumption, and copies of all documents executed in connection with indebtedness encumbering any of the Real

    	-18-

    	 

    

 

Properties at Closing,
including any “mezzanine loans”, to the extent not already in Sellers’ possession;

 

4.3.10to
the extent applicable, documentation required by any issuing party of a tenant letter of credit necessary to assign such letters
of credit to Purchaser;

 

4.3.11evidence
reasonably satisfactory to Sellers that each of the Seller Closing Conditions in Section 8.2.2(d) have been satisfied;

 

4.3.12a
certificate of good standing of Purchaser Holdco issued by the Secretary of State of the State of Delaware;

 

4.3.13an
original certificate signed by an authorized senior officer of Purchaser REIT authorizing Purchaser REIT, Purchaser Parent and
Purchaser to execute and deliver this Agreement and each and every document listed in this Section 4.3 (other than the Purchaser
Holdco Operating Agreement), as applicable;

 

4.3.14an
original certificate signed by an authorized senior officer of Purchaser Parent or Purchaser REIT, as applicable, attaching a true,
complete and correct copy of the resolutions of Purchaser Parent or Purchaser REIT, as applicable, authorizing the execution by
American Realty Capital Hospitality Member LLC of the Purchaser Holdco Operating Agreement, and true, complete and correct copies
of its organization and formation documents (including of any subsidiary that owns an interest in Purchaser);

 

4.3.15a
legal opinion or legal opinions from outside counsel, addressed to Class A Member (as defined in the Purchaser Holdco Operating
Agreement), in form and substance reasonably acceptable to Sellers as to such matters relating to the Purchaser Holdco Operating
Agreement, the Supplemental Agreement, Purchaser Parent, Purchaser REIT, Indemnitors, American Realty Capital Hospitality Member
LLC and/or Purchaser Holdco reasonably requested by Sellers (including, without limitation, due authorization, formation, execution,
and delivery, enforceability, no violation of organizational documents, regulatory consents and approvals, choice of law, existence,
valid issuance, admission, no further payments, no personal liability, bankruptcy remoteness and non-consolidation, provided that
any non-consolidation opinion shall be deemed approved by Sellers if it is in the same form as the non-consolidation opinion approved
by Lender;

 

4.3.16completed
and executed transfer tax forms and all other instruments as are customarily executed by purchasers in the states where the Property
is located to effectuate the conveyance of property similar to the Property and, subject to Section 4.6, as are reasonably acceptable
to Seller;

 

4.3.17customary
evidence that (i) the “Special Members” contemplated by the Purchaser Holdco Operating Agreement have been duly appointed
and meet the requirements of the Purchaser Holdco Operating Agreement, (ii) the Cash Management Bank under the Cash Management
Agreement is an “Eligible Institution” (as such term is defined in the Cash Management Agreement), and (iii) that Purchaser
has taken (or

 

    	-19-

    	 

    

 

 

caused to be taken) all other actions necessary to effectuate the terms contemplated by the Purchaser Holdco Operating
Agreement to be in place as of the Closing Date; and

 

4.3.18to
the extent not satisfied by Purchaser’s delivery pursuant to Section 4.3.4, additional documentation reasonably satisfactory
to Sellers and Purchaser evidencing that each of the Television & Internet Service Contracts are being assumed by Purchaser
at the Closing, to the extent such Television & Internet Service Contracts are assignable.

 

4.4Closing
Prorations and Adjustments. Sellers shall prepare the Closing Statement of the prorations and adjustments required by this
Agreement and submit it to Purchaser at least three (3) Business Days prior to the Closing Date. The following items are to be
prorated, adjusted or credited (as appropriate), it being understood that for purposes of prorations and adjustments, the applicable
Seller shall be deemed to be the owner of the applicable portion of the Property prior to but not including the Closing Date and
the applicable Purchaser shall be deemed to be the owner of the applicable portion of the Property on and following the Closing
Date:

 

4.4.1real
estate and personal property taxes and assessments, in each case, with the applicable Seller responsible for taxes attributable
to the portion of the tax year which is prior to the Closing Date and the applicable Purchaser responsible for taxes attributable
to the remainder of the tax year (which prorations shall be calculated on the basis of the most recent available tax bill if the
current bill is not then available);

 

4.4.2sales,
occupancy, room, telecommunications, beverage and similar taxes to which the operations of any Hotel is subject (the taxes in this
Section 4.4.2, “Hotel Taxes”), in each case, with the applicable Seller responsible for taxes attributable to
the portion of the tax period which is prior to the Closing Date and the applicable Purchaser responsible for taxes attributable
to the portion of the tax period after the Closing Date;

 

4.4.3monthly
rents and other fixed periodic payments under the Leases; provided that no proration shall be made of any rent or other revenue
item which is overdue as of the Closing Date until such rent or other revenue item is actually received, at which time it shall
be prorated and paid to the applicable Purchaser or the applicable Seller in accordance with the terms of this Agreement. To the
extent the applicable Purchaser receives rents (including operating expense, tax and insurance charges payable by tenants) on or
after the Closing Date, such payments shall be applied first toward the payment in full of all rents and other amounts due to such
Purchaser with respect to periods following Closing, then allocated for the month of Closing and thereafter the balance applied
to delinquent rents or other amounts due to Sellers, with Sellers’ share thereof being delivered to Seller within five (5)
days after such Purchaser’s receipt of such amounts;

 

4.4.4if
the Debt Assumption is consummated, interest and other charges (other than principal) under the Assumed Debt that have accrued
with respect to periods prior to the Closing Date shall be the responsibility of the applicable Sellers of the

    	-20-

    	 

    

 

Encumbered Hotel
Assets, and interest and other charges under the Assumed Debt in respect of any period after and including the Closing Date shall
be the responsibility of the applicable Purchaser;

 

4.4.5water,
electric, telephone and all other utility and fuel charges (on the basis of the number of days in each applicable bill occurring
prior to, and on or after, the Closing Date) and fuel on hand (at cost plus sales tax); provided, however, that any deposits with
utility companies shall remain the property of the applicable Seller and shall not be prorated or credited;

 

4.4.6amounts
due and payable by the applicable Seller under the Assumed Service Contracts and any unamortized portion of any lump sum or up-front
payments paid by such Seller under Assumed Service Contracts;

 

4.4.7assignable
license and permit fees;

 

4.4.8rents
and other periodic charges under Ground Leases;

 

4.4.9accrued
and unpaid tour and travel agent commissions;

 

4.4.10the
balance (less any contested charges) of the open and unpaid account (“Guest Ledger Account”) for each person
who is a guest at a Hotel on the day immediately preceding the Closing Date shall be assigned to the applicable Purchaser and prorated
between the applicable Seller and the applicable Purchaser as follows:

 

(a)all
room revenue posted for all days preceding the Closing Date shall belong to the applicable Seller (but shall be paid over to such
Seller only as and when actually collected (less reasonable administrative and collection costs), except for the day immediately
preceding the Closing Date, which shall be allocated one-half to the applicable Purchaser and one-half to the applicable Seller.
The applicable Seller shall be responsible for all taxes and franchise fees for all guest charges preceding the Closing Date, except
for the day immediately preceding the Closing Date, which shall be allocated one-half to the applicable Purchaser and one-half
to the applicable Seller; and

 

(b)all
room revenue posted for all days on and after the Closing Date shall be allocated to the applicable Purchaser;

 

4.4.11any
accounts receivable outstanding as of Closing shall be assigned to the applicable Purchaser, and the amount of the same increasing
the Purchase Price payable to the Seller to which such accounts receivable relate; provided,
however, that the increase in the Purchase Price with respect to accounts receivable which are (a) outstanding for thirty (30)
days or less at Closing shall be one hundred percent (100%) of such receivables, (b) outstanding for a period between thirty-one
(31) to sixty (60) days at Closing shall be ninety percent (90%) of such receivables; and (c) outstanding for a period between
sixty-one (61) to ninety (90) days at Closing shall be seventy-five percent (75%) of such receivables; and there shall be no increase
in the Purchase Price for any accounts receivable which are more than ninety (90) days outstanding at Closing;

 

    	-21-

    	 

    

 

 

4.4.12any
outstanding deposits or advance payments received and retained by or on behalf of any Seller in connection with any reservation
at a Hotel, in the form of a credit against the Purchase Price payable to such Seller;

 

4.4.13any
gift certificate or other writing (other than trade agreements and food and beverage discount coupons) issued by any Seller or
manager of a Hotel which entitles the holder or bearer to a credit (whether in a specified dollar amount or for a specified item,
such as a room night or meal) to be applied against the usual charge for rooms, meals and/or other goods or services at any Hotel,
in the form of a credit against the Purchase Price to such Seller;

 

4.4.14the
outstanding balance of all security deposits under the Leases;

 

4.4.15all
cash on hand at each Hotel, with such cash retained by the applicable Purchaser and the amount of the same increasing the Purchase
Price payable to the Seller that owns the applicable Hotel (Sellers shall perform, or cause to be performed, an accounting of cash
on hand at the Property (i.e., in house banks, petty cash, including till money and, to the extent the same are the property
of Sellers, vending machines and pay telephones) in the presence of a representative of Purchaser);

 

4.4.16if
the Debt Assumption is consummated, all cash and cash equivalents held in respect of the Assumed Debt and not released to
the Sellers owning the Encumbered Hotel Assets at or prior to the Closing (such as escrows and reserves for taxes, insurance,
FF&E reserves, etc.) (but the rights with respect to which are assigned to the applicable Purchaser) and the amount of
the same increasing the Purchase Price payable to the applicable Sellers owning the Encumbered Hotel Assets; and

 

4.4.17The
Purchase Price shall be further adjusted at the Closing in respect of property improvement plans required in connection with the
Replacement Franchise Agreements as follows:

 

(a)In
the event that no Excluded Hotel Asset has been substituted for a Hotel Asset in accordance with the express terms of Section
2.6 hereof, the Purchase Price shall be reduced by Seven Million Five Hundred Thousand and No/100ths Dollars ($7,500,000.00).

 

(b)If
one or more Excluded Hotel Assets (collectively, the “Substitute Properties”) have been substituted for one
or more Hotel Assets (collectively, the “Removed Properties”) in accordance with the express terms of Section
2.6 hereof, the Purchase Price shall be reduced by an amount equal to (i) Seven Million Five Hundred Thousand and No/100ths
Dollars ($7,500,000.00), plus (ii) (A) fifty-percent (50%) of (B) the figure that is equal to (x) the total of the Agreed PIP Allocation
for each of the Substitute Properties less (y) the total of the Agreed PIP Allocation for each of the Removed Properties (such
amount determined by clauses (i) and (ii), the “PIP Adjustment”) (for the avoidance of doubt, if the PIP Adjustment
is a negative number, the Purchase Price shall not be reduced); provided, however, that if the PIP Adjustment is a positive number,
the total

 

    	-22-

    	 

    

 

 

reduction of the Purchase Price under this Section 4.4.17(b) shall under no circumstances exceed Fifteen Million and
No/100ths Dollars ($15,000,000), regardless of the Agreed PIP Allocation of the Substituted Properties.

 

(c)The
adjustments described in Sections 4.4.17(a) and 4.4.17(b) shall reduce the portion of the Purchase Price consisting of the Cash
Consideration and be spread ratably across the Allocated Purchase Prices for each Hotel Asset set forth on Schedule 2 (or,
in the case of any Excluded Hotel Asset that has been substituted in accordance with Section 2.6, Schedule 8).

 

(d)The
“Agreed PIP Allocation” for each Hotel Asset and Excluded Hotel Asset shall mean, the figure set forth as the
“Agreed PIP Allocation” for such Hotel Asset and Excluded Hotel Asset on Schedule 9 attached hereto.

 

Except with
respect to general real estate and personal property taxes (which shall be reprorated upon the issuance of the actual bills),
any proration which must be estimated at the Closing shall be reprorated and finally adjusted on the date that is ninety (90)
days after the Closing Date; otherwise, all prorations shall be final. No later than eighty-five (85) days after the Closing
Date, Purchaser shall prepare and deliver to Sellers a final Closing Statement; provided that if Purchaser shall fail to
deliver such final Closing Statement within such eighty-five (85) day period, Sellers may prepare and deliver such statement
to Purchaser (and Purchaser shall cooperate fully with Sellers’ efforts to do the same). Within ten (10) days of the
delivery of the final Closing Statement to either Sellers or Purchaser, as applicable, Sellers and Purchaser shall agree on
the amount of final prorations and such amount shall be paid over to Purchaser or Sellers, as applicable, within three (3)
Business Days thereof.

 

As of the Effective
Date, Sellers may be seeking adjustments to real estate, ad valorem and/or personal property rates imposed upon and/or assessed
values ascribed to the Real Properties (any such actions being collectively referred to as “Tax Appeals”). Sellers
retain the right to commence additional Tax Appeals with respect only to periods occurring entirely prior to the Closing Date (other
than the tax year in which the Closing occurs) (such period, the “Sellers’ Period”); provided, however,
that with respect to any such Tax Appeals undertaken after the Effective Date, Seller shall provide Purchaser with prior written
notice thereof. Seller reserves the right to meet with government officials and to contest any assessment or reassessment governing
or affecting the Real Properties’ real estate ad valorem and/or personal property taxes solely for any Sellers’ Period
and to attempt to obtain a refund for any taxes previously paid (and, if the applicable taxing authority issues any credit to Purchaser
on such tax bills in connection therewith, Purchaser shall pay over any such amounts to the applicable Sellers within three (3)
Business Days of Purchaser’s receipt of such amounts). Purchaser shall have the exclusive right to commence Tax Appeals with
respect to periods after the Closing Date and with respect to periods in which the Closing Date occurs (such periods, the “Purchaser’s
Period”), but shall promptly pay over to Sellers the portion of any such tax refund applicable to the Sellers’
Period. From and after the Closing Date, subject to the foregoing qualifications, (a) Purchaser will take all actions and execute
and deliver all documents Sellers reasonably request in order to enable Sellers to continue to pursue the Tax Appeals solely with
respect to the Sellers’ Period at no out of pocket expense to Purchaser, and (b) Sellers will take all such actions and execute
and deliver all documents Purchaser reasonably requests in order to enable Purchaser to pursue any

    	-23-

    	 

    

 

 

Tax Appeal solely with respect
to the Purchaser’s Period at no out-of-pocket expense to Sellers. Subject to the foregoing qualifications, Purchaser and
Sellers hereby agree to execute all consents, receipts, instruments and documents which may reasonably be requested in order to
facilitate settling any Tax Appeal proceeding commenced by Sellers or Purchaser, as applicable, in accordance with this paragraph
and collecting the amount of any tax refund with respect thereto.

 

This Section 4.4 shall
survive the Closing.

 

4.5Transaction
Costs. Purchaser shall pay, or reimburse Sellers for, as applicable, (i) all of the premiums for the Owner’s
Policies and any extended coverages thereunder or endorsements thereto and all title search, survey, and closing fees and
costs with respect thereto (including, without limitation any the Updated Surveys or Updated Title Commitments), in each
case, obtained by Purchaser, (ii) all recording charges for instruments of conveyance, (iii) all mortgage taxes, documentary
stamps or similar charges imposed on any financing obtained by Purchaser in connection with the transactions contemplated
hereby, (iv) all costs and expenses of the Debt Assumption (including, without limitation, (a) any costs, fees or charges of
the lender(s) of the Assumed Debt from time to time (as applicable, the “Lender”), (b) mortgage taxes,
documentary stamp or similar charges, and (c) any assumption fee, rating agency fees, servicer fees or attorneys’ fees
for the rating agencies and the servicer), regardless of whether the Debt Assumption is actually consummated (for the
avoidance of doubt, Purchaser shall not be reasonable for any costs or expenses incurred by Sellers in connection with the
Debt Assumption, whether or not the Debt Assumption is consummated), (v) all costs and expenses of obtaining new Franchise
Agreements for each Hotel Asset, including any franchise application fees, attorneys’ fees of the applicable
franchisors and any property improvement plan costs (the “Replacement Franchise Agreements”), whether or
not the same are actually obtained, (vi) all costs of third-party reports ordered by Purchaser and the costs of obtaining
reliance by Purchaser on any third party-reports obtained by Sellers or Lender in connection with the Assumed Debt,
regardless of whether the Debt Assumption is consummated,  (vii) all costs of Purchaser’s broker, if any,
(viii) one-half (1/2) of any transfer taxes, documentary stamps, bulk sales tax or similar charges imposed upon the
transfer of the Real Properties or Personal Property, and (ix) one-half (1/2) of Escrowee’s escrow fees. Each Seller
shall pay (a) one-half (1/2) of any transfer taxes, documentary stamps, bulk sales tax or similar charges imposed upon the
transfer of its Real Properties or Personal Property, (b) its Pro Rata Share of one-half (1/2) of Escrowee’s escrow
fees, (d) any breakage or spread maintenance costs under any debt encumbering its Hotel Assets, (e) all of the costs and
expenses incurred by the ground lessor (“Ground Lessor”) in granting its consent to the Ground Lease
Assignment (the “Ground Lessor Consents”) of such Seller’s Ground Lease(s) and any costs or expenses
associated with any fee, concession or modification of any of the Ground Leases required by the Ground Lessor thereunder as a
condition to granting its consent up to a maximum of $25,000.00 per Ground Lease (it being understood that Purchaser shall
not be obligated to pay any excess) and (f) all costs of Seller’s broker, if any. Sellers and Purchaser shall, however,
be responsible for the fees of their respective attorneys and Purchaser shall be responsible for all costs related to its due
diligence and inspection of the Property. This Section 4.5 shall survive the Closing and any termination of this
Agreement.

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4.6Possession.
On the Closing Date, possession of the applicable Property shall be delivered to the applicable Purchaser, subject only to such
matters as are expressly permitted by or pursuant to this Agreement. In connection therewith, each Seller shall use commercially
reasonable efforts to deliver the following to the applicable Purchaser either at the Closing or at the respective Hotel Assets
(but solely as such items relate to such Seller’s portion of the Property):

 

4.6.1a
certificate or registration of title for any owned motor vehicle or other Personal Property which requires such certification or
registration, conveying such vehicle or such other Personal Property to Purchaser; provided that all such vehicles and other Personal
Property shall be free from any lien, pledge, sale agreement, lease, encumbrance or other charge;

 

4.6.2all
key codes, access codes and combinations to locks to the extent known by, or in the possession of, Seller or its property manager;
and

 

4.6.3to
the extent not previously delivered to Purchaser, all originals (or copies if originals are not available), of the Leases, books
and records, permits, written employment contracts and hotel contracts in the Seller’s possession or control and required
to be conveyed hereunder.

 

If any
such Seller, despite using its commercially reasonable efforts, is unable to deliver any of the foregoing items at the
Closing, the same shall not be a default or a failure of a Purchaser Closing Condition, nor shall it affect the transfer of
title to the same, and such Seller shall instead cause the delivery of such items reasonably promptly after Closing (in
accordance with Section 14.21). The foregoing covenant shall survive the Closing.

 

5.CASUALTY
LOSS AND CONDEMNATION.

 

5.1Notice.
If, prior to the Closing, any Hotel Asset or any part thereof shall be condemned (a “Condemnation”), or destroyed
or damaged by fire or other casualty (a “Casualty”), upon gaining knowledge thereof, Sellers shall promptly
notify Purchaser.

 

5.2Casualty
and Condemnation Proceeds. Subject to Section 2.6, Purchaser shall be obligated to proceed to the Closing for the Property
in accordance with the terms hereof but shall be entitled to receive the following on the Closing Date with respect to any Hotel
Asset included in the Property which has suffered a Condemnation or Casualty after the Effective Date which has not been Restored
by the Closing Date: (i) with respect to a Condemnation, an assignment of all of the applicable Seller’s right, title and
interest in and to the Condemnation proceeds to be awarded to such Seller as a result of such Condemnation, and (ii) with respect
to a Casualty, (A) an assignment of the insurance proceeds payable on account of such Casualty (less such Seller’s reasonable
cost to secure the same and less repair and restoration costs incurred by Seller to the extent that such repair and restoration
costs were approved by Purchaser (unless such repair or restoration was required by the terms of the Loan Documents or the loan
documents of any mortgage indebtedness encumbering the applicable Second Pool Asset(s), in which case Purchaser’s approval
shall not be required); provided that the portion of the Purchase Price payable to such Seller shall be further reduced by the
amount of any insurance proceeds

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previously paid to such Seller on account of such casualty and not already expended towards its
cost of securing the same or repairing or restoring such Hotel Asset) and (B) the Purchase Price shall be reduced by the amount
of any applicable insurance deductible with respect to any damage due to such Casualty. In addition, in the event of the foregoing
and after appropriate credit and other items are provided to Purchaser as required by the terms of this Section 5, Purchaser shall
deliver to the applicable Seller(s) at Closing a release in form reasonably satisfactory to such Sellers whereby Purchaser releases
such Sellers from all ongoing liability and/or claims by Purchaser or its affiliates, together with their respective successors
and assigns, arising from such condemnation or casualty, but subject to the applicable Seller’s other obligations and liabilities
set forth in this Agreement. Subject to Section 2.6, in the event that a Hotel Asset suffers a Condemnation or a Casualty and Purchaser
has elected to waive such Casualty or Condemnation and proceed to Closing, the applicable Seller shall not expend any insurance
proceeds for repairs or restoration unless it has received Purchaser’s consent as to any plans or contracts for such repairs
or restoration, and such Seller shall keep Purchaser informed as to the progress of any such repairs or restoration; provided that
such consent shall not be required if such repair or restoration is required by the terms of the Loan Documents or any the loan
documents of any mortgage indebtedness encumbering the applicable Second Pool Asset(s). Nothing herein shall obligate any Seller
to cause any Hotel Asset to be Restored.

 

6.BROKERAGE.
Purchaser agrees to pay at Closing all brokerage commissions due to any broker due a commission as a result of this
transaction due to Purchaser’s dealings with Sellers pursuant to separate agreements entered into by Purchaser or
Purchaser’s affiliates for services rendered in connection with the sale and purchase of the Property. Sellers agree to
pay at Closing all brokerage commissions due to any broker due a commission as a result of this transaction due to
Sellers’ dealings with Purchaser pursuant to separate agreements entered into by Sellers or Sellers’ affiliates
for services rendered in connection with the sale and purchase of the Property. Sellers acknowledge that prior to the
Effective Date, their majority beneficial owner engaged Deutsche Bank Securities Inc. and Goldman, Sachs & Co. on
Sellers’ behalf as financial advisor to Sellers and agree that Sellers shall pay in accordance with the terms of such
engagements all fees and other amounts due to such advisors as a result of this transaction. Sellers and Purchaser shall each
indemnify and hold the other harmless from and against any and all claims of all other brokers and finders claiming by,
through or under the indemnifying party and in any way related to the sale and purchase of the Property, this Agreement or
the transactions contemplated herein, including, without limitation, attorneys’ fees and expenses incurred by the
indemnified party in connection with such claim. This Section 6 shall survive any Closing and any termination of this
Agreement.

 

7.DEFAULT
AND REMEDIES; FAILURE OF CONDITIONS TO CLOSING.

 

7.1Sellers’
Pre-Closing Default; Failure to Satisfy Purchaser Closing Conditions.

 

7.1.1Sellers’
Pre-Closing Default; Purchaser’s Pre-Closing Remedies. Notwithstanding anything to the contrary contained in this Agreement,
if a Seller breaches its obligations under this Agreement prior to the Closing in any material respect and such breach has not
been cured within thirty (30) days after written notice thereof from Purchaser (provided that the parties agree and acknowledge
that if such thirty (30) day period would exceed the Closing Date, at their option, Sellers may extend such Closing Date for the
period required to effect such cure, but not beyond the date which is thirty (30)

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days after Purchaser’s foregoing written
notice), then, as Purchaser’s sole and exclusive remedy hereunder and at Purchaser’s option, Purchaser may, upon notice
to Seller, given not more than fifteen (15) Business Days after the expiration of such cure period, and provided an action is filed
within thirty (30) days thereafter (a) terminate this Agreement by giving Sellers written notice of such election prior to or at
Closing, and (i) subject to Section 14.22, to receive the Earnest Money, and (ii) only in the event that Purchaser has not sought
specific performance, to recover from the applicable Seller all of Purchaser’s reasonable out-of-pocket expenses incurred
in connection with this Agreement and the transactions contemplated hereby, including, but not limited to, its reasonable legal
fees and diligence costs, which reimbursement in the aggregate amongst all Sellers shall not exceed $2,000,000; (b) waive
the default and proceed to Closing; or (c) seek specific performance of this Agreement against Sellers by filing an action therefore
within thirty (30) days after the originally scheduled Closing Date. Notwithstanding anything to the contrary contained herein,
if any Seller willfully breaches this Agreement and sells its portion of the Property to someone other than Purchaser while the
Agreement is in effect, then Purchaser shall be entitled to bring an action against such Seller to recover all of its damages and
costs relating to such breach, including, but not limited to, actual and compensatory damages.

 

7.1.2Failure
to Satisfy Purchaser Closing Conditions. If on the Closing Date any of the Purchaser Closing Conditions are not satisfied (other
than as a result of a material default by Purchaser hereunder), then Purchaser may elect, at Purchaser’s option and as Purchaser’s
sole remedy, to either (i) waive such condition and proceed to Closing or (ii) elect to terminate this Agreement, in which case
(A) if the only Purchaser Closing Condition that is unsatisfied is the Purchaser Closing Condition set forth in Section 8.2.1(f),
receive a return of $50,000,000 of the Earnest Money, with the remaining $25,000,000 of the Earnest Money retained by Sellers as
compensation for Sellers’ time and expense incurred in connection with this Agreement and for having the Property subject
to the terms of this Agreement from the Effective Date to the termination date, or (B) if the foregoing clause (A) is not applicable,
Purchaser shall receive a return of the Earnest Money (the “Purchaser Closing Condition Remedies”); provided,
however, that in the event that Purchaser elects to terminate this Agreement pursuant to clause (ii), Sellers shall have the right,
at their option, to extend the scheduled Closing Date for a period necessary to cause the applicable Purchaser Closing Conditions
to be satisfied, such period not to exceed thirty (30) days (and, if the applicable Purchaser Closing Condition is satisfied by
Sellers during such thirty (30) day period, then Purchaser shall no longer have the right to terminate this Agreement pursuant
to this Section 7.1.2 with respect to such Purchaser Closing Condition).

 

7.2Purchaser’s
Pre-Closing Defaults; Failure to Satisfy Sellers’ Closing Conditions.

 

7.2.1Purchaser’s
Pre-Closing Default; Sellers’ Pre-Closing Remedies. If Purchaser fails to perform its obligations in accordance with
the terms of this Agreement prior to Closing in any material respect and such failure has not been cured

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within thirty (30) days
of written notice thereof from Sellers (but in any event, no later than the Closing Date), then, as Sellers’ sole and exclusive
remedy hereunder, Sellers shall have the right to terminate this Agreement at any time by delivering written notice to Purchaser,
whereupon the Earnest Money shall be forfeited to Sellers as liquidated damages (to be allocated amongst them in the same manner
as the Purchase Price would have been allocated if the Closing had occurred), it being agreed between the parties hereto that the
actual damages to Sellers in such event are impractical to ascertain and the amount of the forfeited Earnest Money is a reasonable
estimate thereof and shall be and constitute valid liquidated damages. If Sellers terminate this Agreement pursuant to this Section
7.2.1, this Agreement shall be null and void and neither party shall have any rights or obligations under this Agreement (other
than rights and obligations which expressly survive the termination of this Agreement) and Sellers shall be entitled to retain
the entire Earnest Money on deposit with Escrowee.

 

SELLERS’ INITIALS_________

 

PURCHASER’S INITIALS_________

 

7.2.2Failure
to Satisfy Sellers’ Closing Conditions. If on the Closing Date, any of the Seller Closing Conditions are not
satisfied, then Sellers may elect, at Sellers’ option and as Sellers’ sole remedy, to either (i) waive such
condition and proceed to Closing or (ii) elect to terminate this Agreement, in which case (A) if the unsatisfied Seller
Closing Conditions do not include any of the Seller Closing Conditions set forth in Section 8.2.2(d) or Section 8.3, the
Earnest Money shall be returned to Purchaser (unless Purchaser is in material default hereunder, but subject to Section
14.22), (B) if any of the Seller Closing Conditions that are unsatisfied include any of the Seller Closing Conditions set
forth in Section 8.2.2(d), the same shall constitute a material default by Purchaser hereunder and Sellers shall retain the
Earnest Money, or (C) if any of the Seller Closing Conditions that are unsatisfied include the Seller Closing Condition set
forth in Section 8.3, Purchaser shall receive a return of $50,000,000 of the Earnest Money, with the remaining $25,000,000 of
the Earnest Money retained by Sellers as compensation for Sellers’ time and expense incurred in connection with this
Agreement and for having the Property subject to the terms of this Agreement from the Effective Date to the termination date
(provided that this clause (C) shall not limit any of Sellers’ remedies if Purchaser is otherwise in material default
hereunder).

 

SELLERS’ INITIALS_________

 

PURCHASER’S INITIALS_________

 

7.3Purchaser’s
Pre-Closing Knowledge. If at any time after the Effective Date, either Purchaser or any Seller are or become aware of any fact
or information which makes a representation or warranty of Sellers contained in Section 9.1.1 through 9.1.29 hereof (collectively,
the “Designated Representations”) untrue in any material manner, said party shall promptly disclose such fact
in writing to the other parties hereto. If the Seller making such representation has taken no willful act which is prohibited under
this Agreement to cause the representation to become untrue, such Seller shall not be in default under this Agreement and the

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sole remedy of
Purchaser shall be to (i) proceed to Closing, in which case Purchaser shall be deemed to have waived its rights with respect
to any such breach of representation or warranty, or (ii) solely in the event that Seller fails to cure such breach within
thirty (30) days after written notice thereof from Purchaser (provided that the parties agree and acknowledge that if such
thirty (30) day period would exceed the Closing Date, at their option, Sellers may extend such Closing Date for the period
required to effect such cure, but not beyond the date which is thirty (30) days from Purchaser’s foregoing written
notice), and (A) if such breach of representation or warranty would cause a Purchaser Closing Condition to be unsatisfied,
terminate this Agreement by written notice to Sellers within five (5) Business Days after the expiration of such cure period
(the “Purchaser Notice Date”) or (B) if such breach of representation or warranty would not cause a
Purchaser Closing Condition to be unsatisfied, proceed to Closing without waiving its rights with respect to such breach of
representation or warranty (but subject in all respect to the other express limitations of this Agreement, including without
limitation Sections 11.1 and 11.2). Notwithstanding the foregoing, Purchaser shall not be entitled to exercise the foregoing
rights in the event that the Designated Representations of any Seller contained in Sections 9.1.3, 9.1.5, 9.1.6, 9.1.7,
9.1.8, 9.1.9, 9.1.13, 9.1.14, 9.1.15, 9.1.19, 9.1.20, and 9.1.29 (collectively, the “Property
Representations”) have become untrue under this Agreement by reason of either (x) changed facts or circumstances
which, pursuant to the terms of this Agreement, are not prohibited from occurring, or (y) changes in conditions (including
changes in law or generally accepted accounting principles) affecting the hospitality or real estate industries generally, or
the United States of America or global economy, the commencement, continuation or escalation of a war, material armed
hostilities or other material international or national calamity or act of terrorism directly or indirectly involving or
affecting the United States of America, earthquakes, hurricanes, or other natural disasters or acts of God (subject to the
provisions of this Agreement with respect to casualty). If clause (A) of clause (ii) of the second sentence of this Section
7.3 is applicable and Purchaser fails to deliver the required notice to Sellers on or before the Purchaser Notice Date, then
Purchaser shall conclusively be deemed to have elected to proceed under clause (ii)(A) of the second sentence of this Section
7.3. Notwithstanding anything to the contrary set forth in this Agreement and without limitation of anything contained in
this Section 7.3, Purchaser is prohibited from making any claims against any Seller after the Closing with respect to any
breaches of such Seller’s representations and warranties contained in this Agreement resulting from or based upon a
condition, state of facts or other matter of which Purchaser has actual knowledge of prior to the Closing Date (regardless of
whether Sellers gave the required notice to Purchaser required under this Section 7.3), other than in the circumstances
described in clause (ii)(B) of the second sentence of this Section 7.3. The actual knowledge of Purchaser for the purposes of
this Agreement shall mean the actual (and not imputed, implied or constructive) knowledge of the individuals set forth on Schedule
5A. Notwithstanding anything to the contrary set forth in this Agreement, none of the foregoing individuals shall have
any personal liability whatsoever with respect to any matters set forth in this Agreement.

 

7.4Post-Closing
Remedies. From and after the Closing, Sellers and Purchaser shall, subject to the terms and conditions of this Agreement, including,
without limitation, the terms of Section 7.3 above and Section 11.1 below, have such rights and remedies as are available at law
or in equity, except that neither Sellers nor Purchaser shall be entitled to recover from the other consequential, incidental,
indirect, punitive or special damages.

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8.DILIGENCE;
CONDITIONS PRECEDENT.

 

8.1Diligence
and Inspection.

 

8.1.1The
applicable Seller shall deliver to Purchaser, or make available to Purchaser in an electronic data room (a) due diligence
materials regarding the Property as are typically provided by Sellers, and (b) the Loan Documents (collectively, the
“Due Diligence Materials”). Except as expressly set forth in Section 9 below, no Seller, nor any other
Seller Released Party is making or shall be deemed to have made any express or implied representation or warranty of any kind
or nature as to any Due Diligence Materials provided, including, but not limited to, representations regarding the accuracy
or completeness of any such Due Diligence Materials. Up until the Closing Date, Sellers agree to deliver to Purchaser, or
make available in such electronic data room, any additional and/or updated materials related to the Property reasonably
requested by Purchaser in writing, to the extent in Sellers’ possession or control, and Sellers shall deliver such
items within a reasonable time following such request, provided such request is not inconsistent with a provision of this
Agreement, the Management Contracts or the Franchise Agreements. Up until the Closing Date, Purchaser shall keep the
applicable Seller reasonably advised of the status of all negotiations and material communications with franchisors, managers
under Management Contracts, Ground Lessors and Lender (including any servicer) (including their respective advisors and
representatives).

 

8.1.2Before
entering upon any Real Property, Purchaser shall furnish to Sellers certificates of insurance for such Real Property evidencing:
(a) commercial general liability insurance coverage of not less than One Million and No/100ths Dollars ($1,000,000.00) per occurrence
and Ten Million and No/100ths Dollars ($10,000,000.00) in the aggregate, (b) commercial automobile insurance coverage of not less
than One Million and No/100ths Dollars ($1,000,000.00) per occurrence which shall cover liability arising in connection with any
automobile at the Real Property (including owned, hired and non-owned automobiles), and (c) workers’ compensation insurance
as required by statute in the state where such Real Property is located and employer’s liability insurance of not less than
One Million and No/100ths Dollars ($1,000,000.00) per accident. With respect to the coverages required by clauses (a) and (b) immediately
preceding, Sellers and their agents and affiliates of which Sellers have provided Purchaser notice shall be named as additional
insureds. Such insurance coverage shall (i) be issued by an insurance company licensed to do business in the state where such Real
Property is located having a rating of at least “AX” by A.M. Best Company, (ii) be primary and any insurance maintained
by Sellers shall be excess and non-contributory, (iii) include contractual liability coverage with respect to Purchaser’s
indemnity obligations set forth in this Agreement (it being understood, however, that the availability of such insurance shall
not serve to limit or define the scope of Purchaser’s indemnity obligations under this Agreement in any manner whatsoever),
and (iv) not contain any exclusions for work performed at or on residential properties, or for “insured versus insured”
claims with respect any potential claim by Sellers against Purchaser. The insurance certificates required herein shall also provide
that the coverage may not be cancelled, non-renewed or reduced without at least thirty (30) days’ prior written notice to
Sellers. No inspection shall be undertaken without reasonable prior notice to Sellers. Sellers shall have the right

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to be present
at any or all inspections. No inspection shall involve the taking of samples or other physically invasive procedures without the
prior written consent of Sellers in their sole and absolute discretion. Notwithstanding anything to the contrary contained in this
Agreement, Purchaser shall indemnify, defend (with counsel reasonably acceptable to Sellers) and hold Sellers and each of the other
past, present and future Seller Released Parties, harmless from and against any and all losses, claims, damages, demands, actions,
suits, costs, expenses, judgments, proceedings, injuries and liabilities (including, without limitation, reasonable out-of-pocket
attorneys’ fees and costs incurred in connection therewith) (“Losses”) arising out of or resulting from
Purchaser’s exercise of its rights of inspection as provided for in this Section 8. Notwithstanding the foregoing, Purchaser’s
indemnification obligations hereunder shall not include any obligation or duty whatsoever with respect to any such claims (including
claims that the Real Property has declined in value) to the extent arising out of or resulting from (a) the mere discovery
or presence of any pre-existing Hazardous Substances, or (b) the results or findings of any tests or analyses of Purchaser’s
inspection of the Property conducted in accordance with this Section 8.1.2, or (c) Seller’s, or/and Seller Released Party’s
acts or omissions. The indemnification obligation of Purchaser in this Section 8.1.2 shall survive termination of this Agreement
and the Closing.

 

8.2Conditions
to Closing.

 

8.2.1Purchaser
Conditions. Purchaser’s obligation to consummate the transactions contemplated hereunder at the Closing are conditioned
upon the satisfaction (or waiver, as evidenced in writing from Purchaser in its sole and absolute discretion) of each of the following
conditions with respect to the Property (the “Purchaser Closing Conditions”):

 

(a)Sellers’
representations and warranties contained herein being true and correct as of the Closing Date and Sellers’ having obtained
(or received a waiver in writing of) any required consents or approvals disclosed in the Disclosure Letter pursuant to Section
9.1.3 except to the extent that, in the aggregate for the entire Property, any representations and warranties that were untrue
when made or became untrue after the Effective Date and the failure to obtain any such required consents or approvals, taken together,
do not constitute a Portfolio Material Adverse Effect on the Property, provided that this condition shall not be deemed to have
failed if the representations or warranties are not true as of the Closing Date with respect to the Property Representations by
reason of changed facts or circumstances which, pursuant to the terms of this Agreement, are not expressly prohibited from occurring.

 

(b)As
of the Closing Date, Sellers shall have performed in all material respects all of their obligations and covenants under this Agreement.

 

(c)Sellers
shall have delivered each of Sellers’ Closing deliveries under Section 4.2.

 

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(d)There
shall not be in effect any order or orders, whether temporary, preliminary or permanent, issued by any governmental authority restraining,
enjoining, preventing or prohibiting the consummation of the transactions contemplated hereby.

 

(e)On
or prior to the Closing Date, (i) (A) all service and other operational contracts relating to the Property to be sold to
Purchaser, in each case (x) that Purchaser has requested Seller in writing to terminate on or prior to January 22, 2015
(which are terminable by their respective terms) or (y) that cannot be assigned to Purchaser by its terms (and for which
Purchaser has otherwise been unable to obtain the consent of the relevant counterparty to Purchaser’s assumption of
same) and (B) all hotel property management contracts (“Management Contracts”), which Purchaser requested
Seller in writing to terminate in the notice delivered on October 29, 2014, shall be terminated, (ii) all Material Contracts
that are assignable by their terms and which Purchaser requested Seller in writing to assume in the notice delivered on
October 29, 2014 shall be assigned to Purchaser (assuming that Purchaser has executed and delivered the required assignment
documentation), and (iii) all Assumable Service Contracts which Purchaser requested Seller in writing to assume in the notice
delivered on October 29, 2014 shall be assigned to Purchaser (assuming that Purchaser has executed and delivered the required
assignment documentation).

 

(f)Provided
that Purchaser is (i) assuming the Assumed Debt, and (ii) has complied in all respects with its obligations under Section 13.5,
Lender shall have executed and delivered all documents necessary to consummate the Debt Assumption on the terms set forth in the
Loan Agreement and any such conditional consent letter.

 

8.2.2Seller’s
Conditions. The obligation of Sellers to consummate the transaction contemplated hereunder at the Closing are conditioned upon
the satisfaction of each of the following conditions (including the condition set forth in Section 8.3, the “Seller Closing
Conditions”):

 

(a)Each
of Purchaser’s representations and warranties contained herein being true and correct in all material respects as of the
Closing Date; provided, however, that with respect to any breach of the representations and warranties in Section 9.6 hereof, this
Seller Closing Condition shall be deemed satisfied in the event that, notwithstanding such breach, Purchaser is consummating the
Debt Assumption at Closing in accordance with the terms hereof or is closing on Replacement Debt concurrently with the Closing.

 

(b)As
of the Closing Date, Purchaser shall have delivered the Purchase Price and shall have performed in all material respects all of
its other respective obligations and covenants under this Agreement.

 

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(c)Purchaser
shall have delivered (or caused to be delivered by Purchaser Parent, Purchaser REIT, the Indemnitors or its other affiliates, as
applicable) each of Purchaser’s Closing deliveries under Section 4.3.

 

(d)(i)
Sellers shall have received at or prior to Closing satisfactory evidence that Purchaser has executed Replacement Franchise
Agreements for all Hotel Assets with the existing franchisor as of the Effective Date, and (ii) Sellers shall have received
at or prior to Closing reasonably satisfactory evidence that terminations of all of the Franchise Agreements were executed
effective as of the Closing Date without any liquidated damages, termination fees, or similar payment (unless borne by
Purchaser) and releasing Sellers and guarantors of Sellers’ obligations under the Franchise Agreements from liability
and obligations thereunder to the extent customary for the applicable Franchisor in connection with terminations of its
franchise agreements in connection with agreed replacement franchise agreements; provided, however, that in the event that
Purchaser has not executed a Replacement Franchise Agreement with the existing franchisor as of the Effective Date for any
Hotel Asset, the Seller Closing Condition set forth in this Section 8.2.2(d) may be satisfied if Purchaser has either (x)
executed a Replacement Franchise Agreement with a new franchisor in accordance with the terms of the Loan Agreement (or a
valid waiver of the terms thereof by Lender), or, if Replacement Debt is being obtained in a manner that does not result in
Purchaser’s inability to obtain the Replacement Debt, or (y) complied with all necessary requirements of the Loan
Agreement and received the written consent of Lender to accept a conveyance of such Hotel Asset with no Replacement Franchise
Agreement in place at Closing or, if Replacement Debt is being obtained, to accept a conveyance of such Hotel Asset with no
Replacement Franchise Agreement, which does not result in Purchaser’s inability to obtain the Replacement Debt. In the
event that Purchaser intends to accept the conveyance of any Hotel Asset with no Replacement Franchise Agreement under the
foregoing clause (y), Sellers shall cooperate with Purchaser, at the sole cost and expense of Purchaser, to complete the
de-identification of any such Hotel Asset in connection with the termination of the applicable Franchise Agreement, provided
that Purchaser bears the full cost of such de-identification and any liquidated damages, termination fees, or similar payment
required in connection with such de-identification, and Purchaser indemnifies and holds Seller harmless from any liability or
obligation under any Franchise Agreement terminated pursuant to such clause (y).

 

(e)The
terms of each of (i) any new debt obtained by Purchaser or any of its affiliates (other than the Assumed Debt, but including any
amendments to the Loan Documents or modifications to the Assumed Debt) that will encumber the Property or any direct or indirect
ownership interest in Purchaser after Closing (other than direct or indirect interests in Purchaser Holdco) and (ii) any other
agreement that will be binding upon Purchaser or any other direct or indirect subsidiary of Purchaser Holdco after Closing, in
either case, which (x) restricts the transfer, assignment, pledge, encumbrance, hypothecation, participation or disposition of
the Purchaser Holdco Class A Units (or any direct or indirect

 

    	-33-

    	 

    

 

interest therein) in any manner inconsistent with the provisions
of the Purchaser Holdco Operating Agreement or more restrictive than the provisions set forth in the Assumed Debt as of the Effective
Date, and/or (y) limits the exercise by any Class A Holder of any of its rights under the Purchaser Holdco Operating Agreement
in any manner, in each case, shall be satisfactory to Sellers in their sole discretion.

 

(f)There
shall not be in effect any order or orders, whether temporary, preliminary or permanent, issued by any governmental authority restraining,
enjoining, preventing or prohibiting the consummation of the transactions contemplated hereby.

 

(g)Each
of the organizational documents of the direct or indirect subsidiaries of Purchaser Holdco shall provide that such subsidiary shall
not be permitted or authorized to take any action or refrain from taking any action (or to cause or permit any of its subsidiaries
to take any action or refrain from taking any actions) which, whether with or without the giving of notice or the passage of time
or both, could reasonably be expected to give rise to any liability or loss to Whitehall under any of the Whitehall Guarantees.

 

8.3Additional
Provisions Regarding Assumed Debt and Replacement Debt. Notwithstanding anything to the contrary herein, (a) unless Purchaser
notifies Sellers in writing on or before January 22, 2015 that Purchaser intends to put in place Replacement Debt in lieu of assuming
the Assumed Debt, it will be conclusively presumed that Purchaser intends to assume the Assumed Debt and it will be a condition
to Sellers’ obligation to close that the Lender shall have executed and delivered all documents necessary to consummate the
Debt Assumption on the terms set forth in the Loan Agreement and any conditional consent letter issued by Lender, and (b) if Purchaser
so notifies Sellers in writing pursuant to clause (a) that Purchaser intends to put in place Replacement Debt in lieu of assuming
the Assumed Debt, the condition in Section 8.2.1(f) shall no longer be applicable and will be deemed to be a waiver by Purchaser.

 

9.REPRESENTATIONS
AND WARRANTIES.

 

9.1Sellers’
Representations and Warranties. Subject to the exceptions and qualifications set forth in the disclosure letter delivered to
Purchaser (together with all documents provided in connection therewith) on June 2, 2014, as supplemented by that certain supplemental
disclosure letter delivered to Purchaser on June 5, 2014 (collectively, the “Disclosure Letter”), each Seller
hereby represents and warrants, severally and not jointly, to Purchaser that, as to itself only and, where applicable, as to the
portion of the individual Hotel Asset(s) owned by such Seller, (i) as of the Effective Date (other than with respect to Sections
9.1.2, 9.1.3 and 9.1.4), (ii) in the case of Sections 9.1.1, 9.1.2, 9.1.3, 9.1.4 and 9.1.7, made or remade, as applicable, as of
the Restatement Date, and (iii) as of the Effective Date and, subject to the terms of this Agreement, remade as of the Closing
Date (other than representations and warranties made specifically as to a certain date, in which case such representations and
warranties shall be remade as of such certain date):

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9.1.1Such
Seller is either a limited partnership, limited liability company, corporation or real estate investment trust, duly organized,
validly existing and in good standing under the laws of the state of its formation, as indicated on Schedule 1.

 

9.1.2Such
Seller has full power, right and authority to enter into and perform its obligations under this Agreement. The execution, delivery
and performance of this Agreement by such Seller have been duly and properly authorized by proper limited liability company, partnership,
corporate or trust action, as applicable, in accordance with applicable law and with the organizational documents of such
Seller. No further limited liability company, partnership, corporate or trust proceedings on the part of such Seller are necessary
to authorize this Agreement or to consummate the purchase and sale of the individual Hotel Asset(s) owned by such Seller in accordance
with the terms hereof. This Agreement has been duly and validly executed and delivered by such Seller. This Agreement, when executed
and delivered by Sellers and Purchaser, will constitute the valid and binding agreement of such Seller, enforceable against such
Seller in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by
general equity principles.

 

9.1.3Except
as set forth in the Disclosure Letter, no consent, approval, order, waiver, authorization, registration or declaration is required
to be obtained by such Seller from, and no notice or filing is required to be given by such Seller to or made by such Seller with,
any governmental authority or other person (other than under any Loan Document, Franchise Agreement or Ground Lease) in connection
with the execution, delivery and performance by such Seller of this Agreement (excluding from this representation the performance
by such Seller of its specific covenants arising under Sections 12.4, 12.5 and 12.8) other than certain property-level licenses
and permits (which are not material to the Property as a whole) that require consent, approval or notice to a government authority
to effectuate a transfer of such items, which consent, approval or notice the applicable Seller shall not be required to obtain
prior to Closing so long as the applicable Seller uses diligent efforts to assist Purchaser with the transfer of such items prior
to and after Closing; provided that Seller’s obligation under this Section 9.1.3 shall survive Closing.

 

9.1.4Subject
to receipt of the consent and approvals referred to in Section 9.1.3 above, the execution, delivery and performance of this Agreement
and the consummation of the purchase and sale of such Seller’s portion of the Property by such Seller will not (a) violate
or conflict with or constitute a default under any organizational document of such Seller, (b) violate, conflict with or constitute
a default under any contract or agreement to which such Seller is a party, where the underlying obligation or default would survive
the closing of the consummation of the purchase and sale of the individual Hotel Asset(s) owned by such Seller in accordance with
the terms and conditions of this Agreement or (c) constitute a violation of any law, regulation, order, writ, judgment, injunction
or decree of any governmental authority applicable to such Seller.

 

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9.1.5The
Disclosure Letter accurately identifies each contract that is material to the business, operations or maintenance of such
Seller’s Hotel Assets, other than, to the extent applicable to such Seller’s Hotel Assets, Loan Documents, the
Ground Leases, the Management Contracts, the Franchise Agreements and the Leases (each such material contract, excluding for
the avoidance of doubt documents evidencing the Assumed Debt, the Ground Leases, the Management Contracts, the Television
& Internet Service Contracts, the Franchise Agreements and the Leases, a “Material Contract”). Except
as set forth in the Disclosure Letter, such Seller has not received notice in writing of a default by Seller under any
Material Contract that has not been cured or delivered a notice in writing of a default to a counterparty under a Material
Contract that has not been cured, and, to such Seller’s Knowledge, no event of default exists under any such Material
Contract on the part of such Seller or the counterparty thereunder. True, complete and correct copies of each of its Material
Contracts have been delivered or made available to Purchaser prior to the Effective Date. Notwithstanding anything in this
Agreement to the contrary, such Seller does not covenant or represent that any particular Material Contract will be in force
or effect as of the Closing Date or that the parties to the Material Contracts will not be in default under its Material
Contracts, and the existence of any default by any party under any Material Contract shall not affect the obligations of
Purchaser hereunder. For purposes of this Section 9.1.5, a contract shall be “material” to the business,
operations or maintenance of such Seller’s portion of the Property only if such contract (i) extends beyond one year
(unless cancelable on sixty (60) days’ or less notice without requiring the payment of termination fees or payments of
any kind) and (ii) requires the payment of more than Fifty Thousand and No/100ths Dollars ($50,000.00) in any calendar
year with respect to such Seller’s portion of the Property. 

 

9.1.6Except
as set forth in the Disclosure Letter, such Seller has not received from any governmental authority having the power of eminent
domain any written notice of any condemnation of any individual Hotel Asset owned by such Seller nor are there any pending condemnation
proceedings with respect thereto.

 

9.1.7Except
as set forth in the Disclosure Letter, (a) such Seller has not received any written notice of any pending litigation initiated
against such Seller or its Hotel Assets, nor is there any pending litigation with respect thereto, and (b) such Seller has not
received written notice of any threatened litigation against such Seller or its Hotel Assets which would, in any such case, have
a Property Material Adverse Effect.

 

9.1.8Except
as set forth in the Disclosure Letter, such Seller has not received written notice of any violation of any building, environmental,
fire or health code or any other statute applicable to its Hotel Assets which would have a Property Material Adverse Effect.

 

9.1.9
To such Seller’s Knowledge, except as set forth in the Disclosure Letter, such Seller’s Hotel Assets are in compliance
in all material respects with the terms and conditions of each permit, certificate or license issued by a governmental authority
(to the extent held by such Seller) and legally required for the operation and use of such Hotel(s) (“Permits”).

 

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9.1.10
The Disclosure Letter sets forth a true and complete list of the Hotels that are subject to a franchise, license or similar agreement
providing the right to utilize a brand name or other rights of a hotel chain or system (together with all such agreements for each
other Seller and any amendment, guarantees and any ancillary documents and agreements related thereto, collectively, “Franchise
Agreements” and each, a “Franchise Agreement”) or in respect of which such Seller is otherwise bound
and the date of such Franchise Agreement, and any capital expenditures or improvements planned for any Hotel Asset and required
pursuant to the Franchise Agreement for such Hotel Asset during calendar year 2014. As of the Effective Date, Seller has made available
to Purchaser a correct and complete copy of any outstanding so-called property improvement plans required to be completed for any
Hotel Asset. As of the Effective Date, except as set forth in the Disclosure Letter, Seller has neither given nor received any
written notice of any material breach or default under any Franchise Agreement.

 

9.1.11Other
than as set forth in the Disclosure Letter, such Seller owns (or will, prior to the Closing, own) good and marketable title
to the Personal Property included within its Hotels, excluding the related Intangible Property and the personal property of
Tenants, employees, agents and guests. As of the Closing, such Personal Property will be free and clear of all Liens other
than Permitted Exceptions and any Liens filed against equipment pursuant to equipment leases.

 

9.1.12
Such Seller has delivered or made available to Purchaser a true and complete copy of each survey with respect to such Seller’s
Real Property that has been delivered to such Seller within the two (2) years preceding the Effective Date and was within such
Seller’s possession or control on the Effective Date.

 

9.1.13Other
than as set forth in the Disclosure Letter, such Seller has not received written notice of any pending or proposed change in the
zoning or any special use permit of any of its Real Property.

 

9.1.14
Except as set forth in the Disclosure Letter, each of the ground leases set forth on Exhibit N hereto (the “Ground
Leases”) constituting all or a portion of such Seller’s Real Property is in full force and effect. Except as set
forth in the Disclosure Letter, such Seller has not breached in any material respect and is not in default under its Ground Leases
(other than such breaches or defaults that have been cured). The Disclosure Letter accurately identifies all of the documentation
constituting such Seller’s Ground Leases, as presently in effect, including all of the agreements, amendments or supplements
which evidence or govern such Ground Leases, and, except as set forth in the Disclosure Letter, true, complete and correct copies
of all such documentation have been delivered or made available to Purchaser. The foregoing representations shall not be made at
the Closing Date with respect to any Ground Lease not assumed by Purchaser at Closing.

 

9.1.15
Except as identified in the Disclosure Letter, no Lease or other arrangement for use of space within any of such Seller’s
Hotels other than transient use of guest rooms, banquet rooms, conference rooms or similar facilities by such Hotel’s guests
or patrons encumbers such Seller’s Hotel Assets. True, complete and correct

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copies of such Seller’s Leases, including
all of the agreements, amendments and supplements thereto which evidence or govern such Leases, have been delivered or made available
to Purchaser prior to the Effective Date. Except as set forth in the Disclosure Letter, such Seller has neither given nor received
any written notice of any breach or default under any of the Leases which has not been cured and, to such Seller’s Knowledge,
no event has occurred or circumstance exists which, with notice or the passage of time, would result in a breach or default by
the Seller or the lessee thereunder. The Disclosure Letter lists all security or other deposits made by any lessee under the Leases,
and except as set forth in such the Disclosure Letter, no security or other deposit made by any lessee under the Leases has been
applied towards the obligations of such party in accordance with the Leases. Except as set forth in the Disclosure Letter, no security
or other deposit securing a Tenant’s obligation under a Lease is in the form of a letter of credit or any other form other
than cash. Except as set forth in the Disclosure Letter, no rent has been paid by any tenant under a Lease more than one month
in advance.

 

9.1.16 The
following representation is made only by W2007 Equity Inns Realty, LLC and W2007 Equity Inns Realty, L.P.: the
Disclosure Letter contains a true, complete and correct list of all documents related to the Assumed Debt and true, complete
and correct copies of all documentation relating to the Assumed Debt, as in effect as of the Effective Date, have been
delivered or made available to Purchaser. Seller has not received written notice of a default by Seller under the Assumed
Debt nor has Seller delivered Lender any written notice of default by Lender under the Assumed Debt, and, to such
Seller’s Knowledge, there is no existing event of default under any of the Assumed Debt.

 

9.1.17
Such Seller has not filed any voluntary petition in bankruptcy or suffered the filing of an involuntary petition by its creditors,
suffered the appointment of a receiver to take possession of substantially all of its assets, or suffered the attachment or other
judicial seizure of substantially all of its assets.

 

9.1.18
Such Seller (or if such Seller is disregarded as separate from its owner for tax purposes, such Seller’s owner for tax purposes)
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended
(the “Code”).

 

9.1.19
Such Seller has delivered to Purchaser true and complete copies of any Phase I environmental reports relating to its Hotel Assets
that have been received by such Seller within the two (2) years preceding the Effective Date and were in the possession or control
of such Seller on the Effective Date. Other than as set forth in the Disclosure Letter or in such environmental reports, to such
Seller’s Knowledge, (a) such Seller is not currently the subject of any enforcement or investigatory actions by any governmental
authority regarding an Environmental Condition with respect to such Seller’s Real Property or the related Improvements and
(b) neither such Seller nor its Real Property is subject to any order, decree, injunction or other proceeding with any governmental
authority relating to obligations or liability under any Environmental Law. “Environmental Laws” means all applicable
federal, state and local statutes or laws,

 

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judgments, orders, regulations, licenses, permits, requirements of any governmental
authority, rules and ordinances regulating Hazardous Substances or pollution or protection of human health or the environment,
including, but not limited to, the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), Resource Conservation
and Recovery Act (42 U.S.C. § 6901 et seq.), Safe Drinking Water Act (42 U.S.C. § 300f et seq.), Toxic
Substances Control Act (15 U.S.C. § 2601 et seq.), Clean Air Act (42 U.S.C. § 7401 et seq.), Comprehensive
Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601(f) et seq.), environmental provisions of
the Occupational Safety and Health Act, (29 U.S.C. § 651 et seq.), and other similar state and local statutes, in effect
as of the date hereof. “Environmental Condition” means any actual or alleged violation or liability subject
to any Environmental Law including the presence or release into the environment of any Hazardous Substance as a result of which
any Seller (i) is or could reasonably be expected to become liable to any person, (ii) is in violation of any Environmental Law,
(iii) is or could reasonably be expected to incur response costs for investigation or remediation, or (iv) by reason of which any
Hotel Assets or other assets of any Seller, could reasonably be expected to be subject to diminution in value or any lien relating
to Environmental Laws.

 

9.1.20
Except as set forth in the Disclosure Letter, neither such Seller nor any property manager under a Management Contract currently
employs any employees which (other than arising out of Purchaser’s WARN Act Obligations) Purchaser would be obligated to
retain after Closing or be responsible for benefits with respect thereto.

 

9.1.21Other
than as described in the Management Contracts, no person or entity provides any management services to any of such Seller’s
Hotels. On the Closing Date, there will be no hotel management contracts in effect with any party for the management of any such
Hotel (other than agreements entered into by Purchaser or Management Contracts which Purchaser is assuming pursuant to the terms
hereof) and any such existing Management Contract shall be terminated, effective on or prior to the Closing, by the parties thereto
without cost to Purchaser. All Management Contracts are terminable without any premium or penalty that would be paid by Purchaser
upon (i) a sale of the applicable Hotel Asset and/or (ii) as specified for each Management Contract on Exhibit M hereto,
and Seller has not received, or given, any written notices of default under Management Contracts which remain outstanding (provided,
however, that this representation will not be remade on the Closing Date with respect to any Management Contract not assumed by
Purchaser at Closing). Seller will bear all costs and liabilities, including, but not limited to, any termination fee, associated
with the termination of any Management Contract not assumed by Purchaser at Closing (other than with respect to Purchaser’s
WARN Act Obligations).

 

9.1.22
Such Seller is not (a) identified on the OFAC List or (b) a person with whom a citizen of the United States is prohibited to engage
in transactions by any trade embargo, economic sanction, or other prohibition of United States law, rule, regulation or Executive
Order of the President of the United States. The term “OFAC List” shall mean the list of specially designated
nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign
Assets Control and any other similar list maintained by the U.S. Treasury Department, Office of Foreign

    	-39-

    	 

    

 

 

Assets Control pursuant
to any law, rule, regulation or Executive Order of the President of the United States, including, without limitation, trade embargo,
economic sanctions, or other prohibitions imposed by Executive Order of the President of the United States.

 

9.1.23
Seller has not granted any purchase options, rights of first offer, rights of first refusal or any other similar rights in favor
of any third party with respect to its portion of the Property which are currently in effect.

 

9.1.24If
such Seller owns a Hotel Asset located in Minnesota, to such Seller’s Knowledge with respect to such Hotel Asset, (a)
no “wells” within the meaning of Minn. Stat. § 103I (this representation is intended to satisfy the
requirements of that statute) are located on such Hotel Asset, (b) no private “sewage treatment system” within
the meaning of Minn. Stat. § 115.55 (this representation is intended to satisfy the requirements of that statute)
is located in or about such Hotel Asset or has been located under, in or about such Hotel Asset and has subsequently been
removed or filled, (c) no methamphetamine production has occurred on such Hotel Asset, and (d) no underground or above ground
storage tank is currently located upon such Hotel Asset, and no underground or above ground storage tank formerly located on
such Hotel Asset had a release for which no corrective action was taken. Such Seller has filed or will file all required
affidavits pursuant to Minn. Stat. § 116.48(6) with respect to any Hotel Asset located in Minnesota.

 

9.1.25Except
as set forth in the Disclosure Letter, there are no currently pending appeals or abatement proceedings with respect to the real
estate taxes assessed on the Real Property.

 

9.1.26Except
as set forth on the Disclosure Letter, all Hotel operations with respect to an individual Hotel Asset are conducted at the applicable
Real Property, and the individual Hotel Asset does not rely on the use of off-site facilities or property for any of its operations
or to satisfy any Legal Requirement.

 

9.1.27Except
in connection with dispositions of hotels or salvage undertakings, no Seller has sold or engaged in the sale of substantial portion
of Personal Property (except for food and beverage and other Personal Property subject to applicable ongoing operational permits)
in excess of one (1) time in any consecutive twelve (12) month period during the tenure of any Seller’s ownership of an individual
Hotel Asset.

 

9.1.28The
annual income and expense statements for the Property provided to Purchaser for calendar years 2011, 2012 and 2013, and “year-to-date”
through March 31, 2014 with respect to the Property (the “Financial Statements”), are correct and complete copies
of the financial statements prepared by Seller or property manager of a Hotel Asset and have been prepared in accordance with US
Generally Accepted Accounting Principles, except for the inclusion of FF&E reserves, and present fairly, in all material respects,
the operating results of the Property for the periods

    	-40-

    	 

    

 

 

covered by such statements, subject to standard year-end adjustments for
the March 31, 2014 “year-to-date” statement.

 

9.1.29Except
as set forth in the Disclosure Letter, no Union is the collective bargaining agent for any employees relating to the Hotel Assets.
None of the property managers managing such Seller’s Hotel Assets nor any affiliate thereof has been ordered by the National
Labor Relations Board (“NLRB”) or any court to recognize, or lost a representational election certifying, any
union, labor organization or other person (“Union”), as the exclusive representative of any employee of a Seller
or any property manager or their affiliates for purposes of collective bargaining and no Union has, in writing, claimed or demanded
to represent, and there are no organizational campaigns in progress with respect to, or NLRB representational election scheduled
with respect to, any such employee, in each case relating to the Hotel Assets. None of Seller, any property manager managing such
Seller’s Hotel Assets, or any affiliate of any such property manager made any representation, express or implied, concerning
the terms or conditions on which Purchaser or its manager may offer to employ any employee of Seller, any property manager managing
such Seller’s Hotel Assets, or any affiliate of any such property manager (other than in connection with Purchaser’s
WARN Act Obligations).

 

9.2Seller’s
Knowledge. When used in this Agreement, the term “to such Seller’s Knowledge” shall mean and be limited
to the actual (and not imputed, implied or constructive) knowledge, of the individuals set forth on Schedule 5 for such
Seller; provided that Sellers represent that, promptly after the Effective Date, Sellers made reasonable inquiry of the applicable
property manager for each Hotel Asset with respect to the representations or warranties contained in the Property Representations
as to such Hotel Asset and Excluded Hotel Asset and included appropriate disclosures in the Disclosure Letter for any representations
which Sellers believed to be untrue as a result of such inquiry or other knowledge of Sellers; provided, further, however, that
the knowledge of any manager shall not be imputed to Sellers or to the individuals set forth on Schedule 5 in any manner
other than to the extent to which a disclosure is made. Notwithstanding anything to the contrary set forth in this Agreement, none
of the foregoing individuals or the property managers shall have any personal liability or liability whatsoever with respect to
any matters set forth in this Agreement or any of Sellers’ representations and/or warranties herein being or becoming untrue,
inaccurate or incomplete.

 

9.3Survival
of Sellers’ Representations and Warranties. Subject to the provisions of Section 7.3, the representations and warranties
of each Seller set forth in Section 9.1 shall be updated by the applicable Seller as of the Closing Date in accordance with Section
4.2.10 above (other than representations and warranties made specifically as to a certain date, in which case such representations
and warranties shall be remade as of such certain date). The representations and warranties set forth in Sections 9.1.1 through
9.1.4, 9.1.17, 9.1.18 and 9.1.22 shall survive indefinitely and all other representations and warranties in Section 9.1 shall survive
the Closing for a period of nine (9) months (other than those representations or warranties which, by their express terms, do not
survive the Closing). Written notice of any claim as to a breach of any representation or warranty must be made to the applicable
Seller in accordance with this Agreement prior to the date which is thirty (30) days after the expiration of such applicable

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survival
period or it shall be deemed a waiver of Purchaser’s right to assert such claim (including under the first sentence of Section
11.1).

 

9.4Purchaser’s
Representations and Warranties. Purchaser hereby represents and warrants to each of the Sellers that, (i) as of the Effective
Date (other than in the case of Sections 9.4.2, 9.4.3 and 9.4.4), (ii) in the case of Sections 9.4.1, 9.4.2, 9.4.3, 9.4.4 and 9.4.11,
made or remade, as applicable, as of the Restatement Date, and (iii) subject to the terms of this Agreement, remade as of the Closing
Date:

 

9.4.1Purchaser
is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware.

 

9.4.2Purchaser
has full power, right and authority to enter into and perform its obligations under this Agreement. The execution, delivery
and performance of this Agreement by Purchaser have been duly and properly authorized in accordance with applicable law and
with the organizational documents of Purchaser. No further consents on the part of Purchaser are necessary to authorize this
Agreement or to consummate the transactions described herein. This Agreement has been duly and validly executed and delivered
by Purchaser. This Agreement, when executed and delivered by Sellers and Purchaser, will constitute the valid and binding
agreement of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general
applicability relating to or affecting creditors’ rights or by general equity principles.

 

9.4.3No
consent, approval, order, waiver, authorization, registration or declaration is required to be obtained by Purchaser from, and
no notice or filing is required to be given by Purchaser to or made by Purchaser with, any governmental authority or other person
in connection with the execution, delivery and performance by Purchaser of this Agreement (excluding from this representation the
performance by Purchaser of its specific covenants arising under Section 13).

 

9.4.4The
execution, delivery and performance of this Agreement and the consummation of the transactions described herein will not (a) violate
or conflict with or constitute a default under or create in any party a right to terminate, amend or cancel any organizational
document of Purchaser, (b) violate, conflict with or result in the breach of, or a termination of, or constitute a default under,
or create in any party a right to modify or cancel, or accelerate or permit the acceleration of the performance required by, any
contract, or agreement, or any order, judgment or decree, to which Purchaser is a party or (c) constitute a violation of any law,
regulation, order, writ, judgment, injunction or decree of any governmental authority applicable to Purchaser.

 

9.4.5Purchaser
is not (a) identified on the OFAC List or (b) a person with whom a citizen of the United States is prohibited to engage in transactions
by any trade embargo, economic sanction, or other prohibition of United States law, rule, regulation or Executive Order of the
President of the United States.

 

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9.4.6Purchaser
is not a party in interest under Section 3(14) of the Employee Retirement Income Security Act of 1974 (“ERISA”),
or a disqualified person under Section 4975(e)(2) of the Code.

 

9.4.7Purchaser’s
acquisition of the Property will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975
of the Code.

 

9.4.8Purchaser
is not an entity whose assets are deemed to be “plan assets” under ERISA, and the funds being used by Purchaser to
acquire the Property do not constitute, in full or in part, “plan assets” subject to ERISA (as defined in 29 C.F.R.
§ 2510.3-101).

 

9.4.9As
of the Effective Date, Purchaser has not received any written notice of any pending litigation initiated against Purchaser and
Purchaser has not received written notice of any threatened litigation against Purchaser the adverse determination of which would
affect Purchaser’s ability to consummate the transaction contemplated hereby.

 

9.4.10 None
of Purchaser or its affiliates or their respective principals or any person or entity that possesses, directly or indirectly,
the power to direct or cause the direction of Purchaser or its affiliates (a) is a “Competitor” as such
term is defined in the current forms of franchise agreements for each of (including, without limitation, each of the
subsidiaries of) Marriott International, Inc. (“Marriott”), InterContinental Hotels Group PLC
(“IHG”), Hyatt Hotels Corporation (“Hyatt”) and Hilton Worldwide, Inc.
(“Hilton”), where such franchise agreements are a part of such franchisor’s current Franchise
Disclosure Document, (b) has to Purchaser’s knowledge ever had an application for a franchise agreement denied by
Marriott, IHG, Hyatt or Hilton, (c) has ever breached a franchise agreement with Marriott, IHG, Hyatt or Hilton, which breach
resulted in termination for cause thereunder by the applicable franchisor and (d) to Purchaser’s knowledge is not in
good standing under any current franchise agreement to which it is a party with any of Marriott, IHG, Hyatt or Hilton.

 

9.4.11With
respect to Property located in Texas: (A) PURCHASER IS NOT IN A SIGNIFICANTLY DISPARATE BARGAINING POSITION, (B) PURCHASER IS REPRESENTED
BY LEGAL COUNSEL, AND (C) PURCHASER IS SEEKING TO ACQUIRE THE PROPERTY, WHICH WILL NOT BE USED AS A FAMILY RESIDENCE, FOR A CONSIDERATION
THAT EXCEEDS $500,000, OR (D) (i) PURCHASER IS A BUSINESS ENTITY THAT EITHER HAS ASSETS OF $25,000,000 OR MORE OR IS OWNED OR CONTROLLED
BY A CORPORATION OR ENTITY WITH ASSETS OF $25,000,000 OR MORE, OR (ii) PURCHASER IS A SOPHISTICATED REAL ESTATE INVESTOR AND HAS
KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT ENABLE IT TO EVALUATE THE MERITS AND RISKS OF THIS TRANSACTION.
PURCHASER HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS, REMEDIES AND BENEFITS UNDER THE TEXAS DECEPTIVE TRADE
PRACTICES-CONSUMER PROTECTION ACT (SECTIONS 17.41 AND FOLLOWING OF THE TEXAS BUSINESS AND COMMERCE CODE) (THE

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“DTPA”)
AND ANY OTHER SIMILAR CONSUMER PROTECTION LAW, WHETHER FEDERAL, STATE OR LOCAL. PURCHASER COVENANTS NOT TO SUE SELLERS UNDER THE
DTPA OR ANY SUCH SIMILAR CONSUMER PROTECTION LAW.

 

9.5Survival
of Purchaser’s Representations and Warranties. The representations and warranties of Purchaser set forth in Sections
9.4.1 through 9.4.8, Section 9.4.11 and Section 9.6 shall be updated by Purchaser as of the Closing Date (other than representations
and warranties made specifically as to a certain date, in which case such representations and warranties shall be remade as of
such certain date) in accordance with Section 4.3.7 above and shall survive indefinitely.

 

9.6Purchaser’s
Additional Representations and Warranties. Purchaser hereby represents and warrants to each of the Sellers that, as of the
Effective Date and, subject to the terms of this Agreement, remade as of the Closing Date:

 

9.6.1Purchaser
Parent is a limited partnership, duly organized, validly existing and in good standing under the laws of the State of Delaware.

 

9.6.2As
of the Closing, no further proceedings on the part of Purchaser Parent are necessary to authorize its participation in the transactions
described herein in the manner described herein.

 

9.6.3As
of the Closing no consent, approval, order, waiver, authorization, registration or declaration is required to be obtained by Purchaser
Parent from, and no notice or filing is required to be given by Purchaser Parent to or made by Purchaser Parent with, any governmental
authority or other person in connection with its taking of the actions contemplated under Section 13.5.

 

9.6.4Purchaser
Parent’s participation in the transactions described herein in the manner described herein will not (a) violate or conflict
with or constitute a default under or create in any party a right to terminate, amend or cancel any organizational document of
such entity, (b) violate, conflict with or result in the breach of, or a termination of, or constitute a default under, or create
in any party a right to modify or cancel, or accelerate or permit the acceleration of the performance required by, any contract,
agreement, order, judgment or decree to which such entity is a party or (c) constitute a violation of any law, regulation, order,
writ, judgment, injunction or decree of any governmental authority applicable to such entity.

 

9.6.5Purchaser
Parent is not (a) identified on the OFAC List or (b) a person with whom a citizen of the United States is prohibited to engage
in transactions by any trade embargo, economic sanction, or other prohibition of United States law, rule, regulation or Executive
Order of the President of the United States. In furtherance of the foregoing:

 

(a)none
of the funds or other assets of such entity constitute property of, or are beneficially owned, directly or indirectly, by any person,
entity or government subject to trade restrictions under United States law, including, but

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not limited to, the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as the same
may be amended from time to time, and corresponding provisions of future laws (including anti-terrorism provisions thereof), the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C.
App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in such
entity or Purchaser or the consummation of the transactions described herein or the Debt Assumption or any other Loan Party (in
each case, whether directly or indirectly), is prohibited by law or the Assumed Debt (following the Debt Assumption) would be in
violation of law (“Embargoed Person”);

 

(b)none
of the funds or other assets of such entity constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed
Person;

 

(c)no
Embargoed Person has any interest of any nature whatsoever in in such entity with the result that the investment in such
entity or Purchaser or the consummation of the transactions described herein or the Debt Assumption (in each case, whether
directly or indirectly) is prohibited by law or the Loan is in violation of law; and

 

(d)none
of the funds of such entity have been derived from or are the proceeds of any unlawful activity with the result that the investment
in such entity or Purchaser or the consummation of the transactions described herein or the Debt Assumption (in each case, whether
directly or indirectly) is prohibited by law or would make the Assumed Debt (after the Debt Assumption) in violation of law.

 

9.6.6There
is no pending material litigation initiated against Purchaser Parent and Purchaser Parent has not received written notice of any
threatened material litigation against Purchaser Parent.

 

9.6.7There
is no material unsatisfied judgment or order pending or filed against Purchaser Parent.

 

9.6.8There
are no material liens on any of the assets of Purchaser Parent that arose in connection with any failure (or alleged failure) to
pay any federal, state, local or foreign taxes, assessments or other governmental charges, including any interest, penalties or
additions to tax or additional amounts in respect of the foregoing, in each case whether disputed or not and including any transferee
or secondary liability in respect of any tax (whether by law, contractual agreement or otherwise) and any liability in respect
of any tax as a result of being a member of any affiliated, consolidated, combined, unitary or similar group.

 

9.6.9Purchaser
Parent has a direct or indirect interest in, and controls (within the meaning of the Loan Agreement), the Purchaser and none of
such interests or any direct or indirect interest of any subsidiary of Purchaser Parent in Purchaser is subject to any lien, claim
or other encumbrance of any nature.

 

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9.6.10No
attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings
are pending or threatened in writing against Purchaser Parent or have been pending at any time in the seven (7) year period preceding
the Effective Date (other than, in the case of an involuntary proceeding, as may have been dismissed).

 

9.6.11As
of the Closing Date, true and complete copies of the formation and organizational documents of Purchaser Parent and each of
the entities in which Purchaser Parent has a direct or indirect interest where such entities have a direct or indirect
interest in Purchaser have been delivered to Sellers at least five (5) Business Days prior to the Closing Date and, from and
after such delivery, each of the foregoing remains in full force and effect and has not been amended or modified in any
manner (or, to the extent that any such documents will not be executed until the Closing Date, final unsigned drafts of such
documents with executed versions of such documents in the form provided delivered on the Closing Date). The organizational
chart of Purchaser delivered to Sellers on or prior to the Guarantor Identification Date (as may be updated by Purchaser from
time to time prior to the Closing Date) is true, complete and accurate in all respects.

 

10.AS-IS;
REAL ESTATE TAXES.

 

10.1AS-IS
CONDITION. SUBJECT TO, AND WITHOUT IN ANY WAY LIMITING, THE REPRESENTATIONS AND WARRANTIES OF ANY SELLER EXPRESSLY SET
FORTH IN THIS AGREEMENT OR ANY OTHER EXPRESS OBLIGATION OF SELLERS PURSUANT TO THE TERMS HEREOF, AND ACKNOWLEDGING THE PRIOR USE
OF THE PROPERTY AND PURCHASER’S OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER AGREES TO PURCHASE THE PROPERTY “AS
IS”, “WHERE IS”, WITH ALL FAULTS AND CONDITIONS THEREON. ANY WRITTEN OR ORAL INFORMATION, REPORTS, STATEMENTS,
DOCUMENTS OR RECORDS CONCERNING THE PROPERTY PROVIDED OR MADE AVAILABLE TO PURCHASER, ITS AGENTS OR CONSTITUENTS BY ANY SELLER,
ANY SELLER’S AGENTS, EMPLOYEES OR THIRD PARTIES REPRESENTING OR PURPORTING TO REPRESENT ANY SELLER, SHALL NOT BE REPRESENTATIONS
OR WARRANTIES, UNLESS SPECIFICALLY SET FORTH IN SECTION 9.1 OF THIS AGREEMENT. IN PURCHASING THE PROPERTY OR TAKING OTHER ACTION
HEREUNDER, PURCHASER HAS NOT AND SHALL NOT RELY ON ANY SUCH DISCLOSURES, BUT RATHER, PURCHASER SHALL RELY ONLY ON PURCHASER’S
OWN INSPECTION OF THE PROPERTY. PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY
IS BEING SOLD “AS IS”.

 

10.2NO
ADDITIONAL REPRESENTATIONS. PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR ANY DOCUMENTS
DELIVERED BY SELLERS AT CLOSING, SELLERS HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY DISCLAIM ANY REPRESENTATIONS, WARRANTIES,
PROMISES, COVENANTS,

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AGREEMENTS OR GUARANTIES OF ANY KIND
OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT
TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, (A) THE NATURE, QUALITY OR PHYSICAL CONDITION OF THE PROPERTY, (B) THE CONSTRUCTION
OF THE IMPROVEMENTS AND WHETHER THERE EXISTS ANY CONSTRUCTION DEFECTS THEREIN, (C) THE WATER, SOIL AND GEOLOGY OF THE PROPERTY,
(D) THE INCOME TO BE DERIVED FROM THE PROPERTY, (E) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH
PURCHASER MAY CONDUCT THEREON, (F) THE COMPLIANCE OF OR BY THE PROPERTY OR THE OPERATION THEREOF WITH ANY LAWS, RULES, ORDINANCES
OR REGULATIONS OF ANY GOVERNMENTAL AUTHORITY OR BODY HAVING JURISDICTION THEREOVER, (G) THE HABITABILITY OR FITNESS OF THE PROPERTY
FOR A PARTICULAR PURPOSE, (H) THE MARKETABILITY OF THE PROPERTY OR THE ABILITY TO LEASE OR SELL UNITS THEREIN, (I) THE STATUS
OR CONDITION OF ENTITLEMENTS PERTAINING TO THE PROPERTY, (J) ANY MATTER REGARDING TERMITES OR WASTES, AS DEFINED BY THE U.S. ENVIRONMENTAL
PROTECTION AGENCY REGULATIONS AT 40 C.F.R., OR ANY HAZARDOUS MATERIALS, (K) THE ASSUMABILITY OF THE ASSUMED DEBT, (L) THE ASSIGNABILITY
OF SELLERS’ GROUND LEASEHOLD INTERESTS UNDER THE GROUND LEASES, AND (M) WHETHER PURCHASER WILL BE ABLE TO ENTER INTO REPLACEMENT
FRANCHISE AGREEMENTS. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT SELLERS, UNLESS OTHERWISE REQUIRED BY LAW, ARE UNDER NO DUTY
TO MAKE ANY AFFIRMATIVE DISCLOSURES REGARDING ANY MATTER WHICH MAY BE KNOWN TO SELLERS.

 

“Hazardous Materials”
or “Hazardous Substances” shall mean (i) hazardous wastes, hazardous materials, hazardous substances, hazardous
constituents, toxic substances or related materials, whether solids, liquids or gases, including, but not limited to, substances
defined as “hazardous wastes,” “hazardous materials,” “hazardous substances,” “toxic
substances,” “pollutants,” “contaminants,” “radioactive materials”, “toxic pollutants”,
or other similar designations in, or otherwise subject to regulation under, the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq.; the Toxic Substance Control Act, 15 U.S.C. §
2601 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. §5101 et seq.; the Resource Conservation
and Recovery Act, 42 U.S.C. § 6901 et seq.; the Clean Water Act, 33 U.S.C. § 1251 et seq.; the Safe
Drinking Water Act, 42 U.S.C. § 300f et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; and, for Real
Properties located in the State of California, the California Water Resources Control Board; any Regional Water Quality Control
Board; the California Air Resources Board; Cal/OSHA Standards Board Division of Occupational Safety and Health; the California
Department of Food and Agriculture; and the California Department of Health Services, and in any permits, licenses, approvals,
plans, rules, regulations or ordinances adopted, or other criteria and guidelines promulgated pursuant to the preceding laws or
other similar federal, state or local laws, regulations, rules or ordinance now or hereafter in effect relating to environmental
matters; and (ii) any other substances, constituents or wastes subject to any applicable federal, state or local law, regulation
or ordinance, including any environmental law, now or hereafter in effect,

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including, but not limited to, (A) petroleum, (B) refined
petroleum products, (C) waste oil, (D) waste aviation or motor vehicle fuel and their byproducts, (E) asbestos, (F) lead in water,
paint or elsewhere, (G) radon, (H) Polychlorinated Biphenyls (PCBs), (I) ureaformaldehyde, (J) volatile organic compounds (VOC),
(K) total petroleum hydrocarbons (TPH), (L) benzine derivative (BTEX), and (M) petroleum byproducts.

 

10.3RELEASE.
PURCHASER, AT PURCHASER’S OPTION, MAY CONDUCT SUCH INVESTIGATIONS OF THE PROPERTY, AS PURCHASER DEEMS NECESSARY OR DESIRABLE
TO SATISFY ITSELF AS TO ANY MATTER RELATING TO THE PROPERTY AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED
BY OR ON BEHALF OF SELLERS, SELLERS’ AGENTS, EMPLOYEES OR THIRD PARTIES REPRESENTING OR PURPORTING TO REPRESENT SELLERS
WITH RESPECT THERETO, OTHER THAN SELLERS’ REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING,
PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS REGARDING THE PROPERTY MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS,
AND EXCEPT FOR ANY CLAIMS, DEMANDS, CAUSES OF ACTION, LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’
FEES) PURCHASER MAY HAVE AGAINST SELLERS PURSUANT TO THE EXPRESS PROVISIONS OF THIS AGREEMENT, PURCHASER, UPON CLOSING, SHALL
BE DEEMED, ON BEHALF OF ITSELF AND ON BEHALF OF ITS TRANSFEREES AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, TO WAIVE, RELINQUISH,
RELEASE AND FOREVER DISCHARGE EACH SELLER AND ITS RESPECTIVE AFFILIATES AND THEIR RESPECTIVE MEMBERS, PARTNERS, OFFICERS, DIRECTORS,
TRUSTEES, PARENTS, SUBSIDIARIES, SHAREHOLDERS, MANAGERS, BENEFICIARIES, EMPLOYEES, AGENTS, REPRESENTATIVES, CONSULTANTS AND ADVISORS
(COLLECTIVELY, THE “SELLER RELEASED PARTIES”) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION, LOSSES,
DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN
OR UNKNOWN, BY REASON OF OR ARISING OUT OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, BY REASON OF OR ARISING OUT OF ANY
LATENT OR PATENT CONSTRUCTION DEFECT OR OTHER PHYSICAL CONDITION (INCLUDING, WITHOUT LIMITATION, FUNGI, MOLD OR MILDEW) WHETHER
PURSUANT TO ANY OTHER FEDERAL, STATE, OR LOCAL ENVIRONMENTAL OR HEALTH AND SAFETY LAW OR REGULATION, THE EXISTENCE OF ANY HAZARDOUS
MATERIAL WHATSOEVER, ON, AT, TO, IN, ABOVE, ABOUT, UNDER, FROM OR IN THE VICINITY OF THE PROPERTY AND ANY AND ALL OTHER ACTS,
OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS WHATSOEVER REGARDING THE PROPERTY. THIS RELEASE INCLUDES CLAIMS OF WHICH PURCHASER
IS PRESENTLY UNAWARE AND OF WHICH PURCHASER DOES NOT PRESENTLY SUSPECT TO EXIST WHICH, IF KNOWN BY PURCHASER, WOULD MATERIALLY
AFFECT PURCHASER’S RELEASE OF SELLER RELEASED PARTIES.

 

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IN THIS REGARD
AND TO THE EXTENT PERMITTED BY LAW, PURCHASER HEREBY AGREES THAT PURCHASER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW
UNKNOWN TO PURCHASER MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES,
COSTS, LOSSES AND EXPENSES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND PURCHASER FURTHER AGREES, REPRESENTS
AND WARRANTS THAT THE WAIVERS AND RELEASES CONTAINED HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON BY PURCHASER IN LIGHT OF THAT
REALIZATION AND THAT PURCHASER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER RELEASED PARTIES FROM ANY SUCH
UNKNOWN CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES. PURCHASER’S RELEASE
OF SELLER RELEASED PARTIES AS SET FORTH IN THIS SECTION 10.3 SHALL NOT PERTAIN TO ANY CLAIM OR CAUSE OF ACTION BY PURCHASER AGAINST
SELLERS UNDER OTHER EXPRESS PROVISIONS OF THIS AGREEMENT.

 

Sellers’ Initials:_________________

 

Purchaser’s
Initials:_________________

 

10.4Pending
Litigation Indemnification. Each Seller, on a proportionate basis in accordance with such Seller’s Pro Rata Share, shall
indemnify, hold harmless and defend Purchaser, its affiliates, and each of their respective members, partners, affiliates, officers,
directors, trustees, parents, subsidiaries, shareholders, managers, beneficiaries, employees and agents, and their respective heirs,
legal representatives, successors and assigns (each, a “Purchaser Indemnified Person”), from against any and
all Losses that may be incurred by such person or entity in connection with or relating to (1) that certain action entitled
Donald J. Roberts IRA et al. v. McNeil et al., currently pending in state court in the State of Tennessee, (2) that
certain civil action captioned Johnson et al. v. W2007 Grace Acquisition I, Inc. et al.,
currently pending in the U.S. District Court for the Western District of Tennessee and/or (3) that certain civil action
captioned Dent v. W2007 Grace Acquisition I, Inc. et al., currently pending in the Tennessee Chancery Court, Shelby
County (collectively with any other similar actions in state or federal court (including, without limitation, any court-ordered
or administered mediation, arbitration or other dispute-resolution process), the “Pending Litigation”). Purchaser
acknowledges and agrees that each Seller’s liability for any such indemnified Losses shall be limited to such Seller’s
Pro Rata Share of such indemnified Losses. W2007 Equity Inns Senior Mezz, LLC hereby joins this Section 10.4 solely for the purpose
of sharing liability, on a joint and several basis, with the Sellers of the First Pool Assets for any amounts owed by such Sellers
under this Section 10.4. W2007 Equity Inns Partnership, L.P. hereby joins this Section 10.4 solely for the purpose of sharing liability,
on a joint and several basis, with the Sellers of the Second Pool Assets for ninety-nine percent (99%) of any amounts owed by such
Sellers under this Section 10.4. W2007 Equity Inns Trust hereby joins this Section 10.4 solely for the purpose of sharing liability,
on a joint and several basis, with the Sellers of the Second Pool Assets for one percent (1%) of any amounts owed by such Sellers
under this Section 10.4.

 

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The provisions of this
Section 10 shall survive the Closing. Purchaser and Sellers acknowledge and agree that the disclaimers, indemnifications and other
agreements set forth herein are an integral part of this Agreement and that Sellers would not have agreed to sell the Property
to Purchaser for the Purchase Price and Purchaser would not have agreed to enter into the transaction contemplated by this Agreement
without such disclaimers, indemnifications and other agreements set forth above.

 

Sellers shall
retain full control over the Pending Litigation and all proceedings related thereto, with full power to defend or settle the
Pending Litigation or any related proceedings or claims (including those that relate to any Loss covered by Sellers’
obligations under this Section 10.4) in their sole discretion. Sellers shall keep Purchaser reasonably informed as to the
status of the Pending Litigation. Purchaser Indemnified Persons shall not be entitled to separate counsel in connection with
the Pending Litigation or any proceedings related thereto, except in the case of a direct conflict of interest with Sellers
with respect to the Pending Litigation of which Purchaser Indemnified Person has been advised in writing by outside counsel
that such conflict of interest may render Sellers’ outside counsel incapable of effectively representing the interests
of Purchaser, in which case such Purchaser Indemnified Person shall be entitled to retain separate outside counsel chosen by
the Purchaser Indemnified Person and reasonably approved by Sellers (provided that the reasonable fees and expenses of such
counsel shall be borne by Sellers).

 

10.5Real
Estate Taxes.

 

10.5.1 Purchaser
covenants and agrees that it shall, with the prior consent of Sellers (such consent not to be unreasonably withheld), commence
and use diligent efforts to pursue to completion a Tax Appeal for any Hotel Asset for which real estate, ad valorem and/or personal
property rates imposed upon and/or assessed values ascribed to the Real Property (“Real Estate Taxes”) would
be higher than the Real Estate Taxes assessed for such Hotel Asset for the prior calendar year unless Sellers waive in writing
such requirement for any Hotel Asset for any specific tax year. Notwithstanding the foregoing, Purchaser shall not be required
to pursue a Tax Appeal unless the Tax Consultant is willing to accept the engagement for such Tax Appeal on a contingency fee basis
plus costs. Purchaser shall engage a nationally recognized third-party consultant approved by Sellers (such approval not to be
unreasonably withheld, delayed or conditioned) (“Tax Consultant”) to assist Purchaser in the Tax Appeal process
and shall provide Sellers with such Tax Consultant’s analysis for every Hotel Asset promptly upon receipt. Purchaser shall
keep Sellers involved in the Tax Appeal process, including providing Sellers with copies of all Real Estate Tax bills, all correspondence
with real estate tax authorities, Purchaser’s internal analysis (if any) and periodic updates on the status of the Tax Appeal
process.

 

10.5.2 If
a First Pool Overage occurs in any of calendar years 2016, 2017 or 2018, Sellers shall, up to the Maximum First Pool Offset Amount,
pay to Purchaser (which such payment shall be effected through First Pool Purchaser Holdco’s offset rights against amounts
otherwise due to the Class A Holder during such calendar year) an amount equal to (the “First Pool Offset Amount”)
(a) the First Pool Overage for such calendar year less (b) the Unapplied First Pool Underage for all previous calendar years.

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If, as of April 30, 2019,
the Unapplied First Pool Underage is greater than zero ($0), Purchaser shall, or shall cause First Pool Purchaser Holdco to,
pay to Class A Holders an amount equal to the lesser of (i) the Unapplied First Pool Underage and (ii) the aggregate of all
First Pool Offset Amounts. For the avoidance of doubt, in no event would the amount payable in the immediately preceding
sentence exceed the aggregate of all First Pool Offset Amounts. Notwithstanding the foregoing, if the First Pool Offset
Amount is greater than the remaining amount (if any) otherwise due or to become due to the Class A Holder under the First
Pool Purchaser Holdco Operating Agreement (including, for this purpose, any redemption amount to which the Class A Holders
would become entitled, even if not then due), then Whitehall shall (and hereby agrees to) pay to Purchaser any remaining
First Pool Offset Amounts due and provide an annual officer’s certificate to Purchaser certifying whether
Whitehall’s net worth exceeds $50,000,000; provided however, that, if at any time prior to April 30, 2019,
Whitehall’s net worth is less than $50,000,000, Whitehall shall provide notice thereof to Purchaser and promptly
deposit into escrow with a mutually agreeable third party escrow agent an amount equal to the Maximum First Pool Offset
Amount less the aggregate of all prior First Pool Offset Amounts.

 

“Maximum
First Pool Offset Amount” means $14,095,000.00 multiplied by a fraction, the numerator of which is the aggregate Real
Estate Taxes for the calendar year in which Closing occurs for each of the First Pool Assets included in the Closing and the denominator
of which is the aggregate Real Estate Taxes for the calendar year in which Closing occurs for all of the First Pool Assets (in
each case based upon the budget delivered to Purchaser); provided, however, the Maximum First Pool Offset Amount shall be reduced
from time to time upon the sale of a First Pool Asset by an amount equal to the then applicable Maximum First Pool Offset Amount
multiplied by a fraction, the numerator of which is the Real Estate Taxes for the calendar year in which Closing occurs for such
First Pool Asset sold and the denominator of which is the aggregate Real Estate Taxes for the calendar year in which Closing occurs
for each of the First Pool Assets included in the Closing (in each case based upon the budget delivered to Purchaser). “First
Pool Real Estate Taxes” means the Real Estate Taxes assessed on the First Pool Assets in the aggregate for any calendar
year. “First Pool Overage” means the amount by which the First Pool Real Estate Taxes for a calendar year (reduced
by any refunds of Real Estate Taxes received in such calendar year in respect of the First Pool Assets and increased by any out-of-ordinary
third party costs directly related to Tax Appeals incurred in such calendar year in respect of the First Pool Assets (such as Tax
Consultant contingency fees, attorney’s fees, appraisal fees and court costs)) exceeds the First Pool Overage Threshold for
such calendar year. “First Pool Underage” means the amount by which the First Pool Underage Threshold for a
calendar year exceeds the First Pool Real Estate Taxes for such calendar year (as such First Pool Real Estate Taxes are reduced
by any refunds of Real Estate Taxes received in such calendar year in respect of the First Pool Assets and increased by any out-of-ordinary
third party costs directly related to Tax Appeals incurred in such calendar year in respect of the First Pool Assets (such as Tax
Consultant contingency fees, attorney’s fees, appraisal fees and court costs)). “Unapplied First Pool Underage”
means, (a) if the aggregate of all First Pool Underages is greater than the aggregate of all First Pool Overages, an amount equal
to the

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aggregate of all First Pool Underages less the aggregate of all First Pool Overages and (a) if the aggregate of all First
Pool Underages is less than the aggregate of all First Pool Overages, an amount equal to zero ($0).

 

	Calendar 

Year	First Pool Overage Threshold	First Pool Underage Threshold
	2016	$19,057,050.00 less 110% of the Real Estate Taxes assessed for any Excluded Hotel Asset described in Exhibits A-1 through A-106	$16,500,000.00 less the Real Estate Taxes assessed for any Excluded Hotel Asset described in Exhibits A-1 through A-106

	2017	103.5% of calendar year 2016 First Pool Overage Threshold less 110% of the Real Estate Taxes assessed for the most recent 12 month period for any First Pool Asset sold in 2016	103.5% of calendar year 2016 First Pool Underage Threshold less the Real Estate Taxes assessed for the most recent 12 month period for any First Pool Asset sold in 2016
	2018	103.5% of calendar year 2017 First Pool Overage Threshold less 110% of the Real Estate Taxes assessed for the most recent 12 month period for any First Pool Asset sold in 2017	103.5% of calendar year 2017 First Pool Underage Threshold less the Real Estate Taxes assessed for the most recent 12 month period for any First Pool Asset sold in 2017

 

10.5.3 If
a Second Pool Overage occurs in any of calendar years 2016, 2017, or 2018, Sellers shall, up to the Maximum Second Pool Offset
Amount, pay to Purchaser (which such payment shall be effected through Second Pool Purchaser Holdco’s offset rights against
amounts otherwise due to the Class A Holder during such calendar year) an amount equal to (the “Second Pool Offset Amount”)
(a) the Second Pool Overage for such calendar year less (b) the Unapplied Second Pool Underage for all previous calendar years.
If, as of April 30, 2019, the Unapplied Second Pool Underage is greater than zero ($0), Purchaser shall, or shall cause Second
Pool Purchaser to, pay to Class A Holders an amount equal to the lesser of (i) the Unapplied Second Pool Underage and (ii) the
aggregate of all Second Class Offset Amounts. For the avoidance of doubt, in no event would the amount payable in the immediately
preceding sentence exceed the aggregate of all Second Class Offset Amounts. Notwithstanding the foregoing, if the Second Pool Offset
Amount is greater than the remaining amount (if any) otherwise due or to become due to the Class A Holder under the Second Pool
Purchaser Holdco Operating Agreement (including, for this purpose, any redemption amount to which the Class A Holders would become
entitled, even if not then due), then Whitehall shall (and hereby agrees to) pay to Purchaser any remaining Second Pool Offset
Amounts due and provide an annual officer’s certificate to Purchaser certifying whether Whitehall’s net worth exceeds
$50,000,000; provided however, that, if at any time prior to April 30, 2019, Whitehall’s net worth is less than $50,000,000,
Whitehall shall provide notice thereof to Purchaser and promptly deposit into escrow with a mutually agreeable third party escrow
agent an amount equal to the Maximum Second Pool Offset Amount less the aggregate of all prior Second Pool Offset Amounts.

 

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“Maximum
Second Pool Offset Amount” means $2,905,000.000 multiplied by a fraction, the numerator of which is the aggregate
Real Estate Taxes for the calendar year in which Closing occurs for each of the Second Pool Assets included in the Closing
and the denominator of which is the aggregate Real Estate Taxes for the calendar year in which Closing occurs for all of the
Second Pool Assets (in each case based upon the budget delivered to Purchaser); provided, however, the Maximum Second Pool
Offset Amount shall be reduced from time to time upon the sale of a Second Pool Asset by an amount equal to the then
applicable Maximum Second Pool Offset Amount multiplied by a fraction, the numerator of which is the Real Estate Taxes for
the calendar year in which Closing occurs for such Second Pool Asset sold and the denominator of which is the aggregate Real
Estate Taxes for the calendar year in which Closing occurs for each of the Second Pool Assets included in the Closing (in
each case based upon the budget delivered to Purchaser). “Second Pool Real Estate Taxes” means the Real
Estate Taxes assessed on the Second Pool Assets in the aggregate for any calendar year. “Second Pool
Overage” means the amount by which the Second Pool Real Estate Taxes for a calendar year (reduced by any refunds of
Real Estate Taxes received in such calendar year in respect of the Second Pool Assets and increased by any out-of-ordinary
third party costs directly related to Tax Appeals incurred in such calendar year in respect of the Second Pool Assets (such
as Tax Consultant contingency fees, attorney’s fees, appraisal fees and court costs)) exceeds the Second Pool Overage
Threshold for such calendar year. “Second Pool Underage” means the amount by which the Second Pool
Underage Threshold for a calendar year exceeds the Second Pool Real Estate Taxes for such calendar year (as such Second Pool
Real Estate Taxes are reduced by any refunds of Real Estate Taxes received in such calendar year in respect of the Second
Pool Assets and increased by any out-of-ordinary third party costs directly related to Tax Appeals incurred in such calendar
year in respect of the Second Pool Assets (such as Tax Consultant contingency fees, attorney’s fees, appraisal fees and
court costs)). “Unapplied Second Pool Underage” means, (a) if the aggregate of all Second Pool Underages
is greater than the aggregate of all Second Pool Overages, an amount equal to the aggregate of all Second Pool Underages less
the aggregate of all Second Pool Overages and (a) if the aggregate of all Second Pool Underages is less than the aggregate of
all Second Pool Overages, an amount equal to zero ($0).

 

	Calendar Year	Second Pool Overage Threshold	Second Pool Underage Threshold
	2016	$3,927,000.00 less 110% of the Real Estate Taxes assessed for any Excluded Hotel Asset described in Exhibits A-107 through A-126	$3,400,000.00 less the Real Estate Taxes assessed for any Excluded Hotel Asset described in Exhibits A-107 through A-126
	2017	103.5% of calendar year 2016 Second Pool Overage Threshold less 110% of the Real Estate Taxes assessed for the most recent 12 month period for any Second Pool Asset sold in 2016	103.5% of calendar year 2016 Second Pool Underage Threshold less the Real Estate Taxes assessed for the most recent 12 month period for any Second Pool Asset sold in 2016
	2018	103.5% of calendar year 2017 Second Pool Overage Threshold less 110% of the Real Estate Taxes assessed for the most recent 12 month period for any Second Pool Asset sold in 2017	103.5% of calendar year 2017 Second Pool Underage Threshold less the Real Estate Taxes assessed for the most recent 12 month period for any Second Pool Asset sold in 2017

 

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10.5.4 Purchaser
shall deliver to Sellers calculations of Real Estate Taxes for each calendar year for each of the First Pool Assets and the Second
Pool Assets on or before April 30th of the year following such calendar year. Each of parties hereto agrees to provide
information in its possession to the other party to allow the calculations in this Section 10.5 to be made. Whenever Sellers owe
money to Purchaser (or vise-versa) under this Section 10.5, such party will make such payment within ten (10) Business Days after
determination that such payment is due.

 

10.5.5This
Section 10.5 shall survive the Closing until April 30, 2019, and any payment obligation that accrued prior to that day shall survive
until such payment is made.

 

11.INDEMNIFICATION;
LIMITATION OF LIABILITY.

 

11.1Indemnification;
Limitation of Liability. Each Seller hereby agrees, subject to the provisions of this Section 11.1, to save, protect, defend
indemnify and hold harmless Purchaser and Purchaser’s affiliates from and against any and all Losses or Claims incurred by
Purchaser or its affiliates by reason of (i) any breach of any of the representations and warranties or covenants made by such
Seller in this Agreement (subject, however, to any limitations on liability with respect to the same set forth herein, including
in this Section 11.1 and, in the case of any breach of any representation or warranty by a Seller, as further described in Section
9.3, no Seller shall have any obligation with respect thereto to the extent any claim under this Section 11.1 is made by Purchaser
after the expiration of the applicable survival and claim period with respect to such representation or warranty) and (ii) any
action or inaction of such Seller or such Seller’s property managers (but not for matters arising after the Closing in the
case of property managers that Purchaser retains or with respect to Purchaser’s WARN Act Obligations) for such Seller’s
Hotel Assets with respect to employment matters, including, but not limited to, employment-related taxes, policies, benefit plans
and practices. Notwithstanding anything to the contrary contained herein, if the Closing occurs (and Purchaser shall not have,
in writing, expressly waived, relinquished or released any applicable rights in further limitation), the liability of each Seller
arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations (whether
express or implied) of such Seller under this Agreement (or any document executed or delivered in connection herewith, other than
the Purchaser Holdco Operating Agreement) shall not, in the aggregate, exceed an amount equal to (a) such Seller’s Pro Rata
Share multiplied by (b) $30,000,000.00. No Seller shall be liable to Purchaser in respect of the representations, warranties, indemnifications,
covenants or other obligations (whether express or implied) of such Seller under this Agreement (or any document executed or delivered
in connection herewith, other than the Purchaser Holdco Operating Agreement to the extent provided therein, if at all) unless and
until the aggregate sum of such obligations of all of the Sellers exceeds $10,000,000.00, at which point such Seller shall

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be liable for the
full amount of its obligations, subject, however, to the limit set forth in the previous sentence. The indemnity obligations
of the Sellers with respect to the Pending Litigation contained in Section 10.4 shall not be subject to the foregoing
limitations of liability and shall not be included in the calculations made pursuant to this Section 11.1. W2007 Equity Inns
Senior Mezz, LLC hereby joins this Section 11.1 solely for the purpose of sharing liability, on a joint and several basis,
with the Sellers of the First Pool Assets for any amounts owed by such Sellers under this Section 11.1, as determined by a
final (i.e., non-appealable) order of a court of competent jurisdiction (subject to the same limitations of liability
set forth above in this Section 11.1). W2007 Equity Inns Partnership, L.P. hereby joins this Section 11.1 solely for the
purpose of sharing liability, on a joint and several basis, with the Sellers of the Second Pool Assets for ninety-nine
percent (99%) of any amounts owed by such Sellers under this Section 11.1, as determined by a final (i.e.,
non-appealable) order of a court of competent jurisdiction (subject to the same limitations of liability set forth above in
this Section 12.1). W2007 Equity Inns Trust hereby joins this Section 11.1 solely for the purpose of sharing liability, on a
joint and several basis, with the Sellers of the Second Pool Assets for one percent (1%) of any amounts owed by such Sellers
under this Section 11.1, as determined by a final (i.e., non-appealable) order of a court of competent jurisdiction
(subject to the same limitations of liability set forth above in this Section 12.1). The provisions of this Section 11.1
shall survive the Closing or any termination of this Agreement. Nothing herein shall be construed to modify or limit any
offset rights with respect to breach of obligations by Sellers hereunder expressly set forth in the Purchaser Holdco
Operating Agreement.

 

11.2No
Personal Liability of Sellers’ Directors and Employees. Except as expressly set forth in (i) Section 11.1 with respect
to W2007 Equity Inns Senior Mezz, LLC, W2007 Equity Inns Partnership, L.P., and W2007 Equity Inns Trust or (ii) the Purchaser Holdco
Operating Agreement, no direct or indirect principals, directors, officers, employees, shareholders, partners, members, trustees,
agents, beneficiaries, representatives or advisors of any of the Sellers or any affiliate of any Seller shall have any personal
liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or pursuant
to the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore
or hereafter, and Purchaser and its successors and assigns and, without limitation, all other persons and entities, shall look
solely to the Sellers’ assets (and the proceeds thereof, including their respective interests in Purchaser Holdco) for the
payment of any claim or for any performance hereunder, and Purchaser, on behalf of itself and its successors and assigns, hereby
waives any and all such personal liability. Notwithstanding anything to the contrary contained in this Agreement, neither the negative
capital account of any partner or member in a Seller (or in any other shareholder, beneficiary, partner or member of a Seller),
nor any obligation of any partner or member in a Seller (or in any other shareholder, beneficiary, partner or member of a Seller)
to restore a negative capital account or to contribute capital to a Seller (or to any other shareholder, beneficiary, partner or
member of a Seller), shall at any time be deemed to be the property or an asset of a Seller or any such other shareholder, beneficiary,
partner or member (and neither Purchaser nor any of its successors or assigns shall have any right to collect, enforce or proceed
against or with respect to any such negative capital account of a partner’s or member’s obligations to restore or contribute).
The provisions of this Section 11.2 shall survive the Closing or any termination of this Agreement.

 

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11.3Cooperation
of Sellers. Wherever in this Agreement Sellers have agreed to cooperate with Purchaser, such agreement to cooperate shall not
require any Seller to incur any actual or potential additional liability.

 

12.OPERATION
OF THE PROPERTY; SELLER’S COVENANTS. From and after the Effective Date until the Closing or earlier termination
of this Agreement:

 

12.1Ordinary
Course of Business. Each Seller shall operate and maintain its portion of the Property in its ordinary course of business (provided
that, except as expressly set forth below, such obligation shall not include incurring any capital expenditures, except to the
extent that the Property is unable to operate in the ordinary course without such expenditure and shall not sell, further pledge,
or otherwise transfer, remove or dispose of all or any part of any Property (except for such items of Personal Property as become
obsolete or are consumed or disposed of and replaced in the ordinary course of business or Excluded Hotel Assets), subject to the
provisions of Section 5 above.

 

12.1.1For
the period from the Effective Date through the Closing Date, the applicable Sellers shall spend Twenty Four Million Nine Hundred
Two Thousand Three Hundred and Ninety Four and No/100ths Dollars ($24,902,394.00) for capital expenditures at its Hotels, and shall
provide Purchaser with reasonable evidence of such expenditures on an ongoing basis prior to Closing. In the event any Seller spends
less than the amount required by the previous sentence, such Seller shall provide the Purchaser with a credit against the Purchase
Price by the amount of the deficiency. For the avoidance of doubt, such expenditures shall not be included in the capital expenditures
required pursuant to Sections 12.1.2 through 12.1.4.

 

12.1.2From
and after the Effective Date and prior to the Closing Date, the applicable Sellers shall spend Two Million Three Hundred Three
Thousand Nine Hundred Eleven and No/100ths Dollars ($2,303,911.00) for capital expenditures at the First Pool Assets to complete
repairs identified in the property condition reports completed in connection with the Assumed Debt, and shall provide Purchaser
with reasonable evidence of such expenditures on an ongoing basis prior to Closing. In the event any Seller spends less than the
amount required by the previous sentence, such Seller shall provide the Purchaser with a credit against the Purchase Price by the
amount of the deficiency. For the avoidance of doubt, such expenditures shall not be included in the capital expenditures required
pursuant to Section 12.1.1, 12.1.3 or 12.1.4.

 

12.1.3
From and after the Effective Date and prior to the Closing Date, the applicable Sellers shall spend Three Million and No/100ths
Dollars ($3,000,000.00), for the costs of additional repairs and/or remediation for First Pool Assets identified by Purchaser due
to its review of the existing property condition reports or in new property condition or environmental reports commissioned by
Purchaser, and shall provide Purchaser with reasonable evidence of such expenditures on an ongoing basis prior to Closing. In the
event any Seller spends less than the amount required by the previous sentence, such Seller shall provide the Purchaser with a
credit against the Purchase Price by the amount of the deficiency. For the avoidance of doubt, such expenditures shall not

 

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be included
in the capital expenditures required pursuant to Section 12.1.1, 12.1.2 or 12.1.4.

 

12.1.4From
and after the Effective Date and prior to the Closing Date, the applicable Sellers shall spend Two Million and No/100ths
Dollars ($2,000,000.00), for the costs of additional repairs and/or remediation for Second Pool Assets identified by
Purchaser due to its review of the existing property condition reports or in new property condition or environmental reports
commissioned by Purchaser, and shall provide Purchaser with reasonable evidence of such expenditures on an ongoing basis
prior to Closing. In the event any Seller spends less than the amount required by the previous sentence, such Seller shall
provide the Purchaser with a credit against the Purchase Price by the amount of the deficiency. For the avoidance of doubt,
such expenditures shall not be included in the capital expenditures required pursuant to Sections 12.1.1 through 12.1.3.

 

12.1.5
Sellers’ reasonable evidence of expenditures made pursuant to Sections 12.1.1 through 12.1.4 shall include, but not be limited
to, copies of bills and invoices from the parties completing the applicable work, as well as copies of cancelled checks. In the
event that Purchaser disputes Sellers’ expenditures pursuant to this Section 12.1, Sellers and Purchaser shall use good faith
efforts to come to agreement with respect to such expenditure, but if Sellers and Purchaser cannot come to agreement, such dispute
shall be settled through “baseball style” arbitration, as set forth in Schedule 6.

 

For the avoidance of
doubt, other than as set forth in this Section 12.1, in no event shall any Seller be required to bear the cost of any capital expenditures
incurred or made after Closing.

 

12.2Service
Contracts. No Seller shall amend, modify or terminate any existing Service Contract or enter into any new Service Contract
with respect to the Property that will be binding on Purchaser and will not be cancelable by Purchaser without penalty upon no
greater than sixty (60) days’ notice, without the prior written consent of Purchaser. Each Seller agrees not to terminate,
amend or modify any Assumable Service Contract prior to Closing, in each case, without the prior written consent of Purchaser,
not to be unreasonably withheld, conditioned or delayed.

 

12.3Property
Insurance. Each Seller shall maintain in full force and effect property and liability insurance on its portion of the Property
in all material respects at the levels required under the terms of any loan documents encumbering its Hotel Assets or otherwise
as maintained by such Seller on the Effective Date. The Disclosure Letter lists the current property and liability insurance summaries
with respect to the Property.

 

12.4Debt
Assumption. The Sellers who own the Encumbered Hotel Assets each shall, at Purchaser’s sole cost and expense, cooperate
with Purchaser with respect to the consummation of the Debt Assumption. Purchaser shall reimburse Sellers for any costs for which
Purchaser is explicitly responsible pursuant to Section 4.5, but for which Sellers have expended any amounts; provided, however,
that Purchaser shall not be responsible for any of Sellers’ costs in connection with the Debt Assumption. In furtherance
of the foregoing, without the prior written consent of Purchaser, Sellers shall not amend or modify any Loan Documents in

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any material respect, except for any
amendments or modifications that are expressly required pursuant to the terms thereof (including, without limitation, in
connection with the securitization of the Assumed Debt) or required in order to obtain the release of the Lien of the Assumed
Debt for any Excluded Hotel Asset listed on Schedule 8 after January 22, 2015 (or any Hotel Asset substituted for an
Excluded Hotel Asset in accordance with Section 2.6), unless Purchaser has previously irrevocably notified Sellers in writing
that (without limiting Purchaser’s obligations hereunder) Purchaser does not intend to consummate the Debt Assumption
and the loan related thereto will be repaid by Sellers on or prior to the Closing. For the avoidance of doubt, no Seller
shall be obligated to incur any liability, obligation or unreimbursed expense in connection with its obligations under this
Section 12.4, except for costs required in order to obtain the release of the Lien of the Assumed Debt from any Excluded
Hotel Asset, unless Purchaser has previously irrevocably notified Sellers in writing that (without limiting Purchaser’s
obligations hereunder) Purchaser does not intend to consummate the Debt Assumption and the loan related thereto will be
repaid by Sellers on or prior to the Closing.

 

12.5Ground
Leases. Sellers shall cooperate with Purchaser with respect to Purchaser obtaining a consent to the Ground Lease Assignment
from each of the Ground Lessors.

 

12.6Litigation.
Each Seller shall promptly notify Purchaser of any pending or threatened litigation or governmental proceeding filed after the
Effective Date (i) that could reasonably be expected to (x) materially and adversely affect any Seller’s ability to perform
its obligations hereunder or (y) materially and adversely affect the Property after Closing, or (ii) affecting the Property, in
each case to the extent such Seller has knowledge of such matters and has received written notice thereof.

 

12.7Management
Contracts. With respect to each Management Contract, the Seller(s) party to such Management Contract have delivered a termination
notice to the property manager under such Management Contract and all such Management Contracts shall be terminated as of the Closing
in accordance with the written request of Purchaser delivered to Sellers on October 29, 2014. Sellers shall cooperate with Purchaser
to enter into new property management contracts with the property managers under any Management Contracts, including after Sellers
send a termination notice with respect to such Management Contract pursuant to the previous sentence, but Sellers shall have no
obligation to incur any costs or expenses as a result of such cooperation, and the entering into of any such new property management
contract shall not be a condition to Closing. Each Seller shall remain responsible for all amounts due or to become due under any
Management Contract in respect of its Hotel Assets (including, without limitation, any costs or liabilities arising out of the
termination of any Management Contract, but excluding Purchaser’s WARN Act Obligations and matters arising out of events
occurring after Closing with respect to Management Contracts assumed by Purchaser). In the event that any item required to be conveyed
to Purchaser pursuant to this Agreement is owned or controlled or held by any such manager, the applicable Seller shall direct
and cause such manager to convey the same to Purchaser at Closing. This Section 12.7 shall survive the Closing.

 

12.8Replacement
Franchise Agreements. Sellers shall cooperate with Purchaser with respect to Purchaser obtaining a Replacement Franchise Agreement
for each Hotel Asset effective as of the Closing.

 

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12.9Immediate
Repairs. Sellers shall fully repair or remediate the conditions necessitating immediate repairs or remediation, as
applicable, at the Hotel Assets described in Exhibits A-15 (Fairfield Inn & Suites Atlanta Vinings, GA), A-25 (Hampton
Inn Chattanooga, TN), A-49 (Holiday Inn Charleston, SC), and A-51 (Homewood Suites Boston Peabody, MA), and shall bring the
affected rooms and public spaces at such Hotel Assets back in service prior to Closing, provided that Purchaser’s
inspector shall have the right to inspect any required work, and Seller shall provide Purchaser with reasonable evidence of
expenditures for such required work no later than December 15, 2014. In the event that Purchaser disputes Sellers’ full
remediation for any such Hotel Asset, Sellers and Purchaser shall use good faith efforts to come to agreement with respect to
such remediation, but if Sellers and Purchaser cannot come to agreement, such dispute shall be settled through
“baseball style” arbitration, as set forth in Schedule 6. If Purchaser does not initiate the
arbitration process set forth on Schedule 6 to dispute the full remediation of the conditions at any Hotel Asset on or
prior to January 22, 2015, such Hotel Asset shall be deemed to be fully remediated for purposes of this Section 12.9 and
Sellers shall no longer have any obligation to make any other repairs or perform any remediation to such Hotel Asset pursuant
to this Section 12.9. For the avoidance of doubt, the expenditures required to remediate the conditions at the Hotel Asset
described in Exhibit A-49 (Holiday Inn Charleston, SC) shall not be included in the capital expenditures required pursuant to
Sections 12.1.1 through 12.1.4.

 

12.10Television
& Internet Service Contracts. Sellers shall cooperate with Purchaser in effectuating the assignment of each of the Television
& Internet Service Contracts to Purchaser at Closing, to the extent such Television & Internet Service Contracts are assignable.

 

12.11Reliance
Letters. Sellers shall use good faith efforts at the cost and expense of Purchaser to obtain reliance letters in favor of Purchaser
in respect of any third-party reports obtained by Sellers or Lender in connection with the Assumed Debt.

 

13.PURCHASER’S
COVENANTS.

 

13.1Replacement
Franchise Agreements. Purchaser shall use its diligent efforts to obtain a Replacement Franchise Agreement for each Hotel Asset
effective as of the Closing. Prior to Closing, Purchaser may request any franchisor to disclose the terms of any existing Franchise
Agreement with Sellers, and Sellers shall deliver to Purchaser any Franchise Agreement for which it receives the written consent
of the applicable franchisor to disclose to Purchaser (provided, however, that, although they will not object to any such consent,
Sellers shall have no obligation to pursue the same). Purchaser shall keep the applicable Seller reasonably informed of the status
of all negotiations and material communications with franchisors (including their respective advisors and representatives) Purchaser
shall submit all franchise agreement applications and pay all application or other fees in connection therewith as soon as reasonably
practicable after Purchaser’s initial meeting with the applicable franchisor, and shall thereafter diligently pursue obtaining
Replacement Franchise Agreements. Purchaser shall immediately cease and refrain from engaging in any discussions or negotiations
with franchisors regarding any Hotel Asset that is an Excluded Hotel Asset; provided, however, that in the event that Purchaser
has the right to exercise its rights under Section 2.6 to substitute any Hotel Asset for an Excluded Hotel Asset, Purchaser may
reengage with franchisors to discuss the

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potential terms of a Replacement
Franchise Agreement for any potential substituted Excluded Hotel Asset, and once an Excluded Hotel Asset has been substituted
in accordance with Section 2.6 to negotiate a Replacement Franchise Agreement for any such substituted Excluded Hotel Asset,
so long as Purchaser immediately ceases all discussions or negotiations with franchisors in regards to the substituted Hotel
Asset which is then deemed an Excluded Hotel Asset for all purposes hereunder. Without limitation of Section 14.9, only for
so long as this Agreement is in effect, Purchaser and Sellers shall keep the arrangements regarding Agreed PIP Allocations
and credits in respect of property improvement plans required in connection with the Replacement Franchise Agreements
strictly confidential, and shall not share such information with franchisors or any other third parties.

 

13.2Ground
Lessor Consents. Purchaser, with the active good faith cooperation of Sellers, shall use its diligent best efforts to obtain
a consent to the Ground Lease Assignment from each of the Ground Lessors under the applicable Ground Leases as set forth in Exhibit
N following Sellers’ establishment of initial contact on behalf of Purchaser with each Ground Lessor, and Purchaser shall
keep Sellers reasonably informed of the status of its negotiations with Ground Lessors; provided, however, that in the event that
any Ground Lessor informs Purchaser that it may not be, or is not, willing to consent to the applicable Ground Lease Assignment,
Purchaser shall promptly (and in no event later than five (5) Business Days after becoming aware of such Ground Lessor’s
position) notify Sellers in writing of such fact and Sellers shall thereafter have the right to engage directly with such Ground
Lessor to attempt to negotiate for the applicable consent to the Ground Lease Assignment (provided that Sellers shall keep Purchaser
involved in such negotiations). In the event that (i) a Ground Lessor has consented to the applicable Ground Lease Assignment,
(ii) any Seller or any affiliate of a Seller has provided a guaranty or any indemnification to a Ground Lessor of any obligations
under the corresponding Ground Lease and (iii) the obligations of such Seller or its affiliate under such guaranty are not released
concurrently with the Ground Lease Assignment notwithstanding Purchaser’s diligent best efforts to obtain such release, then
Purchaser shall cause Purchaser Parent to provide a back-to-back indemnity to the applicable Seller or affiliate of Seller (in
a form to be agreed between Purchaser and such Seller) for any obligations of such Seller or affiliate of such Seller under such
guaranty or indemnity based on facts or events occurring from and after the effective date of the Ground Lease Assignment. Without
limiting the foregoing, Purchaser Parent shall (i) to the extent required by the Ground Lessor under any Ground Lease, deliver
evidence of its net worth, and (ii) to the extent required by the Ground Lessor under any Ground Lease, where (x) the terms of
such Ground Lease afford such Ground Lessor a right to withhold its consent to the Ground Lease Assignment based on the financial
wherewithal or creditworthiness of the assignee and/or (y) a guaranty by Seller or an affiliate of Seller is currently in place
with respect to such Ground Lease, provide a guaranty of the assignee’s obligations under such Ground Lease in form and substance
reasonably satisfactory to Purchaser.

 

13.3Television
& Internet Service Contracts. Purchasers shall, with the cooperation of Sellers and to the extent they are assignable,
effectuate the assignment and assumption of all Television & Internet Service Contracts at Closing.

 

13.4Liquor
Licenses. Purchaser shall, at its sole cost and expense, prepare, file and prosecute all applications before governmental authorities
for the transfer or reissuance of the liquor licenses (“Liquor Licenses”) at the Hotels to Purchaser. Sellers
shall cooperate with

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Purchaser (and, to the extent
applicable, cause any subsidiary liquor licensee to cooperate fully) in any manner reasonably requested by Purchaser as
required to successfully transfer the existing Liquor Licenses or effectuate the issuance of new Liquor Licenses to
Purchaser, including, without limitation, providing and/or executing any and all forms, certificates, agreements or other
documents in the form required by the relevant liquor board or licensing authority to (i) transfer and/or surrender current
Liquor Licenses, (ii) issue new Liquor Licenses to Purchaser and (iii) transfer closed Liquor Inventory where lawfully
permitted and in compliance with the applicable Liquor License (provided, however, without limiting the other provisions of
this Agreement, Sellers and their subsidiaries shall not be required to incur any costs or expenses in the course of such
cooperation and Purchaser shall reimburse Sellers and/or their subsidiaries for any costs or expenses incurred in connection
with the transfer of any Liquor Licenses). If despite the exercise of such efforts by Purchaser, Purchaser is unable to
obtain a transfer of a Liquor License or a new Liquor License on or before the Closing Date, then the applicable Seller will,
to the extent required and to the extent legally permissible: (i) where a Seller or an affiliate is the sole licensee under
the applicable Liquor License, enter into or cause such affiliate to enter into a customary form interim beverage services
agreement or lease with Purchaser in the form attached hereto as Exhibit O (or in a form as close to Exhibit O as is feasible
in light of the requirements of local law and custom), or (ii) where a Seller is not the sole licensee under the applicable
Liquor License, exercise diligent efforts to obtain from the licensee an agreement as similar to Exhibit O as
is feasible.

 

13.5Debt
Assumption.

 

13.5.1Beginning
on the Effective Date, Purchaser shall use its diligent best efforts to consummate the Debt Assumption prior to the Closing in
accordance with (a) Section 7.1(a) of the Loan Agreement (as defined on Schedule 3), (b) all other Loan Documents, and (c)
the requirements of any conditional consent letter issued by Lender to Purchaser on or before November 26, 2014 in respect of the
Debt Assumption. Without limitation of its foregoing obligations, Purchaser shall (and shall cause Purchaser Parent and Purchaser
REIT to) comply with or satisfy, as applicable, any specific financial covenants relating to Purchaser, Purchaser Parent or Purchaser
REIT contained in any Loan Document or any conditional consent letter issued by Lender to Purchaser on or before November 26, 2014
in respect of the Debt Assumption, including, but not limited to, any net worth or liquidity requirements and any representation
or covenant that none of Purchaser nor any of its affiliates has suffered any material adverse change since the issuance of any
such conditional consent letter. Purchaser acknowledges that it (i) has received copies of the Loan Documents, (ii) has reviewed
the Loan Documents with outside counsel, and (iii) understands the requirements of the Loan Documents with respect to the consummation
of the Debt Assumption. Purchaser shall keep the applicable Seller reasonably informed of all negotiations and material communications
with Lender (including any servicer and their respective representatives and advisors).

 

13.5.2If
Purchaser consummates the Debt Assumption, without limitation of the terms of the Supplemental Agreement, Purchaser shall indemnify,
defend and hold Sellers and affiliates of Sellers that are parties to the various Guarantees and Environmental Indemnities delivered
in connection with the Assumed Debt (“Seller Loan Guarantors”) harmless from and against any and all liabilities
of Sellers and Seller Loan

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Guarantors under such
Guarantees and Environmental Indemnities arising after Closing (unless due to the acts or omissions of Sellers or any
affiliates of Sellers, it being agreed that none of Purchaser Holdco or its subsidiaries shall be deemed an affiliate of
Seller by reason of its Purchaser Holdco Class A Units, unless such Seller has taken control of Purchaser Holdco pursuant to
the Purchaser Holdco Operating Agreement) in accordance with the indemnification procedures set forth in Section 14.1 hereof.
The obligation set forth in this Section 13.5.2 shall survive the Closing.

 

13.6Other
Debt Matters.

 

13.6.1Purchaser
shall cause the documentation for any indebtedness other than the Assumed Debt encumbering the First Pool Assets to provide that
(i) the Class A Holders may take control of Purchaser Holdco following a Changeover Event (as such term is defined in the Purchaser
Holdco Operating Agreement) on terms no more onerous to the Class A Holders than those provided for in the Loan Documents as of
the Effective Date, (ii) the Class A Holders may transfer their interests in Purchaser Holdco on terms no more onerous to the Class
A Holders than those provided for in the Loan Documents as of the Effective Date, and (iii) the lender under any Replacement Debt
must deliver a recognition agreement in substantially the same form as the form contemplated by the Loan Documents as of the Effective
Date. In the event that the Debt Assumption is going to be consummated at the Closing, in no event may the Loan Documents be amended
in a manner adverse to the Class A Holders with respect to the provisions addressing the Purchaser Holdco Operating Agreement,
the Class A Units, the Class A Holders or similar matters, including, without limitation, provisions addressing the matters set
forth in the previous clauses (i)-(iii).

 

13.6.2Purchaser
shall cause the documentation for any indebtedness encumbering the Second Pool Assets to provide that (i) the Class A Holders may
take control of Purchaser Holdco following a Changeover Event (as such term is defined in the Purchaser Holdco Operating Agreement)
on terms no more onerous to the Class A Holders than those provided for in the Loan Documents as of the Effective Date, (ii) the
Class A Holders may transfer their interests in Purchaser Holdco on terms no more onerous to the Class A Holders than those provided
for in the Loan Documents as of the Effective Date, and (iii) the lender under such indebtedness must deliver a recognition agreement
in substantially the same form as the form contemplated by the Loan Documents as of the Effective Date; provided, however, that
in the event that Purchaser encumbers any of the Second Pool Assets with any indebtedness not meeting the aforementioned requirements,
Purchaser shall have the right to cure such breach by (A) eliminating the Class A Units deliverable in respect of the Second Pool
Assets and (B) increasing the Cash Consideration by the amount of such eliminated Class A Units on a dollar-for-dollar basis.

 

13.7Property
Management. Purchaser shall cause its property managers to hire a sufficient number of employees under any Management Contract
that is terminated by Sellers in order to eliminate liability under the Worker Adjustment and Retraining Notification Act (the
“WARN Act”) and, failing which, Purchaser shall indemnify and hold the applicable Seller(s) harmless from and
against any Losses incurred with respect to the WARN Act arising from such

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termination (collectively, Purchaser’s “WARN
Act Obligations”). The foregoing covenant shall survive the Closing.

 

14.MISCELLANEOUS.

 

14.1Indemnification
Claims. The indemnifications contained in this Agreement shall be subject to the following provisions. The indemnitee shall
notify indemnitor of any such claim against indemnitee within thirty (30) days after it has written notice of such claim, but failure
to notify indemnitor shall in no case prejudice the rights of indemnitee under this Agreement unless indemnitor shall be prejudiced
by such failure and then only to the extent of such prejudice. Should indemnitor fail to discharge or undertake to defend indemnitee
against such liability within fifteen (15) Business Days after the indemnitee gives the indemnitor written notice of the same,
then indemnitee may settle such liability, and indemnitor’s liability to indemnitee shall be conclusively established by
such settlement, the amount of such liability to include both the settlement consideration and the reasonable costs and expenses,
including reasonable attorneys’ fees, incurred by indemnitee in effecting such settlement. The obligations set forth in this
Section 14.1 shall survive the Closing or earlier termination of this Agreement.

 

14.2Entire
Agreement. Except for the letter agreement regarding financial statements, dated as of September 18, 2014, all understandings
and agreements heretofore had between Sellers and Purchaser with respect to the Property are merged in this Agreement, which alone
fully and completely supersedes any prior written or oral agreement among the parties concerning the subject matter hereof, including
the Original Agreement.

 

14.3Assignment.
Except for an assignment to a Permitted Assignee, which assignment must be completed and effective at least forty-five (45) days
prior to the Closing Date, neither this Agreement nor any interest hereunder shall be assigned or transferred by Purchaser (for
the purposes of this Section 14.3, a transfer of direct or indirect interests in Purchaser shall constitute an assignment and transfer
of this Agreement and an interest hereunder within the meaning of this sentence if such transfer of direct or indirect interests
is made with the intent of evading the direct restrictions on assignment or transfer of this Agreement or an interest hereunder
or results in a Change of Control of Purchaser). For purposes of this Agreement, the term “Permitted Assignee”
shall mean a legal entity controlled, directly or indirectly, and one hundred percent (100%) owned by Purchaser Holdco (both as
of the date of the proposed assignment or transfer and as of the Closing Date). To be effective, an assignment to a Permitted Assignee
shall (i) be fully executed by the assignor and the Permitted Assignee thereunder and delivered to Sellers at least forty-five
(45) days prior to the Closing Date, (ii) contain a provision whereby the Permitted Assignee assumes all of the obligations of
Purchaser under this Agreement and (iii) contain a remaking of each and every one of the representations and warranties made by
Purchaser hereunder. Upon an assignment of this Agreement to a Permitted Assignee: (1) Purchaser shall not be relieved of any subsequently
accruing liability under this Agreement, and (2) as used in this Agreement, the “Purchaser” shall be deemed to include
such Permitted Assignee. Subject to the foregoing, this Agreement shall inure to the benefit of and shall be binding upon Sellers
and Purchaser and their respective successors and assigns. Purchaser shall have the right, at least thirty (30) days prior to the
Closing Date, to designate a Permitted Assignee to be the recipient of any Property, provided that such designation does not reduce
the likelihood of the consummation of the Debt Assumption in accordance with Sections

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12.4 and 13.5
and/or have the effect of delaying the Closing in any respect and, provided further, that Purchaser confirms to
Sellers in writing that the designation does not relieve Purchaser of any of its obligations under this Agreement. Purchaser
may not make an assignment of any interest hereunder less than forty-five (45) days prior to the Closing Date, including any
assignment to a Permitted Assignee, and any such assignment shall be null and void and of no force or effect. As used in this
Section 14.3, “Change of Control” means that upon consummation of the direct or indirect transfer in
question, either of Purchaser Holdco or Purchaser Parent no longer controls, directly or indirectly, Purchaser or no longer
owns, directly or indirectly, at least 100% of Purchaser. In addition, Purchaser may, by notice to Seller at least forty-five
(45) days prior to the Closing Date, designate various direct or indirect wholly owned subsidiaries of Purchaser Holdco to
acquire individual Hotel Assets and/or the Personal Property related thereto.

 

14.4No
Modification. This Agreement shall not be modified or amended except in a written document signed by Sellers and Purchaser.

 

14.5Time
of the Essence. Time is of the essence of each and every date, time and provision
of this Agreement.

 

14.6Governing
Law. This Agreement shall be governed and interpreted in accordance with the laws of the State of New York except where a specific
provision is required by the applicable law of the State where a Real Property is located to be governed by the law of such State.

 

14.7Notice.
All notices, requests, demands or other communications required or permitted under this Agreement shall be in writing and delivered
personally, by certified mail, return receipt requested, postage prepaid, by overnight courier (such as Federal Express), or by
facsimile transmission with a copy to follow by certified mail, return receipt requested, postage paid or by overnight courier,
addressed as follows:

 

If to Sellers:

 

c/o Goldman Sachs Realty Management, L.P.

6011 Connection Drive

Irving, TX 75039

Attn: Greg Fay

Facsimile No.: (972) 368-3699

Telephone No.: (972) 368-2743

 

With copies to:

 

c/o Whitehall Street Global Real Estate Limited Partnership
2007

c/o Goldman, Sachs & Co.

200 West Street

New York, NY 10282

Attn: Chief Financial Officer

Facsimile No.: (212) 357-5505

Telephone No.: (212) 902-5520

 

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AND

 

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Attn: Anthony J. Colletta, Esq.

Facsimile No.: (212) 291-9029

Telephone No.: (212) 558-4608

 

If to Purchaser:

 

c/o American Realty Capital Hospitality Portfolio
Member LLC

c/o American Realty Capital

405 Park Avenue, 15th Floor

New York, NY 10022

Attn: Legal Department

Facsimile No.: (212) 421-5799

 

with a copy to:

 

Goodwin Procter LLP

53 State Street

Boston, MA 02109

Attn: Samuel L. Richardson, Esq.

Facsimile No.: (617) 523-1231

 

All notices given in
accordance with the terms hereof shall be deemed received on the next Business Day if sent by overnight courier, on the same day
if sent by facsimile or Email before 5:00 p.m. (New York time) on a Business Day, on the third (3rd) Business Day following
deposit with the United States Mail as a registered or certified matter with postage prepaid, or when delivered personally or otherwise
received or refused. Either party hereto may change the address for receiving notices, requests, demands or other communication
by notice sent in accordance with the terms of this Section 14.7.

 

14.8Waiver
of Trial by Jury. IN ANY LAWSUIT OR OTHER PROCEEDING INITIATED BY PURCHASER OR ANY SELLER UNDER OR WITH RESPECT TO THIS AGREEMENT,
PURCHASER AND EACH SUCH SELLER WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY. IN ADDITION, PURCHASER AND EACH SELLER WAIVE ANY
RIGHT TO SEEK RESCISSION OF THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT.

 

14.9Confidentiality.
Without the prior written consent of the other party (which consent shall not be unreasonably withheld with respect to press releases),
neither Purchaser nor any Seller nor any of their respective employees, affiliates, brokers, advisors or other agents shall issue
a press release or other media publicity of any kind whatsoever with respect to Sellers or this Agreement or disclose to any third
party the existence of this Agreement or any term or condition of this Agreement (including, without limitation, the Purchase Price)
or

 

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the results of any inspections or
studies undertaken in connection herewith; provided, however, that either Purchaser or Sellers may disclose such information
to their respective principals, legal counsel, regulators, accountants, tax advisors, actual and potential investors and
potential financing sources in connection with evaluating the potential transaction or as may be required by law or court
order. Purchaser and Seller shall each be responsible for any violations of this Section by any of their respective
employees, affiliates, brokers, advisors or other agents. Purchaser agrees to keep confidential and not to use, other than in
connection with its determination whether to proceed with the purchase of the Property in accordance with Section 8 hereof,
any of the documents, material or information regarding the Property or Sellers supplied to Purchaser by Sellers or by any
third party at the request of Sellers, including, without limitation, any environmental site assessment reports and
information concerning any employee of Sellers or Sellers’ Affiliates furnished to Purchaser, except Purchaser may
share such documents, material and information with Purchaser’s lenders, principals, regulators, actual and potential
investors and attorneys and other consultants (“Purchaser’s Consultants”) hired in connection with
the acquisition of the Property, unless Purchaser is compelled to disclose such documents, material or information by law or
by subpoena. Purchaser agrees to indemnify and hold harmless Sellers from and against any and all Losses of any kind
(including, without limitation, attorneys’ fees) arising out of a breach by Purchaser or Purchaser’s Consultants
of the provisions of this Section 14.9. The provisions of this Section 14.9 shall survive until the earlier to occur of (a)
the Closing Date and (b) one (1) year from the Effective Date, provided that the restrictions with respect to press releases
shall survive indefinitely.

 

14.10Guest
Baggage. All baggage, parcels of property of guests or tenants being retained by Sellers as security for unpaid accounts receivable
shall be removed from the Property prior to Closing (“Retained Baggage”).  All other baggage, parcels or
property checked or left in the care of Sellers by current guests or tenants at Closing, or by those formerly staying at the Property,
or others, shall be sealed and listed in an inventory prepared by representatives of Sellers no later than one (1) day prior to
Closing and initialed by such representatives.  Possession and control of all such other baggage, parcels or property listed
on such inventory shall be delivered to Purchaser at each Hotel on the day of Closing, and representatives of Purchaser shall acknowledge
receipt of all such items.

 

14.11Access
to Property Files. Notwithstanding anything to the contrary set forth in this Agreement, Purchaser hereby agrees that, for
a period of two (2) years following the Closing Date, Sellers shall have, upon reasonable prior notice to Purchaser, access to
all files at the Property that relate to a dispute or a set of facts that could lead to a dispute (a “Dispute”)
between Sellers and a third party with respect to Sellers’ period of ownership thereof; provided, however, all rights, defenses,
causes of action and claims relating to a Dispute and arising from matters and events following the Closing Date shall belong to
Purchaser. The provisions of this Section 14.11 shall survive the Closing.

 

14.12No
Memorandum of Agreement. This Agreement or any notice or memorandum hereof shall not be recorded by or on behalf of Purchaser
in any public record. A violation of this prohibition shall constitute a material breach by Purchaser, entitling Sellers to terminate
this Agreement and retain the Earnest Money as liquidated damages in accordance with Section 7.2.1 hereof.

 

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14.13No
Finance Contingency. Purchaser acknowledges and agrees that Purchaser’s obligations under this Agreement are not in any
manner contingent or conditioned upon Purchaser consummating the Debt Assumption (provided, however, that Purchaser agrees to use
its diligent best efforts to consummate the Debt Assumption in accordance with Sections 2.4.1 and 13.5 hereof) or obtaining Replacement
Debt or other debt in order to purchase any portion of the Property hereunder. At Purchaser’s request, if Purchaser is unable
to consummate the Debt Assumption after using its diligent best efforts to attempt to do so, Sellers shall reasonably cooperate
with Purchaser in Purchaser obtaining Replacement Debt (e.g., by providing access to the Property for property tours subject
to the conditions set forth herein for entry onto the Property); provided, however, in no event shall Sellers be obligated to comply
with any requirements of Purchaser’s alternative lender or otherwise incur any out-of-pocket cost, expense or liability in
connection with the Replacement Debt.

 

14.14Counterpart
Signatures. This Agreement may be signed in any number of counterparts each of which shall be deemed to be an original and
all of which taken together shall constitute one and the same instrument.

 

14.15Designation
of Escrowee as Reporting Person. Sellers and Purchaser each hereby authorize Escrowee to designate the investment depository
of the Earnest Money to act as and perform the duties and obligations of the “reporting person” with respect to the
transaction contemplated by this Agreement for purposes of 26 C.F.R. Section 1.6045-4(e)(5) relating to the requirements for information
reporting on real estate transactions closed on or after January 1, 1991.

 

14.16Business
Days. For purpose of this Agreement, “Business Day” shall mean any day that is not a Saturday, Sunday or
Federal or State of New York holiday. Whenever the time for performance of a covenant or condition required to be performed pursuant
to the terms of this Agreement falls upon a day that is not a Business Day, such time for performance shall be extended to the
next succeeding Business Day. Otherwise, all references herein to “days” shall mean calendar days.

 

14.17Signatures.
Handwritten signatures to this Agreement transmitted by telecopy or electronic transmission (for example, through use of a Portable
Document Format or “PDF” file) shall be valid and effective to bind the party so signing. Each party agrees to promptly
deliver to the other party an executed original of this Agreement with its actual signature, but a failure to do so shall not affect
the enforceability of this Agreement, it being expressly agreed that each party to this Agreement shall be bound by its own telecopied
or electronically transmitted handwritten signature and shall accept the telecopied or electronically transmitted handwritten signature
of the other parties to this Agreement.

 

14.18Legal
Representation. Each party hereto has been represented by legal counsel in connection with the negotiation of the transactions
herein contemplated and the drafting and negotiation of this Agreement. Each party hereto and its counsel has had an opportunity
to review and suggest revisions to the language of this Agreement. Accordingly, no provision of this Agreement shall be construed
for or against or interpreted to the benefit or disadvantage of any party by reason of any party having or being deemed to have
structured or drafted such provision.

 

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14.19Prevailing
Party Attorneys’ Fees. If a party to this Agreement shall bring any action, suit, counterclaim or appeal against any
other party, declaratory or otherwise, to enforce the terms hereof or to declare rights hereunder (an “Action”),
the non-prevailing party in such Action shall pay to the prevailing party in such Action the prevailing party’s reasonable
attorney’s fees and third-party expenses actually incurred in prosecuting or defending such Action and/or enforcing any judgment,
order, ruling or award (a “Decision”), granted therein, all of which shall be deemed to have accrued from the
commencement of such Action. Any Decision entered into in such Action shall contain a specific provision providing for the recovery
of attorneys’ fees and third-party expenses actually incurred in obtaining and enforcing such Decision. The court may fix
the amount of reasonable attorneys’ fees and third-party expenses upon the request of any party. For purposes of this Section
14.19, attorneys’ fees shall include, without limitation, fees incurred in connection with (i) post-judgment motions and
collection actions, (ii) contempt proceedings, (iii) garnishment, levy and debtor and third-party examination, (iv) discovery
and (v) bankruptcy litigation. The terms of this Section 14.19 shall survive Closing or any earlier termination of this Agreement.

 

14.20State-Specific
Provisions. The following provisions shall apply to Property located in the following states, and in the event of any inconsistency
between the provisions of this Section 14.20 and the remainder of this Agreement, the provisions of this Section 14.20 shall control.

 

14.20.1
California.

 

(a)PURCHASER
HEREBY ACKNOWLEDGES THAT IT HAS READ AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542 (“SECTION
1542”), WHICH IS SET FORTH BELOW, AND PURCHASER EXPRESSLY WAIVES ALL RIGHTS UNDER CALIFORNIA CIVIL CODE SECTION 1542,
AS AMENDED OR MODIFIED, WHICH PROVIDES THAT: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

 

Purchaser’s
Initials: ________________

 

(b)As
used herein, the term “Natural Hazard Area” shall mean those areas identified as natural hazards in the
Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4, and 51183.5, and California Public
Resources Code Sections 2621.9, 2694, and 4136, and any successor statutes or laws (the “Act”). Sellers
shall provide Purchaser with a Natural Hazard Disclosure Statement (“Disclosure Statement”) for each Real
Property located in the State of California. Purchaser acknowledges that Sellers have or will cause the Title Insurer to
retain the services of an expert (the “Natural Hazard Expert”) to examine the maps and other information
made available to the public by government agencies for the purpose of enabling Sellers to fulfill their

 

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disclosure obligations with respect to the Act
and to prepare a written report of the results of its examination (the “Report”). Purchaser acknowledges that
the Report fully and completely discharges Sellers from its disclosure obligations under the Act, and, for the purpose of this
Agreement, the provisions of California Civil Code Section 1103.4 regarding the non-liability of Sellers for errors or omission
not within its personal knowledge shall be deemed to apply and the Natural Hazard Expert shall be deemed to be an expert dealing
within the scope of its expertise with respect to the examination and Report. Purchaser acknowledges and agrees that nothing contained
in the Disclosure Statement shall release Purchaser from its obligation to fully investigate the condition of the Property, including,
without limitation, whether the Property is located in any Natural Hazard Area. Purchaser further acknowledges and agrees that
the matters set forth in the Disclosure Statement or Report may change on or prior to the Closing Date and that Sellers have no
obligation to update, modify, or supplement the Disclosure Statement or Report. Purchaser shall be solely responsible for preparing
and delivering its own Natural Hazard Disclosure Statement to subsequent prospective buyers of the Property. The provisions of
this Section 14.20.1 shall survive the Closing.

 

Purchaser’s
Initials: ________________

 

(c)Purchaser
hereby knowingly waives all rights under Section 25402.10 of the California Public Resources Code and the regulations at C.C.R.
Title 20, Div. 2, Chapter 4, Art. 9, Sections 1680 et seq., including, without limitation, the right to receive any “Data
Verification Checklist,” "benchmarking data," "ratings" or other disclosure thereunder.

 

14.20.2
Florida. The following notification is provided pursuant to and is intended to comply with the disclosure requirements of
§ 404.056, Florida Statutes: “RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated
in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that
exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing
may be obtained from your county health department.”

 

14.20.3
Louisiana. WITHOUT LIMITING ANY OTHER PROVISION OF THIS AGREEMENT, THE WARRANTIES WAIVED HEREIN INCLUDE ANY AND
ALL WARRANTIES WITH RESPECT TO THE CONDITION OF THE PROPERTY UNDER LA. CIV. CODE ART. 2475, AND ANY AND ALL WARRANTIES WHATSOEVER
UNDER LA. CIV. CODE ARTS. 2477 THROUGH 2548 OR ANY OTHER PROVISION OF LAW. PURCHASER EXPRESSLY ACKNOWLEDGES THE FOREGOING AND
WAIVES ANY AND ALL RIGHT OR CAUSE OF ACTION THAT PURCHASER HAS OR MAY HAVE TO RESCIND OR RESOLVE THIS TRANSFER OR TO DEMAND A
REDUCTION IN PURCHASE PRICE BASED UPON THE EXISTENCE OF ANY REDHIBITORY OR OTHER VICES, DEFECTS, OR OTHER DEFICIENCIES IN THE
PROPERTY OR ANY IMPROVEMENTS, FIXTURES, OR EQUIPMENT FORMING A PART THEREOF,

 

    	-69-

    	 

    

 

 

BASED UPON THE UNSUITABILITY OF THE PROPERTY OR ANY OF ITS COMPONENTS OR PARTS FOR PURCHASER’S INTENDED
USE OR ANY OTHER USE, BASED UPON ANY EVICTION OF PURCHASER, IN WHOLE OR IN PART, OR BASED UPON ANY OTHER CLAIMED BREACH OF WARRANTY
OR OTHER MATTER WHATSOEVER, OTHER THAN WARRANTY OF TITLE AS TO SELLER’S OWN ACTS (SUBJECT TO THE PERMITTED TITLE MATTERS
AND THE OTHER MATTERS THAT HAVE BEEN ACCEPTED BY PURCHASER), THIS TRANSFER BEING OTHERWISE ENTIRELY AT PURCHASER’S SOLE PERIL
AND RISK, PROVIDED, HOWEVER, THAT SELLERS WILL REMAIN LIABLE FOR BREACH OF THEIR WARRANTY OF MERCHANTABILITY OF TITLE AS TO SELLERS’
OWN ACTS (SUBJECT TO THE PERMITTED TITLE MATTERS AND THE OTHER TITLE MATTERS THAT HAVE BEEN ACCEPTED BY PURCHASER). PURCHASER ACKNOWLEDGES
AND AGREES THAT THE FOREGOING DISCLAIMERS AND WAIVER OF WARRANTIES HAVE BEEN FULLY EXPLAINED TO PURCHASER AND THAT PURCHASER UNDERSTANDS
THE SAME. PURCHASER AND SELLERS JOINTLY ACKNOWLEDGE AND AGREE THAT THE FOREGOING WAIVERS AND DISCLAIMERS ARE OF THE ESSENCE OF
THIS TRANSACTION AND THE SAME WOULD NOT OTHERWISE HAVE BEEN ENTERED INTO OR CONSUMMATED WITHOUT THEM.

 

14.20.4
New Jersey. Purchaser shall have the right to comply with N.J.S.A. 54:32B-22(c) and N.J.S.A. 54:50-38 by delivering a Notification
of Sale, Transfer, or Assignment in Bulk (Form C-9600) (the “Tax Notification”) to the Director of the Division
of Taxation of the State of New Jersey Department of the Treasury (the “Division”) (together with a copy of
this Agreement) by registered or certified mail or overnight delivery at least ten (10) days prior to Closing. Sellers shall cooperate
in connection with such compliance and shall provide all information necessary for Purchaser to complete the Tax Notification to
the extent that the Property includes Hotel Assets in New Jersey. Sellers’ New Jersey Tax Identification Numbers are 261-186-994/001
(Residence Inn Princeton, NJ), 261-186-994/002 (Residence Inn Somers Point, NJ) and 261-186-994/003 (Residence Inn Tinton Falls,
NJ). If the Division issues an Escrow Letter or informs Purchaser that a possible claim for taxes, including any interest and penalties
thereon, exists (the “NJ Claim”) and the amount thereof (the “NJ Deficiency”), then Purchaser
and Sellers shall close as scheduled and without delay, and Purchaser shall withhold the portion of the Purchase Price equal to
the amount of the NJ Deficiency (the “NJ Tax Escrow”), which NJ Tax Escrow shall be held in escrow by the Escrowee
(which, for purposes of the NJ Tax Escrow, will also be called in this Agreement the “NJ Bulk Sales Tax Escrowee”)
until such time as the Division issues a Clearance Letter confirming that no money is to remain in escrow. Sellers shall be solely
responsible for any fees of the NJ Bulk Sales Tax Escrowee with regard to the NJ Tax Escrow. The terms and conditions of such escrow
shall be those set forth in this Section 14.20.4, together with (to the extent not inconsistent with this Section 14.20.4) the
other protections for the Escrowee that are expressly set forth elsewhere in this Agreement. If, after Closing, the Division requests
that Purchaser pay all or any portion of the NJ Deficiency on behalf of Sellers, then

 

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Purchaser shall direct NJ Bulk
Sales Tax Escrowee to release to the Division of Taxation such amount from the NJ Tax Escrow. If the Division informs Purchaser
that the NJ Deficiency has been fully paid or that Purchaser has no further liability for the NJ Deficiency, then Purchaser shall
direct NJ Bulk Sales Tax Escrowee to release such difference to Sellers. If the Division gives notice to Purchaser that Sellers
are liable for taxes, including interest and penalties thereon, in an amount that is greater than the NJ Tax Escrow, Sellers shall
promptly pay the difference to the Division and shall provide Purchaser with evidence thereof. Notwithstanding anything to the
contrary contained herein, Sellers shall have the right to negotiate with the Division regarding the NJ Claim and the NJ Deficiency;
provided, however, that (i) Purchaser and NJ Bulk Sales Tax Escrowee shall be entitled to comply with all instructions of the Division,
and (ii) the Closing shall not be delayed as a result thereof. This Section 14.20.4 shall survive the Closing.

 

14.20.5
Oregon. THE PROPERTY DESCRIBED IN THIS AGREEMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE
PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF
A RESIDENCE AND THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING
OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS
195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855,
OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING
FEE TITLE TO SUCH PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND
BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF
THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY
OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS
2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010.

 

14.20.6 Vermont.
If the Sellers, on or before the Closing Date, do not provide the Purchaser with either: (i) a certificate stating, under
penalties of perjury, the Sellers’ federal employee identification number(s) and the fact that the Sellers are Vermont
residents; or (ii) a certificate issued by the Commissioner of the Vermont Department of Taxes that no withholding of all or
any portion of the Purchase Price is required under Title 32 V.S.A. Section 5847, and regulations issued thereunder, then the
Purchaser shall withhold a portion of the Purchase Price as required by Section 5847, provided that the Purchaser shall pay
any amounts so withheld to the Vermont Department of Taxes on behalf of the Sellers. In the event that withholding is
required pursuant to this paragraph, Sellers shall, on or before the Closing Date, deliver to Purchaser completed Schedule
A’s to be attached to the Vermont Withholding Tax Return for Transfer of Real Property (Form RW-171) to be filed by the
purchaser.

 

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14.20.7
Washington. Purchaser has been advised of its right to receive a completed seller disclosure statement about the Real Property
pursuant to R.C.W. Chapter 64.06. Purchaser hereby waives (a) the right to receive the Seller Disclosure Statement from Sellers
pursuant to R.C.W. Chapter 64.06, and (b) the right to rescind this Agreement based on Purchaser’s lack of receipt of such
a Sellers disclosure statement.

 

14.21
Further Assurances. Sellers agree to execute such additional documents or instruments as may be reasonably required to cause
any portion of the Property described in this Agreement that is not otherwise conveyed or assigned to Purchaser at the Closing
to be transferred to Purchaser in accordance with and subject to the terms hereof, provided that, in no event shall Sellers be
required to incur any additional liability, cost or obligation as a result of the foregoing. Each Seller further agrees to convey
all right, title and interest in any property owned by such Seller that is used solely in connection with the operation of such
Seller’s Real Property to the extent that such property is not described on the applicable Exhibits attached hereto and otherwise
conveyed pursuant to the terms of this Agreement.

 

14.22Material
Defaults. Subject to the provisions regarding material default in Sections 2.1.2, 3.1.2, 3.1.3, 4.4.17, 7.1.1, 7.1.2 and 7.2.2,
notwithstanding anything herein to the contrary, in the event that this Agreement is terminated and at the time of such termination
both Purchaser and either or both Seller(s) are in material default hereunder, (a) if Purchaser was in material default before
Sellers or the applicable Seller, Sellers shall retain the Earnest Money in accordance with the applicable terms of this Agreement,
or (b) if the Seller or Sellers were in material default before Purchaser, the Earnest Money shall be returned to Purchaser in
accordance with the applicable terms of this Agreement.

 

14.23BP
Oil Spill Settlement. Certain Sellers have filed claims under the Deepwater Horizon Economic and Property Damages Settlement
Agreement for economic damages arising from the oil spill that resulted from the explosion and sinking of the Deepwater Horizon
drilling rig in the Gulf of Mexico on April 20, 2010. Any compensation or other amounts payable in connection with the settlement
or other resolution of any such claims shall be retained by the applicable Sellers for their benefit, and in the event that any
such amounts are paid directly to Purchaser, Purchaser shall promptly remit any such amounts to the applicable Seller, in no event
later than three (3) Business Days after Purchaser’s receipt of same. This Section 14.23 shall survive the Closing.

 

14.24Recitals.
Sellers hereby withdraw the Sellers’ Notice, and Sellers and Purchaser hereby acknowledge that Sellers’ Notice
is null and void and withdrawn as if never issued. Sellers and Purchaser hereby agree that the Recitals contained herein are
true and correct and are incorporated herein by reference as of fully set forth herein. Sellers hereby represent to Purchaser
that as of the Restatement Date, Sellers do not have any actual (and not imputed, implied or constructive) knowledge (without
any inquiry) of (i) any default or breach by Purchaser under the Original Agreement or this Agreement, or (ii) any basis for
termination of the Agreement by Sellers. Purchaser hereby represents to Sellers that as of the Restatement Date, Purchaser
does not have any actual (and not imputed, implied or constructive) knowledge (without any inquiry) of (i) any default or
breach by Sellers under the Original Agreement or this Agreement, or (ii) any basis for termination of the Agreement by
Purchaser.

 

    	-72-

    	 

    

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

 

 

 

	 	SELLERS:
	 	 
	 	W2007 EQUITY INNS REALTY, LLC, a Delaware limited liability company
	 	 
	 	By:	WNT Mezz I, LLC, a Delaware limited liability company, its Managing Member
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership
	 	 
	 	By:	W2007 Equity Inns Realty Gen-Par, LLC, a Delaware limited liability company, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI DALTON PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

    	 

    	 

    

 

 

	 	W2007 EQI HOUSTON PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI CARLSBAD PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Carlsbad Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI HI AUSTIN PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI HI Austin Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI NAPERVILLE PARTNERSHIP, L.P., a Tennessee limited partnership 
	 	 
	 	By:	W2007 EQI Naperville Corporation, a Tennessee corporation, its General Partner  
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

    	 

    	 

    

 

 

	 	W2007 EQI COLLEGE STATION PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI College Station Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI EAST LANSING PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI INDIANAPOLIS PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Indianapolis Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

    	 

    	 

    

 

 

	 	W2007 EQI KNOXVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Knoxville Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI MILFORD PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Milford Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager
	 	 	 

 

	 	W2007 EQI ORLANDO 2 PARTNERSHIP, L.P., a Tennessee limited partnership 
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI URBANA PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

    	 

    	 

    

 

 

	 	W2007 EQI RIO RANCHO PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	

	 	W2007 EQI LOUISVILLE PARTNERSHIP, L.P.,
    a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI AUGUSTA PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI ORLANDO PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Orlando Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

    	 

    	 

    

 

 

	 	W2007 EQI SEATTLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI JACKSONVILLE PARTNERSHIP I, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

	 	

	 	W2007 EQI ASHEVILLE PARTNERSHIP, L.P.,
    a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

	 	W2007 EQI SAVANNAH 2 PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

    	 

    	 

    

 

 

	 	PURCHASER:
	 	 
	 	American Realty Capital Hospitality Portfolio Member, LLC, a Delaware limited liability company
	 	 	 
	 	By:	American Realty Capital Hospitality
	 	 	Operating Partnership, L.P., its sole member
	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc.,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I Owner, LLC, a Delaware
	 	limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I TFGL Owner, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I BHGL Owner, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer

	 	 	 
	 	ARC Hospitality Portfolio I PXGL Owner, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer

 

 

    	 

    	 

    

 

 

 

	 	ARC Hospitality Portfolio I GBGL Owner, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I NFGL Owner, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer

 

	 	ARC Hospitality Portfolio I NTC
    Owner, LP, a Delaware limited partnership
	 	 
	 	By: ARC Hospitality Portfolio I NTC Owner GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer

 

    	 

    	 

    

 

 

	 	ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership
	 	 	 
	 	By: ARC Hospitality Portfolio I NTC Owner GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership
	 	 	 
	 	By: ARC Hospitality Portfolio I NTC Owner GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 
	 	ARC Hospitality Portfolio II Owner, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer
	 	 	 

 

	 	ARC Hospitality Portfolio II NTC Owner, LP, a Delaware limited partnership
	 	 	 
	 	By: ARC Hospitality Portfolio II NTC Owner GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Jonathan Mehlman
	 	 	Name: Jonathan Mehlman
	 	 	Title: Chief Investment Officer

 

[Signatures continue on following page]

    	 

    	 

    

	 	W2007 Equity Inns Partnership, L.P., solely for purposes of Sections 10.4 and 11.1 hereof:
	 	 
	 	W2007 EQUITY INNS PARTNERSHIP, L.P., a Delaware limited partnership
	 	 
	 	By:	W2007 Equity Inns Gen-Par LLC, a Delaware limited liability company, its General Partner
	 	 	 
	 	By:	
/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

	 	W2007 Equity Inns Senior Mezz, LLC, solely for purposes of Sections 10.4 and 11.1 hereof:
	 	 
	 	W2007 eQUITY INNS SENIOR MEZZ, LLC, a Delaware limited liability company
	 	 
	 	 	 
	 	By:	
/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: President & Manager

 

[Signatures continue on following page]

    	 

    	 

    

	 	W2007 Equity Inns TRUST, solely for purposes of Sections 10.4 and 11.1 hereof:
	 	 
	 	W2007 EQUITY INNS TRUST, a Maryland trust
	 	 
	 	 	 
	 	By:	
/s/ Todd Giannoble
	 	 	Name: Todd Giannoble
	 	 	Title: Administrative Trustee & President

 

    	 

    	 

    

 

 

EXHIBITS B-1
- B-35

 

DEEDS

 

 

    	 

    	 

    

 

 

LIMITED
Warranty Deed

 

TO ALL PERSONS TO WHOM
THESE PRESENTS SHALL COME, GREETING:

 

KNOW YE, that                                                                      ,
a _____________________, having an office located at                                                           
("Grantor"), for the consideration of Ten Dollars ($l0.00) and other valuable consideration received to its full
satisfaction of                                                                                      
("Grantee") does give, grant, bargain, sell and confirm unto the said Grantee and its successors and assigns forever:

 

ALL THAT certain piece
or parcel of land, together with all buildings and improvements thereon, in the Town of                                     ,
County of __________________ and State of Connecticut, more particularly bounded and described as follows:

 

[INSERT LEGAL DESCRIPTION
OR ATTACH SEPARATE DESCRIPTION AND REFER TO ATTACHMENT]

 

Together with:

 

[LIST ANY APPURTENANCES]

 

[OPTIONAL: Being the same premises conveyed
by ___________________________ to                                                 
by                                                 
Deed dated _____________________ and recorded in the                                     
Land Records in Volume _______at Page ______].

 

Said premises are conveyed
subject to the following, but only to the extent that the same are still enforceable; provided, however, that the Grantor makes
no representation or warranty with respect to such enforceability or lack thereof:

 

1.          Taxes
to the Town of ____________ on the List of __________, not yet due and payable, and for all subsequent years, which taxes Grantee
assumes and agrees to pay as part consideration for this deed.

 

2.          [OTHER
RESTRICTIONS, ETC.]

 

TO HAVE AND TO HOLD
the above granted and bargained premises with the appurtenances thereof, unto it the said Grantee, its successors and assigns forever,
to its and their own proper use and behoof.

 

AND, ALSO, the said
Grantor, does for itself and its successors, covenant with the said Grantee, its successors and assigns, that at and until the
ensealing of these presents, it is well seized of the premises, as a good indefeasible estate in FEE SIMPLE; and has good right
to bargain and sell the same in manner and form as is above written.

 

    	 

    	 

    

 

AND FURTHER, the said
Grantor does by these presents bind itself and its successors forever to WARRANT and DEFEND the above granted and bargained premises
to the Grantee, its successors and assigns, against the restrictions, exceptions and encumbrances made or created by the Grantor,
except those set forth above, but against none other.

 

IN WITNESS WHEREOF,
Grantor has caused this deed to be duly executed on this ____ day of __________________, ______.

 

	Signed, sealed and delivered	 	 
	in the presence of:	 	[GRANTOR]
	 	 	 
	 	 	By:	 
	Print Name:	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	 	 
	Print Name:	 	 

 

	STATE OF CONNECTICUT	)	 	 	 
	 	)	ss:	_________	____________, _____
	COUNTY OF _______	)	 	 	 

 

On this the ______
day of __________, _______, before me                                              ,
the undersigned officer, personally appeared _____________, who acknowledged _____self to be the ______________ of _____________,
a _____________, and that ___ as such ______________, being authorized so to do, executed the foregoing instrument for the purposes
therein contained, by signing the name of the _____________ by _____self as such ______________ and as ___ and its free act and
deed.

 

IN WITNESS WHEREOF,
I hereunto set my hand.

 

	 	 
	 	Commissioner of the Superior Court
	 	Notary Public
	 	My Commission Expires:

 

	The mailing address of	 
	the Grantee is:	 
	 	 
	 	 
	 	 
	 	 

 

    	- 2 -

    	 

    

 

	This instrument prepared by or under the supervision of	 	 
	(and after recording should be returned to):	 	 
	 	 	 	 
	Name:	 	 	 
	Address:	Sullivan & Cromwell LLP	 	 
	 	125 Broad Street	 	 
	 	New York, NY 10004-2498	 	 
	 	 	 	 
	Property Appraiser's Parcel ID#:	 	 
	 	 	 	 
	 	 	 	(Space reserved for Clerk of Court)

 

SPECIAL WARRANTY DEED

 

THIS INDENTURE, made
this _____ day of ______________, A.D. 20__ between _________________________________, a ___________ limited liability company
(the "Grantor"), and ________________________________, a ____________________________ (the "Grantee"),
whose mailing address is __________________________________________________;

 

WITNESSETH, that the
Grantor, for and in consideration of the sum of TEN DOLLARS ($10.00), to the Grantor in hand paid by the Grantee and other good
and valuable consideration, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the Grantee and the
Grantee's successors and assigns forever, the following described land situate, lying and being in ________________ County, Florida,
to-wit:

 

SEE EXHIBIT "A"
ATTACHED HERETO AND INCORPORATED HEREIN

 

SUBJECT TO zoning and
other governmental regulations; any recorded easements, covenants, restrictions and limitations; and real property taxes for the
year 20__ and subsequent years.

 

AND THE GRANTOR DOES
HEREBY SPECIALLY WARRANT the title to said land, and will defend the same against the lawful claims of all persons claiming by,
through or under the Grantor, but against none other.

  

	NOTICE TO RECORDER: [notice regarding stamp taxes, if any]

  

    	1

    	 

    

  

IN WITNESS WHEREOF,
this instrument has been signed by Grantor the day and year first above written.

  

	Signed, sealed and delivered in the presence of:	 	___________________, a ________ limited liability company
	 	 	 	 	 
	Sign Name:	 	 	 	 
	Print Name:	 	 	By:	 
	 	 	 	Name:	 
	Sign Name:	 	 	Title:
	Print Name:	 	 	Address:

 

	STATE OF _________________	)	 
	 	)	SS:
	COUNTY OF _______________	)	 

 

The foregoing instrument
was acknowledged before me this ___ day of _________, 20__ by ______________ as ______________ of ____________________, a ________
limited liability company, on behalf of the limited liability company. He/she/they personally appeared before me and is/are personally
known to me or produced ______________________________ as identification and did not take an oath.

 

	 	Notary:	 
	[NOTARIAL SEAL]	Print Name:
	 	NOTARY PUBLIC, STATE OF _________
	 	My commission expires ________________

 

    	2

    	 

    

 

Exhibit A To Special Warranty Deed

Legal Description

 

    	3

    	 

    

 

Covenant
Deed

 

 

The
Grantor(s): ________________________________, whose address is ________________________ conveys to ________________________,
whose address is ______________________________________________ the following described premises situated in the City/Township/Village
of ____________________, __________________ County, Michigan:

 

See Exhibit A

 

for the amount [of ____________________
($_________________________)][set forth in the filed Real Estate Transfer Tax Valuation Affidavit].

 

TOGETHER WITH all hereditaments and appurtenances,
reversions, remainders, rents, issues and profits and all the estate, right, title, interest and claim of the Grantor thereto.

 

SUBJECT TO covenants, conditions, restrictions,
easements, rights of way and other matters of record, applicable zoning, building, land use and similar laws, regulations and restrictions,
and any and all matters which would be disclosed by an accurate survey of the real estate (collectively the “Permitted Exceptions”).

 

TO HAVE AND TO HOLD the premises as before
described unto Grantee in fee simple, and Grantor does fully covenant title to the premises conveyed subject to the Permitted Exceptions,
and will defend, subject to the Permitted Exceptions, the same against the lawful claims and demands of all persons claiming by,
through or under Grantor, but against no other claims or persons.

 

Public Act 591 of 1997 requires the following:
this property may be located within the vicinity of farmland or a farm operation. Generally accepted agricultural and management
practices which may generate noise, dust, odors and other associated conditions may be used and are protected by the Michigan Right
to Farm Act.

 

The Grantor grants the Grantee the right
to make all divisions under Section 108 of the Land Division Act, Act No. 288 of the Public Acts of 1967, as amended.

 

SIGNATURE ON FOLLOWING PAGE

  

    	1

    	 

    

 

Dated this ______ day of __________, ______.

 

	 	_________________, a ________________
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Its:	 

 

	STATE OF ________________	)
	 	)SS.
	COUNTY OF ________________ 	)

 

The foregoing Covenant
Deed was acknowledged before me this _______ day of _______________, ______, by _________________________, the ___________________________
of _________________________ on behalf of the ____________.

 

	 	 
	 	Notary Public
	 	______________ County, ________
	 	My Commission Expires:_________
	 	Acting in the County of:__________

 

	
        Drafted By:

        Anthony J. Colletta

        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004-2498
	 	
        When Recorded Return To:

        GRANTEE
	 	
        Send Subsequent Tax Bills 

to:

        GRANTEE

  

    	2

    	 

    

 

Exhibit A To Covenant Deed

Legal Description

 

Commonly known as __________________________________

 

Tax Parcel ID No.: _________________________

 

    	 

    	 

    

 

 

	 
	Space Above Reserved for Recording Information

 

Return to:

 

SPECIAL WARRANTY DEED

 

______________ (“GRANTOR”),
in consideration of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration received from ________________
(“GRANTEE”), conveys to GRANTEE the real estate (as defined in Neb. Rev.
Stat. 76-201) described in Exhibit A hereto.

 

GRANTOR covenants with GRANTEE that GRANTOR:

 

		(1)	is lawfully seized of such real estate and that it is free from encumbrances, subject to restrictions,
covenants and easements of record, and expressly subject to those matters identified on Exhibit B attached hereto;

 

		(2)	has legal power and lawful authority to convey the same;

 

		(3)	warrants and will defend the title to the real estate against the lawful claims of all persons
claiming or to claim the same or any part thereof by, through or under GRANTOR, but not otherwise.

 

Executed: ___________, 2014.

 

	 	Grantor:
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

	STATE OF	)
	 	) ss.
	COUNTY OF	)

 

This instrument was
acknowledged and executed before me this ____ day of ___________, 2014 by ____________,
who acknowledged to be the _______________, on behalf of such _______________.

 

My Commission Expires:

 

	 	 
	 	Notary Public

 

    	- 2 -

    	 

    

 

Exhibit A To Statutory Deed

Legal Description

 

    	- 3 -

    	 

    

 

Exhibit B To Statutory Deed

Permitted Exceptions

 

    	- 4 -

    	 

    

 

After Recording Return To:

______________________

______________________

______________________

 

BARGAIN AND SALE DEED

 

__________________,
Grantor, conveys to __________________, Grantee, the following described real property situated in ____________ County, Oregon,
to wit:

 

________________________________________

________________________________________

________________________________________

 

The true consideration
for this conveyance is $____________. {However, the actual consideration consists of other value given which is [the whole][part
of the] consideration.}

 

Until a change is requested,
all tax statements shall be sent to the following address:

 

________________________________________

________________________________________

________________________________________

 

BEFORE SIGNING OR ACCEPTING
THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301
AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009,
AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010. THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT
IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE
TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING
TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT
OR PARCEL, TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930, AND TO INQUIRE ABOUT
THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER
424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010.

 

DATED this ______ day
of _______________, 20__.

 

	 	 
	 	 

 

    	 

    	 

    

 

	STATE OF OREGON	)
	 	) ss.
	County of ___________	)

 

This instrument was
acknowledged before me on this _______day of ________________, 20__, by ______________________________.

 

	 	 
	 	Notary Public for Oregon
	 	My Commission Expires:	 

 

    	2

    	 

    

 

This Instrument prepared by

and, after recording, return to:

 

_________________________

_________________________

_________________________

Consideration: _____________

Assessed Value: ____________

 

SPECIAL WARRANTY DEED

 

This
Special Warranty Deed is made and
executed the _____ day of __________, 201___, by and between ____________________[CAPITALIZE AND UNDERLINE PARTY NAME],
a __________ __________ (hereinafter referred to as “Grantor”), and ____________________[CAPITALIZE AND UNDERLINE
PARTY NAME], a __________ __________ (hereinafter referred to as “Grantee”).

 

WITNESSETH, that the
Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration, the receipt and sufficiency
of which are hereby acknowledged and confessed, has granted, sold and conveyed, and by these presents does grant, sell and convey
unto Grantee, its successors and assigns, in fee simple, that certain parcel of land, situate in the [City][County] of __________,
Commonwealth of Virginia, described on Exhibit “A” attached hereto and made a part hereof.

 

TO HAVE AND TO HOLD
the above described land, together with all and singular the improvements, rights, privileges and appurtenances thereunto in anywise
belonging to said Grantor, its successors and assigns forever and Grantor does hereby covenant that it will specially warrant the
property hereby conveyed and that it will execute such further assurances of said land as may be requisite.

 

This conveyance is
executed, delivered and accepted subject to the exceptions set forth on Exhibit “B” attached hereto and
made a part hereof.

 

[Remainder of page intentionally
left blank]

 

    	 

    	 

    

 

WITNESS the following
signature and seal on the day and year above first written.

 

	 	____________________, a __________ __________
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

City/County: _______________

 

Commonwealth of Virginia

 

I, ____________________,
a Notary Public in and for the jurisdiction aforesaid do hereby certify that __________________________ the ___________________
of ____________________, a __________ __________, who is personally known to me or satisfactorily proven to be the person whose
name is subscribed to the foregoing and annexed Deed bearing date the ____ day of __________, 201___, who being by me first duly
sworn, did acknowledge the same to be his/her act and deed on behalf of the company.

 

Given under my hand and official seal this
____ day of __________, 201___.

 

	 	 
	 	Notary Public
	 	 
	[Notarial Seal]	My commission expires:
	 	 

 

	Grantee’s Address:	 	 
	 	 	 

 

    	2

    	 

    

 

Exhibit A To Special Warranty Deed

Legal Description

 

[ ].

 

Map-Block-Lot: __________

 

    	3

    	 

    

 

Exhibit B To Special Warranty Deed

Permitted Encumbrances

 

    	4

    	 

    

 

 

FORM OF DEED

 

SPECIAL WARRANTY DEED

 

	STATE OF COLORADO	§	 
	 	§	KNOW ALL MEN BY THESE PRESENTS:
	COUNTY OF _____________	§	 

 

THAT [_________________________], a [ _____________________]
(hereinafter referred to as “Grantor”), for and in consideration of the sum of Ten Dollars ($10.00) and other
good and valuable consideration to it in hand paid by _____________________________, a ________________________ (hereinafter referred
to as “Grantee”), whose legal address is ________________________________, the receipt and sufficiency of which
consideration are hereby acknowledged, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does hereby GRANT, BARGAIN,
SELL and CONVEY, unto Grantee all of the real property situated in ________________ County, Colorado, described on Exhibit A
attached hereto and made a part hereof for all purposes, together with all and singular the rights, benefits, privileges, easements,
tenements, hereditaments and appurtenances thereon or in anywise appertaining thereto, and together with all improvements situated
thereon and any right, title and interest of Grantor in and to adjacent streets, alleys and rights-of-way (said land, rights, benefits,
privileges, easements, tenements, hereditaments, appurtenances, improvements and interests being hereinafter referred to collectively
as the “Property”).

 

This conveyance is made subject to all presently recorded instruments
which are valid and affect the Property as well as shortages in area, encroachments, overlapping of improvements, and all matters
affecting the Property which are listed on Schedule I hereto (such matters being referred to herein as the “Permitted
Exceptions”).

 

TO HAVE AND TO HOLD the Property, subject to the Permitted Exceptions,
as aforesaid, unto Grantee, its successors and assigns, forever; and Grantor does hereby bind itself and its successors and assigns,
to WARRANT AND FOREVER DEFEND all and singular the Property unto Grantee, its successors and assigns, against every person whomsoever
lawfully claiming or to claim the same, or any part thereof, by, through or under Grantor, but not otherwise.

 

EXCEPT AS SPECIFICALLY PROVIDED IN THAT CERTAIN REAL ESTATE
SALE AGREEMENT DATED ________________, 2014 (THE “SALE AGREEMENT”) AND IN THE OTHER DOCUMENTS BEING EXECUTED
AND DELIVERED BY GRANTOR IN CONNECTION THEREWITH, BETWEEN GRANTOR AND GRANTEE, THE PROPERTY IS CONVEYED “AS IS” AND
WITH ALL FAULTS, AS MORE FULLY SET FORTH IN THE SALE AGREEMENT. EXCEPT AS SPECIFICALLY PROVIDED IN THE SALE AGREEMENT AND IN THE
OTHER DOCUMENTS BEING EXECUTED AND DELIVERED BY GRANTOR IN CONNECTION THEREWITH, GRANTOR DISCLAIMS ALL REPRESENTATIONS, WARRANTIES,
OR GUARANTIES OF ANY KIND, ORAL OR WRITTEN, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, WITH RESPECT TO THE PROPERTY, INCLUDING,
BUT NOT LIMITED TO, WARRANTIES OF QUALITY OF CONSTRUCTION, WORKMANSHIP, MERCHANTABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, this Special Warranty Deed has been executed
by Grantor to be effective as of the _____ day of __________________, 20___.

 

	 	[ ]
	 	 
	 	a [ ]
	 	 
	 	By: 
	 	 
	 	Name: 
	 	 
	 	Title: 

 

 

	THE STATE OF _______________	§	 
	 	§	 
	COUNTY OF _________________	§	 

 

This instrument was acknowledged before me on the _____ day
of _______________ 20___, by _______________________, ________________________ of [___________], a [______________], on behalf
of said _____________.

 

Notary Public

 

Upon Recording, Please Return this Deed to the Following:

 

_______________

_______________

_______________

 

    	 

    	 

    

 

Exhibit A To Stautory Warranty Deed

Legal Description

 

    	 

    	 

    

 

Schedule I Of Special Warranty Deed

Permitted Exceptions

 

    	 

    	 

    

 

SPECIAL WARRANTY DEED 

 

This indenture WITNESSETH
that W2007 EQUITY INNS REALTY, LLC, a Delaware limited liability company
(“Grantor”), conveys and specially warrants to____________________________, a________________________ (“Grantee”),
for the sum of Ten Dollars ($10.00) and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
certain real estate located in Marion County, Indiana, and more particularly described on Exhibit A, attached
hereto and incorporated herein by reference (the "Real Estate").

 

This conveyance is subject
to the lien of non-delinquent real estate taxes, all general and special assessments and all other governmental, municipal and
public dues, charges and impositions, and to all easements, restrictions, agreements, covenants and other matters of record.

 

Grantor, as its sole
warranty herein, specially warrants to Grantee, its successors and assigns, that it will forever defend title to the Real Estate
(subject to the matters to which this conveyance is hereinabove made subject) against those claims, and only those claims, of all
persons claiming title to or asserting claims affecting title to the Real Estate, or any part thereof, under, by, through or based
upon the acts of, Grantor, but not otherwise.

 

The undersigned person
executing this Special Warranty Deed on behalf of Grantor has been duly authorized and fully empowered by all necessary actions
of Grantor and has full power and authority to execute and deliver this Special Warranty Deed on behalf of Grantor.

 

Grantee’s mailing
address is and send tax statements to: ________________________________________________.

 

IN WITNESS WHEREOF, Grantor
has executed this Special Warranty Deed effective as of the _____ day of ____________, 2014.

 

[Signature page follows.]

  

    	 

    	 

    

 

	 	W2007 EQUITY INNS REALTY, LLC, 
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Printed:	 
	 	Title:	 

 

	STATE OF ________	)
	 	)  SS:
	COUNTY OF ______	)

 

Before me, a Notary Public
in and for the State of _____________, personally appeared _____________________, the ________________ of W007 EQUITY INNS REALTY,
LLC, a Delaware limited liability company, who, having been first duly sworn, acknowledged the execution of the foregoing Special
Warranty Deed on behalf of said limited liability company and stated that any representations contained therein are true.

 

Witness my hand and Notarial
Seal this ____ day of ________________, 2014.

 

	(SEAL)	 
		Notary Public
	 	 
	 	Printed Name

  

I am a resident of ________________ County,
Indiana.

 

My commission expires: ___________________.

 

I affirm, under the penalties for perjury,
that I have taken reasonable care to redact each Social Security number in this document, unless required by law: Howard R. Cohen

This instrument was prepared by Howard R.
Cohen, Attorney at Law, Frost Brown Todd LLP, 300 North Meridian Street, Suite 2700, Indianapolis, Indiana 
46204.

  

    	-2-

    	 

    

 

Exhibit A To Special Warranty Deed

Legal Description 

 

    	 

    	 

    

 

NOTICE OF CONFIDENTIALITY RIGHTS: IF
YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED
FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.

 

SPECIAL WARRANTY DEED

 

	STATE OF TEXAS	§	 
	 	§	KNOW ALL MEN BY THESE PRESENTS:
	COUNTY OF _________	§	 

 

THAT                                   ,
a                                    
("Grantor"), for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged and confessed, has GRANTED, BARGAINED, SOLD and CONVEYED and by these
presents does GRANT, BARGAIN, SELL and CONVEY unto                                                 ,
a                                    
("Grantee"), whose address for the purposes hereof is                                                              ,
that certain tract or parcel of land located in                          
County, Texas, and being more particularly described in Exhibit A attached hereto and incorporated herein by
this reference for all purposes, together with all and singular the improvements, buildings, structures and fixtures located thereon
or attached thereto (all of such land, improvements and property are collectively referred to herein as the "Property");
provided, however, that this conveyance is made and accepted subject to all those certain easements, covenants, restrictions and
other matters more particularly described in Exhibit B attached hereto and incorporated herein by this reference
for all purposes, to the extent that same are valid and subsisting and affect the Property (the "Permitted Exceptions").

 

TO HAVE AND TO HOLD
the Property, together with all and singular the rights and appurtenances thereto in anywise belonging owned by Grantor unto Grantee,
its successors and assigns forever; and Grantor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND
all and singular the title to the Property unto Grantee, its successors and assigns, against every person whomsoever lawfully claiming
or to claim the Property or any part thereof, by, through or under Grantor, but not otherwise; subject, however, to the Permitted
Exceptions.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK.

SIGNATURE PAGE FOLLOWS.] 

 

    	 

    	 

    

 

EXECUTED effective as of the _____ day of
, 201_.

 

	 	GRANTOR:
	 	 
	 	_____________________________,  a ____________
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Its:	 

 

	THE STATE OF __________________	§
	 	§
	COUNTY OF _____________________	§

 

The foregoing instrument was acknowledged
before me this ______ day of ___________ 2013, by                        ,
the                     
of                                                 .,
a                            ,
on behalf of the company.

 

	 	 
	 	Notary Public
	 	 
	 	My commission expires:______________

(SEAL)

 

After Recording Return To:

 

	 	 
	 	 
	 	 
	 	 

 

Signature Page

 

 

    	 

    	 

    

 

Exhibit A To Special Warranty Deed

Legal Description

 

Exhibit A

  

    	 

    	 

    

 

Exhibit B To Special Warranty Deed

Permitted Exceptions

 

Exhibit B

 

    	 

    	 

    

 

 

	ACT OF SALE	*	UNITED STATES OF AMERICA
	 	 	 
	 	*	STATE OF ________________
	 	 	 
	BY	*	COUNTY/PARISH OF _________
	 	 	 
	___________________	*	AND
	 	 	 
	 	*	STATE OF _________________
	TO 	 	 
	 	*	COUNTY/PARISH OF _________
	___________________ 	 	 
	 	*	 
	___________________	 	 
	*            *            *             *	*	 

 

BE IT KNOWN, that
on this ____ day of ______________, 20[], but effective as of the ____ day of ________________, 20[] (the “Effective Date”);

 

BEFORE ME, __________________,
a Notary Public, duly commissioned and qualified, in and for the County/Parish of ______________, State of _____________, and in
the presence of the undersigned competent witnesses:

 

PERSONALLY CAME AND
APPEARED:

 

___________________, a ___________________
(last four digits of federal taxpayer identification number: ______), whose mailing address is ___________________, appearing
herein through ___________________, its duly authorized representative, pursuant to a resolution of its _________________,
a certified copy of which is attached hereto (hereinafter sometimes referred to as “Grantor”); and

 

BE IT KNOWN, that
on this ____ day of ______________, 20[], but effective as of the Effective Date;

 

BEFORE ME, __________________,
a Notary Public, duly commissioned and qualified, in and for the County/Parish of ______________, State of _____________, and in
the presence of the undersigned competent witnesses:

 

PERSONALLY CAME AND
APPEARED:

 

___________________, a ___________________
(last four digits of federal taxpayer identification number: ______), whose mailing address is ___________________, appearing
herein through ___________________, its duly authorized representative, pursuant to a resolution of its _________________,
a certified copy of which is attached hereto (hereinafter sometimes referred to as “Grantee”);

 

    	 

    	 

    

 

who declared as follows:

 

Grantor does by these
presents grant, bargain, sell, convey, transfer, assign, set over, abandon and deliver without warranty of title other than as
to matters arising from Grantor’s own acts or otherwise arising by, through or under Grantor or by reason of persons claiming
by, through, or under Grantor, and with full substitution and subrogation in and to all the rights and actions of warranty which
said Grantor has or may have against all preceding owners and vendors, unto Grantee, here present accepting, and purchasing for
itself, its heirs, successors and assigns, and acknowledging due delivery and possession thereof, all and singular the immovable
property located in the State of Louisiana, Parish of ______________, described on Exhibit “A” attached
hereto and made a part hereof (the “Land”), together with all improvements, buildings, structures, other constructions,
and all component parts and fixtures located thereon, and including any and all rights, privileges, easements, servitudes, and
appurtenances, if any, thereunto belonging (collectively, the “Improvements”) (the Land and Improvements are collectively
the “Property”).

 

To have and to hold
the above described Property unto the said Grantee, its heirs, successors and assigns forever.

 

This sale is made and
accepted for and in consideration of the price and sum of __________________ Dollars ($_____________) Cash (the “Purchase
Price”), all of which the said Grantee has well and truly paid, in ready and current money to the said Grantor who hereby
acknowledges the receipt thereof and grants full acquittance and discharge therefor.

 

This conveyance is
made subject to all real estate taxes not yet delinquent; covenants, conditions, restrictions, easements, rights of way and other
matters of record; applicable laws, ordinances, statutes, orders, requirements and regulations to which the Property is subject;
and all matters that would be disclosed by an accurate survey of the Property (the “Permitted Exceptions”).

 

    	2

    	 

    

 

GRANTEE HAS INSPECTED
THE TITLE TO AND CONDITION OF THE PROPERTY AND IS AWARE OF AND SATISFIED WITH ITS CURRENT TITLE AND CONDITION. THIS SALE, TRANSFER
AND CONVEYANCE IS MADE "AS IS-WHERE IS" WITHOUT ANY WARRANTY, GUARANTY, OR REPRESENTATIONS BY GRANTOR AS TO THE TITLE
TO OR CONDITION OF THE PROPERTY OTHER THAN WARRANTY OF MERCHANTABILITY OF TITLE AS TO GRANTOR’S OWN ACTS (SUBJECT TO THE
PERMITTED EXCEPTIONS AND THOSE OTHER TITLE MATTERS KNOWN TO GRANTEE). GRANTOR HEREBY EXPRESSLY DISCLAIMS AND GRANTEE HEREBY EXPRESSLY
WAIVES ANY AND ALL WARRANTIES WHATSOEVER, EITHER ORAL OR WRITTEN, EXPRESSED OR IMPLIED, MADE BY GRANTOR OR ANY OTHER PERSON OR
ENTITY OR IMPLIED BY LAW WITH RESPECT TO THE PROPERTY, OTHER THAN WARRANTY OF MERCHANTABILITY OF TITLE AS TO GRANTOR’S OWN
ACTS (SUBJECT TO THE PERMITTED EXCEPTIONS AND THOSE OTHER TITLE MATTERS KNOWN TO GRANTEE), WITH THE WARRANTIES WAIVED HEREIN INCLUDING,
WITHOUT LIMITATION, ANY AND ALL WARRANTIES OF TITLE OR PEACEABLE POSSESSION (OTHER THAN WARRANTY OF MERCHANTABILITY OF TITLE AS
TO GRANTOR’S OWN ACTS, SUBJECT TO THE PERMITTED EXCEPTIONS AND THOSE OTHER TITLE MATTERS KNOWN TO GRANTEE) OR AS TO ZONING
OR RESTRICTIONS AFFECTING THE PROPERTY, ANY AND ALL WARRANTIES AS TO THE CONDITION OF THE PROPERTY OR ANY OF ITS COMPONENTS OR
PARTS OR CONTENTS OR ANY IMPROVEMENTS, FIXTURES, OR EQUIPMENT FORMING A PART THEREOF, ANY AND ALL WARRANTIES WITH RESPECT TO THE
FITNESS OR SUITABILITY OF THE PROPERTY FOR GRANTEE’S BUSINESS OR ANY OTHER PARTICULAR OR GENERAL USE OR PURPOSE, ANY AND
ALL WARRANTIES WITH RESPECT TO THE PRESENCE OR SUSPECTED PRESENCE OF ANY RODENT OR INSECT INFESTATIONS, INCLUDING SUBTERRANEAN
OR OTHER TERMITES OR WOOD BORING ORGANISMS, OR THE PRESENCE OR SUSPECTED PRESENCE OF MOLD, MILDEW, OR FUNGAL OR OTHER BIOLOGICAL
OR MICROBIAL GROWTHS, ANY AND ALL WARRANTIES THAT THE PROPERTY COMPLIES WITH ANY LAWS, AND ANY AND ALL WARRANTIES WITH RESPECT
TO THE CONDITION OF THE PROPERTY UNDER LA. CIV. CODE ART. 2475, AND ANY AND ALL WARRANTIES WHATSOEVER UNDER LA. CIV. CODE ARTS.
2477 THROUGH 2548 OR ANY OTHER PROVISION OF LAW. GRANTEE EXPRESSLY ACKNOWLEDGES THE FOREGOING AND WAIVES ANY AND ALL RIGHT OR CAUSE
OF ACTION THAT GRANTEE HAS OR MAY HAVE TO RESCIND OR RESOLVE THIS TRANSFER OR TO DEMAND A REDUCTION IN PURCHASE PRICE BASED UPON
THE EXISTENCE OF ANY REDHIBITORY OR OTHER VICES, DEFECTS, OR OTHER DEFICIENCIES IN THE PROPERTY OR ANY IMPROVEMENTS, FIXTURES,
OR EQUIPMENT FORMING A PART THEREOF, BASED UPON THE UNSUITABILITY OF THE PROPERTY OR ANY OF ITS COMPONENTS OR PARTS FOR GRANTEE’S
INTENDED USE OR ANY OTHER USE, BASED UPON ANY EVICTION OF GRANTEE, IN WHOLE OR IN PART, OR BASED UPON ANY OTHER CLAIMED BREACH
OF WARRANTY OR OTHER MATTER WHATSOEVER, THIS TRANSFER BEING OTHERWISE ENTIRELY AT GRANTEE’S SOLE PERIL AND RISK, PROVIDED,
HOWEVER, THAT GRANTOR WILL REMAIN LIABLE FOR BREACH OF ITS WARRANTY OF MERCHANTABILITY OF TITLE AS TO GRANTOR’S OWN ACTS
(SUBJECT TO THE PERMITTED TITLE MATTERS AND THE OTHER TITLE MATTERS THAT HAVE BEEN ACCEPTED BY GRANTEE). GRANTEE ACKNOWLEDGES AND
AGREES THAT THE FOREGOING DISCLAIMERS AND WAIVER OF WARRANTIES HAVE BEEN FULLY EXPLAINED TO GRANTEE AND THAT GRANTEE UNDERSTANDS
THE SAME. GRANTEE AND GRANTOR JOINTLY ACKNOWLEDGE AND AGREE THAT THE FOREGOING WAIVERS AND DISCLAIMERS ARE OF THE ESSENCE OF THIS
TRANSACTION AND THE SAME WOULD NOT OTHERWISE HAVE BEEN ENTERED INTO OR CONSUMMATED WITHOUT THEM.

 

    	3

    	 

    

 

WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, GRANTEE HEREBY EXPRESSLY WAIVES, AND RELEASES GRANTOR FROM, ANY CLAIMS, DEMANDS, CAUSES OR RIGHTS
OF ACTION, IN REIMBURSEMENT, CONTRIBUTION OR OTHERWISE, THAT GRANTEE HAS OR MAY HAVE AGAINST GRANTOR ARISING OUT OF DAMAGES, LOSSES
OR LIABILITIES INCURRED BY OR IMPOSED ON GRANTEE OR ITS SUCCESSORS OR ASSIGNS BASED UPON THE EXISTENCE OF ANY ASBESTOS AND/OR POLYCHLOROBIPHENYL
(PCB), AND/OR CHLORINATED SOLVENTS, AND/OR PETROLEUM, INCLUDING CRUDE OIL AND ANY FRACTION THEREOF, AND/OR ANY OTHER HAZARDOUS
MATERIALS IN, ON OR UNDER THE PROPERTY. "HAZARDOUS MATERIALS" MEANS ANY SUBSTANCE OR SUBSTANCES: (I) THE PRESENCE OF
WHICH REQUIRES INVESTIGATION OR REMEDIATION UNDER ANY FEDERAL, STATE OR LOCAL STATUE, REGULATION, ORDINANCE, ORDER, ACTION, POLICY
OR LAW; OR (II) WHICH IS OR BECOMES DEFINED AS A "HAZARDOUS WASTE," HAZARDOUS SUBSTANCE," POLLUTANT OR CONTAMINANT
UNDER ANY FEDERAL, STATE OR LOCAL STATUTE, REGULATION, RULE OR ORDINANCE OR AMENDMENTS THERETO INCLUDING, WITHOUT LIMITATION, THE
COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT (42 U.S.C. SECTION 9601 ET SEQ.) AND/OR THE RESOURCE
CONSERVATION AND RECOVERY ACT (42 U.S.C. SECTION 6901 ET SEQ.); AND/OR THE LOUISIANA ENVIRONMENTAL QUALITY ACT (LA.
R.S. SECTION 30:2001 ET SEQ.); OR (III) WHICH IS TOXIC, EXPLOSIVE, CORROSIVE, FLAMMABLE, INFECTIOUS, RADIOACTIVE, CARCINOGENIC,
MUTAGENIC, OR OTHERWISE HAZARDOUS AND IS OR BECOMES REGULATED BY ANY GOVERNMENTAL AUTHORITY, AGENCY, DEPARTMENT, COMMISSION, BOARD,
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES, THE STATE OF LOUISIANA OR ANY POLITICAL SUBDIVISION THEREOF; OR (IV) THE PRESENCE
OF WHICH ON ADJACENT PROPERTIES WOULD CONSTITUTE A TRESPASS BY GRANTEE OR GRANTOR.

 

Grantor further declares
that there are no State, Parish or City taxes due or payable as of the date hereof on the Property. All ad valorem taxes payable
on the Property shall be prorated by the Grantor and the Grantee. In accordance with La. R.S. 9:2721(B), from and after the date
of this Act of Sale, (a) the name of the person responsible for all property taxes and assessments is [], and (b) all property
tax and assessment notices should be mailed to the following address: ____________________________.

 

The parties hereto
waive the production of tax, mortgage, conveyance and other certificates and relieve and release each undersigned Notaries from
any and all responsibility and/or liability in connection therewith. The parties hereto agree and acknowledge that the undersigned
Notaries have not been required to examine title to the Property conveyed herein, or render an opinion of title with respect thereto,
and the Grantee hereby relieves and releases the undersigned Notaries from any and all responsibility and or liability in connection
therewith.

 

This Act of Sale may
be executed in multiple counterparts, each of which shall be an original, and all of which shall together constitute one and the
same instrument.

 

    	4

    	 

    

 

THUS DONE AND PASSED in _______________,
State of ______________, on the ______ day of ______________, 20[], but effective as of the Effective Date, in the presence of
the undersigned competent witnesses, who hereunto sign their names with the said appearer and me, Notary, after reading of the
whole.

 

	 	 	GRANTOR:
	 	 	 
	 	 	_____________________, a ____________________
	 	 	 
	 	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

	WITNESSES:	 	 
	 	 	 
	 	 	 
	Print Name: 	 	 	 
	 	 	 
	 	 	 
	Print Name: 	 	 	 

 

	 	 	 
	 	NOTARY PUBLIC	 
	 	Print Name: ___________________________	 
	 	Bar or Notary No.: _______________	 
	 	MY COMMISSION EXPIRES:__________________	 

 

    	5

    	 

    

 

 

THUS DONE AND PASSED in _______________,
State of ______________, on the ______ day of ______________, 2013, but effective as of the Effective Date, in the presence of
the undersigned competent witnesses, who hereunto sign their names with the said appearer and me, Notary, after reading of the
whole.

 

	 	 	GRANTEE:
	 	 	 
	 	 	_____________________, a ____________________
	 	 	 
	 	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

	WITNESSES:	 	 
	 	 	 
	 	 	 
	Print Name: 	 	 	 
	 	 	 
	 	 	 
	Print Name: 	 	 	 

 

	 	 	 
	 	NOTARY PUBLIC	 
	 	Print Name: ___________________________	 
	 	Bar or Notary No.: _______________	 
	 	MY COMMISSION EXPIRES:__________________	 

 

    	6

    	 

    

 

Exhibit A To Act of Sale

Legal Description of Property

 

    	 

    	 

    

 

	
         

         

        DEED 

         

        This Deed is made on _________ ___, 20 ___
	
         

         

        Prepared By:

         

        ______________________________

         

 

BETWEEN

 

______________________________, a _______________________limited
liability company, whose address is _________________________________________

 

referred to as the
Grantor,

 

AND

 

_________________________., a ______________________
limited liability company, whose address is _______________________________________

 

referred to as the
Grantee.

 

The words "Grantor" and "Grantee"
shall mean all Grantors and all Grantees listed above.

 

Transfer of Ownership.
The Grantor grants and conveys (transfers ownership of) the property described below to the Grantee. This transfer is made for
the sum of _________and ____/100 ($           ) Dollars. The Grantor acknowledges receipt of this money.

 

Tax Map Reference.
(N.J.S.A. 46:15-1.1) Municipality of ___________________

Block No. __________ Lot No. _____________

 

Property. The property
consists of the land and all the buildings and structures on the land in the ____________ of ____________, County of ________________
and State of New Jersey. The legal description is:

 

SEE LEGAL DESCRIPTION ATTACHED HERETO AND
MADE A PART HEREOF

 

[BEING the same premises conveyed to the
Grantor herein by Deed from __________________, dated ___________ and recorded ______________ in the Office of the Clerk of _____________
County in Deed Book ________ Page ___________.]

 

The within conveyance is made subject to
covenants, easements and restrictions of record, if any, and to zoning and municipal ordinances of the ____________of _________________.

 

    	 

    	 

    

 

Promises by Grantor.
The Grantor promises that the Grantor has done no act to encumber the property. This promise is called a "covenant as to grantor's
acts" (N.J.S.A. 46:4-6). This promise means that the Grantor has not allowed anyone else to obtain any legal rights which
affect the property (such as by making a mortgage or allowing a judgment to be entered against the Grantor).

 

Signatures. The Grantor
signs this Deed as of the date at the top of the first page.

 

	 	__________________________, 
	 	a _______________ limited liability company
	 	 	 
	 	By:  	 
	 	Name:  	 
	 	Title:  	 

 

STATE OF

COUNTY OF

 

I CERTIFY that on  _______________ _____, 20__
_________________________  personally came before me and this person acknowledged under oath, to my satisfaction, that:

 

		(a)	this person signed, sealed and delivered the attached document as _________________ of _____________________, the limited liability
company named in this document;

 

		(b)	this document was signed and made by the limited liability company as its voluntary act and deed by virtue of authority from
all of its members; and

 

		(c)	the full and actual consideration paid or to be paid
for the transfer of title is $________________. (Such consideration is defined in N.J.S.A. 46:15-5.)

 

	 	 
	 	Notary Public

 

    	 

    	 

    

 

	
          

        DEED
	
         

        Dated:                       , 20___

	
         

         

         

         

         

        Grantor,

         

         

        TO

         

         

         

         

        Grantee.
	
          

        Record and return to:

         

         

         

         

         

         

         

         

	 	 
	 	 

 

    	 

    	 

    

 

	PREPARED BY AND 	 
	AFTER RECORDING RETURN TO:	 
	 	 
	Sullivan & Cromwell LLP	 
	Attn: _______________	 
	125 Broad Street	 
	New York, NY 10004-2498	 
	 	 
	ADDRESS OF NEW OWNER AND	 
	MAIL FUTURE TAX BILLS TO:	 
	___________________	 
	___________________	 
	___________________	ABOVE FOR RECORDER’S USE ONLY
	___________________	 

 

SPECIAL WARRANTY DEED

 

The GRANTOR, ____________________________,
a __________________________, having an address of: ____________________________, for and in consideration of the
sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration paid in hand, by these presents does GRANT, SELL,
CONVEY and WARRANT unto ____________________________, a __________________________, company having an address of:
c/o ____________________________, GRANTEE, all of Grantor’s right, title and interest in and to that that certain
real property located in ___________ County, Illinois, as more particularly described in Exhibit A attached hereto
and made a part hereof, together with all buildings, improvements and fixtures located thereon as of the date hereof and all rights,
privileges and appurtenances pertaining thereto (collectively, the “Real Property”).

 

This conveyance is
made by Grantor and accepted by Grantee subject to all covenants, conditions, restrictions, and other matters listed on Exhibit
B attached hereto and incorporated herein (the “Permitted Exceptions”), but only to the extent the same
do, in fact, exist and are applicable to the Real Property as of the date hereof.

 

TO HAVE AND TO HOLD
the Real Property together with all improvements located thereon all and singular the rights and appurtenances thereto in anyway
belonging, subject to the Permitted Exceptions, unto Grantee, its legal representatives, successors and assigns, and Grantor does
hereby bind itself, its legal representatives, successors and assigns, to WARRANT and FOREVER DEFEND all and singular the Real
Property unto the Grantee, its legal representatives, successors and assigns, against Grantor and every person whomsoever lawfully
claiming or to claim the same or any part thereof, by, through or under Grantor, but not otherwise, subject to the Permitted Exceptions.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Deed has been executed by Grantor to be effective as of the         day of __________,
2014.

 

	 	GRANTOR:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	STATE OF ______________	§
	 	§
	COUNTY OF ____________	§

 

On ______________ , 2014, before me, the undersigned,
a notary public in and for said State, personally appeared __________________________, personally known to me (or proved to me
on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that, by his/her/their signature(s) on the
instrument, the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

_______________________, Notary Public

 

My Commission Expires:

 

______________________

[SEAL]

 

    	 

    	 

    

 

Exhibit A To Special Warranty Deed

Legal Description

 

Address:

PIN:

 

    	 

    	 

    

 

Exhibit B To Special Warranty Deed

Permitted Exceptions

 

    	 

    	 

    

 

 

	Send tax notice to:	This instrument prepared by:
	___________________________	J. Keith Windle
	___________________________	Bradley Arant Rose & White LLP
	___________________________	One Federal Place
	 	1819 Fifth Avenue North
	 	Birmingham, Alabama 35203-2104

 

	STATE OF ALABAMA	)
	 	:
	[SHELBY COUNTY]	)

 

STATUTORY WARRANTY DEED

 

KNOW ALL MEN BY THESE PRESENTS:

 

That in consideration
of _______________________ Dollars ($______________) and other good and valuable consideration in hand paid to _________________________________,
a _________________(“Grantor”) by _________________________________, a ________________(“Grantee”), the
receipt and sufficiency of which are hereby acknowledged, Grantor does hereby grant, bargain, sell, and convey unto Grantee, subject
to the matters hereinafter set forth, the following described real estate situated in [Shelby County], Alabama, to-wit:

 

See Exhibit A attached hereto

 

TO HAVE AND TO HOLD
unto Grantee, its successors and assigns forever; subject, however, to the following:

 

See Exhibit B attached hereto

 

IN WITNESS WHEREOF,
Grantor has caused these presents to be executed on its behalf by its duly authorized officer on or as of the _________ day of
_________, 2014.

 

	 	[SELLER]
	 	 
	 	By:	 
	 	Its:	 

 

    	 

    	 

    

 

	STATE OF ALABAMA	)
	 	:
	________________ COUNTY	)

 

I, the undersigned,
a notary public in and for said county in said state, hereby certify that ________________________, whose name as ________________________
of______________________, a _________________________, is signed to the foregoing instrument, and who is known to me, acknowledged
before me on this day that, being informed of the contents of said instrument, he, as such officer and with full authority, executed
the same voluntarily for and as the act of said ____________________.

 

Given under my hand
and official seal this ________ day of ____________, 2014.

 

	 	 
	 	Notary Public
	 	 
	[NOTARIAL SEAL]	My commission expires:	 

 

    	 

    	 

    

 

Exhibit A To Stautory Warranty Deed

Legal Description

 

    	 

    	 

    

 

Exhibit B To Stuatory Warranty Deed

Exceptions to Title

 

    	 

    	 

    

 

 

When Recorded, Mail to:

 

	 	 
	 	 
	 	 
	 	 

 

BARGAIN AND SALE DEED 

 

Grantor:  ____________________________

 

Grantee:  ____________________________

 

Abbreviated Legal Description: ____________________________

 

Additional legal description is on Exhibit A of this document.

 

Assessor’s Property Tax Parcel Account Numbers:     ____________________________

 

Reference Numbers of Documents Assigned or Released (if applicable):
      N/A

 

The Grantor, ____________________________,
a ____________________________, for and in consideration of Ten Dollars ($10) and other good and valuable consideration
in hand paid, bargains, sells and conveys to _____________________________, a _______________ (the “Grantee”), the
real estate described on Exhibit A attached hereto and incorporated by reference, situated in the County of _________________,
State of Washington.

 

Subject to the exceptions set forth on Schedule 1
attached hereto and incorporated herein by reference, and all other matters apparent or of record.

 

The Grantor, for itself and its successors
in interest, does hereby expressly limit the covenants of this Deed to those herein expressed, and excludes all covenants arising
or to arise by statutory or other implication, and does hereby covenant that against all persons whomsoever lawfully claiming or
to claim by, through, or under the Grantor, and not otherwise, Grantor will forever warrant and defend the said described real
estate.

 

    	 

    	 

    

 

	 	Dated this _____ day of ______________, 2014.
	 	 	 
	 	 	____________________________,
	 	 	a ____________________________
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 

 

Attachment:

Exhibit A – Legal Description

Schedule 1 – Title Exceptions

 

[ADD APPROPRIATE ACKNOWLEDGEMENT]

 

    	 

    	 

    

 

EXHIBIT A

 

Legal Description

 

    	 

    	 

    

 

SCHEDULE 1

 

    	 

    	 

    

 

LIMITED WARRANTY DEED

 

___________________________, a ____________________
(“Grantor”), whose address is _____________________________, for valuable consideration paid, grants, with limited
warranty covenants, to ___________________________, a __________________ (“Grantee”), whose tax mailing address is
_________________________________________, the real estate described on the attached Exhibit A (the “Property”).

 

The Property is conveyed subject to, and
there are excepted from the Grantor’s limited warranty covenants, each of the following: (a) real estate taxes and assessments
not yet due and payable, (b) legal highways, (c) zoning and other governmental regulations and ordinances, (d) all easements, covenants,
restrictions, and documents of record, [and] (e) matters that would be indicated by an accurate survey or physical inspection of
the Property, [and (f) tenants in possession].

 

Parcel Number: _____________________

 

Prior Instrument Reference: Volume
___________, Page _________, __________ County, Ohio Records.

 

Property Address: ____________________________________________________

 

Executed this ______ day
of _____________, 2014.

 

[Signature Page Follows]

 

    	 

    	 

    

 

[Signature Page to Limited Warranty Deed]

 

	 	GRANTOR
	 	 
	 	_______________________________,

 a ___________________
	 	 
	 	 
	 	 ___Insert Name________
	 	 ___Insert Title_________

 

Execution in accordance with Chapter 5301-Ohio
Revised Code.

 

	STATE OF _____	)
	 	) SS:
	COUNTY OF __________	)

 

The foregoing instrument
was acknowledged before me, a Notary Public, on the _____ day of ___________, 2014 by _________________, the _______________of
___________________, a _______________, on behalf of the _______________.

 

	 	 
	 	Notary Public
	 	My commission expires:_____________

 

This instrument was prepared by:

 

[Insert name and address]

    	-2-

    	 

    

 

Exhibit A To Limited Warranty Deed

 

    	 

    	 

    

 

 

	
        UPON RECORDING RETURN TO:

        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004-2498

        Attention: [Lawyer: _____________]
	 

 

LIMITED WARRANTY DEED

 

STATE OF GEORGIA

 

COUNTY OF _________________

 

THIS LIMITED WARRANTY DEED, made
as of _________________, by ________________________, a _______________________
(herein called “Grantor”), in favor of ________________________,
a _______________________ (herein called “Grantee”), whose mailing address is _______________________, _______________________.

 

WITNESSETH: That Grantor, for and
in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, in hand paid at and before the sealing
and delivery of these presents, the receipt and sufficiency of which are hereby acknowledged, has granted, bargained, sold, aliened,
conveyed and confirmed and by these presents does grant, bargain, sell, alien, convey and confirm unto Grantee all that tract or
parcel of land described on Exhibit A, attached hereto and made a part hereof.

 

TO HAVE AND TO HOLD the said bargained
premises, together with all and singular the rights, members and appurtenances thereof, to the same being, belonging or in any
wise appertaining, to the only proper use, benefit and behoof of Grantee, forever, IN FEE SIMPLE.

 

This Deed and the warranty of title contained
herein are made expressly subject to the items set forth on Exhibit B attached hereto and made a part hereof
(the “Permitted Title Exceptions”).

 

    	 

    	 

    

 

Grantor will warrant and forever defend
the right and title to the above described property, subject to the Permitted Title Exceptions, unto Grantee against the lawful
claims of all persons owning, holding or claiming by, through or under Grantor, but not otherwise.

 

(The words “Grantor” and “Grantee”
include all genders, plural and singular, and their respective heirs, successors and assigns where the context requires or permits.)

 

IN WITNESS WHEREOF, Grantor has signed
and sealed this deed, the day and year first above written.

 

	Signed, sealed and delivered in the presence of:	 	____________,  _________________________
	 	 	 
	                       	 	By:	               
	Unofficial Witness	 	 	Name:	                             
	 	     	 	Title:	 
	 	 	 
	Notary Public	 	 
	 	 	            
	(NOTARY SEAL)	 	 
	 	 	 
	My Commission Expires:	 	 
	          	 	 
	 	 	 

 

    	 

    	 

    

 

Exhibit A To Limited Warranty Deed

Legal Description

 

    	 

    	 

    

 

Exhibit B To Limited Warranty Deed

Permitted Title Exceptions

 

    	 

    	 

    

 

 

 

(Top
3 inches reserved for recording data)

LIMITED WARRANTY DEED1

Business Entity to Business Entity 

 

eCRV number: ____________________

 

	DEED TAX DUE:  ____________________	DATE:  ________________

 

FOR VALUABLE CONSIDERATION, ______________________ a _____________________under
the laws of ______________ (“Grantor”), hereby conveys and quitclaims to ______________________ a _____________________under
the laws of ______________ (“Grantee”), real property in _________________ County, Minnesota, legally described
as follows:

 

See Exhibit A attached hereto and incorporated
herein by reference,

 

Check here if all or part of the described real property
is Registered (Torrens)  ̈

 

together with all hereditaments and appurtenances belonging
thereto.

 

This Deed conveys after-acquired title. Grantor warrants that
Grantor has not done or suffered anything to encumber the property, EXCEPT:

See Exhibit B attachedhereto and incorporated herein
by reference.

 

	Check applicable box:	 	Grantor
	 ̈	The Seller certifies that the Seller does not know of	 	 	 
	any wells on the described real property.	 	 	 
	 ̈	A well disclosure certificate accompanies this	 	 	 	 	 
	 	document or has been electronically filed. (If electronically filed, insert WDC number: ___________.)	 	By:	 
	 ̈	I am familiar with the property described in this	 	 	 	 	 
	 	instrument and I certify that the status and number	 	 	Its:	 	 
	 	of wells on the described real property have not 	 	 	 	 	 
	 	changed since the last previously filed well 	 	By:	 
	 	disclosure certificate.	 	 	 	 	 
	 	 	 	 	Its:	 	 

 

 

 

1
Note to Form: To the extent applicable, all required affidavits pursuant to Minn. Stat. Section 116.48(6) shall be
filed with this deed.

 

	ECB-1029	Page 1 of 2

    	 

    	 

    

	Page 2 of 2	LIMITED WARRANTY DEED

  

 

State of Minnesota, County of _____________________

 

This instrument was acknowledged before me on _______________,
by ________________ as ________________ and by ___________________ as _________________ of __________________,
a _________________ under the laws of the state of _____________, on behalf of the __________________.

 

	(Stamp)	 	 
	 	 	(signature of notarial officer)
	 	 	 
	 	 	Title (and Rank):	 
	 	 	 	 
	 	 	My commission expires:	 
	 	 	 	(month/day/year)
	 	 	 
	
        THIS INSTRUMENT WAS DRAFTED BY:

        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004-2498
	 	
        TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT
        SHOULD BE SENT TO:

         

 

 

    	 

    	 

    

 

SPECIAL WARRANTY DEED

 

This SPECIAL WARRANTY
DEED is made and entered into effective as of ___________________, 20___, from

 

	 	[_______________________________]	 
	 	a _______________________________	 
	 	[Address]	 
	 	[Address]	(“Grantor”)
	 	 	 
	to	 	 
	 	 	 
	 	[_______________________________]	 
	 	a _______________________________	 
	 	[Address]	 
	 	[Address]	(“Grantee”)

 

WITNESSETH:

 

THAT, for and in consideration
of _____________________________ DOLLARS ($_________________.00), the receipt and sufficiency of which are acknowledged, Grantor
hereby grants and conveys to Grantee, with covenant of Special Warranty, certain real property located in ________________ County,
Kentucky, more particularly described on Exhibit A attached hereto and made a part hereof (the “Property”).

 

TO HAVE AND TO HOLD
all of said Property together with all of the rights, privileges, appurtenances and improvements thereunto belonging unto Grantee,
in fee simple, its successors and assigns forever.

 

Grantor does hereby
release and relinquish unto Grantee, its successors and assigns, all of its rights, title and interest in and to the Property,
and hereby covenants to and with Grantee, its successors and assigns, that it will WARRANT SPECIALLY the title to said Property
and covenants (a) lawful seisin of the Property, (b) full right and power to convey the same, and (c) that the Property is free
and clear of all liens and encumbrances during Grantor’s ownership, except liens for real property taxes and assessments
due and payable in 20__-20__; provided, however, that there is excepted from the foregoing warranties and covenants, and Grantee
accepts title to the Property subject to: (i) all easements and restrictions of record as of the date of this Deed, and (ii) all
governmental laws, ordinances and regulations affecting the Property.

 

    	Page 1 of 6

    	 

    

 

For purposes of KRS
382.135, Grantor and Grantee, by execution of this Deed, hereby certify that the consideration reflected in this Deed is the full
consideration paid for the property herein conveyed. The in-care-of address to which the property tax bill for the year in which
the Property is transferred may be sent is: _________________, __________, Kentucky __________, Attn: ________________.

 

Grantee joins in the
execution of this Deed for the sole purpose of certifying the amount of the consideration.

 

[Signatures on the Following Page]

 

    	Page 2 of 6

    	 

    

 

IN WITNESS WHEREOF,
Grantor and Grantee, through their respective duly authorized representatives, have executed this Deed as of the date first written
above but actually on the dates set forth below.

  

	 	GRANTOR:
	 	 
	 	[_______________________________]
	 	 	 	 
	 	By:	 	 
	 	Print Name:  ___________________
	 	Title: _________________________

 

STATE OF __________________

COUNTY OF ________________

 

The foregoing instrument
was subscribed, sworn to and acknowledged before me on ___________________, 20__, by _________________, as ____________________
of ____________________________, a ______________________, for and on behalf of the company.

 

	 	 	 
	 	Notary Public, State at Large	 
	 	My Commission Expires:_____________	 
	[SEAL]	Notary ID #___________________	 

 

    	Page 3 of 6

    	 

    

 

	 	GRANTEE:
	 	 
	 	[_______________________________]
	 	 	 	 
	 	By:	 	 
	 	Print Name:  ___________________
	 	Title: _________________________

 

STATE OF __________________

COUNTY OF ________________

 

The foregoing instrument
was subscribed, sworn to and acknowledged before me on ___________________, 20__, by _________________, as ____________________
of ____________________________, a ______________________, for and on behalf of the company.

 

	 	 	 
	 	Notary Public, State at Large	 
	 	My Commission Expires:_____________	 
	[SEAL]	Notary ID #___________________	 

 

    	Page 4 of 6

    	 

    

 

THIS DEED WAS PREPARED BY:

 

	By: 	 	 

[Attorney Name]

[Firm Name]

[Address]

[Address]

[Phone Number]

 

    	Page 5 of 6

    	 

    

 

EXHIBIT A

  

[Insert Legal Description]

 

Source of title:

 

Being the same property conveyed to ________________________________.

 

    	Page 6 of 6

    	 

    

 

QUITCLAIM
DEED

 

The undersigned, _____________________with
an address of __________________ (“Grantor”), for consideration paid of ____________________________________________
No/100 Dollars ($___________.00), grant to ________________________________, a ____________________ with an address of _____________________________________
(“Grantee”), with QUITCLAIM COVENANTS, the land with the improvement(s) thereon located at _______________Street, _________,
________ County, Massachusetts, being further described in Exhibit A attached hereto and incorporated herein by reference.

 

Said premises are conveyed
together with the benefit of, and subject to the matters listed on Exhibit B attached hereto and incorporated herein by
reference.

 

For title reference
see deed recorded with ___________________County, Registry of Deeds at Book _____, Page _____ and Book _____, Page _____.

 

    	 

    	 

    

 

WITNESS the execution hereof under seal
this _____ day of ___________, 2006

 

	 	By:	 
	 	Name:	 
	 	Title	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

COMMONWEALTH/STATE OF ____________________

 

COUNTY OF ___________________

 

On this _______ day
of ____________________, 20___, before me, the undersigned notary public, personally appeared __________________________, proved
to me through satisfactory evidence of identification, which was ________________________, to be the person whose name is signed
on the preceding or attached document, and acknowledged to me that (he) (she) signed it voluntarily for its stated purpose as his/her
free act and deed as ________________ for ________________________).

 

	 	______________________________
	 	Notary Public
	(AFFIX SEAL)	 
	 	My commission expires:

 

    	 

    	 

    

 

Exhibit A To Quitclaim Deed

Legal Description

 

    	 

    	 

    

 

Exhibit B To Quitclaim Deed

Listed Exceptions

 

    	 

    	 

    

 

Deed

 

This
Deed, made and entered into this, the _____ day of ________, 2014, by and among

 

______________,
a limited liability company formed and existing under the laws of the State of Delaware, party of the first part, Grantor;

 

and

 

______________
a LIMITED LIABILITY COMPANY formed and existing under the laws of the State of Delaware and qualified to do business in West Virginia
as a foreign entity, party of the second part, Grantee.

 

Witnesseth
:

 

That for and in consideration
of the sum of One Dollar ($1.00), cash in hand paid, and for other good and valuable considerations, the receipt and sufficiency
of which are hereby acknowledged, the said parties of the first part hereby and herewith grant and convey, with covenants of special
warranty, all of their right, title and interest in and to that certain lot, tract or parcel of land lying and being in the Tax
District of _______________, County of ________________ and State of West Virginia, more particularly bounded and described as
follows, to-wit:

 

[Insert
metes and bounds desciption here]

 

And being the same real estate
conveyed by a Deed dated ______________made by _____________ to ____________, which Deed is of record in the Office of the Clerk
of the County Commission of _______________ County, West Virginia, in Deed Book No. ________ at page ______.

 

The aforesaid real property
is assessed on the 20__ Land Books of ___________ Tax District of ____________ County, West Virginia, as follows, to-wit:

 

	Account

Number:	 	Owner:	 	Description:
	 	 	 	 	 

 

[Insofar as the said
Grantors are advised, there are no underground storage tanks within and underlying the subject premises (see W.Va.Code
§22-17-19) nor are the subject premises used for the storage, treatment or disposal of hazardous waste (see W.Va.Code
§22-18-21).]

 

    	 

    	 

    

 

[Alternative statutory declarations of
consideration or value:]

 

The undersigned Grantor
hereby certifies under penalty of perjury, that the Grantor is a resident entity as defined in §11-21-71b of the West Virginia
Code and, therefore is exempt from any state income tax withholding requirements imposed thereby.

 

Under penalties of fine
and imprisonment, as provided by law, I hereby declare that the total consideration paid for the real estate transferred by this
document is $[...].

 

Witness
the following signatures and seals:

 

__________________,
Grantor,

 

	 	By	 

 

	 	Its:	 	 

 

[SEAL]

 

    	2

    	 

    

 

State of _________

County
of _________, to-wit:

 

The foregoing instrument
was acknowledged before me this, the _____ day of ____________, 2014, by _______________________________________, _____________________________
of ______________________, and being duly authorized to act on behalf thereof.

 

	 	 
	 	Notary Public

 

[NOTARIAL SEAL]

 

This instrument was prepared by ________________________.

 

Return after recording to:

 

    	3

    	 

    

 

 

Please Return To:

 

STATE OF SOUTH CAROLINA

 

COUNTY OF _______________

 

 

 

LIMITED (SPECIAL) WARRANTY DEED

 

 

THIS DEED is made the day hereinbelow
stated, by and between ______________ hereinafter called GRANTOR, which expression shall include his, her or their
heirs and assigns, and/or its successors and assigns, wherever the context so requires, or admits, of the one part, and __________________
whose address is _____________________________ hereinafter called GRANTEE, which expression shall include his, her or their
heirs and assigns, and/or its successors and assigns, forever, wherever the context so requires or admits, of the other part; and
in this agreement, the singular shall include the plural, and the plural shall include the singular, and one gender shall include
all genders.

 

KNOW ALL MEN BY THESE PRESENTS, that
GRANTOR, for and in consideration of the sum of ______________($_______) Dollars, paid to GRANTOR,
by GRANTEE, in the State aforesaid, the receipt whereof is hereby acknowledged, subject to any matters and reservations
set forth herein or on any exhibits attached hereto, has bargained, sold and released, and by these presents does grant, bargain,
sell and release unto the said GRANTEE, the following described property, located in ________________ County, South Carolina,
to-wit:

 

SEE EXHIBIT "A" ATTACHED HERETO

 

TMS #: ________________________

 

	TAX NOTICE ADDRESS: 	 	 
	 	 	 

 

The within conveyance is also subject to all restrictions and
easements of record and/or easements upon the ground.

 

TOGETHER with all and singular the
rights, members, hereditaments and appurtenances to said premises belonging, or in anywise incident or appertaining.

 

    	 

    	 

    

 

TO HAVE AND TO HOLD all and singular
the said premises before mentioned unto said GRANTEE.

 

And, Subject to the matters set forth
above, GRANTOR does hereby bind itself, its heirs, successors and assigns, to warrant and forever defend all and singular
the premises unto the GRANTEE, and GRANTEE’s heirs, successors and assigns against GRANTOR and GRANTOR’s
successor’s lawfully claiming, or to claim, the same or any part thereof, but no others.

 

IN WITNESS WHEREOF, the GRANTOR,
by and through its duly authorized officer(s), has caused these presents to be signed and sealed the ____ day of _____________
in the year 20___.

 

	SIGNED, SEALED AND DELIVERED	 	GRANTOR:	 
	 	 	 	 
	 	 	 	 
	#1 Witness Sign Here	 	 	 
	 	 	 	 
	 	 	 	 
	Notary Sign Here as 2nd Witness	 	 	 

 

    	 

    	 

    

 

	STATE OF ____________________	)	 
	 	)	ACKNOWLEDGMENT
	COUNTY OF ___________________	)	 

 

I, the undersigned notary, do hereby certify
that the above subscribed ______________ of _________________________, the GRANTOR, personally appeared before me this day and
acknowledged the due execution of the foregoing instrument.

Witness my hand and seal this _____ day
of ___________________, 20___.

 

_____________________________________

Notary Public for the State of ______________

 

My Commission Expires:_________________

 

(Seal)

 

    	 

    	 

    

 

EXHIBIT "A"

 

[Insert Legal]

 

DERIVATION: This being the same property conveyed to the GRANTOR
herein by Deed recorded in the Office of the Register of Deeds for ____________ County, South Carolina, in Deed Book _____________
at Page ______________.

 

TMS #: ___________________

 

    	 

    	 

    

APNs:____________________

 

RECORDING REQUESTED BY

AND WHEN RECORDED MAIL TO, AND

MAIL TAX STATEMENTS TO:

 

	 	 
	 	 
	 	 
	 	 

 

	 
	(Above Space for Recorder’s Use Only)

 

Grant,
Bargain, sale Deed

 

FOR VALUABLE CONSIDERATION,
receipt of which is hereby acknowledged, ___________________ (“Grantor”),
hereby GRANTS, BARGAINS, SELLS, and CONVEYS to ________________, that certain real property located in the County of Clark,
State of Nevada, more particularly described in Exhibit “A” attached hereto and incorporated herein by
this reference;

 

TOGETHER WITH all and
singular the tenements, hereditaments and appurtenances thereunto belonging, or in anywise appertaining, and the reversion and
reversions, remainder and remainders, rents, issues and profits thereof;

 

SUBJECT TO all taxes,
assessments, reservations in patents and all easements, rights of way, encumbrances, liens, covenants, conditions and restrictions,
obligations, liabilities and all other matters as may appear of record or apparent.

 

IN WITNESS WHEREOF,
the undersigned has signed this document as of the ___ day of ___________, 2014.

 

	 	GRANTOR:
	 	 
	 	 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Its:	 

 

    	 

    	 

    

 

[Acknowledgment on following page.]

 

    	2

    	 

    

 

ACKNOWLEDGMENT

 

	STATE OF ______________	)
	 	) ss.
	COUNTY OF _____________	)

 

This instrument was acknowledged before
me on ______________, 2014, by ________________, as _____________ of _____________________________.

 

	 	 
	 	Notary Public
	(Seal)	My Commission Expires on:

  

    	3

    	 

    

 

Exhibit A To Grant, Bargain, Sale
Deed

Legal Description

 

    	A-1

    	 

    

 

 

After recording return to:

__________________

__________________

__________________

 

 

 

(above space reserved for recording information)

 

SPECIAL WARRANTY DEED

 

THIS INDENTURE, made
this ____ day of __________________________, by and between ___________________________________________, herein called "Grantor",
party of the first part, and _________________________________, herein called "Grantee", of _________________________________________,
party of the second part;

 

WITNESSETH:

 

THAT for and in consideration of the sum
of Ten Dollars and other good and valuable consideration to Grantor paid by Grantee, the receipt of which is hereby acknowledged,
Grantor does, by these presents, grant, bargain, sell, and convey unto Grantee, its successors and assigns that certain real estate
in __________________ County, Oklahoma, more particularly described on Exhibit “A” attached hereto and made a part
hereof, together with all improvements thereon and the appurtenances thereunto belonging (the “Property”), SUBJECT
TO those matters set forth on Exhibit “B” attached hereto and made a part hereof, and warrants the title to the same
against any and all acts, conveyances, liens and encumbrances affecting the Property made or suffered to be made or done by through
or under Grantor, but not otherwise. Grantor also assigns unto Grantee all of the right, title and interest of Grantor in and to
any and all warranties and covenants of or concerning title heretofore made by any person or other legal entity with respect to
the Property, and Grantee shall have the same rights with respect to such warranties and covenants and the enforcement thereof
as Grantor now has.

 

TO HAVE AND TO HOLD
the Property unto Grantee, Grantee’s successors and assigns forever.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Grantor has executed this instrument the day and year first above written.

 

	 	 
	 	 	 
	 	By:	 
	 	_____________________

 

    	 

    	 

    

 

	STATE OF ___________	)
	 	)          ss.
	COUNTY OF __________	)

 

This instrument was
acknowledged before me on this ____ day of _____________, 20___, by _____________________________________, as __________________________
of __________________________________, a __________________________________________________.

  

	 	 
	 	Notary Public
	 	Commission No. ________________

 

My Commission Expires:

 

______________________

[SEAL]

  

    	– 3 –

    	 

    

 

Exhibit A To Special Warranty Deed

Legal Description

 

    	– 4 –

    	 

    

 

Exhibit A To Special Warranty Deed

Permitted Encumbrances

 

		1.	Rights of all tenants in possession under leases hereby
assigned to Grantee.

 

		2.	Ad valorem real property taxes for 20___ and all subsequent
years.

 

		3.	[...]

 

    	– 5 –

    	 

    

 

SPECIAL WARRANTY DEED

 

This instrument was prepared by:

William C. Gullett, Esq.

424 Church Street

Suite 1600

Nashville, Tennessee 37219

 

	Address of New Owners as follows:	Send Tax Bill to:	Tax/Parcel Numbers:
	 	 	 
	 	Same	Tax Parcel No.: 
		 	 
	______________________	 	 
	______________________	 	 
	______________________	 	 
	 	 	 

 

STATE OF _________________

 

COUNTY OF _______________

 

The undersigned Affiant
affirms that to the best of Affiant’s knowledge, information and belief, the actual consideration for the transfer or value
of the property transferred, whichever is greater, is $________________, which amount is equal to or greater than the amount which
the property transferred would command at a fair and voluntary sale.

 

	 	_____________________________
	 	Affiant/Grantee

 

Subscribed and sworn to before me this
___ day of _________, 2014.

 

	 	_____________________________
	 	Notary Public

My Commission expires:_________________

 

 

 

SPECIAL WARRANTY DEED

 

____________________________,
a _____________ __________ (“Grantor”), for valuable consideration paid, has bargained and sold, and by these
presents does bargain, sell, grant and convey to ____________________________, a _____________ __________, whose tax mailing
address is identified above (“Grantee”), the following described real estate (the "Property"):

 

Being
the ...

 

    	 

    	 

    

 

Source of Grantor’s interest
is a ____________ Deed recorded at Instrument No. ________, ___________ County, Tennessee Register of Deed Office.

 

The above described property
is improved property and its address is: ___________________________ Road, ___________, Tennessee _____.

 

Grantor covenants with
respect to the foregoing conveyance that Grantor (a) is lawfully seized and possessed of the Property, (b) has full power and lawful
authority to sell and convey the same, and (c) will forever warrant and defend the title against the lawful claims of all persons
claiming by, through or under Grantor but not further nor otherwise. Grantor further covenants that the Property is free and clear
of all liens and encumbrances, except liens for real property taxes and assessments due and payable in 20____ and thereafter, which
Grantee assumes and agrees to pay. This conveyance is made subject to all (i) easements, restrictions and stipulations of record
and (ii) governmental laws, ordinances and regulations affecting the Property.

 

TO HAVE AND TO HOLD
the said Property, together with all rights and appurtenances thereunto belonging or in any wise appertaining to Grantor, its successors
and assigns, forever in fee simple.

 

IN WITNESS WHEREOF,
Grantor has cause this Special Warranty Deed to be executed this ________ day of _______________________, 20___.

 

	 	____________________________.
	 	 
	 	By:	 
	 	Print Name:	 
	 	Title:	 

 

	STATE OF _________________	)
	 	)  SS:
	COUNTY OF _______________	)

 

Before me, ___________________
the undersigned, Notary Public in and for the County and State aforesaid, personally appeared __________________, with whom I am
personally acquainted (or proved to me on the basis of satisfactory evidence), and who upon oath acknowledged himself/herself to
be _______________ of ____________________________, the within named bargainor, a _____________ __________, and that __he/she
as such _____________ being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing
the name of the limited liability company by himself/herself as ___________________.

 

Witness my hand and
seal, at office in ______________, ______________, this the ____ day of _______________, 20___.

 

	 	 
	 	Notary Public
	 	 	 
	 	My commission expires:	 

 

    	 

    	 

    

 

When Recorded Mail to:

Sullivan & Cromwell LLP

Attn: ________________

125 Broad Street

New York, NY 10004-2498

 

KANSAS SPECIAL WARRANTY DEED

 

THIS INDENTURE, made
as of this _____ day of _________, 2014, is made by _________________________ (“Grantor”), to __________________ (“Grantee”).
Grantee’s mailing address is ________________________________.

 

WITNESSETH, that Grantor,
in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration to Grantor duly paid, the receipt
and sufficiency of which is hereby acknowledged, does by these presents SELL and CONVEY unto Grantee and Grantee’s successors
and assigns, the following real property situated in ________ County, Kansas:

 

See attached Exhibit A

 

(the “Property”), SUBJECT to
those matters set forth on attached Exhibit “B” (the “Permitted Exceptions”), and

 

TO HAVE AND TO HOLD
the Property with all and singular tenements, hereditaments and appurtenances thereto belonging or in any wise appertaining, unto
Grantee and Grantee’s successors and assigns forever, Grantor hereby covenanting that Grantor is lawfully seized in its
own right of an absolute and indefeasible estate, in fee simple, of and in all and singular the above granted and described Property,
that the Property is free and clear from any encumbrance of any nature or any kind done or suffered by Grantor except the Permitted
Exceptions, and that Grantor will warrant and forever defend title to the Property unto Grantee and Grantee’s successors
and assigns forever against the lawful claims and demands of all persons claiming or to claim the same by, through or under Grantor
except for the Permitted Exceptions. 

 

IN WITNESS WHEREOF,
Grantor has caused this Deed to be executed, sealed and attested the day and year first above written.

 

	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

 

    	 

    	 

    

 

	STATE OF _____________	)
	 	) ss.
	__________OF _________	)

 

This instrument was
acknowledged before me this ______ day of ____, 20___, by                                                            ,
as ___________________ of _________________.

 

	 	 
	 	Notary Public

My Appointment Expires:

 

    	-2-

    	 

    

 

Exhibit A To Special Warranty Deed

Description of the Property

 

    	-3-

    	 

    

 

Exhibit B To Special Warranty Deed

Permitted Exceptions

 

    	-4-

    	 

    

  

SPECIAL WARRANTY DEED

 

[______________________________________,
a _________________________________________], grants to [_____________________________________, a __________________________________], with an address
of [______________________________________________________] the following described real estate located in [_______________] County,
New Mexico:

 

[Insert Legal Description]

 

Subject to taxes for
the year 20[__] and thereafter and easements, restrictions, covenants and all other matters of record.

 

With Special Warranty
Covenants.

 

Dated: [_____________, 20____].

 

	 	 	[Insert Signature Block]
	 	 	 
	[Insert Notary Block]	 	 

 

    	 

    	 

    

 

Prepared By and, After Recording, Return To:

 

Tax Parcel No. ______________

 

SPECIAL WARRANTY DEED

 

THIS INDENTURE MADE TO BE EFFECTIVE AS OF THE ___ day
of ________________, 2014,

 

BETWEEN [ —
], a [ — ], (hereinafter called “Grantor”), of
the one part, and [ — ], a [ —
] (hereinafter called “Grantee”), of the other part;

 

WITNESSETH, That the said Grantor, for and in consideration
of the sum of One Dollar ($1.00) lawful money of the United States of America, unto it well and truly paid by the said Grantee
at and before the sealing and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold,
aliened, enfeoffed, released and confirmed, and by these presents does grant, bargain, sell, alien, enfeoff, release and confirm
unto the said Grantee, its Successors and Assigns,

 

ALL THAT CERTAIN lot or parcel of ground more fully described
on Exhibit 1, attached hereto and made a part hereof.

 

UNDER AND SUBJECT to all easements, covenants, restrictions
and other matters of record as of the date hereof.

 

TOGETHER with all and singular the improvements, ways,
streets, alleys, waters, water courses, rights, liberties, privileges, hereditaments and appurtenances whatsoever thereunto belonging,
or in any wise appertaining, and the reversions and remainders, rents, issues and profits thereof, and all the estate, right, title,
interest, property, claim and demand whatsoever of the said Grantor, in law, equity, or otherwise howsoever, of, in, and to the
same and every part thereof.

 

TO HAVE AND TO HOLD the said property above described,
with the buildings and improvements thereon erected, hereditaments and premises hereby granted, or mentioned and intended so to
be, with the appurtenances, unto the said Grantee, its Successors and Assigns, to and for the only proper use and behoof of the
said Grantee, its Successors and Assigns forever.

 

UNDER AND SUBJECT as aforesaid.

 

    	 

    	 

    

 

AND the said Grantor, for itself and its Successors and
Assigns, does by these presents covenant, grant and agree to and with the said Grantee, its Successors and Assigns, that it, the
said Grantor and its Successors, all and singular the hereditaments and premises herein described and granted, or mentioned and
intended so to be, with the appurtenances, unto the said Grantee, its Successors and Assigns, against it, the said Grantor and
its Successors, and against all and every other Person and Persons whomsoever lawfully claiming or to claim the same or any part
thereof, by, from or under him, her, it, them or any of them, Shall and Will, UNDER AND SUBJECT as aforesaid, WARRANT
and forever DEFEND.

 

NOTICE—THIS DOCUMENT DOES NOT SELL, CONVEY, TRANSFER,
INCLUDE OR INSURE THE TITLE TO THE COAL AND RIGHT OF SUPPORT UNDERNEATH THE SURFACE LAND DESCRIBED OR REFERRED TO HEREIN, AND THE
OWNER OR OWNERS OF SUCH COAL HAVE THE COMPLETE LEGAL RIGHT TO REMOVE ALL OF SUCH COAL AND, IN THAT CONNECTION DAMAGE MAY RESULT
TO THE SURFACE OF THE LAND AND ANY HOUSE, BUILDING OR OTHER STRUCTURE ON OR IN SUCH LAND, THE INCLUSION OF THIS NOTICE DOES NOT
ENLARGE, RESTRICT OR MODIFY ANY LEGAL RIGHTS OR ESTATES OTHERWISE CREATED, TRANSFERRED, EXCEPTED OR RESERVED BY THIS INSTRUMENT.

 

NOTICE The undersigned, as evidenced by the signature(s)
to this notice and the acceptance and recording of this deed, (is/are) fully cognizant of the fact that the undersigned may not
be obtaining the right of protection against subsidence, as to the property herein conveyed, resulting from coal mining operations
and that the purchased property, herein conveyed, may be protected from damage due to mine subsidence by a private contract with
the owners of the economic interest in the coal. This notice is inserted herein to comply with the Bituminous Mine Subsidence and
Land Conservation Act of 1966, as amended 1980, Oct. 10, P.L. 874, No. 156 §1.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the said Grantor, party of the first part,
has caused this Deed to be duly executed _________________ and to be effective as of the day and year first written above.

 

	 	[ — ]
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

The address of the within-named Grantee is:

 

____________________

____________________

 

________________________________

On behalf of said Grantee

 

    	 

    	 

    

 

	STATE OF ______________________	:
	 	:  SS.
	COUNTY OF ____________________	:

 

On this, the ________ day of _________________,
2014, before me, a Notary Public, the undersigned officer, personally appeared [ —
], who acknowledged himself to be the [title] of [ — ], and
that he as such [title], being authorized to do so, executed the foregoing instrument for the purposes therein contained,
by signing the name of the [entity] by himself as such [title].

 

IN WITNESS WHEREOF I hereunto set my hand
and official seal.

 

[Notarial Seal]

 

	My Commission Expires:	 
	 	Notary Public

 

    	 

    	 

    

 

EXHIBIT 1

TO SPECIAL WARRANTY DEED

 

LEGAL DESCRIPTION

 

    	 

    	 

    

 

 

AFTER RECORDING RETURN TO:

 

Sullivan & Cromwell LLP

Attn: ________________

125 Broad Street

New York, NY 10004-2498

 

THIS DEED, Made
this            day of                               ,
2014, by and between __________________________, Grantor, party of the first part, and ______________________________________,Grantee,
party of the second part.

 

WITNESSETH,
That in consideration of the sum of ___________________________________ ($______________), the actual consideration paid and other
good and valuable considerations, the receipt of which is hereby acknowledged, the said party of the first part does grant and
convey to the party of the second part, its successors and/or assigns, in fee simple, all that parcel of land situate in County
of ___________________, State of Maryland, and described as follows, that is to say:

 

SEE LEGAL DESCRIPTION ATTACHED HERETO

 

BEING the same
property described in Deed dated _______________and recorded among the Land Records of ____________County in Liber              ,
folio               .

 

BY the execution
of this Deed, the party of the first part hereby certifies under the penalties of perjury that the actual consideration paid or
to be paid, including the amount of any mortgage or deed of trust outstanding, is as hereinbefore set forth.

 

TOGETHER WITH
the buildings thereupon, and the rights, alleys, ways, waters, privileges, appurtenances and advantages thereto belonging, or in
anywise appertaining.

 

TO HAVE AND TO HOLD
the described parcel of land and premises to the said party of the second part, its successors and/or assigns, in fee simple.

 

AND the said
party of the first part hereby covenants that it has not done or suffered to be done any act, matter or thing whatsoever, to encumber
the property hereby conveyed; that it will warrant specially the property hereby granted; and that it will execute such further
assurances of the same as may be requisite.

 

WITNESS the
name and corporate seal of said body corporate and the signature of                      
the                President thereof.

  

    	 

    	 

    

  

	 	 	GRANTOR:
	 	 	 
	WITNESS:	 	___________________________, 
	 	 	a _________________________
	 	 	 
	 	 	By: ________________________________(SEAL)
	 	 	Name:  
	 	 	Title:  

  

STATE OF MARYLAND, CITY/COUNTY OF                                          ,
to wit:

 

I HEREBY CERTIFY,
That on this      day of              ,
2014, before me, the subscriber, a Notary Public of the State aforesaid, personally appeared            ,
who acknowledged himself to                       
a Member of                         ,
and that he as such Member, being authorized so to do, executed the within instrument in the capacity therein stated and for the
purposes therein contained by himself as Member.

 

IN WITNESS WHEREOF,
I hereunto set my hand and official seal.

 

	 	 
	 	NOTARY PUBLIC

 

My Commission Expires: ______________________

 

THIS IS TO CERTIFY THAT THE WITHIN INSTRUMENT
WAS PREPARED BY OR UNDER THE SUPERVISION OF THE UNDERSIGNED ATTORNEY DULY ADMITTED TO PRACTICE BEFORE THE COURT OF APPEALS OF MARYLAND.

 

	 	 
	 	By:

  

    	 

    	 

    

 

When Recorded, Return To:

 

_______________________

_______________________

_______________________

_______________________

 

 

 

SPECIAL WARRANTY DEED

 

FOR THE VALUABLE CONSIDERATION, ___________________________
(“Grantor”), does hereby sell, transfer and convey to ____________________________ (“Grantee”), all of
Grantor’s right, title and interest in and to the real property situated in _______________ County, Arizona, described on
Exhibit “One” attached hereto and incorporated herein by this reference, together with all improvements located thereon
(collectively, the “Property”).

 

SUBJECT TO all
taxes and assessments; zoning and other governmental restrictions; patent reservations; all covenants, conditions, restrictions;
reservations; easements; declarations; encumbrances; liens; obligations; liabilities and all other matters of record; and all matters
that a complete inspection and correct and complete ALTA survey of the Property would disclose.

 

Grantor hereby
warrants title to the Property only against the acts of Grantor and none other, subject to the matters set forth above.

 

Dated this ____
day of ___________, 2014.

 

	 	 	 
	 	 	 	 
	 	By	 	 
	 	Name	 	 
	 	Its	 	 

 

    	1

    	 

    

 

	STATE OF	)
	 	) ss.
	COUNTY OF	)

 

The foregoing instrument was acknowledged
before me this ________ day of ________________, 2014, by ______________________, the ___________________ of ________________________________,
on behalf of the company.

 

WITNESS my hand and official seal.

 

	 	 
	 	Notary Public

 

My Commission Expires:

 

Notice required by A.R.S. Section 41-313: The foregoing
notarial certificate relates to the Special Warranty Deed dated ____________, 2014, executed by ____________________ (the “Notarized
Document”). The Notarized Document contains a total of _____ pages.

 

    	2

    	 

    

 

Exhibit “One” To Special
Warranty Deed

Legal Description

 

    	3

    	 

    

 

 

 

(Space above reserved for Recorder
of Deeds certification)

 

Title of Document:Missouri
Special Warranty Deed

 

Date of Document:____________,
2014

 

		Grantor(s):	______________________, a _____________________

 

Grantee(s):_________________,
a _______________________

 

Grantee(s)
Mailing Address:_______________________

 

Legal
Description:  See Exhibit A attached hereto.

 

Reference Book and Pages (s):  N/A

 

 

 

(If there is not sufficient space
on this page for the information required, state the page reference where it is contained within the document.)

 

    	 

    	 

    

 

MISSOURI SPECIAL WARRANTY DEED

 

THIS INDENTURE, made
as of ___________, 201__, is between ________________________, a ______________________ (“Grantor"), and _____________________,
a ______________________, with a mailing address of _________________________________ ("Grantee").

 

WITNESSETH, that Grantor,
for and in consideration of Ten Dollars ($10.00) and other valuable consideration, the receipt of which is hereby acknowledged,
does by these presents SELL, CONVEY and GRANT unto Grantee and its heirs and assigns, the parcel of land lying, being and situated
in _____________ County, Missouri, more particularly described on Exhibit A attached hereto (the “Premises”),

 

SUBJECT TO: (a) easements,
restrictions, declarations, reservations, agreements, instruments and other matters of record, if any; (b) taxes and assessments
not yet due and payable, general and special; and (c) the rights of the public in and to parts thereof in streets, roads or
alleys.

 

TO HAVE AND TO HOLD
the Premises, with all and singular the rights, privileges, appurtenances, and immunities belonging thereto or in anyway appertaining
unto Grantee and its heirs and assigns forever. Grantor, for Grantor and Grantor's successors, hereby covenants that: Grantor is
lawfully seized of an indefeasible estate in fee of the premises herein conveyed; Grantor has good right to convey the same; the
Premises are free and clear of any encumbrances done or suffered by Grantor, except as may be described above; and Grantor will
Warrant and Defend the title to the Premises unto Grantee and its heirs and assigns forever, against the lawful claims and demands
of all persons claiming any right, interest or title through Grantor, except as may be described above, but against no other claims.

 

[Remainder of page intentionally left
blank.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Grantor has set its hand on the date first written above.

 

	 	 	____________________________________________, a 

_________________________________

 

	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	STATE OF ___________________	)
	 	) SS.
	COUNTY OF ___________________	)

 

I, _________________________________,
a Notary Public in and for said County in the State aforesaid, DO HEREBY CERTIFY THAT ____________________, the ______________
of_____________________, a ______________________, personally known to me to be the same person whose name is subscribed to the
foregoing instrument as such ____________________ of said ____________, appeared before me this day in person and acknowledged
that he signed and delivered the said instrument as his own free and voluntary act, and as the free and voluntary act of said _______________
for the uses and purposes therein set forth.

 

Given under my hand
and notarial seal this ___ day of ___________, 201___.

 

	 	 	My Commission Expires:	 	 
	Notary Public	 	 	 	 

 

    	 

    	 

    

 

Exhibit A To Special Warranty Deed

Premises

 

    	 

    	 

    

 

 

WARRANTY DEED

 

KNOW ALL PEOPLE BY THESE PRESENTS,
that ____________________, a ______ _____________ with its principal place of business in ________________, ________________] (the
"Grantor"), in consideration of Ten or More Dollars paid to the Grantor's full satisfaction by ____________________,
a ______ _____________ with its principal place of business in ________________, ________________ (the "Grantee"), by
these presents does freely GIVE, GRANT, SELL, CONVEY, AND CONFIRM  to the Grantee, and the Grantee's heirs, successors,
and assigns forever, certain land and premises in located _____, _____ County, Vermont, described as follows (the "Property"):

 

Being all and the same land and premises conveyed
to _______________ by Warranty Deed of _________________, dated ______________, and recorded in Volume ____, Pages ___________
of the City/Town of _______________ land records, and described therein as follows:

 

[insert meets and bounds description;
reference to survey, etc.]

 

Reference is made to the instruments and plans referred
to above and the records thereof, and the instruments and plans referred to therein and the records thereof, in further aid of
this description.

 

The Property is conveyed subject to the following:

 

1.        rights of the
public and others legally entitled thereto in any portion of the Property lying within the boundaries of a public road, way, street,
trail, or alley to the extent not otherwise extinguished by the Vermont Marketable Record Title Act (27 V.S.A. §§ 601-604);

 

2.        [list specific
encumbrances that Grantee will take subject to.]

 

TO HAVE AND TO HOLD the Property,
with all the privileges and appurtenances thereof, to the Grantee, and the Grantee's heirs, successors, and assigns, to the Grantee's
own use and behoof forever.

 

And the Grantor, for the Grantor and the
Grantor's heirs, successors, and assigns, does covenant with the Grantee, and the Grantee's heirs, successors, and assigns, that
until the ensealing of these presents, the Grantor is the sole owner of the Property and has good right and title to convey the
same in the manner described in this Deed; and that the Property is FREE FROM EVERY ENCUMBRANCE, except as provided in this Deed;
and the Grantor engages to WARRANT AND DEFEND the same against all lawful claims whatever, except as provided in this Deed.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, ______________ has caused
this instrument to be executed by its duly authorized agent this ___ day of _____________, 2014.

 

________________________

 

	 	By:	 
	 	It Duly Authorized Agent

 

[This is the Vermont form of acknowledgement. The deed should
use the form of acknowledgement required in the state where the acknowledgement is taken.]

 

	STATE OF __________	 	)
	COUNTY OF	, SS.	)

 

At __________________, in said County, this
____ day of _________, 2014, ______________________, __________ and duly authorized agent of ____________, personally appeared,
and he/she acknowledged this instrument, by him/her signed, to be his/her free act and deed and the free act and deed of ______________.

 

	 	Before me:	 
	 	                       Notary Public
	 	                       My Commission Expires:  ____________

 

    	2

    	 

    

 

 

 NORTH CAROLINA SPECIAL WARRANTY
DEED

 

Excise Tax:

	
        Parcel Identifier No. ____________ Verified by        
         County         on the _____ day of ______________, 2014

        By:                                                                                                                                                                     

         

	
         

        Mail/Box to: [___________________]

         

        This instrument was prepared by: [___________________]

         

        Brief description for the Index: [___________________]

         

	
         

        THIS DEED made this _______ day of _________________,
        2014, by and between

         

	
        GRANTOR

         

        ______________________________

        ______________________________

        ______________________________

        ______________________________

        ______________________________

         

         
	
        GRANTEE

         

        ______________________________

        ______________________________

        ______________________________

        ______________________________

        ______________________________

 

WITNESSETH, that the Grantor, for a valuable
consideration paid by the Grantee, the receipt of which is hereby acknowledged, has and by these presents does grant, bargain,
sell and convey unto the Grantee in fee simple, all that certain lot or parcel of land situated in the County of __________________,
City of _____________________, North Carolina and more particularly described as follows, together with all and singular the rights,
benefits, privileges, easements, tenements, hereditaments, and appurtenances thereon or in anywise appertaining thereto, and together
with all buildings, structures and improvements located thereon and any right, title, and interest of Grantor in and to adjacent
streets, alleys, strips, gores, and rights-of-way (collectively, the “Property”):

 

See Exhibit A attached hereto
and made a part hereof.

 

The property hereinabove described was
acquired by Grantor by instrument recorded in Book ______, Page ______ and identified by Instrument No. __________________.

 

All or a portion of the property herein conveyed _____
includes or _____ does not include the primary residence of a Grantor.

 

    	 

    	 

    

 

A map showing the above described property is recorded in Plat
Book ______, Page ______.

 

In addition, Grantor hereby grants, bargains,
sells and conveys to Grantee, WITHOUT WARRANTY, all of Grantor’s right, title, and interest, if any, in and to: (i) any and
all rights of ingress and egress to and from the Property, or any portion thereof and any of Grantor’s rights to use same;
(ii) any and all present and reversionary mineral rights and interests of Grantor relating to the Property, or any portion thereof;
(iii) any and all rights to the present or future use of wastewater, wastewater capacity, drainage, water or other utility facilities
to the extent the same pertain to or benefit the Property, or any portion thereof or the improvements located thereon, including,
without limitation, all reservations of or commitments or letters covering any such use in the future, whether now owned or hereafter
acquired; (iv) any and all roads, streets, alleys, and ways (open or proposed) affecting, crossing, fronting, or bounding the Property,
or any portion thereof, including any awards made or to be made relating thereto including, without limitation, any unpaid awards
or damages payable by reason of damages to the Property, or any portion thereof or by reason of a widening of or changing of the
grade; (v) any and all strips, gores or pieces of property abutting, bounding or which are adjacent or contiguous to the Property,
or any portion thereof (whether owned or claimed by deed, limitations or otherwise); and (vi) any and all reversionary interests
in and to the Property, or any portion thereof (collectively, the “Additional Rights”).

 

This conveyance is made and accepted subject
to any and all validly existing encumbrances, conditions and restrictions of record relating to the Property or the Additional
Rights (collectively, the “Encumbrances”).

 

TO HAVE AND TO HOLD the Property and the
Additional Rights unto the said Grantee and Grantee’s heirs, executors, administrators, successors and/or assigns forever,
subject to the Encumbrances; and Grantor does hereby bind Grantor and Grantor’s heirs, executors, administrators, successors
and/or assigns to WARRANT AND FOREVER DEFEND all and singular the Property, subject to the Encumbrances, unto the said Grantee
and Grantee’s heirs, executors, administrators, successors and/or assigns, against every person whomsoever claiming or to
claim the same or any part thereof, by through or under Grantor, but not otherwise.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Grantor has duly executed the foregoing
as of the day and year first above written.

 

_________________________,

_________________________

 

	 	By:	____________________________
	 	Name:	____________________________
	 	Title:	____________________________

 

 

STATE OF ___________________

COUNTY OF _________________

 

I, the undersigned
Notary Public of the County of _______________ and State aforesaid, certify that _______________________ personally came before
me this day and acknowledged that she/he is the _______________________ of _______________________, and that by authority duly
given and as the act of such entity, she/he signed the foregoing instrument in its name on its behalf as its act and deed.

 

Witness my hand and
Notarial stamp or seal, this _____ day of ______________, 2014.

 

	 	 
	 	                                                    , Notary Public
	My Commission Expires:  _____________	Notary’s Printed or Typed Name
	(Affix Seal)	 

 

 

    	 

    	 

    

 

EXHIBIT A

 

DESCRIPTION OF PROPERTY

 

That certain tract or parcel of land lying and being situate
in the Town/City of ______________, _______________ County, North Carolina and being more particularly described as follows:

 

[Insert Legal]

 

    	 

    	 

    

 

RECORDING REQUESTED BY

 

WHEN RECORDED MAIL TO

AND MAIL TAX STATEMENTS TO

 

NAME

 

ADDRESS

 

	CITY

STATE & ZIP	Above Space for Recorder's Use Only
	GRANT DEED
	 
	TITLE ORDER NO.      	ESCROW NO.      	APN NO.      
	 	 	 	 

	THE UNDERSIGNED GRANTOR(s) DECLARE(s)
	DOCUMENTARY TRANSFER TAX is $	
         
	CITY TAX $	
         

	
         ̈
        computed on full value of property conveyed, or

         ̈
        computed on full value less value of liens or encumbrances remaining at time of sale,

	 ̈ Unincorporated area:  ̈ City of	
	, and
	 	 	 	 	 	 

	
        FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,

         

	hereby GRANT(s) to      
	 
	
        the following described real property in the County
of          State of California:

 

	Dated	_________________________________________	 	
 

	 	 	 	 
	 	 	 	 

  

	STATE OF CALIFORNIA

	COUNTY OF	
         
	} SS

	On	
         
	before me,	
         

	(here insert name and title of the officer), personally appeared	
         

	 	 

who proved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s) or
the entity upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State
of California that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

	Signature	
	

 

MAIL TAX STATEMENTS TO ADDRESS AS SHOWN
ABOVE

 

	FORMGRNTDEED 

Rev. 3/2011
	

  

    	 

    	 

    

 

	RECORDING REQUESTED BY AND  	 
	WHEN RECORDED RETURN TO:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

(Space Above For Recorder’s Use)

 

SPECIAL WARRANTY DEED

 

For the consideration
of ten dollars ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, [W2007 Equity Inns
Realty, LLC, a Delaware limited liability company, successor by merger to EQI Boise Partnership] (“Grantor”), conveys
and specially warrants to ________________________________, (“Grantee”), whose address is ____________________________________________________,
and _______ its successors and assigns forever the following described real property:

 

[INSERT DESCRIPTION HERE]

 

SUBJECT TO taxes and assessments
for the year 20__ and all subsequent years, together with any and all existing easements, rights-of-way, reservations, restrictions
and encumbrances of record, to any existing tenancies, to all zoning laws and ordinances, and to any state of facts an accurate
survey or inspection of the premises would show.

 

This conveyance shall
include any and all estate, right, title, interest, appurtenances, tenements, hereditaments, reversions, remainders, easements,
rents, issues, profits, rights-of-way and water rights in anywise appertaining to the property herein described as well in law
as in equity.

 

The Grantor covenants
to the Grantee that Grantor is the owner in fee simple of said premises; that the premises are free from encumbrances created or
suffered by the Grantor, excepting those as may be herein set forth, and excepting those of record, and that Grantor will warrant
and defend the same from all lawful claims of or through Grantor, but none other.

 

IN WITNESS WHEREOF,
the Grantor has executed this instrument on this ________day of ____________, 20____.

 

[Signature page follows.]

 

    	 

    	 

    

 

	 	W2007 Equity Inns Realty, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 	 
	 	Print Name:	 
	 	Title:	 	 

 

    	 

    	 

    

 

	STATE OF IDAHO	)
	 	)  ss.
	County of _________ 	)

 

On this _____ day of
______________, 20___, before me ________________________, personally appeared _________________________, known or identified to
me (or proved to me on the oath of ______________________________), to be the person whose name is subscribed to the within instrument,
and acknowledged to me that they executed the same.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

 

	 	 
	 	NOTARY PUBLIC FOR IDAHO
	 	Residing at 	 	 
	 	My Commission Expires 	 

 

	STATE OF IDAHO	)
	 	)  ss.
	County of _________ 	)

 

On this _____ day of
_____________, 20___, before me _________________________, personally appeared ______________________, known or identified to me
(or proved to me on the oath of ______________________________) to be the _________________ of ______________________________,
the limited liability company that executed the instrument or the person who executed the instrument on behalf of said limited
liability company, and acknowledged to me that such company executed the same.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	NOTARY PUBLIC FOR IDAHO
	 	Residing at 	 	 
	 	My Commission Expires 	 

 

    	 

    	 

    

 

	STATE OF IDAHO	)
	 	)  ss.
	County of _________ 	)

 

On this _____ day of
____________, 20___, before me __________________________, personally appeared _____________________, known or identified to me
(or proved to me on the oath of ______________________________) to be the president, or vice-president, or secretary or assistant
secretary, of ___________________________, the corporation that executed the instrument or the person who executed the instrument
on behalf of said corporation, and acknowledged to me that such corporation executed the same.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	NOTARY PUBLIC FOR IDAHO
	 	Residing at 	 	 
	 	My Commission Expires 	 

 

    	 

    	 

    

 

BARGAIN AND SALE DEED

With coventants against grantor’s
acts

 

Dated as of ________ __, 2014

 

By

 

______________________________,

a ______ ______________

 

as Grantor

 

to

 

______________________________,

a ______ ______________

 

as Grantee

 

	 	Premises:	               
	 	___________________	 
	 	___________________	 
	 	Section: ____________	 
	 	Block: _____________	 
	 	Lots: ______________	 
	 	County: ____________	 

 

RECORD AND RETURN BY MAIL TO:

 

_________________

_________________

_________________

_________________

 

    	-1-

    	 

    

 

THIS INDENTURE, made as of the ____ day of ______ in
the year ______ between __________________, a _______________________ under the laws of __________, party of the first part,

 

and

 

__________________, a _______________________ under the laws
of __________, residing at _______________________, party of the second part,

 

WITNESSETH, that the party of the first part, in consideration
of _________ ($_____) dollars, lawful money of the United States, paid by the party of the second part, does hereby grant and release
unto the party of the second part, the heirs or successors and assigns forever,

 

ALL that certain plot, piece or parcel of land, with
the buildings and improvements thereon erected, situate, lying and being in the

 

See Exhibit A attached hereto and made a part
hereof.

 

TOGETHER with the appurtenances and all the estate and rights
of the party of the first part in and to said premises; TO HAVE AND TO HOLD the premises herein granted unto the party of the second
part, the heirs or successors and assigns forever.

 

AND the party of the first part covenants that it has not done
or suffered anything whereby the said premises have been incumbered in any way whatever.

 

AND the party of the first part, in compliance with Section
13 of the Lien Law, covenants that the party of the first part will receive the consideration for this conveyance and will hold
the right to receive such consideration as a trust fund to be applied first for the purpose of paying the cost of the improvement
and will apply the same first to the payment of the cost of the improvement before using any part of the total of the same for
any other purpose.

 

[Signature Page Follows on Next Page]

 

    	-2-

    	 

    

 

IN WITNESS WHEREOF, the party of
the first part has duly executed this deed the day and year first above written.

 

	 	 
	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

UNIFORM FORM OF ACKNOWLEDGMENT

 

State of ______________ ) ss.

County of ____________ )

 

On the ____ day of __________ in the year ________ before me,
the undersigned, a notary public in and for said state, personally appeared ______________ personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on
the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	Notary Public	 

 

    	-3-

    	 

    

 

Exhibit A To Bargain and Sale Deed

Legal Description

 

    	-4-

    	 

    

 

EXHIBIT C

 

FORM OF ASSIGNMENT AND ASSUMPTION OF GROUND LEASE

 

    	 

    	 

    

  

ASSIGNMENT
AND ASSUMPTION OF GROUND LEASE1

 

THIS ASSIGNMENT AND
ASSUMPTION OF GROUND LEASE (this “Assignment”) is made as of the ____day of ____________, 2014, by _____________________________,
a(n) _____________________________ (“Assignor”), having an office at c/o ________________________, in favor of ________________,
a(n) _______________________ (“Assignee”), having an office at ________________________________________________.

 

 

W I T N E S S E T H   T H A T:

Recitals:

 
 

A.         Assignor
is the Lessee under that certain ground lease described on Exhibit A annexed hereto and made a part hereof (the “Ground
Lease”); and

 

B.         Assignor
has agreed to assign, and Assignee has agreed to assume, all of the right, title and interest of Assignor under the Ground Lease
accruing from and after the date hereof.

 

Agreement:

 

In consideration of
the foregoing, and the valuable consideration to Assignor in hand paid by Assignee, the receipt and sufficiency of which is hereby
acknowledged, Assignor and Assignee agree as follows:

 

1.          Assignment.
Assignor hereby sells, assigns, transfers, sets over and delivers to Assignee, its successors and assigns, all of the estate, right,
title and interest of the Assignor as lessee, in, to and under the Ground Lease (including all of Assignor’s right, title
and interest in and to any prepaid rents that have been paid by Assignor under the Ground Lease for any period from and after the
date hereof).

 

2.          Assumption.
As of the date hereof, Assignee hereby assumes all of the estate, right, title and interest of the Assignor as lessee, in, to and
under the Ground Lease and does hereby, for itself and its successors, covenant and agree to and with Assignee and its successors
and assigns, that Assignee will pay the rents, taxes and other payments to the extent arising or accruing under the Ground Lease
after the date hereof, and therein reserved, at the times and in the manner therein provided, and shall faithfully and fully perform
and observe and perform all of the other terms, covenants and provisions contained in said Ground Lease and arising or accruing
after the date hereof.

 

3.          As
Is Condition. Assignee agrees that, except as expressly set forth in that certain Real Estate Sale Agreement, dated as of _____________,
2014 (the “Sale Agreement”), by and between Assignor, Assignee, and the other Seller parties thereto, all of Assignor’s
right, title and interest in and to the Ground Lease is assigned to Assignee in an “AS IS” condition and without any
warranties and representations, express or implied.

 

 

1 To be modified, formatted,
etc. to satisfy recording requirements for each jurisdiction.

 

    	 

    	 

    

 

4.          Attorneys’
Fees. If either Assignee or Assignor, or their respective successors or assigns, file suit to enforce the obligations of the
other party under this Assignment, the prevailing party shall be entitled to recover the reasonable fees and expenses of its attorneys
in accordance with [Section 14.19] of the Agreement.

 

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

 

6.          Limited
Liability. Assignor’s liability hereunder shall, at all times, be subject to the limitations set forth in [Section 11]
of the Agreement. As between Assignor and Assignee, this Assignment does not enlarge, restrict or otherwise modify the terms of
the Sale Agreement or constitute a waiver or release by Assignor or Assignee of any liabilities, duties or obligations imposed
upon them (or any of their respective affiliates) by the terms of the Sale Agreement.

 

7.          Governing
Law. This Assignment shall be governed and interpreted in accordance with the laws of the State of ________________.

 

8.          Counterparts.
This Assignment may be signed in any number of counterparts each of which shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

 

The person or company
recording or arranging for the recordation of this document is authorized to complete any blanks contained in this document with
the applicable number of pages, dates, and recordation information, whether before or after this document has been notarized by
a notary public, and in no event shall completion of such blanks be deemed an alteration of this document by means of the insertion
of new content.

 

[Signature Page Follows]

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
Assignor and Assignee have executed and delivered this Assignment the day and year first above written.

 

	 	ASSIGNOR:
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ASSIGNEE:
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[INSERT APPROPRIATE NOTARY BLOCKS OR OTHER
AFFIRMATION NECESSARY TO 

ALLOW FOR RECORDATION IN THE APPLICABLE JURISDICTION]

 

    	 

    	 

    

Exhibit D

 

SUPPLEMENTAL AGREEMENT

 

This Supplemental Agreement
(this “Agreement”), is made and entered into as of the ____ day of _____________, 2014, by and among
American Realty Capital Hospitality Portfolio Member, LLC, a Delaware limited liability company (“Purchaser”),
American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership (“ARC OP”),
American Realty Capital Hospitality Trust, Inc., a Maryland corporation (“ARC REIT”), Nicholas S. Schorsch,
an individual (“NSS”), William M. Kahane, an individual (“WMK”), Michael Weil, an individual
(“MW”), and Peter M. Budko, an individual (“PMB”, and together with NSS, WMK and MW, the
“Individual Indemnitors”, and the Individual Indemnitors, together with ARC OP and ARC REIT, the “ARC
Indemnitors”), Whitehall Street Global Real Estate Limited Partnership 2007, a Delaware limited partnership (“Whitehall
Street”), Whitehall Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership (“Whitehall
Parallel”, and together with Whitehall Street, “Whitehall”), and each of the seller parties (“Sellers”)
listed on Schedule 1 to that certain Real Estate Sale Agreement, dated as of May 23rd, 2014, by and between Sellers and
Purchaser (as amended, modified or supplemented from time to time, the “Sale Agreement”). Any capitalized term
used but not defined herein shall have the meaning ascribed thereto in the Sale Agreement.

 

W I T N E S E T H:

 

WHEREAS, Purchaser
and Sellers previously entered into the Sale Agreement;

 

WHEREAS,
the Sale Agreement requires Purchaser to, and cause the ARC Indemnitors to, enter into this Agreement on the Closing Date for the
benefit of Whitehall and Sellers;

 

WHEREAS, each of the
ARC Indemnitors have a direct or indirect interest in Purchaser and/or otherwise a material financial relationship with Purchaser
such that they will receive substantial economic and other benefits from the consummation of the transactions described in the
Sale Agreement and the compliance by Purchaser with the Sale Agreement;

 

WHEREAS, in connection
with Purchaser’s consummation of the Debt Assumption, Whitehall is required to provide certain indemnification agreements
and/or guarantees in connection with the Assumed Debt as described in Section 2.4.2 of the Sale Agreement (any such indemnification
agreements and guarantees, as amended, modified, supplemented or reaffirmed from time to time, the “Whitehall Guarantees”);
and

 

NOW, THEREFORE, in
consideration of the mutual agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby covenant and agree as follows:

 

    	

    	 

    

 

1.                 
Guaranty Reimbursement.

 

(a)               
If, at any time, Whitehall is called upon to satisfy any obligation under any of the Whitehall Guarantees (each, a “Claim”),
or Whitehall makes a payment in connection with any of the Whitehall Guarantees (each, a “Payment”), then, in
each case, within three (3) Business Days after the ARC Indemnitors receive notice of the Claim or Payment by Whitehall, as applicable,
the ARC Indemnitors shall, in the case of a Claim, satisfy in full the amount of the Claim and, in the case of a Payment, reimburse
Whitehall in cash for the full amount of such Payment (together with interest thereon at a per annum rate equal to fifteen percent
(15%) from the date upon which Whitehall has first made the Payment in question through the date of reimbursement to Whitehall
in full). The ARC Indemnitors shall be jointly and severally liable for all such reimbursement obligations. The term “Payment”
shall include, without limitation, all attorneys’ fees and disbursements, court costs and experts’ and consultants’
fees and disbursements incurred in connection with any of the Whitehall Guarantees or in enforcing any rights hereunder. For the
avoidance of doubt, no ARC Indemnitor shall have any obligation to satisfy any Claim or make any reimbursement in respect of a
Payment hereunder to the extent that both such Claim or Payment arises under the Whitehall Guarantees and (i) such Whitehall Guarantees
are continuations of the Guaranty and Environmental Indemnity under the Assumed Debt prior to Closing and such Claim or Payment
arises from the actions of Whitehall or its affiliates occurring prior to the Closing or (ii) such Claim or Payment arises from
the actions of Whitehall or its affiliates (it being agreed that none of Purchaser Holdco or its subsidiaries shall be deemed an
affiliate of Whitehall unless a Change of Control (as defined below) has occurred).

 

(b)              
The reimbursement obligations of each ARC Indemnitor hereunder are absolute, irrevocable and unconditional, irrespective
of the value, genuineness, validity, regularity or enforceability of the obligation giving rise to the Claim or Payment or any
agreement or instrument relating thereto, or any substitution, release or exchange of any other guarantee of or security for any
obligation, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; it being the intent of the parties hereto
that such obligations shall be absolute and unconditional under any and all circumstances. With respect to its obligations hereunder,
each ARC Indemnitor hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and
any requirement that any other party exhaust any right, power or remedy or proceed against any person or entity.

 

(c)               
The obligations of the ARC Indemnitors hereunder shall be automatically reinstated if and to the extent that for any reason
any payment by or on behalf of such ARC Indemnitor in respect of any obligation hereunder is rescinded or must be otherwise restored
by the person receiving such payment, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

 

(d)              
To the extent that any of the foregoing payment or reimbursement obligations is unenforceable by virtue of any law, public
policy or common law doctrine, the party that would have had the obligation to make a payment or reimbursement with respect thereto
agrees to contribute the maximum portion that it is permitted to contribute under applicable law to the payment and satisfaction
of its liability under such payment and reimbursement obligations.

 

    	2

    	 

    

 

(e)               
Each of the provisions of this Section 1 shall survive the termination of, or release of Whitehall under, any of the Whitehall
Guarantees.

 

2.                 
Preferred Guarantees. On the date hereof, each of the Individual Indemnitors shall join and deliver to Sellers, as
contemplated in Section 4.3.8 of the Sale Agreement, (a) the Bad Boy Guaranty (in the form attached to the Sale Agreement as Exhibit
E-2) (the “Bad Boy Guaranty”), (b) the Mandatory Redemption Guaranty (in the form attached to the Sale Agreement
as Exhibit E-3) and (c) the Environmental Indemnity Agreement (in the form attached to the Sale Agreement as Exhibit E-4), the
failure of which shall constitute a material default of Purchaser under the Sale Agreement.

 

3.                 
Monthly Payment to Whitehall.

 

(a)               
So long as the Whitehall Guarantees remain in effect, if at any time ARC OP or ARC REIT, either individually or in the aggregate,
satisfy the net worth and liquidity requirements for a Replacement Guarantor under the Loan Agreement, Purchaser and the ARC Indemnitors
shall use their diligent efforts to have ARC OP and/or ARC REIT serve as the sole Guarantor under the Assumed Debt and to have
Whitehall released from its obligations under the Whitehall Guarantees in accordance with Section 7.2 of the Loan Agreement (but
without limitation of any of the payment obligations described under Section 1 hereof).

 

(b)              
In the event that Whitehall has not been released from each of the Whitehall Guarantees in accordance with Section 7.2 of
the Loan Agreement by the date that is eighteen (18) months after the Closing Date, ARC OP and ARC REIT, on a joint and several
basis, shall pay to Whitehall the sum of Eight Million and No/100ths Dollars ($8,000,000.00) per annum, payable monthly in equal
installments in arrears in cash on the first (1st) business day of each month, until such time that Whitehall has been
released from each of the Whitehall Guarantees in accordance with Section 7.2 of the Loan Agreement (it being understood that such
amounts shall be in addition to any amounts payable under Section 1 hereof, whether before or after the date of such release).
Notwithstanding the foregoing, in the event that both a Changeover Notice (as defined in the Purchaser Holdco Operating Agreement)
has been delivered in accordance with the Purchaser Holdco Operating Agreement and a Qualified Preferred Equity Vehicle Change
of Control (as such term is defined in the Loan Agreement) has occurred in accordance with the Loan Agreement (the occurrence of
both of the foregoing, a “Change of Control”), ARC OP and ARC REIT shall have no further obligation to make
the payments under this Section 3(b) that would have accrued from and after the effective date of such Qualified Preferred
Equity Vehicle Change of Control (it being agreed that this sentence shall not apply with respect to amounts that have accrued
prior to the effective date of such Qualified Preferred Equity Vehicle Change of Control).

 

    	3

    	 

    

 

4.                 
Bankruptcy, etc.

 

(a)               
In the event that any entity becomes subject to any proceeding or petition under Title 11 of the United States Code entitled
“Bankruptcy”, as amended from time to time, or any successor statute or statutes or any rules and regulations promulgated
thereunder, or any other federal or state bankruptcy or insolvency law, or comparable foreign laws relating to bankruptcy, insolvency
or creditors’ rights (such laws, statutes and rules, collectively, “Bankruptcy Laws” and any such proceeding
or petition thereunder, a “Bankruptcy Proceeding”), such that Whitehall may have liability or loss under any
of the Whitehall Guarantees (each such entity subject to any such Bankruptcy Proceeding, a “Subject Debtor”),
each ARC Indemnitor shall pay over to Whitehall (within three (3) Business Days of the receipt thereof) the full amount of any
benefits received by any such ARC Indemnitor or its controlled affiliates by virtue of such Bankruptcy Proceeding (including, without
limitation, any distributions received in respect of a plan of reorganization or so-called “363” or comparable sale,
any fees or any other payments from or relating to any of the Real Property or any direct or indirect interest therein). In addition,
each of the ARC Indemnitors agrees that none of them or their respective controlled affiliates shall (i) directly or indirectly
participate in or otherwise provide or originate any so-called “debtor-in-possession financing” to any Subject Debtor,
(ii) directly or indirectly cause or permit any Subject Debtor to solicit or accept any such “debtor-in-possession financing”
from any ARC Indemnitor or any controlled affiliate thereof, (iii) accept any direct or indirect stock or other equity interest
(including any participations, warrants or options) in or any notes, bonds, debentures or other any financial instruments issued
by or on behalf of any Subject Debtor (each, a “Retained Interest”) or any other financial benefit (including
fees for services) in respect of any Bankruptcy Proceeding or otherwise participate in any so-called “new value plans”
(or any comparable transactions) in connection with any such Bankruptcy Proceeding and (iv) during the pendency of any such Bankruptcy
Proceeding, directly or indirectly cause or permit any Subject Debtor to solicit or accept any equity contributions from any ARC
Indemnitor or controlled affiliate of any ARC Indemnitor in return for any Retained Interest or other financial benefit (including
fees for services). In the event that any of the ARC Indemnitors or controlled affiliates receive any Retained Interest despite
their respective obligations set forth clauses (iii) and (iv), it shall immediately sell to Whitehall and the Sellers (to be apportioned
between them at the direction of Whitehall and the Sellers) all such Retained Interests for an aggregate purchase price equal to
ten dollars ($10.00).

 

(b)              
Each of the ARC Indemnitors agrees that none of them or their respective controlled affiliates shall seek or encourage substantive
consolidation under the Bankruptcy Laws in respect of any Subject Debtor.

 

(c)               
Each of the ARC Indemnitors agrees that none of them or their respective controlled affiliates shall contest, oppose or
object to any motion made by any of Whitehall, the Sellers or their respective affiliates to obtain relief from the automatic stay
or to reinstate the automatic stay under any Bankruptcy Law with respect to any Bankruptcy Proceeding.

 

    	4

    	 

    

 

5.                 
Representations and Warranties. Each of the Purchaser and the ARC Indemnitors represents and warrants, on a joint
and several basis, to Whitehall and the Sellers as follows:

 

(a)               
Such party has all necessary power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
This Agreement constitutes the valid and legally binding obligation of such party, enforceable in accordance with its terms and
conditions, except as such enforceability may be limited by bankruptcy, insolvency, liquidation, moratorium, reorganization or
other similar laws affecting rights of creditors generally and by general principles of equity (regardless of whether considered
in a proceeding at law or in equity). Such party is not required to give any notice to, make any filing with, or obtain any authorization,
consent, or approval of any government or governmental agency in order to perform its obligations under this Agreement.

 

(b)              
Neither the execution and the delivery of this Agreement, nor the performance of such party’s obligations hereunder,
will (i) to the extent such party is an entity, violate any provision of the organizational documents of such party, (ii) violate
any statute, regulation, rule, injunction, judgment, order, decree, charge or other restriction of any government, governmental
agency, or court to which such party is subject or (iii) conflict with, result in a breach of, constitute a default under, result
in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require any notice or consent
which has not been given or obtained, under any agreement, contract, lease, license, instrument, or other arrangement to which
such party is bound or to which such party’s assets are subject.

 

6.                 
Enforcement; Amendments; Waivers. No delay on the part of Whitehall or any Seller in the exercise of any right or
remedy arising under this Agreement or otherwise with respect to all or any part of any obligation hereunder, shall operate as
a waiver thereof, and no single or partial exercise by Whitehall or any Seller of any such right or remedy shall preclude any further
exercise thereof. No modification or waiver of any of the provisions of this Agreement shall be binding upon any party hereto,
except as expressly set forth in a writing duly signed and delivered by the party against whom such modification or waiver is sought.
Failure by Whitehall or any Seller at any time or times hereafter to require strict performance by the ARC Indemnitors or Purchaser
of all or part of their respective obligations hereunder shall not waive, affect or diminish any right of any party at any time
or times hereafter to demand strict performance thereof. Any determination by a court of competent jurisdiction of the amount of
any obligation hereunder shall be conclusive and binding on the parties hereto. Each of Purchaser and the Sellers agree that any
default or breach by any of the Purchaser or the ARC Indemnitors of their respective obligations hereunder shall constitute a material
default or breach under the Sale Agreement.

 

7.                 
Interest; Enforcement Costs. Any amounts not paid hereunder when due shall accrue interest (without duplication of
any interest provided for in Section 1(a) hereof) at a per annum rate equal to fifteen percent (15%) from the time such amounts
were due until such amounts (together with any accrued and unpaid interest) is paid in full. In the event that Purchaser or any
ARC Indemnitor shall breach or fail to timely perform any provision of this Agreement, the ARC Indemnitors shall, on a joint and
several basis, immediately upon demand by any of Whitehall or the Sellers pay all of Whitehall or the applicable Sellers’
costs and expenses (including court costs and attorneys’ fees) incurred by them in the enforcement hereof or the preservation
of their rights hereunder.

 

    	5

    	 

    

 

8.                 
Separate Right of Action. A separate right of action hereunder shall arise each time any of Whitehall or any Seller
acquires knowledge of any matter which may require payment or action pursuant to this Agreement or of any violation of any of the
terms hereof. Separate and successive actions may be brought hereunder to enforce any of the provisions hereof at any time and
from time to time. No action hereunder shall preclude any subsequent action, and each party hereby waives and covenants not to
assert any defense in the nature of splitting of causes of action or merger of judgments.

 

9.                 
Effectiveness; Termination; Release.

 

(a)               
This Agreement shall become effective upon its execution by each of the parties hereto.

 

(b)              
This Agreement shall continue in full force and effect and may not be terminated or otherwise revoked until either all of
the obligations hereunder have been discharged or all applicable statutes of limitation with respect thereto have expired, whichever
occurs later, or except as expressly set forth in a writing duly signed and delivered by each of the parties hereto.

 

(c)               
At any time prior to the declaration of a Changeover Event (as defined in the Purchaser Holdco Operating Agreement), if
Whitehall has been released from the Whitehall Guarantees in accordance with Section 7.2 of the Loan Agreement, the ARC Indemnitors
shall be entitled to request the release of any Individual Indemnitor from its obligations hereunder so long as, (i) such Individual
Indemnitor does not then owe any amounts to any of Whitehall or the Sellers hereunder and (ii) following such release, the remaining
ARC Indemnitors continue(s) to satisfy the Net Worth Threshold and Liquid Assets Threshold requirements set forth in Section 5.2
of the Bad Boy Guaranty (without duplication). In connection with any release of an Individual Indemnitor pursuant to this Section
9, Whitehall shall execute and deliver a release of such Individual Indemnitor from all liability hereunder.

 

10.             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each party hereto and their
respective successors, permitted assigns, heirs, estates and legal representatives. None of Purchaser or any ARC Indemnitor shall
have the right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Whitehall
and the Sellers, and any attempted assignment without such consent shall be null and void. All references to the singular shall
be deemed to include the plural where the context so requires. All references to the plural shall be deemed to include the singular
where the context so requires.

 

    	6

    	 

    

 

11.             
Governing Law; Jurisdiction; Waivers.

 

(a)               
This Agreement has been negotiated, executed and delivered and shall be governed by and construed in accordance with the
laws of the State of New York from time to time in effect, without giving effect to the State of New York’s principles of
conflicts of law. EACH PARTY HERETO AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY SHALL BE TRIED AND LITIGATED IN STATE OR FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK, UNLESS SUCH ACTIONS
OR PROCEEDINGS ARE REQUIRED TO BE BROUGHT IN ANOTHER COURT TO OBTAIN SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY.
TO THE EXTENT PERMITTED BY LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT ANY PARTY HERETO MAY HAVE TO ASSERT THE DOCTRINE
OF FORUM NON CONVENIENS, TO ASSERT THAT ANY PARTY HERETO IS NOT SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS OR TO OBJECT
TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 11. SERVICE OF PROCESS, SUFFICIENT FOR
PERSONAL JURISDICTION IN ANY ACTION AGAINST ANY PARTY HERETO, MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
TO ANY SUCH PARTY'S ADDRESS INDICATED IN SECTION 12 HEREOF.

 

(b)              
THE PARTIES HERETO HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVE, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT
BY THE OTHER PARTY HERETO UNDER THIS AGREEMENT OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, ANY AND EVERY RIGHT EITHER
OF THEM MAY HAVE TO (A) INJUNCTIVE RELIEF, (B) A TRIAL BY JURY, (C) INTERPOSE ANY COUNTERCLAIM THEREIN (EXCEPT FOR ANY COMPULSORY
COUNTERCLAIM WHICH, IF NOT ASSERTED IN SUCH SUIT, ACTION OR PROCEEDING, WOULD BE WAIVED), AND (D) HAVE THE SAME CONSOLIDATED WITH
ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING.

 

12.             
Notices. Any notice, report, demand or other instrument authorized or required to be given or furnished pursuant
to this Agreement shall be in writing and shall be given in accordance with the procedures for delivering notice under the Sale
Agreement and given (i) in the case of Whitehall or Sellers, to the notice parties set forth for the Sellers in the Sale Agreement,
or (ii) in the case of the ARC Indemnitors or Purchaser, to the addresses set forth on Schedule 1 attached hereto.[1]

 

 

 

[1]
Note to draft: Purchaser to provide prior to Closing.

 

    	7

    	 

    

 

13.             
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law,
such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

14.             
Further Assurances. At any time, and from time to time after the date hereof, each of Purchaser and the ARC Indemnitors
shall, without further consideration and at its own cost and expense, execute and deliver such additional agreements, instruments
documents or certificates and take such further action as shall reasonably be requested by Whitehall or any Seller in order to
carry out the provisions of this Agreement.

 

15.             
Entire Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto relating
to the subject matter hereof and supercedes all prior agreements and understandings to the extent that it relates to such subject
matter, and it is agreed that there are no terms, understandings, representations, or warranties, express or implied, other than
those set forth herein; provided, however, that the foregoing does not affect in any manner the Sale Agreement, which such agreement
shall continue to be enforceable in accordance with its terms.

 

16.             
No Third Party Beneficiary. This Agreement is for the purpose of defining the respective rights and obligations of
the parties hereto and is not for the benefit of any creditor or other third party.

 

17.             
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute a duplicate
original, but all of which together shall constitute one and the same instrument.

 

18.             
Consultation. Each of the parties hereto represents and warrants that it has consulted with its advisors and counsel
with respect to its obligations under this Agreement and the adequacy of the consideration that it has received with respect thereto,
and that such consideration is in all respects adequate and the value thereof is not less than the value of its obligations under
this Agreement.

 

 

 

 

 

[Signatures on Following
Pages]

 

    	5

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed and delivered this Agreement on the date first above written.

 

 

	 	PURCHASER:
	 	 
	 	American Realty Capital Hospitality Portfolio Member, LLC
	 	 	 
	 	By:	American Realty Capital Hospitality Operating Partnership, L.P., its sole member
	 	 	 
	 	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Name:  	 
	 	 	 	 	Title:	 

  

	 	ARC INDEMNITORS:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.

 

	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:  	 
	 	 	 	Title:	 

 

	 	American Realty Capital Hospitality Trust, Inc.
	 	 	 	 
	 	By:	 	 
	 	 	Name:  	 
	 	 	Title:	 

 

    	 

    	 

    

 

	 	Nicholas S. Schorsch
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	William M. Kahane
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	MICHAEL WEIL
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	PETER M. BUDKO
	 	 	 	 
	 	 	 	 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	WHITEHALL:
	 	 
	 	 	Whitehall Street Global Real Estate Limited Partnership 2007,
	 	 	a Delaware limited partnership
	 	 	 
	 	 	By:	WH Advisors, L.L.C. 2007,
	 	 	 	a Delaware limited liability company
	 	 	 	Its: General Partner
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title: 
	 	 	 	 	 
	 	 	Whitehall PARALLEL Global REAL ESTATE LIMITED PARTNERSHIP 2007,  
	 	 	a Delaware limited partnership
	 	 	 
	 	 	By:	WH Parallel Advisors, L.L.C. 2007,
	 	 	 	a Delaware limited liability company
	 	 	 	Its: General Partner
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	SELLERS:
	 	 
	 	W2007 EQUITY INNS REALTY, LLC, a Delaware limited liability company
	 	 
	 	By:	WNT Mezz I, LLC, a Delaware limited liability company, its Managing Member
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership
	 	 
	 	By:	W2007 Equity Inns Realty Gen-Par, LLC, a Delaware limited liability company, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

 

	 	W2007 EQI DALTON PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	W2007 EQI HOUSTON PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI CARLSBAD PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Carlsbad Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI HI AUSTIN PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI HI Austin Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	W2007 EQI NAPERVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Naperville Corporation, a Tennessee corporation, its General Partner  
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

 

	 	W2007 EQI COLLEGE STATION PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI College Station Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI EAST LANSING PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	W2007 EQI INDIANAPOLIS PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Indianapolis Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI KNOXVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Knoxville Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI MILFORD CORPORATION, a Tennessee corporation
	 	 
	 	By:	W2007 EQI Milford Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

    	 

    	 

    

 

	 	W2007 EQI ORLANDO 2 PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI URBANA PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI RIO RANCHO PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	W2007 EQI LOUISVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI AUGUSTA PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI ORLANDO PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Orlando Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	W2007 EQI SEATTLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI JACKSONVILLE PARTNERSHIP I, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

	 	W2007 EQI ASHEVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

	 	W2007 EQI SAVANNAH 2 PARTNERSHIP, L.P., a Tennessee limited partnership
	 	 
	 	By:	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

[Signatures continue on following page]

 

    	 

    	 

    

 

Schedule 1

 

Notice Addresses

 

    	 

    	 

    

 

Exhibit E-1

 

AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT

 

OF

 

ARC HOSPITALITY PORTFOLIO I HOLDCO,
LLC1

 

AMONG

 

AMERICAN REALTY CAPITAL HOSPITALITY
PORTFOLIO MEMBER, LLC,

 

W2007
Equity Inns Senior Mezz, LLC2

 

and

 

[SPECIAL MEMBER]

 

Dated: [_______________], 2014

 

_____________

 

IN RELIANCE UPON CERTAIN EXEMPTIONS FROM
REGISTRATION AND QUALIFICATION, THE LIMITED LIABILITY COMPANY INTERESTS DESCRIBED IN AND ISSUED PURSUANT TO THIS AGREEMENT HAVE
NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT (AS DEFINED HEREIN) OR THE SECURITIES LAWS OF ANY STATE OR THE DISTRICT
OF COLUMBIA. ACCORDINGLY, NO SUCH LIMITED LIABILITY COMPANY INTEREST MAY BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT AND ANY APPLICABLE FEDERAL OR STATE SECURITIES LAWS. ANY VIOLATION OF
SUCH PROVISIONS COULD EXPOSE THE SELLING MEMBER AND THE COMPANY TO LIABILITY.

 

INVESTORS SHOULD BE AWARE THAT THEY WILL
BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. IN MAKING THE DECISION WHETHER TO
BE A MEMBER IN THE COMPANY INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE LIMITED LIABILITY COMPANY
INTERESTS.

 

 

		1	Note to draft: The Second Pool Purchaser Holdco Operating Agreement and the related transaction documents will provide that
the Company is ARC Hospitality Portfolio II Holdco, LLC.

		2	Note to draft: The Second Pool Purchaser Holdco Operating Agreement and the related transaction documents will provide that
the Class A Member is W2007 Equity Inns Partnership, L.P. and W2007 Equity Inns Trust, collectively.

 

    	 

    	 

    

 

TABLE
OF CONTENTS

  

	 	Page
	 	
	ARTICLE 1 DEFINITIONS	2
	1.1	Definitions	2
	1.2	Terms Generally	20
	 	 	 
	ARTICLE 2 THE COMPANY AND ITS BUSINESS	21
	2.1	Members; Continuation of the Company	21
	2.2	Company Name	21
	2.3	Term	21
	2.4	Filing of Amendments to the Certificate	21
	2.5	Purpose	21
	2.6	Principal Office; Registered Agent	21
	2.7	Classes of Members	22
	2.8	Names and Addresses of the Members	23
	2.9	Authorized Persons	24
	2.10	Representations by the Class B Member	24
	2.11	Representations by the Class A Member	26
	2.12	Certain Tax Matters	27
	 	 	 
	ARTICLE 3 MANAGEMENT OF COMPANY BUSINESS; POWERS AND DUTIES OF THE MEMBERS	28
	3.1	Management of the Company Business	28
	3.2	Appointment of Initial Managing Member	29
	3.3	Class A Member’s Rights Following a Changeover Event	29
	3.4	Buy/Sell Following a Changeover Event; Remedy Not Exclusive	32
	3.5	The Class B Member’s Rights Following a Changeover Event	35
	3.6	Significant Decisions	36
	3.7	Class B Member Affiliate Contracts	38
	3.8	Cooperation	38
	3.9	The Class A Member’s Right to Cure Senior Loan Defaults	39
	 	 
	ARTICLE 4 RIGHTS AND DUTIES OF MEMBERS	39
	4.1	Duties and Obligations of the Class B Member	39
	4.2	Prohibition of Other Activities of the Class B Member	40
	4.3	Limitation on Member Liability; Indemnification	40
	4.4	Compensation of Members and their Affiliates	41
	4.5	Use of Company Property	41
	4.6	Tax Contests	41
	4.7	Duty of the Class A Member	42
	 	 	 
	ARTICLE 5 BOOKS AND RECORDS; ANNUAL REPORTS; EXPENSES AND OTHER MATTERS	42
	5.1	Books of Account	42
	5.2	Availability of Books of Account	42
	5.3	Annual Reports and Statements; Annual Budgets	43
	5.4	Class A Member’s Expenses	43
	5.5	Cash Management Account	44

 

    	i

    	 

    

  

	5.6	Plan Assets	44
	5.7	Insurance	44
	5.8	Casualty/Condemnation	45
	5.9	Existence; Compliance with Legal Requirements	45
	5.10	Impositions and Other Claims	46
	5.11	Litigation	46
	5.12	Access to Properties	46
	5.13	Notice of Default	46
	5.14	Intentionally Omitted	46
	5.15	Conduct of Business	46
	5.16	Standard of Operation	47
	5.17	No Sales of Assets	47
	5.18	Compliance with Senior Loans	47
	5.19	Intentionally Omitted	47
	5.20	Prohibited Persons	47
	5.21	Forgiveness of Debt	47
	 	 	 
	ARTICLE 6 CAPITAL CONTRIBUTIONS,  LOANS AND LIABILITIES	48
	6.1	Initial Capital Contributions of the Members	48
	6.2	Protective Capital/Additional Capital	48
	6.3	Application of Capital	49
	6.4	Capital of the Company	49
	 	 	 
	ARTICLE 7 INTENTIONALLY OMITTED	49
	 	 	 
	ARTICLE 8 APPLICATIONS AND DISTRIBUTIONS OF AVAILABLE CASH; REDEMPTION	49
	8.1	Distributions of Cash	49
	8.2	Sales; Financings; Qualified Capital Raises	50
	8.3	Redemption Right	51
	8.4	Distribution of Capital Event Proceeds	51
	8.5	Distribution After Changeover Event	52
	 	 	 
	ARTICLE 9 TRANSFER OF COMPANY INTERESTS	52
	9.1	Restrictions on Transfers by the Class B Member	52
	9.2	Transfers by the Class A Member	53
	9.3	Assignment Binding on Company	53
	9.4	Bankruptcy of a Member	53
	9.5	Substituted Members	54
	9.6	Acceptance of Prior Acts	54
	9.7	Additional Limitations	54
	9.8	Restraining Order; Specific Performance; Other Remedies	54
	 	 	 
	ARTICLE 10 DISSOLUTION OF THE COMPANY; WINDING UP AND DISTRIBUTION OF ASSETS	55
	10.1	Dissolution	55

 

    	ii

    	 

    

  

	10.2	Winding Up	56
	10.3	Distribution of Assets	56
	 	 	 
	ARTICLE 11 AMENDMENTS	57
	11.1	Amendments	57
	11.2	Additional Members	57
	 	 	 
	ARTICLE 12 MISCELLANEOUS	58
	12.1	Further Assurances	58
	12.2	Notices	58
	12.3	Remedies of the Class B Member	58
	12.4	Exculpation	58
	12.5	Headings and Captions	59
	12.6	Variance of Pronouns	59
	12.7	Counterparts	59
	12.8	Governing Law	59
	12.9	Consent to Jurisdiction	59
	12.10	Arbitration	59
	12.11	Partition	60
	12.12	Invalidity	60
	12.13	Successors and Assigns	60
	12.14	Entire Agreement	61
	12.15	Waivers	61
	12.16	No Brokers	61
	12.17	Press Releases	61
	12.18	No Third Party Beneficiaries	61
	12.19	Construction of Documents	61
	12.20	Time of Essence	61

 

    	iii

    	 

    

  

SCHEDULES

 

	Schedule A	Properties
	Schedule 1.1(a)	Allocated Amounts
	Schedule 1.1(b)	Mortgage Loan Documents
	Schedule 1.1(c)	First Mezzanine Loan Documents
	Schedule 5.15(a)	Special Purpose Covenants
	Schedule 5.15(b)	Anti-Terrorism and Anti-Money Laundering Laws; Embargoed Persons
	Schedule 6.1	Initial Capital Contributions and Percentage Interests of the Members

 

    	iv

    	 

    

  

Amended
and Restated LIMITED LIABILITY COMPANY AGREEMENT

OF

ARC HOSPITALITY PORTFOLIO I HOLDCO, LLC

 

This AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT, dated as of [_______________], 2014, is made by and among AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO MEMBER,
LLC, a Delaware limited liability company (together with its successors and permitted assigns each in such Person’s capacity
as a member of the Company, the “Class B Member”), W2007 Equity Inns
Senior Mezz, LLC, a Delaware limited liability company (together with its successors and permitted assigns each in such
Person’s capacity as a member of the Company, the “Class A Member”), and [SPECIAL MEMBER], as the
initial Special Member.

 

RECITALS

 

WHEREAS, the Company (as defined herein)
was formed under the Act pursuant to a Certificate of Formation of the Company, which was filed with the Secretary of State of
the State of Delaware on [_______________], 2014, and that certain Limited Liability Company Agreement, dated as of [_______________],
2014, by the Class B Member, as the sole member (the “Existing LLC Agreement”);

 

WHEREAS, the Company is the sole member
of ARC Hospitality Portfolio I Mezz LLC, a Delaware limited liability company (the “First Mezzanine Borrower”),
which in turn is the sole member of each of ARC Hospitality Portfolio I Owner LLC, a Delaware limited liability company (the “Mortgage
Borrower”), which in turn owns the fee or ground leasehold (as applicable) interests in the Properties (as herein defined),
and ARC Hospitality TRS Portfolio I LLC, a Delaware limited liability company (the “TRS”), which in turn has
an operating lease for all of the Properties granted by Mortgage Borrower3; and

 

WHEREAS, pursuant to the terms of that certain
Amended & Restated Real Estate Sale Agreement, dated as of November [__], 2014 (the “ Sale Agreement”),
by and among the parties listed on Schedule 1A attached thereto, as the sellers (the “Sellers”), and the parties
listed on Schedule 1B attached thereto, as the purchasers, the Mortgage Borrower acquired the Properties and the Company is issuing
the Interest (as herein defined) described herein to the Class A Member (on behalf of its wholly-owned subsidiaries, who were the
sellers under the Sale Agreement) in partial consideration for such sale.

 

NOW, THEREFORE, in order to carry out the
intentions expressed above and in consideration of the mutual agreements hereinafter contained, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Class B Member hereby agrees to admit the Class A Member and
the Special Member as members of the Company upon the terms contained herein and each of the Class A Member, the Class B Member
and the Special Member hereby agree to amend and restate the Existing LLC Agreement to read in its entirety as follows:

 

 

		3	Note to draft: Second Pool Purchaser Holdco Operating Agreement to be adjusted, as necessary, to reflect the organizational
structure of Second Pool Purchaser Holdco and its subsidiaries.

 

    	 

    	 

    

  

ARTICLE
1

DEFINITIONS

 

1.1           Definitions.
As used in this Agreement, the following terms shall have the meanings set forth below, which meanings shall be applicable equally
to the singular and plural of the terms defined:

 

“Accrual Period” means
the period from and including a Scheduled Distribution Date to but excluding the next Scheduled Distribution Date, except that
the first Accrual Period shall be the period from and including the Effective Date to but excluding the first Scheduled Distribution
Date thereafter.

 

“Act” means the Delaware
Limited Liability Company Act (6 Del. C. § 18-101 et seq.), as amended from time to time.

 

“Additional Class B Member Deposit”
has the meaning set forth in Section 3.4(h).

 

“Additional Mezzanine Lender”
means, with respect to any Additional Mezzanine Loan, the holder(s), from time to time, of such Additional Mezzanine Loan.

 

“Additional Mezzanine Loan”
means any additional mezzanine loan incurred by a Subsidiary of the Company as an “Approved Mezzanine Loan” in accordance
with the terms of the Mortgage Loan Agreement and the First Mezzanine Loan Agreement.4

 

“Additional Mezzanine Loan Agreement”
means, with respect to each Additional Mezzanine Loan, the mezzanine loan agreement evidencing such Additional Mezzanine Loan,
as the same may be amended, supplemented or modified from time to time.

 

“Additional Mezzanine Loan Documents”
means, with respect to each Additional Mezzanine Loan, the Additional Mezzanine Loan Agreement evidencing such Additional Mezzanine
Loan, the notes, pledges, environmental indemnities, guarantees and all other agreements, instruments or documents relating to,
evidencing or securing such Additional Mezzanine Loan, as any of the foregoing may be amended, supplemented or modified from time
to time.

 

“Additional Mezzanine Loan Obligations”
means the indebtedness evidenced, secured or otherwise governed by the Additional Mezzanine Loan Documents.

 

 

		4	Note to draft: The definition of Additional Mezzanine Loan in the Second Pool Purchaser Holdco Operating Agreement will be
modified to conform to the additional mezzanine loan provisions in the Senior Loan Documents and, if no such additional mezzanine
loan provisions exist, then the concept of an Additional Mezzanine Loan will be removed from the Second Pool Purchaser Holdco Operating
Agreement.

 

    	2

    	 

    

  

“Affiliate” means with
respect to any Person (i) any other Person that directly or indirectly through one or more intermediaries Controls or is Controlled
by or is under common Control with such Person and (ii) any other Person owning or controlling twenty-five percent (25%) or more
of the outstanding voting securities of, or other ownership interests in, such Person; provided that, notwithstanding the
foregoing, each of the following entities shall be deemed an Affiliate of each of the Class B Member and the Guarantors: AR Capital,
LLC, American Realty Capital IX, LLC, American Realty Capital Hospitality Special Limited Partner, LLC, American Realty Capital
Hospitality Advisors, LLC, American Realty Capital Hospitality Properties, LLC, Realty Capital Securities, LLC, Crestline Hotels
& Resorts, LLC, American Realty Capital Properties, Inc. and each of their respective Affiliates.

 

“Agreement” means this
Amended and Restated Limited Liability Company Agreement of the Company, together with the Schedules attached hereto, as it may
hereafter be amended, supplemented or otherwise modified from time to time.

 

“Allocated Amount” means,
with respect to a Property, an amount equal to the portion of the total of the Class A Member’s Initial Capital Contributions
allocated to such Property, as set forth on Schedule 1.1(a)5, which amount shall be increased from time
to time in order to reflect any additional Capital Contributions made by the Class A Member with respect to such Property.

 

“Annual Budget” means
the annual budget for the Company and its Subsidiaries (which shall include both an operating budget and a capital expenditure
budget) and each of the Properties, on an aggregate and individual Property basis, which annual budget shall set forth, on a month-by-month
basis, in reasonable detail, each line item of operating income, operating expenses and capital expenses for the applicable Budget
Year.

 

“ARC OP” means American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership.

 

“Assignee” means any
Person to whom a limited liability company interest in the Company has been Transferred in a Transfer expressly permitted hereunder
and who has not been admitted as a Substituted Member.

 

“Available Cash” means
for any period, the excess, if any, of (A) the sum of (i) the amount of all cash receipts during such period of the Company
and any Subsidiary thereof, without duplication (to the extent, in the case of amounts received by a Subsidiary, such cash is permitted
by the Senior Loan Documents to be distributed by such Subsidiary to the Company after payment of all expenses of such Subsidiary
incurred by such Subsidiary to the extent such expenses are not prohibited by this Agreement or the Senior Loan Documents (collectively
the “Permitted Subsidiary Expenses”)) and (ii) any working capital of the Company existing at the start of such
period less (B) the sum of (i) all cash amounts payable in such period on account of expenses incurred directly by the Company
in accordance with and as permitted by this Agreement (but specifically excluding sums payable to the Class B Member or any Affiliate
thereof (except for the Permitted Subsidiary Expenses) unless approved by the Class A Member or permitted hereunder), and (ii)
reserves of amounts required for the working capital, capital expenditures and future needs of the Company and its Subsidiaries,
including, without limitation, current and future property improvement plans and other franchisor requirements, as established
by the Class B Member in its reasonable determination.

 

 

		5	Note to draft: Allocated amounts to be determined in accordance with the Sale Agreement.

 

    	3

    	 

    

  

“Bad Boy Guaranty” means
that certain Bad Boy Guaranty, dated as of the date hereof, made by the Guarantors in favor of the Class A Member.

 

“Bankruptcy” means, with
respect to the affected party, (i) the entry of an order for relief under the Bankruptcy Code, (ii) the admission by such party
in writing of its inability to pay its debts as they mature, (iii) the making by it of an assignment for the benefit of creditors,
(iv) the filing by it of a petition in bankruptcy or a petition for relief under the Bankruptcy Code or any other applicable federal
or state bankruptcy or insolvency statute or any similar law, (v) the application by such party for the appointment of a receiver
for the assets of such party, (vi) the filing of an involuntary petition seeking liquidation, reorganization, arrangement or readjustment
of its debts or any other similar relief under the Bankruptcy Code or any other federal or state insolvency law that is not discharged,
stayed or dismissed within sixty (60) days or (vii) the imposition of a judicial or statutory lien on all or a substantial
part of its assets that is not discharged, stayed or dismissed within sixty (60) days. With respect to a Member, the foregoing
definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy”
set forth in Sections 18-101(1) and 18-304 of the Act.

 

“Bankruptcy Code” means
Title 11 of the United States Code, as amended.

 

“Barcelo Note” shall
mean those certain Promissory Notes in the aggregate original principal amount of $63,074,056.52, dated March 21, 2014, from ARC
OP to Barcelo Crestline Corporation.

 

“Budget Year” means,
with respect to the Fiscal Year 2014 or any Fiscal Year thereafter, the period beginning on January 1 and ending on December 31
of such year.

 

“Business Day” means
any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general business in the State
of New York.

 

“Buy/Sell Response Notice”
has the meaning set forth in Section 3.4.

 

“Capital Contribution”
when used with respect to any Member means the aggregate amount of capital contributed (including any amounts deemed contributed)
to the Company by such Member in accordance with Article 6.

 

“Capital Event” means:  (i) any
sale, transfer or other disposition or liquidation of the Properties or any portion thereof, or any direct or indirect interest
therein owned by the Company or any Subsidiary or any portion thereof (including, in each case, a foreclosure sale or deed-in-lieu
thereof); (ii) any Casualty; (iii) any Condemnation; or (iv) any refinancing of all or any of the Properties or
any direct or indirect interest therein owned by the Company or any Subsidiary or all of any of the Senior Loans.

 

“Capital Event Proceeds”
means Net Sales Proceeds, Net Disposition Proceeds and Net Financing Proceeds, collectively.

 

“Cash Management Account”
has the meaning set forth in Section 5.5.

 

    	4

    	 

    

  

“Cash Management Agreement”
means that certain Cash Management Agreement, dated as of the date hereof, among [Account Bank], the Company, and the Class
A Member, as the same may be amended, supplemented or otherwise modified from time to time with the approval of the Class
A Member.

 

“Cash Management Bank”
has the meaning set forth in Section 5.5.

 

“Casualty” means, with
respect to any Property, any fire, explosion, flood, collapse or other casualty affecting all or any portion of such Property.

 

“Certificate” means the
Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware on [_______________], 2014,
as the same may hereafter be amended and/or restated from time to time.

 

“Changeover Event” means
the occurrence of any of the following events:

 

(1)         any
failure (regardless of the availability of funds) of the Company to distribute on any Scheduled Distribution Date the full Class
A Return for the Accrual Period ending on that Scheduled Distribution Date, it being understood that if such a failure occurs,
the Class A Return Rate used to calculate any amounts then owing to the Class A Member or that become due to the Class A Member
at any time following such failure will be the Increased Rate, with the Increased Return resulting from such failure accruing interest
at the Increased Rate until paid and such additional interest being due on the next Scheduled Distribution Date; provided,
however, that with respect to each of the first two times that the Company fails to pay the Class A Return in full on
a Scheduled Distribution Date only, such failure to pay shall not constitute a Changeover Event hereunder if the Company pays such
amount in full (together with interest thereon at the Increased Rate) to the Class A Member within five (5) Business Days following
the Class A Member’s delivery of written notice to the Class B Member of such failure to pay;

 

(2)         any
failure of the Class B Member to contribute any Protective Capital to the Company or to reimburse the Class A Member for contributions
of Protective Capital made by the Class A Member, in either case within the time set forth in, and otherwise in accordance with
Section 6.2 hereof; provided that such failure of the Class B Member to contribute Protective Capital pursuant to Section
6.2(a) hereof shall not constitute a Changeover Event unless either (A) such failure is not remedied by the Class B Member within
sixty (60) days after the Class A Member’s written notice to the Class B Member of such failure or (B) if the Class A Member
funds any Protective Capital pursuant to Section 6.2(a) hereof, then the Class B Member shall have a period of sixty (60) days
following the funding of such Protective Capital to cure such default by reimbursing the full amount of such Protective Capital
(together with a return thereon at the Increased Rate) to the Class A Member;

 

    	5

    	 

    

  

(3)         the
failure (regardless of the availability of funds) of the Company or the Class B Member (a) to redeem or cause to be redeemed the
Class A Member’s Interest in full, and to pay in full the Redemption Price, on or before the Mandatory Redemption Date or
(b) to pay to the Class A Member in full the Release Payment for any Property upon the sale or other disposition of any Property
(or any direct or indirect interest therein owned by any of the Company or its Subsidiaries) or (c) to pay to the Class A Member
in full the QCR Redemption Amount in respect of any Qualified Capital Raise in accordance with the provisions hereof or (d) to
pay to the Class A Member all of the Net Financing Proceeds from the incurrence of any Additional Mezzanine Loan by the Company
or any of its Subsidiaries upon such incurrence or (e) to pay to the Class A Member all of the Capital Event Proceeds from any
other Capital Event affecting any Property ((but, in the event such Capital Event only affects certain Properties (as opposed to
all Properties), only in an amount up to the Release Payment for such Property)) upon the occurrence of such Capital Event;

 

(4)         the
failure (regardless of the availability of funds) of the Company or the Class B Member to pay the Class A Member any amounts not
described in clause (1), (2) or (3) above when due and payable hereunder unless such payment is made within ten (10) Business
Days after notice from the Class A Member that such payment is delinquent, provided, however, that interest at the
Increased Rate will accrue on any such amounts not paid when due, irrespective of the amount owed, from the day first due until
paid in full;

 

(5)         if
the Company or any Subsidiary takes any action that constitutes a breach of Section 3.1(b);

 

(6)         if
the Company fails to comply with any of the covenants in any of Sections 5.5(a), 5.6, 5.10 (unless caused by the Senior Lender’s
failure to pay taxes or insurance premiums despite there being sufficient amounts in the reserves held by the Senior Lender for
such purposes), 5.15(a), 5.17 or Schedule 5.15(a) hereof, or fails to maintain the insurance required by Section 5.7; provided,
however, that with respect to a violation or breach of any of the covenants set forth in Section 5.15(a) or Schedule
5.15(a), such violation or breach shall not constitute a Changeover Event in the event that (1) such violation or breach is
not intentional, (2) such violation or breach is immaterial, (3) such violation or breach shall be remedied in a timely and expedient
manner and in any event within not more than sixty (60) days, and (4) within fifteen (15) Business Days following the request of
the Class A Member, but not prior to the date on which such violation or breach shall have been remedied in accordance with the
immediately foregoing clause (3), the Company delivers to the Class A Member (I) a new non-consolidation opinion or (II) a modification
of a non-consolidation opinion that was previously delivered to the Class A Member to the effect that such breach or violation
shall not in any way impair, negate or adversely change the opinions rendered in such opinion, which opinion or opinion modification
and any counsel delivering such opinion or opinion modification shall be acceptable to the Class A Member in its reasonable discretion;

 

(7)         any
Prohibited Transfer occurs or if the Class B Member ceases to be Controlled, directly or indirectly, by ARC OP, or if ARC OP ceases
to be Controlled, directly or indirectly by the REIT, or if the REIT ceases to be Controlled, directly or indirectly, by AR Capital,
LLC;

 

(8)         if,
as of the third (3rd) anniversary of the Effective Date, the Company has failed to make payments to the Class A Member in respect
of its Unrecovered Capital in an amount equal to or greater than fifty percent (50%) of the Initial Capital Contributions made
by the Class A Member;

 

    	6

    	 

    

  

(9)         if,
as of the fourth (4th) anniversary of the Effective Date, the Company has failed to make payments to the Class A Member in respect
of its Unrecovered Capital in an amount equal to or greater than one hundred percent (100%) of the Initial Capital Contributions
made by the Class A Member;

 

(10)       any
representation or warranty made by the Class B Member in Section 2.10 of this Agreement or any other representation made by
the Class B Member or by any Guarantor in any other Transaction Document shall be untrue, incorrect or misleading in any material
respect on or as of the date made; provided, however, that as to any such untrue, incorrect or misleading representation or warranty
which (a) was unintentionally made to the Class A Member and (b) which can be made true and correct by action of the Class B Member,
the Class B Member shall have a period of thirty (30) days following written notice thereof to the Class B Member to undertake
and complete all action necessary to make such representation or warranty, true and correct in all material respects; provided,
further, that if the same cannot be cured within such thirty (30) day period, if the Class B Member commences to take action to
cure such breach within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, the
Class B Member shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess of an
additional ninety (90) days;

 

(11)       the
occurrence of any default in any material respect or of any material nature by the Class B Member, any Guarantor or any Affiliate
of any of them in the performance of any obligation under any of the Transaction Documents (other than any default described elsewhere
in this definition of “Changeover Event”), if such default shall continue for thirty (30) days after notice of such
default; provided, however, that if such default is a default which cannot be cured by the payment of a sum of money and is otherwise
susceptible of cure but cannot reasonably be cured within such 30-day period, and provided further that the Class B Member shall
have commenced to cure such default within such 30-day period and shall thereafter diligently and expeditiously proceed to cure
the same, such 30-day period shall be extended for such time as is reasonably necessary for the Class B Member in the exercise
of due diligence to cure such default, such additional period not to exceed ninety (90) days;

 

(12)       the
occurrence of any “event of default” (i.e., after applicable grace and cure periods, if any) arising pursuant
to any of the Senior Loan Documents or pursuant to any loan document evidencing or relating to any subsequent financing entered
into by the Company or any of its Subsidiaries, or the failure to pay the Senior Loans or any such subsequent financing at the
stated or accelerated maturity of the Senior Loans or such subsequent financing (whether such accelerated maturity occurs by declaration
of the lender or otherwise);

 

    	7

    	 

    

  

(13)       if
(a) the Company, the Class B Member, any Guarantor or any Subsidiary commences any action or proceeding for the purpose of asserting
or alleging that any provision of this Agreement or any other Transaction Document is not enforceable by the Class A Member in
accordance with its terms, or (b) it is determined by any court or other tribunal or governmental authority that any provision
of this Agreement or any Transaction Document is not in full force and effect or valid or enforceable by the Class A Member in
accordance with its terms to the extent that such provision relates to the Class A Member’s right to receive amounts otherwise
payable or due hereunder (other than to the extent such determination is that such amounts are usurious under applicable law),
the priority of any such amounts and/or the right of the Class A Member to exercise any of its rights or remedies hereunder; provided,
however, that this clause (b) shall not be applicable to the extent that such determination is made solely due to the Class
A Member’s failure, as of the Effective Date, to obtain any governmental order, consent, approval or authorization (or failure,
as of the Effective Date, to make any registration or other filing with any governmental authority) in connection with its receipt
of its Interest on the date hereof;

 

(14)       if
the Class B Member or any Guarantor shall, or shall cause or permit the Company or any of its Subsidiaries to, make an assignment
for the benefit of creditors or admit, in any legal proceeding, its inability to pay its debts as they become due or generally
not be paying its debts as they become due;

 

(15)       if
any receiver, liquidator or trustee shall be appointed for the Class B Member, any Guarantor, the Company or any Subsidiary, or
if a Bankruptcy occurs with respect to any such Person, or if any proceeding shall be instituted for the dissolution or liquidation
of any such Person or its assets;

 

(16)       intentionally
omitted;

 

(17)       a
final, non-appealable, uninsured judgment for the payment of money in excess of $5,000,000 shall be rendered against the Company
by a court of competent jurisdiction and is not satisfied in full within ten (10) days;

 

(18)       the
occurrence of a Liability Indemnification Event under a Guaranty that remains unpaid for ten (10) Business Days after written notice
thereof, provided that interest at the Increased Rate will accrue on any such amounts not paid when due, irrespective of
the amount owed, from the day first due until paid in full;

 

(19)       the
occurrence of any “event of default” (i.e., after applicable grace and cure periods, if any) arising pursuant
to any ground lease to which the Company or any Subsidiary is a party to the extent such event of default could reasonably be expected
to have a Material Adverse Effect;

 

(20)       the
occurrence of any “event of default” (i.e., after applicable grace and cure periods, if any) arising pursuant
to any franchise agreement to which the Company or any Subsidiary is a party to the extent such event of default could reasonably
be expected to have a Material Adverse Effect, if such default shall continue for sixty (60) days after notice of such default
or, if (x) such default is not reasonably susceptible of being cured within such 60-day period, (y) the Company is diligently and
continuously attempting to cure such breach and (z) such breach does not cause any imminent danger to one or more of the Properties
or of termination of such franchise agreement by the franchisor as a result of the continuation of such default without cure thereof,
such longer period as is reasonably necessary to cure such default using diligent efforts, provided that such cure period
in the aggregate shall not exceed one hundred eighty (180) days;

 

    	8

    	 

    

  

(21)       if
the Class B Member, any Guarantor or any of their respective Affiliates misappropriates the funds of the Company or any Subsidiary
or the funds of any Affiliate of the Company or otherwise commits a fraudulent act in connection with the business of the Company
or any Subsidiary or the business of any Affiliate of the Company, or if the Class B Member, any Guarantor or any of their respective
Affiliates is convicted of a felony (whether or not such felony is related to the Company or any Subsidiary) or commits an act
of dishonesty, willful misconduct or gross negligence, or breaches a fiduciary duty, in connection with the Company or any Subsidiary
or in connection with its activities as a Member (if applicable) or the performance of its duties hereunder or under any Transaction
Documents; and/or

 

(22)       if
any of the assumptions contained in any non-consolidation opinion delivered to the Class A Member in connection with its investment
in the Company, or in any other non-consolidation opinion delivered subsequently to the Class A Member’s investment in the
Company, is or becomes untrue in any material respect.

 

“Class A Interest Sale Price”
has the meaning set forth in Section 3.4.

 

“Class A Member” has
the meaning set forth in the Preamble.6

 

“Class A Member Deposit”
has the meaning set forth in Section 3.4(d).

 

“Class A Member Protective Advance”
has the meaning set forth in Section 6.2.

 

“Class A Return” means,
with respect to any Accrual Period, an amount equal to the product of (i) the weighted average outstanding Unrecovered Capital
of the Class A Member during such period multiplied by (ii) the Class A Return Rate for such Accrual Period, multiplied
by (iii) a fraction the numerator of which is the number of days in such Accrual Period and the denominator of which is 365.

 

“Class A Return Rate”
means, (i) with respect the first eighteen (18) months following the Effective Date, a rate equal to 7.50% per annum, and (ii)
thereafter, a rate equal to 8.00% per annum; provided, however, that (i) if any Changeover Event has occurred,
the Class A Return Rate applicable in calculating any Class A Return shall automatically (without any action required by the Class
A Member) increase to the Increased Rate and (ii) the rate that will accrue on any Protective Capital funded by the Class
A Member shall be the Increased Rate.

 

“Class B Interest Sale Price”
has the meaning set forth in Section 3.4.

 

“Class B Member” has
the meaning set forth in the Preamble.

 

“Class B Member Affiliate Contract”
means any contract or other agreement between or among the Company and/or any Subsidiary, on the one hand, and the Class B Member,
any Guarantor or any of their respective Affiliates, on the other hand, regardless of whether there are other Persons party to
such contract or other agreement.

 

 

		6	Note to draft: Second Pool Purchaser Holdco Operating Agreement to further provide: “With
respect to any matter which requires the consent or approval of the Class A Member hereunder or under the other Transaction Documents,
[W2007 Equity Inns Partnership, L.P.] shall have the sole and exclusive power and authority to vote on behalf of and to bind all
Persons constituting the Class A Member with respect to such matter.”

 

    	9

    	 

    

  

“Class B Member Deposit”
has the meaning set forth in Section 3.4(h).

 

“Code” means the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder, or any corresponding provision(s) of succeeding law
and/or regulation.

 

“Collateral” means all
tangible and intangible property in respect of which a security interest or pledge is granted under the Senior Loan Documents.

 

“Company” means ARC Hospitality
Portfolio I Holdco, LLC, a Delaware limited liability company, as said company from time to time hereafter may be constituted;
unless the context clearly requires otherwise, all references herein to the “Company” include the Company and each
Subsidiary.

 

“Company Assets” means
all right, title and interest of the Company in and to all or any portion of the assets of the Company and any property (real,
personal, tangible or intangible) or estate acquired in exchange therefor or in connection therewith.

 

“Condemnation” means
any taking or voluntary conveyance during the term hereof of all or any part of any Property or any interest therein or right accruing
thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental
Authority, whether or not the same shall actually have been commenced.

 

“Contingent Obligation”
means any obligation of any Subsidiary or the Company directly or indirectly guaranteeing any indebtedness or other obligation
of any other Person in any manner.

 

“Control”, when used
with respect to any Person, means the power to direct the management and policies of such Person, directly or through one or more
intermediaries, whether through the ownership of voting securities, by contract or otherwise (including through any external management
arrangements), and the terms “Controlling” and “Controlled” have meanings correlative to
the foregoing.

 

“Delaware Court” has
the meaning set forth in Section 12.9.

 

“Deposit” has the meaning
set forth in Section 3.4(d).

 

“Effective Date” means
the date of this Agreement set forth in the introductory paragraph hereto.

 

“Election Notice” has
the meaning set forth in Section 3.4(a).

 

“Environmental Claim”
means any written notice, claim, proceeding, investigation, demand or other communication by any Person or Governmental Authority
alleging or asserting liability with respect to any Subsidiary or any Property arising out of, based on or resulting from (i) the
presence, use or release of any Hazardous Substance, (ii) any fact, circumstance, condition or occurrence forming the basis
of any violation, or alleged violation, of any Environmental Law, or (iii) any alleged injury or threat of injury to property,
health or safety or to the environment caused by Hazardous Substances.

 

    	10

    	 

    

  

“Environmental Indemnity Agreement”
means that certain Environmental Indemnity Agreement, dated as of the date hereof, by the Guarantors for the benefit of the Class
A Member.

 

“Environmental Laws”
has the meaning assigned to such term in the Environmental Indemnity Agreement.

 

“Equity Members” means
the Class B Member and the Class A Member.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

“ERISA Affiliate,” at
any time, means each trade or business (whether or not incorporated) that would, at the time, be treated together with the Company
or any of its Subsidiaries as a single employer under Title IV or Section 302 of ERISA or Section 412 of the Code.

 

“Executive Order” has
the meaning set forth in Schedule 5.15(b).

 

“Existing LLC Agreement”
has the meaning set forth in the Recitals.

 

“First Mezzanine Borrower”
has the meaning set forth in the Recitals.

 

“First Mezzanine Lender”
means the holder(s), from time to time, of the First Mezzanine Loan.

 

“First Mezzanine Loan”
means that certain loan in the original principal amount of $111,000,000 made by German American Capital Corporation, as the original
First Mezzanine Lender, to WNT Mezz I, LLC, a Delaware limited liability company, which is the predecessor-in-interest to the First
Mezzanine Borrower.7

 

“First Mezzanine Loan Agreement”
means that certain Mezzanine Loan Agreement, dated as April 11, 2014, between WNT Mezz I, LLC, a Delaware limited liability company,
as the original borrower, and German American Capital Corporation, as the original Mezzanine Lender, [as amended by that certain
Assumption Agreement, dated as of the date hereof, by and between First Mezzanine Borrower and First Mezzanine Lender,] as the
same may be amended, supplemented or modified from time to time.8

 

“First Mezzanine Loan Documents”
means the First Mezzanine Loan Agreement, the notes, pledges, environmental indemnities, guarantees and all other agreements, instruments
or documents relating to, evidencing or securing the First Mezzanine Loan including those documents listed on Schedule 1.1(c),
as any of the foregoing may be amended, supplemented or modified from time to time.9

 

 

		7	Note to draft: Description in First Pool Purchaser Holdco Operating Agreement to be modified
at closing to account for interim amendments. Second Pool Purchaser Holdco Operating Agreement to include description of applicable
mezzanine loan. 

		8	Note to draft: Description in First Pool Purchaser Holdco Operating Agreement to be modified
at closing to account for interim amendments. Second Pool Purchaser Holdco Operating Agreement to include description of applicable
mezzanine loan agreement. 

		9	Note to draft: First Pool Purchaser Holdco Operating Agreement to include schedule of the mezzanine
loan documents included in Schedule 4 to the Sale Agreement, as such documents may be amended prior to and on the Effective Date.
Second Pool Purchaser Holdco Operating Agreement to include description of applicable mezzanine loan documents. 

 

    	11

    	 

    

  

“First Mezzanine Loan Obligations”
means the indebtedness evidenced, secured or otherwise governed by the First Mezzanine Loan Documents.

 

“Fiscal Year” means the
fiscal year of the Company, which shall be the calendar year; but upon termination of the Company, “Fiscal Year” shall
mean the period from the end of the last preceding Fiscal Year to the date of such termination.

 

“Fundamental Decision”
has the meaning set forth in Section 3.3(g).

 

“Governmental Authority”
means any court, board, agency, commission, office or authority of any nature whatsoever of or for any governmental unit (federal,
state, county, district, municipal, city or otherwise), whether now or hereafter in existence.

 

“GS Group” means The
Goldman Sachs Group, Inc., a Delaware corporation, together with its successors and assigns by merger, consolidation and/or sale
of all or substantially all of its assets.

 

“Guarantees” means, collectively,
the Mandatory Redemption Guaranty and the Bad Boy Guaranty and “Guaranty” shall mean either of them.

 

“Guarantors” means each
of [____________], ARC OP and REIT.10

 

“Hazardous Substances”
has the meaning assigned to such term in the Environmental Indemnity Agreement.

 

“Increased Rate” means
a rate per annum calculated on a cumulative basis and compounded monthly if not paid currently, equal to the sum of (i) the then-applicable
Class A Return Rate plus (ii) five percent (5%).

 

“Increased Return” means
any amount paid or due and payable to the Class A Member as a result of an increase in the Class A Return Rate to the Increased
Rate.

 

 

		10	Note to draft: The Guarantors in addition to ARC OP and REIT will be the “Additional Guarantor” under Section 2.4.1
of the Sale Agreement, unless Whitehall has provided the Whitehall Guarantees, in which case, the Additional Guarantor shall instead
be replaced hereunder by the four individual signatories to the Supplemental Agreement entered into concurrently with the Sale
Agreement (which guarantors shall be subject to replacement on the same terms as set forth in the Senior Loan Documents, including
the release of the Additional Guarantor or such individual guarantors, as applicable, from all liability under their guarantees
if the remaining guarantor(s) meet the net worth requirement).

 

    	12

    	 

    

  

“Indebtedness” of a Person,
at a particular date, means the sum (without duplication) at such date of (a) indebtedness or liability for borrowed money; (b)
obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price
of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance
facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business), and other
contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure
a creditor against loss; and (g) obligations secured by any Liens voluntarily granted on such Person’s property, whether
or not the obligation have been assumed by such Person.

 

“Initial Class B Member Deposit”
has the meaning set forth in Section 3.4(c).

 

“Insurance Requirements”
means, collectively, (i) all material terms of any insurance policy required pursuant to this Agreement and (ii) all material regulations
and then-current standards applicable to or affecting any Property or any part thereof or any use or condition thereof, which may,
at any time, be recommended by the Board of Fire Underwriters, if any, having jurisdiction over any Property, or such other body
exercising similar functions.

 

“Interest” means, with
respect to any Member, the entire limited liability company interest of that Member in the Company, including the right of such
Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of
such Member to comply with all the terms and provisions of this Agreement.

 

“Investment Company Act”
has the meaning set forth in Section 2.11(c).

 

“IRS” means the Internal
Revenue Service and any successor agency or entity thereto.

 

“Legal Requirements”
means:

 

(i)          all
governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities
affecting the Company, any Guarantor, any Subsidiary, the Class B Member or any Property or any part thereof or the construction,
ownership, use, alteration or operation thereof or any part thereof (whether now or hereafter enacted and in force),

 

(ii)         all
permits, licenses and authorizations and regulations relating thereto, and

 

(iii)        all
covenants, conditions and restrictions contained in any instruments at any time in force (whether or not involving Governmental
Authorities) affecting any Property or any part thereof which, in the case of this clause (iii), require repairs, modifications
or alterations in or to any Property or any part thereof, or in any material way limit or restrict the existing use and enjoyment
thereof.

 

“Liability Indemnification Event”
means any event or occurrence that entitles the Class A Member to a payment under a Guaranty.

 

    	13

    	 

    

  

“Lien” means any mortgage,
deed of trust, lien (statutory or other), pledge, hypothecation, assignment, preference, priority, security interest, or any other
encumbrance or charge on or affecting any Collateral or any portion thereof, or any interest therein (including, without limitation,
any conditional sale or other title retention agreement, any sale-leaseback, any financing lease having substantially the same
economic effect as any of the foregoing, the filing of any financing statement or similar instrument under the Uniform Commercial
Code or comparable law of any other jurisdiction, domestic or foreign, and mechanics’, materialmen’s and other similar
liens and encumbrances).

 

“Lockout Expiration Date”
has the meaning set forth in Section 9.2.

 

“Managing Member” means,
initially, the Class B Member, provided, that if for any reason the Class B Member ceases to be the Managing Member pursuant
to the terms hereof, the term “Managing Member” shall thereafter mean the Class A Member or such other Person as may
be so designated by the Class A Member in its sole discretion. The Managing Member is hereby designated as a “manager”
of the Company within the meaning of Section 18-101(10) of the Act.

 

“Mandatory Redemption Date”
means the earlier of (i) the date on which a Changeover Event first occurs, and (ii) the ninetieth (90th) day following the stated
maturity date of the Senior Loans (as the same may be extended in accordance with the terms of the Senior Loan Documents pursuant
to the extension options set forth therein as of the date hereof).

 

“Mandatory Redemption Guaranty”
means that certain Mandatory Redemption Guaranty, dated as of the date hereof, made by the Guarantors in favor of the Class A Member.

 

“Material Adverse Effect”
means a material adverse effect on (i) the use, operation, financial performance or prospects or value of the Company and
its Subsidiaries taken as a whole or of the Properties taken as a whole, (ii) the current or future financial position or
results of operations or business of the Company and its Subsidiaries taken as a whole, (iii) the ability of the Class A Member
to enforce any Transaction Document or (iv) the ability of the Company, any Guarantor or the Class B Member to perform its
obligations under any Transaction Document.

 

“Member” means each of
the Class B Member, the Class A Member and the Company’s Special Member and any additional Persons hereafter admitted as
a member of the Company in accordance with the provisions of this Agreement, for so long as such Person shall be a member of the
Company and any transferee of such Person permitted hereunder and admitted as a member of the Company in accordance with Section
9.5, and “Members” shall mean such Persons, collectively.

 

“Mortgage Borrower” has
the meaning set forth in the Recitals.

 

“Mortgage Lender” means
the holder(s), from time to time, of the Mortgage Loan.

 

“Mortgage Loan” means
that certain loan in the original principal amount of $865,000,000 made by German American Capital Corporation, as the original
Mortgage Lender, to W2007 Equity Inns Realty, LLC, a Delaware limited liability company, and W2007 Equity Inns Realty, L.P., a
Delaware limited partnership, as the original mortgage borrowers, which are the predecessors-in-interest to the Mortgage Borrower.
11

 

 

		11	Note to draft: Description in First Pool Purchaser Holdco Operating Agreement to be modified at closing to account for interim
amendments. Second Pool Purchaser Holdco Operating Agreement to include description of applicable mortgage loan.

 

    	14

    	 

    

  

“Mortgage Loan Agreement”
means that certain Loan Agreement, dated as of April 11, 2014, among the original W2007 Equity Inns Realty, LLC, a Delaware limited
liability company, and W2007 Equity Inns Realty, L.P., a Delaware limited partnership, as the original mortgage borrowers, and
German American Capital Corporation, as the original Mortgage Lender, [as amended by that certain Assumption Agreement, dated as
of the date hereof, by and among Mortgage Borrower, TRS and Mortgage Lender], as the same may be subsequently amended, supplemented
or modified from time to time.12

 

“Mortgage Loan Documents”
means the Mortgage Loan Agreement, the notes, mortgages, deeds of trust, assignments of leases, pledges, environmental indemnities,
guarantees and all other agreements, instruments or documents relating to, evidencing or securing the Mortgage Loan including those
documents listed on Schedule 1.1(b), as any of the foregoing may be amended, supplemented or modified from time to
time.13

 

“Mortgage Loan Obligations”
means the indebtedness evidenced, secured or otherwise governed by the Mortgage Loan Documents.

 

“Net Disposition Proceeds”
means Casualty or Condemnation proceeds not applied to restoring, repairing, replacing or rebuilding one or more Properties or
retained by the Senior Lender under the Senior Loan Documents.

 

“Net Financing Proceeds”
has the meaning set forth in Section 8.2(b).

 

“Net Sale Proceeds” has
the meaning set forth in Section 8.2(a).

 

“New York Court” has
the meaning set forth in Section 12.9.

 

“Offer Price” has the
meaning set forth in Section 3.4.

 

 

		12	Note to draft: Description in First Pool Purchaser Holdco Operating Agreement to be modified at closing to account for interim
amendments. Second Pool Purchaser Holdco Operating Agreement to include description of applicable mortgage loan agreement.

		13	Note to draft: First Pool Purchaser Holdco Operating Agreement to include schedule of the mortgage loan documents included
in Schedule 4 to the Sale Agreement, as such documents may be amended prior to and on the Effective Date. Second Pool Purchaser
Holdco Operating Agreement to include description of applicable mortgage loan documents.

 

    	15

    	 

    

  

“Organizational Document”
means with respect to any Person (i) in the case of a corporation, such Person’s certificate of incorporation and by-laws,
and any shareholder agreement, voting trust or similar arrangement applicable to any of such Person’s authorized shares of
capital stock or the holders thereof, (ii) in the case of a limited partnership, such Person’s certificate of limited partnership,
limited partnership agreement and any voting trusts or similar arrangements applicable to its partners or any of its partnership
interests, (iii) in the case of a limited liability company, such Person’s certificate of formation or certificate of
organization, limited liability company agreement and any other document affecting the rights or duties of managers or holders
of limited liability company interests or (iv) in the case of any other legal entity, such Person’s organizational documents
and all other documents establishing or affecting the duties or rights of holders of equity interests in such Person.

 

“Percentage Interest”
means, with respect to any Member, initially, the percentage following such Member’s name on Schedule 6.1.

 

“Permitted Transfer”
has the meaning assigned to it in Section 9.1(a).

 

“Person” means any individual,
partnership, corporation, limited liability company, trust or other legal entity.

 

“Plan” means an employee
benefit plan (i) which is maintained for employees of Company or its Subsidiaries or any ERISA Affiliate and which is subject
to Title IV of ERISA or (ii) with respect to which Company or its Subsidiaries or any ERISA Affiliate could be subjected to
any liability under Title IV of ERISA (including Section 4069 of ERISA).

 

“Plan Assets” means assets
of any Plan, including any employee benefit plan subject to Part 4, Subtitle A, Title I of ERISA.

 

“Prohibited Person” has
the meaning set forth in Schedule 5.15(b).

 

“Prohibited Transfer”
means (i) any violation of Section 5.17 hereof, and (ii) any Transfer of the Class B Member’s Interest or any direct
or indirect equity interest in the Class B Member in violation of the terms hereof.

 

“Properties” means the
land and improvements at the locations set forth on Schedule A hereto and “Property” means the land
and improvements at each such location, along with all personal property relating thereto and owned or controlled by the Mortgage
Borrower or TRS (including, without limitation, the operating leases held by TRS).

 

“Property Management Agreements”
means, collectively, each agreement to manage one or more of the Properties between the Company or a Subsidiary and a Property
Manager; provided that each such agreement (together with any modification thereto) must be approved by the Class A Member
(which approval shall not be unreasonably withheld, delayed or conditioned) unless (i) such agreement has been approved by the
Senior Lender pursuant to the terms of the Senior Loan Documents or otherwise conforms with the terms of the Senior Loan Documents
and (ii) if such agreement constitutes a Class B Member Affiliate Contract, such agreement is terminable by the Class A Member
following the declaration of a Changeover Event without payment of any termination or similar fee (which termination right may
be documented in a separate subordination, non-disclosure and attornment agreement with the Class A Member); provided, further,
that if the Senior Lender receives a subordination or other agreement from the manager and/or any sub-manager, then such manager
and/or sub-manager shall have entered into an agreement for the benefit of the Class A Member in substantially the same form and
substance as the subordination or other agreement provided to the Senior Lender.

 

    	16

    	 

    

  

“Property Manager” means
each manager of a Property appointed by the Company or a Subsidiary provided that each such manager must be approved by
the Class A Member (which approval shall not be unreasonably withheld, delayed or conditioned) unless such appointment (i) has
been approved by the Senior Lender pursuant to the terms of the Senior Loan Documents or otherwise complies with the terms of the
Senior Loan Documents and (ii) the agreement with such manager complies with the terms set forth in the definition of “Property
Management Agreements” above.

 

“Protective Capital”
has the meaning set forth in Section 6.2.

 

“Qualified Capital Raise”
means the issuance of interests in the REIT or any subsidiary of the REIT (excluding any such issuance completed on or prior to
the Effective Date and in respect of amounts due under the Sale Agreement as of the Effective Date).

 

“QCR Redemption Amount”
means, with respect to each Qualified Capital Raise, [thirty-five] 14percent ([35]%) of the gross amount
of proceeds received by the issuer from such Qualified Capital Raise after the earlier to occur of (a) the date of the repayment
in full of the Barcelo Note, and (b) the date the gross amount of proceeds received by the issuer with respect to Qualified Capital
Raises exceeds $100,000,000; provided, however, that in no event shall the aggregate QCR Redemption Amounts payable
to the Class A Member exceed [$350,000,000]14 during any twelve-month period.

 

“Recognition Agreements”
means, collectively, (i) that certain Recognition Agreement, dated as of [_______________], 2014, by and among Mortgage Lender,
Mortgage Borrower, TRS and the Class A Member, (ii) that certain Mezzanine Recognition Agreement, dated as of [_______________],
2014, by and among First Mezzanine Lender, First Mezzanine Borrower and the Class A Member, and (iii) any recognition agreement
hereafter entered into by the Class A Member with respect to any Additional Mezzanine Loan.16

 

 

		14	Note to draft: First Pool Purchaser Holdco Operating Agreement to include amount equal to (i) 35 multiplied by (ii) a fraction
(expressed as a percentage), the numerator of which is the dollar value of the units issued by the First Pool Purchaser Holdco
to its Class A Member at closing and the denominator of which is the dollar value of all units issued by the First Pool Purchaser
Holdco and the Second Pool Purchaser Holdco to their respective Class A Members in the aggregate. Second Pool Purchaser Holdco
Operating Agreement to include an amount equal to (i) 35 less (ii) the amount included in the First Pool Purchaser Holdco Operating
Agreement per the preceding sentence.

		15	Note to draft: First Pool Purchaser Holdco Operating Agreement to include amount equal to (i) $350 million multiplied by (ii)
a fraction (expressed as a percentage), the numerator of which is the dollar value of the units issued by the First Pool Purchaser
Holdco to its Class A Member at closing and the denominator of which is the dollar value of all units issued by the First Pool
Purchaser Holdco and the Second Pool Purchaser Holdco to their respective Class A Members in the aggregate. Second Pool Purchaser
Holdco Operating Agreement to include an amount equal to (i) $350 million less (ii) the amount included in the First Pool Purchaser
Holdco Operating Agreement per the preceding sentence.

		16	Note to draft: Second Pool Purchaser Holdco Operating Agreement to be revised to include description of relevant Recognition
Agreements entered into at closing or, if there are no Recognition Agreements in place, to define Recognition Agreements to mean
“collectively, any recognition agreement entered into by the Class A Member with respect to any Senior Loan.”

 

    	17

    	 

    

  

“Redemption Price” means,
as of any date, an amount equal to the sum of (i) the Unrecovered Capital as of such date plus (ii) the accrued
and unpaid Class A Return as of such date plus (iii) any other amounts then due or payable to the Class A Member hereunder
or under the other Transaction Documents.

 

“Redemption Right” has
the meaning set forth in Section 8.3.

 

“REIT” means American
Realty Capital Hospitality Trust, Inc., Maryland corporation.

 

“Related Person” means
with respect to any Person (i) an Affiliate of such Person, (ii) any officer, director, employee, agent, representative,
shareholder, partner, member, manager, beneficial owner, servant, contractor or subcontractor of such Person or any Affiliate of
such Person and (iii) any Person who controls any of the foregoing.

 

“Release Payment” means,
with respect to the sale or other disposition of any Property, or any direct or indirect interest owned therein by the Company
or any Subsidiary, (i) 110% of the aggregate Allocated Amount for such Property less (ii) the amount of any distributions
in respect of the Unrecovered Capital of the Class A Member that were previously made to the Class A Member with Net Sale Proceeds,
Net Disposition Proceeds and/or Net Financing Proceeds from such Property.

 

“Sale Agreement” has
the meaning set forth in the Recitals.

 

“Scheduled Distribution Date”
means in any calendar month the first (1st) day of such month or, if such day is not a Business Day, the immediately succeeding
Business Day; provided, however, that in the event the payment date under the Senior Loan Documents should be hereafter
modified, the Scheduled Distribution Date shall also be modified so that the Scheduled Distribution Date hereunder is also the
payment date under the Senior Loan Documents.

 

“Scheduled Redemption Notice”
has the meaning set forth in Section 5.5.

 

“Securities Act” has
the meaning set forth in Section 2.11(c).

 

“Sellers” has the meaning
set forth in the Recitals.

 

“Senior Lender” means,
individually or collectively as the context may require, Mortgage Lender, First Mezzanine Lender and each Additional Mezzanine
Lender.17

 

“Senior Loans” means,
individually or collectively as the context may require, the Mortgage Loan, the First Mezzanine Loan and each Additional Mezzanine
Loan.18

 

 

		17	Note to draft: If financing for the Second Pool Assets is not obtained at closing, then the definition of Senior Lender in
the Second Pool Purchaser Holdco Operating Agreement will be revised to mean “with respect to any Senior Loan, the holder(s),
from time to time, of such Senior Loan.”

		18	Note to draft: If financing for the Second Pool Assets is not obtained at closing, then the definition of Senior Loans in the
Second Pool Purchaser Holdco Operating Agreement will be revised to mean “any indebtedness for borrowed money incurred by
the Company or any of its Subsidiaries in accordance with the terms of this Agreement.”

 

    	18

    	 

    

  

“Senior Loan Documents”
means, individually or collectively as the context may require, the Mortgage Loan Documents, the First Mezzanine Loan Documents
and the Additional Mezzanine Loan Documents. 19

 

“Senior Obligations”
means, individually or collectively as the context may require, the Mortgage Loan Obligations, the First Mezzanine Loan Obligations
and the Additional Mezzanine Loan Obligations.20

 

“Significant Decision”
has the meaning set forth in Section 3.6.

 

“Special Form” has the
meaning set forth in Section 5.7(a).

 

“Special Member” means
(i) with respect to the Company, the individual appointed and admitted as a Special Member in accordance with Section 2.7, who
initially is [Special Member], (ii) with respect to the Class B Member, the individual appointed and admitted as a special
member of the Class B Member in accordance with the terms hereof, and (iii) with respect to each Subsidiary, the individuals appointed
and admitted as independent managers or independent directors of such Subsidiary in accordance with the terms hereof. The Special
Member of the Company shall only have those rights and duties expressly set forth in this Agreement.

 

“Subsidiary” means First
Mezzanine Borrower, Mortgage Borrower, TRS, [Name of Liquor Subsidiaries] and any other entity in which the Company holds
any ownership interest, whether directly or through one or more other Persons.

 

“Substituted Member”
means any Person admitted to the Company as a Member pursuant to the provisions of Section 9.5.

 

“Transaction Documents”
means collectively, this Agreement, the Environmental Indemnity Agreement, the Guarantees, the Cash Management Agreement, the Recognition
Agreements, the certificate of formation and limited liability company agreement of each Subsidiary and each other instrument,
agreement or certificate delivered by the Class B Member, any Guarantor or any Affiliate of any of them concurrently herewith or
hereafter to or for the benefit of the Class A Member or any of its Affiliates in connection with this Agreement.

 

 

		19	Note to draft: If financing for the Second Pool Assets is not obtained at closing, then the definition of Senior Loan Documents
in the Second Pool Purchaser Holdco Operating Agreement will be revised to mean “with respect to each Senior Loan, the loan
agreement evidencing such Senior Loan, the notes, deeds of trusts, mortgages, assignments of leases and rents, pledges, environmental
indemnities, guarantees and all other agreements, instruments or documents relating to, evidencing or securing such Senior Loan,
as any of the foregoing may be amended, supplemented or modified from time to time.”

		20	Note to draft: If financing for the Second Pool Assets is not obtained at closing, then the definition of Senior Obligations
in the Second Pool Purchaser Holdco Operating Agreement will be revised to mean “the indebtedness evidenced, secured or otherwise
governed by the Senior Loan Documents.”

 

    	19

    	 

    

  

“Transfer” means, with
respect to the Interest of any Member or the interests of the Company in any Subsidiary, any of the Properties or any other asset,
any transfer, sale, pledge, hypothecation, encumbrance, assignment or other disposition, directly or indirectly (including of any
interest in a Member or through any one or more intermediaries), of all or any portion of such asset or other asset or any right
to receive proceeds therefrom (whether voluntarily, involuntarily, by operation of law or otherwise).

 

“Treasury Regulations”
means the regulations promulgated under the Code, as such regulations are in effect on the date hereof.

 

“TRS” has the meaning
set forth in the Recitals.

 

“Unrecovered Capital”
means, as of any date, with respect to the Class A Member an amount (but not less than zero) equal to the excess of (a) the aggregate
amount of the Class A Member’s Capital Contributions theretofore made pursuant to Article 6 over (b) the sum of the aggregate
amount theretofore distributed to the Class A Member as a return of capital pursuant to Article 8. Amounts distributed or paid
to the Class A Member as a Class A Return, an Increased Return or indemnification for Damages will not be considered a “return
of capital”. As of the date hereof, the Class A Member’s Unrecovered Capital is equal to the amount set forth in Schedule 6.1
opposite its name.

 

“Whitehall Parallel”
means Whitehall Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership, together with its successors
and assigns by merger, consolidation and/or sale of all or substantially all of its assets.

 

“Whitehall Street” means
Whitehall Street Global Real Estate Limited Partnership 2007, a Delaware limited partnership, together with its successors and
assigns by merger, consolidation and/or sale of all or substantially all of its assets.

 

“Whitehall Guarantees” means,
collectively, the guarantees and indemnities provided by Whitehall Street and/or Whitehall Parallel in connection with the Senior
Loans.

 

1.2           Terms
Generally. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)          the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article, Section or other subdivision;

 

(b)          the
words “including” and “include” and other words of similar import shall be deemed to be followed
by the phrase “without limitation”; and

 

(c)          references
herein to a “Schedule” are to one of the Schedules attached to this Agreement and references to an Article or a Section
are to one of the Articles or Sections of this Agreement. Each Schedule attached hereto and referred to herein is hereby incorporated
herein by reference.

 

    	20

    	 

    

  

ARTICLE
2

THE COMPANY AND ITS BUSINESS

 

2.1           Members;
Continuation of the Company. Each of the Class A Member and the Special Member are hereby admitted to the Company as members.
As a result of such admission, the members of the Company shall be the Class B Member, the Class A Member and the Company’s
Special Member. Each of the Members hereby agrees to continue the Company in accordance with the terms hereof and pursuant to
the Act.

 

2.2           Company
Name. The business of the Company shall be conducted under the name of “ ARC Hospitality Portfolio I Holdco, LLC”
in the State of Delaware and under such name or such assumed names as the Managing Member deems necessary or appropriate to comply
with the requirements of any other jurisdiction in which the Company may be required to qualify.

 

2.3           Term.
The term of the Company commenced with the filing of the Certificate with the Secretary of State of the State of Delaware on [_______________],
2014 and shall continue in full force and effect perpetually unless the Company is dissolved as hereinafter provided.

 

2.4           Filing
of Amendments to the Certificate. Each of the Members hereby agrees to execute and file any required amendments to the Certificate
and to do or cause to be done all other acts requisite for the continuation of the Company as a limited liability company pursuant
to the laws of the State of Delaware or any other applicable law.

 

2.5           Purpose.
The Company is formed solely for the purpose of owning, operating managing, selling, financing and otherwise dealing with the
Properties through the Subsidiaries. The Company may engage in any and all activities necessary or incidental to the foregoing.
Notwithstanding anything contained herein to the contrary, the Company may not engage in any business, and may not have any purpose,
unrelated to the Properties and may not acquire or own any real property or other assets other than those related to the ownership
of the Properties through the Subsidiaries and the proceeds thereof (e.g., cash distributions received from the Subsidiaries).

 

2.6           Principal
Office; Registered Agent. The principal office of the Company will be [__________________]. The Company may change its place
of business to such location or locations in the United States as may at any time or from time to time be designated by the Managing
Member and approved by the Class A Member. The mailing address of the Company will be [__________________], or such other address
as may be selected from time to time by the Managing Member. The Company shall maintain a registered office at [__________________].
The name and address of the Company’s registered agent is [__________________].

 

    	21

    	 

    

  

2.7          Classes
of Members.

 

(a)          The
Company shall have three classes of Members: a Class A Member and a Class B Member (collectively defined herein as “Equity
Members”) and a special non-economic Member (defined herein as the “Special Member”). For so long
as any of the Senior Loans remains outstanding and the Class A Member has not been fully redeemed, the Company at all times shall
have at least one Special Member who shall be a natural person appointed by the Class A Member and who Class A Member may confirm
shall not have been at the time of appointment as Special Member, shall not thereafter become and shall not have been at any time
during the five years preceding appointment (i) a member, manager or director (other than an “independent director”
or “special member”) of, or an officer or employee of, the Company, any Member or any of their respective members,
managers, investors or Affiliates, (ii) a customer of, supplier or service provider (including a provider of professional services)
to, the Company, any Member, or any of their respective members, managers, investors or Affiliates such that such individual’s
annual revenues derived from the Company, any Member, and their respective members, managers, investors or Affiliates exceeded
5% of such individual’s annual revenues for any of the preceding three years, (iii) a Person Controlling or under common
Control with any of the Persons described in the foregoing clauses (i) or (ii), or (iv) a member of the immediate family of any
such member, manager, director, officer, employee, supplier or customer or a member of the immediate family of any other member
or manager described in the foregoing clauses (i) or (ii). Upon the occurrence of any event that causes the Special Member to cease
to be a member of the Company, a new Special Member shall be appointed forthwith by the Class A Member, and no decision stated
in this Agreement as requiring the consent of the Special Member shall be taken in the interim period until a new Special Member
is appointed. No resignation or removal of a Special Member, and no appointment of a successor Special Member, shall be effective
until such successor shall have accepted his or her appointment as a Special Member by a written instrument in which he or she
agrees to be bound by all of the terms and conditions of this Agreement applicable to the Special Member. All right, power and
authority of the Special Member shall be limited to the extent necessary to exercise those rights and perform those duties specifically
set forth in this Agreement as being the responsibility of the Special Member. No Special Member shall at any time serve as trustee
in bankruptcy for any Affiliate of the Company.

 

(b)          The
Equity Members will be the only Members of the Company that have any interest in the profits, losses or capital of the Company.
Except for the rights specifically granted to the Special Member in this Agreement, the Equity Members will be the only members
of the Company with any voting or management rights.

 

(c)          The
Special Member agrees to remain independent from the Equity Members and perform its obligations under this Agreement, agrees to
be a Member of the Company for the limited purposes provided herein and to perform its obligations as the Special Member hereunder,
and the Company and the Equity Members agree that the Special Member will be a Member of the Company only for such limited purposes.
The Company, the Equity Members and the Special Member agree that the Special Member: (a) in accordance with Section 18-301 of
the Act: (i) will not make, and will not be obligated to make, a contribution to the Company, and (ii) will not own, and will not
be obligated to acquire, an Interest in the Company and (b) will have no management, approval, voting, consent or veto rights in
the Company, other than to the extent that its affirmative vote, approval or consent is required for the Company or the Equity
Members to perform certain acts or take certain actions as expressly provided in this Agreement. The Special Member may not bind
the Company.

 

(d)          The
limited liability company interests issued to the Equity Members pursuant to this Agreement have been duly authorized and are validly
issued limited liability company interests in the Company.

 

    	22

    	 

    

  

2.8          Names
and Addresses of the Members.

 

The names and addresses for notices of the
Equity Members are as follows:

 

Class A Member:

c/o Goldman Sachs Realty Management, L.P.

6011 Connection Drive

Irving, TX 75039

Attn: Greg Fay

Facsimile No.: (972) 368-3699

Telephone No.: (972) 368-2743

 

with copies to:

 

Whitehall Street Global Real Estate Limited Partnership
2007

c/o Goldman, Sachs & Co.

200 West Street

New York, NY 10282

Attn: Chief Financial Officer

Facsimile No.: (212) 357-5505

Telephone No.: (212) 902-5520

 

and to:

 

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Attn: Anthony J. Colletta, Esq.

Facsimile No.: (212) 291-9029

Telephone No.: (212) 558-4608

 

Class B Member:

 

[__________________]

[__________________]

[__________________]

Attn: [__________________]

Facsimile No.: [__________________]

Telephone No.: [__________________]

 

with copies to:

 

[__________________]

[__________________]

[__________________]

Attn: [__________________]

Facsimile No.: [__________________]

Telephone No.: [__________________]

 

    	23

    	 

    

  

and to:

 

[__________________]

[__________________]

[__________________]

Attn: [__________________]

Facsimile No.: [__________________]

Telephone No.: [__________________].

 

2.9           Authorized
Persons. [__________________], is hereby designated as an “authorized person” within the meaning of the Act, and
has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware.
Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his (or her) powers as an
“authorized person” ceased, and the Managing Member thereupon became the designated “authorized person”
and shall continue as the designated “authorized person” within the meaning of the Act. The Managing Member shall
execute, deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to
qualify to do business in any jurisdiction in which the Company may wish to conduct business. Any actions taken by any of the
foregoing persons in connection with the execution, delivery or filing of the Certificate with the Secretary of State of the State
of Delaware or the qualification of the Company or the Subsidiaries to do business or any other action relating thereto is hereby
ratified, confirmed and approved by the Members as having been authorized by the Company.

 

2.10       Representations
by the Class B Member. The Class B Member represents, warrants and agrees to and for the benefit of the Class A Member that,
as of the Effective Date:

 

(a)          it
is a corporation, a limited liability company or partnership, as the case may be, duly organized or formed and validly existing
and in good standing under the laws of the state of its organization or formation; it has all requisite corporate, limited liability
company or partnership power and authority to enter into this Agreement, to acquire and hold its Interest and to perform its obligations
hereunder; and the execution, delivery and performance of this Agreement and each other Transaction Document to which it is a party
has been duly authorized by all necessary corporate, limited liability company or partnership action;

 

(b)          its
execution and delivery of this Agreement and each other Transaction Document to which it is a party and the performance of its
obligations hereunder and thereunder will not conflict with, result in a breach of or constitute a default (or any event that,
with notice or lapse of time, or both, would constitute a default) or result in the acceleration of any obligation under any of
the terms, conditions or provisions of any other agreement or instrument to which it is a party or by which it is bound or to which
any of its property or assets are subject, conflict with or violate any of the provisions of its Organizational Documents, or violate
any statute or any order, rule or regulation of any court or governmental or regulatory agency, body or official, in any manner
that would adversely affect the performance of its duties hereunder; such Member has obtained any consent, approval, authorization
or order of any court or governmental agency or body required for the execution, delivery and performance by such Member of its
obligations hereunder and thereunder;

 

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(c)          there
is no action, suit or proceeding pending against the Class B Member or, to its knowledge, threatened in any court or by or before
any other governmental agency or instrumentality that would prohibit its entering into or performing its obligations under this
Agreement or any other Transaction Document;

 

(d)          this
Agreement and each other Transaction Document to which it is a party is a binding agreement on the part of the Class B Member enforceable
against the Class B Member in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights;

 

(e)          each
of the Company and each of the Subsidiaries has filed, or caused to be filed, all material tax returns (federal, state, local and
foreign) required to be filed and paid all amounts of taxes shown thereon to be due (including interest and penalties) and has
paid all other taxes, fees, assessments and other governmental charges (excluding real estate taxes and assessments in respect
of the Properties, but including any taxes payable as a result of the consummation of the transactions contemplated by the Sale
Agreement) owing by it, except for such taxes (i) which are not yet delinquent or (ii) as are being contested in good faith and
by proper proceedings, and against which adequate reserves are being maintained in accordance with generally accepted accounting
principles;

 

(f)          each
of the Company, each Guarantor and the Class B Member is in full compliance with all Legal Requirements applicable to it, except
for such instances of noncompliance when taken individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect;

 

(g)          none
of the Company, any Subsidiary, the Class B Member or any ERISA Affiliate of any of the foregoing has incurred any liability under
Title IV or Section 302 of ERISA or Section 412 of the Code or maintains or contributes to, or is or has been required to maintain
or contribute to, any employee benefit plan subject to Title IV or Section 302 of ERISA or Section 412 of the Code. The consummation
of the transactions contemplated hereby will not constitute or result in any transaction prohibited by Section 406 of ERISA or
Section 4975 of the Code;

 

(h)          none
of the Company, the Subsidiaries or the Class B Member is (i) an “investment company” as defined in the Investment
Company Act, or controlled by such a company, or (ii) subject to regulation under the Public Utility Holding Company Act of 1935,
the Federal Power Act, or the Interstate Commerce Act, each as amended;

 

(i)          none
of the Company, any Subsidiary, the Class B Member or any Guarantor has filed or, to its knowledge, is contemplating the filing
of a petition under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets
or property, and to its knowledge, no Person has threatened or is contemplating the filing of any such petition against the Company,
any Subsidiary, the Class B Member or any Guarantor;

 

(j)          neither
the Company nor any Subsidiary has any outstanding Indebtedness other than as permitted under the Senior Loan Documents, and the
Class B Member does not have any outstanding Indebtedness for borrowed money;

 

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(k)          there
are no actions, suits or legal, equitable, arbitration or administrative proceedings pending or, to its knowledge, threatened against
the Company, any Subsidiary or the Class B Member or any Guarantor which, if adversely determined could be reasonably expected
to result in a Material Adverse Effect;

 

(l)          none
of the Class B Member, the Company, any Subsidiary or any Person controlling any of the foregoing has violated any of the covenants
contained in Schedule 5.15(a) hereto (other than with respect to any obligations requiring a Special Member prior to the
date hereof);

 

(m)          none
of the Company, any Subsidiary or the Class B Member (or, if the Class B Member is disregarded as separate from its owner for tax
purposes, the owner of the Class B Member for tax purposes) is a “foreign person” within the meaning of § 1445(f)(3)
of the Code;

 

(n)          neither
the Company nor any Subsidiary has entered any agreement or other arrangement for the provision of asset or property management,
leasing or other advisory services or any franchise agreement with respect to any of the Properties prior to the date hereof, except
for any such agreements that (x) have been delivered to the Class A Member at least five (5) Business Days prior to the Effective
Date and (y) would comply with the terms of this Agreement if entered into by the Company or any of its Subsidiaries following
the Effective Date.

 

2.11       Representations
by the Class A Member. The Class A Member represents, warrants and agrees to and for the benefit of the Class B Member that,
as of the Effective Date:

 

(a)          it
is a limited liability company, duly formed and validly existing and in good standing under the laws of the state of its formation;
it has all requisite limited liability company power and authority to enter into this Agreement, to acquire and hold its Interest
and to perform its obligations hereunder; and the execution, delivery and performance of this Agreement and each other Transaction
Document to which it is a party has been duly authorized by all necessary limited liability company action;

 

(b)          the
Class A Member is acquiring its Interest for its own account, solely for investment purposes and not with a view to resale or distribution
thereof;

 

(c)          the
Class A Member acknowledges that (1) the offering and sale of the Interest (A) has not been and will not be registered under the
U.S. Securities Act of 1933, as amended from time to time (the “Securities Act”), the securities laws of any
state of the United States or the securities laws of any other jurisdiction, nor is such registration contemplated, (B) is being
made in reliance upon federal and state exemptions for transactions not involving a public offering and/or rules governing offers
and sales made outside the United States and (2) the Company will not be registered as an investment company under the U.S.
Investment Company Act of 1940, as amended from time to time (the “Investment Company Act”). In furtherance
thereof, the Class A Member represents and warrants that it is an “accredited investor” (as defined in Regulation
D under the Securities Act), and a “qualified purchaser” (as defined in the Investment Company Act);

 

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(d)          the
Class A Member (either alone or together with any advisers retained by such person in connection with evaluating the merits and
risks of prospective investments) has sufficient knowledge and experience in financial and business matters so as to be capable
of evaluating the merits and risks of purchasing the Interest. The Class A Member’s financial situation is such that the
Class A Member can afford to bear the economic risk of holding its Interest for an indefinite period of time, and the Class A Member
can afford to suffer the complete loss of the Class A Member’s investment. The Class A Member understands that (A) its Interest
has not been and will not be registered under the Securities Act or the securities laws of any U.S. state and accordingly may not
be offered, sold, transferred or pledged unless its Interest is duly registered under the Securities Act and all other applicable
securities laws or financial services laws or regulations of any jurisdiction or such offer or sale is made in accordance with
an exemption from registration (including, if applicable, Regulation S), (B) this Agreement contains substantial restrictions on
the transferability of its Interest, (C) no market for resale of its Interest exists or is expected to develop, (D) the Class A
Member may not be able to liquidate its investment in the Company and (E) any instruments representing its Interest may bear legends
restricting the transfer thereof. The Class A Member understands that its Interest will not be evidenced by a certificate subject
to Article 8 of the Uniform Commercial Code; and

 

(e)          the
Class A Member has been furnished with, and has carefully read, this Agreement and has been given the opportunity to (i)
ask questions of, and receive answers from, the Managing Member or any Affiliate thereof concerning the terms and conditions pertaining
to an investment in the Company and (ii) obtain any additional information which the Managing Member can acquire without
unreasonable effort or expense that is necessary to evaluate the merits and risks of an investment in the Company. To the full
satisfaction of the Class A Member, the Class A Member has been furnished with any materials the Class A Member has requested relating
to the Company or the issuance of its Interest. In considering its acquisition of its Interest, the Class A Member is not relying,
and will not rely with respect to its Interest upon any representations or warranties made by, or other information (including,
without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine, website or
similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general
solicitation or advertising) furnished by or on behalf of, the Company, the Managing Member, the Class B Member, any Affiliate
of the foregoing or any of their respective directors, officers, employees, partners, shareholders, advisers, attorneys-in-fact,
representatives or agents, written or otherwise, other than as set forth in this Agreement, the other Transaction Documents and/or
any separate agreement in writing with the Managing Member executed in conjunction with the Class A Member’s acquisition
of its Interest. The Class A Member acknowledges that it was offered its Interest through private negotiations, not through any
general solicitation or advertising. The Class A Member has carefully considered and has, to the extent it believes such discussion
necessary or appropriate, discussed with legal, tax, accounting and financial advisers the suitability of an investment in the
Company in light of its particular tax and financial situation, and has determined that its Interest is a suitable investment for
it.

 

2.12        Certain
Tax Matters.

 

(a)          The
Members and the Company agree that for tax purposes, the Class A Member’s Initial Capital Contribution in exchange for its
rights to the distributions set forth in Article 8 and Section 10.3 shall be treated as a disguised sale (under Section 707 of
the Code and the Treasury Regulations thereunder) from the Class A Member to the Class B Member on the Effective Date, and that
the rights to receive the distributions set forth in Article 8 and Section 10.3 shall be treated as an obligation of the Class
B Member to make such payments as consideration for such disguised sale.

 

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(b)          The
Members intend that the Company be disregarded as an entity separate from the owner of the Class B Member for tax purposes, and
that the Class A Member not be treated as a “partner” of the Company for tax purposes. The Company shall not elect
to be classified as an association taxable as a corporation on Internal Revenue Service Form 8832.

 

(c)          The
Members and the Company agree, except as otherwise required by applicable law (as agreed to by the Managing Member and the Class
A Member) or pursuant to a “determination” within the meaning of Section 1313(a) of the Code, not to take an inconsistent
position with such treatment on any tax return. Subject to the preceding sentence, in the event that the Class A Member is required
to be treated as a “partner” of the Company for tax purposes, income, gain, loss and deduction with respect to any
property contributed to the capital of the Company by the Members shall, solely for tax purposes, be allocated among the Members
so as to take into account any variation between the adjusted basis of such property for federal income tax purposes and the value
of such property reflected on the books of the Company using the “ remedial method” described in Treasury Regulations
Section 1.704-3(b).

 

(d)          The
Members acknowledge that the Class B Member is an Affiliate of the REIT and agree to manage the Company and its Subsidiaries in
a manner that enables the REIT to qualify as a real estate investment trust within the meaning of Section 856 of the Code and that
recognizes the income, asset and operating requirements applicable to a real estate investment trust under the Code. To this end,
the Members shall cooperate to cause the Company and its Subsidiaries (i) to (A) limit the investment of amounts deposited in the
Cash Management Account to investments treated as cash, cash items or government securities for purposes of Section 856(c)(4) of
the Code and (B) otherwise operate in such a manner such that the Company, assuming it were a real estate investment trust, would
satisfy the income and asset tests applicable to real estate investment trusts and would not be subject to any taxes under Section
857 of the Code, and (ii) to avoid taking any action that could otherwise result in the REIT failing to qualify as a real estate
investment trust under the Code. Notwithstanding the preceding provisions of this Section 2.12(d), nothing herein shall in any
way limit the rights or remedies of the Class A Member hereunder or under any of the other Transaction Documents or modify the
economic or other terms of this Agreement or the other Transaction Documents. The provisions of this Section 2.12(d) shall continue
to apply for so long as the Class B Member owns an economic interest in the Company and, if the Class B Member is not the Managing
Member, the Managing Member shall provide the Class B Member with any information regarding the Company it reasonably requests
for purposes of establishing the Company’s compliance with this Section 2.12(d).

 

ARTICLE
3

MANAGEMENT OF COMPANY BUSINESS;

POWERS AND DUTIES OF THE MEMBERS

 

3.1         Management
of the Company Business.

 

(a)          Subject
to the provisions of this Article 3 and the other provisions of this Agreement, the Managing Member shall have the right, power
and authority and the duty to manage the day-to-day operations of the Company in accordance with the terms hereof, this Agreement
and applicable laws and regulations. The Managing Member shall devote such time to the Company and its business as is necessary
to conduct the operations of the Company in an efficient manner and to carry out the Managing Member’s responsibilities as
set forth herein. In furtherance of the foregoing, but subject to the limitations in this Article 3 and the other provisions of
this Agreement, the Managing Member shall have the right, authority and duty to deal with, operate and manage the Properties on
behalf of the Company and its Subsidiaries.

 

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(b)          The
Managing Member shall not have any right, power or authority under this Agreement or otherwise to (and shall not) bind or take
any action on behalf of or in the name of the Company, or enter into any commitment or obligation binding upon the Company, that
would constitute a Significant Decision, unless authorized by the Class A Member in advance in the manner set forth herein. To
the fullest extent permitted by law, and without limiting its indemnification pursuant to Section 4.3(a), the Managing Member shall
indemnify and hold harmless the Company and the other Members and their Affiliates from and against any and all claims, demands,
losses, damages, liabilities, lawsuits and other proceedings, judgments and awards, and costs and expenses (including, but not
limited to, reasonable attorneys’ fees) arising, directly or indirectly, in whole or in part, out of any breach of the provisions
of this Section 3.1(b) by the Managing Member or any Affiliate of the Managing Member. The Managing Member shall not be entitled
to any compensation from the Company for performance of its duties as Managing Member.

 

(c)          The
Managing Member shall meet in person or telephonically with the Class A Member and/or its agents or designees at such reasonable
times as the Class A Member may reasonably request to discuss the business and affairs of the Company, but in no event more frequently
than monthly.

 

3.2           Appointment
of Initial Managing Member. Subject to Section 3.3 and the other provisions of this Agreement, the Members hereby appoint
the Class B Member as the initial Managing Member with the rights and responsibilities set forth in Section 3.1 and subject to
the limitations set forth in Section 3.1(b), Section 3.6 and elsewhere in this Agreement. The rights of the Class B Member as
Managing Member may not be assigned voluntarily or by operation of law by the Class B Member, and the duties of the Class B Member
as Managing Member may not be delegated voluntarily or otherwise by the Class B Member.

 

3.3         Class
A Member’s Rights Following a Changeover Event.

 

(a)          Notwithstanding
the appointment set forth in Section 3.2 or any other provision of this Agreement to the contrary, upon the occurrence of a Changeover
Event (subject to the provisions of Section 3.5 solely in the case of those events described in clauses (4), (5), (6), (10), (11),
(18), (19), (20), (21) and (22) of the definition of Changeover Event) and the delivery by the Class A Member to the Class B Member
of notice to such effect: (i) the Class B Member automatically, immediately and without any further action by the Class A Member
or any other Person shall cease to be the Managing Member, (ii) all references in this Agreement to the term “Managing Member”
shall refer to the Class A Member or such other Person as the Class A Member may then designate as Managing Member, (iii) the
Class A Member, individually, or together with any designee appointed by it to act as Managing Member, shall have the exclusive
right, power and authority, to make any and all decisions and take any actions (including, without limitation, any Significant
Decisions) on behalf of or with respect to the Company and each of its Subsidiaries, provided, however, that the
duties and obligations of the Managing Member to the other Members shall not be assumed by the Class A Member, and (iv) the Class
A Member shall have the exclusive right, power and authority in its sole and absolute discretion to terminate the Property Management
Agreements in accordance with the terms thereof (and each such Property Management Agreement entered into with an Affiliate of
the Class B Member (and any related sub-property management agreement) shall provide that it shall be terminable by the Class A
Member in such instance without payment of any termination or similar fee), and subject to the terms of the Senior Loan Documents,
appoint a replacement. Any reasonable, out-of-pocket expenses incurred by the Class A Member, including any amounts payable to
Affiliates of the Class A Member, in acting as the Managing Member of the Company shall be promptly reimbursed by the Company.
The Class A Member’s authority and rights pursuant to the preceding sentence are in addition to, and not in limitation or
to the exclusion of, any of the Class A Member’s other rights or remedies herein or in any of the other Transaction Documents
following a Changeover Event. Upon the declaration of a Changeover Event by the Class A Member, the Class A Member shall deliver,
or cause its Affiliate to deliver, to Senior Lender the replacement guaranty and environmental indemnity required by the terms
of the Senior Loan Documents.

 

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(b)          For
the avoidance of any doubt, and without limiting the foregoing, the Class B Member hereby consents and agrees that upon the declaration
by the Class A Member of the occurrence of a Changeover Event (subject to the provisions of Section 3.5 solely in the case of the
events described in clauses (4), (5), (6), (10), (11), (18), (19), (20), (21) and (22) of the definition of Changeover Event),
the Class A Member shall have sole and exclusive right, power and authority (i) to sell the Company or the direct or indirect interests
of the Company in its Subsidiaries or cause the Company and each Subsidiary to sell or refinance all or any portion of its assets
at such time or times as the Class A Member in its sole discretion shall determine, regardless of market conditions, real estate
values or financial conditions at such time or times, regardless of the impact of such sale or refinancing or the timing thereof
on the Company or the Class B Member (and regardless of the benefits derived by the Class A Member or the consequences suffered
by the Class B Member or any Affiliate thereof by virtue of or from such sale or refinancing), provided that in no event
may the Class A Member sell the Company or any of its Subsidiaries or any of the Properties to the Class A Member or an Affiliate
of the Class A Member, (ii) to cause the Company and/or its applicable Subsidiaries to incur one or more Additional Mezzanine Loans
pursuant to the terms of the Senior Loan Documents, (iii) to cause the Company promptly to make any and all payments and/or distributions
to the Class A Member and any of its Affiliates to the extent of any amounts then due or past due or that thereafter become payable
pursuant to this Agreement or any other Transaction Document or of all or any portion of the Class A Member’s Unrecovered
Capital (whether or not then “due”), regardless of the impact of such payments or distributions on the Company or the
Class B Member, (iv) to cause the Company to liquidate pursuant to Article 10, and (v) to exercise the rights and powers granted
to it pursuant to paragraph (a) above, including, without limitation, the making of any Significant Decision, in such manner as
the Class A Member determines, in its sole discretion, and, in each of the foregoing cases, take (or cause the Company or any of
its Subsidiaries to take) all actions and make all decisions that are reasonably related to its exercise of the foregoing remedies).

 

(c)          In
financing or refinancing a Property or any other asset of the Company or any Subsidiary under the circumstances described in (b)
above, the Class A Member may conduct the financing process or refinancing process, as applicable, in any manner the Class A Member
determines, in its sole discretion, provided, that in no event may the Class A Member cause the Company or any Subsidiary to enter
into financings or refinancings with the Class A Member or an Affiliate of the Class A Member.

 

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(d)          The
Class B Member acknowledges and agrees that in exercising the authority granted to the Class A Member in the foregoing provisions
and elsewhere in this Agreement and each other Transaction Document relating to or following a Changeover Event, to the fullest
extent permitted by law, the Class A Member shall have no duty, obligation or liability (fiduciary or otherwise) to the Class B
Member or any Affiliate thereof or any other Person whatsoever (other than as expressly set forth in this Agreement), it being
understood that the Class A Member shall be entitled to exercise such authority in any manner it deems necessary or desirable to
maximize the value of its investment in the Company or to fulfill any other Class A Member objective.

 

(e)          In
addition to the rights and remedies set forth in this Article 3 and elsewhere in this Agreement, following the occurrence of a
Changeover Event, the Unrecovered Capital shall accrue a return in favor of the Class A Member at the Increased Rate.

 

(f)          The
Class B Member acknowledges and agrees that the authority granted to the Class A Member in this Article 3 was a material inducement
and conditions precedent to the Class A Member’s willingness to make its investment in the Company, and that the Class A
Member would have refused to make its investment absent such authority.

 

(g)          Notwithstanding
the foregoing provisions of this Section 3.3, following the replacement of the Managing Member by the Class A Member pursuant to
the terms of Section 3.3(a), the Managing Member shall not take or cause the Company or any Subsidiary to take any of the following
actions (each, a “Fundamental Decision”), unless such action has been approved by all of the Equity Members
in writing and in advance:

 

(1)         causing
the Company or any Subsidiary to engage in any business other than the business described in Section 2.5 hereof;

 

(2)         acquiring
any other real property other than the Properties and any fee estate(s) underlying any Property that is subject to a ground lease;

 

(3)         except
for mergers between or only the Company and its Subsidiaries, causing the Company or any Subsidiary to undertake a merger or consolidation;

 

(4)         instituting
proceedings to adjudicate the Company or any Subsidiary a bankrupt, or consenting to the filing of a bankruptcy proceeding against
the Company or any Subsidiary, or filing a petition or answer or consent seeking reorganization of the Company or any Subsidiary
under the Bankruptcy Code or any other similar applicable federal, state or foreign law, or consenting to the filing of any such
petition against the Company or any Subsidiary, or consenting to the appointment of a receiver or liquidator or trustee or assignee
in bankruptcy or insolvency of the Company or any Subsidiary or of its property, or making an assignment for the benefit of creditors
of the Company or any Subsidiary or otherwise taking action that would trigger full recourse to any guarantor of any Senior Loan
that is an Affiliate of the Class B Member; or

 

(5)         terminating
the operating lease for the Properties between the Mortgage Borrower and the TRS, except for the termination of the operating lease
with respect to any Properties which are sold by the Mortgage Borrower.

 

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(6)         causing
the Company or any Subsidiary to enter into any agreement or arrangement with the Class A Member or an Affiliate of the Class A
Member unless such agreement or arrangement is on arm’s-length commercially reasonable terms.

 

3.4         Buy/Sell
Following a Changeover Event; Remedy Not Exclusive.

 

(a)          Subject
to Section 3.5, if the Class A Member gives the Class B Member notice of a Changeover Event, then, in addition to all other rights
of the Class A Member hereunder at law or otherwise, the Class A Member shall have the right (but not the obligation), in its sole
and absolute discretion to initiate the following “buy/sell” procedure by delivering an election notice to the Class
B Member (such notice, an “Election Notice”). Such Election Notice shall state that the Class A Member has elected
to initiate the buy/sell procedures in this Section 3.4, pursuant to which the Company will be sold to either the Class B Member
or the Class A Member. Within ten (10) Business Days after receiving an Election Notice from the Class A Member (with time being
of the essence), the Class B Member shall deliver to the Class A Member a response (the “Buy/Sell Response Notice”)
setting forth a proposed price (the “Offer Price”) for the Company. Any such Buy/Sell Response Notice shall
state that it is, and in any event shall be deemed, an irrevocable and unconditional offer by the Class B Member (i) to buy
the Interest of the Class A Member for (A) the amount that the Class A Member would have received if the Company were sold for
the Offer Price and the proceeds thereof were distributed to the Members in accordance with Section 8.4, plus (B) without duplication,
any amounts owed to the Class A Member and any of its Affiliates pursuant to the terms hereof (including as a result of the Changeover
Event in question), less (C) the amount of the Class B Member Deposit (as hereinafter defined) posted by the Class B Member (the
“Class A Interest Sale Price”) and (ii) to sell to the Class A Member the Interest of the Class B Member
for (A) the amount that the Class B Member would have received if the Company were sold for the Offer Price and the proceeds thereof
were distributed to the Members in accordance with Section 8.4, less (B) without duplication, any amounts owed to the Class A Member
and any of its Affiliates pursuant to the terms hereof (including as a result of the Changeover Event in question), less (C) the
amount of the Class A Member Deposit (as hereinafter defined) posted by the Class A Member (the “Class B Interest Sale
Price”). If the Class B Member shall fail to deliver a Buy/Sell Response Notice within such 10-Business Day period, then
the Class B Member shall nevertheless be deemed to have delivered, and the Class A Member shall be deemed to have received, a Buy/Sell
Response Notice with an Offer Price equal to the Redemption Price. The Class A Member shall have the right, by notice to the Class
B Member within ten (10) Business Days after the delivery (or deemed delivery) of the Buy/Sell Response Notice, either:

 

(1)         to
buy (or have its designee buy) the Interest of the Class B Member for the Class B Interest Sale Price, or

 

(2)         sell
the Class A Member’s Interest in the Company to the Class B Member (or to their designee) for the Class A Interest Sale Price.

 

(b)          If
the Class A Member does not respond to a Buy/Sell Response Notice within ten (10) Business Days following its receipt (or deemed
receipt) thereof and the Class A Interest Sale Price set forth in such Buy/Sell Response Notice is greater than the Redemption
Price, the Class A Member shall be deemed to have elected to sell its Interest to the Class B Member for such Class A Interest
Sale Price. If the Class A Member does not respond to a Buy/Sell Response Notice within ten (10) Business Days of receipt thereof
and the Class A Interest Sale Price set forth in such Buy/Sell Response Notice is equal to or less than the Redemption Price, the
value of the Interest of the Class B Member shall conclusively be deemed to be zero ($0) and the Class A Member shall be deemed
to have elected to buy the Interest of the Class B Member for a Class B Interest Sale Price equal to $1.

 

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(c)          If
the Class A Member elects (or is deemed to have elected) to sell its Interest to the Class B Member (or its designee) for the Class
A Interest Sale Price, then, within thirty (30) days following such election, the Class B Member shall fund to the Class A Member
a non-refundable earnest money deposit in the amount of five percent (5%) of the Class A Interest Sale Price (the “Initial
Class B Member Deposit”). If the Class B Member shall fail to fund the Initial Class B Member Deposit to the Class A
Member on or prior to the expiration of such 30-day period, then (i) the election of the Class A Member to sell its Interest to
the Class B Member (or its designee) for the Class A Interest Sale Price shall be deemed revoked and the Class A Member shall instead
be deemed to have elected to purchase the Class B Member’s Interest for the Class B Interest Sale Price and (ii) the Class
B Interest Sale Price for such acquisition shall be $1.

 

(d)          If
the Class A Member elects to acquire the Interest of the Class B Member for the Class B Interest Sale Price, then, within thirty
(30) days following such election, the Class A Member shall fund to the Class B Member a non-refundable earnest money deposit in
the amount of five percent (5%) of the Class B Interest Sale Price (the “Class A Member Deposit” and each of
the Class A Member Deposit and the Class B Member Deposit being referred to herein as a “Deposit”). If the Class
A Member shall fail to fund the Class A Member Deposit to the Class B Member on or prior to the expiration of such 30-day period,
then the Class A Member shall be deemed to have elected to sell its Interest to the Class B Member for the Class A Interest Sale
Price and the Class B Member shall have a period of ten (10) Business Days to either (1) elect to acquire the Internet of the Class
A Member for the Class A Interest Sale Price or (2) elect not to acquire the Interest of the Class A Member, in which case the
Class A Member may not issue a new Election Notice for a period of thirty (30) days.

 

(e)          Subject
to Section 3.4(h), the closing for any such sale transaction shall occur no later than sixty (60) days after the date on which
the Initial Class B Member Deposit or the Class A Member Deposit (as applicable) has been funded, with time being of the essence.
If either Member defaults on its obligation to close within the 60-day period described above, then, in addition to any other rights
and remedies available to the non-defaulting Member, (x) if the non-defaulting Member received a Deposit from the defaulting Member,
the non-defaulting Member shell be entitled to keep such Deposit, together with any interest thereon, as liquidated damages, it
being agreed that the non-defaulting Member’s actual damages would be difficult, if not impossible, to ascertain and that
the liquidated damages hereinabove specified are a fair and reasonable estimate of the actual damages that the non-defaulting Member
would suffer in the event of a default by the other Member; each Member hereby acknowledges and agrees that said liquidated damages
are in no way a penalty or forfeiture, but instead represent the Members’ best estimate of the actual damages that would
be suffered by the non-defaulting Member in the event of such a default, and (y) if the non-defaulting Member funded a Deposit,
the non-defaulting Member shall be entitled to receive a return of such Deposit and seek specific performance of the defaulting
Member’s obligation to sell its Interest to the non-defaulting Member.

 

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(f)          Each
of the Class A Member and the Class B Member hereby acknowledges and agrees that upon exercise by the Class A Member (or its designee)
of the buy/sell option as described above, the selling Member must and will transfer its Interest free and clear of all Liens and
adverse claims other than Liens arising pursuant to the terms of the Senior Loan Documents, this Agreement or any other Transaction
Document. In the event that a Member shall have created or suffered any unauthorized Liens or other adverse claims against all
or any portion of its Interest, then in addition to any other remedies then available, the acquiring Member or its designee shall
be entitled to an action for specific performance to compel the selling Member and its constituent members and controlling persons
to cause such adverse interests to be removed without any cost to the Company or the acquiring Member.

 

(g)          At
the closing of any sale of a Member’s Interest under this Section, each of the buying Member and the selling Member shall
be deemed to have released the other from any and all claims, obligations, liabilities, actions, judgments, suits or proceedings
relating to the Company, the Members’ Interests and the Properties, except for liabilities arising under the Guarantees or
the Environmental Indemnity Agreement which by their terms survive redemption of the Interests of the Class A Member. Each Member
agrees to deliver any additional documents reasonably requested by the other Member to evidence or effectuate such releases.

 

(h)          In
connection with any acquisition by the Class B Member of the Class A Member’s Interest pursuant to the terms of this Section
3.4, the Class B Member must comply with all applicable assumption, transfer and change in control conditions and provisions of
the Senior Loan Documents and must obtain a release of the Class A Member and/or its Affiliates from their respective obligations
under any guarantees and/or indemnities provided to the Senior Lenders in connection with the declaration of a Changeover Event,
which compliance and release shall each be a condition to the obligation of the Class A Member to sell its Interest to the Class
B Member pursuant to this Section 3.4. If the Class B Member fails to satisfy the conditions to closing set forth in the immediately
preceding sentence prior to the expiration of the 60-day period described in paragraph (c) above, then the Class A Member’s
election to sell its Interest to the Class B Member shall be null and void and the Class A Member shall instead be deemed to have
elected to acquire the Class B Member’s Interest, provided that the Class B Interest Sale Price for such acquisition shall
be $1; provided that the Class B Member shall be entitled to extend such 60-day period for an additional thirty (30) days
in order to satisfy such condition if the Class B Member funds to the Class A Member an additional non-refundable earnest money
deposit in the amount of five percent (5%) of the Class A Interest Sale Price (the “Additional Class B Member Deposit”
and, together with the Initial Class B Member Deposit, collectively, the “Class B Member Deposit”).21

 

 

		21	Note to draft: Second Pool Purchaser Holdco Operating Agreement will further provide: “In connection with any acquisition
by the Class A Member of the Class B Member’s Interest pursuant to the terms of this Section 3.4, the parties shall use commercially
reasonable efforts to obtain a release of the Class B Member and/or its Affiliates from their respective obligations under any
guarantees and/or indemnities provided to the Senior Lenders under the Senior Loan Documents, to the extent such obligations arise
from any circumstance, condition, action or event first occurring after the date of such acquisition. To the extent the parties
cannot obtain such a release from the Senior Lenders, then the Class A Member shall cause Whitehall Street to deliver an indemnity
to the Class B Member and/or its applicable Affiliates with respect to such obligations.”

 

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(i)          The
Class B Member will bear the costs incurred by both parties in connection with the exercise of the buy/sell, including reasonable
attorneys’ fees and expenses, transfer taxes, termination fees (including contractual damages) and the costs of obtaining
any consents or approvals.

 

(j)          Subject
to Section 3.4(g), the Class B Member hereby acknowledges and agrees that none of the rights granted in this Section 3.4 is intended
or shall be deemed to be exclusive, but that each is intended to and will be in addition to all the other rights available to the
Class A Member following a Changeover Event, whether pursuant to the terms of this Agreement, any other Transaction Document, at
law, in equity, or otherwise.

 

(k)          Nothing
herein shall limit the Class B Member’s right to redeem the Class A Member’s Interest in the Company pursuant to terms
of Section 8.3 hereof.

 

3.5         The
Class B Member’s Rights Following a Changeover Event. If, the Class A Member gives the Class B Member a notice
alleging the occurrence of a Changeover Event pursuant to Section 3.3 (such notice, a “Changeover Notice”)
alleges only the occurrence of events of the type described in clauses (4), (5), (6), (10), (11), (18), (19), (20), (21) and
(22) of the definition of Changeover Event and not of events described in any other clauses of the definition of Changeover
Event, then, unless an arbitration award or judicial determination has already been issued supporting the allegations of the
Changeover Notice, the Class B Member shall be entitled, within ten (10) Business Days after delivery of the Changeover
Notice, to contest such allegations by delivering good faith written notice containing reasonable detail as to its basis for
contesting such allegations (a “Dispute Notice”) within such 10-Business Day period to the Class A Member
and, within such 10-Business Day period, submitting the same to arbitration in accordance with the provisions of Section
12.10. If the Class B Member fails to give such Dispute Notice within such 10-Business Day period, then (i) it shall be
automatically and conclusively deemed that the allegations in the Changeover Notice are true and (ii) the Class A Member
shall be entitled to exercise all of its rights hereunder, including its rights to initiate the buy/sell and sell the
Properties, the Company or the Subsidiaries. If the Class B Member timely delivers a Dispute Notice and submits the matter to
arbitration as aforesaid and the arbitration panel appointed pursuant to Section 12.10 determines that (x) one or more of the
events described in the Changeover Notice did constitute one or more Changeover Events, then the Class A Member shall
be entitled to exercise all of its rights and remedies hereunder retroactive, as applicable, to the date on which the Class A
Member delivered the Changeover Notice, including its rights to charge the Increased Rate and to initiate the buy/sell and
sell the Company, the Subsidiaries or the Properties, or (y) none of the events described in the Changeover Notice
constituted a Changeover Event, then it shall be automatically and conclusively deemed that the Changeover Events specified
in the Changeover Notice did not occur and the Class B Member shall be reinstated as the Managing Member (if it was acting as
Managing Member immediately prior to the Class A Member’s declaration of a Changeover Event) and the Class A Member
shall not be entitled to exercise its rights with respect to such Changeover Notice (without prejudice to its rights and
remedies with respect to any other occurrence of a Changeover Event). In no event may the arbitration panel consider the
enforceability of any provision of this Agreement, and the scope of any proceeding before the arbitration panel shall be
limited to whether the grounds for the declaration of a Changeover Event in fact existed. Pending the ruling of such
arbitration panel, a Changeover Event subject to this Section 3.5 will not be deemed to have occurred with respect to the
matters before the arbitration panel, the Class A Member will not have the right to sell the Properties, the Company or the
Subsidiaries or initiate the buy/sell procedures described in Section 3.4 in respect of such Changeover Event and the
Managing Member shall continue to operate the Company and the Subsidiaries in the ordinary course of business and in
accordance with the terms of this Agreement. In no event may the Class B Member arbitrate the occurrence of any Changeover
Event described in clauses (1), (2), (3), (7), (8), (9), (12), (13), (14), (15), (16) or (17) of the definition of
“Changeover Event” and any declaration by the Class A Member of a Changeover Event based in whole or in part
on any one or more of the events described in such clauses shall be effective immediately.

 

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3.6         Significant
Decisions. Notwithstanding anything to the contrary set forth in this Agreement but subject to Section 3.3, no Member shall
take or cause or permit the Company or any Subsidiary to take any of the following actions, expend any amount of money, make any
decision or incur any obligation on behalf of the Company or any Subsidiary with respect to any matter within the scope of any
of the matters enumerated below (each a “Significant Decision”) unless the action, expenditure or other decision
has been approved by the Class A Member in writing and in advance and has been approved in accordance with any other requirements
of this Agreement:

 

(1)         except
for any sale of one or more Properties where the Net Disposition Proceeds therefrom are sufficient to pay all amounts owing to
the Senior Lenders in respect of such sale and for the Company to pay the Release Payment required to be paid to the Class A Member
in respect of such sale, sell, transfer, assign or otherwise dispose of, or enter into or cause or permit any Subsidiary to enter
into any agreement or option to sell, transfer, assign or otherwise dispose of, all or any portion of any of the Properties or
any other Company Asset (except immaterial items of personal property sold in the ordinary course of business) or of any of the
Company’s direct or indirect interests in any Property or any Subsidiary;

 

(2)         (a)
change the nature of the business or the method of conducting the affairs of the Company or any Subsidiary or the use of any Property
or (b) acquire any land or other real property or interest therein;

 

(3)         enter
into any agreement or other arrangement with the Class B Member, any Guarantor or any of their respective Affiliates unless (i)
such agreement or other arrangement is on arm’s-length commercially reasonable terms and (ii) such agreement or other arrangement
is terminable by the Class A Member following the declaration of a Changeover Event without payment of any termination or similar
fee;

 

(4)         fail
to comply with any of the covenants set forth in Section 5.15;

 

(5)         to
the fullest extent permitted by law, dissolve and wind-up the Company or any Subsidiary or elect to continue the Company or any
Subsidiary or elect to continue the business of the Company or any Subsidiary (or permit any Subsidiary to do any of the foregoing)
(other than dissolving and winding up any Subsidiary whose sole direct or indirect asset was a Property sold in accordance with
the provisions hereof);

 

(6)         except
(i) as permitted under the Senior Loan Documents, (ii) any refinancing of any of the Senior Loans in which the Company concurrently
redeems the Class A Member’s Interest in full for the Redemption Price, and (iii) any incurrence of Additional Mezzanine
Loans in accordance with the terms of the Senior Loan Documents where the Company concurrently pays the Class A Member all of the
Net Financing Proceeds from the incurrence thereof, incur, renew or refinance Indebtedness of the Company or any Subsidiary (or
permit any Subsidiary to do any of the foregoing);22

 

 

		22	Note to draft: If Second Pool Assets are not financed at
closing, then Second Pool Purchaser Holdco Operating Agreement to be revised to read: except (i) for the initial incurrence of
any Senior Loan, provided that the Senior Loan Documents for such Senior Loan provide that (i) the Class A Member may take control
of the Company following a Changeover Event on terms no more onerous to the Class A Member than those provided for in the Loan
Documents (as defined in the Sale Agreement) as of the date of the Sale Agreement, (ii) the Class A Member may transfer its interests
in the Company on terms no more onerous to the Class A Member than those provided for in the Loan Documents (as defined in the
Sale Agreement) as of the date of the Sale Agreement, and (iii) the Senior Lender under such Senior Loan must deliver a recognition
agreement in substantially the same form as the form contemplated by the Loan Documents (as defined in the Sale Agreement) as
of the date of the Sale Agreement, (ii) as permitted under the Senior Loan Documents, (iii) any refinancing of any of the Senior
Loans in which the Company concurrently redeems the Class A Member’s Interest in full for the Redemption Price, and [(iv)
any incurrence of Additional Mezzanine Loans in accordance with the terms of the Senior Loan Documents where the Company concurrently
pays the Class A Member all of the Net Financing Proceeds from the incurrence thereof], incur, renew or refinance Indebtedness
of the Company or any Subsidiary (or permit any Subsidiary to do any of the foregoing).”

 

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(7)         except
for immaterial modifications that are not adverse to the Class A Member or the Company or any of its Subsidiaries, modify (i) any
loan documentation (including the Senior Loan Documents) executed by the Company or any Subsidiary or (ii) any other material agreement
(including any franchise, leasing or property or asset management agreement) the execution of which required the approval of the
Class A Member (or permit any Subsidiary to do any of the foregoing);

 

(8)         institute
proceedings to adjudicate the Company or any Subsidiary a bankrupt, or consent to the filing of a bankruptcy proceeding against
the Company or any Subsidiary, or file a petition or answer or consent seeking reorganization of the Company or any Subsidiary
under the Bankruptcy Code or any other similar applicable federal, state or foreign law, or consent to the filing of any such petition
against the Company or any Subsidiary, or consent to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy
or insolvency of the Company or any Subsidiary or of its property, or make an assignment for the benefit of creditors of the Company
or any Subsidiary, or admit, in any legal proceeding, the Company’s or any Subsidiary’s inability to pay its debts
generally as they become due (or permit any Subsidiary to do any of the foregoing); or make any decision on behalf of the Company
or any Subsidiary with respect to any Bankruptcy or other similar proceeding under any present or future federal, state, local
or other law involving the Company, any Subsidiary or any portion of the Property;

 

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(9)         organize
or form any Subsidiary of the Company or of any Subsidiary or become a member of any such entity (it being understood that the
Company already is a member of the First Mezzanine Borrower), other than in connection with the incurrence of an Additional Mezzanine
Loan in accordance with the terms of this Agreement, in which case the Company shall own one hundred percent (100%) of the interests
in the Subsidiary formed for the purpose of incurring such Additional Mezzanine Loan, which in turn shall own one hundred percent
(100%) of the interests in the First Mezzanine Borrower;

 

(10)        amend
this Agreement, the Certificate or any other Organizational Document of the Company, any Subsidiary (or permit any Subsidiary to
do the same) or the Class B Member;

 

(11)        merge
or consolidate the Company or any Subsidiary with or into any other Person (or permit any Subsidiary to do the same) (or engage
in any other transaction having substantially the same effect);

 

(12)        make
distributions to Members other than as required in, and in accordance with, Article 8 of this Agreement;

 

(13)        create
or permit the creation of any encumbrance on any Property or the Company’s direct or indirect interest in any Subsidiary
or any other Company Asset (or permit any Subsidiary to do any of the foregoing) other than space leases entered into in the ordinary
course in accordance with the terms of the Senior Loan Documents and such other encumbrances as are permitted by the terms of the
Senior Loan Documents, provided, however, that the Subsidiaries may, without the consent of the Class A Member, contest
mechanics’ liens as permitted by the terms of the Senior Loan Documents; and

 

(14)        appoint
any replacement Managing Member.

 

Upon the declaration of a Changeover Event, the Class A Member
or any Person designated by it shall have the exclusive authority to take each of the foregoing actions and make each of the foregoing
decisions on behalf of the Company as it deems appropriate in its sole discretion and any requirement in this Agreement, at law
or otherwise that it seek approval from or consult with the Class B Member or any other Person shall be of no force or effect.

 

3.7         Class
B Member Affiliate Contracts. The Class B Member shall enforce in all material respects the material obligations of each counterparty
to a Class B Member Affiliate Agreement. If the Class A Member shall request in writing to the Class B Member that the Class B
Member enforce any material obligation of a counterparty to any Class B Member Affiliate Contract and the Class B Member shall
not, promptly following receipt of such request, proceed diligently to enforce such material obligation, then the Class A Member
may, in the name of the Company and/or any of its Subsidiaries, exercise any right or remedy available to the Company and/or any
of its Subsidiaries under the Class B Member Affiliate Contract in question.

 

3.8         Cooperation.
If the Managing Member is removed as Managing Member in accordance with the provisions of this Article 3 or otherwise
pursuant to the terms of this Agreement, and a replacement Managing Member has been selected by the Class A Member, or if the
Class A Member has elected to exercise any of the remedies set forth in Section 3.3, then, in each case, the Managing Member
shall cooperate fully with the Class A Member and, to the extent applicable, the replacement Managing Member, and furnish all
books and records and any and all other information in its possession, or reasonably obtainable by the existing Managing
Member, related to the management and development of the Company and the Properties as reasonably requested by such
persons.

 

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3.9         The
Class A Member’s Right to Cure Senior Loan Defaults. If the Class A Member receives notice or otherwise becomes aware
of any default (i.e., an event that would constitute an “event of default” after applicable grace and cure periods)
under any of the Senior Loan Documents, then, in addition to the rights of the Class A Member to fund Protective Capital pursuant
to Section 6.2 below, the Class A Member shall have the right to take any such action on behalf of the Company and its Subsidiaries
as is reasonably necessary to cure such default, provided that the Class A Member first provide the Class B Member with
at least two (2) Business Days’ prior notice of such proposed action unless there is not sufficient time to provide such
prior notice and cure such default within the applicable grace or cure period, in which case, the Class A Member shall provide
the Class B Member notice of such action concurrently with taking such action.

 

ARTICLE
4

RIGHTS AND DUTIES OF MEMBERS

 

4.1         Duties
and Obligations of the Class B Member.

 

(a)          In
addition to such duties as are described elsewhere in this Agreement, the Managing Member shall (or shall cause the applicable
Property Managers to) (i) prepare and deliver to the Class A Member (or cause to be prepared and delivered to the Class A Member)
the Annual Budget for each Budget Year in accordance with Section 5.3, (ii) deliver (and cause the Property Manager to deliver)
to the Class A Member promptly upon its receipt, copies of all (x) summonses and complaints served on the Company, any Subsidiary
or the Class B Member (as the Managing Member of the Company) which are (I) served against the Company or the Managing Member or
(II) not covered by insurance or (III) reasonably expected to result in a Material Adverse Effect and (y) written notices
of default on any loan or other indebtedness for borrowed money of the Company or any Subsidiary or of any judgment or attachment
against any Company Asset, the Property or the direct or indirect interests of Company in the Subsidiaries that is either against
the Company or in excess of $1,000,000, (iii) monitor the Company’s and the Subsidiaries’ compliance with the Senior
Loan Documents (and use diligent efforts to cause their compliance with the terms thereof), mortgages (and cause their compliance
with the terms thereof) and any other agreements to which the Company or any Subsidiary is bound unless any such non-compliance
is not reasonably expected to be material (and taking appropriate steps on behalf of the Company to cure any non-compliance to
the extent permitted under this Agreement and promptly notifying the Class A Member of any such non-compliance), and (iv) carry
out its responsibilities under Section 4.2 and the other sections of this Agreement.

 

(b)          In
the event the Class B Member shall fail to perform or comply with, or to cause the performance of or compliance with, any obligation
or duty imposed on the Managing Member pursuant to this Agreement, then, without limiting any other remedy available to the Class
A Member, the Class A Member shall have the right (but not the obligation) after ten (10) Business Days’ notice to the Managing
Member to perform or comply with, or cause the performance of or compliance with, such obligation, any such additional cost or
expense to be reimbursed by the Company.

 

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4.2         Prohibition
of Other Activities of the Class B Member. The Class B Member agrees that it will not engage in any activity not related to
the Company or invest in any venture other than the Company or possess any interest therein independently or with others. Notwithstanding
the foregoing, any owner of a direct or indirect interest in the Class B Member may engage or invest in any other activity or
venture or possess any interest therein independently or with others whether or not in competition with the Company or any Subsidiary.
In addition, no owner of a direct or indirect interest in the Class B Member or any other Person employed by, related to or in
any way affiliated with any such Person shall have, by virtue of the terms of this Agreement, any duty or obligation to disclose
or offer to the Company or the Members, or obtain for the benefit of the Company or the Members, any other activity or venture
or interest therein, and none of the Company, the Members, the creditors of the Company or any other Person having any interest
in the Company shall have (A) any claim, right or cause of action under this Agreement against the Class B Member or any owner
of a direct or indirect interest in the Class B Member or any other Person employed by, related to or in any way affiliated with
any such Person, by reason of any direct or indirect investment or other participation, whether active or passive, in any such
activity or venture or any interest therein or (B) any right under this Agreement to participate therein.

 

4.3         Limitation
on Member Liability; Indemnification.

 

(a)          Except
as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract,
tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and no Member shall be obligated personally
for any such debt, obligation or liability of the Company solely by reason of being a Member of the Company; provided, however,
that the foregoing shall not: (i) relieve the Guarantors from any liability arising under the Guarantees or the Environmental
Indemnity Agreement or otherwise limit or impair the obligations of the Guarantors thereunder or (ii) have any effect on the
liability of such Persons for their own willful or tortious misconduct.

 

(b)          In
any threatened, pending or completed action, suit or proceeding, to the fullest extent permitted by law, each Member shall be fully
protected, indemnified and held harmless by the Company against all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, proceedings, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation,
reasonable attorneys’ fees, costs of investigation, fines, judgments and amounts paid in settlement, actually incurred by
such Member in connection with the business of the Company any Subsidiary or any Property in connection with such action, suit
or proceeding) (collectively, “Damages”) by virtue of its status as Member or with respect to any action or
omission taken or suffered in good faith, other than liabilities and losses resulting from the fraud, gross negligence or willful
misconduct of such Member; provided, however, such Member shall not be so indemnified for any acts determined by
any adjudicative or arbitration procedure to be in contravention of an express term of this Agreement or in breach of its fiduciary
duties. The indemnification provided by this Section 4.3(b) shall be recoverable only out of the assets of the Company, and no
indemnity payment from funds of the Company (as distinct from funds from other sources, such as insurance) shall be payable under
this Section from amounts owing to the Class A Member.

 

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(c)          The
Company shall indemnify, reimburse, defend and hold harmless the Class A Member and its Related Persons for, from and against any
and all Damages of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against them, in any way relating
to or arising out of the following: (i) the making of the Class A Member’s Capital Contribution, (ii) owning or
holding the Class A Member’s interest, (iii) enforcing the Class A Member’s rights or remedies under this Agreement,
(iv) any acts or omissions of the Class A Member (directly or through its Affiliates) as a Member or Managing Member, as applicable,
or (v) any Environmental Claim resulting from any circumstance, condition, action or event first occurring after the date
hereof (other than Environmental Claims arising from circumstances, conditions, actions or events first occurring after the date
of the declaration of a Changeover Event and not caused by the Class B Member or an Affiliate thereof); provided, however,
that neither the Class A Member nor any of its Related Persons shall have the right to be indemnified under this subsection (c)
for the Class A Member’s or its Affiliates’ own gross negligence, illegal acts, fraud or willful misconduct. For purposes
of this Section 4.3(c), the Company shall not be deemed to be an Affiliate of the Class A Member unless and until the Class A Member
exercises control over the Company following the declaration of a Changeover Event. The provisions of and undertakings and indemnification
set forth in this subsection (c) shall survive the repayment in full of all sums otherwise due the Class A Member under this Agreement
or in respect of its Interest, the transfer of the entirety of the Class A Member’s Interest to unaffiliated third parties,
and the termination of this Agreement or liquidation of the Company.

 

(d)          All
obligations in this Agreement to indemnify, defend, or hold harmless the Class A Member shall survive the Transfer or redemption
of the Class A Member’s Interest, and the sale or other Transfer of any Property.

 

4.4         Compensation
of Members and their Affiliates.  No Member, nor any of their respective Affiliates, shall be entitled to compensation
from the Company in connection with any matter that may be undertaken in connection with the fulfillment of its duties and responsibilities
hereunder.

 

4.5           Use
of Company Property. No Member shall make use of the property or funds of the Company, or assign its rights to specific Company
property, other than for the business or benefit of the Company.

 

4.6           Tax
Contests. The Class B Member shall give prompt notice to the Class A Member of any and all tax proceedings relating to any
matters covered in Section 2.12. The Managing Member shall furnish the Class A Member with timely and reasonably detailed status
reports regarding any such tax proceedings promptly after any material new development, and the Class A Member shall be given
reasonable advance notice by the Managing Member so that it shall have the opportunity to participate, and permit its professional
tax advisers to participate, in person in all of such tax proceedings (including prior review of submissions by the Company and
any of its Subsidiaries in respect of any such tax proceedings). The Class B Member shall not to settle any such tax proceeding
which would have an adverse effect on the Class A Member without obtaining the prior approval of the Class A Member, such approval
not to be unreasonably withheld, conditioned or delayed.

 

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4.7         Duty
of the Class A Member. To the fullest extent permitted by law, the Class A Member shall have no fiduciary or other duty to
any other Member or to the Company, and each other Member waives any fiduciary or other duty or claim based thereon; provided,
however, that the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. In furtherance
of the foregoing, each Member acknowledges and agrees that the Class A Member shall be entitled, in granting or withholding any
consent or approval or carrying out any of its rights or remedies hereunder, to consider only the interests of the Class A Member
and such other factors as the Class A Member determines in its sole discretion (even if such interests are different than or at
odds or in conflict with the interests of the Company or other Members) and that the Class A Member has no duty or obligation
to give any consideration to any interest of, or factors affecting, the Company or the other Members; provided, however, that
the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. Whenever the Class A Member
is permitted to make a determination in “good faith” or another express standard, the Class A Member shall act under
such express standard and shall not be subject to any other or different standard imposed by any other relevant provision of law
or otherwise. Whenever the Class A Member is permitted to consent, withhold consent, approve, withhold approval or to take any
other action under the terms of this Agreement, it may do so in its sole and absolute discretion and judgment unless this Agreement
expressly states otherwise, and any approval or consent of the Class A Member shall not be effective unless given in writing.
The Class B Member acknowledges and agrees that the Class A Member and/or any owner of a direct or indirect interest in the Class
A Member may engage or invest in any other activity or venture or possess any interest therein independently or with others whether
or not in competition with the Company or any Subsidiary notwithstanding any provision to the contrary at law or in equity. Neither
the Class A Member nor any owner of a direct or indirect interest in the Class A Member or any other Person employed by, related
to or in any way affiliated with any such Person shall have any duty or obligation to disclose or offer to the Company or the
Members, or obtain for the benefit of the Company or the Members, any other activity or venture or interest therein, and none
of the Company, the Members, the creditors of the Company or any other Person having any interest in the Company shall have (A)
any claim, right or cause of action against the Class A Member or any owner of a direct or indirect interest in the Class A Member
or any other Person employed by, related to or in any way affiliated with any such Person, by reason of any direct or indirect
investment or other participation, whether active or passive, in any such activity or venture or any interest therein or (B) any
right to participate therein.

 

ARTICLE
5

BOOKS AND RECORDS; ANNUAL REPORTS; EXPENSES AND OTHER MATTERS

 

5.1         Books
of Account. At all times during the continuance of the Company, the Class B Member (in its capacity as Managing Member) shall
keep or cause to be kept true and complete books of account in which shall be entered fully and accurately each transaction of
the Company. Such books shall be kept on the basis of the Fiscal Year in accordance with the accrual method of accounting, and
shall reflect all Company transactions in accordance with generally accepted accounting principles prevailing in the United States
of America.

 

5.2         Availability
of Books of Account. All of the books of account referred to in Section 5.1, together with an executed copy of this Agreement
and the Certificate, and any amendments thereto, shall at all times be maintained at the principal office of the Company or such
other location as the Managing Member may propose and the Class A Member shall approve, and upon reasonable advance written notice
to the Managing Member, shall be open to the inspection and examination of each other Member or its representatives during reasonable
business hours.

 

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5.3         Annual
Reports and Statements; Annual Budgets. (a) The Class B Member (in its capacity as Managing Member) shall provide to each
other Member, copies of all quarterly and annual financial statements and other financial reports delivered to the Mortgage Lender
concurrently with the delivery of such reports to the Mortgage Lender, it being agreed that the foregoing shall include financial
statements and other financial reports presenting the financial results and other information for the Company and its Subsidiaries
on a consolidated basis.23 In addition, the Class B Member (in its capacity as Managing Member) shall send to each
Member (i) all other material written notices, reports and other material information required to be delivered by the Subsidiaries
under any of the Senior Loan Documents concurrently with the delivery of such materials to the applicable Senior Lender(s), (ii)
all completed IRS Forms 1099 for the review and approval of the Managing Member and the Class A Member no later than ten (10)
days prior to the due date of such Schedules, but in no event later than February 15 of each year in draft form and February 28
of each year in final form and (iii) such other information concerning the Company and reasonably requested by any Member as is
necessary for the preparation of such Member’s federal, state and local income or other tax returns.

 

(b)          The
Managing Member has submitted an Annual Budget for the remainder of the 2014 Budget Year to the Class A Member at least thirty
(30) days prior to the Effective Date. Not later than (i) December 1, 2014, the Managing Member shall prepare or cause to be prepared
the Annual Budget with respect to the 2015 Budget Year, and (ii) not later than December 1 of the prior Budget Year with respect
to each subsequent Budget Year, the Managing Member shall prepare for the Company for the Budget Year in question, the Annual Budget
for the Company. The Class A Member shall not have the right to approve any proposed Annual Budget; provided that the Class
B Member shall promptly respond to any inquiries made, or additional information requested, by the Class A Member with respect
to each proposed Annual Budget.

 

(c)          The
Company shall cause the Company’s independent accountants to prepare (under the oversight of the Managing Member), on an
accrual basis, all federal, state and local tax returns required to be filed by the Company or any Subsidiary, and shall cause
each Subsidiary to file all such returns and other reports that it is required by law to file. The Company shall prepare or cause
to be prepared all required returns as if the Company and the Subsidiaries named in the return in a manner consistent with Section
2.12.

 

5.4         Class
A Member’s Expenses. The Company covenants and agrees to reimburse the Class A Member upon receipt of written
notice from the Class A Member for all reasonable out-of-pocket expenses incurred by the Class A Member (including reasonable
attorneys’ fees and other legal expenses) in connection with (A) the negotiation, preparation, execution, delivery
and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Transaction
Documents and any other documents or matters requested by the Class B Member; (B) enforcing or preserving any rights, in
response to third party claims or the prosecuting or defending of any action or proceeding or other litigation in each case
against, under or affecting the Class B Member, the Company, any Subsidiary, this Agreement, the other Transaction Documents
or the Collateral or any Property; (C) enforcing any obligations of or collecting any payments due from the Class B
Member or the Company under this Agreement, the other Transaction Documents or with respect to any Property (including any
modification, restructuring or “work out” related to the Transaction Documents or the obligations thereunder);
and (D) any insolvency or bankruptcy proceedings.

 

 

		23	Note to draft: If financing is not obtained for the Second Pool Assets at closing, then Section 5.3 shall be revised so that
the Class B Member has the same reporting requirements with respect to the Second Pool Purchaser Holdco and the Second Pool Assets
as it has with respect to the First Pool Purchaser Holdco and the First Pool Assets.

 

    	43

    	 

    

 

5.5         Cash
Management Account. Concurrently herewith, the Managing Member has opened an interest bearing account (the “Cash
Management Account”) with [Account Bank] (or such other banking institution as the Class A Member may select
hereafter; the “Cash Management Bank”). The Company shall cause all cash allowed to be distributed to the Company
pursuant to the Senior Loan Documents to be deposited in the Cash Management Account on the first Business Day that such distribution
would be allowed under the Senior Loan Documents. The Company may not establish or maintain any other bank accounts, securities
accounts or other accounts without the prior approval of the Class A Member (which approval, among other things, may be expressly
conditioned on appropriate cash management agreements in favor of the Class A Member). Amounts on deposit in the Cash Management
Account shall be distributed in accordance with Sections 8.1 and 8.4.

 

(a)          Pursuant
to the terms of the Cash Management Agreement (and any substitute or additional cash management agreement for any substitute or
additional Company accounts) , (i) until the declaration of a Changeover Event, the Class B Member shall have control over, and
the sole right to withdraw funds from, the Cash Management Account (and any substitute or additional Company accounts), and (ii)
following the declaration of a Changeover Event, the Class A Member shall have control over, and the sole right to withdraw funds
from, the Cash Management Account (and any substitute or additional Company accounts).

 

(b)          All
reasonable costs and expenses for establishing and maintaining the Cash Management Account shall be paid by the Company. All interest
on the Cash Management Account shall be added to and become a part of the Cash Management Account and shall be disbursed in the
same manner as other monies deposited in the Cash Management Account. The Class A Member shall not be liable for any loss sustained
on the investment of any funds in accordance with this Agreement.

 

5.6           Plan
Assets. Neither the Company nor any of its Affiliates shall at any time (a) hold any Plan Assets; (b) maintain or
contribute to, or agree to maintain or contribute to, or permit any ERISA Affiliate to maintain or contribute to or agree to maintain
or contribute to, or permit any ERISA Affiliate to maintain or contribute to or agree to maintain or contribute to, any employee
benefit plan subject to Title IV or Section 302 of ERISA or Section 312 of the Code; or (c) engage in a non-exempt
prohibited transaction described in Section 406 of ERISA or Section 4975 of the Code, as such sections relate to the
Company and its Affiliates, or in any transaction that would cause any obligation or action taken or to be taken hereunder or
under the Transaction Documents to be a non-exempt prohibited transaction under ERISA.

 

5.7           Insurance.  (a)  The
Company shall cause each Subsidiary to keep the Properties it owns insured at all times with the coverage and in the amounts
required hereunder against loss or damage by fire and against loss or damage by other risks and hazards covered by a standard
extended coverage insurance policy (including, without limitation, riot and civil commotion, vandalism, malicious mischief,
burglary and theft on the “Special Form” (formerly an “All Risk” form)). Such insurance shall
be in an amount (i) equal to at least the full replacement cost of the improvements, furniture, fixtures and equipment owned
by such Subsidiaries (exclusive of the cost of foundations and footings), without deduction for physical depreciation,
(ii) such that the insurer would not deem any Subsidiary a co-insurer thereunder and (iii) at least equal in type and
amount to the types of coverage and amounts required by the lender in any of the Senior Loan Documents.

 

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(b)          The
Company will maintain the insurance policies described in Section 5.1 of the Mortgage Loan Agreement whether or not the Mortgage
Loan Documents remain in effect.24

 

5.8         Casualty/Condemnation.
(a) In the event of any Casualty or Condemnation requiring notice to the Mortgage Lender25, the Company shall give
prompt notice thereof to each of the Managing Member and the Class A Member. Subject to the terms of any of Senior Loan Documents,
the Managing Member may settle and adjust any claims and the reasonable expenses incurred by them in the adjustment and collection
of such proceeds shall be reimbursed by the Company upon request therefor.

 

(b)          Notwithstanding
anything to the contrary contained herein, if the Company or any of its Subsidiaries is required under the terms of the Senior
Loan Documents to restore any Property, then the Company and the Subsidiaries shall be entitled to apply the insurance proceeds
or the condemnation awards from the casualty or condemnation affecting such Property to such restoration in accordance with the
Senior Loan Documents.

 

5.9         Existence;
Compliance with Legal Requirements. The Company shall cause each Subsidiary to do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its existence as a limited liability company and all rights, licenses, permits,
franchises and other agreements necessary for the continued use and operation of its business, and shall comply with all Legal
Requirements and Insurance Requirements applicable to each Subsidiary and each Property in each case in accordance with the provisions
of the Senior Loan Documents. In addition, and whether or not required by law, the Company shall cause each Subsidiary at all
times to maintain, preserve and protect all of the Properties to the extent necessary for the continued conduct of its business
and maintain the Properties in a condition at least as good as that on the date hereof except for reasonable wear and use, and
from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements
thereto, or, in each case, such higher standard as required under any applicable franchise license agreement entered into by any
Subsidiary in each case in accordance with the provisions of the Senior Loan Documents.

 

 

		24	Note to draft: Second Pool
Purchaser Holdco Operating Agreement to be revised, as necessary, to refer to the insurance requirements of the applicable Senior
Loan Documents. If financing is not obtained for the Second Pool Assets at closing, then this provision will be revised to read:
“The Company will maintain the insurance policies required by the Senior Loan Documents whether or not the Senior Loan Documents
remain in effect.”

		25	Note to draft: If financing
is not obtained for the Second Pool Assets at closing, then Section 5.8 will be revised so that the Class B Member has the same
casualty notification requirements with respect to the Second Pool Assets as it has with respect to the First Pool Assets.

 

    	45

    	 

    

 

5.10       Impositions
and Other Claims. The Company shall and shall cause each Subsidiary to pay and discharge, or cause to be paid or discharged,
all taxes, assessments and governmental charges levied upon it, its income and assets as and when such taxes, assessments and
charges are due and payable (including, without limitation, all impositions), as well as all lawful claims for labor, materials
and supplies or otherwise, which could become a lien or encumbrance on any of its assets, subject to any rights to contest permitted
under the Senior Loan Documents. The Company shall not permit or suffer (and shall cause the Subsidiaries not to permit or suffer)
to exist any Lien on any Property, the Company’s direct or indirect interest in the Subsidiaries or any other Company Asset,
other than Permitted Encumbrances (as defined in the Senior Loan Documents) or the security interest of the Class A Member in
the Cash Management Account; provided, however, that the Subsidiaries may, without the consent of the Class A Member,
contest mechanics’ liens as permitted by the terms of the Senior Loan Documents. If a Lien is imposed on a Property due
solely to Senior Lender’s failure to pay taxes that, under the Senior Loan Documents, the Senior Lender is obligated to
pay and for which sufficient funds in the Senior Loan tax reserve are available, the imposition of such Lien will not constitute
a breach of this covenant or a Changeover Event.

 

5.11       Litigation.
The Managing Member shall give prompt written notice to the Class A Member of any litigation or governmental proceedings pending
or threatened (in writing) against the Company, the Class B Member, any Guarantor or any Subsidiary of which it has actual knowledge
which, if determined adversely to such Person, could reasonably be expected to have a Material Adverse Effect.

 

5.12       Access
to Properties. The Company shall, and shall cause each Subsidiary to, permit agents, representatives and employees of the
Class A Member or its Affiliates to inspect all of the Properties or any part thereof and the books and records of the Company
and each Subsidiary at any time and from time to time as may be requested by the Class A Member or such Affiliates.

 

5.13       Notice
of Default. The Managing Member shall promptly advise the Class A Member of any change in the condition, financial or otherwise,
of the Company, any Guarantor or any Subsidiary which has had or is reasonably expected to have any Material Adverse Effect, or
of the occurrence to the best of the Managing Member’s knowledge of the occurrence of any Changeover Event or of any event
that, with the giving of notice of the passage of time, could become a Changeover Event.

 

5.14       Intentionally
Omitted.

 

5.15       Conduct
of Business.

 

(a)          The
Class B Member, the Company and each Subsidiary shall conduct their respective affairs in accordance with each of the covenants
and restrictions set forth on Schedule 5.15(a) (which schedule is hereby incorporated into and made a part of this Agreement)
and neither the Company nor the Class B Member shall take any action or refrain from taking any action (or permit any Subsidiary
to take any action or refrain from taking any action), inconsistent with the foregoing.

 

(b)          The
Company and the Class B Member agree to the representations, warranties and covenants set forth in Schedule 5.15(b).

 

    	46

    	 

    

  

(c)          Neither
the Company nor the Class B Member shall take any action or refrain from taking any action (or cause or permit any Subsidiary to
take any action or refrain from taking any action) which, whether with or without the giving of notice or the passage of time or
both, could reasonably be expected to give rise to any liability or loss to any of Whitehall Street or Whitehall Parallel under
any of the Whitehall Guarantees, and the Organizational Documents of each Subsidiary shall similarly prohibit the taking or suffering
by any such Subsidiary of any action or omission which, whether with or without the giving of notice or the passage of time or
both, could reasonably be expected to give rise to any liability or loss to any of Whitehall Street or Whitehall Parallel under
any of the Whitehall Guarantees.

 

5.16       Standard
of Operation. Subject to Section 3.6 and the terms of the Senior Loan Documents, the Company shall operate or cause to
be operated the Properties at all times in a manner consistent with at least the standard of operation of the Properties as of
the Effective Date (or, if greater, in accordance with the terms of the applicable franchise license agreements entered into by
any Subsidiary).

 

5.17       No
Sales of Assets. Without the prior written consent of the Class A Member, the Company will not, and will not enter into any
agreement or option to, sell, transfer, assign or otherwise dispose of any of the Company’s interests in any Company Asset
including any direct or indirect interest in any Subsidiary or any Property (excluding transfers of immaterial items of personal
property in the ordinary course of business), nor will it permit any Subsidiary to, or to enter into any agreement or option to,
sell, transfer, assign or otherwise dispose of any Property (excluding transfers of immaterial items of personal property in the
ordinary course of business), except (i) for all-cash consideration and (ii) in an amount that would, after taking into account
any amounts payable under the Senior Loan Documents, result in the Company receiving an amount equal to or greater than such Property’s
Release Payment, unless the Redemption Price is paid in full.

 

5.18       Compliance
with Senior Loans. At all times, whether or not the Senior Loans remain outstanding, the Managing Member and the Company shall
comply, and cause each Subsidiary and Property Manager that is an Affiliate of the Class B Member to comply with all provisions
of the Senior Loan Documents.

 

5.19       Intentionally
Omitted.

 

5.20       Prohibited
Persons. The Class B Member shall not permit the Company or any Subsidiary to: (i) conduct any business, nor engage in
any transaction or dealing, with any Prohibited Person, including, but not limited to, the making or receiving of any contribution
of funds, goods, or services, to or for the benefit of a Prohibited Person; or (ii) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set in Executive Order.

 

5.21       Forgiveness
of Debt. None of the Company, the Class B Member or any Subsidiary shall cancel or otherwise forgive or release any material
claim or debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business.

 

    	47

    	 

    

  

ARTICLE
6

CAPITAL CONTRIBUTIONS,

LOANS AND LIABILITIES

 

6.1         Initial
Capital Contributions of the Members. Each of the Members is hereby deemed to have made initial contributions to the Company
(the “Initial Capital Contributions”) and to have Percentage Interests as set forth in Schedule 6.1.
The limited liability company interests issued to each Equity Member pursuant to this Agreement have been duly authorized and
are validly issued limited liability company interests.

 

6.2         Protective
Capital/Additional Capital. In the event that the Company has insufficient cash on hand (i) to pay debt service owing
pursuant to any of the Senior Loan Documents or to cure or avoid a default under any of the Senior Loan Documents (including to
make any repairs or replacements, capital improvements or other expenditures required under the Senior Loan Documents), (ii) to
pay real estate taxes, insurance premiums or ground rents, or (iii) to make any expenditures (including, without limitation,
to fund the costs of any environmental remediation) or other disbursements to third parties that are necessary to preserve or
protect any of the Properties or the Company’s direct or indirect interest therein (any additional funds required for purposes
of funding any of the foregoing items are referred to herein as “Protective Capital”), the Class B Member shall
contribute to the Company additional capital, in cash, in an amount sufficient to enable the Company to meet the obligation giving
rise to such need on a timely basis, in which event sums so contributed shall be treated as an additional Capital Contribution.
If the Class B Member fails to contribute such Protective Capital within the applicable time period set forth in paragraph (b)
below after the Class A Member gives the Class B Member written notice that it has reasonably determined that the Company is in
need of such additional capital, then, subject to the limitations set forth in paragraph (b) below, the Class A Member shall have
the right, power and authority, but not the obligation, to make such payments on the Company’s behalf and, notwithstanding
the limitations set forth in Article 3, to take any other actions reasonably related thereto in the Company’s name and on
the Company’s behalf to fulfill the purpose for which the Protective Capital was needed, and the amount of any advance made
by the Class A Member, together with any expenses incurred by the Class A Member in connection therewith (collectively, the “Class
A Member Protective Advance”), shall constitute an additional Capital Contribution by the Class A Member, which shall
be returned in full (together with a return thereon at the Increased Rate) prior to any distributions to the Class B Member. The
provisions of this Agreement, including this Section 6.2, are intended to benefit the Members and, to the fullest extent permitted
by law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor of the Company
shall be a third-party beneficiary of this Agreement).

 

(a)        The
Class A Member shall not be entitled to make any Protective Capital contribution unless it has first given the Class B Member at
least five (5) Business Days’ prior written notice of its intention to make the contribution (which notice will specify the
amount of the proposed contribution and the purpose for which the contribution is being made), provided, however,
that the Class A Member may make a Protective Capital contribution upon one (1) day’s prior notice to the Class B Member
in the case of an emergency (e.g., an expense necessary to prevent the incurrence by the Company or any Subsidiary of penalties
or late fees or a default under the Senior Loan Documents, to prevent other imminent material harm to the Company, the Subsidiaries
or the Properties or to preserve human health and/or safety), or with such shorter or no prior notice (but subsequent notice of
such emergency and the Protective Capital contribution relating thereto as soon as possible thereafter) to the extent that one
(1) day’s notice would jeopardize the ability of the Class A Member to respond to the emergency. The Class B Member shall
contribute to the Company funds necessary to enable the Company to reimburse the Class A Member for any such emergency contribution
within five (5) days after receipt of notice that the contribution was made, together with interest thereon at the Increased Rate
until repaid.

 

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(b)          Notwithstanding
anything to the contrary herein, the Class A Member shall not be required under any circumstance to contribute additional capital
or other amounts to the Company and no other Member shall be required to contribute additional capital except as set forth in this
Section 6.2. Following the occurrence of a Changeover Event, the Class A Member shall be entitled to fund additional Capital Contributions
from time to time as necessary to manage, operate, finance and sell the Company and its Subsidiaries and the Properties, as determined
by the Class A Member in its sole and absolute discretion.

 

6.3         Application
of Capital. The Class B Member shall take such actions as are reasonably necessary on behalf of the Company and/or any of
its Subsidiaries to disburse the proceeds of any Capital Contributions or Protective Capital for the purposes for which the funds
were contributed.

 

6.4         Capital
of the Company. Except as expressly provided for in this Agreement, no Member shall be entitled to withdraw or receive any
interest or other return on, or return of, all or any part of its Capital Contribution, or to receive any Company Assets (other
than cash) in return for its Capital Contribution. The Class A Member shall not be entitled to make a Capital Contribution to
the Company except as expressly authorized or required by this Agreement.

 

ARTICLE
7

INTENTIONALLY OMITTED

 

ARTICLE
8

APPLICATIONS AND DISTRIBUTIONS

OF AVAILABLE CASH; REDEMPTION

 

8.1         Distributions
of Cash. The Managing Member shall cause the Company to distribute all Available Cash (other than Net Sales Proceeds,
Net Disposition Proceeds, Net Financing Proceeds and the QCR Redemption Amount, which shall be distributed in accordance with
Section 8.4) monthly on each Scheduled Distribution Date as follows:

 

(1)         First,
100% to the Class A Member until it has received payment of the unpaid Increased Return, if any, and then any other Class A Return,
if any, for any Accrual Periods ending on or prior to such Scheduled Distribution Date;

 

(2)         Second,
100% to the Class A Member until it has received payment of all Protective Capital contributed by the Class A Member plus, to the
extent not returned under clause (i), the Increased Return thereon calculated from the date such contribution was made until repaid
in full;

 

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(3)         Third,
if a Changeover Event has occurred, 100% to the Class A Member until the Class A Member has received in full the Redemption Price
as of such Scheduled Distribution Date; and

 

(4)         Fourth,
all remaining cash flow may be distributed to the Class B Member or, if the Class A Member has purchased the Interest of the Class
B Member pursuant to Section 3.4, shall be distributed to the Class A Member.

 

(b)          The
unavailability of cash to pay in full the amounts due to the Class A Member shall not excuse the Company’s obligation to
pay such amounts, which shall be an unconditional obligation.

 

[(c)          Notwithstanding
the foregoing, if the Sellers shall at any time be obligated to pay any [First Pool Offset Amounts][Second Pool Offset Amounts]
(as such term is defined in the Sale Agreement), then the Company shall have the right to pay such obligation to the Class B Member
from amounts which would otherwise be distributed to the Class A Member (but any such payment shall nonetheless constitute distribution(s)
to the Class A Member for purposes of this Agreement).]

 

8.2         Sales;
Financings; Qualified Capital Raises.

 

(a)          In
the event of a sale, transfer, assignment or other disposition of any Property by any Subsidiary or of any of the Company’s
direct or indirect interests in any Property or any Subsidiary, as applicable, the net proceeds to the Company (taking into account
amounts paid to the Senior Lender pursuant to the Senior Loan Documents) from such sale, transfer, assignment or other disposition
after deduction of reasonable third-party costs approved by the Class A Member (such proceeds, the “Net Sale Proceeds”),
shall be distributed as provided in Section 8.4.

 

(b)          In
the event of (i) the Company or any of its Subsidiaries incurs any Additional Mezzanine Loans or (ii) there is a refinancing of
any of the Senior Loans, then the net proceeds to the Company (taking into account amounts paid to the Senior Lender pursuant to
the Senior Loan Documents) from such financing or refinancing, as applicable, after deduction of all reasonable third-party costs
approved by the Class A Member (such net proceeds, the “Net Financing Proceeds”), shall be distributed as provided
in Section 8.4.

 

(c)          In
the event of the occurrence of any Qualified Capital Raise during any calendar month, the Class B Member shall cause an amount
equal to the QCR Redemption Amount for such Qualified Capital Raise (together with an accounting of all Qualified Capital Raises
that occurred during such month) to be contributed to the Company by no later than the fifth (5th) day of the next calendar month
(or the next Business Day if such 5th day is not a Business Day) and the Company shall immediately distribute such amount as provided
in Section 8.4.

 

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8.3         Redemption
Right

 

(a)          On
any date from and after the Effective Date, the Class B Member shall have the right, on ten (10) days’ prior written
notice to the Class A Member, to redeem all or any portion of the Class A Member’s Interest in the Company at a price equal
to the Redemption Price as of such date (or, in the case of a redemption in part, the amount being so redeemed in an amount no
less than $1,000,000, together with the amounts described in clauses (ii), (iii) and (iv) of the definition of “Redemption
Price” contained herein), provided, however, that if a Changeover Event has been declared, then such redemption
right may only be exercised until the earliest to occur of (i) in the case of a Changeover Event only, the completion of the “buy/sell”
procedure described in Section 3.4 and (ii) the occurrence of a Bankruptcy with respect to the Company, the Class B Member or any
Subsidiary (and after the first to occur of any of these events, neither Company nor the Class B Member shall have any right to
redeem the Class A Member).

 

(b)          Upon
any closing of a redemption of one hundred percent (100%) of the Class A Member’s Interest permitted hereunder, and assuming
that the Company has paid in full the Redemption Price and any and all fees and expense reimbursements then owing to the Class
A Member and any of their Affiliates or designees, the Class A Member shall assign its Interest to the Class B Member or its designee
without recourse and without representation or warranty other than that it owns the Interest and the same has not been transferred,
pledged or otherwise encumbered (other than such encumbrances as are being released or terminated concurrently with such transfer).

 

8.4         Distribution
of Capital Event Proceeds. Net Sale Proceeds, Net Disposition Proceeds, Net Financing Proceeds and the QCR Redemption Amount
shall be distributed immediately upon receipt as follows:

 

(1)         First,
100% to the Class A Member until it has received payment of the unpaid Increased Return, if any, and then any other Class A Return,
if any, for any Accrual Periods ending on or prior to such date;

 

(2)         Second,
100% to the Class A Member until it has received payment of all Protective Capital contributed by the Class A Member plus, to the
extent not returned under clause (1), the Increased Return thereon calculated from the date such contribution was made until repaid
in full;

 

(3)         Third,
100% to the Class A Member until the Class A Member has received: (i) in the event the Capital Event in question is a refinancing
of any of the Senior Loans, the full Redemption Price as of the date such distribution is made, (ii) in the event the Capital Event
in question is a sale of one of more of the Properties (or any indirect interest therein), the full Release Payments for such Properties
(or such indirect interest, as applicable), (iii) in the case of a distribution of the QCR Redemption Amount in respect of any
Qualified Capital Raise, such QCR Redemption Amount, and (iv) in the event of any other Capital Event, all of the Capital Event
Proceeds from such other Capital Event (but, in the event such Capital Event only affects certain Properties (as opposed to all
Properties), only in an amount up to the Release Payment for such Property), which distribution pursuant to this clause (3) shall
be considered a return of, and reduce, the Class A Member’s Unrecovered Capital;

 

(4)         Fourth,
if a Changeover Event has occurred, 100% to the Class A Member until the Class A Member has received in full the Redemption Price
as of the date such distribution is made; and

 

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(5)         Fifth,
100% to the Class B Member or, if the Class A Member has purchased the Interest of the Class B Member pursuant to Section 3.4,
100% to the Class A Member.

 

8.5         Distribution
After Changeover Event. Notwithstanding anything to the contrary herein, in no event will the Class B Member receive or be
entitled to receive distributions or other amounts from the Company or any Subsidiary after a Changeover Event has occurred until
the Class A Member has received all sums due it hereunder including the Redemption Price, and thereafter all sums shall be payable
to the Class B Member.

 

ARTICLE
9

TRANSFER OF COMPANY INTERESTS

 

9.1         Restrictions
on Transfers by the Class B Member.  

 

(a)          Except
as expressly permitted by the rules set forth in Section 9.1(b) (any such permitted transfers, “Permitted Transfers”),
the Class B Member may not Transfer, nor permit the Transfer of, all or any of its Interest to any Person and no Person owning
any direct or indirect legal, beneficial or other interest in the Class B Member may Transfer, or permit the Transfer, of such
interest, in each case without the Class A Member’s prior written consent. Furthermore, the Special Member of the Company
may not Transfer its Interest without the consent of the Class A Member.

 

(b)          The
direct or indirect transfer of membership interests in the members of the Class B Member by which, in a single transaction or a
series of transactions, in the aggregate, not more than forty-nine percent (49%) of the direct and indirect membership interests
in any member of the Class B Member shall be vested in parties not having an ownership interest as of the date hereof shall constitute
a Permitted Transfer if (i) such Transfer constitutes a Qualified Capital Raise pursuant to the terms hereof, (ii) such Transfer
does not violate the terms of the Senior Loan Documents, (iii) except for Transfers of direct or indirect interests in ARC OP,
no Changeover Event has occurred and remains uncured, (iv) the Company and the Subsidiaries continue to be in compliance with the
single purpose covenants set forth in Schedule 5.15(a), (v) except for Transfers of direct or indirect interests in ARC
OP, the Class A Member receives not less than ten (10) days’ prior written notice of such proposed transfer, and (vi) following
such Transfer, the Class B Member continues to be Controlled, directly or indirectly, by ARC OP, ARC OP continues to be Controlled,
directly or indirectly by the REIT, and the REIT continues to be Controlled, directly or indirectly, by AR Capital, LLC.

 

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9.2         Transfers
by the Class A Member.

 

(a)          Until
the occurrence of a Changeover Event (the date of such occurrence, “Lockout Expiration Date”), (i) the Class
A Member shall not Transfer all or any portion of its Interest without the consent of the other Member, (ii) Whitehall Street shall
own greater than fifty percent (50%) of the direct or indirect membership interests in the Class A Member, and (iii) GS Group shall
continue to, directly or indirectly, Control the Class A Member, provided that (x) no transfer of any direct or indirect
interest in the Class A Member (other than transfers of direct and/or indirect interests in Whitehall Street) shall be permitted
until the date which is two hundred seventy (270) days following the date hereof and (y) following such 270-day period, any transfer
of direct or indirect non-Controlling interests in the Class A Member (other than transfers of direct and/or indirect interests
in Whitehall Street) shall be subject to the consent of the Class B Member, not to be unreasonably withheld, delayed or conditioned;
it being agreed that the Class B Member shall not be deemed to have acted unreasonably if it withholds its consent to any transfer
of direct or indirect non-Controlling interests in the Class A Member to a competitor of the Class B Member or any of its Affiliates.
Following the Lockout Expiration Date, the Class A Member may, from time to time and without the consent or approval of any other
Member, Transfer all or any portion of its Interest to any Person so long as such Transfer does not violate the terms of the Senior
Loan Documents (or if such Transfer would violate the terms of the Senior Loan Documents, the Class A Member has received consent
thereto from the Senior Lender), and no change in Control or direct or indirect ownership of the Class A Member shall constitute
a breach or a default hereunder. Notwithstanding the foregoing, (x) the Class A Member shall be entitled to Transfer all or any
portion of its interest, and transfers of direct or indirect interests in the Class A Member shall be permitted, in either such
case, if required by applicable law or regulation, and (y) Transfers of preferred stock issued by W2007 Grace Acquisition I, Inc.
and/or W2007 Equity Inns Statutory Trust I shall be permitted at any time without the consent of the Class B Member.

 

(b)          The
Class B Member shall cooperate (and cause each Guarantor to cooperate) in any Transfer by the Class A Member of its Interest, including
by executing amendments to this Agreement or any other Transaction Document so long as any such amendment does not alter any of
the economic terms of any such agreement.

 

9.3         Assignment
Binding on Company. No Transfer of all or any part of the Interest of a Member otherwise permitted to be made under this Agreement
shall be binding upon the Company unless and until a duplicate original of the assignment agreement or other instrument of transfer,
duly executed and acknowledged by the assignor or transferor, has been delivered to the Company, and such instrument evidences
(i) the written acceptance by the assignee of all of the terms and provisions of this Agreement, (ii) the assignee’s confirmation
of the accuracy of each of the representations and warranties set forth in Section 2.10 (in the case of an assignment by the Class
B Member) and the assignee’s representation that such assignment was made in accordance with all applicable laws and regulations
and (iii) the consent to the Transfer of the Interest required pursuant to Section 9.1, if any. In addition, the Class A
Member, in its discretion and as a condition precedent to such Person becoming a transferee, also may require any Person to whom
a Transfer may be made pursuant to this Article 9 to make certain reasonable and customary representations, warranties and covenants
solely to evidence compliance with U.S. federal and state securities laws including, but not limited to, representations as to
its net worth, sophistication and investment intent.

 

9.4         Bankruptcy
of a Member. To the fullest extent permitted by law, the Company shall not be dissolved or terminated solely by reason of
the Bankruptcy, removal, withdrawal, dissolution or admission of any Member.

 

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9.5         Substituted
Members.  

 

(a)          Any
Member that assigns all of its Interests pursuant to an assignment or assignments permitted under this Agreement shall cease to
be a Member of the Company except that unless and until a Substituted Member is admitted in its stead, the assigning Member shall
not cease to be a Member of the Company under the Act and shall retain the rights and powers of a member under the Act and hereunder,
provided that such assigning Member may, prior to the admission of a Substituted Member, assign its economic interest in
its Interest, to the extent otherwise permitted under this Article 9. Any Person who is an assignee of any portion of the Interest
of a Member pursuant to an assignment satisfying the requirements of this Article 9 shall become a Substituted Member only when
(i) the Managing Member has entered such assignee as a Member on the books and records of the Company, which the Managing Member
is hereby directed to do upon satisfaction of such requirements, and (ii) such assignee has paid all of the Company’s reasonable
legal fees and filing costs in connection with the substitution as a member. Any assignee who acquires an interest in the Company
by operation of law (but which acquisition is or would have been prohibited by this Article 9) shall not become a Substituted Member
under any circumstance.

 

(b)          Any
Person who is an assignee of any of the Interest of a Member pursuant to an assignment satisfying the requirements of this Article
9 but who does not become a Substituted Member (or pursuant to an assignment by operation of law, who shall not become a Substituted
Member) and desires to make a further assignment of any such Interest, shall be subject to all the provisions of this Article 9
to the same extent and in the same manner as any Member desiring to make an assignment of its Interest.

 

9.6          Acceptance
of Prior Acts. Any person who becomes a Member, by becoming a Member, accepts, ratifies and agrees to be bound by all actions
duly taken pursuant to the terms and provisions of this Agreement by the Company or any of its members prior to the date such Person
became a Member and, without limiting the generality of the foregoing, specifically ratifies and approves all agreements and other
instruments as may have been executed and delivered on behalf of the Company prior to said date and which are in force and effect
on said date.

 

9.7          Additional
Limitations. Notwithstanding anything contained in this Agreement, no Transfer by the Class B Member shall be made unless (i)
registration is not required under the Securities Act in respect of such Transfer; (ii) such Transfer does not violate any applicable
federal or state securities, real estate syndication, or comparable laws; (iii) such Transfer will not be subject to, or such Transfer,
when aggregated with prior Transfers in accordance with applicable law will not result in the imposition of, any state, city or
local transfer taxes, including, without limitation, any transfer gains taxes, unless such assignor pays such taxes; and (iv) such
Transfer will not cause the Company to be treated as a “publicly-traded partnership” within the meaning of Section
7704 of the Code. The Class A Member may elect prior to any Transfer by the Class B Member to require an opinion of counsel, or
in the case of an indirect Transfer of a portion of the Class B Member’s Interest, other reasonable legal assurance with
respect to any of the foregoing matters.

 

9.8         Restraining
Order; Specific Performance; Other Remedies.

 

(a)          If
the Class B Member shall attempt (or any holder of a direct or indirect interest in the Class B Member attempts) to Transfer all
or any portion of its interest in the Company in violation of any of the provisions of this Agreement, the Class A Member, in addition
to all rights and remedies hereunder, at law and/or equity, shall be entitled to seek a decree or order restraining and enjoining
such Transfer and the Class B Member shall not plead in defense thereto that there would be an adequate remedy at law; it being
hereby expressly acknowledged and agreed that damages at law shall be an inadequate remedy for a breach or threatened breach or
violation of the provisions concerning Transfers set forth in this Agreement.

 

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(b)          It
is expressly agreed that the remedy at law for breach of any of the obligations relating to Transfers set forth in this Article 9
and elsewhere in this Agreement is inadequate in view of:

 

(1)         The
complexities and uncertainties in measuring the actual damages that would be sustained by reason of the failure of a party to comply
fully with each of said obligations; and

 

(2)         The
uniqueness of each Member’s business and assets and the relationship of the Members.

 

Accordingly, each of the aforesaid obligations shall be, and
is hereby expressly made, enforceable by specific performance.

 

ARTICLE
10

DISSOLUTION OF THE COMPANY;

WINDING UP AND DISTRIBUTION OF ASSETS

 

10.1        Dissolution.  

 

(a)          The
Company shall be dissolved and its affairs shall be wound up only upon the first to occur of the following:

 

(1)         so
long as the Senior Obligations have been repaid in full, the joint written direction of the Managing Member and the Class A Member;

 

(2)         the
entry of a decree of judicial dissolution under Section 18-802 of the Act; or

 

(3)         the
termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining Member in the Company unless the business of the Company is continued in a manner
permitted by this Agreement or the Act. Upon the occurrence of any event that causes the last remaining member of the Company to
cease to be a member of the Company, to the fullest extent permitted by law, the personal representative of such member is hereby
authorized and directed to, and shall, within ninety (90) days after the occurrence of the event that terminated the continued
membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal
representative or its nominee or designee, as the case may be, as a substitute Member of the Company, effective as of the occurrence
of the event that terminated the continued membership of the last remaining Member.

 

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(b)          No
Member shall have the right to (i) withdraw or resign as a Member of the Company, (ii) redeem or otherwise require redemption of
its limited liability company interest in the Company or any part thereof or (iii) to the fullest extent permitted by law, dissolve
itself voluntarily.

 

(c)          Notwithstanding
any other provision of this Agreement, the Bankruptcy of any of the Members shall not cause such Member to cease to be a Member
of the Company and upon the occurrence of such an event, the business of the Company shall continue without dissolution.

 

(d)          Notwithstanding
any other provision of this Agreement, each Member waives any right it might have under Section 18-801(b) of the Act to agree in
writing to dissolve the Company upon the Bankruptcy of any of the Members, or the occurrence of an event that causes any of the
Members to cease to be a Member of the Company.

 

10.2        Winding
Up.  

 

(a)          In
the event of the dissolution of the Company pursuant to Section 10.1(a), the Managing Member and the Class A Member, acting together
may wind up the Company’s affairs.

 

(b)          Upon
dissolution of the Company and until the filing of a certificate of cancellation as provided in the Act, the Class A Member and
the Managing Member, or a liquidating trustee, as the case may be, may, in the name of, and for and on behalf of, the Company,
prosecute and defend suits, whether civil, criminal or administrative, gradually settle and close the Company’s business,
dispose of and convey the Company’s property, discharge or make reasonable provision for the Company’s liabilities,
and distribute to the Members in accordance with Section 10.3 any remaining assets of the Company, all without affecting the liability
of Members and without imposing liability on any liquidating trustee.

 

(c)          Upon
the completion of winding up of the Company, the Class A Member and the Managing Member, or a liquidating trustee, as the case
may be, shall file a certificate of cancellation in the Office of the Secretary of State of the State of Delaware as provided in
the Act and any other similar certificates of cancellation or termination required to discontinue its status as a legal entity
or its authorization to do business in New York or any other relevant jurisdiction. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate as provided in the Act.

 

10.3        Distribution
of Assets. Upon the winding up of the Company, the assets shall be distributed as follows:

 

(1)         to
the satisfaction of debts and liabilities of the Company (whether by payment or the making of reasonable provision for payment
thereof), in order of priority as provided by law, other than debts and liabilities owed to Members, including to the payment of
expenses of the liquidation and to the setting up of any reserves that the Class A Member and the Managing Member, or the liquidating
trustee, as the case may be, shall determine are reasonably necessary for any contingent, conditional or unmatured liabilities
or obligations of the Company;

 

(2)         to
the Class A Member until the Class A Member has received all Increased Return then due and payable and then all Unrecovered Capital;

 

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(3)         to
the satisfaction of debts and liabilities of the Company owed to Members; and

 

(4)         to
the Class B Member or to the Class A Member if the Class A Member has purchased the Interest of the Class B Member pursuant to
Section 3.4.

 

ARTICLE
11

AMENDMENTS

 

11.1        Amendments.

 

(a)          Any
amendment or supplement to this Agreement implemented solely to recognize substitution of any Member expressly permitted hereunder
or an assignment of any Interest made in full compliance with Article 9 may be made by either of the Managing Member or the Class
A Member without the consent or approval of any other Member. In all other cases, this Agreement may only be amended, supplemented
or otherwise modified with the prior written consent of the Managing Member and the Class A Member (and, if the Class B Member
is not the Managing Member and a proposed amendment would either (x) affect the economic rights provided herein of the Class B
Member or (y) modify the rights of the Class B Member to approve the Fundamental Decisions specified herein, with the prior written
consent of the Class B Member) and except with respect to the rights of the Special Member of the Company referred to in paragraph
(b) below, no other Member shall have any right to approve or disapprove any amendment, supplement or other modification to this
Agreement that has been approved by the Managing Member and the Class A Member. No amendment, modification, supplement, discharge
or waiver hereof or hereunder shall require the consent of any Person not a party to this Agreement.

 

(b)          For
so long as any of the Senior Loans remain outstanding, no Member shall be entitled to implement any amendment, supplement or other
modification of any of Section 2.5, 2.7, 5.15 or 10.1 or this Section 11.1(b) except with the prior written approval of
each of the Managing Member, the Class A Member and the Special Member of the Company, and then only if such amendment, supplement
or modification is not otherwise prohibited by the provisions of any Senior Loan Documents then outstanding.

 

11.2        Additional
Members. In addition to the requirements of Section 11.1, if this Agreement shall be amended for the purpose of adding or substituting
any Member, the amendment shall be signed by the Person to be added or substituted and by the assigning Member, if any. In making
any amendments, the Managing Member shall prepare and file for recordation such documents and certificates as shall be required
to be prepared and filed. Except for transferees of the Class A Member’s Interest, for which no consent shall be required,
additional Members may be admitted to the Company only upon the unanimous consent of all Members.

 

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ARTICLE
12

 

MISCELLANEOUS

 

12.1         Further
Assurances. Each party to this Agreement agrees to execute, acknowledge, deliver, file and record such further certificates,
amendments, instruments and documents, and to do all such other acts and things, as may be required by law or as, in the reasonable
judgment of the Class A Member or the Managing Member may be necessary or advisable to carry out the intent and purpose of this
Agreement.

 

12.2         Notices.
Unless otherwise specified in this Agreement, all notices, demands, elections, requests or other communications that any party
to this Agreement may desire or be required to give hereunder shall be in writing and shall be given by hand by depositing the
same in the United States mail, first class postage prepaid, certified mail, return receipt requested, or by a recognized overnight
courier service providing confirmation of delivery, to the addresses set forth in Section 2.6 or 2.8, as applicable, or at such
other address as may be designated by the addressee thereof (which in the case of the Company, shall be designated by the Class
B Member) upon written notice to all of the Members. All notices given pursuant to this Section 12.2 shall be deemed to have been
given (i) if delivered by hand on the date of delivery or on the date delivery was refused by the addressee or (ii) if delivered
by United States mail or by overnight courier, on the date of delivery as established by the return receipt or courier service
confirmation (or the date on which the return receipt or courier service confirms that acceptance of delivery was refused by the
addressee).

 

12.3         Remedies
of the Class B Member. The Class A Member shall be required to act reasonably only in those cases expressly provided for herein.
In the event that a claim or adjudication is made that the Class A Member or its agents have acted unreasonably or unreasonably
delayed acting in any case where, by law or under this Agreement or the Transaction Documents, the Class A Member or such agent,
as the case may be, has an obligation to act reasonably, that neither the Class A Member nor its agents shall be liable for any
monetary damages, and the Class B Member’s sole remedy shall be limited to commencing an action seeking injunctive relief
or declaratory judgment. Any action or proceeding to determine whether the Class A Member has acted reasonably shall be determined
by an action seeking declaratory judgment, and the Class B Member hereby waives its right to seek indirect, special, punitive and/or
consequential damages from the Class A Member.

 

12.4         Exculpation.
Subject to the qualifications below, the Class A Member shall not enforce any liability or obligation of the Class B Member or
the Company under this Agreement or the other Transaction Documents against any direct or indirect owner, employee or officer of
the Class B Member. The provisions of this Section shall not, however, (a) constitute a waiver, release or impairment of any obligation
evidenced or secured by any of the Transaction Documents; (b) affect the validity or enforceability of the Environmental Indemnity
Agreement or the Guarantees or any of the rights and remedies of the Class A Member against the Company or the Class B Member under
this Agreement and the other Transaction Documents; (c) constitute a prohibition against the Class A Member pursuing its rights
and remedies against the Company; or (d) constitute a waiver of the right of the Class A Member to enforce the liability and obligation
of the Company, by money judgment or otherwise.

 

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12.5         Headings
and Captions. All headings and captions contained in this Agreement and in the table of contents hereto are inserted for convenience
only and shall not be deemed a part of this Agreement.

 

12.6         Variance
of Pronouns. All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine or neuter, singular
or plural, as the identity of the Person may require.

 

12.7         Counterparts.
THIS AGREEMENT MAY BE EXECUTED IN TWO OR MORE COUNTERPARTS, EACH OF WHICH SHALL CONSTITUTE AN ORIGINAL AND ALL OF WHICH, WHEN TAKEN
TOGETHER, SHALL CONSTITUTE ONE AGREEMENT.

 

12.8         Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO CONFLICT OF LAW PROVISIONS THEREOF.

 

12.9         Consent
to Jurisdiction. To the fullest extent permitted by law, each party hereto hereby irrevocably consents and agrees, for the
benefit of each party, that any legal action, suit or proceeding against it with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with this Agreement and with respect to the enforcement, modification, vacation
or correction of an award rendered in an arbitration proceeding shall be brought in any city, state or federal court located in
the Borough of Manhattan, The City of New York (a “New York Court”) or in the State of Delaware (a “Delaware
Court”), and hereby irrevocably accepts and submits to the exclusive jurisdiction of each such New York Court and Delaware
Court with respect to any such action, suit or proceeding. Each party hereto also hereby irrevocably consents and agrees, for the
benefit of each other party, that any legal action, suit or proceeding against it shall be brought in any New York Court or any
Delaware Court, and hereby irrevocably accepts and submits to the exclusive jurisdiction of each such New York Court and Delaware
Court with respect to any such action, suit or proceeding. Each party hereto waives any objection which it may now or hereafter
have to the laying of venue of any of the aforesaid actions, suits or proceedings brought in any such New York Court or Delaware
Court and hereby further waives and agrees not to plead or claim in any such New York Court or Delaware Court that any such action,
suit or proceeding brought therein has been brought in an inconvenient forum. Each party agrees that (i) to the fullest extent
permitted by law, service of process may be effectuated hereinafter by mailing a copy of the summons and complaint or other pleading
by certified mail, return receipt requested, at its address set forth above and (ii) all notices that are required to be given
hereunder may be given by the attorneys for the respective parties.

 

12.10         Arbitration.

 

(a)            Arbitration
administered by the American Arbitration Association shall be the exclusive method for resolution of any claims or disputes arising
out of, relating to or in connection with this Agreement or the breach thereof, and the determination of the arbitrators shall
be final and binding (except to the extent there exist grounds for vacation or an award under applicable arbitration statutes)
on the Members. The parties agree that they will give conclusive effect to the arbitrators’ determination and award and that
judgment thereon may be entered in any court having jurisdiction. The arbitrators will have no authority to award punitive damages
or any other damage not measured by the prevailing party’s actual damages, and may not, in any event, make any ruling, finding
or award that does not conform to the terms and conditions of this Agreement. Each party shall bear its own costs in any arbitration.

 

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(b)            The
number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy and shall be impartial
with respect to all parties hereto. The Class A Members shall appoint one arbitrator, the Class B Member shall appoint one arbitrator
and the third arbitrator shall be appointed in accordance with the then prevailing commercial arbitration rules of the American
Arbitration Association, which rules shall apply to any arbitration proceeding commenced hereunder.

 

(c)            The
place of arbitration shall be the Borough of Manhattan, The City of New York. The arbitration shall be conducted in the English
language. The arbitrators shall give effect insofar as possible to the desire of the parties hereto that the dispute or controversy
be resolved in accordance with good commercial practice. The arbitrators shall decide such dispute in accordance with the law of
the State of Delaware, without regard to conflict of law provisions thereof. The arbitrators shall decide such dispute as expeditiously
as possible and, in any event, within fifteen (15) Business Days of selection of the third arbitrator. They shall apply the commercial
arbitration rules of the American Arbitration Association and Title 9 of the U.S. Code.

 

(d)            Notwithstanding
any provision of this Agreement to the contrary, Section 3.5 and this Section 12.10 shall be construed to the maximum extent possible
to comply with the laws of the State of Delaware, including the Uniform Arbitration Act (10 Del. C. § 5701, et
seq.) (the "Delaware Arbitration Act"). If, nevertheless, it shall be determined by a court of competent jurisdiction
that any provision or wording of Section 3.5 or this Section 12.10, including any Commercial Arbitration Rules or rules of the
American Arbitration Association, shall be invalid or unenforceable under the Delaware Arbitration Act, or other applicable law,
such invalidity shall not invalidate all of Section 3.5 or this Section 12.10. In that case, Section 3.5 or this Section 12.10,
as applicable, shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements
of the Delaware Arbitration Act or other applicable law, and, in the even such term or provision cannot be so limited, Section
3.5 or Section 12.10, as applicable, shall be construed to omit such invalid or unenforceable provision.

 

12.11         Partition.
The Members hereby agree that no Member nor any successor-in-interest to any Member shall have the right to have the property of
the Company partitioned, or to file a complaint or institute any proceeding at law or in equity to have the property of the Company
partitioned, and each Member, on behalf of himself, his successors, representatives, heirs and assigns, hereby waives any such
right.

 

12.12         Invalidity.
Every provision of this Agreement is intended to be severable. The invalidity and unenforceability of any particular provision
of this Agreement in any jurisdiction shall not affect the other provisions hereof, and this Agreement shall be construed in all
respects as if such invalid or unenforceable provision were omitted.

 

12.13         Successors
and Assigns. This Agreement shall be binding upon the parties hereto and their respective successors, executors, administrators,
legal representatives, heirs and legal assigns and shall inure to the benefit of the parties hereto and, except as otherwise provided
herein, their respective successors, executors, administrators, legal representatives, heirs and legal assigns. No Person other
than the parties hereto and their respective successors, executors, administrators, legal representatives, heirs and permitted
assigns shall have any rights or claims under this Agreement.

 

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12.14         Entire
Agreement. This Agreement, including the Schedules hereto, supersedes all prior agreements among the parties with respect to
the subject matter hereof and together with the other Transaction Documents contains the entire Agreement among the parties with
respect to such subject matter.

 

12.15         Waivers.
No waiver of any provision hereof by any party hereto shall be deemed a waiver by any other party nor shall any such waiver by
any party be deemed a continuing waiver of any matter by such party.

 

12.16         No
Brokers. Each of the Members hereto warrant to each other that there are no brokerage commissions or finders’ fees (or
any basis therefor) resulting from any action taken by such Member or any Person acting or purporting to act on their behalf upon
entering into this Agreement. Each Member agrees to indemnify and hold harmless each other Member for all costs, damages or other
expenses arising out of any misrepresentation made in this Section 12.16.

 

12.17         Press
Releases. No Member shall issue any press release or other public communication about the formation or existence of the Company
without the express prior written consent of all Members.

 

12.18         No
Third Party Beneficiaries. Except as expressly stated herein, this Agreement is not intended and shall not be construed as
granting any rights, benefits or privileges to any Person not a party to this Agreement. Without limiting the generality of the
foregoing, no creditor of the Company shall have any right whatsoever to require any Member to contribute capital to the Company.

 

12.19         Construction
of Documents. The parties hereto acknowledge that they were represented by separate and independent counsel in connection with
the review, negotiation and drafting of this Agreement and that this Agreement shall not be subject to the principle of construing
its meaning against the party that drafted same.

 

12.20         Time
of Essence. Time is of the essence in the performance of each and every term of this Agreement.

 

THE REMAINDER OF THIS PAGE WAS INTENTIONALLY
LEFT BLANK

 

 

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IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the day and year first above written.

 

	 	CLASS B MEMBER:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO MEMBER, LLC
	 	 
	 	By:	American Realty Capital Hospitality Operating Partnership, L.P., its sole member
	 	 	 
	 	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 
	 	CLASS A MEMBER:
	 	 
	 	W2007
    Equity Inns Senior Mezz, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	SPECIAL MEMBER:
	 	 
	 	 

 

    	62

    	 

    

 

 

Schedule
A

 

Properties26

 

 

	26	Note to draft: First Pool Purchaser Holdco Operating
Agreement to include legal descriptions of Properties that are included as Exhibits A-1 through A-106 in the Sale Agreement, as
the same may be adjusted to take into account any Properties that are not acquired by Purchaser at closing. Second Pool Purchaser
Holdco Operating Agreement to include legal descriptions of Properties that are included as Exhibits A-107 through A-126 in the
Sale Agreement, as the same may be adjusted to take into account any Properties that are not acquired by Purchaser at closing.

 

    	 

    	 

    

 

SCHEDULE 1.1(a)

 

Allocated Amounts

 

	Property	Allocated Amount
	 	 
	 	 
	Total	 

 

    	 

    	 

    

  

SCHEDULE 1.1(b)

 

Mortgage Loan Documents

 

    	 

    	 

    

 

SCHEDULE 1.1(c)

 

First Mezzanine Loan Documents

 

    	 

    	 

    

  

SCHEDULE
5.15(a)

 

Special Purpose Covenants

 

		1.	With respect to each Subsidiary, such Subsidiary shall
comply with the single purpose entity and bankruptcy remoteness requirements of the Senior Loan Documents, whether or not the
applicable Senior Loan remains outstanding.

 

2.          With
respect to the Company:

 

(a)         The
Company (i) has been, is, and will be organized solely for the purpose of acquiring, developing, owning, holding, financing,
selling, leasing, transferring, exchanging, managing and operating such the Properties through the Subsidiaries, entering into
this Agreement and the other Transaction Documents, and transacting lawful business that is incident, necessary and appropriate
to accomplish the foregoing, and (ii) has not owned, does not own, and will not own any asset or property other than (A) its
limited liability company and limited partnership interests in the Subsidiaries and (B) incidental personal property necessary
for the ownership or operation of such limited liability company interests.

 

(b)         The
Company has not engaged and will not engage in any business other than the ownership, management and operation of the Properties
through the Subsidiaries and business incidental thereto.

 

(c)         The
Company has not and will not enter into any Class B Member Affiliate Contract unless (i) such agreement or other arrangement is
on arm’s-length commercially reasonable terms and (ii) such agreement or other arrangement is terminable by the Class A Member
following the declaration of a Changeover Event without payment of any termination or similar fee.

 

(d)         The
Company has not incurred and will not incur any Indebtedness other than its obligations under this Agreement and the other Transaction
Documents.

 

(e)         Except
as contemplated in this Agreement and the other Transaction Documents, the Company has not made and will not make any loans or
advances to any third party (including the Class B Member, any Guarantor and/or any of their respective Affiliates), and has not
and shall not acquire obligations or securities of its Affiliates.

 

(f)          The
Company is and intends to remain solvent and the Company has, in all material respects, paid and will pay its debts and liabilities
(including, as applicable, shared personnel and overhead expenses) from its assets; provided that the foregoing shall not require
any direct or indirect member, partner or shareholder of the Company to make any additional capital contributions to the Company;
and provided further that it shall not be a breach of this subsection (f) to the extent that the Company does (or did) not pay
such debts or liabilities because it does not have (or did not have) sufficient cash flow.

 

    	 

    	 

    

 

(g)         The
Company has done or caused to be done, and will do, all things necessary to observe organizational formalities and preserve its
existence, and the Company has not and will not, (i) terminate or fail other than to a de minimis and immaterial extent,
to comply with the provisions of its Organizational Documents, or (ii) from and after the date hereof only, unless the Class
A Member has consented, amend, modify or otherwise change its certificate of formation, operating agreement or other Organizational
Documents.

 

(h)         The
Company has, in all material respects, maintained and will maintain all of its books, records, financial statements and bank accounts
separate from those of its Affiliates and any other Person. The Company’s assets will not be listed as assets on the financial
statement of any other Person, provided, however, that the Company’s assets may be included in a consolidated financial statement
of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate
the separateness of the Company and such Affiliates and to indicate that the Company’s assets and credit are not available
to satisfy the debts and other obligations of such Affiliates or any other Person, and (ii) such assets shall be listed on
the Company’s own separate balance sheet. The Company will file its own tax returns (to the extent the Company is required
to file any such tax returns) and will not file a consolidated federal income tax return with any other Person (for the avoidance
of doubt, the inclusion of the results of operations, income, profits, losses or other tax attributes of a Person that is a disregarded
entity for federal or state income tax purposes in the federal or state income tax returns of the beneficial owner of such Person
shall not constitute the filing of an income tax return by such Person), except to the extent that the Company is (i) required
to file consolidated tax returns by law or (ii) is treated as a “disregarded entity” for tax purposes and is not required
to file tax returns under applicable law. The Company has maintained and shall maintain its books, records, resolutions and agreements
in accordance with this Agreement.

 

(i)          The
Company has been, will be, and at all times has held and will hold itself out to the public as, a legal entity separate and distinct
from any other entity (including any Affiliate of the Class B Member or any Guarantor), shall correct any known misunderstanding
regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates
as a division or department or part of the other and shall maintain and utilize separate stationery, invoices and checks bearing
its own name.

 

(j)          The
Company intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character
and in light of its contemplated business operations; provided that nothing in this clause (j) shall be interpreted to require
the partners, members or other principals of the Company to make any capital contributions or loans to such entity or arrange for
any such capital contribution or loan by any third party.

 

(k)         None
of the Company, any Affiliate Controlling the Company, the Class B Member, any Guarantor or any other Person holding any direct
or Controlling indirect interest in the Company, has sought or intends to seek or effect the liquidation, dissolution, winding
up, consolidation or merger, in whole or in part, of the Company.

 

    	 

    	 

    

 

(l)          The
Company has not and will not commingle the funds and other assets of the Company with those of any Affiliate, the Class B Member,
any Guarantor or any other Person, and has held and will hold all of its assets in its own name.

 

(m)        The
Company has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any Affiliate, the Class B Member, any Guarantor or any other Person.

 

(n)         The
Company has not and will not assume or guarantee or become obligated for the debts of any other Person and does not and will not
hold itself out to be responsible for or have its credit available to satisfy the debts or obligations of any other Person.

 

(o)         The
Company shall be a single purpose entity and shall have at all times (except for the limited and temporary circumstances described
in Section 2.7 of this Agreement) at least one Special Member that has the rights and responsibilities described in this Agreement.

 

(p)         The
Company has conducted and shall conduct its business so that the assumptions made with respect to the Company in any non-consolidation
opinion delivered to the Class A Member in connection with its investment in the Company, or in any other non-consolidation opinion
delivered subsequently to the Class A Member’s investment in the Company, shall be true and correct in all material respects.
In connection with the foregoing, the Company hereby covenants and agrees that it will comply in all material respects with or
cause the compliance in all material respects with, (i) all of the facts and assumptions (whether regarding the Company or
any other Person) set forth in such non-consolidation opinion letter, (ii) all of the representations, warranties and covenants
in this Schedule 5.15(a), and (iii) its Organizational Documents other than to a de minimis and immaterial extent.

 

(q)         Except
as contemplated in this Agreement, the Company has not permitted and will not permit any Affiliate of the Class B Member or any
Guarantor or any other Person holding any direct or indirect interest in the Company, independent access to its bank accounts.

 

(r)          Except
as contemplated in this Agreement, the Company has, in all material respects, paid and shall pay its own liabilities and expenses,
including the salaries of its own employees (if any) from its own funds; provided that the foregoing shall not require any direct
or indirect member, partner or shareholder of the Company to make any additional capital contributions to the Company; provided
further that it shall not be a breach of this subsection (r) to the extent that the Company does (or did) not pay such liabilities
or expenses because it does not have (or did not have) sufficient cash flow.

 

    	 

    	 

    

 

(s)         Except
as contemplated in this Agreement, the Company has compensated and shall compensate each of its consultants and agents from its
own funds for services provided to it and pay from its own assets all obligations of any kind incurred; provided that it shall
not be a breach of this subsection (s) to the extent the Company does (or did) not compensate such consultants or agents or pay
such obligations because it does not have (or did not have) sufficient cash flow.

 

(t)          The
Company has not, and without the prior written consent of its Special Member, will not, (i) file a bankruptcy, insolvency
or reorganization petition or otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to
the relief from debts or the protection of debtors generally, (ii) seek or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or any similar official for such entity or for all or any portion of the Company’s
properties, (iii) make any assignment for the benefit of the Company’s creditors, or (iv) take any action in furtherance
of the foregoing.

 

(u)         Except
as contemplated in this Agreement, the Company has, in all material respects, maintained and will maintain an arm’s-length
relationship with its Affiliates; provided that the foregoing shall not require any direct or indirect member, partner or shareholder
of the Company to make any additional capital contributions to the Company.

 

(v)         The
Company has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including
shared office space.

 

(w)        Except
pursuant to the Transaction Documents, the Company has not pledged and will not pledge its assets for the benefit of any other
Person.

 

(x)          The
Company has and will have no obligation to indemnify its officers, directors, members or partners, as the case may be, or has such
an obligation that is fully subordinated to the obligations owed to the Class A Member under this Agreement and the other Transaction
Documents and will not constitute a claim against it if cash flow in excess of the amount required to pay the obligations owed
to the Class A Member under this Agreement is insufficient to pay such indemnification obligation.

 

(y)         Except
for the Guarantees, the Company has not, does not, and will not have any of its obligations guaranteed by any Affiliate.

 

(z)         The
Company shall have one Special Member who will consider only the interests of the Company, including its creditors, in acting or
otherwise voting on the matters for which its approval is required.

 

3.          With
respect to the Class B Member, the Class B Member shall comply with each of the following:

 

(a)         The
Class B Member (i) has been, is, and will be organized solely for the purpose of acquiring, owning, holding, selling, transferring,
exchanging, managing and operating its limited liability company interests in the Company, entering into this Agreement and the
other Transaction Documents, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing,
and (ii) has not owned, does not own, and will not own any asset or property other than (A) its limited liability company
interests in the Subsidiaries and (B) incidental personal property necessary for the ownership or operation of such limited liability
company interests.

 

    	 

    	 

    

 

(b)         The
Class B Member has not engaged and will not engage in any business other than the ownership, management and operation of its limited
liability company interests in the Company and business incidental thereto.

 

(c)         The
Class B Member has not and will not enter into any contract or agreement with any Affiliate of the Class B Member, except upon
terms and conditions that are intrinsically fair, commercially reasonable, and no less favorable to it than would be available
on an arms-length basis with third parties other than any such party.

 

(d)         The
Class B Member has not incurred and will not incur any Indebtedness other than its obligations under this Agreement and the other
Transaction Documents.

 

(e)         Except
as contemplated in this Agreement and the other Transaction Documents, the Class B Member has not made and will not make any loans
or advances to any third party (including any Guarantor and/or any of their respective Affiliates), and has not and shall not acquire
obligations or securities of its Affiliates.

 

(f)          The
Class B Member is and intends to remain solvent and the Class B Member has, in all material respects, paid and will pay its debts
and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets; provided that the foregoing
shall not require any direct or indirect member, partner or shareholder of the Class B Member to make any additional capital contributions
to the Class B Member; and provided further that it shall not be a breach of this subsection (f) to the extent that
the Class B Member does (or did) not pay such debts or liabilities because it does not have (or did not have) sufficient cash flow.

 

(g)         The
Class B Member has done or caused to be done, and will do, all things necessary to observe organizational formalities and preserve
its existence, and the Class B Member has not and will not, (i) terminate or fail other than to a de minimis and immaterial
extent, to comply with the provisions of its Organizational Documents, or (ii) from and after the date hereof only, unless
the Class A Member has consented, amend, modify or otherwise change its certificate of formation, operating agreement or other
Organizational Documents.

 

    	 

    	 

    

 

(h)         The
Class B Member has, in all material respects, maintained and will maintain all of its books, records, financial statements and
bank accounts separate from those of its Affiliates and any other Person. The Class B Member’s assets will not be listed
as assets on the financial statement of any other Person, provided, however, that the Class B Member’s assets
may be included in a consolidated financial statement of its Affiliates provided that (i) appropriate notation shall be made
on such consolidated financial statements to indicate the separateness of the Class B Member and such Affiliates and to indicate
that the Class B Member’s assets and credit are not available to satisfy the debts and other obligations of such Affiliates
or any other Person, and (ii) such assets shall be listed on the Class B Member’s own separate balance sheet. The Class
B Member will file its own tax returns (to the extent the Class B Member is required to file any such tax returns) and will not
file a consolidated federal income tax return with any other Person (for the avoidance of doubt, the inclusion of the results of
operations, income, profits, losses or other tax attributes of a Person that is a disregarded entity for federal or state income
tax purposes in the federal or state income tax returns of the beneficial owner of such Person shall not constitute the filing
of an income tax return by such Person), except to the extent that the Class B Member is (i) required to file consolidated tax
returns by law or (ii) is treated as a “disregarded entity” for tax purposes and is not required to file tax returns
under applicable law. The Class B Member has maintained and shall maintain its books, records, resolutions and agreements in accordance
with this Agreement.

 

(i)          The
Class B Member has been, will be, and at all times has held and will hold itself out to the public as, a legal entity separate
and distinct from any other entity (including any Affiliate of any Guarantor), shall correct any known misunderstanding regarding
its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as
a division or department or part of the other and shall maintain and utilize separate stationery, invoices and checks bearing its
own name.

 

(j)          The
Class B Member intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size
and character and in light of its contemplated business operations; provided that nothing in this clause (j) shall be interpreted
to require the partners, members or other principals of the Class B Member to make any capital contributions or loans to such entity
or arrange for any such capital contribution or loan by any third party.

 

(k)         None
of the Class B Member, any Affiliate Controlling the Class B Member, any Guarantor or any other Person holding any direct or Controlling
indirect interest in the Class B Member, has sought or intends to seek or effect the liquidation, dissolution, winding up, consolidation
or merger, in whole or in part, of the Class B Member.

 

(l)          The
Class B Member has not and will not commingle the funds and other assets of the Class B Member with those of any Affiliate, any
Guarantor or any other Person, and has held and will hold all of its assets in its own name.

 

(m)        The
Class B Member has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain
or identify its individual assets from those of any Affiliate, any Guarantor or any other Person.

 

(n)         The
Class B Member has not and will not assume or guarantee or become obligated for the debts of any other Person and does not and
will not hold itself out to be responsible for or have its credit available to satisfy the debts or obligations of any other Person.

 

    	 

    	 

    

 

(o)         The
Class B Member shall be a single purpose entity and shall have at all times at least one Special Member that has the rights and
responsibilities described in this Agreement.

 

(p)         The
Class B Member has conducted and shall conduct its business so that the assumptions made with respect to the Class B Member in
any non-consolidation opinion delivered to the Class A Member in connection with its investment in the Company, or in any other
non-consolidation opinion delivered subsequently to the Class A Member’s investment in the Company in any non-consolidation
opinion delivered to the Class A Member in connection with its investment in the Company, or in any other non-consolidation opinion
delivered subsequently to the Class A Member’s investment in the Company, shall be true and correct in all material respects.
In connection with the foregoing, the Class B Member hereby covenants and agrees that it will comply in all material respects with
or cause the compliance in all material respects with, (i) all of the facts and assumptions (whether regarding the Class B
Member or any other Person) set forth in such non-consolidation opinion letter, (ii) all of the representations, warranties
and covenants in this Schedule 5.15(a), and (iii) its Organizational Documents other than to a de minimis and
immaterial extent.

 

(q)         Except
as contemplated in this Agreement, the Class B Member has not permitted and will not permit any Affiliate, any Guarantor or any
other Person holding any direct or indirect interest in the Class B Member, independent access to its bank accounts.

 

(r)          Except
as contemplated in this Agreement, the Class B Member has, in all material respects, paid and shall pay its own liabilities and
expenses, including the salaries of its own employees (if any) from its own funds; provided that the foregoing shall not
require any direct or indirect member, partner or shareholder of the Class B Member to make any additional capital contributions
to the Class B Member; provided further that it shall not be a breach of this subsection (r) to the extent that the
Class B Member does (or did) not pay such liabilities or expenses because it does not have (or did not have) sufficient cash flow.

 

(s)         Except
as contemplated in this Agreement, the Class B Member has compensated and shall compensate each of its consultants and agents from
its own funds for services provided to it and pay from its own assets all obligations of any kind incurred; provided that
it shall not be a breach of this subsection (s) to the extent the Class B Member does (or did) not compensate such consultants
or agents or pay such obligations because it does not have (or did not have) sufficient cash flow.

 

(t)          The
Class B Member has not, and without the prior written consent of its Special Member, will not, (i) file a bankruptcy, insolvency
or reorganization petition or otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to
the relief from debts or the protection of debtors generally, (ii) seek or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or any similar official for such entity or for all or any portion of the Class B Member’s
properties, (iii) make any assignment for the benefit of the Class B Member’s creditors, or (iv) take any action
in furtherance of the foregoing.

 

    	 

    	 

    

 

(u)         Except
as contemplated in this Agreement, the Class B Member has, in all material respects, maintained and will maintain an arm’s-length
relationship with its Affiliates; provided that the foregoing shall not require any direct or indirect member, partner or
shareholder of the Class B Member to make any additional capital contributions to the Class B Member.

 

(v)         The
Class B Member has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate,
including shared office space.

 

(w)        Except
pursuant to the Transaction Documents, the Class B Member has not pledged and will not pledge its assets for the benefit of any
other Person.

 

(x)          The
Class B Member has and will have no obligation to indemnify its officers, directors, members or partners, as the case may be, or
has such an obligation that is fully subordinated to the obligations owed to the Class A Member under this Agreement and the other
Transaction Documents and will not constitute a claim against it if cash flow in excess of the amount required to pay the obligations
owed to the Class A Member under this Agreement is insufficient to pay such indemnification obligation.

 

(y)         Except
for the Guarantees, the Class B Member has not, does not, and will not have any of its obligations guaranteed by any Affiliate.

 

(z)          The
Class B Member shall have one Special Member who will consider only the interests of the Class B Member, including its creditors,
in acting or otherwise voting on the matters for which its approval is required.

 

 

    	 

    	 

    

  

SCHEDULE
5.15(b)

 

Anti-Terrorism and Anti-Money Laundering
Laws; Embargoed Persons

 

(a)         Compliance
with Anti-Terrorism and Anti-Money Laundering Laws. (i) None of the Company, the Guarantors, the Subsidiaries, the Class
B Member, their respective constituents, investors and Affiliates is in violation of any Legal Requirements relating to terrorism
or money laundering, including Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001 (the “Executive
Order”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Public Law 107-56, the “Patriot Act”).

 

(ii)         None
of the Company, the Guarantors, the Subsidiaries, the Class B Member, their respective constituents, investors and Affiliates or
other agents (if any), acting or benefiting in any capacity in connection with this Agreement or the transactions contemplated
herein, is a “Prohibited Person” which is defined as:

 

		(1)	a Person or entity that is listed in the Annex to, or
is otherwise subject to the provisions of the Executive Order;

 

		(2)	a Person or entity owned or Controlled by, or acting
for or on behalf of any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive
Order;

 

		(3)	a Person or entity with whom Landlord is prohibited from
dealing or otherwise engaging in any transaction by any terrorism or money laundering Legal Requirements, including the Executive
Order and the Patriot Act;

 

		(4)	a Person or entity who commits, threatens or conspires
to commit or supports “terrorism” as defined in the Executive Order;

 

		(5)	a Person or entity that is named as a “specially
designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign
Assets Control at its official website, http://www.treas.gove/ofac/t11sdn.pdf or at any replacement website or other replacement
official publication of such list; and

 

		(6)	a Person or entity who is an Affiliate of a Person or
entity listed above.

 

(iii)        None
of the Company, the Guarantors, the Subsidiaries, the Class B Member, their respective constituents, investors and Affiliates,
any of their respective brokers or other agents, if any, acting in any capacity in connection with this Agreement or the Properties
is or knowingly will (i) conduct any business or engage in any transaction or dealing with any Prohibited Person, including
the making or receiving of any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (ii) deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive
Order; or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purposes of evading or avoiding,
or attempts to violate, any of the prohibitions set forth in the Executive Order or the Patriot Act.

 

    	 

    	 

    

 

(iv)        The
Guarantors, the Subsidiaries and the Class B Member shall not knowingly use funds from any Prohibited Person to make any payment
due to the Company hereunder, and the Company shall not knowingly use funds from any Prohibited Person to make any payment due
to the Class A Member hereunder, provided that this provision shall not excuse the Company, the Guarantors, the Subsidiaries or
the Class B Member from any of their payment obligations or allow any of them to defer the same.

 

(v)         The
Company, the Guarantors, and the Class B Member covenant and agree to deliver to the Class A Member any certification or other
evidence requested from time to time by the Class A Member in its reasonable discretion, confirming, to its Knowledge, the compliance
with this section by the Company, the Guarantors, the Subsidiaries and the Class B Member.

 

(b)          Embargoed
Person. To the Knowledge of the Company, the Guarantors, and the Class B Member, (a) none of the funds or other assets of the
Company or any of its Subsidiaries constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed
Person (as defined below); (b) no Embargoed Person has any interest of any nature whatsoever in the Company or any of its Subsidiaries
(whether directly or indirectly); and (c) none of the funds of the Class B Member have been derived from any unlawful activity
with the result that the investment in Class B Member is prohibited by law. “Embargoed Person” means any person, entity
or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic
Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq.,
and any Executive Orders or regulations promulgated thereunder.

 

    	 

    	 

    

 

SCHEDULE
6.1

 

Initial Capital Contributions and Percentage
Interests of the Members

 

	Member	 	Initial Capital Contribution	 	 	Initial Percentage Interest	 
	 	 	 	 	 	 	 
	Class A Member	 	$	[__________]	27	 	 	0	%
	Class B Member	 	$	[__________]	 	 	 	100	%
	Special Member	 	$	0.00	 	 	 	0	%

 

 

	27	Note to draft: To include dollar amount of units issued
to the Class A Member or, in the case of the Second Pool Purchaser Holdco Operating Agreement, each of the Class A Members pursuant
to the Sale Agreement.

 

    	 

    	 

    

 

Exhibit E-2

 

FORM OF BAD BOY GUARANTY

 

This BAD BOY
GUARANTY (this “Guaranty”) is executed as of ___________, 2014, by [_____________________],
a [_____________________], American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership, AMERICAN REALTY CAPITAL HOSPITALITY
TRUST, INC., a Maryland corporation, having an office at [_____________________], [_____________________], an individual, [_____________________],
an individual, [_____________________], an individual, [_____________________], an individual, and [_____________________], an
individual1 (each of the foregoing, a “Guarantor”,
and collectively, “Guarantors”), for the benefit of W2007 EQUITY INNS SENIOR MEZZ, LLC, a Delaware limited
liability company, having an office at c/o Goldman Sachs Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039 (together
with its successors and/or assigns, the “Class A Member”).

 

W I T N E S S E T H: 

 

WHEREAS, the Class
A Member is prepared to make an investment (the “Investment”) in ARC Hospitality Portfolio I Holdco,
LLC, a Delaware limited liability company (the “Company”), in the amount of $[_______________] as described
in the Amended and Restated Limited Liability Company Agreement of the Company, of even date herewith, among the Class A Member,
American Realty Capital Hospitality Portfolio Member LLC, a Delaware limited liability company (the “Class B Member”),
and [_____________________] (as the same may be amended, modified or supplemented from time to time, the “Operating
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms
in the Operating Agreement;

 

WHEREAS, each Guarantor
acknowledges receipt and approval of copies of the Operating Agreement and the other Transaction Documents;

 

WHEREAS, each Guarantor
acknowledges that it owns, either directly or indirectly, a beneficial interest in the Class B Member and, as a result of such
beneficial interest, will receive substantial economic and other benefits from the Class A Member making the Investment in the
Company; and

 

WHEREAS, the Class
A Member is unwilling to make the Investment or to enter into the Operating Agreement unless Guarantors agree to provide the indemnification,
representations, warranties, covenants and other matters described in this Guaranty for the benefit of the Class A Member.

 

NOW, THEREFORE, as
an inducement to the Class A Member to make the Investment, enter into the Operating Agreement and become a Member of the Company,
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:

 

 

1
Note to draft: Individuals party to the Supplemental Agreement referenced in the Real Estate Sale Agreement to be included as individual
guarantors only if Whitehall has provided the Whitehall Guarantees (as defined in the Supplemental Agreement).

 

    	 

    	 

    

 

ARTICLE
1

NATURE AND SCOPE
OF GUARANTY

 

Section
1.1         Guaranty of Obligation.

 

(a)         Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to the Class A Member and its successors
and assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and
payable, whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally
covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)         As
used herein, the term “Guaranteed Obligations” means (i) the Recourse Liabilities and (ii) from
and after the date that any Springing Recourse Event occurs, payment of the Redemption Price.

 

(c)         For
purposes hereof, the “Recourse Liabilities” shall mean any actual loss, damage, out-of-pocket cost or
expense, liability, claim or other obligation incurred by the Class A Member (including reasonable outside attorneys’ fees
and costs reasonably incurred) arising out of or in connection with the following:

 

(i)         fraud
or intentional misrepresentation committed by the Company, the Class B Member, any Guarantor or any of their respective Affiliates
in connection with the Investment;

 

(ii)         wrongful
removal of personal property from the Properties after a Changeover Event by the Company, the Class B Member, any Guarantor or
any of their respective Affiliates, unless replaced with personal property of substantially the same or greater utility and of
the same or greater value;

 

(iii)        any
intentional physical waste at any Property committed by the Company, the Class B Member, any Guarantor or any of their respective
Affiliates;

 

(iv)        the
misappropriation by the Company, the Class B Member, any Guarantor or any of their respective Affiliates of any proceeds (including
proceeds of Capital Contributions, Capital Event Proceeds and Protective Capital) or other funds (including any proceeds paid by
reason of any Casualty to any Property and any awards in connection with the Condemnation of any Property), revenues, rents, income,
security deposits or other amounts;

 

(v)         failure
to obtain and maintain the fully paid for insurance policies in accordance with Section 5.7 of the Operating Agreement to the extent
that adequate funds were available to the Company and its Subsidiaries from the income of the Properties for the payment of the
premiums thereof;

 

    	-2-

    	 

    

 

(vi)        if
the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance
with the terms of Section 5.15(a) of the Operating Agreement and such failure does not result in the substantive consolidation
of the assets and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person as a result of
such breach; and/or

 

(vii)       the
modification of any ground lease affecting any Property if such modification is prohibited under the Operating Agreement or any
of the other Transaction Documents and such modification has a material adverse effect on the related Property or the leasehold
interest therein (including the value or operation thereof) or the Class A Member’s ability to exercise its rights and remedies
under the Transaction Documents.

 

(d)         For
purposes hereof, each of the following shall constitute a Springing Recourse Event:

 

(i)         if
the Company fails to obtain the Class A Member’s prior written consent to any financing for borrowed money, whether secured
or unsecured, in violation of the terms of the Operating Agreement or any of the other Transaction Documents;

 

(ii)         if
the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written consent to
any voluntary mortgage, deed of trust, security deed, security agreement or similar grant by the Company or any of its Subsidiaries
of a voluntary Lien upon any Property, or any voluntary granting of a security interest in, voluntary pledge of or other voluntary
Lien upon any direct or indirect equity interest in the Company or any of the Subsidiaries, in each case, as security for any obligations
or liabilities that is not permitted under the Operating Agreement or any of the other Transaction Documents;

 

(iii)        if
the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written consent to
any voluntary transfer of any Property or any of the equity intererests in the Subsidiaries that is not permitted under the Operating
Agreement or any of the other Transaction Documents;

 

(iv)        if
the Class B Member ceases to be Controlled, directly or indirectly, by ARC OP, or if ARC OP ceases to be Controlled, directly or
indirectly by the REIT, or if the REIT ceases to be Controlled, directly or indirectly, by AR Capital, LLC;

 

(v)         the
Class B Member, the Company or any of the Subsidiaries files a voluntary petition under the Bankruptcy Code or any other Federal
or state bankruptcy or insolvency law;

 

(vi)        the
filing of an involuntary petition against the Class B Member, the Company or any of the Subsidiaries under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law by any other Person in which the Class B Member, the Company, any Subsidiary
or any of their respective Affiliates colludes with or otherwise assists such Person, and/or the Class B Member, the Company, any
Subsidiary or any of their respective Affiliates solicits or causes to be solicited petitioning creditors for any involuntary petition
against the Class B Member, the Company or any of the Subsidiaries by any Person;

 

    	-3-

    	 

    

 

 

(vii)       if
the Class B Member, the Company or any of the Subsidiaries files an answer consenting to, or joining in, any involuntary petition
filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;

 

(viii)      if
the Class B Member, the Company, any Subsidiary or any of their respective Affiliates consents to, or joins in, an application
for the appointment of a custodian, receiver, trustee or examiner for the Class B Member, the Company or any of the Subsidiaries
and/or any portion of any Property;

 

(ix)         if
the Class B Member, the Company or any of the Subsidiaries makes an assignment for the benefit of creditors or admits, in any legal
proceeding, its insolvency or inability to pay its debts as they become due; or

 

(x)         if
the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance
with the terms of Section 5.15(a) of the Operating Agreement and such failure results in the substantive consolidation of the assets
and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person in a bankruptcy or similar
proceeding under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law.

 

(e)         Notwithstanding
anything to the contrary in this Guaranty or in any of the other Transaction Documents, then Class A Member shall not be deemed
to have waived any right which the Class A Member may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Redemption Price or to require that all collateral shall continue to
secure all of the obligations owed to the Class A Member in accordance with the Transaction Documents.

 

Section
1.2         Nature of Guaranty. This
Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This Guaranty
may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created
after any attempted revocation by any Guarantor and after (if such Guarantor is a natural person) such Guarantor’s death
(in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s legal representatives
and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of any Guarantor to the Class A Member with respect to the Guaranteed Obligations. This Guaranty may
be enforced by the Class A Member and any subsequent holder of the Class A Member’s Interest and shall not be discharged
by the assignment of all or part of such Interest.

 

Section
1.3         Guaranteed Obligations Not Reduced by Offset.
The Guaranteed Obligations and the liabilities and obligations of Guarantors to the Class A Member hereunder shall not be reduced,
discharged or released because or by reason of any existing or future offset, claim or defense of the Class A Member, the Company,
any Subsidiary or any other party against the Class B Member or against payment of the Guaranteed Obligations, whether such offset,
claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations)
or otherwise.

 

    	-4-

    	 

    

 

Section
1.4         Payment By Guarantors.
If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration
or otherwise, Guarantors shall, immediately upon demand by the Class A Member and without presentment, protest, notice of protest,
notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice
whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to the Class A Member
at the Class A Member’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the
time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different
items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions
hereof.

 

Section
1.5         No Duty To Pursue Others.
It shall not be necessary for the Class A Member (and each Guarantor hereby waives any rights which such Guarantor may have to
require the Class A Member), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust
its remedies against the Company or others liable for the Guaranteed Obligations or any other Person, including, without limitation,
any general partner of any of the foregoing which is a partnership, (ii) declare a Changeover Event, (iii) enforce the
Class A Member’s rights against any collateral which shall ever have been given to secure the obligations owed to the Class
A Member under the Operating Agreement or the other Transaction Documents, (iv) enforce the Class A Member’s rights
against any other guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing
which is a partnership, (v) join the Class B Member, the Company or any others liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty, (vi) exhaust any remedies available to the Class A Member under the Transaction Documents,
or (vii) resort to any other means of obtaining payment of the Guaranteed Obligations, including, to the extent California
law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing which may be available to the Class
A Member by virtue of California Civil Code Sections 2845, 2849, and 2850. The Class A Member shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

Section
1.6         Waivers. Each Guarantor
acknowledges receipt of copies of the Operating Agreement and the other Transaction Documents and hereby waives notice of (i) any
loans or advances (including advances of Protective Capital) made by the Class A Member to the Company, (ii) acceptance of
this Guaranty, (iii) any amendment of any Transaction Document or extension of the Mandatory Redemption Date, (iv) the
occurrence of any breach by the Class B Member or the Company under the Operating Agreement or the other Transaction Documents
or the declaration of a Changeover Event, (v) the Class A Member’s transfer or disposition of the Guaranteed Obligations,
or any part thereof, (vi) protest, proof of non-payment or default by the Class B Member or the Company, or (vii) any
other action at any time taken or omitted by the Class A Member and, generally, all demands and notices of every kind in connection
with this Guaranty, the Transaction Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and/or the obligations hereby guaranteed.

 

    	-5-

    	 

    

 

Section
1.7         Payment of Expenses. In
the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately
upon demand by the Class A Member, pay the Class A Member all reasonable out-of-pocket costs and expenses (including court costs
and reasonable attorneys’ fees) incurred by the Class A Member in the enforcement hereof or the preservation of the Class
A Member’s rights hereunder. The covenant contained in this Section shall survive the payment and performance of the Guaranteed
Obligations.

 

Section
1.8         Effect of Bankruptcy.
In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law or any judgment,
order or decision thereunder, the Class A Member must rescind or restore any payment or any part thereof received by the Class
A Member in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this
Guaranty given to Guarantors by the Class A Member shall be without effect and this Guaranty shall remain (or shall be reinstated
to be) in full force and effect. It is the intention of the Guarantors that Guarantors’ obligations hereunder shall not be
discharged (other than as expressly set forth herein) except by Guarantors’ performance of such obligations and then only
to the extent of such performance.

 

Section
1.9         Waiver and Postponement of Subrogation, Reimbursement and Contribution.
Notwithstanding anything to the contrary contained in this Guaranty, each Guarantor hereby unconditionally and irrevocably agrees
to postpone the exercise of and, until the Redemption Price has been paid in full (subject to the terms of Section 6.14 regarding
reinstatement of this Guaranty), does hereby irrevocably waive and defer any and all rights it may now or hereafter have under
any agreement, at law or in equity (including, without limitation, any law subrogating Guarantors’ rights to the rights of
the Class A Member), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from
the Company or any of its Subsidiaries or any other party liable to the Class A Member for the payment of any or all of the Guaranteed
Obligations for any payment made by Guarantors under or in connection with this Guaranty or otherwise; provided that, for clarity,
such postponement and waiver shall only be in effect until the Redemption Price has been paid in full (subject to the terms of
Section 6.14 regarding reinstatement of this Guaranty).

 

Section
1.10         Limitations on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, the Class B Member and/or any other Person
that either (or both) (a) is in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any
general partner or managing member of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the
Guarantors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person,
or (3) a Person with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, fifty-one
percent (51%) or more of the direct or indirect voting equity interests in such Person. In addition to, and without limiting, the
foregoing, if a direct or indirect interest in a loan secured by direct or indirect interests in the Company or any of its Subsidiaries
is held by a Guarantor Affiliate, the related lender will be deemed a Guarantor Affiliate unless such Guarantor Affiliate is a
Disabled Participant (as defined below) and one or more other holders of substantial interests in such loan that are not Guarantor
Affiliates control the administration of such loan and the enforcement of the rights and remedies of such lender. A Guarantor Affiliate
is a “Disabled Participant” with respect to a loan if it has no right to exercise any voting or other
control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

 

    	-6-

    	 

    

 

(b)         Notwithstanding
anything to the contrary herein or in the other Transaction Documents, in the event of the declaration of a Changeover Event, then
Guarantors shall not have any liability hereunder for any Losses arising from any circumstance, condition, action or event first
occurring after the date of the declaration of a Changeover Event and not caused by the acts of either of the Guarantors or any
other Guarantor Affiliate; provided that (i) Guarantors shall remain liable hereunder that arise from any action or event
prior to the date of the declaration of a Changeover Event and (ii) if, following the declaration of a Changeover Event, an arbitration
panel appointed pursuant to Section 12.10 of the Operating Agreement determines that such Changeover Event has not occurred pursuant
to Section 3.5 of the Operating Agreement, then the Guarantors shall continue to be fully liable for all of its obligations hereunder
(other than any liabilities caused solely by the actions of the Class A Member taken on behalf of the Company or any of its Subsidiaries
following such declaration of a Changeover Event).

 

(c)         At
any time prior to the declaration of a Changeover Event, Guarantors shall be entitled to request the release of any Guarantor from
its obligations hereunder so long as, following such release, the remaining Guarantor(s) continue(s) to satisfy the Net Worth Threshold
and Liquid Assets Threshold requirements set forth in Section 5.2 hereof. In connection with any release of a Guarantor
pursuant to this Section 1.10(c), the Class A Member shall execute and deliver a release of such Guarantor from all liability
in respect of the Guaranteed Obligations.

 

(d)         Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Redemption Price; provided,
however, that the Guaranteed Obligations shall survive such termination with respect to any and all such Guaranteed Obligations
accruing prior to or arising out of or related to any circumstances, conditions, actions or events occurring or arising prior to
the date of such repayment and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur
or the applicable circumstance, condition, action or event is not discovered until after such date.

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

Subject to Section
1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of the following
and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without
limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following:

 

    	-7-

    	 

    

 

Section
2.1         Modifications. Any renewal,
extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Operating
Agreement, the Transaction Documents or any other document, instrument, contract or understanding between Class B Member, any Guarantor
or the Company and the Class A Member or any other parties pertaining to the Guaranteed Obligations or any failure of the Class
A Member to notify Guarantors of any such action.

 

Section
2.2         Adjustment. Any adjustment,
indulgence, forbearance or compromise that might be granted or given by the Class A Member to the Class B Member, the Company or
any Guarantor.

 

Section
2.3         Condition of Relevant Entities.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of the
Class B Member, the Company or any of its Subsidiaries, any Guarantor or any other Person at any time liable for the payment of
all or part of the Guaranteed Obligations; or, subject to Section 1.10(b) hereof, any sale, lease or transfer of any or
all of the assets of the Class B Member, any Guarantor, the Company or any of the Subsidiaries, or, subject to Section 1.10(b)
hereof, any changes in the direct or indirect shareholders, partners or members, as applicable, of the Class B Member, any Guarantor
or the Company or any of its Subsidiaries; or any reorganization of the Class B Member, any Guarantor or the Company or any of
its Subsidiaries.

 

Section
2.4         Invalidity of Guaranteed Obligations.
The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed
in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i) the
Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations
or any part thereof is ultra vires, (iii) the officers or representatives executing the Operating Agreement or the other Transaction
Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations
violate applicable usury laws, (v) the Class B Member, any Guarantor or the Company has valid defenses, claims or offsets
(whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from such
Persons, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance
of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations
or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Operating
Agreement or any of the other Transaction Documents have been forged or otherwise are irregular or not genuine or authentic, it
being agreed that Guarantors shall remain liable hereon regardless of whether any the Class B Member, the Company or any other
Person be found not liable on the Guaranteed Obligations or any part thereof for any reason.

 

    	-8-

    	 

    

 

Section
2.5         Release of Obligors. Any
full or partial release of the liability of the Class B Member or the Company for the Guaranteed Obligations or any part thereof,
or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it
being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations
in full without assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other Persons will be liable to pay or perform the Guaranteed
Obligations or that the Class A Member will look to other Persons to pay or perform the Guaranteed Obligations.

 

Section
2.6         Other Collateral. The
taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed
Obligations.

 

Section
2.7         Release of Collateral.
Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent,
willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with,
or assuring or securing payment of, all or any part of the Guaranteed Obligations, subject, however, to the terms of Section
1.10 hereof.

 

Section
2.8         Care and Diligence. The
failure of the Class A Member or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to,
any neglect, delay, omission, failure or refusal of the Class A Member (i) to take or prosecute any action for the collection
of any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute
to completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with
any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

Section
2.9         Unenforceability. The
fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that
such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations.

 

Section
2.10         Offset. Any existing
or future right of offset, claim or defense of the Class B Member or the Company against the Class A Member, or any other party,
or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the
Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section
2.11         Merger. The reorganization,
merger or consolidation of the Class B Member, the Company or any of the Subsidiaries into or with any other Person.

 

Section
2.12         Preference. Any payment
by the Class B Member, the Company or any Person to the Class A Member is held to constitute a preference under the Bankruptcy
Code or for any reason the Class A Member is required to refund such payment or pay such amount to the Class B Member, the Company
or such other Person.

 

    	-9-

    	 

    

 

Section
2.13         Other Actions Taken or Omitted.
Any other action taken or omitted to be taken with respect to the Transaction Documents, the Guaranteed Obligations or the security
and collateral therefor, whether or not such action or omission prejudices Guarantors or increases the likelihood that Guarantors
will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention
of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed
Obligations.

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce the Class
A Member to enter into the Transaction Documents and to invest in the Company, each Guarantor represents and warrants to the Class
A Member as follows:

 

Section
3.1         Benefit. Each Guarantor
is an Affiliate of the Class B Member, is the owner of a direct or indirect interest in the Class B Member and has received, or
will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

 

Section
3.2         Familiarity and Reliance.
Each Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of the Class
B Member, the Company and the Subsidiaries and is familiar with the value of any and all collateral intended to be created as security
for the payment of the Guaranteed Obligations; however, such Guarantor is not relying on such financial condition or the collateral
as an inducement to enter into this Guaranty.

 

Section
3.3         No Representation By the Class A Member.
Neither the Class A Member nor any other party has made any representation, warranty or statement to any Guarantor in order to
induce such Guarantor to execute this Guaranty.

 

Section
3.4         Each Guarantor’s Financial Condition.
As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, each Guarantor
(a) is and intends to remain solvent, (b) has and intends to have assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and (c) has and intends to have property and assets sufficient to
satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.

 

    	-10-

    	 

    

 

Section
3.5         Legality. The execution,
delivery and performance by each Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do
not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is subject, or constitute
a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the breach
of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor is a party or which
may be applicable to such Guarantor. This Guaranty is a legal and binding obligation of each Guarantor and is enforceable against
such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating
to the enforcement of creditors’ rights.

 

Section
3.6         No Plan Assets.    No
Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of any Guarantor constitutes or will, until the Redemption
Price has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), constitute
“plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) no Guarantor
is a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are
not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans. As of
the date hereof, none of the Guarantors, nor any member of a “controlled group of corporations” (within the meaning
of Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of
Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section
3.7         ERISA.        No
Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation,
or action taken or to be taken, hereunder (or the exercise by the Class A Member of any of its rights under the Operating Agreement
or the other Transaction Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section
3.8         Survival.   All representations
and warranties made by each Guarantor herein shall survive the execution hereof.

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1         Subordination of All Guarantor Claims.
As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of the Class B Member, the Company or any of the Subsidiaries to any one or more of the Guarantors, whether such debts
and liabilities now exist or are hereafter incurred or arise, and whether the obligations of such Person thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced
by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired
by the applicable Guarantor or Guarantors. The Guarantor Claims shall include, without limitation, all rights and claims of any
one or both of the Guarantors against the Class B Member, the Company or any of the Subsidiaries (arising as a result of subrogation
or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. Until
the Redemption Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this
Guaranty), no Guarantor shall receive or collect, directly or indirectly, from e Class B Member, the Company, any of the Subsidiaries
or any other Person obligated to the Class A Member any amount upon the Guarantor Claims.

 

    	-11-

    	 

    

 

Section
4.2         Claims in Bankruptcy.
In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceeding
involving any Guarantor as a debtor, the Class A Member shall have the right to prove its claim in any such proceeding so as to
establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments
which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to the Class
A Member. Should the Class A Member receive, for application against the Guaranteed Obligations, any dividend or payment which
is otherwise payable to any Guarantor and which, as between any the Class B Member or the Company and any one or more of the Guarantors,
shall constitute a credit against the Guarantor Claims, then, upon payment to the Class A Member in full of the Guaranteed Obligations,
such Guarantor shall become subrogated to the rights of the Class A Member to the extent that such payments to the Class A Member
on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with
respect to that proportion of the Guaranteed Obligations which would have been unpaid if the Class A Member had not received dividends
or payments upon the Guarantor Claims.

 

Section
4.3         Payments Held in Trust.
Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds,
payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for the Class
A Member an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid
to the Class A Member, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or
distributions so received except to pay such funds, payments, claims and/or distributions promptly to the Class A Member, and such
Guarantor covenants promptly to pay the same to the Class A Member.

 

Section
4.4         Liens Subordinate. Each
Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon the assets of the Class
B Member, the Company or any of the Subsidiaries securing payment of the Guarantor Claims shall be and remain inferior and subordinate
to any liens, security interests, judgment liens, charges or other encumbrances upon such Person’s assets securing payment
of the Guaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or the Class A Member presently
exist or are hereafter created or attach. Without the prior written consent of the Class A Member, until the Redemption Price shall
have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), no Guarantor shall
(i) exercise or enforce any creditor’s rights it may have against the Class B Member, the Company or any of the Subsidiaries,
or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise,
including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s
relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments
or other encumbrances on the assets of the Class B Member, the Company or any of the Subsidiaries held by any Guarantor. 

 

    	-12-

    	 

    

 

ARTICLE
5 

COVENANTS

 

Section
5.1         Definitions. As used in
this Article 5, the following terms shall have the respective meanings set forth below:

 

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

 

(b)         “IFRS”
shall mean the International Financial Reporting Standards.

 

(c)         “Liquid
Assets” shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties that have not been distributed
by the Company), (b) certificates of deposit (with a maturity of two years or less) issued by, or savings account with, any Approved
Bank or other bank or other financial institution reasonably acceptable to the Class A Member, (c) marketable securities listed
on a national or international exchange reasonably acceptable to the Class A Member (it being understood, without limitation of
the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to the Class A Member), marked to market,
(d) U.S. Obligations or (e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally
draw from any of its partners.

 

(d)         “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date (without regard to the Properties
or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in accordance with GAAP or IFRS.

 

Section
5.2         Covenants. Until the Redemption
Price and the Guaranteed Obligations have been paid in full (subject to the terms of Section 6.14 regarding reinstatement
of this Guaranty), Guarantors shall maintain (x) an aggregate Net Worth of not less than $250,000,000.00 (the “Net
Worth Threshold”) and (y) subject to paragraph (b) below, aggregate Liquid Assets of
not less than $20,000,000.00 (the “Liquid Assets Threshold”).

 

Section
5.3         Intentionally Omitted.

 

Section
5.4         Financial Statements. Each
Guarantor shall deliver to the Class A Member:

 

(a)         within
120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor
certifying that, to the best of the signer’s knowledge, such annual financial statements fairly present the financial condition
and results of the operations of such Guarantor;

 

(b)         within
90 days after the end of each fiscal quarter of such Guarantor, financial statements in the form delivered to such Guarantor’s
limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of the signer’s
knowledge, such quarterly financial statements fairly present the financial condition and results of the operations of such Guarantor
in a manner consistent with GAAP (subject to year-end adjustments) or IFRS; and

 

    	-13-

    	 

    

 

(c)         20
days after request by the Class A Member, such other financial information with respect to such Guarantor as the Class A Member
may reasonably request.

 

ARTICLE
6 

MISCELLANEOUS

 

Section
6.1         Waiver. No failure to
exercise, and no delay in exercising, on the part of the Class A Member, any right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of the Class A Member hereunder shall be in addition to all other rights provided by law. No modification or waiver
of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such
consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute
a waiver of the right to take other action in the same, similar or other instances without such notice or demand.

 

Section
6.2         Notices. All notices,
demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:

 

	If to the Class A	 
	Member:	c/o Goldman Sachs Realty Management, L.P.
	 	6011 Connection Drive
	 	Irving, Texas 75039
	 	Attn:  Greg Fay
	 	Facsimile No.:  (972) 368-3699
	 	Telephone No.:  (972) 368-2743
	with copies to:	Whitehall Street Global Real Estate Limited Partnership 2007
	 	c/o Goldman, Sachs & Co.
	 	200 West Street
	 	New York, New York 10282
	 	Attn:  Chief Financial Officer
	 	Facsimile No.:  (212) 357-5505
	 	Telephone No.: (212) 902-5520

 

    	-14-

    	 

    

 

	and:	Sullivan & Cromwell LLP
		125 Broad Street
		New York, New York 10004
		Attention:  Anthony J. Colletta, Esq.
		Facsimile No. (212) 291-9029
	 	 
	If to	 
	Guarantors:	[___________________]
	 	[___________________]
	 	[___________________]
	 	Attention:  [___________________]
	 	Facsimile No. [___________________]
	 	 
	with a copy to:	[___________________]
	 	[___________________]
	 	[___________________]
	 	Attention:  [___________________]
	 	Facsimile No. [___________________]

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel.

 

Section
6.3         Governing Law; Jurisdiction; Service of Process. (a) THIS
GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR AND ACCEPTED BY THE CLASS A MEMBER IN THE STATE OF
NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED
HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF
LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY
AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER TRANSACTION
DOCUMENTS, AND THIS GUARANTY AND THE OTHER TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	-15-

    	 

    

 

 

(b) ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST THE CLASS A MEMBER OR ANY GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT THE CLASS A
MEMBER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED
ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON
SUCH GUARANTOR AT THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH
GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY
SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO THE CLASS A MEMBER OF
ANY CHANGE IN THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED
AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF
PROCESS), AND (III) SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF SUCH GUARANTOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW
YORK. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF THE CLASS A MEMBER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW
OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION.

 

Section
6.4         Invalid Provisions. If
any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the
term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall
remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings
and intentions of the parties as expressed herein.

 

Section
6.5         Amendments. This Guaranty
may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought to be enforced.

 

Section
6.6         Parties Bound; Assignment.
This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives. Any assignee or transferee of the Class A Member shall be entitled to all the benefits
afforded to the Class A Member under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations
under this Guaranty without the prior written consent of the Class A Member, and any attempted assignment without such consent
shall be null and void.

 

    	-16-

    	 

    

 

Section
6.7         Headings. Section headings
are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

Section
6.8         Recitals. The recitals
and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence
of the facts and documents referred to therein.

 

Section
6.9         Counterparts. To facilitate
execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary that
the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each
counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this
Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each
of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing the legal
effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it
additional signature pages.

 

Section
6.10         Rights and Remedies.
If any Guarantor becomes liable for any indebtedness owing by any the Class B Member or the Company to the Class A Member, by endorsement
or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights
of the Class A Member hereunder shall be cumulative of any and all other rights that the Class A Member may ever have against Guarantor.
The exercise by the Class A Member of any right or remedy hereunder or under any other instrument, or at law or in equity, shall
not preclude the concurrent or subsequent exercise of any other right or remedy.

 

Section
6.11         Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT
OF GUARANTORS AND THE CLASS A MEMBER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY
AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER
HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND THE CLASS A MEMBER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY,
AND NO COURSE OF DEALING BETWEEN GUARANTORS AND THE CLASS A MEMBER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED
TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND THE CLASS
A MEMBER.

 

    	-17-

    	 

    

Section
6.12         Waiver of Right To Trial By Jury. EACH GUARANTOR AND THE
CLASS A MEMBER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL
BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE OPERATING AGREEMENT
OR THE OTHER TRANSACTION DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH GUARANTOR AND THE CLASS A MEMBER AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

Section
6.13         Cooperation. Each Guarantor
acknowledges that the Class A Member and its successors and assigns may (i) sell this Guaranty and the other Transaction Documents
and/or the Class A Member’s Interest to one or more investors, (ii) deposit this Guaranty and the other Transaction
Documents with a trust, which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or
(iii) otherwise sell the Class A Member’s Interest or one or more interests therein to investors (the transactions referred
to in clauses (i) through (iii) are hereinafter each referred to as “Secondary Market
Transaction”). Each Guarantor shall at no cost to any Guarantor, cooperate with
the Class A Member in effecting any such Secondary Market Transaction and shall provide (or cause the Class B Member, the Company
and/or the Subsidiaries to provide) such information and materials as may be reasonably requested by the Class A Member in connection
with such Secondary Market Transaction.

 

Section
6.14         Reinstatement in Certain Circumstances.
If at any time any payment of the Class A Return, the Unrecovered Capital or any other amount payable by the Company or the Class
B Member under the Operating Agreement or the other Transaction Documents is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or the Class B Member or otherwise, Guarantors’ obligations
hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

Section
6.15         Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Transaction Document, no direct or indirect shareholder,
partner, member, principal, Affiliate (other than the Class B Member and the Company), employee, officer, trustee, director, agent
or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor be joined as party to, any action with respect to payment, performance or discharge
of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof, the Class A Member
for itself and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money
judgment, deficiency judgment or personal judgment against any Related Party under or by reason of or in connection with this Guaranty;
except that any Related Party that is a party to any Transaction Document or any other separate written guaranty, indemnity or
other agreement given by such Related Party in connection with the Investment shall remain fully liable therefor and the foregoing
provisions shall not operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies
of the Class A Member thereunder.

 

    	-18-

    	 

    

 

Section
6.16        Gender; Number; General Definitions.
Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in
this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, (c) the word “the Class A Member”
shall mean “the Class A Member and any subsequent holder of the Class A Member’s Interest”, (d) the word
“Properties” shall include any portion of any of the Properties and
any interest therein, and (e) the phrases “attorneys’ fees”, “legal fees” and “counsel
fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited
to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by the Class A Member in protecting its
interest in the Company (including any Protective Capital advances by the Class A Member) and/or in enforcing its rights hereunder.

 

Section
6.17        Joint and Several. The
obligations of each Guarantor hereunder are joint and several.

 

Section
6.18        Certain California State Specific Provisions.

 

(a)         To
the extent California law applies, nothing herein shall be deemed to limit the right of the Class A Member to recover in accordance
with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses,
liabilities or damages, including reasonable attorneys’ fees and costs, incurred by the Class A Member and arising from any
covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to the Class A Member, or
any order, consent decree or settlement relating to the cleanup of Hazardous Substances (as defined in the Environmental Indemnity
Agreement) or any other “environmental provision” (as defined in such Section 736) relating to any Property or
any portion thereof.

 

(b)         To
the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty (provided, however,
that in the case of any conflict or inconsistency between the provisions of this Section 6.18(b) and the other provisions
of this Guaranty as to any subject matter described in this Section 6.18(b), such other provisions shall control), each
Guarantor represents, warrants and covenants as follows:

 

(c)         The
obligations of each Guarantor under this Guaranty shall be performed without demand by the Class A Member and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Operating Agreement or any of the other Transaction
Documents, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety
or a guarantor. Each Guarantor hereby waives any and all benefits and defenses under California Civil Code Section 2810 and
agrees that by doing so such Guarantor shall be liable even if neither the Company nor the Class B Member had no liability at the
time of execution of the Transaction Documents, or thereafter ceases to be liable. Each Guarantor hereby waives any and all benefits
and defenses under California Civil Code Section 2809 and agrees that by doing so such Guarantor’s liability may be
larger in amount and more burdensome than that of the Company or any of its Subsidiaries. Each Guarantor hereby waives the benefit
of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty
and agrees that such Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this
Guaranty which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives
the benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other
rights of sureties and guarantors thereunder.

 

    	-19-

    	 

    

 

(d)         In
accordance with Section 2856 of the California Civil Code, each Guarantor hereby waives all rights and defenses arising out
of an election of remedies by the Class A Member even though that election of remedies, such as a nonjudicial foreclosure with
respect to security for guaranteed obligations, has destroyed or otherwise impaired such Guarantor’s rights of subrogation
and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Each Guarantor hereby authorizes and empowers the Class A Member to exercise, in its sole and absolute discretion, any right or
remedy, or any combination thereof, which may then be available, since it is the intent and purpose of each Guarantor that the
obligations under this Guaranty shall be absolute, independent and unconditional under any and all circumstances. Specifically,
and without in any way limiting the foregoing, each Guarantor hereby waives any rights of subrogation, indemnification, contribution
or reimbursement arising under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse
to or with respect to the Company or any of its Subsidiaries, any general partner, member or other constituent of the Company or
any of its Subsidiaries, any other person obligated to the Class A Member with respect to the matters set forth herein, or the
assets or property of any of the foregoing until the Redemption Price has been paid in full and all obligations of the Company
and its Affiliates under the Transaction Documents have been fully performed, and there has expired the maximum possible period
thereafter during which any payment made by the Company or others to the Class A Member with respect to such obligations could
be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations,
each Guarantor expressly waives any and all rights of subrogation against the Company and each of its Subsidiaries, and each Guarantor
hereby waives any rights to enforce any remedy which the Class A Member may have against the Company or any of its Subsidiaries.

 

    	-20-

    	 

    

(e)         In
addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of the Company
and each Subsidiary now or hereafter owed to any Guarantor to all the indebtedness of the Company or any Subsidiary to the Class
A Member and agrees with the Class A Member that until the Redemption Price has been paid in full and all obligations owed to the
Class A Member under the Transaction Documents have been fully performed, and there has expired the maximum possible period thereafter
during which any payment made by the Company or others to the Class A Member with respect to such obligations could be deemed a
preference under the United States Bankruptcy Code, no Guarantor shall demand or accept any payment of principal or interest from
the Company or any of its Subsidiaries or claim any offset or other reduction of any Guarantor’s obligations hereunder because
of any such indebtedness. If any amount shall nevertheless be paid to an Guarantor by the Company or any Subsidiary or another
guarantor prior to payment in full of the Redemption Price, such amount shall be held in trust for the benefit of the Class A Member
and shall forthwith be paid to the Class A Member to be credited and applied to the Unrecovered Capital. Further, no Guarantor
shall have any right of recourse against the Class A Member by reason of any action the Class A Member may take or omit to take
under the provisions of this Guaranty or under the provisions of any of the Transaction Documents. Without limiting the generality
of the foregoing, each Guarantor hereby waives, to the fullest extent permitted by law, diligence in collecting the obligations
owed to the Class A Member under the Transaction Documents, presentment, demand for payment, protest, all notices with respect
to the Operating Agreement, this Guaranty, or any other Transaction Document which may be required by statute, rule of law or otherwise
to preserve the Class A Member’s rights against such Guarantor under this Guaranty, including, but not limited to, notice
of acceptance, notice of any amendment of the Transaction Documents, notice of the occurrence of any default, notice of intent
to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring
by the Company or any of its Subsidiaries of any obligation or indebtedness.

 

(f)         Without
limiting the foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Guarantor may
have by reason of protection afforded to the Company or any of its Subsidiaries with respect to any of the obligations of any Guarantor
under this Guaranty by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California
limiting or discharging the obligations of the Company or any of its Subsidiaries. Without limiting the generality of the foregoing,
each Guarantor hereby expressly waives any and all benefits under California Code of Civil Procedure Section 726 (which Section,
if such Guarantor had not given this waiver, among other things, would otherwise require the Class A Member to exhaust all of its
security before a personal judgment could be obtained for a deficiency).

 

(g)         Likewise,
each Guarantor waives (i) any and all rights and defenses available to such Guarantor under California Civil Code Sections 2899
and 3433; and (ii) any rights or defenses such Guarantor may have with respect to its obligations as a guarantor by reason
of any election of remedies by the Class A Member. These rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

[NO FURTHER TEXT ON THIS PAGE.]

 

    	-21-

    	 

    

 

IN WITNESS WHEREOF,
each Guarantor has executed this Guaranty as of the day and year first above written.

 

	 	GUARANTORS:
	 	 
	 	[__________________]

 

	 	By:	 
	 	 	Name:  
	 	 	Title:

 

	 	AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.

 

	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner

 

	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:

 

	 	American Realty Capital Hospitality Trust, Inc.

 

	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:

 

	 	[__________________]

 

	 	 	 	 
	 	 	 	Name:  

 

    	 

    	 

    

 

	 	[__________________]

 

	 	 	 	 
	 	 	 	Name:  

 

	 	[__________________] 

 

	 	 	 	 
	 	 	 	Name:  

 

	 	[__________________]

 

	 	 	 	 
	 	 	 	Name:  

 

	 	[__________________]

 

	 	 	 	 
	 	 	 	Name:  

 

    	 

    	 

    

Exhibit E-3 

 

FORM OF MANDATORY REDEMPTION
GUARANTY

 

This MANDATORY REDEMPTION
GUARANTY (this “Guaranty”) is executed as of ___________, 2014, by [_____________________],
a [_____________________], AMERICAN
REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, AMERICAN REALTY CAPITAL HOSPITALITY
TRUST, INC., a Maryland corporation, having an office at [_____________________], [_____________________], an individual, [_____________________],
an individual, [_____________________], an individual, [_____________________], an individual, and [_____________________], an
individual1
(each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of W2007 EQUITY INNS SENIOR MEZZ, LLC, a Delaware limited liability company, having an office at c/o Goldman Sachs
Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039 (together with its successors and/or assigns, the “Class
A Member”).

 

W I T N E S S E T H: 

 

WHEREAS, the Class
A Member is prepared to make an investment (the “Investment”) in ARC Hospitality Portfolio I Holdco,
LLC, a Delaware limited liability company (the “Company”), in the amount of $[_______________] as described
in the Amended and Restated Limited Liability Company Agreement of the Company, of even date herewith, among the Class A Member,
American Realty Capital Hospitality Portfolio Member, LLC, a Delaware limited liability company (the “Class B Member”),
and [_____________________] (as the same may be amended, modified or supplemented from time to time, the “Operating
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms
in the Operating Agreement;

 

WHEREAS, each Guarantor
acknowledges receipt and approval of copies of the Operating Agreement and the other Transaction Documents;

 

WHEREAS, each Guarantor
acknowledges that it owns, either directly or indirectly, a beneficial interest in the Class B Member and, as a result of such
beneficial interest, will receive substantial economic and other benefits from the Class A Member making the Investment in the
Company; and

 

WHEREAS, the Class
A Member is unwilling to make the Investment or to enter into the Operating Agreement unless Guarantors agree to provide the indemnification,
representations, warranties, covenants and other matters described in this Guaranty for the benefit of the Class A Member.

 

 

		1	Note to draft: Individuals party to the Supplemental
Agreement referenced in the Real Estate Sale Agreement to be included as individual guarantors only if Whitehall has provided
the Whitehall Guarantees (as defined in the Supplemental Agreement).

 

    	 

    	 

    

 

NOW, THEREFORE, as
an inducement to the Class A Member to make the Investment, enter into the Operating Agreement and become a Member of the Company,
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:

 

ARTICLE
1 

NATURE AND SCOPE OF GUARANTY

 

Section
1.1           Guaranty of Obligation.

 

(a)          Each
Guarantor hereby irrevocably and unconditionally guarantees to the Class A Member and its successors and assigns the payment and
performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable, whether by lapse of
time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally covenants and agrees that
it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) the obligation of the Company to redeem or cause
to be redeemed the Class A Member’s Interest in full, and to pay in full the Redemption Price, upon the occurrence of a Prohibited
Transfer or upon the Class B Member ceasing to be Controlled, directly or indirectly, by ARC OP, or ARC OP ceasing to be Controlled,
directly or indirectly by the REIT, or the REIT ceasing to be Controlled, directly or indirectly, by AR Capital, LLC (excluding
any Prohibited Transfer or change in Control resulting from the foreclosure by any Senior Lender on any of the Properties or any
of the other collateral for the Senior Loans that is not consented to by the Company or any of its Subsidiaries); (ii) the obligation
of the Company to pay to the Class A Member the QCR Redemption Amount in respect of any Qualified Capital Raise upon the consummation
of such Qualified Capital Raise; and (iii) the obligation of the Company to pay to the Class A Member all of the Net Financing
Proceeds from the incurrence of any Additional Mezzanine Loan by the Company or any of its Subsidiaries upon such incurrence; provided,
however, that in no event shall the Guarantors be liable under this Agreement for an aggregate amount in excess of the sum
of (i) the Redemption Price plus (ii) all amounts due to the Class A Member pursuant to Section 1.7 hereof.

 

(c)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Transaction Documents, then Class A Member shall not be deemed
to have waived any right which the Class A Member may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Redemption Price or to require that all collateral shall continue to
secure all of the obligations owed to the Class A Member in accordance with the Transaction Documents.

 

Section
1.2          Nature of Guaranty.
This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This
Guaranty may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising
or created after any attempted revocation by any Guarantor and after (if such Guarantor is a natural person) such Guarantor’s
death (in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s legal representatives
and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of any Guarantor to the Class A Member with respect to the Guaranteed Obligations. This Guaranty may
be enforced by the Class A Member and any subsequent holder of the Class A Member’s Interest and shall not be discharged
by the assignment of all or part of such Interest.

 

    	-2-

    	 

    

 

Section
1.3           Guaranteed Obligations Not Reduced by Offset.
The Guaranteed Obligations and the liabilities and obligations of Guarantors to the Class A Member hereunder shall not be reduced,
discharged or released because or by reason of any existing or future offset, claim or defense of the Class A Member, the Company,
any Subsidiary or any other party against the Class B Member or against payment of the Guaranteed Obligations, whether such offset,
claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations)
or otherwise.

 

Section
1.4           Payment By Guarantors.
If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration
or otherwise, Guarantors shall, immediately upon demand by the Class A Member and without presentment, protest, notice of protest,
notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice
whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to the Class A Member
at the Class A Member’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the
time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different
items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions
hereof.

 

Section
1.5           No Duty To Pursue Others.
It shall not be necessary for the Class A Member (and each Guarantor hereby waives any rights which such Guarantor may have to
require the Class A Member), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust
its remedies against the Company or others liable for the Guaranteed Obligations or any other Person, including, without limitation,
any general partner of any of the foregoing which is a partnership, (ii) declare a Changeover Event, (iii) enforce the
Class A Member’s rights against any collateral which shall ever have been given to secure the obligations owed to the Class
A Member under the Operating Agreement or the other Transaction Documents, (iv) enforce the Class A Member’s rights
against any other guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing
which is a partnership, (v) join the Class B Member, the Company or any others liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty, (vi) exhaust any remedies available to the Class A Member under the Transaction Documents,
or (vii) resort to any other means of obtaining payment of the Guaranteed Obligations, including, to the extent California
law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing which may be available to the Class
A Member by virtue of California Civil Code Sections 2845, 2849, and 2850. The Class A Member shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

    	-3-

    	 

    

 

Section
1.6           Waivers. Each
Guarantor acknowledges receipt of copies of the Operating Agreement and the other Transaction Documents and hereby waives notice
of (i) any loans or advances (including advances of Protective Capital) made by the Class A Member to the Company, (ii) acceptance
of this Guaranty, (iii) any amendment of any Transaction Document or extension of the Mandatory Redemption Date, (iv) the
occurrence of any breach by the Class B Member or the Company under the Operating Agreement or the other Transaction Documents
or the declaration of a Changeover Event, (v) the Class A Member’s transfer or disposition of the Guaranteed Obligations,
or any part thereof, (vi) protest, proof of non-payment or default by the Class B Member or the Company, or (vii) any
other action at any time taken or omitted by the Class A Member and, generally, all demands and notices of every kind in connection
with this Guaranty, the Transaction Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and/or the obligations hereby guaranteed.

 

Section
1.7           Payment of Expenses.
In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately
upon demand by the Class A Member, pay the Class A Member all reasonable out-of-pocket costs and expenses (including court costs
and reasonable attorneys’ fees) incurred by the Class A Member in the enforcement hereof or the preservation of the Class
A Member’s rights hereunder. The covenant contained in this Section shall survive the payment and performance of the Guaranteed
Obligations.

 

Section
1.8           Effect of Bankruptcy.
In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law or any judgment,
order or decision thereunder, the Class A Member must rescind or restore any payment or any part thereof received by the Class
A Member in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this
Guaranty given to Guarantors by the Class A Member shall be without effect and this Guaranty shall remain (or shall be reinstated
to be) in full force and effect. It is the intention of the Guarantors that Guarantors’ obligations hereunder shall not be
discharged (other than as expressly set forth herein) except by Guarantors’ performance of such obligations and then only
to the extent of such performance.

 

Section
1.9         Waiver and Postponement of Subrogation, Reimbursement and
Contribution. Notwithstanding anything to the contrary contained in this Guaranty,
each Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, until the Redemption Price has
been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), does hereby
irrevocably waive and defer any and all rights it may now or hereafter have under any agreement, at law or in equity
(including, without limitation, any law subrogating Guarantors’ rights to the rights of the Class A Member), to assert
any claim against or seek contribution, indemnification or any other form of reimbursement from the Company or any of its
Subsidiaries or any other party liable to the Class A Member for the payment of any or all of the Guaranteed Obligations for
any payment made by Guarantors under or in connection with this Guaranty or otherwise; provided that, for clarity, such
postponement and waiver shall only be in effect until the Redemption Price has been paid in full (subject to the terms of Section
6.14 regarding reinstatement of this Guaranty).

 

    	-4-

    	 

    

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

To the extent permitted
by applicable law, each Guarantor hereby consents and agrees to each of the following and agrees that such Guarantor’s obligations
under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following and waives
any common law, equitable, statutory or other rights (including, without limitation, rights to notice) which such Guarantor might
otherwise have as a result of or in connection with any of the following:

 

Section
2.1           Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Operating Agreement, the Transaction Documents or any other document, instrument, contract or understanding between Class B Member,
any Guarantor or the Company and the Class A Member or any other parties pertaining to the Guaranteed Obligations or any failure
of the Class A Member to notify Guarantors of any such action.

 

Section
2.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by the Class A Member to the Class B Member,
the Company or any Guarantor.

 

Section
2.3           Condition of Relevant Entities.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of the
Class B Member, the Company or any of its Subsidiaries, any Guarantor or any other Person at any time liable for the payment of
all or part of the Guaranteed Obligations; or any sale, lease or transfer of any or all of the assets of the Class B Member, any
Guarantor, the Company or any of the Subsidiaries, or any changes in the direct or indirect shareholders, partners or members,
as applicable, of the Class B Member, any Guarantor or the Company or any of its Subsidiaries; or any reorganization of the Class
B Member, any Guarantor or the Company or any of its Subsidiaries.

 

Section
2.4           Invalidity of Guaranteed Obligations.
The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed
in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i) the
Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations
or any part thereof is ultra vires, (iii) the officers or representatives executing the Operating Agreement or the other Transaction
Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations
violate applicable usury laws, (v) the Class B Member, any Guarantor or the Company has valid defenses, claims or offsets
(whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from such
Persons, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance
of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations
or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Operating
Agreement or any of the other Transaction Documents have been forged or otherwise are irregular or not genuine or authentic, it
being agreed that Guarantors shall remain liable hereon regardless of whether any the Class B Member, the Company or any other
Person be found not liable on the Guaranteed Obligations or any part thereof for any reason.

 

    	-5-

    	 

    

 

Section
2.5           Release of Obligors.
Any full or partial release of the liability of the Class B Member or the Company for the Guaranteed Obligations or any part thereof,
or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it
being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations
in full without assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other Persons will be liable to pay or perform the Guaranteed
Obligations or that the Class A Member will look to other Persons to pay or perform the Guaranteed Obligations.

 

Section
2.6           Other Collateral.
The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the
Guaranteed Obligations.

 

Section
2.7           Release of Collateral.
Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent,
willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with,
or assuring or securing payment of, all or any part of the Guaranteed Obligations.

 

Section
2.8           Care and Diligence.
The failure of the Class A Member or any other party to exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not
limited to, any neglect, delay, omission, failure or refusal of the Class A Member (i) to take or prosecute any action for
the collection of any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced,
prosecute to completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection
with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

Section
2.9           Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that
such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations.

 

Section
2.10         Offset. Any existing
or future right of offset, claim or defense of the Class B Member or the Company against the Class A Member, or any other party,
or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the
Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

    	-6-

    	 

    

 

Section
2.11         Merger. The reorganization,
merger or consolidation of the Class B Member, the Company or any of the Subsidiaries into or with any other Person.

 

Section
2.12         Preference. Any payment
by the Class B Member, the Company or any Person to the Class A Member is held to constitute a preference under the Bankruptcy
Code or for any reason the Class A Member is required to refund such payment or pay such amount to the Class B Member, the Company
or such other Person.

 

Section
2.13         Other Actions Taken or Omitted.
Any other action taken or omitted to be taken with respect to the Transaction Documents, the Guaranteed Obligations or the security
and collateral therefor, whether or not such action or omission prejudices Guarantors or increases the likelihood that Guarantors
will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention
of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed
Obligations.

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce the Class
A Member to enter into the Transaction Documents and to invest in the Company, each Guarantor represents and warrants to the Class
A Member as follows:

 

Section
3.1           Benefit. Each
Guarantor is an Affiliate of the Class B Member, is the owner of a direct or indirect interest in the Class B Member and has received,
or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

 

Section
3.2           Familiarity and Reliance.
Each Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of the Class
B Member, the Company and the Subsidiaries and is familiar with the value of any and all collateral intended to be created as security
for the payment of the Guaranteed Obligations; however, such Guarantor is not relying on such financial condition or the collateral
as an inducement to enter into this Guaranty.

 

Section
3.3           No Representation By the Class A Member.
Neither the Class A Member nor any other party has made any representation, warranty or statement to any Guarantor in order to
induce such Guarantor to execute this Guaranty.

 

Section
3.4           Each Guarantor’s Financial Condition.
As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, each Guarantor
(a) is and intends to remain solvent, (b) has and intends to have assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and (c) has and intends to have property and assets sufficient to
satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.

 

    	-7-

    	 

    

 

Section
3.5           Legality.
The execution, delivery and performance by each Guarantor of this Guaranty and the consummation of the transactions contemplated
hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is
subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or
result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor
is a party or which may be applicable to such Guarantor. This Guaranty is a legal and binding obligation of each Guarantor and
is enforceable against such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of
general application relating to the enforcement of creditors’ rights.

 

Section
3.6           No Plan Assets.  No
Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of any Guarantor constitutes or will, until the Redemption
Price has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), constitute
“plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) no Guarantor
is a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are
not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans. As of
the date hereof, none of the Guarantors, nor any member of a “controlled group of corporations” (within the meaning
of Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of
Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section
3.7           ERISA.
No Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any
obligation, or action taken or to be taken, hereunder (or the exercise by the Class A Member of any of its rights under the
Operating Agreement or the other Transaction Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section
3.8           Survival.
All representations and warranties made by each Guarantor herein shall survive the execution hereof.

 

    	-8-

    	 

    

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1           Subordination of All Guarantor Claims.
As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of the Class B Member, the Company or any of the Subsidiaries to any one or more of the Guarantors, whether such debts
and liabilities now exist or are hereafter incurred or arise, and whether the obligations of such Person thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced
by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired
by the applicable Guarantor or Guarantors. The Guarantor Claims shall include, without limitation, all rights and claims of any
one or both of the Guarantors against the Class B Member, the Company or any of the Subsidiaries (arising as a result of subrogation
or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. Until
the Redemption Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this
Guaranty), no Guarantor shall receive or collect, directly or indirectly, from e Class B Member, the Company, any of the Subsidiaries
or any other Person obligated to the Class A Member any amount upon the Guarantor Claims.

 

Section
4.2           Claims in Bankruptcy.
In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceeding
involving any Guarantor as a debtor, the Class A Member shall have the right to prove its claim in any such proceeding so as to
establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments
which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to the Class
A Member. Should the Class A Member receive, for application against the Guaranteed Obligations, any dividend or payment which
is otherwise payable to any Guarantor and which, as between any the Class B Member or the Company and any one or both of the Guarantors,
shall constitute a credit against the Guarantor Claims, then, upon payment to the Class A Member in full of the Guaranteed Obligations,
such Guarantor shall become subrogated to the rights of the Class A Member to the extent that such payments to the Class A Member
on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with
respect to that proportion of the Guaranteed Obligations which would have been unpaid if the Class A Member had not received dividends
or payments upon the Guarantor Claims.

 

Section
4.3           Payments Held in Trust.
Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds,
payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for the Class
A Member an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid
to the Class A Member, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or
distributions so received except to pay such funds, payments, claims and/or distributions promptly to the Class A Member, and such
Guarantor covenants promptly to pay the same to the Class A Member.

 

Section
4.4           Liens Subordinate.
Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon the assets of the
Class B Member, the Company or any of the Subsidiaries securing payment of the Guarantor Claims shall be and remain inferior and
subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon such Person’s assets securing
payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or the Class A Member
presently exist or are hereafter created or attach. Without the prior written consent of the Class A Member, until the Redemption
Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), no Guarantor
shall (i) exercise or enforce any creditor’s rights it may have against the Class B Member, the Company or any of the Subsidiaries,
or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise,
including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s
relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments
or other encumbrances on the assets of the Class B Member, the Company or any of the Subsidiaries held by any Guarantor. 

 

    	-9-

    	 

    

 

ARTICLE
5 

COVENANTS

 

Section
5.1           Definitions.
As used in this Article 5, the following terms shall have the respective meanings set forth below:

 

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

 

(b)          “IFRS”
shall mean the International Financial Reporting Standards.

 

(c)          “Liquid
Assets” shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties that have not been distributed
by the Company), (b) certificates of deposit (with a maturity of two years or less) issued by, or savings account with, any Approved
Bank or other bank or other financial institution reasonably acceptable to the Class A Member, (c) marketable securities listed
on a national or international exchange reasonably acceptable to the Class A Member (it being understood, without limitation of
the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to the Class A Member), marked to market,
(d) U.S. Obligations or (e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally
draw from any of its partners.

 

(d)          “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date (without regard to the Properties
or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in accordance with GAAP or IFRS.

 

    	-10-

    	 

    

 

Section
5.2           Covenants.
Until the Redemption Price and the Guaranteed Obligations have been paid in full (subject to the terms of Section 6.14 regarding
reinstatement of this Guaranty), Guarantors shall maintain (x) an aggregate Net Worth of not less than $250,000,000.00 (the “Net
Worth Threshold”) and (y) subject to paragraph (b) below, aggregate Liquid Assets of
not less than $20,000,000.00 (the “Liquid Assets Threshold”).

 

Section
5.3           Release of Guarantors.
At any time prior to the declaration of a Changeover Event, Guarantors shall be entitled to request the release of any Guarantor
from its obligations hereunder so long as, following such release, the remaining Guarantor(s) continue(s) to satisfy the Net Worth
Threshold and Liquid Assets Threshold requirements set forth in Section 5.2 hereof. In connection with any release of a
Guarantor pursuant to this Section 5.3, the Class A Member shall execute and deliver a release of such Guarantor from all
liability in respect of the Guaranteed Obligations.

 

Section
5.4           Financial Statements. Each
Guarantor shall deliver to the Class A Member:

 

(a)          within
120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor
certifying that, to the best of the signer’s knowledge, such annual financial statements fairly present the financial condition
and results of the operations of such Guarantor;

 

(b)          within
90 days after the end of each fiscal quarter of such Guarantor, financial statements in the form delivered to such Guarantor’s
limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of the signer’s
knowledge, such quarterly financial statements fairly present the financial condition and results of the operations of such Guarantor
in a manner consistent with GAAP (subject to year-end adjustments) or IFRS; and

 

(c)          20
days after request by the Class A Member, such other financial information with respect to such Guarantor as the Class A Member
may reasonably request.

 

ARTICLE
6 

MISCELLANEOUS

 

Section
6.1           Waiver. No
failure to exercise, and no delay in exercising, on the part of the Class A Member, any right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right. The rights of the Class A Member hereunder shall be in addition to all other rights provided by law. No modification
or waiver of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and
no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall
constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.

 

    	-11-

    	 

    

 

Section
6.2           Notices. All
notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:

 

	If to the Class A	 
	Member:	c/o Goldman Sachs Realty Management, L.P.
	 	6011 Connection Drive
	 	Irving, Texas 75039
	 	Attn:  Greg Fay
	 	Facsimile No.:  (972) 368-3699
	 	Telephone No.:  (972) 368-2743
	 	 
	with copies to:	Whitehall Street Global Real Estate Limited Partnership 2007
	 	c/o Goldman, Sachs & Co.
	 	200 West Street
	 	New York, New York 10282
	 	Attn:  Chief Financial Officer
	 	Facsimile No.:  (212) 357-5505
	 	Telephone No.: (212) 902-5520
	 	 
	and:	Sullivan & Cromwell LLP
	 	125 Broad Street
	 	New York, New York 10004
	 	Attention:  Anthony J. Colletta, Esq.
	 	Facsimile No. (212) 291-9029
	If to	 
	Guarantors:	[___________________]
	 	[___________________]
	 	[___________________]
	 	Attention:  [___________________]
	 	Facsimile No. [___________________]
	 	 
	with a copy to:	[___________________]
	 	[___________________]
	 	[___________________]
	 	Attention:  [___________________]
	 	Facsimile No. [___________________]

 

    	-12-

    	 

    

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel.

 

Section
6.3           Governing Law; Jurisdiction; Service of Process.
(a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR AND ACCEPTED BY THE CLASS A MEMBER IN THE
STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR
THE OTHER TRANSACTION DOCUMENTS, AND THIS GUARANTY AND THE OTHER TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b) ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST THE CLASS A MEMBER OR ANY GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT THE CLASS A
MEMBER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED
ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON
SUCH GUARANTOR AT THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH
GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY
SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO THE CLASS A MEMBER OF
ANY CHANGE IN THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED
AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF
PROCESS), AND (III) SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF SUCH GUARANTOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW
YORK. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF THE CLASS A MEMBER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW
OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION.

 

    	-13-

    	 

    

 

Section
6.4           Invalid Provisions.
If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during
the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings
and intentions of the parties as expressed herein.

 

Section
6.5           Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought
to be enforced.

 

Section
6.6           Parties Bound; Assignment.
This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives. Any assignee or transferee of the Class A Member shall be entitled to all the benefits
afforded to the Class A Member under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations
under this Guaranty without the prior written consent of the Class A Member, and any attempted assignment without such consent
shall be null and void.

 

Section
6.7           Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

Section
6.8           Recitals.
The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima
facie evidence of the facts and documents referred to therein.

 

Section
6.9          Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be
necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making
proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached
to it additional signature pages.

 

    	-14-

    	 

    

 

Section
6.10         Rights and Remedies.
If any Guarantor becomes liable for any indebtedness owing by any the Class B Member or the Company to the Class A Member, by endorsement
or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights
of the Class A Member hereunder shall be cumulative of any and all other rights that the Class A Member may ever have against Guarantor.
The exercise by the Class A Member of any right or remedy hereunder or under any other instrument, or at law or in equity, shall
not preclude the concurrent or subsequent exercise of any other right or remedy.

 

Section
6.11         Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT
OF GUARANTORS AND THE CLASS A MEMBER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY
AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER
HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND THE CLASS A MEMBER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY,
AND NO COURSE OF DEALING BETWEEN GUARANTORS AND THE CLASS A MEMBER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED
TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND THE CLASS
A MEMBER.

 

Section
6.12         Waiver of Right To Trial By Jury. EACH GUARANTOR AND THE
CLASS A MEMBER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL
BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE OPERATING AGREEMENT
OR THE OTHER TRANSACTION DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH GUARANTOR AND THE CLASS A MEMBER AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

Section
6.13         Cooperation. Each Guarantor
acknowledges that the Class A Member and its successors and assigns may (i) sell this Guaranty and the other Transaction Documents
and/or the Class A Member’s Interest to one or more investors, (ii) deposit this Guaranty and the other Transaction
Documents with a trust, which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or
(iii) otherwise sell the Class A Member’s Interest or one or more interests therein to investors (the transactions referred
to in clauses (i) through (iii) are hereinafter each referred to as “Secondary Market
Transaction”). Each Guarantor shall at no cost to any Guarantor, cooperate with
the Class A Member in effecting any such Secondary Market Transaction and shall provide (or cause the Class B Member, the Company
and/or the Subsidiaries to provide) such information and materials as may be reasonably requested by the Class A Member in connection
with such Secondary Market Transaction.

 

    	-15-

    	 

    

 

Section
6.14         Reinstatement in Certain Circumstances.
If at any time any payment of the Class A Return, the Unrecovered Capital or any other amount payable by the Company or the Class
B Member under the Operating Agreement or the other Transaction Documents is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or the Class B Member or otherwise, Guarantors’ obligations
hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

Section
6.15         Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Transaction Document, no direct or indirect shareholder,
partner, member, principal, Affiliate (other than the Class B Member and the Company), employee, officer, trustee, director, agent
or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor be joined as party to, any action with respect to payment, performance or discharge
of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof, the Class A Member
for itself and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money
judgment, deficiency judgment or personal judgment against any Related Party under or by reason of or in connection with this Guaranty;
except that any Related Party that is a party to any Transaction Document or any other separate written guaranty, indemnity or
other agreement given by such Related Party in connection with the Investment shall remain fully liable therefor and the foregoing
provisions shall not operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies
of the Class A Member thereunder.

 

Section
6.16         Gender; Number; General Definitions.
Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in
this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, (c) the word “the Class A Member”
shall mean “the Class A Member and any subsequent holder of the Class A Member’s Interest”, (d) the word
“Properties” shall include any portion of any of the Properties and
any interest therein, and (e) the phrases “attorneys’ fees”, “legal fees” and “counsel
fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited
to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by the Class A Member in protecting its
interest in the Company (including any Protective Capital advances by the Class A Member) and/or in enforcing its rights hereunder.

 

Section
6.17         Joint and Several. The
obligations of each Guarantor hereunder are joint and several.

 

    	-16-

    	 

    

 

Section
6.18         Certain California State Specific Provisions.

 

(a)          To
the extent California law applies, nothing herein shall be deemed to limit the right of the Class A Member to recover in accordance
with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses,
liabilities or damages, including reasonable attorneys’ fees and costs, incurred by the Class A Member and arising from any
covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to the Class A Member, or
any order, consent decree or settlement relating to the cleanup of Hazardous Substances (as defined in the Environmental Indemnity
Agreement) or any other “environmental provision” (as defined in such Section 736) relating to any Property or
any portion thereof.

 

(b)          To
the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty (provided, however,
that in the case of any conflict or inconsistency between the provisions of this Section 6.18(b) and the other provisions
of this Guaranty as to any subject matter described in this Section 6.18(b), such other provisions shall control), each
Guarantor represents, warrants and covenants as follows:

 

(c)          The
obligations of each Guarantor under this Guaranty shall be performed without demand by the Class A Member and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Operating Agreement or any of the other Transaction
Documents, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety
or a guarantor. Each Guarantor hereby waives any and all benefits and defenses under California Civil Code Section 2810 and
agrees that by doing so such Guarantor shall be liable even if neither the Company nor the Class B Member had no liability at the
time of execution of the Transaction Documents, or thereafter ceases to be liable. Each Guarantor hereby waives any and all benefits
and defenses under California Civil Code Section 2809 and agrees that by doing so such Guarantor’s liability may be
larger in amount and more burdensome than that of the Company or any of its Subsidiaries. Each Guarantor hereby waives the benefit
of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty
and agrees that such Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this
Guaranty which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives
the benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other
rights of sureties and guarantors thereunder.

 

    	-17-

    	 

    

 

(d)          In
accordance with Section 2856 of the California Civil Code, each Guarantor hereby waives all rights and defenses arising out
of an election of remedies by the Class A Member even though that election of remedies, such as a nonjudicial foreclosure with
respect to security for guaranteed obligations, has destroyed or otherwise impaired such Guarantor’s rights of subrogation
and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Each Guarantor hereby authorizes and empowers the Class A Member to exercise, in its sole and absolute discretion, any right or
remedy, or any combination thereof, which may then be available, since it is the intent and purpose of each Guarantor that the
obligations under this Guaranty shall be absolute, independent and unconditional under any and all circumstances. Specifically,
and without in any way limiting the foregoing, each Guarantor hereby waives any rights of subrogation, indemnification, contribution
or reimbursement arising under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse
to or with respect to the Company or any of its Subsidiaries, any general partner, member or other constituent of the Company or
any of its Subsidiaries, any other person obligated to the Class A Member with respect to the matters set forth herein, or the
assets or property of any of the foregoing until the Redemption Price has been paid in full and all obligations of the Company
and its Affiliates under the Transaction Documents have been fully performed, and there has expired the maximum possible period
thereafter during which any payment made by the Company or others to the Class A Member with respect to such obligations could
be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations,
each Guarantor expressly waives any and all rights of subrogation against the Company and each of its Subsidiaries, and each Guarantor
hereby waives any rights to enforce any remedy which the Class A Member may have against the Company or any of its Subsidiaries.

 

(e)          In
addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of the Company
and each Subsidiary now or hereafter owed to any Guarantor to all the indebtedness of the Company or any Subsidiary to the Class
A Member and agrees with the Class A Member that until the Redemption Price has been paid in full and all obligations owed to the
Class A Member under the Transaction Documents have been fully performed, and there has expired the maximum possible period thereafter
during which any payment made by the Company or others to the Class A Member with respect to such obligations could be deemed a
preference under the United States Bankruptcy Code, no Guarantor shall demand or accept any payment of principal or interest from
the Company or any of its Subsidiaries or claim any offset or other reduction of any Guarantor’s obligations hereunder because
of any such indebtedness. If any amount shall nevertheless be paid to an Guarantor by the Company or any Subsidiary or another
guarantor prior to payment in full of the Redemption Price, such amount shall be held in trust for the benefit of the Class A Member
and shall forthwith be paid to the Class A Member to be credited and applied to the Unrecovered Capital. Further, no Guarantor
shall have any right of recourse against the Class A Member by reason of any action the Class A Member may take or omit to take
under the provisions of this Guaranty or under the provisions of any of the Transaction Documents. Without limiting the generality
of the foregoing, each Guarantor hereby waives, to the fullest extent permitted by law, diligence in collecting the obligations
owed to the Class A Member under the Transaction Documents, presentment, demand for payment, protest, all notices with respect
to the Operating Agreement, this Guaranty, or any other Transaction Document which may be required by statute, rule of law or otherwise
to preserve the Class A Member’s rights against such Guarantor under this Guaranty, including, but not limited to, notice
of acceptance, notice of any amendment of the Transaction Documents, notice of the occurrence of any default, notice of intent
to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring
by the Company or any of its Subsidiaries of any obligation or indebtedness.

 

    	-18-

    	 

    

 

(f)          Without
limiting the foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Guarantor may
have by reason of protection afforded to the Company or any of its Subsidiaries with respect to any of the obligations of any Guarantor
under this Guaranty by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California
limiting or discharging the obligations of the Company or any of its Subsidiaries. Without limiting the generality of the foregoing,
each Guarantor hereby expressly waives any and all benefits under California Code of Civil Procedure Section 726 (which Section,
if such Guarantor had not given this waiver, among other things, would otherwise require the Class A Member to exhaust all of its
security before a personal judgment could be obtained for a deficiency).

 

(g)          Likewise,
each Guarantor waives (i) any and all rights and defenses available to such Guarantor under California Civil Code Sections 2899
and 3433; and (ii) any rights or defenses such Guarantor may have with respect to its obligations as a guarantor by reason
of any election of remedies by the Class A Member. These rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

[NO FURTHER TEXT ON THIS PAGE.]

 

    	-19-

    	 

    

 

IN WITNESS WHEREOF,
each Guarantor has executed this Guaranty as of the day and year first above written.

 

	 	GUARANTORS:
	 	 
	 	[__________________]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:

 

	 	AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner

 

	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:

 

	 	American Realty Capital Hospitality Trust, Inc.
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	[__________________]
	 	 	 
	 	 	 
	 	 	Name:  

 

    	 

    	 

    

 

	 	 
	 	[__________________]
	 	 
	 	 		 
	 	 	Name:  
	 	 
	 	[__________________]
	 	 
	 	 		 
	 	 	Name:  
	 	 
	 	[__________________]
	 	 
	 	 		 
	 	 	Name:  
	 	 
	 	 
	 	[__________________]
	 	 
	 	 		 
	 	 	Name:  
	 	 

 

    	 

    	 

    

Exhibit E-4

FORM OF ENVIRONMENTAL INDEMNITY
AGREEMENT

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement”) is made as of ____________, 2014, by [_____________________], a [_____________________],
having an office at [_____________________], AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership, having an office at [_____________________], AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC., a Maryland corporation,
having an office at [_____________________], [_____________________], an individual, [_____________________], an individual, [_____________________],
an individual, [_____________________], an individual, and [_____________________], an individual1 (each of the foregoing,
an “Indemnitor”, and together with their respective permitted successors and assigns, collectively, “Indemnitors”),
in favor of W2007 EQUITY INNS SENIOR MEZZ, LLC, a Delaware limited liability company, having an office at c/o Goldman Sachs
Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039 (together with its successors and/or assigns, “Indemnitee”)
and the other Indemnified Parties (defined below).

 

RECITALS

 

A.           Indemnitee
is prepared to make an investment (the “Investment”) in ARC Hospitality Portfolio I Holdco, LLC, a Delaware
limited liability company (the “Company”), in the amount of $[_______________] as described in the Amended
and Restated Limited Liability Company Agreement of the Company, of even date herewith, among Indemnitee, American Realty Capital
Hospitality Portfolio Member, LLC, a Delaware limited liability company (the “Class B Member”), and [_____________________]
(as the same may be amended, modified or supplemented from time to time, the “Operating Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Operating Agreement.

 

B.           Each
Indemnitor acknowledges receipt and approval of copies of the Operating Agreement and the other Transaction Documents.

 

C.           Each
Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in the Class B Member and, as a result
of such beneficial interest, will receive substantial economic and other benefits from Indemnitee making the Investment in the
Company.

 

D.           Indemnitee
is unwilling to make the Investment or to enter into the Operating Agreement unless Indemnitors agree to provide the indemnification,
representations, warranties, covenants and other matters described in this Agreement for the benefit of the Indemnified Parties.

 

 

1 Note to draft: Individuals party to the
Supplemental Agreement referenced in the Real Estate Sale Agreement to be included as individual indemnitors only if
Whitehall has provided the Whitehall Guarantees (as defined in the Supplemental Agreement)

 

    	 

    	 

    

 

E.            Indemnitors
are entering into this Agreement to induce Indemnitee to make the Investment, enter into the Operating Agreement and become a Member
of the Company.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitors
hereby represent, warrant, covenant and agree for the benefit of the Indemnified Parties as follows:

 

1.            Environmental
Covenants. Each Indemnitor covenants and agrees that (a) all uses and operations on or of each Property, whether by
any of the Indemnitors or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto;
(b) there shall be no Releases of Hazardous Substances in, on, under or from any Property (except in compliance with all applicable
Environmental Laws and with permits issued pursuant thereto); (c) there shall be no Hazardous Substances in, on or under any
Property, except those that are both (i) in compliance with all applicable Environmental Laws and with any necessary permits
issued pursuant thereto and (ii) fully disclosed to Indemnitee in writing; (d) Indemnitors shall keep each Property free
and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission of
any of the Indemnitors or any other Person (the “Environmental Liens”); provided, that
after prior notice to Indemnitee, Indemnitors, at their own expense, may contest the amount or validity of any Environmental Liens
in accordance with the terms of the Senior Loan Documents; (e) Indemnitors shall, at their sole cost and expense, fully and
in a timely manner cooperate in all activities pursuant to Section 2 of this Agreement, including, but not limited to, providing
all relevant information and making knowledgeable Persons available for interviews upon reasonable advance written request and
at reasonable times and places; (f) Indemnitors shall, at their sole cost and expense, perform any environmental site assessment
or other investigation of environmental conditions in connection with any Property, pursuant to any reasonable written request
of Indemnitee made in consideration of any environmental event or condition reasonably believed by Indemnitee to have occurred
or to exist at any Property (which request shall briefly describe the basis for Indemnitee’s belief) (including, but not
limited to, sampling, testing and analysis of soil, water, air, building materials and other materials and substances whether solid,
liquid or gas, such assessment or investigation to be in scope and nature appropriate to the suspected event or condition) that
would be reasonably expected to have an adverse effect on any Property or on the business or condition (financial or otherwise)
of the Class B Member, the Company or any of its Subsidiaries, and share with Indemnitee the reports and other results thereof,
and Indemnitee and the other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (g) Indemnitors
shall, at their sole cost and expense, comply with all reasonable written requests of Indemnitee to (i) effectuate any required
Remediation of any condition (including, but not limited to, a Release of a Hazardous Substance) in, on, under or from any Property;
(ii) comply with any applicable Environmental Law; and/or (iii) comply with any directive from any Governmental Authority
having jurisdiction over the applicable Property requiring any action relating to any environmental condition in, on, under, from
or migrating toward such Property; provided, that with respect to clauses (g)(ii) and (iii), after notice to Indemnitee,
Indemnitors may, at their own expense, contest the applicability of any Environmental Law in accordance with the terms of the Senior
Loan Documents; (h) none of the Indemnitors shall do or knowingly 

 

    	-2-

    	 

    

  

allow any tenant or
other user of any Property to do any act that is in non-compliance with any applicable Environmental Law, impairs or may impair
the value of any Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes
waste or violates any covenant, condition, agreement or easement applicable to any Property; (i) if following the date hereof,
it is determined that any Property contains paint containing more than 0.5% lead by dry weight (“Lead Based Paint”),
present in violation of any Environmental Law, Indemnitors agree, at their sole cost and expense and within forty-five (45) days
thereafter, to cause to be prepared an assessment report describing the location and condition of the Lead Based Paint (a “Lead
Based Paint Report”), prepared by an expert, and in form, scope and substance, acceptable to Indemnitee; (j) if
following the date hereof, it is determined that any Property contains asbestos or asbestos-containing material (“Asbestos”)
present in violation of any Environmental Law, the Indemnitors shall, at their sole cost and expense and within forty-five (45)
days thereafter, cause the Company to cause to be prepared an assessment report describing the location and condition of the Asbestos
(an “Asbestos Report”), prepared by an expert, and in form, scope and substance, acceptable to Indemnitee;
(k) if a Lead Based Paint Report or Asbestos Report is required to be prepared pursuant to clauses (i) or (j) of this Section
1, on or before thirty (30) days following the preparation of such report, Indemnitors shall, at their sole cost and expense,
develop and implement an operations and maintenance plan to manage such condition(s) on the applicable Property, which plan shall
be prepared by an expert, and be in form, scope and substance, acceptable to Indemnitee (together with any Lead Based Paint Report
and/or Asbestos Report, as applicable, the “O&M Plan”), and if an O&M Plan has been prepared
prior to the date hereof, Indemnitors agree to diligently and continually carry out (or cause to be carried out) the provisions
thereof, it being understood and agreed that compliance with the O&M Plan shall require or be deemed to require, without limitation,
the proper preparation and maintenance of all records, papers and forms required under the Environmental Laws; (l) in the
event that any inspection or audit reveals the presence of Toxic Mold in the indoor air of any Property at concentrations for
which any Legal Requirement applicable to such Property requires removal thereof by remediation professionals, Indemnitors shall
promptly remediate the Toxic Mold and perform post-remedial clearance sampling in accordance with said Legal Requirement
and applicable Environmental Law, following which abatement of the Toxic Mold, Indemnitors shall prepare and implement an Operations
and Maintenance Plan for Toxic Mold and Moisture reasonably acceptable to Indemnitee and in accordance with the guidelines issued
by the National Multi Housing Council; and (m) Indemnitors shall promptly notify Indemnitee in writing of (A) any presence
or Release or threatened Release of Hazardous Substances in, on, under, from or migrating towards any Property in material violation
of, or as might be reasonably expected to result in material liability under, any Environmental Law; (B)  material non-compliance
with any Environmental Laws related in any way to any Property; (C) any actual or threatened Environmental Lien; (D) any
required or proposed Remediation of environmental conditions relating to any Property; and/or (E) any written or oral notice
or other communication of which any Indemnitor becomes aware from any source whatsoever (including, but not limited to, any Governmental
Authority) relating to a material or unlawful Release, or threatened Release, of Hazardous Substances or Remediation thereof,
possible liability of any Person pursuant to any Environmental Law concerning any Property, other environmental conditions in
connection with any Property or any actual or threatened administrative or judicial proceedings in connection with any environmental
matters referred to in this Agreement.

 

    	-3-

    	 

    

  

2.            Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a reasonable basis to believe that an environmental
hazard exists on any Property that does not (a) endanger any tenants or other occupants of such Property or their guests or
the general public, or (b) materially and adversely affect the value of such Property, upon reasonable written notice from
the Indemnitee, describing in reasonable detail the basis for such belief, Indemnitors shall, at Indemnitors’ sole cost and
expense, promptly cause an engineer or consultant reasonably satisfactory to the Indemnified Parties to conduct an environmental
assessment or audit of such hazard (the scope of which shall be determined in the reasonable discretion of the Indemnified Parties)
and take any samples of soil, groundwater or other water, air or building materials or any other invasive testing reasonably determined
by Indemnitee to be required to assess such condition and promptly deliver to Indemnitee the results of any such assessment, audit,
sampling or other testing; provided, however, if such results are not delivered to Indemnitee within a reasonable
period or if the Indemnified Parties have reason to believe that an environmental hazard exists on such Property that endangers
any tenant or other occupant of such Property or their guests or the general public or may materially and adversely affect the
value of such Property, upon reasonable notice to Indemnitors, the Indemnified Parties and any other Person designated by the Indemnified
Parties, including, but not limited to, any receiver, any representative of any Governmental Authority and/or any environmental
consultant, shall have the right, but not the obligation, to enter upon such Property at all reasonable times (subject to the rights
of tenants) to assess any and all aspects of the environmental condition of such Property and its use, including, but not limited
to, conducting any environmental assessment or audit (the scope of which shall be determined in the sole, but good faith discretion
of the Indemnified Parties) and taking samples of soil, groundwater or other water, air or building materials and reasonably conducting
other invasive testing, reasonably determined by the Indemnified Parties to be required to assess the condition. Indemnitors shall
cooperate with and provide, upon advance notice to each of them, the Indemnified Parties and any such Person designated by the
Indemnified Parties with access to each Property.

 

    	-4-

    	 

    

  

3.            Indemnification.
Indemnitors covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties
harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified
Parties and directly or indirectly arising out of or relating to any one or more of the following: (a) any presence of any
Hazardous Substances in, on, above or under any Property; (b) any past, present or threatened Release of Hazardous Substances
in, on, above, under or from any Property; (c) any activity by any of the Indemnitors, any Person affiliated with any of the
Indemnitors and/or any tenant or other user of any Property in connection with any actual, proposed or threatened use, treatment,
storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining, control,
management, abatement, removal, handling, transfer or transportation to or from such Property of any Hazardous Substances at any
time located in, under, on or above such Property; (d) any activity by any of the Indemnitors, any Person affiliated with
any of the Indemnitors and/or any tenant or other user of any Property in connection with any actual or proposed Remediation of
any Hazardous Substances at any time located in, under, on or above such Property, whether or not such Remediation is voluntary
or pursuant to court or administrative order, including, but not limited to, any removal, remedial or corrective action; (e) any
past, present or threatened non-compliance or violation of any Environmental Law (or of any permit issued pursuant to any Environmental
Law) in connection with any Property or operations thereon, including, but not limited to, any failure by any of the Indemnitors,
any Person affiliated with any of the Indemnitors and/or any tenant or other user of such Property to comply with any order of
any Governmental Authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened
imposition, recording or filing of any Environmental Lien encumbering any Property; (g) any administrative processes or proceedings
or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) [intentionally omitted]; (i) any
acts of any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant or other user of any Property
in arranging for the disposal or treatment, or arranging with a transporter for transport for the disposal or treatment, of Hazardous
Substances in, on, above or under any Property at any facility or incineration vessel containing such or similar Hazardous Substances;
(j) any acts of any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant or other user
of any Property in accepting any Hazardous Substances in, on, above or under any Property for transport to disposal or treatment
facilities, incineration vessels or sites from which there is a Release or a threatened Release of any Hazardous Substance which
causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death or property or other damage arising
under any statutory or common law or tort law theory, in each case, with respect to environmental matters concerning any Property,
including, but not limited to, damages assessed for private or public nuisance or for the conducting of an abnormally dangerous
activity on or near any Property; and (l) any misrepresentation or inaccuracy in any representation or warranty contained
in this Agreement or material breach or failure to perform any covenants or other obligations pursuant to this Agreement.

 

Notwithstanding any
provisions of this Agreement to the contrary, (x) the foregoing indemnity shall not apply to Losses caused solely by the gross
negligence or willful misconduct of any Indemnified Party and (y) the foregoing indemnity shall only apply to Losses resulting
from any circumstance, condition, action or event first occurring after the date hereof (subject to the other limitations set forth
herein).

 

4.            Duty
to Defend and Attorneys’ and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitors
shall defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any
Indemnified Party, in the name of the Indemnified Party), by attorneys and other professionals reasonably approved by the Indemnified
Parties. Notwithstanding the foregoing, if the defendants in a claim include an Indemnitor (or any affiliate of an Indemnitor)
and any Indemnified Party shall have reasonably concluded that (A) there are legal defenses available to it that are materially
different from or in addition to those available to such Indemnitor (or such Affiliate of such Indemnitor), or (B) the use
of the attorneys engaged by such Indemnitor (or such affiliate of Indemnitor) would present such attorneys with a conflict of interest,
Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or
assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding;
provided that no compromise or settlement shall be entered without Indemnitors’ consent, which consent shall not be unreasonably
withheld. Upon demand, Indemnitors shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the
Indemnified Parties for the payment of the reasonable fees and disbursements of attorneys, engineers, environmental consultants,
laboratories and other professionals in connection therewith.

 

    	-5-

    	 

    

  

5.            Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

The term “Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the
like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances and/or
relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including, but not limited to, Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; the River and Harbors Appropriation Act;
and those relating to Lead Based Paint. The term “Environmental Laws” also includes, but is not limited to, any present
and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, conditioning
transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of
any Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of a property
to any Governmental Authority or other Person, whether or not in connection with any transfer of title to or interest in such property;
imposing conditions or requirements in connection with environmental permits or other environmental authorization for lawful activity;
relating to nuisance, trespass or other causes of action related to the physical condition or use of any Property; and relating
to wrongful death, personal injury or property or other damage in connection with any physical condition or use of any Property.

 

The term “Hazardous
Substances” includes, but is not limited to, any and all substances (whether solid, liquid or gas) defined, listed
or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes
or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact
on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, and lead-containing materials, radon, radioactive materials, flammables and explosives,
Lead Based Paint and Toxic Mold. Notwithstanding anything to the contrary contained herein, the term “Hazardous Substances”
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning,
maintenance, or operations, substances typically used in construction, and typical products used in properties like the Properties,
and which are otherwise in compliance with all Environmental Laws. Furthermore, the term “Hazardous Substances” will
not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily and
customarily stocked and sold by tenants operating retail businesses of the types operated by the tenants of any Property and which
are otherwise in compliance with all Environmental Laws.

 

    	-6-

    	 

    

 

The term “Indemnified
Parties” means Indemnitee, its affiliates, Persons who may hold or acquire or will have held a full or partial interest
in Indemnitee’s Interest (including, but not limited to, Investors (as hereinafter defined) and/or prospective Investors,
as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Investment for the
benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives,
contractors, subcontractors, affiliates, subsidiaries, successors and assigns of any and all of the foregoing, and any successors
by merger, consolidation or acquisition of all or a substantial portion of Indemnitee’s assets and business.

 

The term “Investor”
means each purchaser, transferee, assignee or investor in the Class A Member’s Interest.

 

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term “Losses”
includes any actual losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including, but not limited
to, strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or
not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs,
reasonable fees of attorneys, engineers and environmental consultants and investigation costs (including, but not limited to, costs
for sampling, testing and analysis of soil, water, air, building materials and other materials and substances, whether solid, liquid
or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings,
actions, claims, suits, judgments or awards.

 

The term “Indemnitor
Affiliate” shall mean any Indemnitor, the Class B Member and/or any other Person that either (or both) (a) is
in Control of, is Controlled by or is under common Control with (i) any Indemnitor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Indemnitor (each a “Clause (a) Person”), or (b) is either
(1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any
Indemnitor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the Indemnitors directly
or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a Person
with respect to which any combination of Indemnitors and Clause (a) Persons own, directly or indirectly, fifty-one percent (51%)
or more of the direct or indirect voting equity interests in such Person. In addition to, and without limiting, the foregoing,
if a direct or indirect interest in a loan secured by direct or indirect interests in the Company or any of its Subsidiaries is
held by an Indemnitor Affiliate, the related lender will be deemed an Indemnitor Affiliate unless such Indemnitor Affiliate is
a Disabled Participant (as defined below) and one or more other holders of substantial interests in such loan that are not Indemnitor
Affiliates control the administration of such loan and the enforcement of the rights and remedies of such lender. An Indemnitor
Affiliate is a “Disabled Participant” with respect to a loan if it has no right to exercise any voting
or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of
such loan).

 

    	-7-

    	 

    

 

The term “Release”
with respect to any Hazardous Substance includes, but is not limited to, any release, deposit, discharge, emission, leaking, leaching,
spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances.

 

The term “Remediation”
includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance
(including, with respect to Toxic Mold, providing any moisture control systems at any Property); any action to comply with any
Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment, audit,
sampling and testing or laboratory or other analysis or evaluation relating to any Hazardous Substances or to any environmental
matter referred to herein.

 

The term “Toxic
Mold” means fungi that reproduces through the release of spores or the splitting of cells or other means that may
pose a risk to human health or the environment or negatively affect the value of any Property, including, but not limited to, mold,
mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial volatile organic compounds.

 

6.            Unimpaired
Liability. The liability of Indemnitors under this Agreement shall in no way be limited or impaired by, and each Indemnitor
hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Operating Agreement or any
of the other Transaction Documents by any Indemnitor or any Person who succeeds any Indemnitor or any Person as owner of any of
the Properties. In addition, the liability of Indemnitors under this Agreement shall in no way be limited or impaired by (i) any
extension of the Mandatory Redemption Date or any other extension of the time for performance required by the Operating Agreement
or any of the other Transaction Documents, (ii) any sale or transfer of all or part of any Property, or any sale or other
assignment by any Indemnitor of its direct or indirect ownership interests in the Class B Member or the Company, (iii) except
as provided herein, any exculpatory provision in the Operating Agreement or any of the other Transaction Documents, (iv) the
accuracy or inaccuracy of the representations and warranties made by the Class B Member, the Company or any Indemnitor under the
Operating Agreement or any of the other Transaction Documents (including this Agreement), or (v) the release of any Indemnitor
or any other Person from performance or observance of any of the agreements, covenants, terms or condition contained in the Operating
Agreement or any of the other Transaction Documents by operation of law, Indemnitee’s voluntary act, or otherwise.

 

7.            Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitors without first declaring a Changeover Event, provided,
however, that nothing herein shall inhibit or prevent Indemnitee from declaring a Changeover Event, or exercising any other
rights and remedies under the other Transaction Documents. It is not necessary for a Changeover Event to have occurred for Indemnified
Parties to exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Operating Agreement or any other
Transaction Document to the contrary, the obligations of each Indemnitor pursuant to this Agreement are exceptions to any non-recourse
or exculpation provision of the Operating Agreement or any other Transaction Document; and each Indemnitor expressly acknowledges
and agrees that it is fully and personally liable for such obligations, and such liability is not limited to the Unrecovered Capital
or the value of the Properties.

 

    	-8-

    	 

    

  

8.            Limitations
on Liability of Indemnitors.

 

(a)          Notwithstanding
anything to the contrary herein or in the other Transaction Documents, in the event of the declaration of a Changeover Event, then
Indemnitors shall not have any liability hereunder for any Losses arising from any circumstance, condition, action or event first
occurring after the date of the declaration of a Changeover Event and not caused by the acts of either of the Indemnitors or any
other Indemnitor Affiliate; provided that (i) Indemnitors shall remain liable hereunder for any Losses to the extent arising
from any action or event prior to the date of the declaration of a Changeover Event and (ii) if, following the declaration of a
Changeover Event, an arbitration panel appointed pursuant to Section 12.10 of the Operating Agreement determines that such Changeover
Event has not occurred pursuant to Section 3.5 of the Operating Agreement, then the Indemnitors shall continue to be fully liable
for all of its obligations hereunder and for all Losses (other than any such Losses caused solely by the actions of the Indemnitee
taken on behalf of the Company or any of its Subsidiaries following such declaration of a Changeover Event).

 

9.           Survival.
The obligations and liabilities of each Indemnitor under this Agreement shall fully survive indefinitely. Notwithstanding the foregoing,
the indemnification obligations of Indemnitor hereunder shall terminate three (3) years after the payment in full (or, if later,
after the delivery of the Phase I environmental report described in this sentence), in accordance with the Operating Agreement
and the other Transaction Documents, of the Unrecovered Capital solely as to an Property as to which at the time of such payment
(or at any time thereafter) Indemnitee has been furnished a Phase I environmental report in form and substance, and from an environmental
consultant, reasonably acceptable to Indemnitee, which Phase I environmental report discloses, as of the date of such repayment
(or, if later, the date of the delivery thereof), no actual or threatened (A) non-compliance with or violation of applicable Environmental
Laws (or permits issued pursuant to Environmental Laws) in connection with any Property or operations thereon, which has not been
cured in accordance with applicable Environmental Laws, (B) Environmental Liens encumbering any Property, (C) administrative processes
or proceedings or judicial proceedings concerning any environmental matter addressed in this Agreement, or (D) unlawful presence
or Release of Hazardous Substances in, on, above or under any Property that has not been fully remediated as required by applicable
Environmental Laws. Notwithstanding the foregoing, at any time prior to the declaration of a Changeover Event, Indemnitors shall
be entitled to request the release of any Indemnitor from its obligations hereunder so long as, following such release, the remaining
Indemnitor(s) continue(s) to satisfy the Net Worth Threshold and Liquid Assets Threshold (as each such term is defined in the Guarantees)
and, in connection with any release of an Indemnitor pursuant to this Section 9, the Class A Member shall execute and deliver
a release of such Indemnitor from all liability hereunder.

 

10.         Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within thirty (30) days of such demand therefor, shall bear interest at the Increased Rate.

  

    	-9-

    	 

    

  

11.         Waivers.

 

(a)          Each
Indemnitor hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of any Indemnitor’s
assets or to cause Indemnitee or any other Indemnified Party to attempt to enforce any other remedy before proceeding under this
Agreement against any Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors generally,
including any rights of subrogation which any Indemnitor may have, provided that the indemnity provided for hereunder
shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever
which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights, including, without
limitation, any claim that such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party; (iii) the
right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against
or by Indemnitee or any other Indemnified Party; (iv) notice of acceptance hereof and of any action taken or omitted in reliance
hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe,
or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits
of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, each Indemnitor hereby agrees
to postpone the exercise of any rights of subrogation until the Redemption Price shall have been paid in full.

 

(b)          EACH
INDEMNITOR AND EACH INDEMNIFIED PARTY, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST, WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH INDEMNITOR AND INDEMNIFIED PARTY AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR
AND INDEMNIFIED PARTY.

 

12.          Subrogation.
Each Indemnitor hereby agrees that it shall take any and all commercially reasonable actions, including the institution of legal
action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible
for the presence of any Hazardous Substances at, in, on, under or near any Property or otherwise obligated by law to bear the cost.
The Indemnified Parties shall be and hereby are subrogated to all of each Indemnitor’s rights now or hereafter in such claims.

 

13.          Indemnitors’
Representations and Warranties. Each Indemnitor represents and warrants that:

 

    	-10-

    	 

    

  

(a)          it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has
been taken by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its
terms;

 

(b)          its
execution of, and compliance with, this Agreement is in the ordinary course of business of such Indemnitor and will not result
in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument
of such Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a default under, or result
in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which
such Indemnitor or any Property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree
to which such Indemnitor or any Property is subject;

 

(c)          to
the best of such Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against
it which, either in any one instance or in the aggregate, would be reasonably likely to result in any material adverse change in
the business, operations, financial condition, properties or assets of such Indemnitor, or in any material impairment of the right
or ability of such Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part
of such Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection
with the obligations of such Indemnitor contemplated herein, or which would be likely to impair materially the ability of such
Indemnitor to perform under the terms of this Agreement;

 

(d)          it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)          to
the best of such Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing
with, any Governmental Authority or other Person, and no approval, authorization or consent of any other Person, that has not been
obtained as of the execution hereof, is required in connection with this Agreement; and

 

(f)          this
Agreement constitutes a valid, legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms
hereof, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

14.          No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver of any such privilege, power or right.

 

15.          Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the
other parties hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever
with respect to the presence or potential presence of Hazardous Substances on, from or affecting any Property in violation of applicable
Environmental Laws, and (ii) any legal action brought against such party or related to any Property, with respect to which
Indemnitors may have liability under this Agreement. Such notice shall comply with the provisions of Section 16 hereof.

 

    	-11-

    	 

    

  

16.          Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 16. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:

 

	If to Indemnitee:	c/o Goldman Sachs Realty Management, L.P.
	 	6011 Connection Drive
	 	Irving, Texas 75039
	 	Attn:  Greg Fay
	 	Facsimile No.:  (972) 368-3699
	 	Telephone No.:  (972) 368-2743
	 	 
	with copies to:	Whitehall Street Global Real Estate Limited Partnership 2007
	 	c/o Goldman, Sachs & Co.
	 	200 West Street
	 	New York, New York 10282
	 	Attn:  Chief Financial Officer
	 	Facsimile No.:  (212) 357-5505
	 	Telephone No.: (212) 902-5520
	 	 
	and:	Sullivan & Cromwell LLP
	 	125 Broad Street
	 	New York, New York 10004
	 	Attention:  Anthony J. Colletta, Esq.
	 	Facsimile No. (212) 291-9029

 

	
        If to

        Indemnitors:
	[___________________]
	 	[___________________]
	 	[___________________]
	 	Attention:  [___________________]
	 	Facsimile No. [___________________]

  

    	-12-

    	 

    

 

	 	 
	with a copy to:	[___________________]
	 	[___________________]
	 	[___________________]
	 	Attention:  [___________________]
	 	Facsimile No. [___________________]

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 16. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Indemnitee may also be given by Servicer.

 

17.          Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original
shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to
execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

18.          No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of any Indemnitor or any Indemnified Party, but only by an agreement
in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

 

19.          Headings,
Etc. The headings and captions of various sections of this Agreement are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

20.          Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific
references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person
constituting an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors,
administrators, legal representatives, successors and permitted assigns of each Indemnitor, all of whom shall be bound by the provisions
of this Agreement. Each reference herein to Indemnitee shall be deemed to include its successors and assigns; provided
that no obligation of any Indemnitor may be assigned except with the prior written consent of Indemnitee. This Agreement shall
inure to the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives
forever. Any assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled to all the benefits afforded
to Indemnitee (and the other Indemnified Parties) under this Agreement. No Indemnitor shall have the right to assign or transfer
its rights or obligations under this Agreement without the prior written consent of Indemnitee, and any attempted assignment without
such consent shall be null and void.

 

    	-13-

    	 

    

  

21.          Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the
liability of any party not so released.

 

22.          Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Operating Agreement or any of the other Transaction Documents or would otherwise have at law or in equity.

 

23.          Inapplicable
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.

 

24.          Governing
Law; Jurisdiction; Service of Process.

 

(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF NEW YORK,
WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND
IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY UNCONDITIONALLY
AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND/OR THE OTHER TRANSACTION
DOCUMENTS, AND THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	-14-

    	 

    

  

(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR ANY INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT INDEMNITEE’S
OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, AND EACH INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON SUCH INDEMNITOR AT THE
ADDRESS FOR SUCH INDEMNITOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH INDEMNITOR IN THE MANNER
PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH INDEMNITOR IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK. EACH INDEMNITOR (I) SHALL GIVE PROMPT NOTICE TO INDEMNITEE OF ANY CHANGE IN THE ADDRESS FOR
SUCH INDEMNITOR SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE
IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF SUCH INDEMNITOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK. NOTHING CONTAINED HEREIN
SHALL AFFECT THE RIGHT OF INDEMNITEE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR
OTHERWISE PROCEED AGAINST ANY INDEMNITOR IN ANY OTHER JURISDICTION.

 

25.          Miscellaneous.

 

(a)          Wherever
pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove
any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or (iii) any
other decision or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee (or such
other Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not
satisfactory to Indemnitee (or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or
such other Indemnified Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and
shall be final and conclusive, except as may be otherwise expressly and specifically provided herein.

 

(b)          Wherever
pursuant to this Agreement it is provided that any Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable out-of-pocket legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether
incurred by retained outside law firms, or as reimbursements for the expenses of in-house legal staff, or otherwise.

 

26.          Joint
and Several Liability. The obligations and liabilities of the Indemnitors hereunder are joint and several.

 

27.          Recitals.
The recitals hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the
facts and documents referred to therein.

 

    	-15-

    	 

    

  

28.          California
State Specific Provisions.

 

(a)          Environmental
Provisions. To the extent California law applies, nothing herein shall be deemed to limit the right of Indemnitee to recover
in accordance with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any
out-of-pocket costs, expenses, liabilities or damages, including reasonable attorneys’ fees and costs, incurred by Indemnitee
and arising from any covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to
Indemnitee, or any order, consent decree or settlement relating to the cleanup of Hazardous Substances or any other “environmental
provision” (as defined in such Section 736) relating to any Property or any portion thereof.

 

(b)          Additional
Indemnitor Waivers. To the extent California law applies, in addition to and not in lieu of any other provisions of this
Agreement, each Indemnitor represents, warrants and covenants as follows:

 

(i)          The
obligations of each Indemnitor under this Agreement shall be performed without demand by Indemnitee and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Operating Agreement or any of the other Transaction
Documents, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety
or a guarantor. Each Indemnitor hereby waives any and all benefits and defenses under California Civil Code Section 2810 and
agrees that by doing so such Indemnitor shall be liable even if neither the Company nor the Class B Member had no liability at
the time of execution of the Transaction Documents, or thereafter ceases to be liable. Each Indemnitor hereby waives any and all
benefits and defenses under California Civil Code Section 2809 and agrees that by doing so such Indemnitor’s liability
may be larger in amount and more burdensome than that of the Class B Member, the Company or any of the Subsidiaries. Each Indemnitor
hereby waives the benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with
the terms of this Agreement and agrees that such Indemnitor’s obligations shall not be affected by any circumstances, whether
or not referred to in this Agreement which might otherwise constitute a legal or equitable discharge of a surety or a guarantor.
Each Indemnitor hereby waives the benefits of any right of discharge under any and all statutes or other laws relating to guarantors
or sureties and any other rights of sureties and guarantors thereunder.

 

(ii)         In
accordance with Section 2856 of the California Civil Code, each Indemnitor hereby waives all rights and defenses arising out
of an election of remedies by Indemnitee even though that election of remedies, such as a nonjudicial foreclosure with respect
to security for guaranteed obligations, has destroyed or otherwise impaired such Indemnitor’s rights of subrogation and reimbursement
against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Each Indemnitor
hereby authorizes and empowers Indemnitee to exercise, in its sole and absolute discretion, any right or remedy, or any combination
thereof, which may then be available, since it is the intent and purpose of each Indemnitor that the obligations under this Agreement
shall be absolute, independent and unconditional under any and all circumstances. Specifically, and without in any way limiting
the foregoing, each Indemnitor hereby waives any rights of subrogation, indemnification, contribution or reimbursement arising
under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse to or with respect to
the Class B Member, the Company or any of the Subsidiaries, any general partner, member or other constituent of the Class B Member,
the Company or any of the Subsidiaries, any other person obligated to Indemnitee with respect to the matters set forth herein,
or the assets or property of any of the foregoing until the Redemption Price has been paid in full and all obligations of the Class
B Member, the Company and its Affiliates under the Transaction Documents have been fully performed, and there has expired the maximum
possible period thereafter during which any payment made by the Company or others to Indemnitee with respect to such obligations
could be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing
limitations, each Indemnitor expressly waives any and all rights of subrogation against the Company and each of its Subsidiaries,
and each Indemnitor hereby waives any rights to enforce any remedy which Indemnitee may have against the Company or any of its
Subsidiaries.

 

    	-16-

    	 

    

  

(iii)        In
addition to and without in any way limiting the foregoing, each Indemnitor hereby subordinates any and all indebtedness of the
Class B Member, the Company and each Subsidiary now or hereafter owed to any Indemnitor to all the indebtedness of the Class B
Member and the Company to Indemnitee and agrees with Indemnitee that until the Redemption Price has been paid in full and all obligations
owed to Indemnitee under the Transaction Documents have been fully performed, and there has expired the maximum possible period
thereafter during which any payment made by the Company or others to Indemnitee with respect to such obligations could be deemed
a preference under the United States Bankruptcy Code, no Indemnitor shall demand or accept any payment of principal or interest
from the Class B Member, the Company or any of the Subsidiaries or claim any offset or other reduction of any Indemnitor’s
obligations hereunder because of any such indebtedness. If any amount shall nevertheless be paid to an Indemnitor by the Class
B Member, the Company or any Subsidiary or another guarantor prior to payment in full of the Redemption Price, such amount shall
be held in trust for the benefit of Indemnitee and shall forthwith be paid to Indemnitee to be credited and applied to the Unrecovered
Capital. Further, no Indemnitor shall have any right of recourse against Indemnitee by reason of any action Indemnitee may take
or omit to take under the provisions of this Agreement or under the provisions of any of the Transaction Documents. Without limiting
the generality of the foregoing, each Indemnitor hereby waives, to the fullest extent permitted by law, diligence in collecting
the obligations owed to Indemnitee under the Transaction Documents, presentment, demand for payment, protest, all notices with
respect to the Operating Agreement, this Agreement, or any other Transaction Document which may be required by statute, rule of
law or otherwise to preserve Indemnitee’s rights against such Indemnitor under this Agreement, including, but not limited
to, notice of acceptance, notice of any amendment of the Transaction Documents, notice of the occurrence of any default, notice
of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the
incurring by the Class B Member, the Company or any of the Subsidiaries of any obligation or indebtedness.

 

    	-17-

    	 

    

  

(iv)        Without
limiting the foregoing, but subject to the same limitations set forth above, each Indemnitor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Indemnitor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Indemnitor may
have by reason of protection afforded to the Class B Member, the Company or any of the Subsidiaries with respect to any of the
obligations of any Indemnitor under this Agreement by reason of a nonjudicial foreclosure or pursuant to the antideficiency or
other laws of the State of California limiting or discharging the obligations of the Class B Member, the Company or any of the
Subsidiaries. Without limiting the generality of the foregoing, each Indemnitor hereby expressly waives any and all benefits under
California Code of Civil Procedure Section 726 (which Section, if such Indemnitor had not given this waiver, among other things,
would otherwise require Indemnitee to exhaust all of its security before a personal judgment could be obtained for a deficiency).

 

(v)         Likewise,
each Indemnitor waives (i) any and all rights and defenses available to such Indemnitor under California Civil Code Sections 2899
and 3433; and (ii) any rights or defenses such Indemnitor may have with respect to its obligations as a guarantor by reason
of any election of remedies by Indemnitee. These rights and defenses include, but are not limited to, any rights or defenses based
upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	-18-

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by Indemnitors and is effective as of the day and year first above written.

 

	 	INDEMNITORS:
	 	 
	 	[__________________]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:

 

	 	American Realty Capital Hospitality

Trust, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[__________________]
	 	 	 
	 	 	 
	 	 	Name:

 

    	 

    	 

    

 

	 	 
	 	[__________________]  
	 	 	 
	 	 	 
	 	 	Name:
	 	 
	 	[__________________]  
	 	 	 
	 	 	 
	 	 	Name:
	 	 	 
	 	[__________________]  
	 	 
	 	 	 
	 	 	Name:  
	 	 	 
	 	[__________________] 
	 	 
	 	 	 
	 	 	Name:  

 

    	 

    	 

    

 Exhibit E-5

 

FORM
OF CASH MANAGEMENT AGREEMENT

 

THIS CASH MANAGEMENT
AGREEMENT, dated as of [_______________], 2014 (this “Agreement”), is made by and among [Account Bank]
(together with its successors and assigns, “Cash Management Bank”), ARC HOSPITALITY PORTFOLIO I HOLDCO, LLC,
a Delaware limited liability company (the “Company”), and W2007
Equity Inns Senior Mezz, LLC, a Delaware limited liability company (together with its successors and assigns, the “Class A
Member”), and AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO MEMBER, LLC, a Delaware liability company (together with
its successors and assigns, the “Class B Member”) .

 

W I T N E S S E T H: 

  

WHEREAS, as described
in the amended and restated limited liability company agreement of the Company, dated as of the date hereof (as the same may be
further amended, restated, supplemented or otherwise modified from time to time, the “Operating Agreement”;
capitalized terms used but not defined herein to have the meanings ascribed to them therein), by and among the Class A Member,
Class B Member, and [_______________], as the Special Member, the Class A Member is the holder of a limited liability company
interest in the Company;

 

WHEREAS, the Operating
Agreement provides that all cash received by the Company from the Subsidiaries is to be deposited in a bank account maintained
with the Cash Management Bank; and

 

WHEREAS, the Company,
the Class A Member and the Class B Member desire to retain the Cash Management Bank to provide the services described herein
and the Cash Management Bank agrees to provide such services.

 

NOW THEREFORE, in consideration
of the mutual premises contained herein and for other good and valuable consideration the sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

Section 1.          Establishment
and Maintenance of the Account.

 

(a)          Concurrently
herewith, an account entitled the “[_______________] Cash Management Account” and having the account number [_______________]
is being established with the Cash Management Bank (such account, the “Account”);

 

(b)          The
Account (A) shall be in the name of the Company, (B) shall be a segregated account, (C) shall not be evidenced by
a certificate of deposit, passbook or other instrument, and (D) shall not constitute trust funds.

 

    	 

    	 

    

 

(c)          The
Cash Management Bank agrees that (i) until its receipt of a written notice from the Class A Member that the Class A Member has
declared a Changeover Event, it shall only respect requests for withdrawal or any entitlement orders on behalf of the Company from
the Class B Member and (ii) following its receipt of a written notice from the Class A Member that the Class A Member has
declared a Changeover Event, it shall only respect requests for withdrawal or any entitlement orders the on behalf of the Company
from the Class A Member.

 

(d)          The
Cash Management Bank represents that it is a federally-chartered depository institution, subject to regulations regarding fiduciary
funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b), and is an Eligible Institution.
For purposes of this Agreement, “Eligible Institution” shall mean a depository institution or trust company
insured by the Federal Deposit Insurance Corporation the short term unsecured debt obligations or commercial paper of which are
rated at least A-1 by Standard & Poor's Ratings Group (“S&P”), P-1 by Moody's Investors Service, Inc.
(“Moody’s”), and F-1+ by Fitch, Inc. (“Fitch”) in the case of accounts in which funds
are held for thirty (30) days or less or, in the case of letters of credit or accounts in which funds are held for more than thirty
(30) days, the long term unsecured debt obligations of which are rated at least “A+” by Fitch and S&P and "Aa3"
by Moody’s.

 

(e)          The
Cash Management Bank shall not commingle such amounts with any other amounts held on behalf of any other Person.

 

(f)          The
Cash Management Bank shall invest amounts held in the Account at the written direction of (i) the Class B Member on behalf
of the Company until its receipt of a written notice from the Class A Member that the Class A Member has declared a Changeover
Event and (ii) the Class A Member on behalf of the Company following its receipt of a written notice from the Class A Member
that the Class A Member has declared a Changeover Event. All earnings on such amounts shall be credited to the Account.

 

Section 2.          Intentionally
Omitted.

 

Section 3.          Fees.
The Cash Management Bank agrees that it shall look solely to the Company for the payment of its regular fees in connection with
the maintenance of the Account and the performance of its duties hereunder.

 

Section 4.          Termination.

 

(a)          The
Cash Management Bank may resign and be discharged from its duties or obligations hereunder by giving thirty (30) days prior
written notice in writing of such resignation specifying a date when such resignation shall take effect.

 

    	 

    	 

    

 

(b)          The
Class A Member may terminate this Agreement after thirty (30) days’ prior written notice to the other parties hereto,
and upon such termination designate a substitute Cash Management Bank, subject to the Company’s reasonable approval, to which
all obligations, duties and rights hereunder shall be assigned.

 

(c)          The
Cash Management Bank hereby agrees that it shall take all actions reasonably necessary and shall cooperate with the Class A
Member to facilitate any transfer of its obligations, duties and rights hereunder.

 

Section 5.          Bank
Waiver of Set-off. The Cash Management Bank waives any right to offset any claim or to assert any lien or security interest
which it might have against any account maintained hereunder.

 

Section 6.          Intentionally
Omitted.

 

Section 7.          Certain
Matters Affecting the Cash Management Bank.

 

(a)          The
Cash Management Bank shall not be under any obligation or duty to inquire into the terms of the Operating Agreement or any other
agreement made or entered into in connection with this Agreement to which the Cash Management Bank is not a party.

 

(b)          The
Cash Management Bank may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or
request furnished to it hereunder and believed by it in good faith to be genuine and to have been signed or presented by the proper
party or parties. The Cash Management Bank shall be under no duty to inquire into or investigate the validity, accuracy or content
of any such document. The Cash Management Bank shall have no duty to solicit any payments which may be due it hereunder.

 

(c)          The
Cash Management Bank may consult with counsel of its own choice and shall have full and complete authorization and protection for
any action taken or omitted by it hereunder in good faith and in accordance with the opinion of such counsel.

 

(d)          The
Company agrees to pay or reimburse the Cash Management Bank upon request for all reasonable expenses, disbursement and advances,
including reasonable attorney’s fees, incurred or made by it, in connection with the preparation, execution, performance,
delivery, modification and termination of this Agreement.

 

(e)          The
Cash Management Bank shall not be liable for any claims, suits, actions, costs, damages, liabilities or expenses or for any interruption
of services, or incidental, consequential, special or punitive damages (“Liabilities”) in connection with the
subject matter of this Agreement other than Liabilities caused by the gross negligence or willful misconduct of the Cash Management
Bank, and the Company hereby agrees to indemnify and hold harmless the Cash Management Bank and its affiliates and the directors,
officers, employees and agents of any of them from and against any and all Liabilities arising from or in connection with any acts
or omissions taken by the Cash Management Bank or any of its affiliates or any director, officer, employee or agent of any of them
in connection with this Agreement, other than those Liabilities caused by the gross negligence or willful misconduct of the Cash
Management Bank or such indemnified parties.

 

    	 

    	 

    

 

(f)          If
the Company becomes subject to a voluntary or involuntary proceeding under the United States Bankruptcy Code, or if Cash Management
Bank is otherwise served with legal process, Cash Management Bank shall have the right (i) to place a hold on funds deposited in
the Account until such time as Cash Management Bank receives an appropriate court order or other assurances satisfactory to Cash
Management Bank establishing that the funds may continue to be disbursed according to the instructions contained in this Agreement
or (ii) to commence, at the Company’s expense, an interpleader action in any United States District Court in the State of
California and to take no further action except in accordance with joint instructions from the Class A Member and the Company or
in accordance with the final order of the court in such action.

 

(g)          The
Company shall provide the Cash Management Bank with the Tax Identification Number (TIN) as assigned to it by the Internal Revenue
Service. All interest or income earned under this Agreement shall be allocated and paid as provided herein and reported by the
recipient to the Internal Revenue Service as having been so allocated and paid.

 

Section 8.          Successors
and Assigns; Assignments. This Agreement shall bind and inure to the benefit of and be enforceable by the Cash Management Bank,
the Company and the Class A Member and their respective permitted successors and assigns. The Class A Member shall have
the right to assign or transfer its rights under this Agreement. Any assignee or transferee of the Class A Member, the identity
of which shall have been notified to the Cash Management Bank by the Class A Member, shall be entitled to all the benefits
afforded the Class A Member under this Agreement.

 

Section 9.          Notices,
Waivers in Writing.

 

(a)          Notices
shall be sent as follows:

 

(i)          if
to the Company, to its address at [                                           ];

 

(ii)         if
to the Class A Member, to its address at c/o Goldman Sachs Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039,
Attn: Greg Fay, Facsimile No.: (972) 368-3699, Telephone No.: (972) 368-2743, with copies to: Whitehall Street Global Real Estate
Limited Partnership 2007, c/o Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attn: Chief Financial Officer,
Facsimile No.: (212) 357-5505, Telephone No.: (212) 902-5520; and Sullivan & Cromwell LLP, 125 Broad St., New York, New
York 10004, Attention: Anthony J. Colletta, Esq., Facsimile No.: (212) 291-9029, Telephone No.: (212) 558-4000; and

 

    	 

    	 

    

 

(iii)        if
to the Cash Management Bank, to its address at [                                     ];

 

or, in each case, to
such other or additional addresses as shall be designated in writing by the respective party to the other parties hereto. Unless
otherwise expressly provided herein, all such notices, to be effective, shall be in writing (including by facsimile), and shall
be deemed to have been duly given or made (x) when delivered by hand or by nationally recognized overnight carrier, (y) upon
receipt after being deposited in the mail, certified mail and postage prepaid or (z) in the case of notice by fax, when sent
and electronically confirmed, addressed as set forth above, with a copy of such notice sent by any other means provided in clauses (x)
and (y) above.

 

(b)          No
modification, amendment, termination or waiver of any provision of this Agreement shall in any event be effective unless the same
shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective
only in the specific instance, and for the purpose, for which given.

 

(c)          The
Class A Member shall receive copies of all reports, advices, statements and other information supplied hereunder by any party
hereto to any other party hereto.

 

Section 10.         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard
to its principles of conflicts of laws and any action brought hereunder shall be brought in the courts of the State of New York,
located in the County of New York. Each party hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens
or any similar grounds, irrevocably consents to service of process by mail or in any other manner permitted by applicable law and
consents to the jurisdiction of said courts.

 

Section 11.         Certain
Matters Relating to the Company and the Class A Member. The Company and the Class A Member shall have access (via
computer connection) during normal business hours to account information regarding the Account in accordance with the Cash Management
Bank’s general procedures with regard thereto.

 

[Remainder of page left blank; signature
pages follow.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement in several counterparts (each of which shall be deemed an original) as of the date
first above written.

 

	 	CASH MANAGEMENT BANK:
	 	 	 
	 	[____________________________]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	THE COMPANY:
	 	 	 
	 	ARC HOSPITALITY PORTFOLIO I HOLDCO, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CLASS A MEMBER:
	 	 	 
	 	W2007 Equity Inns Senior Mezz, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures
Continue on Following Page]

 

    	 

    	 

    

 

	 	CLASS B MEMBER:
	 	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO MEMBER, LLC
	 	 	 
	 	By:	American Realty Capital Hospitality Operating Partnership, L.P., its sole member

 

	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT F

 

FORM OF EARNEST MONEY ESCROW
INSTRUCTIONS

 

    	 

    	 

    

 

EARNEST MONEY ESCROW INSTRUCTIONS

  

	 	 	Escrow Officer: Sharonkay T. Hughes
	 	 	 
	 	 	Escrow No.:
	 	 	Phone No.:
	 	 	Facsimile No.:
	 	 	Date: May __, 2014
	 	 	 
	TO: 	Chicago Title Insurance Company	 
	 	1515 Market Street, Suite 1325	 
	 	Philadelphia, PA 19102	 
	 	Attn: Sharonkay T. Hughes	 

 

The amount of Fifty Million and No/100
Dollars ($50,000,000.00) (together with any additional earnest money deposit hereafter made by Purchaser, the “Escrow Deposit”)
is deposited with Chicago Title Insurance Company in escrow by American Realty Capital Hospitality Portfolio Member, LLC, a Delaware
limited liability company, the “Purchaser” under that certain Real Estate Sale Agreement (the “Agreement”),
dated May __, 2014, with the parties listed on Schedule 1 thereto as the “Sellers”. W2007 Equity Inns Realty, LLC,
a Delaware limited liability company, shall serve as the representative of Sellers for all purposes of these Escrow Instructions
(“Seller Representative”). Capitalized terms used but not otherwise defined herein shall have the meaning assigned
to such terms in the Agreement.

 

As escrowee, you are hereby directed to
hold, deal with and dispose of the Escrow Deposit in accordance with the following terms and conditions:

 

		1.	You are to hold the Escrow Deposit until: (a) prior to the end of the Diligence Period, you are
in receipt of an order by Purchaser to return the Escrow Deposit to Purchaser, (b) after the expiration of the Diligence Period,
you are in receipt of a joint order by the undersigned Seller Representative and Purchaser as to the disposition of the Escrow
Deposit; or (c) you are in receipt of a written demand (the “Demand”) from either Seller Representative or Purchaser
for the payment of the Escrow Deposit or any portion thereof. Upon receipt of any Demand, you are directed to so notify the other
party no later than one (1) Business Day after receipt of the Demand, enclosing a copy of the Demand. If within five (5) Business
Days after the non-demanding party has received or is deemed to have received your notice of your receipt of the Demand, and you
have not received from the non-demanding party its notice of objection to the Demand, then you are to promptly disburse the Escrow
Deposit as requested by the Demand. If within said five (5) Business Day period you receive from the non-demanding party its notice
of objection to the Demand, then you are directed to notify the demanding party, enclosing a copy of the notice of objection, and
you are to continue to hold the Escrow Deposit until you are in receipt of a joint order as aforesaid or a final non-appealable
order of a court of competent jurisdiction with respect to the distribution of the Escrow Deposit, but after one-hundred twenty
(120) days you may deposit the Escrow Deposit with a court of competent jurisdiction.

 

    	 

    	 

    

 

 

		2.	Notwithstanding the foregoing, as escrowee, you are hereby expressly authorized to regard and to
comply with and obey any and all orders, judgments or decrees entered or issued by any Court, and in case you obey or comply with
any such order, judgment or decree of any Court, you shall not be liable to either of the parties hereto or any other person or
entity by reason of such compliance, notwithstanding any such order, judgment or decree be entered without jurisdiction or be subsequently
reversed, modified, annulled, set aside or vacated. In case of any suit or proceeding regarding these Escrow Instructions, to which
you are or may at any time be a party, the undersigned Seller Representative and Purchaser agree that the non-prevailing party
shall pay to you upon demand all reasonable costs and expenses incurred by you in connection herewith.

 

		3.	Any escrow fee to be charged by you is to be borne fifty percent (50%) by the Sellers and fifty
percent (50%) by the undersigned Purchaser.

 

		4.	As escrowee, you shall invest the Escrow Deposit as and to the extent the undersigned Purchaser
may direct. Any interest earned on the Escrow Deposit, after you deduct your customary cost of investment, shall become and be
deemed to be a part of the Escrow Deposit.

 

		5.	All notices or other communications hereunder shall be in writing and shall be personally delivered
or sent by overnight courier (such as Federal Express), by facsimile or e-mail transmission or by first class United States Mail,
postage prepaid, registered or certified (return receipt requested) to the respective addresses for the Seller Representative,
Purchaser and escrowee as herein provided. All notices given in accordance with the terms hereof shall be deemed received on the
next Business Day if sent by overnight courier, on the same day if sent by facsimile before 5:00 p.m. (New York time) on a Business
Day, on the third (3rd) Business Day following deposit with the United States Mail as a registered or certified matter
with postage prepaid, or when delivered personally or otherwise received or refused.

 

		6.	Seller Representative and Purchaser may act hereunder either directly or through their respective
attorneys:

 

    	 

    	 

    

 

 

 

	Seller Representative’s attorney is:
	 	 
	 	Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Attn: Anthony J. Colletta, Esq.

Facsimile No.:  (212) 291-9029

Telephone No.: (212) 558-4608
	 	 
	Purchaser’s attorney is:
	 	 
	 	Goodwin Procter LLP
	 	Exchange Place
	 	53 State Street
	 	Boston, MA 02109
	 	Attn: Samuel Richardson, Esq.
	 	Facsimile No.: (617) 523-1231
	 	Telephone No.: (617) 570-1870

 

		7.	These Escrow Instructions are being entered into to implement the Agreement and shall not (nor
be deemed to) amend, modify or supersede the Agreement or act as a waiver of any rights, obligations or remedies set forth therein;
provided, however, that you, as escrowee, may rely solely upon these Escrow Instructions.

 

		8.	Seller Representative and Purchaser each hereby authorize you, as escrowee, to designate the investment
depository of the Escrow Deposit to act as and perform the duties and obligations of the “reporting person” with respect
to the transaction contemplated by the Agreement for purposes of 26 C.F.R. Section 1.6045-4(e)(5) relating to the requirements
for information reporting on real estate transaction closed on or after January 1, 1991.

 

		9.	These Escrow Instructions may be signed in any number of counterparts each of which shall be deemed
to be an original and all of which taken together shall constitute one and the same instrument.

 

    	 

    	 

    

 

 

Acknowledged and agreed this _________
day of May, 2014.

 

	 	SELLER REPRESENTATIVE:
	 	 
	 	W2007 EQUITY INNS REALTY, LLC, a Delaware limited liability company
	 	 	 
	 	By:	WNT Mezz I, LLC, a Delaware limited liability company, its Managing Member 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	 	 
	 	c/o Goldman Sachs Realty Management, L.P.
	 	6011 Connection Drive
	 	Irving, TX 75039
	 	Attn: Greg Fay
	 	Facsimile No.: (972) 368-3699
	 	
        Telephone No.: (972) 368-2743

	 	
         

	 	PURCHASER:
	 	 
	 	American Realty Capital Hospitality Portfolio Member, LLC, a Delaware limited liability company
	 	 
	 	By: 	American Realty Capital Hospitality Operating Partnership, L.P., its sole member
	 	 	 
	 	 	By: 	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	c/o American Realty Capital
	 	405 Park Avenue, 15th Floor
	 	New York, NY 10022
	 	Attn: Legal Department
	 	Facsimile No.: (212) 421-5799

 

    	 

    	 

    

 

 

Acknowledged and agreed this __________
day of May, 2014.

 

CHICAGO TITLE INSURANCE COMPANY

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 

 

    	 

    	 

    

 

Schedule 1

 

W2007 Equity Inns Realty, L.L.C.

 

W2007 Equity Inns Realty, L.P.

 

W2007 EQI Dalton Partnership, L.P.

 

W2007 EQI Houston Partnership, L.P.

 

W2007 EQI Carlsbad Partnership, L.P.

 

W2007 EQI HI Austin Partnership, L.P.

 

W2007 EQI Naperville Partnership, L.P.

 

W2007 EQI College Station Partnership, L.P.

 

W2007 EQI East Lansing Partnership, L.P.

 

W2007 EQI Indianapolis Partnership, L.P.

 

W2007 EQI Knoxville Partnership, L.P.

 

W2007 EQI Savannah 2 Partnership, L.P.

 

W2007 EQI Asheville Partnership, L.P.

 

W2007 EQI Seattle Partnership, L.P.

 

W2007 EQI Orlando Partnership, L.P.

 

W2007 EQI Orlando 2 Partnership, L.P.

 

W2007 EQI Urbana Partnership, L.P.

 

W2007 EQI Rio Rancho Partnership, L.P.

 

W2007 EQI Louisville Partnership, L.P.

 

W2007 EQI Augusta Partnership, L.P.

 

W2007 EQI Milford Corporation

 

W2007 EQI Jacksonville Partnership I, L.P.

 

    	 

    	 

    

 

EXHIBIT G-1

 

FORM OF TITLE AFFIDAVIT

 

    	 

    	 

    

  

SELLER AFFIDAVIT

 

Sites

AL, AZ, CA, CO, CT, FL, GA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO,

NC, NE, NJ, NM, NV, NY, OH, OK, OR, PA, SC, TN, TX, VA, VT, WA, WV

 

SELLER:

W2007 EQUITY INNS REALTY, LLC, (“LLC Seller”)

and W2007 EQUITY INNS REALTY, L.P., (“LP Seller”)

Collectively, as Seller

 

TITLE INSURER:

Fidelity National Title Insurance Company (“Fidelity”)

First American Title Insurance Company (“First American”)

Stewart Title Guaranty Company (“Stewart”)

Collectively, as Title Insurer

 

COMMITMENTS:

126 Title Commitments prepared in anticipation of issuance of final Owner Policies covering each of the Premises (as defined on
attached Schedule A);

Premises: as legally described in each Commitment

See Schedule of Sites attached Schedule A

 

 

Affidavit and Certifications:

 

1.          The undersigned, in his/her capacity as an authorized
representative of WNT Mezz I, LLC, the managing member of LLC Seller, and of W2007 Equity Inns Realty Gen-Par, LLC, the general
partner of LP Seller, and not in his/her individual capacity, confirms that he/she made inquiry of the appropriate persons who,
in the regular course of their duties on behalf of the Seller have knowledge of the matters referred to herein, and hereby certifies
the following to each Title Insurer as to its respective Premises:

 

		1.	Mechanics Liens. All labor, services or materials rendered, furnished or contracted for within the statutory
time period set forth on the attached Schedule [ ] other than the amounts set forth on the attached Schedule
[_]  in connection with the construction or repair of any building or improvements on the Premises, have been completed
and paid for in full other than routine repairs and/or maintenance, which have been or will be paid for in the ordinary course
of business and for which each respective Seller is responsible.

 

		2.	Tenants/Parties in Possession. Except as shown in the Commitments, unless terminated of record herewith (with
respect to tenancies of record), there are no tenants or other parties who are in possession or have the right to be in possession
of said Premises, other than (a) invitees and (b) those tenants identified on the annexed Lease Chart on Schedule [ ] ,
which tenants do not have an option to purchase or right of first refusal affecting the Premises.

 

		3.	Manager/Broker/Appraisers as to any Premises in AZ, CO, GA, IL, TX. (a) Any real estate broker commission or
similar fee relating to the purchase, sale or lease of the Premises has been or will be duly paid in the ordinary course of business,
and (b) any management or similar fee relating to the management or operation of the Premises and (c) any appraiser’s fee
or similar fee relating to the management or operation of the Premises has been or will be duly paid in the ordinary course of
business.

    	 

    	 

    

  

		4.	Covenants & Restrictions. To the actual knowledge of the undersigned, (a) the undersigned has received no
notice of past or present violations of any effective covenants, conditions or restrictions set forth in any Commitment which remain
uncured (the “CC&Rs”) and (b) any charge or assessment provided for in any of the CC&Rs has been or will be
duly paid by the Seller in accordance with adjustments made between Seller or Purchaser at closing.

 

		5.	Ground Leases. The ground leases for the locations set forth on Schedule [ ] are in full force
and effect and the lessees thereunder are not in default in any material respect under the terms and provisions of such ground
leases.

 

		6.	As to sites in Florida and New Jersey. Seller will pay any municipal liens, if any, for utility services due
and payable in respect of any Premises located in New Jersey at or prior to the policy effective date.

 

		7.	As to sites in Ohio. Seller knows of no judgment liens in favor of the State of Ohio filed, but not yet indexed
in the dockets of the County Common Pleas Court.

 

 

Governing Law:  This
affidavit is governed by the laws of the State of New York

 

 

Inducement:  Each
Seller provides this document to induce Title Insurer to insure title to its respective Premises well knowing that it
will do so only in complete reliance upon the matters asserted hereinabove.

 

The statements contained in this Affidavit are made based on
undersigned’s knowledge, as set forth in paragraph 1. The undersigned executes this Affidavit solely in his/her capacity
as an authorized representative of the managing member of LLC Seller and of the general partner of LP Seller and not in his/her
individual capacity. By accepting this Affidavit the recipient acknowledges and agrees to these foregoing limitations.

 

 

See annexed
Title Affidavit signature pages

 

    	 

    	 

    

 

Signature Page to Title Affidavit 

 

	 	By: 	 

	 	Print Name:	 

 

Sworn to and subscribed before me this _________ day of ______________,
2014.

	 	 
	(Notary Public)	 

 

    	 

    	 

    

 

SCHEDULE A

  

    	 

    	 

    

 

EXHIBIT G-2

 

FORM OF NON-IMPUTATION AFFIDAVIT

 

    	 

    	 

    

 

State of New York

 

County of New York

 

AFFIDAVIT AND INDEMNITY

 

The undersigned, being first duly sworn, on oath, deposes and
says the following:

 

		1.	The undersigned, is a Vice President                               of
the general partner of [                ], a [             ]
(the “Company”).

 

		2.	[            ], [            ]
and [            ] (collectively the “Title Company”) have
been requested to include an ALTA 16-06 Mezzanine Endorsement and ALTA [       ] Non-Imputation
Endorsements (collectively, the “Endorsements”) as part of the owner’s title insurance policies (each a “Title
Policy” and collectively, the “Policies”) listed on Schedule A hereto (hereinafter the “Policies”)
for the benefit of [           ], a [                ],
(the “Mezzanine Lender”) in regard to the mezzanine and mortgage loans and [           ],
a [                ] (“Purchaser”).
In part, the Mezzanine Endorsement provides assurance to the Mezzanine Lender and the Non-Imputation Endorsements provide assurance
to Purchaser under the Policies that the Title Company will not deny liability under the Policies by reason of the possible imputation
of knowledge by operation of law to the Mezzanine Lender and Purchaser.

 

		3.	That the undersigned, as an inducement to the Title Company to provide such an assurance, further states that he made inquiry
of the appropriate persons who, in the regular course of their duties for the Company have knowledge of the matters referred to
herein and, as of the Effective Date of the Policies, to his knowledge and except as otherwise set forth in the Policies or in
the public records of the counties wherein the Property is located:

 

		a.	There are no liens, encumbrances or other written claims against the title to the Property other than as disclosed in the Policies
or commitment for title insurance for the Property issued by Title Company (the “Commitment”);

 

		b.	The Company has not entered into or granted any unrecorded deeds, land contracts, leases (except those leases disclosed in
the Policies or affidavits delivered by the Company in connection therewith or subleases thereunder), options to purchase, mortgages
(other than mortgages put in place concurrently with the issuance of the Policies), agreements or other instruments which remain
in effect and adversely affect title to the Property;

 

		c.	There are no outstanding right, title, interest, lien or estate, being asserted in or against the Property, except such as
disclosed by the public records of the counties wherein the Property is located (excluding the rights of tenants under leases or
subleases disclosed herein); and

 

		d.	There are no judgments, decrees or orders, by any court or officer, for the payment of money against the Named Insured, unsatisfied
or not, before any court or before any officer of the United States. No proceeding in bankruptcy had ever been instituted by or
against the Company and that the Company had never made an assignment for the benefit of creditors.

 

		4.	The Company hereby (i) indemnifies the Title Company and agrees to forever fully protect, defend and save the Title Company
harmless from and against any and all loss, costs, damages, attorney’s fees and expenses of every kind and nature which it
may suffer, expend or incur on account of the assertion or enforcement or attempted assertion or enforcement thereof or of any
claim made under the Endorsements to be issued in conjunction with the Policies to the extent based on the existence of any lien,
encumbrance, right or claim against or with respect to the title to the aforesaid Property which was not disclosed above but which
was known by the Company and should have been so disclosed in order to make all statements above true and correct and (ii) executes
this document as set forth below for the purpose of binding itself to the foregoing indemnification and agreement contained in
this paragraph 4.

 

    	 

    	 

    

  

		5.	The undersigned makes these statements and the Company gives the aforesaid indemnity for the purpose of inducing the Title
Company to issue the Endorsements to the Policies, and understands that the Title Company will rely upon the representations and
assurances made herein.

 

		6.	The statements contained in Section 3 of this Affidavit are made based solely on the actual, personal knowledge of the undersigned.
The undersigned is delivering this Affidavit solely in his capacity as an authorized representative of the Company and none of
the undersigned nor any direct or indirect owner of any interests in the Company or any affiliate thereof nor any officer, director,
manager, employee or agent of any of the foregoing shall have any liability pursuant to or as a result of this Affidavit, by accepting
this Affidavit the recipient acknowledges and agrees to the foregoing limitations.

 

[Signatures on following page]

 

    	 

    	 

    

 

Dated: _____________, 2014

 

"INDEMNITOR"

 

[insert signature block]

 

	By:	 	 
	Printed Name:	 
	Its:	 

 

    	 

    	 

    

  

POLICIES

 

(See Attached)

 

    	 

    	 

    

  

EXHIBIT H

 

FORM OF BILL OF SALE

 

    	-1-

    	 

    

 

BILL OF SALE

 

THIS BILL OF SALE (this
“Bill of Sale”) is executed as of the ____day of ____________, 2014, by _____________________, a(n) ________________
(collectively, “Seller”), having offices at c/o ________________________, in favor of _______________ a(n) ________________________
(“Purchaser”), having offices at _____________________.

 

1.          Real Property.
The “Real Property” shall mean the real property described in Exhibit A attached to this Bill of Sale.

 

2.          Personal Property.
The “Personal Property” shall mean those certain articles of personal property used in connection with the operation
of the Real Property which are described in Exhibit B attached to this Bill of Sale.

 

3.          Sale.
For good and valuable consideration received by Seller, the receipt and sufficiency of which are hereby acknowledged, Seller hereby
sells, assigns and transfers the Personal Property to Purchaser. Seller covenants and agrees to warrant and forever defend title
to the Personal Property unto Purchaser against any and all persons lawfully claiming the whole or any part thereof by, through
or under Seller, and none other. Except as set forth in the immediately preceding sentence and those set forth in that certain
Real Estate Sale Agreement for the Property by and between Seller and Purchaser, Seller makes no warranties or representations
as to the Personal Property. The Personal Property is transferred “AS IS” and ALL WARRANTIES OF QUALITY, FITNESS AND
MERCHANTABILITY ARE HEREBY EXCLUDED.

 

IN WITNESS WHEREOF,
Seller has executed this Bill of Sale as of the day and year first above written.

 

	 	[SELLER]:
	 	 
	 	[                                   ]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit H-1

    	 

    

 

EXHIBIT I

 

FORM OF TENANT NOTICE LETTER

 

    	 

    	 

    

 

NOTICE TO TENANTS

 

________,
2014

RE:        [NAME OF HOTEL] 

 

Dear Tenant:

 

This is to notify you
that, today, the above-referenced property has been sold by ___________________ (“Seller”) to _____________________
(“Purchaser”). As of the date hereof, Seller’s interest in your lease (including without limitation, your
security deposit in the amount of $_________, which shall be held by Purchaser in accordance with your lease) has been assigned
to Purchaser, and Purchaser has assumed the obligations as landlord under your lease which accrue from and after the date hereof.

 

Please be advised that
effective immediately and until further notice, all rent and other payments due pursuant to your occupancy of the premises, whether
pursuant to your lease or otherwise, are to be paid in accordance with the terms of your lease, payable to the name and address
listed on Exhibit A annexed hereto.

 

Any future inquiries
regarding your lease should be directed to the names, addresses and phone numbers listed on Exhibit A annexed hereto.

 

	 	Very truly yours,
	 	 
	 	[SELLER]

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit I-1

    	 

    

 

EXHIBIT J

 

FORM OF ASSIGNMENT AND ASSUMPTION

OF LEASES, SECURITY DEPOSITS, ADVANCE BOOKING DEPOSITS, GUEST LEDGER ACCOUNTS AND SERVICE CONTRACTS

 

    	 

    	 

    

 

ASSIGNMENT AND ASSUMPTION

OF LEASES, SECURITY DEPOSITS, ADVANCE BOOKING DEPOSITS,

GUEST LEDGER ACCOUNTS AND SERVICE CONTRACTS

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASES, SECURITY DEPOSITS, ADVANCE BOOKING DEPOSITS, GUEST LEDGER ACCOUNTS AND SERVICE CONTRACTS (this “Assignment”)
is entered into as of the _________ day of _____________________, 2014, between ___________________________, a(n) _____________________
(“Assignor”), having an office at c/o ________________________, and ________________________, a(n) ____________________
(“Assignee”) having an office at ________________________, pursuant to that certain Real Estate Sale Agreement for
the Property by and between Assignor and Assignee (as may have been amended from time to time, the “Agreement”).

 

1.          Property.
The “Property” means the real property described on Exhibit A annexed hereto.

 

2.          Leases.
The “Leases” means those leases, tenancies, rental agreements and occupancy agreements affecting the Property which
are described in Exhibit B annexed hereto.

 

3.          Security
Deposits. “Security Deposits” means those security deposits held or required to be held by or for Assignor on account
of tenants and other occupants under the Leases as such deposits and for which Assignee received a credit at the closing of the
transaction with respect to which this Assignment has been executed and delivered. The Security Deposits are set forth on Exhibit
C annexed hereto.

 

4.          Advance
Booking Deposits. “Advance Booking Deposits” means those outstanding deposits or advance payments received and
retained by or on behalf of Assignor in connection with any reservation at the Property and for which Assignee received a credit
at the closing of the transaction with respect to which this Assignment has been executed and delivered.

 

5.          Guest
Ledger Accounts. “Guest Ledger Accounts” means those open and unpaid accounts for each person who is a guest at
the Property on the day immediately preceding (but not including) the Closing Date, which Guest Ledger Accounts were prorated between
Assignor and Assignee and assigned to Assignee in accordance with Section [4.4.10] of the Agreement.

 

6.          Service
Contracts. “Service Contracts” means those maintenance, service, advertising, utility, and other like contracts
and agreements with respect to the construction, ownership, occupancy and operation of the Property which are described in Exhibit
D annexed hereto.

 

7.          Assignment.
For good and valuable consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor
hereby grants, transfers and assigns to Assignee the entire right, title and interest of Assignor in and to the Leases, the Security
Deposits, the Advance Booking Deposits, the Guest Ledger Accounts and the Service Contracts.

 

    	Exhibit J-2

    	 

    

 

8.          Assumption.
Assignee hereby assumes the covenants, agreements and obligations of Assignor as landlord or lessor under the Leases to the extent
arising from and after the date of this Assignment, and Assignee further assumes all liability of Assignor accruing from and after
the date hereof for the proper refund or return of the Security Deposits if, when and as required by the Leases. Assignee hereby
assumes all liability of Assignor accruing from and after the date hereof for the collection, proper application or proper refund
or return of the Advance Booking Deposits and Guest Ledger Accounts, as applicable, if, when and as required in the ordinary course
of business from and after the date of this Assignment. Assignee hereby assumes the covenants, agreements and obligations of Assignor
under the Service Contracts to the extent arising from and after the date hereof, and which are applicable to the period and required
to be performed from and after the date of this Assignment.

 

9.          Attorneys’
Fees. If either Assignee or Assignor, or their respective successors or assigns, file suit to enforce the obligations of the
other party under this Assignment, the prevailing party shall be entitled to recover the reasonable fees and expenses of its attorneys
in accordance with [Section 14.19] of the Agreement.

 

10.         Successors
and Assigns. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors
and assigns.

 

11.         Limited
Liability. Assignor’s liability hereunder shall, at all times, be subject to the limitations set forth in [Section 11]
of the Agreement.

 

12.         Governing
Law. This Assignment shall be governed and interpreted in accordance with the laws of the State of New York, without regard
to principles of conflict of laws.

 

13.         Counterparts.
This Assignment may be signed in any number of counterparts each of which shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	Exhibit J-3

    	 

    

 

IN WITNESS WHEREOF,
Assignor and Assignee have executed and delivered this Assignment the day and year first above written.

 

	 	ASSIGNOR:
	 	 	 
	 	 
	 	 	 
	 	By:	 
	 	Name:	
	 	Title:	 
	 	 	
	 	 	 
	 	ASSIGNEE:
	 	 	 
	 	 
	 	 	 
	 	By:	 
	 	Name:	
	 	Title:	 
	 	 	

 

    	Exhibit J-4

    	 

    

 

EXHIBIT K

 

FORM OF ASSIGNMENT AND ASSUMPTION
OF INTANGIBLES

 

    	 

    	 

    

  

ASSIGNMENT AND ASSUMPTION OF INTANGIBLES

 

THIS ASSIGNMENT AND
ASSUMPTION OF INTANGIBLES (this “Assignment”) is made as of the ____day of ____________, 2014, by _____________________________,
a(n) _____________________________ (“Assignor”), having an office at c/o ________________________, in favor of ________________,
a(n) _______________________ (“Assignee”), having an office at ________________________________________________.

 

1.             Intangible
Property. The term “Intangible Property” shall have the meaning ascribed thereto in that certain Real Estate Sale
Agreement dated as of _____________, 2014, by and between Assignor, as Seller, and ______________________, as Purchaser (as may
have been amended from time to time, the “Agreement”), concerning the real property described in Exhibit A annexed
hereto.

 

2.             Assignment.
For good and valuable consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor
hereby grants, transfers and assigns to Assignee, without representation or warranty of any kind, the entire right, title and interest
of Assignor in and to the Intangible Property, but only to the extent transferable without third party consent, or cost or liability
to Assignor that is not prorated pursuant to the Agreement.

 

3.             Assumption.
Assignee hereby assumes the entire right, title and interest of Assignor in and to the Intangible Property to the extent arising
from and after the date of this Assignment.

 

4.             Successors
and Assigns. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors
and assigns.

 

5.             Limited
Liability. Assignor’s liability hereunder shall, at all times, be subject to the limitations set forth in [Section 11]
of the Agreement.

 

6.             Governing
Law. This Assignment shall be governed and interpreted in accordance with the laws of the State of New York, without regard
to principles of conflict of laws.

 

7.             Counterparts.
This Assignment may be signed in any number of counterparts each of which shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	Exhibit K-1

    	 

    

  

IN WITNESS WHEREOF,
Assignor has executed and delivered this Assignment the day and year first above written.

 

	 	ASSIGNOR:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	ASSIGNEE:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit K-2

    	 

    

 

EXHIBIT L

 

FORM OF FIRPTA CERTIFICATE

 

    	 

    	 

    

  

FOREIGN INVESTMENT IN REAL PROPERTY TAX
ACT CERTIFICATION

PURSUANT TO SECTION 1445 OF THE INTERNAL
REVENUE CODE

 

Transferor’s Certification of Non-Foreign
Status

 

Section
1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor
is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to
a U.S. real property interest under local law) will be the transferor of the property and not the disregarded entity. To inform
[Purchaser Entity], a [·]
("Transferee"), that withholding of tax is not required upon the disposition of a U.S. real property interest
by [Seller Entity], a [·]
[(the "Transferor"), the undersigned hereby certifies the following on behalf of the Transferor:]1
[that is a disregarded entity as defined in Treasury Regulations § 1.1445-2(b)(2)(iii), the undersigned hereby certifies the
following on behalf of [Owner of Seller Entity for Tax Purposes], a [·]
(the "Transferor") that wholly owns [Seller Entity]:]2

 

1.       The
Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the
Internal Revenue Code and Income Tax Regulations);

 

2.       The
Transferor is not a disregarded entity as defined in Treasury Regulations § 1.1445-2(b)(2)(iii);

 

3.       The
Transferor's U.S. employer identification number is: [·];
and

 

4.       The
Transferor's office address is:

 

[·]

[·]

[·]

 

The Transferor understands
that this Certificate may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein
could be punished by fine, imprisonment, or both.

 

Under penalties of
perjury, I declare that I have examined this certification and, to the best of my knowledge and belief, it is true, correct, and
complete, and I further declare that I have authority to sign this document on behalf of the Transferor.

 

IN
WITNESS WHEREOF, the undersigned, being a duly authorized officer of the Transferor, has executed this Certification as of
[·].

 

	 	[Transferor]
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

1 To include if the Seller Entity is not disregarded
as separate from its owner for U.S. tax purposes.

2 To include if the Seller Entity is
disregarded as separate from its owner for U.S. tax purposes.

 

    	Exhibit L-1

    	 

    

 

EXHIBIT M

 

MANAGEMENT
AGREEMENT TERMINATION

 

 

 

    	 

    	 

    

 

 

MANAGEMENT AGREEMENTS TERMINATION PROVISIONS

 

	Manager	 	Hotel	 	Expiration

    Date	 	Renewal 

    Terms	 	Termination upon

    Sale	 	No Cause

    Termination
	First Hospitality	 	HWS Chicago	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No. 
	First Hospitality	 	CY Elmhurst	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	First Hospitality	 	RI Minn/Eagan	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	First Hospitality	 	RI OKC West	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	First Hospitality	 	HP Minneapolis	 	12/16/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	First Hospitality	 	RI Omaha	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	 	 	 	 	 	 	 	 	 	 	 
	Lingate	 	HI Austin	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	CY Dalton	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	HGI Louisville	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	CY Bowling Green	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	FFI Vinings	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	SHS San Antonio	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	HGI Rio Rancho	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	HGI Round Rock	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	SHS Round Rock	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Lingate	 	SHS Houston	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	 	 	 	 	 	 	 	 	 	 	 
	McKibbon	 	TPS Savannah	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Maitland	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Tampa North	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Mobile	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Sarasota	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Ft Myers	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Sarasota	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Macon	 	MTM	 	MTM, 10 days prior to expiration
    of then current term	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Knoxville	 	MTM	 	MTM, 10 days prior to expiration
    of then current term	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Mobile	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Athens	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Savannah	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Knoxville	 	MTM	 	MTM, 10 days prior to expiration
    of then current term	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Chattanooga	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Tallahassee	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Sabal Park	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Gainesville	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	RI Tallahassee	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	CY Asheville	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	SHS Asheville	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	McKibbon	 	HIX Miami/Kendall	 	MTM	 	MTM, 10 days prior to expiration
    of then current term 	 	Yes, upon not less than 30 nor more
    than 75 days notice to Manager 	 	Yes, upon 30 days notice to Manager
	 	 	 	 	 	 	 	 	 	 	 
	Musselman	 	CY Lexington	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Musselman	 	CY Louisville	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Musselman	 	SHS Lexington	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	Musselman	 	RI Lexington	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon 30 days notice to Manager	 	No.
	 	 	 	 	 	 	 	 	 	 	 
	Hilton	 	HI Gurnee	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Knoxville	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HI Detroit	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HWS Hartford	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HWS San Antonio	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HWS Phoenix	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HI Pickwick	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HI Mountain Brook	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Memphis	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HWS Germantown	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Hilton	 	HI Columbus	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI W Columbia	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Addison	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HWS Sharonville	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Fayetteville	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Chattanooga	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Glen Burnie	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Milford	 	12/31/2016	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No.
	Hilton	 	HI Boca	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	No.	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI&S Boynton	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	No.	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Deerfield	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	No.	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI PBG	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	No.	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI WPB	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	No.	 	Yes, upon 60 days notice to Manager
	Hilton	 	EMB Orlando	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Albany	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Beckley	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Charleston	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Chicago Naperville	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Cleveland	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI College Station	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Colorado Springs	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Columbus Dublin	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Detroit Madison Heights	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Gastonia	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager

 

    	 

    	 

    

 

	Hilton	 	HI Indianapolis	 	12/31/2014	 	Auto 1-year renewal unless
    120 days notice given	 	Yes, upon 90 days notice
    to Manager 	 	Yes, upon 60 days notice
    to Manager
	Hilton	 	HI Kansas City, MO	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Kansas City Overland Park	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Morgantown	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Norfolk	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Orlando	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI Scranton	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI St. Louis	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HI State College	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HWS Augusta	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HWS Orlando	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	Hilton	 	HWS Seattle	 	12/31/2014	 	Auto 1-year renewal unless 120 days
    notice given	 	Yes, upon 90 days notice to Manager
    	 	Yes, upon 60 days notice to Manager
	 	 	 	 	 	 	 	 	 	 	 
	Huntington	 	CY San Diego	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI LAX	 	12/31/2015	 	Auto 1-year renewal unless 60 days notice given	 	Yes, subject to payment of a termination fee in the event of termination
    prior to 10/4/2018; and not less than 60 nor more than 90 days notice to Manager 	 	Yes after 12/31/2015, subject to payment of a termination fee
	Huntington	 	SHS San Diego	 	12/31/2015	 	Auto 1-year renewal unless 60 days notice given	 	Yes, subject to payment of a termination fee in the event of termination
    prior to 9/11/2018; and not less than 60 nor more than 90 days notice to Manager 	 	Yes after 12/31/2015, subject to payment of a termination fee
	Huntington	 	RI San Diego	 	12/31/2015	 	Auto 1-year renewal unless 60 days notice given	 	Yes, subject to payment of a termination fee in the event of termination
    prior to 9/11/2018; and not less than 60 nor more than 90 days notice to Manager 	 	Yes after 12/31/2015, subject to payment of a termination fee
	Huntington	 	CY Dallas	 	12/31/2015	 	Auto 1-year renewal unless 60 days notice given	 	Yes, subject to payment of a termination fee in the event of termination
    prior to 8/29/2018; and not less than 60 nor more than 90 days notice to Manager 	 	Yes, subject to payment of a termination fee
	Huntington	 	FFI&S Dallas	 	12/31/2015	 	Auto 1-year renewal unless 60 days notice given	 	Yes, subject to payment of a termination fee in the event of termination
    prior to 9/11/2018; and not less than 60 nor more than 90 days notice to Manager 	 	Yes, subject to payment of a termination fee
	Huntington	 	CY Houston	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI Burlington Williston	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI Colorado Springs	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI Princeton	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI Somers Point	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI Tinton Falls	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	Huntington	 	RI Tuscon	 	12/31/2014	 	Auto 1-year renewal unless 60 days
    notice given	 	Yes, upon not less than 60 nor more
    than 90 days notice to Manager 	 	No.
	 	 	 	 	 	 	 	 	 	 	 
	Pillar	 	HIS Nashville 	 	6/24/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HI Grand Rapids	 	9/1/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HI Boston	 	8/28/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HWS Boston 	 	8/28/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	CY Jacksonville 	 	6/24/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	SHS Grand Rapids 	 	9/1/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HOLI Mt. Pleasant 	 	6/18/2018	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Cincinnati 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Columbus	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Indianapolis 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Miami (Airport)	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Kansas City 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Richmond 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Tampa	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Albuquerque 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Baltimore 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Baton Rouge 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Birmingham 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Las Vegas 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Memphis 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	Pillar	 	HP Nashville 	 	2/2/2019	 	Auto 1-year renewal unless 30 days
    notice given	 	Yes, automatic termination upon sale
    	 	Yes, upon 30 days notice to Manager
	 	 	 	 	 	 	 	 	 	 	 
	Innventures	 	RI Boise	 	8/1/2014	 	Auto 6-month renewal unless 10 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 
	Innventures	 	RI Portland, OR	 	8/1/2014	 	Auto 6-month renewal unless 10 days
    notice given	 	Yes, upon 30 days notice to Manager
    	 	No. 

 

    	 

    	 

    

  

EXHIBIT N

GROUND LEASES

 

    	 

    	 

    

  

GROUND LEASES

 

	Property	 	Description of Ground Lease
	Hampton Inn, Birmingham, AL	 	
        That Ground Lease Agreement by and between Hampton Inns, Inc.
        and Fitts J. Smitherman, Rosemary Smitherman, Byrd Companies, Inc., Ormond Sommerville and Martha Sommerville dated September 16,
        1986.

         

        Recorded by Memorandum of Lease between Hampton Inns., Inc.
        and Fitts J. Smitherman, Rosemary Smitherman, Byrd Companies, Inc., Ormond Sommerville and Martha Sommerville dated as of April
        2, 1987, and recorded in Real Volume 3157, Page 154 in the land records of Jefferson County, Alabama.

         

        Amended on December 17, 1987 by Hampton Inns, Inc. and
        Fitts J. Smitherman, Rosemary Smitherman, Byrd Companies, Inc., Ormond Sommerville and Martha Sommerville.

         

        Assigned on December 21, 1987 from Hampton Inns, Inc. to
        Hampton/GHI Associates No.1, a California general partnership.

         

        Amended on July 30, 1997 by Hampton/GHI Associates No.1,
        a California partnership and Ann S. Sanders, Ormond Sommerville and the Byrd Companies, Inc.

         

        Assigned on August 1, 1997 from Hampton/GHI Associates
No.1, a California general partnership, to Equity Inns Partnership, L.P. Assigned November 6, 2000 from Equity Inns Partnership,
L.P. to EQI Financing Partnership III, L.P. (which entity merged with and into W2007 Equity Inns Realty, LLC) and guaranteed by
Equity Inns, Inc. (which entity merged with and into W2007 Grace Acquisition I, Inc.). 

	 	 	 
	Homewood Suites, Phoenix, AZ	 	
        Lease, dated as of January 20, 1987,
        a memorandum of which was recorded on February 6, 1987 as Document No. 87 076480 in the real estate records of Maricopa
        County, State of Arizona (the “Official Records”);

         

        as assigned by the instrument recorded
        as Recording No. 95-0093449 in the Official Records, to Embassy Suites, Inc., a Delaware corporation (Embassy Suites, Inc. changed
        its name to Harrah's Operating Company, Inc. by Certificate of Amendment of Restated Certificate of Incorporation dated June 30,
        1995);

         

        as assigned by the instrument recorded
        October 24, 1996 as Recording No. 96-0754084 in the Official Records, to Promus Hotels, Inc., a Delaware corporation;

         

        as assigned by the instrument recorded
        November 6, 1996 as Recording No. 96-0788013 in the Official Records, to Equity Inns Partnership, L.P., a Tennessee limited partnership;

  

    	-2-

    	 

    

  

	 	 	
        as assigned by the instrument recorded
        as Recording No. 99-0618156 in the Official Records, to EQI Financing Partnership II, L.P., a Tennessee limited partnership;

         

        as amended by the Ground Lease Estoppel
        and Agreement, dated October 25, 2007, between Camelback Properties Trust Number One, as landlord, and EQI Financing Partnership
        II, LP, a Tennessee limited partnership, as tenant, recorded on ___________, 2007 as Document No. _________, in the Official Records.

	 	 	 
	Hampton Inn, Norfolk, VA	 	
        Lease Agreement, dated June 27, 1989 (the
        “Ground Lease”), by and among S.L. Nusbaum Realty Co., as Landlord, and V.A. Zodda and John R. Lawson, collectively,
        as Tenant, a memorandum of which, dated November 27, 1989, was recorded December 11, 1989, in the Clerk’s Office, Circuit
        Court, City of Norfolk, Virginia, in Deed Book 2227, page 21, as amended by those certain letter agreements, dated June 26, 1989,
        August 22, 1989 and July 5, 1990, and as supplemented by that certain Memorandum of and Supplement to Assignment of Lease and Assumption
        Agreement, dated March 4, 1997, recorded in Deed Book 2877, page 121, in the aforesaid records.

         

        Tenant’s interests were assigned pursuant
        to that certain Assignment and Assumption Agreement, dated November 29, 1989, by and between V.A. Zodda and John R. Lawson, as
        Assignor, and Z&L, Ltd., as Assignee.

         

        Tenant’s interests were assigned
pursuant to that certain Assignment of Lease, dated March 5, 1997, by and among Z&L, Ltd., as Assignor, and Equity Inns Partnership,
L.P., as Assignee, recorded March 6, 1997 in Deed Book 2877, page 126, in the aforesaid records.

         

        Tenant’s interest were
further assigned pursuant to that certain Assignment of Lease, dated November 6, 2000, by and between Equity Inns Partnership,
L.P., as Assignor, to EQI Financing Partnership IV, L.P. (“EQI”), as Assignee, recorded November 16, 2000 in Instrument
No. 000027119, in the aforesaid records.

         

        EQI merged into W2007 Equity Inns Realty, LLC, the current Tenant
        under the Lease as of the date of this Agreement.

	 	 	 
	Residence Inn, Tinton Falls, NJ	 	
        Ground Lease Agreement dated March 1, 1986 between Mid-Monmouth
        Industrial Park, as lessor, and Ted C. Ginsberg and C. Ronald Bleznak, as lessee.

         

        Assignment from Mid-Monmouth Industrial Park to Mid-Monmouth
        Realty Associates dated June 3, 1986 recorded June 30, 1986 Book 4667/850.

  

    	-3-

    	 

    

  

	 	 	
        Letter Agreement dated February 18, 1987 between David B. Gifford
        and agreed to by Mid-Monmouth Realty Associates.

         

        Letter Agreement dated April 21, 1987 by Ronald Bleznak and
        agreed to by Mid-Monmouth Realty Associates.

         

        Letter dated April 28, 1987 from Mid-Monmouth Realty Associates
        to C. Ronald Bleznek.

         

        Assignment and Assumption of Lease dated May, 1987, between
        Ted C. Ginsberg and C. Ronald Bleznak, as assignor, to ARTEAM Tinton Falls Associates, as assignee.

         

        Amendment of Correction dated May 17, 1990, between Mid-Monmouth
        Realty Associates, successor in interest to Mid-Monmouth Industrial Park, and ARTEAM Tinton Falls Associates.

         

        Assignment and Assumption of Lease dated September 14, 1994,
        between ARTEAM Tinton Falls Associates, as assignor, and Equity Inns Partnership, L.P., as assignee.

         

        Assignment from Equity Inns Partnership, L.P. to EQI Financing
        Partnership II, L.P. dated June 16, 1999 and Recorded June 29, 1999 in Book 5836/184.

         

        Ground Lease Estoppel dated October 24, 2007, between Mid-Monmouth
        Realty Associates and EQI Financing Partnership II, L.P.

         

        Estoppel Certificate dated June 30, 2011, executed by W2007
        Equity Inns Realty, LLC.

         

        Letter of Assignment dated April 4, 2012 between Mid-Monmouth
        Realty Associates, as assignor, and Grand Central Properties, LLC, as assignee.

	 	 	 
	Courtyard, Dallas, TX	 	
        Ground Lease, dated as of February 21, 1989, by and among Industrial
        Properties Corporation (“IPC”), as Landlord, and Marriott Corporation, Inc. (“Marriott”), as Tenant.

         

        Assignment of Lease and Assumption of Obligations, dated as
        of February 21, 1989, by and between Marriott, as Assignor, and Marriott International, Inc. (“MII”), as Assignee and
        recorded September 23, 1994 in Volume 94184, Page 04158, in the Real Property Records of Dallas County, Texas.

  

    	-4-

    	 

    

  

	 	 	
        First Amendment to Ground Lease, dated as of February 2, 1995
        by and between IPC, as Landlord and MII, as Tenant recorded on February 6, 1995 in Volume 95024, Page 00984, in the aforesaid records.

         

        Letter Agreement dated May 25, 1995 from IPC to Brent Andrus,
        Andrus Enterprises, Inc. and BA Dallas Market Center I Limited Partnership (“BA Dallas”).

         

        Second Amendment to Ground Lease, dated as of May 26, 1995 by
        and between IPC, as Landlord and BA Dallas, as Tenant, recorded June 2, 1995 in Volume 95107, Page 01584, in the aforesaid records.

         

        Assignment and Assumption of Lease, dated as of May 26, 1995,
        by and between MII, as Assignor, BA Dallas, as Assignee, and IPC, as Landlord, recorded June 02, 1995 in Volume 95107, Page 01571,
        in the aforesaid records.

         

        Certificate of Commencement dated June 1, 1995 between BA Dallas
        and IPC recorded June 7, 1997 in Volume 95110, Page 00078, in the aforesaid records.

         

        Section 1 of that certain Landlord Estoppel Certificate dated
        August 28, 2007 (the “2007 Estoppel Certificate”), subject to satisfaction by Tenant of the conditions specified therein.
        Only the terms and conditions of such Section 1 (and not Section 2) of the 2007 Estoppel Certificate modified the terms of the
        Lease.

         

        Guaranty dated as of August ___, 2007 by Equity Inns, Inc.,
        in favor of Landlord.

         

        Assignment and Assumption of Lease Agreement and Special Warranty
        Deed, dated as of August 29, 2007, between BA Dallas and EQI Market C Dallas Partnership, L.P. (“EQI”) recorded August
        31, 2007 in the Official Public Records of Dallas County, Texas as Instrument No. 20070316021.

	 	 	 
	Residence Inn, Mobile, AL	 	Lease and Agreement, dated as of August 1, 1963 (the “Original Lease”), by and among Charles E. Weisenburgh, Anne Weisenburgh, Phillip A. Weisenburgh, and Louise V. Weisenburgh, collectively, as Landlord, and Carr Company, Inc., as Tenant, recorded on September 4, 1963 in Real Property 447, Page 927, in the real estate records of Mobile County, State of Alabama.

  

    	-5-

    	 

    

  

	 	 	
        Tenant’s interests were assigned pursuant to that certain
        Warranty Deed of Exchange, dated as of November 9, 1994, by and between Delaney Investments, Inc. (successor by merger to Carr
        Company, Inc.), as Grantor, and McKibbon Brothers, Inc., as Grantee, recorded on November 16, 1994 in Deed Book 4212, Page 1599,
        in the aforesaid records, as further affected by that certain Estoppel and Non Disturbance Agreement, dated as of October 2, 1997,
        by and between Weisenburgh Co., Inc. (as successor to Charles E. Weisenburgh, Anne Weisenburgh, Phillip A. Weisenburgh, and Louise
        V. Weisenburgh), First Union National Bank and McKibbon Brothers, Inc., recorded on October 6, 1997, in Real Property 4511, Page
        213, in the aforesaid records.

         

        Sublease between McKibbon Brothers, Inc. and McKibbon Hotel
        Group of Mobile, Alabama #2, L.P dated 12-1-1994. Assigned to Equity Inns Partnership, L.P. and then to W2007 Equity Inns Realty,
        LLC.

         

        Tenant’s interests were further assigned pursuant to that
        certain Assignment and Assumption of Ground Lease and Sublease, dated as of April 24, 2006, by and between McKibbon Brothers, Inc.,
        as Assignor, and Equity Inns Partnership, L.P., as Assignee, recorded on June 19, 2006, in Book 5989, Page 607, in the aforesaid
        records.

         

        Assignment and Memo of Amendment between Equity Inns Partnership,
        L.P. and W2007 Equity Inns Realty, LLC dated 10-25-2007 and Rec’d 11-27-2007 in Book 6293/1085.

         

        Ground Lease Estoppel and Agreement, dated December 14, 2007
        (the “Amendment” together with the Original Lease, the “Ground Lease”), between Weisenburgh Co., Inc.,
        as Landlord, and W2007 Equity Inns Realty, LLC, as Tenant, recorded on March 11, 2008 in Real Property Book 6345, Page 1155, in
        the aforesaid records.

         

        Declaration of Termination of Sublease, dated as of April 9,
        2014.

	 	 	 
	Courtyard, Mobile, AL	 	
        Lease and Agreement, dated as of August 1, 1963 (the “Original
        Ground Lease”), by and among Charles E. Weisenburgh, Anne Weisenburgh, Phillip A. Weisenburgh, Louise V. Weisenburgh, collectively,
        as Landlord, and Thomas Company, Inc., as Tenant, recorded in Real Property Book 447, Page 913, in the real estate records of Mobile
        County, State of Alabama.

         

        Tenant’s interests were assigned pursuant to that certain
        Deed of Exchange, dated as of June 24, 1993, by and between Thomas Company, Inc., as Grantor, and McKibbon Hotel Group of Mobile,
        Alabama, Ltd., as Grantee, recorded June 25, 1993 in Real Property Book 4061, Page 1861, in the aforesaid records.

         

        Tenant’s interests were further assigned by instrument,
        dated as of May 31, 1996, by and between McKibbon Hotel Group of Mobile, Alabama, Ltd., as Assignor, and McKibbon Brothers, Inc.,
        recorded in Real Property Book 4378, Page 471, in the aforesaid records.

  

    	-6-

    	 

    

  

	 	 	
        Tenant’s interests were further assigned by instrument,
        dated as of April 23, 1997, by and between McKibbon Brothers, Inc., as Assignor, and McKibbon Hotel Group of Mobile, Alabama, LLC,
        recorded in Real Property Book 4459, Page 1609, in the aforesaid records, as further affected by that certain Estoppel and Non
        Disturbance Agreement, dated as of April 22, 1997, by and between Weisenburgh Co., Inc. (as successor to Charles E. Weisenburgh,
        Anne Weisenburgh, Phillip A. Weisenburgh, and Louise V. Weisenburgh), First Union National Bank and McKibbon Hotel Group of Mobile,
        Alabama, LLC, recorded on April 23, 1997, in Real Property 4459, Page 1701, in the aforesaid records.

         

        Tenant’s interests were further assigned by Assignment
        and Assumption of Lease, dated December 20, 2004, by and between McKibbon Hotel Group of Mobile, Alabama, LLC, as Assignor, and
        EQI Mobile, L.P., as Assignee, recorded on May 16, 2007, in Book 6184, Page 1570, in the aforesaid records.

         

        Assignment of Lease and Memorandum of Amendment, dated as of
        October 25, 2007, by and between EQI Mobile, L.P., as Assignor, and W2007 Equity Inns Realty, LLC, recorded November 26, 2007,
        in Real Property Book 6293, Page 1185, in the aforesaid records.

         

        Ground Lease Estoppel and Agreement, dated
        December 14, 2007 (the “Amendment” together with the Original Ground Lease, the “Ground Lease”), between
        Weisenburgh Co., Inc., as Landlord, and W2007 Equity Inns Realty, LLC, as Tenant, recorded on December 14, 2007 in Real Property
        Book 6344, Page 880, in the aforesaid records.

	 	 	 
	Springhill Suites, San Antonio, TX	 	
        Ground Lease Agreement dated April 12, 1995
        between Adorff, Inc., Lehndorff Capital Resources, Inc., and Wonderland Associates, Noble Associates, and Lehndorff United Properties
        (USA) as co-tenant lessors ("Original Lessors") and Southeast Texas Inns, Inc. ("Original Lessee") as lessee;

         

        First Amendment to Ground Lease Agreement
        between MRO Southwest, Inc. as Lessor and Original Lessee as lessee dated July 22, 2004;

         

        Consent and Assignment and Assumption of Ground
        Lease Agreement dated July 22, 2004 between Original Lessee as assignor and Bexar Hotel Ltd. as assignee;

         

        Consent and Assignment and Assumption of Ground
        Lease Agreement dated July 26 [August 3], 2006 between Bexar Hotel, Ltd. as assignor and Equity Inns Partnership, L.P. as assignee,
        with Equity Inns, Inc. as guarantor, and SA Crossroads Retail, L.P. consenting as lessor;

  

    	-7-

    	 

    

  

	 	 	
        Guaranty dated July 26 [August 3] , 2006 executed
        by Equity Inns, Inc. in favor of SA Crossroads Retail, LP guaranteeing performance by tenant Equity Inns Partnership, L.P.;

         

        Consent and Assignment and Assumption of Ground
        Lease Agreement dated May 18, 2007 between Equity Inns Partnership, L.P. as assignor, EQI San Antonio Hotel Partnership, L.P. as
        assignee, Equity Inns, Inc. as guarantor and SA Crossroads Retail, L.P. consenting as landlord;

         

        Assignment of Lease and Memorandum of Agreement
        dated October 25, 2007 between EQI San Antonio Hotel Partnership, L.P. as assignor and W2007 Equity Inns Realty, L.P. as assignee
        (LT barcode);

         

        Consent to Ground Lease Mortgage and Pledge
        dated October 25, 2007 between SA Crossroads Retail, L.P. as lessor, EQI San Antonio Hotel Partnership, L.P. as lessee, Equity
        Inns, Inc. as guarantor and Grace Acquisition I, Inc. (intended successor by merger to Equity Inns, Inc.), and Goldman Sachs Mortgage
        Company as lender;

         

        Estoppel Certificate dated October 31, 2012
        executed by W2007 Equity Inns Realty, L.P. as tenant for the benefit of Amegy Bank National Association as lender to Crossroads
        Mall Partners, Ltd.; and

         

        Subordination, Non-Disturbance and Attornment Agreement between
        W2007 Equity Inns Realty, L.P. as tenant for the benefit of Amegy Bank National Association as lender and Crossroads Mall Partners,
        Ltd. as lessor.

	 	 	 
	Hampton Inn, Baltimore, MD	 	
        Lease Agreement dated as of March 9, 1998 between Governor Plaza
        Associates, a Pennsylvania partnership in which Federal Realty Investment Trust is the general partner, and Krisch American Inns,
        Inc. (“Krisch”).

         

        Addendum to Lease Agreement dated July 19, 1988.

         

        Second Addendum to Lease Agreement dated December 21, 1989 between
        Landlord and Krisch.

         

        Lease Assignment dated August 12, 1992 among Krisch and First
        Hotel Investment Corporation (“First Hotel”) (unrecorded).

         

        Lease Assignment dated May 12, 1993 among Krisch, First Hotel
        and Renthotel, Maryland, LLC, a Maryland limited liability company (“Renthotel”), recorded in Land Records of Anne
        Arundel County, MD in Liber 6045, Folio 882.

         

        Lease Assignment, Assumption and Modification Agreement dated
        March 11, 1996 (“1996 Modification”) between Renhotel Maryland, L.L.C., as assignor, Equity Inns Partnership, L.P.,
        as assignee, and City Hotels, S.A. and City Hotels USA, Inc. (together, as guarantors), recorded in in Land Records of Anne Arundel
        County, MD in Liber 7355, Folio 410.

         

        Assignment of Lease dated November 6, 2000 between Equity Inns
        Partnership, L.P., as assignor, and EQI Financing Partnership IV, L.P., as assignee, recorded November 22, 2000 in in Land Records
        of Anne Arundel County, MD in Liber 10053, Folio 365.

  

    	-8-

    	 

 

    

 

EXHIBIT O

 

FORM OF INTERIM
BEVERAGE SERVICE AGREEMENT

 

 

 

    	 

    	 

    

 

 

INTERIM BEVERAGE SERVICE AGREEMENT

 

THIS AGREEMENT is
made and entered into as of the ____ day of _______, 20__ (“Effective Date”), by and between [NAME], a_________________,
having an address at [ADDRESS] (“Licensee”), and _____________________, a _____________________, having an address
at _____________________ (“Applicant”), with respect to _____________________ (“Hotel”) located at _____________________.

 

WHEREAS, Licensee
is the current holder of a __________________ with respect to the Hotel issued by the _________________________________ (the “Liquor
License”);

 

WHEREAS, Applicant
has applied for the issuance of a Liquor License for Applicant but such application will not be approved and Applicant’s
new liquor license will not be issued as of the Effective Date;

 

WHEREAS, Licensee
and Applicant desire that Applicant be able to provide certain services with respect to alcoholic beverage sales and service within
the Hotel under the liquor license prior to the issuance of Applicant’s new liquor license;

 

[insert in circumstances
in which the Applicant is the Owner, rather than the Management Company:][WHEREAS, Applicant has entered into that certain Management
Agreement between Applicant and [NAME] (the “Management Company”) dated as of [    ], whereby
Management Company and not Applicant shall at all times be the employer of employees at the Hotel and has the discretion and obligation
to hire, promote, supervise, direct and train all employees at the Hotel;]

 

WHEREAS, the financial
and business integrity of the Hotel requires a continuity of beverage service therein, as part of the beverage service necessary
for the operation of a first-class limited-service hotel; and

 

NOW, THEREFORE, in
consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which the parties
acknowledge, it is agreed as follows:

 

    	Page 1

    	 

    

 

1.          For
the consideration and for the Term (defined below) hereinafter set forth, the Licensee shall continue to hold in good standing
and maintain the Liquor License at the Hotel. The provision of services authorized by such Liquor License, referred to herein
as the “Beverage Service”, shall be conducted by Applicant on behalf of Licensee, at the sole expense of Applicant,
in a manner consistent with the level of services previously provided by the Licensee at the Hotel. At no time during the Term
may Applicant serve, furnish, or deliver alcoholic beverages outside of the licensed areas of the Hotel. Except as set forth in
Section 8 hereof, Licensee shall be entitled to receive and retain all revenues generated by the provision of the Beverage Service
at the Hotel during the Term. The Beverage Service conducted by Applicant at the Hotel shall at all times be in compliance with
all federal, state, and local laws and ordinances applicable to the Beverage Service (collectively, “Legal Requirements”);
without limiting the generality of Applicant’s responsibilities, Applicant shall be responsible as of and following the
Effective Date for violations of any applicable laws, ordinances, and/or regulations relating in any manner to the Beverage Service,
including without limitation those set forth in or promulgated under [insert respective alcoholic beverage code], including, without
limitation, those requiring the payment of any taxes due any applicable taxing authority for sales and use, occupancy, or other
applicable taxes, during the Term (collectively referred to as the “Liquor Regulations”). Licensee acknowledges and
agrees that Licensee shall be responsible for any violations of or amounts owing under the Liquor Regulations incurred prior to
the Effective Date. This Agreement shall not be construed as giving rise to a partnership or co-ownership among the parties hereto,
and no party shall be liable for the debt or obligations incurred by the other except to the extent expressly provided herein.

 

3.          All
personnel employed by Applicant in the Beverage Service shall be employees of Applicant [Management Company], who shall pay the
salaries and associated fringe benefits of said personnel. Licensee shall no longer have any agents or employees engaged in such
services or business at the Hotel as of the Effective Date. Applicant [Management Company] shall be responsible for: arranging
for the hiring, discharge, direction and supervision of all employees performing services in connection with Beverage Service,
and Applicant [Management Company] shall use its good faith efforts to cause all such employees to comply in all respects with
applicable laws in performing such services; the determination of all beverage service policies at the Hotel; and the entering
into of such contracts for the purchase and delivery of Alcoholic Beverage Inventory (as defined below) as Applicant shall from
time to time consider appropriate.

 

4.          Nothing
in this Agreement shall be deemed to be a transfer of the Liquor License unless and until such transfer is duly approved by all
applicable licensing authorities, and the new Liquor License is issued in the name of Applicant or its designee (any such transferred
license, or a newly issued license, the “New Liquor License”). Notwithstanding the foregoing, Applicant agrees (i)
to pay for all applicable annual license fees and/or license renewal fees due to the licensing authorities as of and after the
Effective Date in connection with the maintenance of the Liquor License, plus reasonable attorneys’ fees and expenses incurred
in connection therewith, and (ii) to provide all funds necessary to maintain the Liquor License in full force and effect during
the Term, and (iii) to pay any and all taxes associated with the Beverage Service.

 

5.          Applicant
agrees that all equipment, facilities, and personal property necessary for the Beverage Service including, without limitation,
glassware, dishwashing equipment, dispensing equipment, barware, pouring devices, storage areas and facilities, and cash registers
shall be owned by, maintained by, and insured by Applicant.

 

    	Page 2

    	 

    

 

6.          All
alcoholic beverages to be served at the Hotel (“Alcoholic Beverage Inventory”) shall be purchased from duly licensed
distributors and other suppliers by Applicant on behalf of the Licensee and in accordance with the Legal Requirements and Liquor
Regulations, but at the sole direction and expense of Applicant. Licensee shall make no purchases itself. Without limiting any
other term of this Agreement, Applicant agrees to pay for all alcoholic beverages, including beer and wine. All purchases shall
be made in customary fashion. Applicant and Licensee shall cooperate with each other to keep and maintain or cause to be kept
and maintained at the Hotel, on a daily basis, adequate records of the Beverage Services. All such records shall be made available
for examination by each party hereto or by such party's authorized representatives at all reasonable times during business hours.
Such records shall include, but shall not be limited to, cash register tapes, purchase records, sale records, employment records,
tax records, profit and loss statements, and other records previously maintained by the Hotel or required by the Legal Requirements
and Liquor Regulations.

 

7.          This
Agreement shall continue in full force and effect until the earliest of (a)  the date on which the liquor licensing authority
transfers the Liquor License or issues of the New Liquor License to Applicant or Applicant’s nominee, or (b) one hundred
and eighty (180) days after the date hereof (the period between the Effective Date and such ending date, the “Term”).
Licensee shall reasonably cooperate with Applicant in securing the approval of the transfer of the Liquor License or issuance
of the New Liquor License, including execution of any documents reasonably required therefor at no cost, expense or liability
to Licensee. Except as otherwise provided herein, Licensee shall not, prior to the transfer of the Liquor License or issuance
of the New Liquor License, relinquish or give up the Liquor License, or do or omit to do anything which would cause a suspension,
revocation, non-renewal or termination of the Liquor License.

 

8.          (a)
All gross revenue and receipts derived from management of the Beverage Service are the exclusive property of Licensee. However,
during the Term hereof, said revenues and receipts shall be collected and retained by Applicant to pay expenses related to Beverage
Service. To the extent not so utilized during each month of the Term, Applicant shall promptly disburse all excess revenues and
receipts to Licensee.

 

(b) Applicant shall,
as a part of its services, from the revenues and receipts Applicant collects pursuant to the terms of Section 8(a), in a timely
manner pay all expenses incurred in operating the Beverage Service, including, but not limited to, paying itself the Management
Fee set forth in 8(c) below, as well as any and all taxes associated with the Beverage Service. Licensee shall not be responsible
for any expenses arising from or relating to the Beverage Service from and after the date hereof. Applicant agrees that all other
expenses incurred in operating the Beverage Service shall be paid before the Management Fee is paid. In the event that expenses
exceed revenues and receipts, Applicant shall have the obligation or liability for such shortfall, and Licensee shall have no
obligation or liability for the shortfall. Applicant agrees to timely file any and all tax returns associated with the Beverage
Service and provide copies of any and all such tax returns to Licensee within fifteen (15) days of filing such returns.

 

    	Page 3

    	 

    

 

(c) Subject to Section
8(b) hereof, Licensee shall pay to Applicant (or Applicant may retain from the revenues and receipts that it collects pursuant
to the terms of Section 8(a)) a management fee equal to ninety-nine percent (99%) of gross revenues (the “Management Fee”)
but only to the extent sufficient revenues exist to pay such Management Fee after all such expenses are paid pursuant to Section
8(a) and 8(b) hereof. Such Management Fee shall be paid at the end of each month.

 

9.          During
the Term hereof, Applicant shall keep in full force and effect (a) commercial general liability insurance with limits of at least
$25,000,000.00 per occurrence for personal injury and death and property damage, which shall, among other risks, include coverage
against all claims arising out of alleged liquor law or dram shop liability, and such commercial general liability policy shall
name Licensee as additional insured for so long as Licensee holds the Liquor License pursuant to this Agreement, and (b) worker’s
compensation insurance as required by law, including employer’s liability insurance. Policies for insurance required under
the provisions of this Agreement shall be written on an occurrence basis, shall be obtained from responsible companies rated “A/VII”
or better and qualified to do business in the [                      ] and in good standing therein. Simultaneously with the execution of this
Agreement, Applicant shall deliver to Licensee a certificate of such insurance and such certificate shall provide that coverage
may not be canceled or modified except upon thirty (30) days’ prior notice to Licensee.

 

10.        Applicant
shall indemnify, defend, and hold Licensee and its affiliates, officers, directors, employees, partners, members, trustees, agents,
beneficial owners and any of their respective successors and assigns (collectively, the “Licensee Indemnified Parties”)
harmless from and against any citation, violation action, claim, action, suit, demand, loss, expenses, or cost, including reasonable
attorneys’ fees (collectively, “Liabilities”) arising out of any breach by Applicant of the terms of this Agreement
or otherwise resulting from Licensee’s holding of the Liquor License from and after the Effective Date pursuant to this
Agreement. It is the intention of the parties that Applicant shall indemnify, defend, and hold harmless the Licensee Indemnified
Parties from and against any liability whatsoever arising as the result of the existence of this Agreement or out of the operation
of the Beverage Service or the operation of the Hotel from and after the Effective Date; provided however, that such indemnity
(and the indemnity set forth in the preceding sentence) shall not extend to any matter which relates to an event which occurred
prior to the Effective Date or to any matter arising from the gross negligence or willful misconduct of the Licensee. Licensee
shall indemnify, defend, and hold Applicant and its affiliates, officers, directors, employees, partners, members, trustees, agents,
beneficial owners and any of their respective successors and assigns (collectively, the “Applicant Indemnified Parties”)
harmless from and against any Liabilities arising out of the gross negligence or willful misconduct of Licensee relating to this
Agreement. All indemnities in this Agreement shall survive the termination of this Agreement.

 

    	Page 4

    	 

    

 

11.        In
the event that Applicant (a) violates any condition of this Agreement and such violation remains uncured for twenty one (21) days
after notice thereof to Applicant, or (b) violates any Legal Requirement (i) after issuance of a final decision is either not
appealed or is upheld on appeal, or (ii) upon the issuance of a second citation alleging a violation of any Legal Requirement
prior to a finding as per (i) hereof, where there is a finding of the applicable authority adverse to Applicant, or its designee,
Licensee shall have the right to cancel the Liquor License (or any of them), and/or terminate this Agreement immediately after
fourteen (14) days’ notice to Applicant, provided that, if a violation of subparagraph (b)(i) above can be cured by payment
of a fine or otherwise, Licensee may not cancel the Liquor License or terminate this Agreement if Applicant cures such violation
within the earlier to occur of (i) the time required by law and (ii) ten (10) days after such decision is upheld on appeal, or
if no appeal is filed, the last day permitted for filing an appeal. In connection with Licensee’s right to cancel the Liquor
License and/or terminate this Agreement pursuant to this Section 10 (after the applicable notice and cure periods have expired
and the default giving rise to such right to cancel has not been cured), Licensee may (i) surrender a copy of the Liquor License(s),
(ii) notify the governing authority that it is surrendering the Liquor License(s) and desires that it be canceled, and/or (iii)
take such other action with respect to the governing authority as it may desire to effect and confirm the cancellation of the
Liquor License(s), as if it had actually surrendered the original Liquor License(s). Notwithstanding the foregoing, in the event
of the cancellation of the Liquor License(s), Applicant shall promptly deliver the Liquor License(s) to Licensee or to the governing
authority.

 

12.        Notices
and other communications required or permitted by this Agreement shall be in writing and (a) delivered by hand against receipt,
(b) transmitted by facsimile with confirmation, or (c) sent by nationally-recognized overnight courier. All notices shall be addressed
to the respective party at the address specified in the preamble of this Agreement or to such other address and/or addressee as
may be designated in writing by a proper notice delivered by one party to the other at least five (5) days before its effective
date. Any notice given by facsimile shall also be mailed by U.S. mail. Any notice given in accordance with the provisions of this
Section 11 shall be deemed to be given and received upon receipt or, if refused, upon refusal to accept delivery by the party
to be charged with notice, whichever sooner occurs.

 

13.        All
parties within five (5) business days of receipt shall provide all other parties with copies of any and all correspondence from
any state or local liquor licensing authority, including but not limited to, any written notices, claims or demands arising out
of or concerning the Liquor License or the operation of Beverage Service. In the event that any party otherwise becomes aware
of any notices, claims, or demands, such party shall provide the other parties with written notification of the same within five
(5) business days. In matters of a serious nature, which shall include, but not be limited to, any matters relating to violations
or potential violations of the Legal Requirements or Liquor Regulations, such party shall first telephone the other parties, advise
them of the same and then confirm the same in writing within the five (5) business day period as provided herein.

 

14.        This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns,
provided that Applicant shall not assign this Agreement.

 

15.        This
Agreement may be signed in multiple counterparts, each of which shall have equal force and effect.

 

    	Page 5

    	 

    

 

16.        This
Agreement shall be governed, construed and enforced according to the laws of the [                         ] (but not including the choice
of law rules thereof).[Insert law of state in which Hotel is located.]

 

17.        Licensee’s
cooperation herein and obligation to assist and facilitate the transfer of the Liquor License shall not require Licensee to incur
any financial obligation, liability, cost or expense.

 

[SIGNATURE ON FOLLOWING PAGE]

 

    	Page 6

    	 

    

 

IN WITNESS WHEREOF, the parties have executed this Agreement
under seal as of the day and year first above written.

 

	 	LICENSEE:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	APPLICANT:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Page 7

    	 

    

  

EXHIBIT P

 

FORM
OF WHITEHALL GUARANTEES

 

    	 	 	Guaranty of Recourse Obligations

    	 

    

 

Guaranty
of Recourse Obligations – Mortgage Loan

 

    	 	2	Guaranty of Recourse Obligations

    	 

    

 

Berkadia
Loan No. 01-0085683 & 01-0086643

 

GUARANTY
OF RECOURSE OBLIGATIONS

 

This GUARANTY OF
RECOURSE OBLIGATIONS (this “Guaranty”) is executed as of December ____, 2014, by American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership, and American
Realty Capital Hospitality Trust, Inc., a Maryland corporation, WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP
2007, a Delaware limited partnership, and WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware
limited partnership (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of U.S. Bank National Association, as Trustee for the Registered Holders
of EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, having an address at c/o Berkadia Commercial
Mortgage LLC, 118 Welsh Road, Horsham, Pennsylvania 19044 (together with its successors and/or assigns, “Lender”).

 

WITNESSETH:

 

A.           Pursuant
to a certain Assumption and Release Agreement dated as of the date hereof (the “Assumption Agreement”),
Lender is prepared to consent to the assumption (the “Assumption”) of a loan by ARC Hospitality Portfolio
I Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I TFGL Owner, LLC, a Delaware limited liability company,
ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I PXGL Owner, LLC,
a Delaware limited liability company, ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company, ARC Hospitality
Portfolio I NFGL Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware
limited liability company, ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company, ARC Hospitality
Portfolio I NTC Owner, LP, a Delaware limited partnership, ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership,
and ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership (collectively, the “Borrowers”),
from W2007 Equity Inns Realty, LLC, a Delaware limited liability company, and W2007 Equity Inns Realty, L.P., a Delaware limited
partnership (collectively, the “Original Borrower”), in the original principal amount of $865,000,000.00,
which loan is evidenced by that certain (i) Promissory Note A-1, dated April 11, 2014 (together with all addenda, modifications,
amendments, riders, exhibits and supplements thereto, the “A-1 Note”), from Original Borrower in the
original principal amount of $519,000,000.00 (the “A-1 Loan”), and (ii) Promissory Note A-2, dated April
11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-2
Note” and together with the A-1 Note, the “Note”), from Original Borrower in the original
principal amount of $346,000,000.00 (the “A-2 Loan” and together with the A-1 Loan, the “Loan”),
each in favor of German American Capital Corporation, a Maryland corporation (“Original Lender”). The
Loan is evidenced by that certain Loan Agreement, dated as of April 11, 2014, as amended by that certain First Amendment to Loan
Agreement, dated as of June 18, 2014 (as the same may be amended, restated, replaced, supplemented or otherwise modified from time
to time, the “Loan Agreement”), and secured by the Mortgage (as defined in the Loan Agreement) encumbering
the Properties. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement, as amended
by the Assumption Agreement.

 

    	 	3	Guaranty of Recourse Obligations

    	 

    

 

B.           Original
Lender assigned, sold and transferred its interest in the Loan and the Loan Documents to Lender and Lender is the current holder
of all of Original Lender’s interest in the Loan and Loan Documents.

 

C.           Lender
is not willing to consent to the Assumption of the Loan by Borrowers, or otherwise extend credit, to the Borrowers unless Guarantors
unconditionally guarantee the payment and performance to Lender of the Guaranteed Obligations (as herein defined).

 

D.           Guarantors
are the owners of direct or indirect interests in the Borrowers, and each Guarantor will directly benefit from Lender’s consent
to the Assumption of the Loan by Borrowers and the Loan.

 

NOW, THEREFORE, as
an inducement to Lender to consent to the Assumption of the Loan by Borrowers and to extend such additional credit as Lender may
from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

ARTICLE 1

NATURE AND SCOPE OF GUARANTY

 

Section 1.1          Guaranty
of Obligation.

 

(a)          Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and
assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally covenants
and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and (ii)
from and after the date that any Springing Recourse Event occurs, payment of all of the Obligations.

 

(c)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived any
right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim
for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing
to Lender in accordance with the Loan Documents.

 

    	 	4	Guaranty of Recourse Obligations

    	 

    

 

Section 1.2           Nature
of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty
of collection. This Guaranty may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed
Obligations arising or created after any attempted revocation by any Guarantor and after (if such Guarantor is a natural person)
such Guarantor’s death (in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s
legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or
reduced shall not release or discharge the obligation of any Guarantor to Lender with respect to the Guaranteed Obligations. This
Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation
of all or part of the Note.

 

Section 1.3           Guaranteed
Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of Guarantors to Lender
hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense
of any one or both of the Borrowers or any other party against Lender or against payment of the Guaranteed Obligations, whether
such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed
Obligations) or otherwise.

 

Section 1.4           Payment
By Guarantors. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand,
maturity, acceleration or otherwise, Guarantors shall, immediately upon demand by Lender and without presentment, protest, notice
of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any
other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender
at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment
of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed
Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.

 

Section 1.5           No
Duty To Pursue Others. It shall not be necessary for Lender (and each Guarantor hereby waives any rights which such Guarantor
may have to require Lender), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust
its remedies against any one or both of the Borrowers or others liable on the Loan or the Guaranteed Obligations or any other Person,
including, without limitation, any general partner of any of the foregoing which is a partnership, (ii) enforce Lender’s
rights against any collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s rights against
any other guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing
which is a partnership, (iv) join any one or both of the Borrowers or any others liable on the Guaranteed Obligations in any action
seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever have
been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations, including,
to the extent California law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing which
may be available to Lender by virtue of California Civil Code Sections 2845, 2849, and 2850. Lender shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

    	 	5	Guaranty of Recourse Obligations

    	 

    

 

Section 1.6           Waivers.
Each Guarantor acknowledges receipt of copies of the Loan Documents and hereby waives notice of (i) any loans or advances made
by Lender to any one or both of the Borrowers, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note,
any of the Mortgages, the Loan Agreement, the Assumption Agreement or any other Loan Document, (iv) the execution and delivery
by any one or both of the Borrowers and Lender of any other loan or credit agreement or of execution and delivery by any one or
both of the Borrowers of any promissory note or other document arising under the Loan Documents or in connection with any of the
Properties, (v) the occurrence of (A) any breach by any one or both of the Borrowers of any of the terms or conditions of the Loan
Agreement or any of the other Loan Documents, or (B) an Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (vii) the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of
any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by any one or both of the Borrowers,
or (ix) any other action at any time taken or omitted by Lender and, generally, all demands and notices of every kind in connection
with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations
and/or the obligations hereby guaranteed.

 

Section 1.7           Payment
of Expenses. In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors
shall, immediately upon demand by Lender, pay Lender all reasonable out-of-pocket costs and expenses (including court costs and
reasonable attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder.
The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.

 

Section 1.8           Effect
of Bankruptcy. In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief
law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received by Lender
in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty
given to Guarantors by Lender shall be without effect and this Guaranty shall remain (or shall be reinstated to be) in full force
and effect. It is the intention of Borrowers and Guarantors that Guarantors’ obligations hereunder shall not be discharged
(other than as expressly set forth herein) except by Guarantors’ performance of such obligations and then only to the extent
of such performance.

 

Section 1.9           Waiver
and Postponement of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in
this Guaranty, each Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, for so long as both
any portion of the Debt shall be outstanding and a Direct Assumption shall not have been consummated in accordance with the Loan
Agreement, does hereby irrevocably waive and defer any and all rights it may now or hereafter have under any agreement, at law
or in equity (including, without limitation, any law subrogating Guarantors’ rights to the rights of Lender), to assert any
claim against or seek contribution, indemnification or any other form of reimbursement from any Borrower or any other party liable
to Lender for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantors under or in connection
with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver shall only be in effect for so long as
any portion of the Debt shall be outstanding (or shall have been reinstated).

 

    	 	6	Guaranty of Recourse Obligations

    	 

    

 

Section 1.10         Limitations
on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, and any Person that either (or both) (a)
is in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”), or (b) is either
(1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any
Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the Guarantors directly
or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a Person
with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, fifty-one percent (51%)
or more of the direct or indirect voting equity interests in such Person, provided, however, that, notwithstanding
the foregoing, (I) no Person shall be deemed to be a Guarantor Affiliate to the extent Controlled by a Controlling Mezzanine Lender
in the exercise of its Direct Control Remedies or (y) in connection with or by virtue solely of any direct or indirect interest
in Transferee Borrower or Indirect Transferee and (II) in no event shall either Goldman Sachs Mortgage Company or GS Commercial
Real Estate LP be deemed a Guarantor Affiliate. Subject to clause (II) in the foregoing proviso, and without limiting the foregoing,
if a direct or indirect interest in a Mezzanine Loan is held by a Guarantor Affiliate, the related Mezzanine Lender will be deemed
a Guarantor Affiliate unless such Guarantor Affiliate is a Disabled Participant (as defined below) and one or more other holders
of substantial interests in such Mezzanine Loan that are not Guarantor Affiliates control the administration of such Mezzanine
Loan and the enforcement of the rights and remedies of such Mezzanine Lender. A Guarantor Affiliate is a “Disabled
Participant” with respect to a Mezzanine Loan if it has no right to exercise any voting or other control rights with
respect to such Mezzanine Loan (other than the right to approve amendments to the material economic terms of such Mezzanine Loan).

 

(b)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Guarantor Affiliate of the direct ownership interests
in the Borrowers, the SPC Party or any Mezzanine Borrower pledged as collateral for a Mezzanine Loan pursuant to the Mezzanine
Loan Documents, any transfer in lieu of foreclosure of the equity pledged as collateral for any Mezzanine Loan to, on behalf of,
or for the benefit or account of any Mezzanine Lender that is not a Guarantor Affiliate (any such foreclosure or transfer-in-lieu
thereof, a “Mezzanine Divestment”), with the result that neither of the Guarantors nor any other Guarantor
Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no longer Controlled by either of the Guarantors
or any other Guarantor Affiliate) shall have Control of, any one or more of the Borrowers (each such Borrower, a “Divested
Borrower”), or

 

(ii)         (A)
any foreclosure (whether judicially or non judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the benefit or account of Lender or (C) a receiver, trustee, liquidator, conservator
or other third-party appointed by, on behalf of or for the benefit or account of Lender taking control of any Individual Property
(any such foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”),
with the result, in any such case, that neither of the Guarantors nor any other Guarantor Affiliate shall have the power to direct
the management of, any one or more of the Properties thereby foreclosed, transferred or controlled (each such Property, a “Divested
Property”),

 

    	 	7	Guaranty of Recourse Obligations

    	 

    

 

then, in such cases, Guarantors shall not
have any liability under the Loan Documents for any Guaranteed Obligations arising from any circumstance, condition, action or
event with respect to any such Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment
or Mezzanine Divestment, as applicable, and not caused by the acts of either of the Guarantors or any other Guarantor Affiliate,
or any Loan Party (excluding any Loan Party who as a result of a Mezzanine Divestment is no longer Controlled by either of the
Guarantors or any other Guarantor Affiliate); provided that Guarantors shall remain liable hereunder for any Guaranteed Obligations
to the extent arising from any action or event occurring with respect to any such Divested Property or Divested Borrower prior
to the date of the Mortgage Divestment or Mezzanine Divestment, as applicable.

 

(c)          In
the event that either a Permitted Direct Assumption or Permitted Indirect Assumption shall occur in accordance with Section
7.1 of the Loan Agreement and Lender receives in connection therewith a replacement guaranty and replacement environmental
indemnity (collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Guarantors from liability for any Guaranteed Obligations arising from any circumstance, condition, action or event first occurring
after the effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the
extent the same is not caused by either of the Guarantors or any Guarantor Affiliate (it being understood that circumstances, conditions,
actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall be deemed to not have been caused
by any Guarantor or any Guarantor Affiliate); provided, however, that Guarantors shall remain liable hereunder for any Guaranteed
Obligations arising from any action or event occurring prior to the Assumption Release Date.

 

(d)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Guarantor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine Loan Documents,
(i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership interests
of the applicable Borrowers, SPC Party or Mezzanine Borrower pledged to such Mezzanine Lender as collateral for its Mezzanine Loan
under the related Mezzanine Loan Documents, of such ownership interests in the applicable Borrowers, SPC Party or Mezzanine Borrower
so pledged as collateral for such Mezzanine Loan, or (ii) appoints a receiver, trustee, liquidator, conservator or other third-party
that is not a Guarantor Affiliate to take control of the equity pledged as collateral for such Mezzanine Loan (the “Direct
Control Remedies”, and such Mezzanine Lender, or such receiver, trustee, liquidator, conservator or other
third party appointed by such Mezzanine Lender, exercising such Direct Control Remedies, the “Controlling Mezzanine
Lender”), Guarantors shall not have liability hereunder for the actions that such Controlling Mezzanine Lender, in
the exercise of its Direct Control Remedies, causes any Borrower, any SPC Party or any Mezzanine Borrower to take (“Mezzanine
Lender Controlled Actions”) if such Mezzanine Lender Controlled Actions are taken without consent of or collusion
with, either of the Guarantors or any Guarantor Affiliate.

 

    	 	8	Guaranty of Recourse Obligations

    	 

    

 

(e)          Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Loan; provided, however, that the Guaranteed
Obligations shall survive such termination with respect to any and all such Guaranteed Obligations accruing prior to or arising
out of or related to any circumstances, conditions, actions or events occurring or arising prior to the date of such repayment
and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur or the applicable circumstance,
condition, action or event is not discovered until after such date.

 

ARTICLE 2

EVENTS AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

Subject to Section
1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of the following
and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without
limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following:

 

Section 2.1           Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Note, the Mortgages, the Loan Agreement, the Assumption Agreement, the other Loan Documents or any other document, instrument,
contract or understanding between any one or both of the Borrowers and Lender or any other parties pertaining to the Guaranteed
Obligations or any failure of Lender to notify Guarantors of any such action.

 

Section 2.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to any one or both of the Borrowers
or any Guarantor.

 

Section 2.3           Condition
of Borrower or Guarantors. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution
or lack of power of any one or both of the Borrowers, any Guarantor or any other Person at any time liable for the payment of all
or part of the Guaranteed Obligations; or any dissolution of any one or both of the Borrowers or any Guarantor or, subject to Section
1.10(b) and (c) hereof, any sale, lease or transfer of any or all of the assets of any one or both of the Borrowers
or any Guarantor or, subject to Section 1.10(b) and (c) hereof, any changes in the direct or indirect shareholders,
partners or members, as applicable, of any one or both of the Borrowers or any Guarantor; or any reorganization of any one or both
of the Borrowers or any Guarantor.

 

    	 	9	Guaranty of Recourse Obligations

    	 

    

 

Section 2.4           Invalidity
of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations
or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without
limitation, the fact that (i) the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act
of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the
Note, the Mortgages, the Loan Agreement, the Assumption Agreement, or the other Loan Documents or otherwise creating the Guaranteed
Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) any one or both
of the Borrowers has valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed
Obligations wholly or partially uncollectible from such Borrower or Borrowers, (vi) the creation, performance or repayment of the
Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed
Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations)
is illegal, uncollectible or unenforceable, or (vii) the Note, the Mortgages, the Loan Agreement, the Assumption Agreement, or
any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantors
shall remain liable hereon regardless of whether any one or both of the Borrowers or any other Person be found not liable on the
Guaranteed Obligations or any part thereof for any reason.

 

Section 2.5           Release
of Obligors. Any full or partial release of the liability of any one or both of the Borrowers for the Guaranteed Obligations
or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part
thereof, it being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed
Obligations in full without assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty
on the basis of a contemplation, belief, understanding or agreement that other Persons (including any Borrower) will be liable
to pay or perform the Guaranteed Obligations or that Lender will look to other Persons (including any Borrower) to pay or perform
the Guaranteed Obligations.

 

Section 2.6           Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all
or any part of the Guaranteed Obligations.

 

Section 2.7           Release
of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without
limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing
in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations, subject, however, to the
terms of Section 1.10 hereof.

 

Section 2.8           Care
and Diligence. The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not
limited to, any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of
any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any
instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

Section 2.9           Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that
such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations.

 

    	 	10	Guaranty of Recourse Obligations

    	 

    

 

Section 2.10         Offset.
Any existing or future right of offset, claim or defense of any one or both of the Borrowers against Lender, or any other party,
or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the
Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section 2.11         Merger.
The reorganization, merger or consolidation of any one or both of the Borrowers or any Mezzanine Borrower into or with any other
Person.

 

Section 2.12         Preference.
Any payment by any one or both of the Borrowers to Lender is held to constitute a preference under the Bankruptcy Code or for any
reason Lender is required to refund such payment or pay such amount to such Borrower or Borrowers or to any other Person.

 

Section 2.13         Other
Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed
Obligations or the security and collateral therefor, whether or not such action or omission prejudices Guarantors or increases
the likelihood that Guarantors will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous
and unequivocal intention of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding
any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and
satisfaction of the Guaranteed Obligations.

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

 

To induce Lender to
enter into the Assumption Agreement and the other Loan Documents in connection therewith, and to continue to extend credit to Borrowers,
each Guarantor represents and warrants to Lender as follows:

 

Section 3.1           Benefit.
Each Guarantor is the owner of a direct or indirect interest in one or both of the Borrowers and has received, or will receive,
direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

 

Section 3.2           Familiarity
and Reliance. Each Guarantor is familiar with, and has independently reviewed books and records regarding, the financial
condition of the Borrowers and is familiar with the value of any and all collateral intended to be created as security for the
payment of the Note or Guaranteed Obligations; however, such Guarantor is not relying on such financial condition or the collateral
as an inducement to enter into this Guaranty.

 

    	 	11	Guaranty of Recourse Obligations

    	 

    

 

Section 3.3           No
Representation By Lender. Neither Lender nor any other party has made any representation, warranty or statement to any
Guarantor in order to induce such Guarantor to execute this Guaranty.

 

Section 3.4           Each
Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent
obligation evidenced hereby, each Guarantor (a) is and intends to remain solvent, (b) has and intends to have assets which, fairly
valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and (c) has and intends to have property
and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.

 

Section 3.5           Legality.
The execution, delivery and performance by each Guarantor of this Guaranty and the consummation of the transactions contemplated
hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is
subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or
result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor
is a party or which may be applicable to such Guarantor. This Guaranty is a legal and binding obligation of each Guarantor and
is enforceable against such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of
general application relating to the enforcement of creditors’ rights.

 

Section 3.6           No
Plan Assets. Neither Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,”
as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of either Guarantor constitutes or will,
during any period when the Loan remains outstanding, constitute “plan assets” of one or more such plans within the
meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) neither Guarantor is a “governmental plan” within the meaning
of Section 3(32) of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating investments
of, or fiduciary obligations with respect to, governmental plans. As of the date hereof, neither any of the Guarantors, nor any
member of a “controlled group of corporations” (within the meaning of Section 414 of the Code) maintains, sponsors
or contributes to a “defined benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer
pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section 3.7           ERISA.
Neither Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation,
or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Loan Agreement or
the other Loan Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section 3.8           Survival.
All representations and warranties made by each Guarantor herein shall survive the execution hereof.

 

    	 	12	Guaranty of Recourse Obligations

    	 

    

 

ARTICLE 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section 4.1           Subordination
of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of any one or both of the Borrowers to any one or both of the Guarantors, whether such debts and liabilities now exist
or are hereafter incurred or arise, and whether the obligations of any Borrower thereon be direct, contingent, primary, secondary,
several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract,
open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception,
have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired by the applicable
Guarantor or Guarantors. The Guarantor Claims shall include, without limitation, all rights and claims of any one or both of the
Guarantors against any one or both of the Borrowers (arising as a result of subrogation or otherwise) as a result of payment of
all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. So long as any portion of the Obligations or
the Guaranteed Obligations remain outstanding, no Guarantor shall receive or collect, directly or indirectly, from any Borrower
or any other Person obligated to Lender any amount upon the Guarantor Claims.

 

Section 4.2           Claims
in Bankruptcy. In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other
insolvency proceeding involving any Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding
so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and
payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to Lender.
Should Lender receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to
any Guarantor and which, as between any one or both of the Borrowers and any one or both of the Guarantors, shall constitute a
credit against the Guarantor Claims, then, upon payment to Lender in full of the Guaranteed Obligations or, if earlier, upon consummation
of a Permitted Direct Assumption in accordance with Section 7.1 of the Loan Agreement, such Guarantor shall become subrogated
to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation
of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which
would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.

 

Section 4.3           Payments
Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should
receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in
trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously
paid to Lender, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions
so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly
to pay the same to Lender.

 

    	 	13	Guaranty of Recourse Obligations

    	 

    

 

Section 4.4           Liens
Subordinate. Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon
the assets of any Borrower securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens,
security interests, judgment liens, charges or other encumbrances upon such Borrower’s assets securing payment of the Guaranteed
Obligations, regardless of whether such encumbrances in favor of any Guarantor or Lender presently exist or are hereafter created
or attach. Without the prior written consent of Lender, so long as both (a) any portion of the Debt shall be outstanding and (b)
a Direct Assumption shall not have been consummated in accordance with the Loan Agreement, then no Guarantor shall (i) exercise
or enforce any creditor’s rights it may have against any Borrower, or (ii) foreclose, repossess, sequester or otherwise take
steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the
joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages,
deeds of trust, security interests, collateral rights, judgments or other encumbrances on the assets of any Borrower held by any
Guarantor.

 

ARTICLE 5

COVENANTS

 

Section 5.1           Definitions.
As used in this Article 5, the following terms shall have the respective meanings set forth below:

 

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

 

(b)          “Liquid
Assets” shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties unless the same have been distributed
by Borrower in accordance with the Loan Documents), (b) certificates of deposit (with a maturity of two years or less) issued by,
or savings account with Approved Bank or other, any bank or other financial institution reasonably acceptable to Lender, (c) marketable
securities listed on a national or international exchange reasonably acceptable to Lender (it being understood, without limitation
of the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to Lender), marked to market, (d) U.S.
Obligations or (e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally
draw from any of its partners.

 

(c)          “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date (without regard to the Properties
or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in accordance with GAAP.

 

Section 5.2           Covenants.
Until all of the Obligations and the Guaranteed Obligations have been paid in full or, if earlier, the occurrence of any of the
events described in Section 1.10(b)-(e) that limits or releases Guarantor’s liability from and after any such events,
(i) Guarantors shall maintain (x) an aggregate Net Worth of not less than $250,000,000 (the “Net Worth Threshold”)
and (y) subject to paragraph (b) below, aggregate Liquid Assets of not less than $20,000,000 (the “Liquid Assets
Threshold”).

 

    	 	14	Guaranty of Recourse Obligations

    	 

    

 

Section 5.3           Prohibited
Transactions. Each Guarantor shall not, at any time while a default in the payment of the Guaranteed Obligations has occurred
and is continuing, either (i) enter into or effectuate any transaction with any Affiliate that would reduce the Net Worth of such
Guarantor (including the payment of any dividend or distribution to a shareholder, or the redemption, retirement, purchase or other
acquisition for consideration of any stock or other ownership interest in such Guarantor) or (ii) sell, pledge, mortgage or otherwise
transfer to any Affiliate of Guarantor any of such Guarantor’s assets, or any interest therein.

 

Section 5.4           Financial
Statements. Each Guarantor shall deliver to Lender:

 

(a)          within
120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor
certifying that such annual financial statements are true, correct, accurate and complete and fairly present the financial condition
and results of the operations of such Guarantor;

 

(b)          within
90 days after the end of each fiscal quarter of such Guarantor, financial statements in the form delivered to such Guarantor’s
limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of signer’s
knowledge, such quarterly financial statements fairly present the financial condition and results of the operations of such Guarantor
in a manner consistent with GAAP (subject to year-end adjustments); and

 

(c)          20
days after request by Lender, such other financial information with respect to such Guarantor as Lender may reasonably request.

 

ARTICLE 6

MISCELLANEOUS

 

Section 6.1           Waiver.
No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision
of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver
shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of
the right to take other action in the same, similar or other instances without such notice or demand.

 

Section 6.2           Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three (3)
days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day
(otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day
(otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case
addressed to the parties as follows:

 

    	 	15	Guaranty of Recourse Obligations

    	 

    

 

	
        If to Lender:

         
	
        U.S. Bank National Association, as Trustee
        for the Registered Holders of

 EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-

Through Certificates

        c/o Berkadia Commercial Mortgage LLC

        118 Welsh Road

        Horsham, PA 19044

        Attention: Client Relations Manager for

           Loan Nos. 01-0085683
        & 01-0086643

        Facsimile No.: __________________________

	 	 
	with a copy to:	
        Dilworth Paxson LLP

        1500 Market Street, 3500E

        Philadelphia, PA 19102

        Attention: Ajay Raju, Esq.

        Facsimile No.: (215) 575-7200

	 	 
	
        If to Guarantors:

         
	
        Whitehall Street Global Real Estate Limited
        Partnership 2007 and

 Whitehall Parallel Global Real Estate Limited Partnership 2007

        c/o Goldman Sachs & Co.

        200 West Street

        New York, New York 10282

        Facsimile No.: (972)
        368-3699

         

        American Realty Capital Hospitality Operating
        Partnership, L.P. and

        American Realty Capital Hospitality Trust,
        Inc.

        c/o American Realty Capital

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Facsimile No.: __________________________

	 	 
	and with a copy to:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007

        c/o Goldman, Sachs & Co.

        200 West Street

        New York, New York 10282

        Attention: Chief Financial Officer

        Facsimile No.: (212) 357-5505

 

    	 	16	Guaranty of Recourse Obligations

    	 

    

 

	 	
        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004

        Attention: Anthony J. Colletta, Esq.

        Facsimile No. (212) 291-9029

         

        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.

 

Section 6.3           Governing
Law; Jurisdiction; Service of Process. (a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR
AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH
STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN
ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS
GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY
WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS
GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	 	17	Guaranty of Recourse Obligations

    	 

    

 

(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR ANY GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY, AT LENDER’S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH GUARANTOR DOES HEREBY DESIGNATE AND APPOINT:

 

CORPORATION
SERVICE COMPANY

[ARC
TO PROVIDE ADDRESS]

 

AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL
OR STATE COURT IN NEW YORK, NEW YORK, AND EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE
SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH GUARANTOR (I) SHALL
GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME
DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED
AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT DESIGNATED BY BORROWER UNDER
THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW
YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY
OTHER JURISDICTION.

 

Section 6.4           Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future
laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining
provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary
to the basic understandings and intentions of the parties as expressed herein.

 

Section 6.5           Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought
to be enforced.

 

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Section 6.6           Parties
Bound; Assignment. This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors, permitted assigns, heirs and legal representatives. Lender shall have the right to assign or transfer its rights under
this Guaranty in connection with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall
be entitled to all the benefits afforded to Lender under this Guaranty. No Guarantor shall have the right to assign or transfer
its rights or obligations under this Guaranty without the prior written consent of Lender, and any attempted assignment without
such consent shall be null and void.

 

Section 6.7           Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

Section 6.8           Recitals.
The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima
facie evidence of the facts and documents referred to therein.

 

Section 6.9           Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be
necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making
proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached
to it additional signature pages.

 

Section 6.10         Rights
and Remedies. If any Guarantor becomes liable for any indebtedness owing by any one or both of the Borrowers to Lender,
by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby
and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor.
The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude
the concurrent or subsequent exercise of any other right or remedy.

 

Section 6.11         Entirety.
THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTORS AND LENDER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE
GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN
OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND LENDER AS A FINAL AND COMPLETE EXPRESSION
OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTORS AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES
AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE
SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS
AND LENDER.

 

    	 	19	Guaranty of Recourse Obligations

    	 

    

 

Section 6.12         Waiver
of Right To Trial By Jury. EACH GUARANTOR AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THIS GUARANTY, THE NOTE, THE MORTGAGES, THE LOAN AGREEMENT, THE ASSUMPTION AGREEMENT, OR THE OTHER LOAN DOCUMENTS, OR
ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY EACH GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH
THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

Section 6.13         Cooperation.
Each Guarantor acknowledges that Lender and its successors and assigns may (i) sell this Guaranty, the Note and the other Loan
Documents to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors,
(iii) deposit this Guaranty, the Note and the other Loan Documents with a trust, which trust may sell certificates to investors
evidencing an ownership interest in the trust assets, or (iv) otherwise sell the Loan or one or more interests therein to investors
(the transactions referred to in clauses (i) through (iv) are hereinafter each referred to as “Secondary Market Transaction”).
Subject to the terms, conditions and limitations set forth in the Loan Agreement, each Guarantor shall at no cost to any Guarantor,
cooperate with Lender in effecting any such Secondary Market Transaction, shall cooperate to implement all requirements imposed
by any of the Rating Agencies involved in any Secondary Market Transaction and shall provide (or cause Borrowers to provide) such
information and materials as may be required or necessary pursuant to Article 9 of the Loan Agreement (on and subject to the same
terms and conditions of such Article 9).

 

Section 6.14         Reinstatement
in Certain Circumstances. If at any time any payment of the principal of or interest under the Note or any other amount
payable by any one or both of the Borrowers under the Loan Documents is rescinded or must be otherwise restored or returned upon
the insolvency, bankruptcy or reorganization of such Borrower or Borrowers or otherwise, Guarantors’ obligations hereunder
with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

    	 	20	Guaranty of Recourse Obligations

    	 

    

 

Section 6.15         Exculpation
of Certain Persons. Notwithstanding anything to the contrary contained in this Guaranty or any other Loan Document, no
direct or indirect shareholder, partner, member, principal, Affiliate (other than any Borrower), employee, officer, trustee, director,
agent or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor be joined as party to, any action with respect to payment, performance or discharge
of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof, Lender for itself
and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money judgment,
deficiency judgment or personal judgment against any Related Party under or by reason of or in connection with this Guaranty; except
that any Related Party that is a party to any Loan Document or any other separate written guaranty, indemnity or other agreement
given by such Related Party in connection with the Loan shall remain fully liable therefor and the foregoing provisions shall not
operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies of the Lender thereunder.

 

Section 6.16         Gender;
Number; General Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided
herein, (a) words used in this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, (c) the word “Borrower” shall mean
“each Borrower and any subsequent owner or owners of any Individual Property or any part thereof or interest therein”,
(d) the word “Lender” shall mean “Lender and any subsequent holder of the Note”, (e) the
word “Note” shall mean “the Note and any other evidence of indebtedness secured by the Loan Agreement”,
(f) the word “Properties” shall include any portion of any of the Properties and any interest therein,
and (g) the phrases “attorneys’ fees”, “legal fees” and “counsel fees” shall include
any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements
at the pre-trial, trial and appellate levels, incurred or paid by Lender in protecting its interest in the Properties, the Leases
and/or the Rents and/or in enforcing its rights hereunder.

 

Section 6.17         Joint
and Several. The obligations of each Guarantor hereunder are joint and several.

 

Section 6.18         Certain
California State Specific Provisions.

 

(a)          To
the extent California law applies, nothing herein shall be deemed to limit the right of Lender to recover in accordance with California
Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses, liabilities or damages,
including reasonable attorneys’ fees and costs, incurred by Lender and arising from any covenant, obligation, liability,
representation or warranty contained in any indemnity agreement given to Lender, or any order, consent decree or settlement relating
to the cleanup of Hazardous Substances (as defined in the Environmental Indemnity) or any other “environmental provision”
(as defined in such Section 736) relating to any of the Properties or any portion thereof or the right of Lender to waive, in accordance
with the California Code of Civil Procedure Section 726.5 (as such Section may be amended from time to time), the security of any
of the Mortgages as to any parcel of any Individual Property that is “environmentally impaired” or is an “affected
parcel” (as such terms are defined in such Section 726.5), and as to any personal property attached to such parcel, and thereafter
to exercise against any one or both of the Borrowers, to the extent permitted by such Section 726.5, the rights and remedies of
any unsecured creditor, including reduction of Lender’s claim against such Borrower or Borrowers to judgment, and any other
rights and remedies permitted by law.

 

(b)          To
the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty, each Guarantor represents,
warrants and covenants as follows:

 

    	 	21	Guaranty of Recourse Obligations

    	 

    

 

(i)          The
obligations of each Guarantor under this Guaranty shall be performed without demand by Lender and shall be unconditional irrespective
of the genuineness, validity, regularity or enforceability of any of the Loan Documents, and without regard to any other circumstance
which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives any and
all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so such Guarantor shall be liable
even if any one or both of the Borrowers had no liability at the time of execution of the Loan Documents, or thereafter ceases
to be liable. Each Guarantor hereby waives any and all benefits and defenses under California Civil Code Section 2809 and
agrees that by doing so such Guarantor’s liability may be larger in amount and more burdensome than that of any one or both
of the Borrowers. Each Guarantor hereby waives the benefit of all principles or provisions of law, statutory or otherwise, which
are or might be in conflict with the terms of this Guaranty and agrees that such Guarantor’s obligations shall not be affected
by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge
of a surety or a guarantor. Each Guarantor hereby waives the benefits of any right of discharge under any and all statutes or other
laws relating to guarantors or sureties and any other rights of sureties and guarantors thereunder.

 

(ii)         In
accordance with Section 2856 of the California Civil Code, each Guarantor hereby waives all rights and defenses arising
out of an election of remedies by Lender even though that election of remedies, such as a nonjudicial foreclosure with respect
to security for guaranteed obligations, has destroyed or otherwise impaired such Guarantor’s rights of subrogation and reimbursement
against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Each Guarantor hereby
authorizes and empowers Lender to exercise, in its sole and absolute discretion, any right or remedy, or any combination thereof,
which may then be available, since it is the intent and purpose of each Guarantor that the obligations under this Guaranty shall
be absolute, independent and unconditional under any and all circumstances. Specifically, and without in any way limiting the foregoing,
each Guarantor hereby waives any rights of subrogation, indemnification, contribution or reimbursement arising under Sections 2846,
2847, 2848 and 2849 of the California Civil Code or any other right of recourse to or with respect to any Borrower (unless a Permitted
Direct Assumption shall have occurred in accordance with the Loan Agreement), any general partner, member or other constituent
of any Borrower (unless a Permitted Direct Assumption shall have occurred in accordance with the Loan Agreement), any other person
obligated to Lender with respect to the matters set forth herein, or the assets or property of any of the foregoing (unless a Permitted
Direct Assumption shall have occurred in accordance with the Loan Agreement) or to any collateral for the Loan until the Obligations
have been indefeasibly paid and satisfied in full, all obligations owed to Lender under the Loan Documents have been fully performed,
and Lender has released, transferred or disposed of all its right, title and interest in such collateral or security, and there
has expired the maximum possible period thereafter during which any payment made by any Borrower or others to Lender with respect
to the Obligations could be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject
to the foregoing limitations, each Guarantor expressly waives any and all rights of subrogation against each Borrower, and each
Guarantor hereby waives any rights to enforce any remedy which Lender may have against any Borrower and any right to participate
in any collateral for the Loan. Each Guarantor recognizes that, pursuant to Section 580d of the California Code of Civil Procedure,
Lender’s realization through nonjudicial foreclosure upon any real property constituting security for any Borrower’s
obligations under the Loan Documents could terminate any right of Lender to recover a deficiency judgment against one or both of
the Borrowers, thereby terminating subrogation rights which such parties otherwise might have against such Borrower or Borrowers.
In the absence of an adequate waiver, such a termination of subrogation rights could create a defense to enforcement of this Guaranty
against such parties. Each Guarantor hereby unconditionally and irrevocably waives any such defense.

 

    	 	22	Guaranty of Recourse Obligations

    	 

    

 

(iii)        In
addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of each
Borrower now or hereafter owed to any Guarantor to all the indebtedness of the Borrowers to Lender and agrees with Lender that
until either (x) a Permitted Direct Assumption has been consummated in accordance with the Loan Agreement) or (y) the Obligations
have been indefeasibly paid and satisfied in full, all obligations owed to Lender under the Loan Documents have been fully performed,
and Lender has released, transferred or disposed of all its right, title and interest in such collateral or security, and there
has expired the maximum possible period thereafter during which any payment made by any Borrower or others to Lender with respect
to the Obligations could be deemed a preference under the United States Bankruptcy Code, no Guarantor shall demand or accept any
payment of principal or interest from any Borrower, claim any offset or other reduction of any Guarantor’s obligations hereunder
because of any such indebtedness and shall not (even following a Permitted Direct Assumption) take any action to obtain any of
the collateral for the Loan. If any amount shall nevertheless be paid to a Guarantor by any Borrower or another guarantor prior
to payment in full of the Guaranteed Obligations, such amount shall be held in trust for the benefit of Lender and shall forthwith
be paid to Lender to be credited and applied to the Guaranteed Obligations, whether matured or unmatured. Further, no Guarantor
shall have any right of recourse against Lender by reason of any action Lender may take or omit to take under the provisions of
this Guaranty or under the provisions of any of the Loan Documents. Without limiting the generality of the foregoing, each Guarantor
hereby waives, to the fullest extent permitted by law, diligence in collecting the Obligations, presentment, demand for payment,
protest, all notices with respect to the Note, this Guaranty, or any other Loan Document which may be required by statute, rule
of law or otherwise to preserve Lender’s rights against such Guarantor under this Guaranty, including, but not limited to,
notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default, notice of intent
to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring
by any Borrower of any obligation or indebtedness.

 

    	 	23	Guaranty of Recourse Obligations

    	 

    

 

(iv)        Without
limiting the foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Guarantor may
have by reason of protection afforded to any Borrower with respect to any of the obligations of any Guarantor under this Guaranty
by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California limiting or discharging
such Borrower’s Obligations. Without limiting the generality of the foregoing, each Guarantor hereby expressly waives any
and all benefits under California Code of Civil Procedure Section 580a (which Section, if such Guarantor had not given this
waiver, would otherwise limit such Guarantor’s liability after a nonjudicial foreclosure sale to the difference between the
obligations of such Guarantor under this Guaranty and the fair market value of the property or interests sold at such nonjudicial
foreclosure sale), (ii) California Code of Civil Procedure Sections 580b and 580d (which Sections, if such Guarantor
had not given this waiver, would otherwise limit Lender’s right to recover a deficiency judgment with respect to purchase
money obligations and after a nonjudicial foreclosure sale, respectively), and (iii) California Code of Civil Procedure Section
726 (which Section, if such Guarantor had not given this waiver, among other things, would otherwise require Lender to exhaust
all of its security before a personal judgment could be obtained for a deficiency). Notwithstanding any foreclosure of the lien
of any of the Mortgages, whether by the exercise of the power of sale contained therein, by an action for judicial foreclosure
or by Lender’s acceptance of a deed in lieu of foreclosure, each Guarantor shall remain bound under this Guaranty (other
than as set forth in Section 1.10).

 

(v)         Likewise,
each Guarantor waives (i) any and all rights and defenses available to any Guarantor under California Civil Code Sections 2899
and 3433; (ii) any rights or defenses any Guarantor may have with respect to its obligations as a guarantor by reason
of any election of remedies by Lender; and (iii) all rights and defenses that any Guarantor may have because Borrowers’ debt
is secured by real property. This means, among other things, that Lender may collect from Guarantors without first foreclosing
on any real or personal property collateral pledged by any Borrower, and that if Lender forecloses on any real property collateral
pledged by any Borrower (A) the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure
sale, even if the collateral is worth more than the sale price, and (B) Lender may collect from Guarantors even if Lender, by foreclosing
on the real property collateral, has destroyed any rights Guarantors may have to collect from such Borrower or Borrowers. This
is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because Borrowers’ debt evidenced
by the Note is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based
upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

The provisions of this Section 6.18 shall
survive any satisfaction and discharge of any one or both of the Borrowers by virtue of any payment, court order or any applicable
law, except the final and indefeasible payment in full of the Guaranteed Obligations.

 

[NO FURTHER
TEXT ON THIS PAGE.]

 

    	 	24	Guaranty of Recourse Obligations

    	 

    

 

IN WITNESS WHEREOF,
each Guarantor has executed this Guaranty as of the day and year first above written.

 

	 	GUARANTORS:
	 	 
	 	American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	American Realty Capital Hospitality Trust, Inc., a Maryland corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

Signature Page

    	 	25	Guaranty of Recourse Obligations

    	 

    

 

	 	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership
	 	 	 	 
	 	By:	WH Advisors, L.L.C. 2007, a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited liability partnership
	 	 	 	 
	 	By:	WH Parallel Advisors, L.L.C. 2007, a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

Signature Page

    	 	26	Guaranty of Recourse Obligations

    	 

    

   

Guaranty
of Recourse Obligations – Mezzanine Loan

 

    	 	 	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Berkadia
Loan No. 01-0085684 & 01-0086644

 

GUARANTY
OF RECOURSE OBLIGATIONS

(MEZZANINE)

 

This GUARANTY OF
RECOURSE OBLIGATIONS (MEZZANINE) (this “Guaranty”) is executed as of December ______, 2014,
by American Realty Capital Hospitality Operating Partnership, L.P., a Delaware
limited partnership, and American Realty Capital Hospitality Trust, Inc.,
a Maryland corporation, WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership, and
WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership (each of the foregoing, a
“Guarantor”, and collectively, “Guarantors”), for the benefit of U.S.
Bank National Association, as Trustee for the Registered Holders of EQTY 2014-MZ Mezzanine Trust, Commercial Mezzanine Pass-Through
Certificates, having an address at c/o Berkadia Commercial Mortgage LLC, 118 Welsh Road, Horsham, Pennsylvania 19044
(together with its successors and/or assigns, “Lender”).

 

WITNESSETH:

 

A.           Pursuant
to a certain Assumption and Release Agreement (Mezzanine) dated as of the date hereof (the “Assumption Agreement”),
Lender is prepared to consent to the assumption (the “Assumption”) of a loan by American Realty Capital
Hospitality Portfolio I Mezz, LP, a Delaware limited partnership (“Borrower”) from WNT Mezz I, LLC, a
Delaware limited liability company (the “Original Borrower”), in the original principal amount of $111,000,000.00,
which loan is evidenced by that certain (i) Mezzanine Promissory Note A-1, dated April 11, 2014 (together with all addenda, modifications,
amendments, riders, exhibits and supplements thereto, the “A-1 Note”), from Original Borrower in the
original principal amount of $66,600,000.00 (the “A-1 Loan”), and (ii) Mezzanine Promissory Note A-2,
dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-2
Note” and together with the A-1 Note, the “Note”), from Original Borrower in the original
principal amount of $44,400,000.00 (the “A-2 Loan” and together with the A-1 Loan, the “Loan”),
each in favor of German American Capital Corporation, a Maryland corporation (“Original Lender”). The
Loan is evidenced by that certain Mezzanine Loan Agreement, dated as of April 11, 2014 (as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time, the “Loan Agreement”), and secured by that certain
Pledge and Security Agreement (Mezzanine), dated as of April 11, 2014, from Original Borrower for the benefit of Original Lender
(the “Original Pledge Agreement”), as replaced by that certain Pledge and Security Agreement (Mezzanine)
of even date herewith from Borrower for the benefit of Lender (as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time, the “Pledge Agreement”). Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Loan Agreement, as amended by the Assumption Agreement.

 

    	 	2	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

B.           Original
Lender assigned, sold and transferred its interest in the Loan and the Loan Documents to Lender and Lender is the current holder
of all of Original Lender’s interest in the Loan and Loan Documents.

 

C.           Lender
is not willing to consent to the Assumption of the Loan by Borrower, or otherwise extend credit, to the Borrower unless Guarantors
unconditionally guarantee the payment and performance to Lender of the Guaranteed Obligations (as herein defined).

 

D.           Guarantors
are the owners of direct or indirect interests in the Borrower, and each Guarantor will directly benefit from Lender’s consent
to the Assumption of the Loan by Borrower and the Loan.

 

NOW, THEREFORE, as
an inducement to Lender to consent to the Assumption of the Loan by Borrower and to extend such additional credit as Lender may
from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

ARTICLE 1

NATURE AND SCOPE OF GUARANTY

 

Section 1.1          Guaranty
of Obligation.

 

(a)          Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and
assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally covenants
and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and (ii)
from and after the date that any Springing Recourse Event occurs, payment of all of the Obligations.

 

(c)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived any
right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy
Code to file a claim for the full amount of the Obligations or to require that all collateral shall continue to secure all of the
Obligations owing to Lender in accordance with the Loan Documents.

 

Section 1.2          Nature
of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty
of collection. This Guaranty may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed
Obligations arising or created after any attempted revocation by any Guarantor and after (if such Guarantor is a natural person)
such Guarantor’s death (in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s
legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or
reduced shall not release or discharge the obligation of any Guarantor to Lender with respect to the Guaranteed Obligations. This
Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation
of all or part of the Note.

 

    	 	3	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 1.3           Guaranteed
Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of Guarantors to Lender
hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense
of Borrower or any other party against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense
arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section 1.4           Payment
By Guarantors. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand,
maturity, acceleration or otherwise, Guarantors shall, immediately upon demand by Lender and without presentment, protest, notice
of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any
other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender
at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment
of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed
Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.

 

Section 1.5           No
Duty To Pursue Others. It shall not be necessary for Lender (and each Guarantor hereby waives any rights which such Guarantor
may have to require Lender), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust
its remedies against Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, including, without
limitation, any general partner of any of the foregoing which is a partnership, (ii) enforce Lender’s rights against any
collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s rights against any other guarantors
of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing which is a partnership,
(iv) join Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v) exhaust
any remedies available to Lender against any collateral which shall ever have been given to secure the Loan, or (vi) resort to
any other means of obtaining payment of the Guaranteed Obligations, including, to the extent California law is deemed to apply
notwithstanding the choice of law set forth herein, any of the foregoing which may be available to Lender by virtue of California
Civil Code Sections 2845, 2849, and 2850. Lender shall not be required to mitigate damages or take any other
action to reduce, collect or enforce the Guaranteed Obligations.

 

Section 1.6           Waivers.
Each Guarantor acknowledges receipt of copies of the Loan Documents and hereby waives notice of (i) any loans or advances made
by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note, any of the Pledge Agreement,
the Loan Agreement, the Assumption Agreement or any other Loan Document, (iv) the execution and delivery by Borrower and Lender
of any other loan or credit agreement or of execution and delivery by Borrower of any promissory note or other document arising
under the Loan Documents or in connection with any of the Properties, (v) the occurrence of (A) any breach by Borrower of any of
the terms or conditions of the Loan Agreement or any of the other Loan Documents, or (B) an Event of Default, (vi) Lender’s
transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii) the sale or foreclosure (or the posting or advertising
for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default
by Borrower, or (ix) any other action at any time taken or omitted by Lender and, generally, all demands and notices of every kind
in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the
Guaranteed Obligations and/or the obligations hereby guaranteed.

 

    	 	4	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 1.7           Payment
of Expenses. In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors
shall, immediately upon demand by Lender, pay Lender all reasonable out-of-pocket costs and expenses (including court costs and
reasonable attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder.
The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.

 

Section 1.8           Effect
of Bankruptcy. In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief
law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received by Lender
in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty
given to Guarantors by Lender shall be without effect and this Guaranty shall remain (or shall be reinstated to be) in full force
and effect. It is the intention of Borrower and Guarantors that Guarantors’ obligations hereunder shall not be discharged
(other than as expressly set forth herein) except by Guarantors’ performance of such obligations and then only to the extent
of such performance.

 

Section 1.9           Waiver
and Postponement of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in
this Guaranty, each Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, for so long as both
any portion of the Debt shall be outstanding and a Direct Assumption shall not have been consummated in accordance with the Loan
Agreement, does hereby irrevocably waive and defer any and all rights it may now or hereafter have under any agreement, at law
or in equity (including, without limitation, any law subrogating Guarantors’ rights to the rights of Lender), to assert
any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other party liable
to Lender for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantors under or in connection
with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver shall only be in effect for so long
as any portion of the Debt shall be outstanding (or shall have been reinstated).

 

    	 	5	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 1.10         Limitations
on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, and any Person that either (or both) (a)
is in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”), or (b) is either
(1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any
Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the Guarantors directly
or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a Person
with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, fifty-one percent (51%)
or more of the direct or indirect voting equity interests in such Person, provided, however, that, notwithstanding
the foregoing, (I) no Person shall be deemed to be a Guarantor Affiliate to the extent Controlled by a Controlling Mezzanine Lender
in the exercise of its Direct Control Remedies or (y) in connection with or by virtue solely of any direct interest in Transferee
Borrower or Indirect Transferee and (II) in no event shall either Goldman Sachs Mortgage Company or GS Commercial Real Estate LP
be deemed a Guarantor Affiliate. Subject to clause (II) in the foregoing proviso, and without limiting the foregoing, if
a direct or indirect interest in a Mezzanine Loan is held by a Guarantor Affiliate, the related Mezzanine Lender will be deemed
a Guarantor Affiliate unless such Guarantor Affiliate is a Disabled Participant (as defined below) and one or more other holders
of substantial interests in such Mezzanine Loan that are not Guarantor Affiliates control the administration of such Mezzanine
Loan and the enforcement of the rights and remedies of such Mezzanine Lender. A Guarantor Affiliate is a “Disabled
Participant” with respect to a Mezzanine Loan if it has no right to exercise any voting or other control rights with
respect to such Mezzanine Loan (other than the right to approve amendments to the material economic terms of such Mezzanine Loan).

 

(b)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Guarantor Affiliate of the direct ownership interests
in the Owner, the general partner of Owner or any Mezzanine Borrower or the general partner of Mezzanine Borrower pledged as collateral
for a Mezzanine Loan pursuant to the Mezzanine Loan Documents, any transfer in lieu of foreclosure of the equity pledged as collateral
for any Mezzanine Loan to, on behalf of, or for the benefit or account of any Mezzanine Lender that is not a Guarantor Affiliate
(any such foreclosure or transfer-in-lieu thereof, a “Mezzanine Divestment”), with the result that neither
of the Guarantors nor any other Guarantor Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no
longer Controlled by either of the Guarantors or any other Guarantor Affiliate) shall have Control of, any one or more of the Owners
(each such Owner, a “Divested Borrower”), or

 

(ii)         (A)
any foreclosure (whether judicially or non judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the benefit or account of Mortgage Lender or (C) a receiver, trustee, liquidator,
conservator or other third-party appointed by, on behalf of or for the benefit or account of Mortgage Lender taking control of
any Individual Property (any such foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage
Divestment”), with the result, in any such case, that neither of the Guarantors nor any other Guarantor Affiliate
shall have the power to direct the management of, any one or more of the Properties thereby foreclosed, transferred or controlled
(each such Property, a “Divested Property”),

 

    	 	6	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

then, in such cases, Guarantors shall
not have any liability under the Loan Documents for any Guaranteed Obligations arising from any circumstance, condition, action
or event with respect to any such Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment
or Mezzanine Divestment, as applicable, and not caused by the acts of either of the Guarantors or any other Guarantor Affiliate,
or any Loan Party (excluding any Loan Party who as a result of a Mezzanine Divestment is no longer Controlled by either of the
Guarantors or any other Guarantor Affiliate); provided that Guarantors shall remain liable hereunder for any Guaranteed Obligations
to the extent arising from any action or event occurring with respect to any such Divested Property or Divested Borrower prior
to the date of the Mortgage Divestment or Mezzanine Divestment, as applicable.

 

(c)          In
the event that either a Permitted Direct Assumption or Permitted Indirect Assumption shall occur in accordance with Section
7.1 of the Loan Agreement and Lender receives in connection therewith a replacement guaranty and replacement environmental
indemnity (collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Guarantors from liability for any Guaranteed Obligations arising from any circumstance, condition, action or event first occurring
after the effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the
extent the same is not caused by either of the Guarantors or any Guarantor Affiliate (it being understood that circumstances, conditions,
actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall be deemed to not have been caused
by any Guarantor or any Guarantor Affiliate); provided, however, that Guarantors shall remain liable hereunder for any Guaranteed
Obligations arising from any action or event occurring prior to the Assumption Release Date.

 

(d)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Guarantor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine Loan Documents,
(i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership interests
of the applicable Owner, any general partner of Owner or any Mezzanine Borrower or the general partner of Mezzanine Borrower pledged
to such Mezzanine Lender as collateral for its Mezzanine Loan under the related Mezzanine Loan Documents, of such ownership interests
in the applicable Owner, any general partner of Owner or any Mezzanine Borrower or the general partner of Mezzanine Borrower so
pledged as collateral for such Mezzanine Loan, or (ii) appoints a receiver, trustee, liquidator, conservator or other third-party
that is not a Guarantor Affiliate to take control of the equity pledged as collateral for such Mezzanine Loan (the “Direct
Control Remedies”, and such Mezzanine Lender, or such receiver, trustee, liquidator, conservator or other third party
appointed by such Mezzanine Lender, exercising such Direct Control Remedies, the “Controlling Mezzanine Lender”),
Guarantors shall not have liability hereunder for the actions that such Controlling Mezzanine Lender, in the exercise of its Direct
Control Remedies, causes any Owner, any general partner of Owner or any Mezzanine Borrower or the general partner of Mezzanine
Borrower to take (“Mezzanine Lender Controlled Actions”) if such Mezzanine Lender Controlled Actions
are taken without consent of or collusion with, either of the Guarantors or any Guarantor Affiliate.

 

(e)          Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Loan; provided, however, that the Guaranteed
Obligations shall survive such termination with respect to any and all such Guaranteed Obligations accruing prior to or arising
out of or related to any circumstances, conditions, actions or events occurring or arising prior to the date of such repayment
and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur or the applicable circumstance,
condition, action or event is not discovered until after such date.

 

    	 	7	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

ARTICLE 2

EVENTS AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

Subject to Section
1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of the following
and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without
limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following:

 

Section 2.1           Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Note, the Pledge Agreement, the Loan Agreement, the Assumption Agreement, the other Loan Documents or any other document, instrument,
contract or understanding between Borrower and Lender or any other parties pertaining to the Guaranteed Obligations or any failure
of Lender to notify Guarantors of any such action.

 

Section 2.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or any Guarantor.

 

Section 2.3           Condition
of Borrower or Guarantors. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution
or lack of power of Borrower, any Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed
Obligations; or any dissolution of Borrower or any Guarantor or, subject to Section 1.10(b) and (c) hereof, any sale,
lease or transfer of any or all of the assets of Borrower or any Guarantor or, subject to Section 1.10(b) and (c)
hereof, any changes in the direct or indirect shareholders, partners or members, as applicable, of Borrower or any Guarantor; or
any reorganization of Borrower or any Guarantor.

 

Section 2.4           Invalidity
of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations
or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without
limitation, the fact that (i) the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act
of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the
Note, the Pledge Agreement, the Loan Agreement, the Assumption Agreement or the other Loan Documents or otherwise creating the
Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) Borrower
has valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly
or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the
execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in
connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible
or unenforceable, or (vii) the Note, the Pledge Agreement, the Loan Agreement, the Assumption Agreement or any of the other
Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantors shall remain
liable hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations or any part
thereof for any reason.

 

    	 	8	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 2.5           Release
of Obligors. Any full or partial release of the liability of Borrower for the Guaranteed Obligations or any part thereof,
or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it
being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations
in full without assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other Persons (including Borrower) will be liable to pay or perform
the Guaranteed Obligations or that Lender will look to other Persons (including Borrower) to pay or perform the Guaranteed Obligations.

 

Section 2.6           Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all
or any part of the Guaranteed Obligations.

 

Section 2.7           Release
of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without
limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing
in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations, subject, however, to the
terms of Section 1.10 hereof.

 

Section 2.8           Care
and Diligence. The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not
limited to, any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of
any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any
instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

Section 2.9           Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that
such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations.

 

Section 2.10         Offset.
Any existing or future right of offset, claim or defense of Borrower against Lender, or any other party, or against payment of
the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise.

 

    	 	9	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 2.11         Merger.
The reorganization, merger or consolidation of any one or both of the Individual Owners or any Mezzanine Borrower into or with
any other Person.

 

Section 2.12         Preference.
Any payment by Borrower to Lender is held to constitute a preference under the Bankruptcy Code or for any reason Lender is required
to refund such payment or pay such amount to Borrower or to any other Person.

 

Section 2.13         Other
Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed
Obligations or the security and collateral therefor, whether or not such action or omission prejudices Guarantors or increases
the likelihood that Guarantors will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous
and unequivocal intention of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding
any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and
satisfaction of the Guaranteed Obligations.

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

 

To induce Lender to
enter into the Assumption Agreement and to continue to extend credit to Borrower, each Guarantor represents and warrants to Lender
as follows:

 

Section 3.1           Benefit.
Each Guarantor is the owner of a direct or indirect interest in Borrower and has received, or will receive, direct or indirect
benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

 

Section 3.2           Familiarity
and Reliance. Each Guarantor is familiar with, and has independently reviewed books and records regarding, the financial
condition of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment
of the Note or Guaranteed Obligations; however, such Guarantor is not relying on such financial condition or the collateral as
an inducement to enter into this Guaranty.

 

Section 3.3           No
Representation By Lender. Neither Lender nor any other party has made any representation, warranty or statement to any
Guarantor in order to induce such Guarantor to execute this Guaranty.

 

Section 3.4           Each
Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent
obligation evidenced hereby, each Guarantor (a) is and intends to remain solvent, (b) has and intends to have assets which, fairly
valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and (c) has and intends to have property
and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.

 

    	 	10	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 3.5           Legality.
The execution, delivery and performance by each Guarantor of this Guaranty and the consummation of the transactions contemplated
hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is
subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or
result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor
is a party or which may be applicable to such Guarantor. This Guaranty is a legal and binding obligation of each Guarantor and
is enforceable against such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of
general application relating to the enforcement of creditors’ rights.

 

Section 3.6           No
Plan Assets. Neither Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,”
as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of either Guarantor constitutes
or will, during any period when the Loan remains outstanding, constitute “plan assets” of one or more such plans within
the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) neither Guarantor is a “governmental plan” within
the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating
investments of, or fiduciary obligations with respect to, governmental plans. As of the date hereof, neither any of the Guarantors,
nor any member of a “controlled group of corporations” (within the meaning of Section 414 of the Code) maintains,
sponsors or contributes to a “defined benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer
pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section 3.7           ERISA.  Neither
Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation, or
action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Loan Agreement or the
other Loan Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section 3.8           Survival.
All representations and warranties made by each Guarantor herein shall survive the execution hereof.

 

ARTICLE 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section 4.1           Subordination
of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of
Borrower to any one or both of the Guarantors, whether such debts and liabilities now exist or are hereafter incurred or arise,
and whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise,
and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective
of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created,
or the manner in which they have been, or may hereafter be, acquired by the applicable Guarantor or Guarantors. The Guarantor Claims
shall include, without limitation, all rights and claims of any one or both of the Guarantors against Borrower (arising as a result
of subrogation or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors.
So long as any portion of the Obligations or the Guaranteed Obligations remain outstanding, no Guarantor shall receive or collect,
directly or indirectly, from Borrower or any other Person obligated to Lender any amount upon the Guarantor Claims.

 

    	 	11	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 4.2           Claims
in Bankruptcy. In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other
insolvency proceeding involving any Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding
so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and
payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to Lender.
Should Lender receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to
any Guarantor and which, as between Borrower and any one or both of the Guarantors, shall constitute a credit against the Guarantor
Claims, then, upon payment to Lender in full of the Guaranteed Obligations or, if earlier, upon consummation of a Permitted Direct
Assumption in accordance with Section 7.1 of the Loan Agreement, such Guarantor shall become subrogated to the rights of
Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed
Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been
unpaid if Lender had not received dividends or payments upon the Guarantor Claims.

 

Section 4.3           Payments
Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should
receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in
trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously
paid to Lender, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions
so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly
to pay the same to Lender.

 

Section 4.4           Liens
Subordinate. Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon
the assets of Borrower securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guaranteed Obligations,
regardless of whether such encumbrances in favor of any Guarantor or Lender presently exist or are hereafter created or attach.
Without the prior written consent of Lender, so long as both (a) any portion of the Debt shall be outstanding and (b) a Direct
Assumption shall not have been consummated in accordance with the Loan Agreement, then no Guarantor shall (i) exercise or enforce
any creditor’s rights it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute
any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security
interests, collateral rights, judgments or other encumbrances on the assets of Borrower held by any Guarantor.

 

    	 	12	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

ARTICLE 5

COVENANTS

 

Section 5.1           Definitions.
As used in this Article 5, the following terms shall have the respective meanings set forth below:

 

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

 

(b)          “Liquid
Assets” shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties unless the same have been distributed
by Borrower in accordance with the Loan Documents), (b) certificates of deposit (with a maturity of two years or less) issued by,
or savings account with Approved Bank or other, any bank or other financial institution reasonably acceptable to Lender, (c) marketable
securities listed on a national or international exchange reasonably acceptable to Lender (it being understood, without limitation
of the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to Lender), marked to market, (d) U.S.
Obligations or (e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally
draw from any of its partners.

 

(c)          “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date (without regard to the Properties
or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in accordance with GAAP.

 

Section 5.2           Covenants.
Until all of the Obligations and the Guaranteed Obligations have been paid in full or, if earlier, the occurrence of any of the
events described in Section 1.10(b)-(e) that limits or releases Guarantor’s liability from and after any such events,
(i) Guarantors shall maintain (x) an aggregate Net Worth of not less than $250,000,000 (the “Net Worth Threshold”)
and (y) subject to paragraph (b) below, aggregate Liquid Assets of not less than $20,000,000 (the “Liquid Assets
Threshold”).

 

Section 5.3           Prohibited
Transactions. Each Guarantor shall not, at any time while a default in the payment of the Guaranteed Obligations has occurred
and is continuing, either (i) enter into or effectuate any transaction with any Affiliate that would reduce the Net Worth of such
Guarantor (including the payment of any dividend or distribution to a shareholder, or the redemption, retirement, purchase or other
acquisition for consideration of any stock or other ownership interest in such Guarantor) or (ii) sell, pledge, mortgage or otherwise
transfer to any Affiliate of Guarantor any of such Guarantor’s assets, or any interest therein.

 

Section 5.4           Financial
Statements. Each Guarantor shall deliver to Lender:

 

(a)          within
120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor
certifying that such annual financial statements are true, correct, accurate and complete and fairly present the financial condition
and results of the operations of such Guarantor;

 

    	 	13	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

(b)          within
90 days after the end of each fiscal quarter of such Guarantor, financial statements in the form delivered to such Guarantor’s
limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of signer’s
knowledge, such quarterly financial statements fairly present the financial condition and results of the operations of such Guarantor
in a manner consistent with GAAP (subject to year-end adjustments); and

 

(c)          20
days after request by Lender, such other financial information with respect to such Guarantor as Lender may reasonably request.

 

ARTICLE 6

MISCELLANEOUS

 

Section 6.1           Waiver.
No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision
of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver
shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of
the right to take other action in the same, similar or other instances without such notice or demand.

 

Section 6.2           Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required,
permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or
by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each
case addressed to the parties as follows:

 

	
        If to Lender:

         
	
        U.S. Bank National Association, as Trustee
        for the Registered Holders of

 EQTY 2014-MZ Mezzanine Trust, Commercial Mezzanine Pass-

Through Certificates

        c/o Berkadia Commercial Mortgage LLC

        118 Welsh Road

        Horsham, PA 19044

        Attention: Client Relations Manager for

           Loan Nos. 01-0085684
        & 01-0086644

        Facsimile No.: __________________________

        

 

    	 	14	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

	with a copy to:	
        Dilworth Paxson LLP

        1500 Market Street, 3500E

        Philadelphia, PA 19102

        Attention: Ajay Raju, Esq.

        Facsimile No.: (215) 575-7200

	 	 
	with a copy to:	
        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

	 	 
	If to Guarantors:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007 and

 Whitehall Parallel Global Real Estate Limited Partnership 2007

        c/o Goldman Sachs & Co.

        200 West Street

        New York, New York 10282

        Facsimile No.: (972)
        368-3699

         

        American Realty Capital Hospitality Operating
        Partnership, L.P. and

        American Realty Capital Hospitality Trust,
        Inc.

        c/o American Realty Capital

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Facsimile No.: ________________________

	 	 
	with a copy to:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007

        c/o Goldman, Sachs & Co.

        200 West Street

        New York, New York 10282

        Attention: Chief Financial Officer

        Facsimile No.: (212) 357-5505

         

        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004

        Attention: Anthony J. Colletta, Esq.

        Facsimile No. (212) 291-9029

         

        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

 

    	 	15	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.

 

Section 6.3           Governing
Law; Jurisdiction; Service of Process. (a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR
AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH
STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN
ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS
GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY
WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS
GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR ANY GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY, AT LENDER’S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH GUARANTOR DOES HEREBY DESIGNATE AND APPOINT:

 

CORPORATION
SERVICE COMPANY

[ARC
TO PROVIDE ADDRESS]

 

    	 	16	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL
OR STATE COURT IN NEW YORK, NEW YORK, AND EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE
SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH GUARANTOR (I) SHALL
GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME
DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED
AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT DESIGNATED BY BORROWER UNDER
THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW
YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY
OTHER JURISDICTION.

 

Section 6.4           Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future
laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining
provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary
to the basic understandings and intentions of the parties as expressed herein.

 

Section 6.5           Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought
to be enforced.

 

Section 6.6           Parties
Bound; Assignment. This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors, permitted assigns, heirs and legal representatives. Lender shall have the right to assign or transfer its rights under
this Guaranty in connection with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall
be entitled to all the benefits afforded to Lender under this Guaranty. No Guarantor shall have the right to assign or transfer
its rights or obligations under this Guaranty without the prior written consent of Lender, and any attempted assignment without
such consent shall be null and void.

 

Section 6.7           Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

    	 	17	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 6.8           Recitals.
The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima
facie evidence of the facts and documents referred to therein.

 

Section 6.9           Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be
necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making
proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached
to it additional signature pages.

 

Section 6.10         Rights
and Remedies. If any Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise,
other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender
hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of
any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent
exercise of any other right or remedy.

 

Section 6.11         Entirety.
THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTORS AND LENDER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE
GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN
OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND LENDER AS A FINAL AND COMPLETE EXPRESSION
OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTORS AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES
AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE
SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS
AND LENDER.

 

Section 6.12         Waiver
of Right To Trial By Jury. EACH GUARANTOR AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THIS GUARANTY, THE NOTE, THE PLEDGE AGREEMENT, THE LOAN AGREEMENT, THE ASSUMPTION AGREEMENT OR THE OTHER LOAN DOCUMENTS,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY EACH GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH
THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

    	 	18	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 6.13         Cooperation.
Each Guarantor acknowledges that Lender and its successors and assigns may (i) sell this Guaranty, the Note and the other Loan
Documents to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors,
(iii) deposit this Guaranty, the Note and the other Loan Documents with a trust, which trust may sell certificates to investors
evidencing an ownership interest in the trust assets, or (iv) otherwise sell the Loan or one or more interests therein to investors
(the transactions referred to in clauses (i) through (iv) are hereinafter each referred to as “Secondary Market
Transaction”). Subject to the terms, conditions and limitations set forth in the Loan Agreement, each Guarantor shall
at no cost to any Guarantor, cooperate with Lender in effecting any such Secondary Market Transaction, shall cooperate to implement
all requirements imposed by any of the Rating Agencies involved in any Secondary Market Transaction and shall provide (or cause
Borrower to provide) such information and materials as may be required or necessary pursuant to Article 9 of the Loan Agreement
(on and subject to the same terms and conditions of such Article 9.

 

Section 6.14         Reinstatement
in Certain Circumstances. If at any time any payment of the principal of or interest under the Note or any other amount
payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy
or reorganization of Borrower or otherwise, Guarantors’ obligations hereunder with respect to such payment shall be reinstated
as though such payment had been due but not made at such time.

 

Section 6.15         Exculpation
of Certain Persons. Notwithstanding anything to the contrary contained in this Guaranty or any other Loan Document, no
direct or indirect shareholder, partner, member, principal, Affiliate (other than Borrower), employee, officer, trustee, director,
agent or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor be joined as party to, any action with respect to payment, performance or discharge
of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof, Lender for itself
and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money judgment,
deficiency judgment or personal judgment against any Related Party under or by reason of or in connection with this Guaranty;
except that any Related Party that is a party to any Loan Document or any other separate written guaranty, indemnity or other
agreement given by such Related Party in connection with the Loan shall remain fully liable therefor and the foregoing provisions
shall not operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies of the
Lender thereunder.

 

    	 	19	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

Section 6.16         Gender;
Number; General Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided
herein, (a) words used in this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, (c) the word “Borrower” shall mean
“Borrower and any subsequent owner or owners of the Collateral or any part thereof or interest therein”, (d) the word
“Lender” shall mean “Lender and any subsequent holder of the Note”, (e) the word “Note”
shall mean “the Note and any other evidence of indebtedness secured by the Loan Agreement”, (f) the word “Collateral”
shall include any portion of the collateral pledged for the Loan and any interest therein, and (g) the phrases “attorneys’
fees”, “legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and
law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels,
incurred or paid by Lender in protecting its interest in the Collateral and/or in enforcing its rights hereunder.

 

Section 6.17         Joint
and Several. The obligations of each Guarantor hereunder are joint and several.

 

Section 6.18         Certain
California State Specific Provisions.

 

(a)          To
the extent California law applies, nothing herein shall be deemed to limit the right of Lender to recover in accordance with California
Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses, liabilities
or damages, including reasonable attorneys’ fees and costs, incurred by Lender and arising from any covenant, obligation,
liability, representation or warranty contained in any indemnity agreement given to Lender, or any order, consent decree or settlement
relating to the cleanup of Hazardous Substances (as defined in the Environmental Indemnity) or any other “environmental provision”
(as defined in such Section 736) relating to the Collateral or any portion thereof or the right of Lender to waive, in accordance
with the California Code of Civil Procedure Section 726.5 (as such Section may be amended from time to time), the security
of the Pledge Agreement as to any Collateral that is “environmentally impaired” or is an “affected parcel”
(as such terms are defined in such Section 726.5), and as to any personal property attached to such parcel, and thereafter
to exercise against Borrower, to the extent permitted by such Section 726.5, the rights and remedies of any unsecured creditor,
including reduction of Lender’s claim against Borrower to judgment, and any other rights and remedies permitted by law.

 

(b)          To
the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty, each Guarantor represents,
warrants and covenants as follows:

 

(i)          The
obligations of each Guarantor under this Guaranty shall be performed without demand by Lender and shall be unconditional irrespective
of the genuineness, validity, regularity or enforceability of any of the Loan Documents, and without regard to any other circumstance
which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives any and
all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so such Guarantor shall be liable
even if Borrower had no liability at the time of execution of the Loan Documents, or thereafter ceases to be liable. Each Guarantor
hereby waives any and all benefits and defenses under California Civil Code Section 2809 and agrees that by doing so such
Guarantor’s liability may be larger in amount and more burdensome than that of Borrower. Each Guarantor hereby waives the
benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this
Guaranty and agrees that such Guarantor’s obligations shall not be affected by any circumstances, whether or not referred
to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor
hereby waives the benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties
and any other rights of sureties and guarantors thereunder.

 

    	 	20	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

(ii)         In
accordance with Section 2856 of the California Civil Code, each Guarantor hereby waives all rights and defenses arising
out of an election of remedies by Lender even though that election of remedies has destroyed or otherwise impaired such Guarantor’s
rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of
Civil Procedure or otherwise. Each Guarantor hereby authorizes and empowers Lender to exercise, in its sole and absolute discretion,
any right or remedy, or any combination thereof, which may then be available, since it is the intent and purpose of each Guarantor
that the obligations under this Guaranty shall be absolute, independent and unconditional under any and all circumstances. Specifically,
and without in any way limiting the foregoing, each Guarantor hereby waives any rights of subrogation, indemnification, contribution
or reimbursement arising under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or
any other right of recourse to or with respect to Borrower (unless a Permitted Direct Assumption shall have occurred in accordance
with the Loan Agreement), any general partner, member or other constituent of Borrower (unless a Permitted Direct Assumption shall
have occurred in accordance with the Loan Agreement), any other person obligated to Lender with respect to the matters set forth
herein, or the assets or property of any of the foregoing (unless a Permitted Direct Assumption shall have occurred in accordance
with the Loan Agreement) or to any collateral for the Loan until the Obligations have been indefeasibly paid and satisfied in
full, all obligations owed to Lender under the Loan Documents have been fully performed, and Lender has released, transferred
or disposed of all its right, title and interest in such collateral or security, and there has expired the maximum possible period
thereafter during which any payment made by Borrower or others to Lender with respect to the Obligations could be deemed a preference
under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations, each Guarantor
expressly waives any and all rights of subrogation against each Borrower, and each Guarantor hereby waives any rights to enforce
any remedy which Lender may have against Borrower and any right to participate in any collateral for the Loan. Each Guarantor
recognizes that, pursuant to Section 580d of the California Code of Civil Procedure, Lender’s realization through
nonjudicial foreclosure upon any real property constituting security for Borrower’s obligations under the Loan Documents
could terminate any right of Lender to recover a deficiency judgment against Borrower, thereby terminating subrogation rights
which such parties otherwise might have against Borrower. In the absence of an adequate waiver, such a termination of subrogation
rights could create a defense to enforcement of this Guaranty against such parties. Each Guarantor hereby unconditionally and
irrevocably waives any such defense.

 

    	 	21	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

(iii)        In
addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of Borrower
now or hereafter owed to any Guarantor to all the indebtedness of Borrower to Lender and agrees with Lender that until either (x)
a Permitted Direct Assumption has been consummated in accordance with the Loan Agreement) or (y) the Obligations have been indefeasibly
paid and satisfied in full, all obligations owed to Lender under the Loan Documents have been fully performed, and Lender has released,
transferred or disposed of all its right, title and interest in such collateral or security, and there has expired the maximum
possible period thereafter during which any payment made by Borrower or others to Lender with respect to the Obligations could
be deemed a preference under the United States Bankruptcy Code, no Guarantor shall demand or accept any payment of principal or
interest from Borrower, claim any offset or other reduction of any Guarantor’s obligations hereunder because of any such
indebtedness and shall not (even following a Permitted Direct Assumption) take any action to obtain any of the collateral for the
Loan. If any amount shall nevertheless be paid to a Guarantor by Borrower or another guarantor prior to payment in full of the
Guaranteed Obligations, such amount shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be
credited and applied to the Guaranteed Obligations, whether matured or unmatured. Further, no Guarantor shall have any right of
recourse against Lender by reason of any action Lender may take or omit to take under the provisions of this Guaranty or under
the provisions of any of the Loan Documents. Without limiting the generality of the foregoing, each Guarantor hereby waives, to
the fullest extent permitted by law, diligence in collecting the Obligations, presentment, demand for payment, protest, all notices
with respect to the Note, this Guaranty, or any other Loan Document which may be required by statute, rule of law or otherwise
to preserve Lender’s rights against such Guarantor under this Guaranty, including, but not limited to, notice of acceptance,
notice of any amendment of the Loan Documents, notice of the occurrence of any default, notice of intent to accelerate, notice
of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Borrower of any obligation
or indebtedness.

 

(iv)        Without
limiting the foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such
Guarantor may have by reason of protection afforded to Borrower with respect to any of the obligations of any Guarantor under this
Guaranty by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California limiting
or discharging Borrower’s Obligations. Without limiting the generality of the foregoing, each Guarantor hereby expressly
waives any and all benefits under (i) California Code of Civil Procedure Section 580a (which Section, if such Guarantor
had not given this waiver, would otherwise limit such Guarantor’s liability after a nonjudicial foreclosure sale to the difference
between the obligations of such Guarantor under this Guaranty and the fair market value of the property or interests sold at such
nonjudicial foreclosure sale), (ii) California Code of Civil Procedure Sections 580b and 580d (which Sections, if
such Guarantor had not given this waiver, would otherwise limit Lender’s right to recover a deficiency judgment with respect
to purchase money obligations and after a nonjudicial foreclosure sale, respectively), and (iii) California Code of Civil
Procedure Section 726 (which Section, if such Guarantor had not given this waiver, among other things, would otherwise require
Lender to exhaust all of its security before a personal judgment could be obtained for a deficiency). Notwithstanding any foreclosure
of the lien of the Pledge or any mortgage, deed of trust or other security instrument that may now or hereafter be executed by
Borrower for the benefit of Lender, each Guarantor shall remain bound under this Guaranty (other than as set forth in Section
1.10).

 

    	 	22	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

(v)         Likewise,
each Guarantor waives (i) any and all rights and defenses available to any Guarantor under California Civil Code Sections 2899
and 3433; (ii) any rights or defenses any Guarantor may have with respect to its obligations as a guarantor by reason
of any election of remedies by Lender; and (iii) all rights and defenses that any Guarantor may have because Borrower’s debt
is secured by any real property. This means, among other things, that Lender may collect from Guarantors without first foreclosing
on any real or personal property collateral pledged by Borrower or Owner, and that if Lender forecloses on any real property collateral
pledged by Borrower (A) the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure
sale, even if the collateral is worth more than the sale price, and (B) Lender may collect from Guarantors even if Lender, by foreclosing
on the real property collateral, has destroyed any rights Guarantors may have to collect from Borrower. This is an unconditional
and irrevocable waiver of any rights and defenses any Guarantor may have because Borrower’s debt is secured by any real property.
These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b,
580d, or 726 of the California Code of Civil Procedure.

 

The provisions of this Section 6.18
shall survive any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable law, except the
final and indefeasible payment in full of the Guaranteed Obligations.

 

[NO FURTHER
TEXT ON THIS PAGE.]

 

    	 	23	Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

IN WITNESS WHEREOF,
each Guarantor has executed this Guaranty as of the day and year first above written.

 

	 	GUARANTORS:
	 	 
	 	American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	American Realty Capital Hospitality Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

Signature Page 

    	 		Guaranty of Recourse Obligations
(Mezzanine Loan)

    	 

    

 

	 	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership
	 	 	 
	 	By:	WH Advisors, L.L.C. 2007, a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited liability partnership
	 	 	 
	 	By:	WH Parallel Advisors, L.L.C. 2007, a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

Signature Page

    	 	25	Guaranty of Recourse Obligations

    	 

    

 

Environmental Indemnity – Mortgage Loan

 

    	 	 	Environmental Indemnity Agreement

    	 

    

 

Berkadia
Loan No. 01-0085683 & 01-0086643

 

ENVIRONMENTAL
INDEMNITY AGREEMENT

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement”) is made as of December ____, 2014, by ARC
Hospitality Portfolio I Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I TFGL Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company, ARC
Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership, ARC
Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership, and ARC
Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership, each having an office at c/o American Realty
Capital, 405 Park Avenue, 15th Floor, New York, New York 10022 (each, a “Borrower”, and together
with their respective permitted successors and assigns, collectively, “Borrowers”), American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership, and American
Realty Capital Hospitality Trust, Inc., a Maryland corporation, each having an office at c/o American Realty Capital,
405 Park Avenue, 15th Floor, New York, New York 10022, WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,
a Delaware limited partnership, and WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership,
each having an office at c/o Goldman, Sachs & Co., 200 West Street, New York, NY 10282 (each, a “Non-Borrower Indemnitor”,
and together with their respective permitted successors and assigns, collectively, “Non-Borrower Indemnitors”;
and together with Borrowers, “Indemnitors”, and each, an “Indemnitor”), in
favor of U.S. Bank National Association,
as Trustee for the Registered Holders of EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
having an office at c/o Berkadia Commercial Mortgage LLC, 118 Welsh Road, Horsham, Pennsylvania 19044 (together with its successors
and/or assigns, “Indemnitee”) and the other Indemnified Parties (defined below).

 

    	 	2	Environmental Indemnity Agreement

    	 

    

 

RECITALS

 

1.          Pursuant
to a certain Assumption and Release Agreement dated as of the date hereof (the “Assumption Agreement”),
Indemnitee is prepared to consent to the assumption (the “Assumption”) of a loan by Borrowers from W2007
Equity Inns Realty, LLC, a Delaware limited liability company, and W2007 Equity Inns Realty, L.P., a Delaware limited partnership
(collectively, the “Original Borrower”), in the original principal amount of $865,000,000.00, which loan
is evidenced by that certain (i) Promissory Note A-1, dated April 11, 2014 (together with all addenda, modifications, amendments,
riders, exhibits and supplements thereto, the “A-1 Note”), from Original Borrower in the original principal
amount of $519,000,000.00 (the “A-1 Loan”), and (ii) Promissory Note A-2, dated April 11, 2014 (together
with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-2 Note”
and together with the A-1 Note, the “Note”), from Original Borrower in the original principal amount
of $346,000,000.00 (the “A-2 Loan” and together with the A-1 Loan, the “Loan”),
each in favor of German American Capital Corporation, a Maryland corporation (“Original Indemnitee”).
The Loan is evidenced by that certain Loan Agreement, dated as of April 11, 2014, as amended by that certain First Amendment to
Loan Agreement, dated as of June 18, 2014 (as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time, the “Loan Agreement”), and secured by the Mortgage (as defined in the Loan Agreement) encumbering
the Properties. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement, as amended
by the Assumption Agreement.

 

2.          Original
Indemnitee assigned, sold and transferred its interest in the Loan and the Loan Documents to Indemnitee and Indemnitee is the current
holder of all of Original Indemnitee’s interest in the Loan and Loan Documents.

 

3.          Each
Indemnitor acknowledges receipt and approval of copies of the Loan Documents.

 

4.          Each
Non-Borrower Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in Borrowers and, as a
result of such beneficial interest, will receive substantial economic and other benefits from Indemnitee consenting to the Assumption
of the Loan by Borrowers.

 

5.          Indemnitee
is unwilling to consent to the Assumption unless Indemnitors agree to provide the indemnification, representations, warranties,
covenants and other matters described in this Agreement for the benefit of the Indemnified Parties.

 

6.          Indemnitors
are entering into this Agreement to induce Indemnitee to consent to the Assumption of the Loan by Borrowers.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitors
hereby represent, warrant, covenant and agree for the benefit of the Indemnified Parties as follows:

 

    	 	3	Environmental Indemnity Agreement

    	 

    

 

1.          Environmental
Representations and Warranties. Except as otherwise disclosed by those reports listed on Schedule I attached hereto
and made a part hereof in respect of the Properties (referred to below collectively as the “Environmental Reports”),
copies of which have been provided to Indemnitee and/or Original Indemnitee, to Indemnitor’s knowledge and except as would
not have a material adverse effect individually or in the aggregate on the business or condition (financial or otherwise) of Borrower
or any Individual Borrower, (a) there are no Hazardous Substances (defined below) or underground storage tanks in, on or under
any Individual Property, except those that are both (i) in compliance with all Environmental Laws (defined below) and with any
necessary permits issued pursuant thereto and (ii) fully disclosed to Indemnitee and/or Original Indemnitee in writing pursuant
to the Environmental Reports; (b) there are no past, present or threatened Releases (defined below) of Hazardous Substances in,
on, under or from any Individual Property which have not been remediated as required under Environmental Laws; (c) there is no
threat of any Release of Hazardous Substances migrating to any Individual Property; (d) there is no past or present non-compliance
with Environmental Laws, or with permits issued pursuant thereto, in connection with any Individual Property which has not been
remediated as required under Environmental Laws; (e) none of Indemnitors know of, or have received, any written or oral notice
or other communication from any Person (including, but not limited to, any Governmental Authority) relating to any Release or Remediation
(defined below) of any Hazardous Substance, of possible liability of any Indemnitor pursuant to any Environmental Law, any other
environmental conditions in connection with any Individual Property, or any actual or potential administrative or judicial proceedings
in connection with any of the foregoing; (f) no Toxic Mold (as defined below) is present in the indoor air of any Individual Property
at concentrations for which any Legal Requirement applicable to such Individual Property requires removal thereof by remediation
professionals, and Indemnitors are not aware of any conditions at any Individual Property that are likely to result in the presence
of Toxic Mold in the indoor air at concentrations for which any Legal Requirement applicable to such Individual Property would
require such removal; and (g) Indemnitors have truthfully and fully provided to Indemnitee and/or Original Indemnitee, in writing,
any and all material information relating to conditions in, on, under or from each Individual Property that is actually known to
any Indemnitor and that is contained in the files and records of any Indemnitor, including, but not limited, to any reports relating
to Hazardous Substances in, on, under or from each Individual Property and/or to the environmental condition of each Individual
Property.

 

    	 	4	Environmental Indemnity Agreement

    	 

    

 

2.          Environmental
Covenants. Each Indemnitor covenants and agrees that (a) all uses and operations on or of each Individual Property, whether
by any of the Indemnitors or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto;
(b) there shall be no Releases of Hazardous Substances in, on, under or from any Individual Property (except in compliance with
all applicable Environmental Laws and with permits issued pursuant thereto); (c) there shall be no Hazardous Substances in, on
or under any Individual Property, except those that are both (i) in compliance with all applicable Environmental Laws and with
any necessary permits issued pursuant thereto and (ii) fully disclosed to Indemnitee and/or Original Indemnitee in writing; (d)
Indemnitors shall keep each Individual Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental
Law, whether due to any act or omission of any of the Indemnitors or any other Person (the “Environmental Liens”);
provided, that after prior notice to Indemnitee, Indemnitors, at their own expense, may contest by appropriate legal
proceeding, conducted in good faith and with due diligence, the amount or validity of any Environmental Liens, provided that (1)
no Event of Default has occurred and remains uncured, (2) such proceeding shall be permitted under and be conducted in accordance
with all applicable statutes, laws and ordinances, (3) no Individual Property nor any part thereof or interest therein will be
in danger of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors shall promptly upon final determination thereof
pay the amount of any such Environmental Liens, together with all costs, interest and penalties which may be payable in connection
therewith, (5) to insure the payment of such Environmental Liens, Indemnitors shall deliver to Indemnitee either (A) cash, or other
security as may be approved by Indemnitee, in an amount equal to one hundred ten percent (110%) of the contested amount if such
contested amount will be less than one million dollars ($1,000,000) or one hundred twenty five percent (125%) of such contested
amount if such contested amount will be equal to or greater than one million dollars ($1,000,000), or (B) a payment and performance
bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to Indemnitee in its reasonable
discretion, (6) failure to pay such Environmental Liens will not subject Indemnitee to any civil or criminal liability, (7) such
contest shall not affect the ownership, use or occupancy of any Individual Property, and (8) Indemnitors shall, upon request by
Indemnitee, give Indemnitee prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction
of the conditions set forth in clauses (1) through (7) of this Section 2(d); (e) Indemnitors shall, at their
sole cost and expense, fully and in a timely manner cooperate in all activities pursuant to Section 3 of this Agreement,
including, but not limited to, providing all relevant information and making knowledgeable Persons available for interviews upon
reasonable advance written request and at reasonable times and places; (f) Indemnitors shall, at their sole cost and expense,
perform any environmental site assessment or other investigation of environmental conditions in connection with any Individual
Property, pursuant to any reasonable written request of Indemnitee made in consideration of any environmental event or condition
reasonably believed by Indemnitee to have occurred or to exist at any Individual Property (which request shall briefly describe
the basis for Indemnitee’s belief) (including, but not limited to, sampling, testing and analysis of soil, water, air, building
materials and other materials and substances whether solid, liquid or gas, such assessment or investigation to be in scope and
nature appropriate to the suspected event or condition) that would be reasonably expected to have an adverse effect on any Individual
Property or on the business or condition (financial or otherwise) of Borrower, and share with Indemnitee the reports and other
results thereof, and Indemnitee and the other Indemnified Parties shall be entitled to rely on such reports and other results thereof;
(g) Indemnitors shall, at their sole cost and expense, comply with all reasonable written requests of Indemnitee to (i) effectuate
any required Remediation of any condition (including, but not limited to, a Release of a Hazardous Substance) in, on, under or
from any Individual Property; (ii) comply with any applicable Environmental Law; and/or (iii) comply with any directive from any
Governmental Authority having jurisdiction over the applicable Individual Property requiring any action relating to any environmental
condition in, on, under, from or migrating toward such Individual Property; provided, that with respect to clauses
(g)(ii) and (iii), after notice to Indemnitee, Indemnitors, at their own expense, may suspend, or cause to be suspended, such
compliance and contest, or cause to be contested by appropriate legal proceeding, conducted in good faith and with due diligence,
the applicability of any Environmental Law, provided that (1) no Event of Default has occurred and remains uncured, (2) such proceeding
shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances, (3) no Individual Property
nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors
shall promptly upon final determination thereof take all acts then necessary to comply with such Environmental Law, together with
the payment of all costs, interest and penalties which may be payable in connection therewith, (5) to insure the performance of
such legal obligations and the payment of all related costs, Indemnitors shall deliver to Indemnitee either (A) cash, or other
security as may be approved by Indemnitee, in an amount equal to one hundred ten percent (110%) of the maximum costs and expenses
that are reasonably expected to be incurred in connection with such proceeding, including costs of compliance if Indemnitors are
required to do so (collectively, the “Maximum Cost”) if such Maximum Cost is less than one million dollars
($1,000,000) or one hundred twenty five percent (125%) of the Maximum Cost if such Maximum Cost is equal to or greater than one
million dollars ($1,000,000), or (B) a payment and performance bond in an amount equal to one hundred percent (100%) of the Maximum
Cost from a surety acceptable to Indemnitee in its reasonable discretion, (6) failure to comply with such Environmental Laws will
not subject Indemnitee to any civil or criminal liability, (7) such contest shall not affect the ownership, use or occupancy of
any Individual Property, and (8) Indemnitors shall, upon request by Indemnitee, give Indemnitee prompt notice of the status of
such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (1) through (7)
of this Section 2(g); (h) none of the Indemnitors shall do or knowingly allow any tenant or other user of any Individual
Property to do any act that is in non-compliance with any applicable Environmental Law, impairs or may impair the value of any
Individual Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes waste
or violates any covenant, condition, agreement or easement applicable to any Individual Property; (i) if following the date hereof,
it is determined that any Individual Property contains paint containing more than 0.5% lead by dry weight (“Lead Based
Paint”), present in violation of any Environmental Law and not previously disclosed in the Environmental Reports,
Indemnitors agree, at their sole cost and expense and within forty-five (45) days thereafter, to cause to be prepared an assessment
report describing the location and condition of the Lead Based Paint (a “Lead Based Paint Report”), prepared
by an expert, and in form, scope and substance, acceptable to Indemnitee; (j) if following the date hereof, it is determined that
any Individual Property contains asbestos or asbestos-containing material (“Asbestos”) present in violation
of any Environmental Law and not previously disclosed in the Environmental Reports, Borrowers shall at their sole cost and expense
and within forty-five (45) days thereafter, to cause to be prepared an assessment report describing the location and condition
of the Asbestos (an “Asbestos Report”), prepared by an expert, and in form, scope and substance, acceptable
to Indemnitee; (k) if a Lead Based Paint Report or Asbestos Report is required to be prepared pursuant to clauses (i) or (j)
of this Section 2, on or before thirty (30) days following the preparation of such report, Indemnitors shall, at their sole
cost and expense, develop and implement an operations and maintenance plan to manage such condition(s) on the applicable Individual
Property, which plan shall be prepared by an expert, and be in form, scope and substance, acceptable to Indemnitee (together with
any Lead Based Paint Report and/or Asbestos Report, as applicable, the “O&M Plan”), and if an O&M
Plan has been prepared prior to the date hereof, Indemnitors agree to diligently and continually carry out (or cause to be carried
out) the provisions thereof, it being understood and agreed that compliance with the O&M Plan shall require or be deemed to
require, without limitation, the proper preparation and maintenance of all records, papers and forms required under the Environmental
Laws; (1) in the event that any inspection or audit reveals the presence of Toxic Mold in the indoor air of any Individual Property
at concentrations for which any Legal Requirement applicable to such Individual Property requires removal thereof by remediation
professionals, Indemnitors shall promptly remediate the Toxic Mold and perform post-remedial clearance sampling in accordance with
said Legal Requirement and applicable Environmental Law, following which abatement of the Toxic Mold, Indemnitors shall prepare
and implement an Operations and Maintenance Plan for Toxic Mold and Moisture reasonably acceptable to Indemnitee and in accordance
with the guidelines issued by the National Multi Housing Council; and (m) Indemnitors shall promptly notify Indemnitee in writing
of (A) any presence or Release or threatened Release of Hazardous Substances in, on, under, from or migrating towards any Individual
Property in material violation of, or as might be reasonably expected to result in material liability under, any Environmental
Law; (B) material non-compliance with any Environmental Laws related in any way to any Individual Property; (C) any actual or threatened
Environmental Lien; (D) any required or proposed Remediation of environmental conditions relating to any Individual Property; and/or
(E) any written or oral notice or other communication of which any Indemnitor becomes aware from any source whatsoever (including,
but not limited to, any Governmental Authority) relating to a material or unlawful Release, or threatened Release, of Hazardous
Substances or Remediation thereof, possible liability of any Person pursuant to any Environmental Law concerning any Individual
Property or the Property, other environmental conditions in connection with any Individual Property or any actual or threatened
administrative or judicial proceedings in connection with any environmental matters referred to in this Agreement.

 

    	 	5	Environmental Indemnity Agreement

    	 

    

 

3.          Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a reasonable basis to believe that an environmental
hazard exists on any Individual Property, other than conditions expressly disclosed in the Environmental Reports, that does not
(a) endanger any tenants or other occupants of such Individual Property or their guests or the general public, or (b) materially
and adversely affect the value of such Individual Property, upon reasonable written notice from the Indemnitee, describing in reasonable
detail the basis for such belief, Indemnitors shall, at Indemnitors’ sole cost and expense, promptly cause an engineer or
consultant reasonably satisfactory to the Indemnified Parties to conduct an environmental assessment or audit of such hazard (the
scope of which shall be determined in the reasonable discretion of the Indemnified Parties) and take any samples of soil, groundwater
or other water, air or building materials or any other invasive testing reasonably determined by Indemnitee to be required to assess
such condition and promptly deliver to Indemnitee the results of any such assessment, audit, sampling or other testing; provided,
however, if such results are not delivered to Indemnitee within a reasonable period or if the Indemnified Parties
have reason to believe that an environmental hazard exists on such Individual Property that endangers any tenant or other occupant
of such Individual Property or their guests or the general public or may materially and adversely affect the value of such Individual
Property, upon reasonable notice to Indemnitors, the Indemnified Parties and any other Person designated by the Indemnified Parties,
including, but not limited to, any receiver, any representative of any Governmental Authority and/or any environmental consultant,
shall have the right, but not the obligation, to enter upon such Individual Property at all reasonable times (subject to the rights
of tenants) to assess any and all aspects of the environmental condition of such Individual Property and its use, including, but
not limited to, conducting any environmental assessment or audit (the scope of which shall be determined in the sole, but good
faith discretion of the Indemnified Parties) and taking samples of soil, groundwater or other water, air or building materials
and reasonably conducting other invasive testing, reasonably determined by the Indemnified Parties to be required to assess the
condition. Indemnitors shall cooperate with and provide, upon advance notice to each of them, the Indemnified Parties and any such
Person designated by the Indemnified Parties with access to each Individual Property.

 

    	 	6	Environmental Indemnity Agreement

    	 

    

 

4.          Indemnification.
Indemnitors covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties
harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified
Parties and directly or indirectly arising out of or relating to any one or more of the following: (a) any presence of any Hazardous
Substances in, on, above or under any Individual Property; (b) any past, present or threatened Release of Hazardous Substances
in, on, above, under or from any Individual Property; (c) any activity by any of the Indemnitors, any Person affiliated with any
of the Indemnitors and/or any tenant or other user of any Individual Property in connection with any actual, proposed or threatened
use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining,
control, management, abatement, removal, handling, transfer or transportation to or from such Individual Property of any Hazardous
Substances at any time located in, under, on or above such Individual Property; (d) any activity by any of the Indemnitors, any
Person affiliated with any of the Indemnitors and/or any tenant or other user of any Individual Property in connection with any
actual or proposed Remediation of any Hazardous Substances at any time located in, under, on or above such Individual Property,
whether or not such Remediation is voluntary or pursuant to court or administrative order, including, but not limited to, any removal,
remedial or corrective action; (e) any past, present or threatened non-compliance or violation of any Environmental Law (or of
any permit issued pursuant to any Environmental Law) in connection with any Individual Property or operations thereon, including,
but not limited to, any failure by any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant
or other user of such Individual Property to comply with any order of any Governmental Authority in connection with any Environmental
Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering
any Individual Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with any
matter addressed in this Agreement; (h) [intentionally omitted]; (i) any acts of any of the Indemnitors, any Person affiliated
with any of the Indemnitors and/or any tenant or other user of any Individual Property in arranging for the disposal or treatment,
or arranging with a transporter for transport for the disposal or treatment, of Hazardous Substances in, on, above or under any
Individual Property at any facility or incineration vessel containing such or similar Hazardous Substances; (j) any acts of any
of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant or other user of any Individual Property
in accepting any Hazardous Substances in, on, above or under any Individual Property for transport to disposal or treatment facilities,
incineration vessels or sites from which there is a Release or a threatened Release of any Hazardous Substance which causes the
incurrence of costs for Remediation; (k) any personal injury, wrongful death or property or other damage arising under any statutory
or common law or tort law theory, in each case, with respect to environmental matters concerning any Individual Property, including,
but not limited to, damages assessed for private or public nuisance or for the conducting of an abnormally dangerous activity on
or near any Individual Property; and (l) any misrepresentation or inaccuracy in any representation or warranty contained in this
Agreement or material breach or failure to perform any covenants or other obligations pursuant to this Agreement.

 

    	 	7	Environmental Indemnity Agreement

    	 

    

 

Notwithstanding the
provisions of this Agreement to the contrary, the foregoing indemnity shall not apply to Losses caused solely by the gross negligence
or willful misconduct of any Indemnified Party.

 

5.          Duty
to Defend and Attorneys’ and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitors
shall defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any
Indemnified Party, in the name of the Indemnified Party), by attorneys and other professionals reasonably approved by the Indemnified
Parties. Notwithstanding the foregoing, if the defendants in a claim include an Indemnitor (or any affiliate of an Indemnitor)
and any Indemnified Party shall have reasonably concluded that (A) there are legal defenses available to it that are materially
different from or in addition to those available to such Indemnitor (or such Affiliate of such Indemnitor), or (B) the use of the
attorneys engaged by such Indemnitor (or such affiliate of Indemnitor) would present such attorneys with a conflict of interest,
Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or
assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding;
provided that no compromise or settlement shall be entered without Indemnitors’ consent, which consent shall not be unreasonably
withheld. Upon demand, Indemnitors shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the
Indemnified Parties for the payment of the reasonable fees and disbursements of attorneys, engineers, environmental consultants,
laboratories and other professionals in connection therewith.

 

6.          Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

The term “Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the
like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances and/or
relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including, but not limited to, Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; the River and Harbors Appropriation Act;
and those relating to Lead Based Paint. The term “Environmental Laws” also includes, but is not limited to, any present
and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, conditioning
transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of
any Individual Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition
of a property to any Governmental Authority or other Person, whether or not in connection with any transfer of title to or interest
in such property; imposing conditions or requirements in connection with environmental permits or other environmental authorization
for lawful activity; relating to nuisance, trespass or other causes of action related to the physical condition or use of any Individual
Property; and relating to wrongful death, personal injury or property or other damage in connection with any physical condition
or use of any Individual Property.

 

    	 	8	Environmental Indemnity Agreement

    	 

    

 

The term “Hazardous
Substances” includes, but is not limited to, any and all substances (whether solid, liquid or gas) defined, listed
or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes
or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact
on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, and lead-containing materials, radon, radioactive materials, flammables and explosives,
Lead Based Paint and Toxic Mold. Notwithstanding anything to the contrary contained herein, the term “Hazardous Substances”
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning,
maintenance, or operations, substances typically used in construction, and typical products used in properties like the Properties,
and which are otherwise in compliance with all Environmental Laws. Furthermore, the term “Hazardous Substances” will
not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily and
customarily stocked and sold by tenants operating retail businesses of the types operated by the Tenants and which are otherwise
in compliance with all Environmental Laws.

 

The term “Indemnified
Parties” includes Indemnitee, any Person who is or will have been involved in the origination of the Loan, any Person
who is or will have been involved with the servicing of the Loan, any Person in whose name the encumbrance created by the Mortgage
is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including,
but not limited to, Investors (as hereinafter defined) and/or prospective Investors, as well as custodians, trustees and other
fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties), as well as the respective
directors, officers, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors,
affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including, but not limited to,
any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan or any Individual
Property, whether during the term of the Loan or as a part of, or following a foreclosure of, the Loan and including, but not limited
to, any successors by merger, consolidation or acquisition of all or a substantial portion of Indemnitee’s assets and business),
but shall not include any Person who acquires the Property at any time after the completion of a foreclosure, sale by power of
sale, or deed in lieu of foreclosure, and any Person claiming by, through or under such acquirer, in their capacity as such.

 

    	 	9	Environmental Indemnity Agreement

    	 

    

 

The term “Investors”
means collectively, any purchaser, transferee, assignee, servicer, participant or investor or any credit rating agency.

 

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term “Losses”
includes any actual losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including, but not limited
to, strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or
not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs,
reasonable fees of attorneys, engineers and environmental consultants and investigation costs (including, but not limited to, costs
for sampling, testing and analysis of soil, water, air, building materials and other materials and substances, whether solid, liquid
or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings,
actions, claims, suits, judgments or awards.

 

The term “Non-Borrower
Indemnitor Affiliate” shall mean any Non-Borrower Indemnitor, and any Person that either (or both) (a) is in Control
of, is Controlled by or is under common Control with (i) any Non-Borrower Indemnitor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Non-Borrower Indemnitor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Non-Borrower Indemnitor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination)
of the Non-Borrower Indemnitors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity
interests in such Person, or (3) a Person with respect to which any combination of Non-Borrower Indemnitors and Clause (a) Persons
own, directly or indirectly, fifty-one percent (51%) or more of the direct or indirect voting equity interests in such Person;
provided, however, that, notwithstanding the foregoing, (I) no Person shall be deemed to be a Non-Borrower Indemnitor Affiliate
(x) to the extent Controlled by a Controlling Mezzanine Lender in the exercise of its Direct Control Remedies or (y) in connection
with or by virtue solely of any direct or indirect interest in Transferee Borrower or Indirect Transferee and (II) in no event
shall either Goldman Sachs Mortgage Company or GS Commercial Real Estate LP be deemed a Non-Borrower Indemnitor Affiliate. In addition
to, and without limiting, the foregoing, if a direct or indirect interest in a Mezzanine Loan is held by a Non-Borrower Indemnitor
Affiliate, the related Mezzanine Lender will be deemed a Non-Borrower Indemnitor Affiliate unless such Non-Borrower Indemnitor
Affiliate is a Disabled Participant (as defined below) and one or more other holders of substantial interests in such Mezzanine
Loan that are not Non-Borrower Indemnitor Affiliates control the administration of such Mezzanine Loan and the enforcement of the
rights and remedies of such Mezzanine Lender. A Non-Borrower Indemnitor Affiliate is a “Disabled Participant”
with respect to a Mezzanine Loan if it has no right to exercise any voting or other control rights with respect to such Mezzanine
Loan (other than the right to approve amendments to the material economic terms of such Mezzanine Loan).

 

    	 	10	Environmental Indemnity Agreement

    	 

    

 

The term “Release”
with respect to any Hazardous Substance includes, but is not limited to, any release, deposit, discharge, emission, leaking, leaching,
spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances.

 

The term “Remediation”
includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance
(including, with respect to Toxic Mold, providing any moisture control systems at any Individual Property); any action to comply
with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment,
audit, sampling and testing or laboratory or other analysis or evaluation relating to any Hazardous Substances or to any environmental
matter referred to herein.

 

The term “Toxic
Mold” means fungi that reproduces through the release of spores or the splitting of cells or other means that may
pose a risk to human health or the environment or negatively affect the value of any Individual Property, including, but not limited
to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial volatile organic compounds.

 

7.          Unimpaired
Liability. The liability of Indemnitors under this Agreement shall in no way be limited or impaired by, and each Indemnitor
hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the Loan Agreement,
the Mortgage, the Assumption Agreement or any other Loan Document to or with Indemnitee by one or more of the Borrowers or any
Person who succeeds one or more of the Borrowers or any Person as owner of any Individual Property (subject to the express provisions
of Section 9 hereof). In addition, the liability of Indemnitors under this Agreement shall in no way be limited or impaired
by (i) any extensions of time for performance required by the Note, the Loan Agreement, the Mortgage, the Assumption Agreement
or any of the other Loan Documents, (ii) unless a substitute Indemnitor acceptable to Indemnitee in accordance with the Loan Agreement
has agreed in writing to be bound by the terms of this Agreement, but subject to Section 9 and Section 10 hereof,
any sale or transfer of all or part of any Individual Property, or any sale or other assignment by any Non-Borrower Indemnitor
of its direct or indirect ownership interests in any Borrower, (iii) except as provided herein, any exculpatory provision in the
Note, the Loan Agreement, the Mortgage, the Assumption Agreement or any of the other Loan Documents limiting Indemnitee’s
recourse to the Properties or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency judgment
against any of the Indemnitors, (iv) the accuracy or inaccuracy of the representations and warranties made by Borrowers under the
Note, the Loan Agreement, the Mortgage, the Assumption Agreement or any of the other Loan Documents or herein, (v) the release
of any of the Indemnitors (including, if applicable, Borrowers) or any other Person from performance or observance of any of the
agreements, covenants, terms or conditions contained in any of the other Loan Documents, by operation of law, Indemnitee’s
voluntary act, or otherwise, (vi) the release or substitution in whole or in part of any security for the Note, or (vii) Indemnitee’s
failure to record the Mortgage, the Assumption Agreement or file any of the UCC financing statements (or Indemnitee’s improper
recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security
for the Note; and, in any such case, whether with or without notice to any of the Indemnitors and with or without consideration.

 

    	 	11	Environmental Indemnity Agreement

    	 

    

 

8.          Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitors without first resorting to or exhausting any security or collateral
or without first having recourse to the Note, the Loan Agreement, the Mortgage, the Assumption Agreement or any other Loan Documents
or any of portion of any Individual Property, through foreclosure proceedings or otherwise, provided, however,
that nothing herein shall inhibit or prevent Indemnitee from suing on the Note, foreclosing or exercising any power of sale under
the Mortgage or exercising any other rights and remedies thereunder, subject to the terms of the Loan Agreement. This Agreement
is not collateral or security for the Obligations of Borrowers pursuant to the Loan Agreement, unless Indemnitee expressly elects
in writing to make this Agreement additional collateral or security for such Obligations of Borrowers pursuant to the Loan Agreement,
which Indemnitee is entitled to do in its sole and absolute discretion. It is not necessary for an Event of Default to have occurred
pursuant to and as defined in the Mortgage or the Loan Agreement for Indemnified Parties to exercise their rights pursuant to this
Agreement. Notwithstanding any provision of the Loan Agreement to the contrary, the obligations of each Indemnitor pursuant to
this Agreement are exceptions to any non-recourse or exculpation provision of the Loan Agreement; and each Indemnitor expressly
acknowledges and agrees that it is fully and personally liable for such obligations, and such liability is not limited to the original
or amortized principal balance of the Loan or the value of the Properties.

 

9.          Limitations
on Liability of Non-Borrower Indemnitors.

 

(a)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Non-Borrower Indemnitor Affiliate of the direct ownership
interests in the Borrowers, the SPC Party or any Mezzanine Borrower pledged as collateral for a Mezzanine Loan pursuant to the
Mezzanine Loan Documents, any transfer in lieu of foreclosure of the equity pledged as collateral for any Mezzanine Loan to, on
behalf of or for the account of any Mezzanine Lender that is not a Non-Borrower Indemnitor Affiliate (any such foreclosure or transfer-in-lieu
thereof, a “Mezzanine Divestment”), with the result that neither of the Non-Borrower Indemnitors nor
any other Non-Borrower Indemnitor Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no longer
Controlled by either of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor Affiliate) shall have Control of, any
one or more of the Borrowers (each such Borrower, a “Divested Borrower”), or

 

(ii)         any
foreclosure (whether judicially or non judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer in
lieu of foreclosure to, on behalf of or for the account of Lender or a receiver, trustee, liquidator, conservator or other third-party
appointed by, on behalf of or for the account of Lender taking control of any Individual Property (any such foreclosure, foreclosure
sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”), with the result, in any
such case, that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor Affiliate shall have the power to
direct the management of, any one or more of the Properties thereby foreclosed, transferred or controlled (each such Property,
a “Divested Property”),

 

    	 	12	Environmental Indemnity Agreement

    	 

    

 

then, in such cases, Non-Borrower Indemnitors
shall not have any liability under the Loan Documents for any Losses arising from any circumstance, condition, action or event
with respect to any such Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment or Mezzanine
Divestment, as applicable, and not caused by the acts of either of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor
Affiliate, or any Loan Party (excluding any Loan Party who as a result of a Mezzanine Divestment is no longer Controlled by either
of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor Affiliate); provided that Non-Borrower Indemnitors shall remain
liable hereunder for any Losses to the extent arising from any action or event occurring with respect to any such Divested Property
or Divested Borrower prior to the date of the Mortgage Divestment or Mezzanine Divestment, as applicable.

 

(b)          In
the event that a Permitted Direct Assumption or Permitted Indirect Assumption, shall occur in accordance with Section 7.1
of the Loan Agreement, and Lender receives in connection therewith a replacement guaranty and replacement environmental indemnity
(collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Non-Borrower Indemnitors for any Losses arising from any circumstance, condition, action or event first occurring after the
effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the extent
the same is not caused by either of the Non-Borrower Indemnitors or any Non-Borrower Indemnitor Affiliate (it being understood
that circumstances, conditions, actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall
be deemed to not have been caused by any Non-Borrower Indemnitor or any Non-Borrower Indemnitor Affiliate); provided, however,
that Non-Borrower Indemnitors shall remain liable hereunder for any Losses arising from any action or event occurring prior to
the Assumption Release Date.

 

(c)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Non-Borrower Indemnitor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine Loan
Documents, (i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership
interests of the applicable Borrowers, SPC Party or Mezzanine Borrower pledged to such Mezzanine Lender as collateral for its Mezzanine
Loan under the related Mezzanine Loan Documents, of such ownership interests in the applicable Borrowers, SPC Party or Mezzanine
Borrower so pledged as collateral for such Mezzanine Loan, or (ii) appoints a receiver, trustee, liquidator, conservator or other
third-party that is not a Non-Borrower Indemnitor Affiliate to take control of the equity pledged as collateral for such Mezzanine
Loan (the “Direct Control Remedies”, and such Mezzanine Lender, or such receiver, trustee, liquidator,
conservator or other third-party appointed by such Mezzanine Lender, exercising such Direct Control Remedies, the “Controlling
Mezzanine Lender”), Non-Borrower Indemnitors shall not have liability hereunder for the actions that such Controlling
Mezzanine Lender, in the exercise of its Direct Control Remedies, causes any Borrower, the SPC Party or any Mezzanine Borrower
to take (“Mezzanine Lender Controlled Actions”) if such Mezzanine Lender Controlled Actions are taken
without consent of or collusion with, either of the Non-Borrower Indemnitors or any Non-Borrower Indemnitor Affiliate.

 

    	 	13	Environmental Indemnity Agreement

    	 

    

 

10.         Survival.
Except as expressly provided to the contrary in Section 9 hereof, the obligations and liabilities of each Indemnitor under
this Agreement shall fully survive indefinitely, notwithstanding any termination, satisfaction, assignment, entry of a judgment
of foreclosure, exercise of any power of sale or delivery of a deed in lieu of foreclosure of the Mortgage. Notwithstanding the
foregoing, the indemnification obligations of Indemnitor hereunder shall terminate three (3) years after the payment in full (or,
if later, after delivery of the Environmental Report described in this sentence), in accordance with the Loan Agreement, of the
Debt solely as to an Individual Property as to which at the time of such payment (or at any time thereafter) Indemnitee has been
furnished an updated Environmental Report in form and substance, and from an environmental consultant, reasonably acceptable to
Indemnitee and acceptable to the Rating Agencies, which updated Environmental Report discloses, as of the date of such repayment
(or, if later, the date of the delivery thereof), no actual or threatened (other than as disclosed in the Environmental Report
delivered to Indemnitee by Indemnitor in connection with the origination of the Loan) (A) non-compliance with or violation of applicable
Environmental Laws (or permits issued pursuant to Environmental Laws) in connection with any Individual Property or operations
thereon, which has not been cured in accordance with applicable Environmental Laws, (B) Environmental Liens encumbering any Individual
Property, (C) administrative processes or proceedings or judicial proceedings concerning any environmental matter addressed in
this Agreement, or (D) unlawful presence or Release of Hazardous Substances in, on, above or under any Individual Property that
has not been fully remediated as required by applicable Environmental Laws.

 

11.         Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within thirty (30) days of such demand therefor, shall bear interest at the Default Rate.

 

12.         Waivers.

 

(a)          Each
Indemnitor hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of any Indemnitor’s
assets or to cause Indemnitee or any other Indemnified Party to proceed against any of the security for the Loan before proceeding
under this Agreement against any Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors
generally, including any rights of subrogation which any Indemnitor may have, provided that the indemnity provided
for hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses
whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights, including,
without limitation, any claim that such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party;
(iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought
against or by Indemnitee or any other Indemnified Party; (iv) notice of acceptance hereof and of any action taken or omitted in
reliance hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe,
or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits
of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, each Indemnitor hereby agrees
to postpone the exercise of any rights of subrogation with respect to any collateral securing the Obligations until the Debt shall
have been paid in full.

 

    	 	14	Environmental Indemnity Agreement

    	 

    

 

(b)          EACH
INDEMNITOR AND EACH INDEMNIFIED PARTY, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST, WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH INDEMNITOR AND INDEMNIFIED PARTY AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR
AND INDEMNIFIED PARTY.

 

13.         Subrogation.
Each Indemnitor hereby agrees that it shall take any and all commercially reasonable actions, including the institution of legal
action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible
for the presence of any Hazardous Substances at, in, on, under or near any Individual Property or otherwise obligated by law to
bear the cost. The Indemnified Parties shall be and hereby are subrogated to all of each Indemnitor’s rights now or hereafter
in such claims.

 

14.         Indemnitors’
Representations and Warranties. Each Indemnitor represents and warrants that:

 

(a)          it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has
been taken by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its
terms;

 

(b)          its
execution of, and compliance with, this Agreement is in the ordinary course of business of such Indemnitor and will not result
in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument
of such Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a default under, or result
in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which
such Indemnitor or any Individual Property is subject, or result in the violation of any law, rule, regulation, order, judgment
or decree to which such Indemnitor or any Individual Property is subject;

 

    	 	15	Environmental Indemnity Agreement

    	 

    

 

(c)          to
the best of such Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against
it which, either in any one instance or in the aggregate, would be reasonably likely to result in any material adverse change in
the business, operations, financial condition, properties or assets of such Indemnitor, or in any material impairment of the right
or ability of such Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part
of such Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection
with the obligations of such Indemnitor contemplated herein, or which would be likely to impair materially the ability of such
Indemnitor to perform under the terms of this Agreement;

 

(d)          it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)          to
the best of such Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing
with, any Governmental Authority or other Person, and no approval, authorization or consent of any other Person, that has not been
obtained as of the execution hereof, is required in connection with this Agreement; and

 

(f)          this
Agreement constitutes a valid, legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms
hereof, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

15.         No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver of any such privilege, power or right.

 

16.         Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the
other parties hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever
with respect to the presence or potential presence of Hazardous Substances on, from or affecting any Individual Property in violation
of applicable Environmental Laws, and (ii) any legal action brought against such party or related to any Individual Property, with
respect to which Indemnitors may have liability under this Agreement. Such notice shall comply with the provisions of Section
17 hereof.

 

17.         Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 17. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each
case addressed to the parties as follows:

 

    	 	16	Environmental Indemnity Agreement

    	 

    

 

	
        If to Indemnitee:

         
	
        U.S. Bank National Association, as Trustee
        for the Registered Holders of

 EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-

Through Certificates

        c/o Berkadia Commercial Mortgage LLC

        118 Welsh Road

        Horsham, PA 19044

        Attention: Client Relations Manager for

            Loan Nos. 01-0085683
        & 01-0086643

        Facsimile No.: __________________________

	 	 
	with a copy to:	
        Dilworth Paxson LLP

        1500 Market Street, 3500E

        Philadelphia, PA 19102

        Attention: Ajay Raju, Esq.

        Facsimile No.: (215) 575-7200

	 	 
	If to Borrowers:	
        c/o American Realty Capital

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Facsimile No.: __________________________

	 	 
	with a copy to:	
        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

         

	If to Non-Borrower Indemnitors:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007 and

 Whitehall Parallel Global Real Estate Limited Partnership 2007

        c/o Goldman Sachs & Co.

        200 West Street

        New York, New York 10282

        Facsimile No.: (972)
        368-3699

         

        American Realty Capital Hospitality Operating
        Partnership, L.P. and

        American Realty Capital Hospitality Trust,
        Inc.

        c/o American Realty Capital

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Facsimile No.:

 

    	 	17	Environmental Indemnity Agreement

    	 

    

 

	with a copy to:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007

        c/o Goldman, Sachs & Co.

        200 West Street

        New York, New York 10282

        Attention: Chief Financial Officer

        Facsimile No.: (212) 357-5505

         

        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004

        Attention: Anthony J. Colletta, Esq.

        Facsimile No. (212) 291-9029

         

        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 17. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Indemnitee may also be given by Servicer.

 

18.         Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original
shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to
execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

19.         No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of any Indemnitor or any Indemnified Party, but only by an agreement
in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

 

    	 	18	Environmental Indemnity Agreement

    	 

    

 

20.         Headings,
Etc. The headings and captions of various sections of this Agreement are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

21.         Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific
references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person
constituting an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors,
administrators, legal representatives, successors and permitted assigns of each Indemnitor, all of whom shall be bound by the provisions
of this Agreement. Each reference herein to Indemnitee shall be deemed to include its successors and assigns; provided
that no obligation of any Indemnitor may be assigned except in accordance with the Loan Agreement. This Agreement shall inure to
the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives forever.
The Indemnified Parties shall have the right to assign or transfer their rights under this Agreement in connection with any assignment
of the Loan and the Loan Documents. Any assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled
to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement. No Indemnitor shall have the
right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Indemnitee, unless
otherwise permitted by the Loan Agreement, and any attempted assignment without such consent shall be null and void.

 

22.         Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the
liability of any party not so released.

 

23.         Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Note, the Mortgage, the Loan Agreement, the Assumption Agreement or the other Loan Documents or would otherwise have
at law or in equity.

 

24.         Inapplicable
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.

 

    	 	19	Environmental Indemnity Agreement

    	 

    

 

25.         Governing
Law; Jurisdiction; Service of Process.

 

(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF NEW YORK,
AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

 

(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR ANY INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY, AT INDEMNITEE’S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR DOES HEREBY DESIGNATE AND APPOINT:

 

CORPORATION
SERVICE COMPANY

[ARC
TO PROVIDE ADDRESS]

 

AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL
OR STATE COURT IN NEW YORK, NEW YORK, AND EACH INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE
SERVICE OF PROCESS UPON SUCH INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH INDEMNITOR (I) SHALL
GIVE PROMPT NOTICE TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO
TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED
AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL AT ALL TIMES BE THE SAME AGENT AS AUTHORIZED
BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE
AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF
THE INDEMNIFIED PARTIES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST INDEMNITORS IN ANY OTHER JURISDICTION.

 

    	 	20	Environmental Indemnity Agreement

    	 

    

 

26.         Miscellaneous.

 

(a)          Wherever
pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove
any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or (iii) any other
decision or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee (or such other
Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not satisfactory
to Indemnitee (or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or such other Indemnified
Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and shall be final and conclusive,
except as may be otherwise expressly and specifically provided herein.

 

(b)          Wherever
pursuant to this Agreement it is provided that any Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable out-of-pocket legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether
incurred by retained outside law firms, or as reimbursements for the expenses of in-house legal staff, or otherwise.

 

27.         Joint
and Several Liability. The obligations and liabilities of the Indemnitors hereunder are joint and several.

 

28.         Recitals.
The recitals hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the facts
and documents referred to therein.

 

29.         California
State Specific Provisions.

 

(a)          Environmental
Provisions. To the extent California law applies, nothing herein shall be deemed to limit the right of Indemnitee to recover in
accordance with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any out-of-pocket
costs, expenses, liabilities or damages, including reasonable attorneys’ fees and costs, incurred by Indemnitee and arising
from any covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to Indemnitee,
or any order, consent decree or settlement relating to the cleanup of Hazardous Substances or any other “environmental provision”
(as defined in such Section 736) relating to any Individual Property or any portion thereof or the right of Indemnitee to waive,
in accordance with the California Code of Civil Procedure Section 726.5 (as such Section may be amended from time to time), the
security of the Mortgage as to any parcel of any Individual Property that is “environmentally impaired” or is an “affected
parcel” (as such terms are defined in such Section 726.5), and as to any personal property attached to such parcel, and thereafter
to exercise against any one or both Borrowers, to the extent permitted by such Section 726.5, the rights and remedies of any unsecured
creditor, including reduction of Indemnitee’s claim against such Borrower or Borrowers to judgment, and any other rights
and remedies permitted by law.

 

    	 	21	Environmental Indemnity Agreement

    	 

    

 

(b)          Additional
Indemnitor Waivers. To the extent California law applies, in addition to and not in lieu of any other provisions of this Agreement,
each Indemnitor represents, warrants and covenants as follows:

 

(i)          The
obligations of each Indemnitor under this Agreement shall be performed without demand by Indemnitee and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Loan Documents, and without regard to any
other circumstance which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Indemnitor
hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so such
Indemnitor shall be liable even if any one or more of the Borrowers had no liability at the time of execution of the Loan Documents,
or thereafter ceases to be liable. Each Indemnitor hereby waives any and all benefits and defenses under California Civil Code
Section 2809 and agrees that by doing so such Indemnitor’s liability may be larger in amount and more burdensome
than that of any one or more of the Borrowers. Each Indemnitor hereby waives the benefit of all principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of this Agreement and agrees that such Indemnitor’s
obligations shall not be affected by any circumstances, whether or not referred to in this Agreement which might otherwise constitute
a legal or equitable discharge of a surety or a guarantor. Each Indemnitor hereby waives the benefits of any right of discharge
under any and all statutes or other laws relating to guarantors or sureties and any other rights of sureties and guarantors thereunder.

 

    	 	22	Environmental Indemnity Agreement

    	 

    

 

(ii)         In
accordance with Section 2856 of the California Civil Code, each Indemnitor hereby waives all rights and defenses arising
out of an election of remedies by Indemnitee even though that election of remedies, such as a nonjudicial foreclosure with respect
to security for guaranteed obligations, has destroyed or otherwise impaired such Indemnitor’s rights of subrogation and reimbursement
against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Each Indemnitor
hereby authorizes and empowers Indemnitee to exercise, in its sole and absolute discretion, any right or remedy, or any combination
thereof, which may then be available, since it is the intent and purpose of each Indemnitor that the obligations under this Agreement
shall be absolute, independent and unconditional under any and all circumstances. Specifically, and without in any way limiting
the foregoing, each Indemnitor hereby waives any rights of subrogation, indemnification, contribution or reimbursement arising
under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse to or with respect to any
Borrower (unless a Permitted Direct Assumption shall have occurred in accordance with the Loan Agreement), any general partner,
member or other constituent of any Borrower (unless a Permitted Direct Assumption shall have occurred in accordance with the Loan
Agreement), any other person obligated to Indemnitee with respect to matters set forth herein, or the assets or property of any
of the foregoing (unless a Permitted Direct Assumption shall have occurred in accordance with the Loan Agreement) or to any collateral
for the Loan until the Obligations have been indefeasibly paid and satisfied in full, all obligations owed to Indemnitee under
the Loan Documents have been fully performed, and Indemnitee has released, transferred or disposed of all its right, title and
interest in such collateral or security, and there has expired the maximum possible period thereafter during which any payment
made by any Borrower or others to Indemnitee with respect to the Obligations could be deemed a preference under the United States
Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations, each Indemnitor expressly waives any and
all rights of subrogation against each Borrower, and each Indemnitor hereby waives any rights to enforce any remedy which Indemnitee
may have against any Borrower and any right to participate in any collateral for the Loan. Each Indemnitor recognizes that, pursuant
to Section 580d of the California Code of Civil Procedure, Indemnitee’s realization through nonjudicial foreclosure upon
any real property constituting security for any Borrower’s obligations under the Loan Documents could terminate any right
of Indemnitee to recover a deficiency judgment against one or more of the Borrowers, thereby terminating subrogation rights which
such parties otherwise might have against such Borrower or Borrowers. In the absence of an adequate waiver, such a termination
of subrogation rights could create a defense to enforcement of this Agreement against such parties. Each Indemnitor hereby unconditionally
and irrevocably waives any such defense.

 

(iii)        In
addition to and without in any way limiting the foregoing, each Indemnitor hereby subordinates any and all indebtedness of each
Borrower now or hereafter owed to any Indemnitor to all the indebtedness of the Borrowers to Indemnitee and agrees with Indemnitee
that until either (x) a Permitted Direct Assumption has been consummated in accordance with the Loan Agreement or (y) the Obligations
have been indefeasibly paid and satisfied in full, all obligations owed to Indemnitee under the Loan Documents have been fully
performed, and Indemnitee has released, transferred or disposed of all its right, title and interest in such collateral or security,
and there has expired the maximum possible period thereafter during which any payment made by any Borrower or others to Indemnitee
with respect to the Obligations could be deemed a preference under the United States Bankruptcy Code, no Indemnitor shall demand
or accept any payment of principal or interest from any Borrower, claim any offset or other reduction of any Indemnitor’s
obligations hereunder because of any such indebtedness and shall not (even following a Permitted Direct Assumption) take any action
to obtain any of the collateral for the Loan. If any amount shall nevertheless be paid to an Indemnitor by any Borrower or another
guarantor prior to payment in full of the Guaranteed Obligations (as defined in the Guaranty), such amount shall be held in trust
for the benefit of Indemnitee and shall forthwith be paid to Indemnitee to be credited and applied to the Guaranteed Obligations,
whether matured or unmatured. Further, no Indemnitor shall have any right of recourse against Indemnitee by reason of any action
Indemnitee may take or omit to take under the provisions of this Agreement or under the provisions of any of the Loan Documents.
Without limiting the generality of the foregoing, each Indemnitor hereby waives, to the fullest extent permitted by law, diligence
in collecting the Obligations, presentment, demand for payment, protest, all notices with respect to the Note, this Agreement,
or any other Loan Document which may be required by statute, rule of law or otherwise to preserve Indemnitee’s rights against
such Indemnitor under this Agreement, including, but not limited to, notice of acceptance, notice of any amendment of the Loan
Documents, notice of the occurrence of any default, notice of intent to accelerate, notice of acceleration, notice of dishonor,
notice of foreclosure, notice of protest, and notice of the incurring by any Borrower of any obligation or indebtedness.

 

    	 	23	Environmental Indemnity Agreement

    	 

    

 

(iv)        Without
limiting the foregoing, but subject to the same limitations set forth above, each Indemnitor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Indemnitor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Indemnitor may
have by reason of protection afforded to any Borrower with respect to any of the obligations of any Indemnitor under this Agreement
by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California limiting or discharging
such Borrower’s Obligations. Without limiting the generality of the foregoing, each Indemnitor hereby expressly waives any
and all benefits under (i) California Code of Civil Procedure Section 580a (which Section, if such Indemnitor had not given
this waiver, would otherwise limit such Indemnitor’s liability after a nonjudicial foreclosure sale to the difference between
the obligations of such Indemnitor under this Agreement and the fair market value of the property or interests sold at such nonjudicial
foreclosure sale), (ii) California Code of Civil Procedure Sections 580b and 580d (which Sections, if such Indemnitor
had not given this waiver, would otherwise limit Indemnitee’s right to recover a deficiency judgment with respect to purchase
money obligations and after a nonjudicial foreclosure sale, respectively), and (iii) California Code of Civil Procedure Section
726 (which Section, if such Indemnitor had not given this waiver, among other things, would otherwise require Indemnitee to
exhaust all of its security before a personal judgment could be obtained for a deficiency). Notwithstanding any foreclosure of
the lien of the Mortgage, whether by the exercise of the power of sale contained therein, by an action for judicial foreclosure
or by Indemnitee’s acceptance of a deed in lieu of foreclosure, each Indemnitor shall remain bound under this Agreement (other
than as set forth in Section 9 or Section 10.

 

    	 	24	Environmental Indemnity Agreement

    	 

    

 

(v)         Likewise,
each Indemnitor waives (i) any and all rights and defenses available to such Indemnitor under California Civil Code Sections
2899 and 3433; (ii) any rights or defenses such Indemnitor may have with respect to its obligations as a guarantor by
reason of any election of remedies by Indemnitee; and (iii) all rights and defenses that such Indemnitor may have because Borrowers’
debt is secured by real property. This means, among other things, that Indemnitee may collect from Indemnitors without first foreclosing
on any real or personal property collateral pledged by any Borrower, and that if Indemnitee forecloses on any real property collateral
pledged by any Borrower (A) the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure
sale, even if the collateral is worth more than the sale price, and (B) Indemnitee may collect from Indemnitors even if Indemnitee,
by foreclosing on the real property collateral, has destroyed any rights Indemnitors may have to collect from such Borrower or
Borrowers. This is an unconditional and irrevocable waiver of any rights and defenses any Indemnitor may have because Borrowers’
debt evidenced by the Note is secured by real property. These rights and defenses include, but are not limited to, any rights or
defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

The provisions of this Section 29(b) shall
survive any satisfaction and discharge of any one or more of the Borrowers by virtue of any payment, court order or any applicable
law, except the indefeasible payment in full of the Debt.

 

30.         Unsecured
Obligations. Indemnitors hereby acknowledge that Lender’s appraisal of the Properties is such that Lender is not
willing to accept the consequences of the inclusion of Indemnitors’ indemnity set forth herein among the obligations secured
by the Mortgage and the other Loan Documents and that Lender would not enter into the Loan Agreement but for the unsecured personal
liability undertaken by Indemnitors herein. Indemnitors further hereby acknowledge that even though the representations, warranties,
covenants or agreements of Indemnitors contained herein may be identical or substantially similar to representations, warranties,
covenants or agreements of Indemnitors set forth in the Loan Agreement, the Assumption Agreement and/or the Mortgage and secured
thereby, the obligations of Indemnitors under this Agreement are not secured by the lien of the Mortgage or the security interests
or other collateral described in the Mortgage or the other Loan Documents, it being the intent of Lender to create separate obligations
of Indemnitors hereunder which can be enforced against Indemnitors without regard to the existence of the Mortgage, the Loan Agreement,
the Assumption Agreement or the other Loan Documents or the liens or security interests created therein.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	 	25	Environmental Indemnity Agreement

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by Indemnitors and is effective as of the day and year first above written.

 

INDEMNITORS:

 

[ADD
NEW BORROWER SIGNATURES]

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	 	Signature Page	Environmental Indemnity Agreement

    	 

    

 

	 	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, 
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	WH Advisors, L.L.C. 2007,
	 	 	a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:   
	 	 	 	 
	 	WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, 
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	WH Parallel Advisors, L.L.C. 2007,
	 	 	a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:   

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	 	Signature Page	Environmental Indemnity Agreement

    	 

    

 

	 	American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership
	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc., a Maryland corporation, its general partner
	 	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	American Realty Capital Hospitality Trust, Inc., a Maryland corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 	 	 

 

    	 	Signature Page	Environmental Indemnity Agreement

    	 

    

 

SCHEDULE
I

 

LIST
OF ENVIRONMENTAL REPORTS

 

		1.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No: 28280; Hampton Inn 10 Ulenski Drive, Colonie, New York

 

		2.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 6901 Arvada North East, Albuquerque, New Mexico

 

		3.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 1 Buckstone Place, Asheville, North Carolina

 

		4.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 166 North Finley Street, Athens, Georgia

 

		5.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Fairfield Inn & Suites 2450 Paces Ferry Road, Atlanta, Georgia

 

		6.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 6080 Blue Bonnet Boulevard, Baton Rouge, Louisiana

 

		7.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 110 Harper Park Drive, Beckley, West Virginia

 

		8.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn Birmingham/Mountain Brook 2731 US Highway 280 South, Mountain Brook, Alabama

 

		9.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place-Bloomington 7800 International Drive, Bloomington, Minnesota

 

		10.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place Cincinnati/Blue Ash 11435 Reed Hartman Highway, Blue Ash, Ohio

 

		11.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 1455 Yamato Road, Boca Raton, Florida

 

		12.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 1401 Lusk Street, Boise, Idaho 83706

 

		13.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard Bowling Green-Convention Center 1010 Wilkinson Trace, Bowling Green, Kentucky

 

		14.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn & Suites 1475 West Gateway Boulevard, Boynton Beach, Florida

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

		15.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 215 Chestnut Street, Chattanooga, Tennessee

 

		16.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 7013 Shallowford Road, Chattanooga, Tennessee

 

		17.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites 40 East Grand Avenue, Chicago, Illinois

 

		18.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 3880 North Academy Boulevard, Colorado Springs, Colorado

 

		19.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 7245 Commerce Center Drive, Colorado Springs, Colorado

 

		20.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn Columbus Airport 5585 Whitesville Road, Columbus, Georgia

 

		21.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 7490 Vantage Drive, Columbus, Ohio

 

		22.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn Pickwick Dam - At Shiloh Falls 90 Old South Road, Counce, Tennessee

 

		23.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; The Hampton Inn 4555 Beltway Drive, Dallas, Texas

 

		24.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Fairfield Inn 2110 Market Center Boulevard, Dallas, Texas

 

		25.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 2150 Market Center Boulevard, Dallas, Texas

 

		26.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 660 West Hillsboro Boulevard, Deerfield Beach, Florida

 

		27.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 3920 Tuller Road, Dublin, Ohio

 

		28.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 3040 Eagandale Place, Eagan, Minnesota

 

		29.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn Los Angeles 2135 East El Segundo Boulevard, El Segundo, California 90245

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

		30.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 370 North Illinois Route 83, Elmhurst, Illinois 60126

 

		31.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 1922 Cedar Creek Road, Fayetteville, North Carolina

 

		32.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 2960 Colonial Boulevard, Ft. Myers, Florida

 

		33.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 650 Bakers Bridge Avenue, Franklin, Tennessee

 

		34.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn & Suites 7141 South Springs Drive, Franklin, Tennessee

 

		35.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard Marriott 3700 SW 42nd Street, Gainesville, Florida

 

		36.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 1859 Remount Road, Gastonia, North Carolina

 

		37.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites by Hilton 7855 Wolf River Boulevard, Germantown, Tennessee

 

		38.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 6617 Governor Ritchie Highway, Glen Burnie, Maryland

 

		39.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 4100 Cox Road, Glenn Allen, Virginia

 

		40.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 5550 Grand Avenue, Gurnee, Illinois

 

		41.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place Birmingham 2980 John Hawkins Parkway, Hoover, Alabama

 

		42.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; SpringHill Suites 7922 Mosley Road, Houston, Texas 77061

 

		43.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 9104 Keystone Crossing, Indianapolis, Indiana

 

		44.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard Marriott 14668 Duval Road, Jacksonville, Florida

 

		45.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn Kansas City-Airport 11212 North Newark Circle, Kansas City, Missouri

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

		46.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 215 Langley Place, Knoxville, Tennessee

 

		47.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 216 Langley Place, Knoxville, Tennessee

 

		48.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place at Las Vegas 4520 Paradise Road, Las Vegas, Nevada 89109

 

		49.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 1951 Pleasant Ridge Drive, Lexington, Kentucky

 

		50.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 2688 Pink Pigeon Parkway, Lexington, Kentucky

 

		51.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; SpringHill Suites 863 South Broadway, Lexington, Kentucky

 

		52.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 940 International Drive, Linthicum, Maryland

 

		53.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard Louisville Downtown Hotel 100 South Second Street, Louisville, Kentucky

 

		54.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 3900 Sheraton Drive, Macon, Georgia

 

		55.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 32420 Stephenson Highway, Madison Heights, Michigan

 

		56.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard Marriott 1750 Pembrook Drive, Maitland, Florida

 

		57.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 2454 Old Dorsett Road, Maryland Heights, Missouri

 

		58.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn Memphis - Poplar 5320 Poplar Avenue, Memphis, Tennessee

 

		59.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place Memphis Wolfchase Galleria 7905 Giacosa Place, Memphis, Tennessee

 

		60.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place - Airport 3655 NW 82nd Avenue, Miami, Florida

 

		61.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Holiday Inn Express 11520 SW 88th Street, Miami (Kendall), Florida

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

		62.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard by Marriott 1000 West I-65 Service Road South, Mobile, Alabama

 

		63.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn Mobile 950 West I-65 Service Road South, Mobile, Alabama

 

		64.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 1053 Van Voorhis Road, Morgantown, West Virginia

 

		65.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Holiday Inn 250 Johnnie Dodds Boulevard, Mt. Pleasant, South Carolina

 

		66.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 4701 Saul White Boulevard, North Charleston, South Carolina

 

		67.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 8501 Hampton Boulevard, Norfolk, Virginia

 

		68.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 20600 Haggerty Road, Northville, Michigan

 

		69.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 4361 West Reno Avenue, Oklahoma City, Oklahoma

 

		70.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn Omaha 6990 Dodge Street, Omaha, Nebraska

 

		71.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Embassy Suites 8250 Jamaican Court, Orlando, Florida

 

		72.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn Overland Park 10591 Metcalf Frontage Road, Overland Park, K ansas

 

		73.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place Overland Park 6801 W. 112th Street, Overland Park, Kansas

 

		74.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 4001 RCA Boulevard, Palm Beach Gardens, Florida

 

		75.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites Peabody 57 Newbury Street, Peabody, Massachusetts

 

		76.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites Peabody 57 Newbury Street, Peabody, Massachusetts

 

		77.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites 2001 East Highland Avenue, Phoenix, Arizona

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

		78.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 1710 NE Multnomah Street, Portland, Oregon

 

		79.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 4225 Route 1, Princeton (S. Brunswick Township), NJ

 

		80.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hilton Garden Inn Round Rock 2310 North IH-35, Round Rock, Texas

 

		81.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; SpringHill Suites 2960 Hoppe Trail, Round Rock, Texas

 

		82.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; SpringHill Suites 3636 NW Loop 410, San Antonio, Texas 78201

 

		83.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites 4323 Spectrum One, San Antonio, Texas 78230

 

		84.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn San Diego 12011 Scripps Highland Drive, San Diego, CA 92131

 

		85.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; SpringHill Suites San Diego 12032 Scripps Highland Drive, San Diego, CA 92131

 

		86.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 1040 University Parkway, Sarasota, Florida

 

		87.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard 850 University Parkway, Sarasota, Florida

 

		88.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Marriott Residence Inn 5710 White Bluff Road, Savannah, Georgia

 

		89.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 22 Montage Mountain Road, Scranton, Pennsylvania

 

		90.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites by Hilton-Cincinnati 2670 East Kemper Road, Sharonville, Ohio

 

		91.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 900 Mays Landing Road, Somers Point, New Jersey

 

		92.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 1101 East College Avenue, State College, Pennsylvania

 

		93.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 1880 Raymond Diehl Road, Tallahassee, Florida

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

		94.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Courtyard Marriott 1972 Raymond Diehl Road, Tallahassee, Florida

 

		95.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 13420 N. Telecom Parkway, Tampa, Florida

 

		96.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hyatt Place 4811 West Main Street, Tampa, Florida

 

		97.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 9719 Princess Palm Avenue, Tampa, Florida

 

		98.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn 90 Park Road, Tinton Falls, New Jersey

 

		99.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn Tucson 6477 East Speedway Boulevard, Tucson, AZ 85710

 

		100.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 1094 Chris Drive, West Columbia, South Carolina

 

		101.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 2025 Vista Parkway, West Palm Beach, Florida

 

		102.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; SpringHill Suites 450 Center Drive NW, Walker, Michigan

 

		103.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 500 Center Drive NW, Walker, Michigan

 

		104.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Hampton Inn 29690 Detroit Road, Westlake, Ohio

 

		105.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Residence Inn by Marriott 35 Hurricane Lane, Williston, Vermont

 

		106.	Phase I Environmental Site Assessment dated March 14, 2014;
Vertex Project No. 28280; Homewood Suites 65 Ella T. Grasso Turnpike, Windsor Locks, Connecticut

 

    	 	Schedule I	Environmental Indemnity Agreement

    	 

    

 

Environmental
Indemnity – Mezzanine Loan

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

Berkadia
Loan No. 01-0085684 & 01-0086644

 

ENVIRONMENTAL
INDEMNITY AGREEMENT

(MEZZANINE)

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (MEZZANINE) (this “Agreement”) is made as of December ___, 2014, by ARC
Hospitality Portfolio I Mezz, LP, a Delaware limited partnership, having an office at c/o American Realty Capital, 405
Park Avenue, 15th Floor, New York, New York 10022 (“Borrower”), American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership, and American
Realty Capital Hospitality Trust, Inc., a Maryland corporation, each having an office at c/o American Realty Capital,
405 Park Avenue, 15th Floor, New York, New York 10022, WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,
a Delaware limited partnership, and WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership,
each having an office at c/o Goldman, Sachs & Co., 200 West Street, New York, NY 10282 (each, a “Non-Borrower Indemnitor”,
and together with their respective permitted successors and assigns, collectively, “Non-Borrower Indemnitors”;
and together with Borrower, “Indemnitors”, and each, an “Indemnitor”), in favor
of U.S. Bank National Association, as Trustee
for the Registered Holders of EQTY 2014-MZ Mezzanine Trust, Commercial Mezzanine Pass-Through Certificates, having an
office at c/o Berkadia Commercial Mortgage LLC, 118 Welsh Road, Horsham, Pennsylvania 19044 (together with its successors and/or
assigns, “Indemnitee”) and the other Indemnified Parties (defined below).

 

RECITALS

 

1.          Pursuant
to a certain Assumption and Release Agreement (Mezzzanine) dated as of the date hereof (the “Assumption Agreement”),
Indemnitee is prepared to consent to the assumption (the “Assumption”) of a loan by Borrower from WNT
Mezz I, LLC, a Delaware limited liability company (the “Original Borrower”), in the original principal
amount of $111,000,000.00, which loan is evidenced by that certain (i) Mezzanine Promissory Note A-1, dated April 11, 2014 (together
with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-1 Note”),
from Original Borrower in the original principal amount of $66,600,000.00 (the “A-1 Loan”), and (ii)
Mezzanine Promissory Note A-2, dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and
supplements thereto, the “A-2 Note” and together with the A-1 Note, the “Note”),
from Original Borrower in the original principal amount of $44,400,000.00 (the “A-2 Loan” and together
with the A-1 Loan, the “Loan”), each in favor of German American Capital Corporation, a Maryland corporation
(“Original Indemnitee”). The Loan is evidenced by that certain Mezzanine Loan Agreement, dated as of
April 11, 2014 (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan
Agreement”), and secured by that certain Pledge and Security Agreement (Mezzanine), dated as of April 11, 2014, from
Original Borrower for the benefit of Original Indemnitee (the “Original Pledge Agreement”), as replaced
by that certain Pledge and Security Agreement (Mezzanine) of even date herewith from Borrower for the benefit of Indemnitee (as
the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Pledge Agreement”).
Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement, as amended by the Assumption
Agreement.

 

    	 	2	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

2.          Original
Indemnitee assigned, sold and transferred its interest in the Loan and the Loan Documents to Indemnitee and Indemnitee is the current
holder of all of Original Indemnitee’s interest in the Loan and Loan Documents.

 

3.          Each
Indemnitor acknowledges receipt and approval of copies of the Loan Documents.

 

4.          Borrower
is the legal and beneficial direct or indirect owner of (A) 100% of the issued and outstanding limited liability company interests
in (i) ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company, (ii) ARC Hospitality Portfolio I TFGL Owner,
LLC, a Delaware limited liability company, (iii) ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company,
(iv) ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company, (v) ARC Hospitality Portfolio I GBGL Owner,
LLC, a Delaware limited liability company, (vi) ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company,
(vii) ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company, (viii) ARC Hospitality Portfolio
I MBGL 950 Owner, LLC, a Delaware limited liability company, (ix) ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited
partnership, (x) ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership, and (xi) ARC Hospitality Portfolio
I SAGL Owner, LP, a Delaware limited partnership (collectively, the “Mortgage Borrowers” and each a “Mortgage
Borrower”), and (B) 100% of the issued and outstanding limited liability company interests in ARC Hospitality Portfolio
I NTC Owner GP, LLC, a Delaware limited liability company and the general partner of (i) ARC Hospitality Portfolio I NTC Owner,
LP, a Delaware limited partnership, (ii) ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership, and (iii)
ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership (“General Partner”).

 

5.          Each
Mortgage Borrower owns certain real property as more specifically set forth on Schedule I attached hereto and incorporated
herein by reference (collectively, the “Properties” and each an “Individual Property”).

 

6.          Each
Non-Borrower Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in the Mortgage Borrowers,
the General Partner and the Borrower and, as a result of such beneficial interest, will receive substantial economic and other
benefits from Indemnitee consenting to the assumption of the Mortgage Loan by Mortgage Borrowers.

 

7.          Each
Non-Borrower Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in Borrower and, as a result
of such beneficial interest, will receive substantial economic and other benefits from Indemnitee consenting to the Assumption
of the Loan by Borrower.

 

    	 	3	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

8.          Indemnitee
is unwilling to consent to the Assumption unless Indemnitors agree to provide the indemnification, representations, warranties,
covenants and other matters described in this Agreement for the benefit of the Indemnified Parties.

 

9.          Indemnitors
are entering into this Agreement to induce Indemnitee to consent to the Assumption of the Loan by Borrower.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitors
hereby represent, warrant, covenant and agree for the benefit of the Indemnified Parties as follows:

 

1.          Environmental
Representations and Warranties. Except as otherwise disclosed by those reports listed on Schedule II attached
hereto and made a part hereof in respect of the Properties (referred to below collectively as the “Environmental Reports”),
copies of which have been provided to Indemnitee and/or Original Indemnitee, to Indemnitors’ knowledge and except as would
not have a material adverse effect individually or in the aggregate on the business or condition (financial or otherwise) of Borrower
or any Mortgage Borrower, (a) there are no Hazardous Substances (defined below) or underground storage tanks in, on or under any
Individual Property, except those that are both (i) in compliance with all Environmental Laws (defined below) and with any necessary
permits issued pursuant thereto and (ii) fully disclosed to Indemnitee and/or Original Indemnitee in writing pursuant to the Environmental
Reports; (b) there are no past, present or threatened Releases (defined below) of Hazardous Substances in, on, under or from any
Individual Property which have not been remediated as required under Environmental Laws; (c) there is no threat of any Release
of Hazardous Substances migrating to any Individual Property; (d) there is no past or present non-compliance with Environmental
Laws, or with permits issued pursuant thereto, in connection with any Individual Property which has not been remediated as required
under Environmental Laws; (e) none of the Indemnitors and none of the Mortgage Borrowers knows of, or has received, any written
or oral notice or other communication from any Person (including, but not limited to, any Governmental Authority) relating to any
Release or Remediation (defined below) of any Hazardous Substance, of possible liability of any Indemnitor pursuant to any Environmental
Law, any other environmental conditions in connection with any Individual Property, or any actual or potential administrative or
judicial proceedings in connection with any of the foregoing; (f) no Toxic Mold (as defined below) is present in the indoor air
of any Individual Property at concentrations for which any Legal Requirement applicable to such Individual Property requires removal
thereof by remediation professionals, and no Indemnitor or Mortgage Borrower is aware of any conditions at any Individual Property
that are likely to result in the presence of Toxic Mold in the indoor air at concentrations for which any Legal Requirement applicable
to such Individual Property would require such removal; and (g) Indemnitors have truthfully and fully provided to Indemnitee and/or
Original Indemnitee, in writing, any and all material information relating to conditions in, on, under or from each Individual
Property that is actually known to any Indemnitor or Mortgage Borrower and that is contained in the files and records of any Indemnitor,
including, but not limited, to any reports relating to Hazardous Substances in, on, under or from each Individual Property and/or
to the environmental condition of each Individual Property.

 

    	 	4	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

2.          Environmental
Covenants. Each Indemnitor covenants and agrees that (a) all uses and operations on or of each Individual Property, whether
by any of the Indemnitors, any of the Mortgage Borrowers or any other Person, shall be in compliance with all Environmental Laws
and permits issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances in, on, under or from any Individual
Property (except in compliance with all applicable Environmental Laws and with permits issued pursuant thereto); (c) there shall
be no Hazardous Substances in, on or under any Individual Property, except those that are both (i) in compliance with all applicable
Environmental Laws and with any necessary permits issued pursuant thereto and (ii) fully disclosed to Indemnitee and/or Original
Indemnitee in writing; (d) each Indemnitor shall keep, and shall cause each Mortgage Borrower to keep, each Individual Property
free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission
of any of the Indemnitors or any other Person (the “Environmental Liens”); provided, that
after prior notice to Indemnitee, Indemnitors may contest, or may cause any Mortgage Borrower to contest, at Indemnitors’
or such Mortgage Borrower’s sole cost and expense, by appropriate legal proceeding, conducted in good faith and with due
diligence, the amount or validity of any Environmental Liens, provided that (1) no Event of Default has occurred and remains uncured,
(2) such proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances,
(3) no Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled
or lost, (4) Indemnitors shall, or shall cause the applicable Mortgage Borrower to, promptly upon final determination thereof pay
the amount of any such Environmental Liens, together with all costs, interest and penalties which may be payable in connection
therewith, (5) to insure the payment of such Environmental Liens, Indemnitors shall deliver, or shall cause the applicable Mortgage
Borrower to deliver, to Indemnitee either (A) cash, or other security as may be approved by Indemnitee, in an amount equal to one
hundred ten percent (110%) of the contested amount if such contested amount will be less than one million dollars ($1,000,000)
or one hundred twenty five percent (125%) of such contested amount if such contested amount will be equal to or greater than one
million dollars ($1,000,000), or (B) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested
amount from a surety acceptable to Indemnitee in its reasonable discretion, provided, however, Indemnitor shall not be required
to deliver any security pursuant to this clause (5) if Mortgage Borrower shall have delivered security in respect of the
relevant matter to the Mortgage Lender, (6) failure to pay such Environmental Liens will not subject Indemnitee to any civil or
criminal liability, (7) such contest shall not affect the ownership, use or occupancy of any Individual Property, and (8) Indemnitors
shall, upon request by Indemnitee, give Indemnitee prompt notice of the status of such proceedings and/or confirmation of the continuing
satisfaction of the conditions set forth in clauses (1) through (7) of this Section 2(d); (e) Indemnitors shall,
at their sole cost and expense, fully and in a timely manner cooperate, and shall cause each Mortgage Borrower to fully and in
a timely manner cooperate, in all activities pursuant to Section 3 of this Agreement, including, but not limited to, providing
all relevant information and making knowledgeable Persons available for interviews upon reasonable advance written request and
at reasonable times and places; (f) Indemnitors shall perform, and shall cause each Mortgage Borrower to perform, at Indemnitors’
or such Mortgage Borrower’s sole cost and expense, any environmental site assessment or other investigation of environmental
conditions in connection with any Individual Property, pursuant to any reasonable written request of Indemnitee made in consideration
of any environmental event or condition reasonably believed by Indemnitee to have occurred or to exist at any Individual Property
(which request shall briefly describe the basis for Indemnitee’s belief) (including, but not limited to, sampling, testing
and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas, such assessment
or investigation to be in scope and nature appropriate to the suspected event or condition) that would be reasonably expected to
have an adverse effect on any Individual Property or on the business or condition (financial or otherwise) of Borrower, and share
with Indemnitee the reports and other results thereof, and Indemnitee and the other Indemnified Parties shall be entitled to rely
on such reports and other results thereof; (g) Indemnitors shall comply, and shall cause each Mortgage Borrower to comply, at Indemnitors’
or such Mortgage Borrower’s sole cost and expense, with all reasonable written requests of Indemnitee to (i) effectuate any
required Remediation of any condition (including, but not limited to, a Release of a Hazardous Substance) in, on, under or from
any Individual Property; (ii) comply with any applicable Environmental Law; and/or (iii) comply with any directive from any Governmental
Authority having jurisdiction over the applicable Individual Property requiring any action relating to any environmental condition
in, on, under, from or migrating toward such Individual Property; provided, that with respect to clauses (g)(ii)
and (iii), after notice to Indemnitee, Indemnitors, at their own expense, may suspend, or cause the applicable Mortgage Borrower
to suspend (at such Mortgage Borrower’s expense), such compliance and contest, or cause to be contested by appropriate legal
proceeding, conducted in good faith and with due diligence, the applicability of any Environmental Law, provided that (1) no Event
of Default has occurred and remains uncured, (2) such proceeding shall be permitted under and be conducted in accordance with all
applicable statutes, laws and ordinances, (3) no Individual Property nor any part thereof or interest therein will be in danger
of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors shall promptly, or shall cause the applicable Mortgage
Borrower to promptly, upon final determination thereof take all acts then necessary to comply with such Environmental Law, together
with the payment of all costs, interest and penalties which may be payable in connection therewith, (5) to insure the performance
of such legal obligations and the payment of all related costs, Indemnitors shall deliver, or shall cause the applicable Mortgage
Borrower to deliver, to Indemnitee either (A) cash, or other security as may be approved by Indemnitee, in an amount equal to one
hundred ten percent (110%) of the maximum costs and expenses that are reasonably expected to be incurred in connection with such
proceeding, including costs of compliance if any Indemnitor or the applicable Mortgage Borrower is required to do so (collectively,
the “Maximum Cost”) if such Maximum Cost is less than one million dollars ($1,000,000) or one hundred
twenty five percent (125%) of the Maximum Cost if such Maximum Cost is equal to or greater than one million dollars ($1,000,000),
or (B) a payment and performance bond in an amount equal to one hundred percent (100%) of the Maximum Cost from a surety acceptable
to Indemnitee in its reasonable discretion; provided, however, Indemnitor shall not be required to deliver any security pursuant
to this clause (5) if Mortgage Borrower shall have delivered security in respect of the relevant matter to the Mortgage
Lender, (6) failure to comply with such Environmental Laws will not subject Indemnitee to any civil or criminal liability, (7)
such contest shall not affect the ownership, use or occupancy of any Individual Property, and (8) Indemnitors shall, upon request
by Indemnitee, give Indemnitee prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction
of the conditions set forth in clauses (1) through (7) of this Section 2(g); (h) Indemnitors shall not knowingly do or allow,
or cause any Mortgage Borrower to do or allow, any tenant or other user of any Individual Property to do any act that is in non-compliance
with any applicable Environmental Law, impairs or may impair the value of any Individual Property or the Collateral, is contrary
to any requirement of any insurer, constitutes a public or private nuisance, constitutes waste or violates any covenant, condition,
agreement or easement applicable to any Individual Property; (i) if following the date hereof, it is determined that any Individual
Property contains paint containing more than 0.5% lead by dry weight (“Lead Based Paint”), present in
violation of any Environmental Law and not previously disclosed in the Environmental Reports, Indemnitors agree, at their sole
cost and expense and within forty-five (45) days thereafter, to cause (or cause the applicable Mortgage Borrower to cause) to be
prepared an assessment report describing the location and condition of the Lead Based Paint (a “Lead Based Paint Report”),
prepared by an expert, and in form, scope and substance, acceptable to Indemnitee; (j) if following the date hereof, it is determined
that any Individual Property contains asbestos or asbestos-containing material (“Asbestos”) present in
violation of any Environmental Law and not previously disclosed in the Environmental Reports, Indemnitors shall at their sole cost
and expense, or cause Mortgage Borrower at Mortgage Borrower’s sole cost and expense, and within forty-five (45) days thereafter,
cause to be prepared an assessment report describing the location and condition of the Asbestos (an “Asbestos Report”),
prepared by an expert, and in form, scope and substance, acceptable to Indemnitee; (k) if a Lead Based Paint Report or Asbestos
Report is required to be prepared pursuant to clauses (i) or (j) of this Section 2, on or before thirty (30) days
following the preparation of such report, Indemnitors shall develop and implement, or shall cause the applicable Mortgage Borrower
to develop and implement, at Indemnitors’ or such Mortgage Borrower’s sole cost and expense, an operations and maintenance
plan to manage such condition(s) on the applicable Individual Property, which plan shall be prepared by an expert, and be in form,
scope and substance, acceptable to Indemnitee (together with any Lead Based Paint Report and/or Asbestos Report, as applicable,
the “O&M Plan”), and if an O&M Plan has been prepared prior to the date hereof, Indemnitors agree
to diligently and continually carry out (or cause to be carried out) the provisions thereof, it being understood and agreed that
compliance with the O&M Plan shall require or be deemed to require, without limitation, the proper preparation and maintenance
of all records, papers and forms required under the Environmental Laws; (1) in the event that any inspection or audit reveals the
presence of Toxic Mold in the indoor air of any Individual Property at concentrations for which any Legal Requirement applicable
to such Individual Property requires removal thereof by remediation professionals, Indemnitors shall promptly remediate (or cause
to be remediated) the Toxic Mold and perform (or cause to be performed) post-remedial clearance sampling in accordance with said
Legal Requirement and applicable Environmental Law, following which abatement of the Toxic Mold, Indemnitors shall prepare and
implement or shall cause the applicable Mortgage Borrower to prepare and implement an Operations and Maintenance Plan for Toxic
Mold and Moisture reasonably acceptable to Indemnitee and in accordance with the guidelines issued by the National Multi Housing
Council; and (m) Indemnitors shall promptly notify Indemnitee in writing of (A) any presence or Release or threatened Release of
Hazardous Substances in, on, under, from or migrating towards any Individual Property in material violation of, or as might be
reasonably expected to result in material liability under, any Environmental Law; (B) material non-compliance with any Environmental
Laws related in any way to any Individual Property; (C) any actual or threatened Environmental Lien; (D) any required or proposed
Remediation of environmental conditions relating to any Individual Property; and/or (E) any written or oral notice or other communication
of which any Indemnitor or any Mortgage Borrower becomes aware from any source whatsoever (including, but not limited to, any Governmental
Authority) relating to a material or unlawful Release, or threatened Release, of Hazardous Substances or Remediation thereof, possible
liability of any Person pursuant to any Environmental Law concerning any Individual Property or the Property, other environmental
conditions in connection with any Individual Property or any actual or threatened administrative or judicial proceedings in connection
with any environmental matters referred to in this Agreement.

 

    	 	5	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

3.          Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a reasonable basis to believe that an environmental
hazard exists on any Individual Property, other than conditions expressly disclosed in the Environmental Reports, that does not
(a) endanger any tenants or other occupants of such Individual Property or their guests or the general public, or (b) materially
and adversely affect the value of such Individual Property or the Collateral, upon reasonable written notice from the Indemnitee,
describing in reasonable detail the basis for such belief, Indemnitors shall, at Indemnitors’ sole cost and expense (or cause
Mortgage Borrower at Mortgage Borrower’s cost and expense to), promptly cause an engineer or consultant reasonably satisfactory
to the Indemnified Parties to conduct an environmental assessment or audit of such hazard (the scope of which shall be determined
in the reasonable discretion of the Indemnified Parties) and take any samples of soil, groundwater or other water, air or building
materials or any other invasive testing reasonably determined by Indemnitee to be required to assess such condition and promptly
deliver to Indemnitee the results of any such assessment, audit, sampling or other testing; provided, however,
if such results are not delivered to Indemnitee within a reasonable period or if the Indemnified Parties have reason to believe
that an environmental hazard exists on such Individual Property that endangers any tenant or other occupant of such Individual
Property or their guests or the general public or may materially and adversely affect the value of such Individual Property or
the Collateral, upon reasonable notice to Indemnitors, the Indemnified Parties and any other Person designated by the Indemnified
Parties, including, but not limited to, any receiver, any representative of any Governmental Authority and/or any environmental
consultant, shall have the right, but not the obligation, to enter upon such Individual Property at all reasonable times (subject
to the rights of tenants) to assess any and all aspects of the environmental condition of such Individual Property and its use,
including, but not limited to, conducting any environmental assessment or audit (the scope of which shall be determined in the
sole, but good faith, discretion of the Indemnified Parties) and taking samples of soil, groundwater or other water, air or building
materials and reasonably conducting other invasive testing, reasonably determined by the Indemnified Parties to be required to
assess the condition. Indemnitors shall cooperate with and cause the applicable Mortgage Borrower to provide, upon advance notice
to each of them, the Indemnified Parties and any such Person designated by the Indemnified Parties with access to each Individual
Property.

 

    	 	6	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

4.          Indemnification.
Indemnitors covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties
harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified
Parties and directly or indirectly arising out of or relating to any one or more of the following: (a) any presence of any Hazardous
Substances in, on, above or under any Individual Property; (b) any past, present or threatened Release of Hazardous Substances
in, on, above, under or from any Individual Property; (c) any activity by any of the Indemnitors, any of the Mortgage Borrowers,
any Person affiliated with any of the Indemnitors, any of the Mortgage Borrowers and/or any tenant or other user of any Individual
Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence, disposition or other
Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer
or transportation to or from such Individual Property of any Hazardous Substances at any time located in, under, on or above such
Individual Property; (d) any activity by any of the Indemnitors, any of the Mortgage Borrowers, any Person affiliated with any
of the Indemnitors, any of the Mortgage Borrowers and/or any tenant or other user of any Individual Property in connection with
any actual or proposed Remediation of any Hazardous Substances at any time located in, under, on or above such Individual Property,
whether or not such Remediation is voluntary or pursuant to court or administrative order, including, but not limited to, any removal,
remedial or corrective action; (e) any past, present or threatened non-compliance or violation of any Environmental Law (or of
any permit issued pursuant to any Environmental Law) in connection with any Individual Property or operations thereon, including,
but not limited to, any failure by any of the Indemnitors, any of the Mortgage Borrowers, any Person affiliated with any of the
Indemnitors, any of the Mortgage Borrowers and/or any tenant or other user of such Individual Property to comply with any order
of any Governmental Authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened
imposition, recording or filing of any Environmental Lien encumbering any Individual Property; (g) any administrative processes
or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) [intentionally omitted];
(i) any acts of any of the Indemnitors, any of the Mortgage Borrowers, any Person affiliated with any of the Indemnitors, any of
the Mortgage Borrowers and/or any tenant or other user of any Individual Property in arranging for the disposal or treatment, or
arranging with a transporter for transport for the disposal or treatment, of Hazardous Substances in, on, above or under any Individual
Property at any facility or incineration vessel containing such or similar Hazardous Substances; (j) any acts of any of the Indemnitors,
any of the Mortgage Borrowers, any Person affiliated with any of the Indemnitors, any of the Mortgage Borrowers and/or any tenant
or other user of any Individual Property in accepting any Hazardous Substances in, on, above or under any Individual Property for
transport to disposal or treatment facilities, incineration vessels or sites from which there is a Release or a threatened Release
of any Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death or property
or other damage arising under any statutory or common law or tort law theory, in each case, with respect to environmental matters
concerning any Individual Property, including, but not limited to, damages assessed for private or public nuisance or for the conducting
of an abnormally dangerous activity on or near any Individual Property; and (l) any misrepresentation or inaccuracy in any
representation or warranty contained in this Agreement or material breach or failure to perform any covenants or other obligations
pursuant to this Agreement.

 

    	 	7	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

Notwithstanding the
provisions of this Agreement to the contrary, the foregoing indemnity shall not apply to Losses caused solely by the gross negligence
or willful misconduct of any Indemnified Party.

 

5.          Duty
to Defend and Attorneys’ and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitors
shall defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any
Indemnified Party, in the name of the Indemnified Party), by attorneys and other professionals reasonably approved by the Indemnified
Parties. Notwithstanding the foregoing, if the defendants in a claim include an Indemnitor (or any affiliate of an Indemnitor)
and any Indemnified Party shall have reasonably concluded that (A) there are legal defenses available to it that are materially
different from or in addition to those available to such Indemnitor (or such Affiliate of such Indemnitor), or (B) the use of the
attorneys engaged by such Indemnitor (or such affiliate of such Indemnitor) would present such attorneys with a conflict of interest,
Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or
assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding;
provided that no compromise or settlement shall be entered without Indemnitors’ consent, which consent shall not be unreasonably
withheld. Upon demand, Indemnitors shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the
Indemnified Parties for the payment of the reasonable fees and disbursements of attorneys, engineers, environmental consultants,
laboratories and other professionals in connection therewith.

 

6.          Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

The term “Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the
like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances and/or
relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including, but not limited to, Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; the River and Harbors Appropriation Act;
and those relating to Lead Based Paint. The term “Environmental Laws” also includes, but is not limited to, any present
and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, conditioning
transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of
any Individual Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition
of a property to any Governmental Authority or other Person, whether or not in connection with any transfer of title to or interest
in such property; imposing conditions or requirements in connection with environmental permits or other environmental authorization
for lawful activity; relating to nuisance, trespass or other causes of action related to the physical condition or use of any Individual
Property; and relating to wrongful death, personal injury or property or other damage in connection with any physical condition
or use of any Individual Property.

 

    	 	8	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

The term “Hazardous
Substances” includes, but is not limited to, any and all substances (whether solid, liquid or gas) defined, listed
or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes
or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact
on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, and lead-containing materials, radon, radioactive materials, flammables and explosives,
Lead Based Paint and Toxic Mold. Notwithstanding anything to the contrary contained herein, the term “Hazardous Substances”
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning,
maintenance, or operations, substances typically used in construction, and typical products used in properties like the Properties,
and which are otherwise in compliance with all Environmental Laws. Furthermore, the term “Hazardous Substances” will
not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily and
customarily stocked and sold by tenants operating retail businesses of the types operated by the Tenants and which are otherwise
in compliance with all Environmental Laws.

 

The term “Indemnified
Parties” includes Indemnitee, any Person who is or will have been involved in the origination of the Loan, any Person
who is or will have been involved with the servicing of the Loan, any Person in whose name the encumbrance created by the Mortgage
is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including,
but not limited to, Investors (as hereinafter defined) and/or prospective Investors, as well as custodians, trustees and other
fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties), as well as the respective
directors, officers, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors,
affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including, but not limited to,
any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, the Collateral
or any Individual Property, whether during the term of the Loan or as a part of, or following a foreclosure of, the Loan and including,
but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of Indemnitee’s
assets and business), but shall not include any Person who acquires the Property at any time after the completion of a foreclosure,
sale by power of sale, or deed in lieu of foreclosure, and any Person claiming by, through or under such acquirer, in their capacity
as such.

 

    	 	9	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

The term “Investors”
means collectively, any purchaser, transferee, assignee, servicer, participant or investor or any credit rating agency.

 

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term “Losses”
includes any actual losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including, but not limited
to, strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or
not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs,
reasonable fees of attorneys, engineers and environmental consultants and investigation costs (including, but not limited to, costs
for sampling, testing and analysis of soil, water, air, building materials and other materials and substances, whether solid, liquid
or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings,
actions, claims, suits, judgments or awards.

 

The term “Non-Borrower
Indemnitor Affiliate” shall mean any Non-Borrower Indemnitor, and any Person that either (or both) (a) is in Control
of, is Controlled by or is under common Control with (i) any Non-Borrower Indemnitor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Non-Borrower Indemnitor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Non-Borrower Indemnitor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination)
of the Non-Borrower Indemnitors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity
interests in such Person, or (3) a Person with respect to which any combination of Non-Borrower Indemnitors and Clause (a) Persons
own, directly or indirectly, fifty-one percent (51%) or more of the direct or indirect voting equity interests in such Person;
provided, however, that, notwithstanding the foregoing, (I) no Person shall be deemed to be a Non-Borrower Indemnitor Affiliate
(x) to the extent Controlled by a Controlling Mezzanine Lender in the exercise of its Direct Control Remedies or (y) in connection
with or by virtue solely of any direct or indirect interest in Transferee Borrower or Indirect Transferee and (II) in no event
shall either Goldman Sachs Mortgage Company or GS Commercial Real Estate LP be deemed a Non-Borrower Indemnitor Affiliate. In addition
to, and without limiting, the foregoing, if a direct or indirect interest in a Mezzanine Loan is held by a Non-Borrower Indemnitor
Affiliate, the related Mezzanine Lender will be deemed a Non-Borrower Indemnitor Affiliate unless such Non-Borrower Indemnitor
Affiliate is a Disabled Participant (as defined below) and one or more other holders of substantial interests in such Mezzanine
Loan that are not Non-Borrower Indemnitor Affiliates control the administration of such Mezzanine Loan and the enforcement of the
rights and remedies of such Mezzanine Lender. A Non-Borrower Indemnitor Affiliate is a “Disabled Participant”
with respect to a Mezzanine Loan if it has no right to exercise any voting or other control rights with respect to such Mezzanine
Loan (other than the right to approve amendments to the material economic terms of such Mezzanine Loan).

 

    	 	10	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

The term “Release”
with respect to any Hazardous Substance includes, but is not limited to, any release, deposit, discharge, emission, leaking, leaching,
spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances.

 

The term “Remediation”
includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance
(including, with respect to Toxic Mold, providing any moisture control systems at any Individual Property); any action to comply
with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment,
audit, sampling and testing or laboratory or other analysis or evaluation relating to any Hazardous Substances or to any environmental
matter referred to herein.

 

The term “Toxic
Mold” means fungi that reproduces through the release of spores or the splitting of cells or other means that may
pose a risk to human health or the environment or negatively affect the value of any Individual Property, including, but not limited
to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial volatile organic compounds.

 

7.          Unimpaired
Liability. The liability of Indemnitors under this Agreement shall in no way be limited or impaired by, and each Indemnitor
hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the Loan Agreement,
the Pledge Agreement, the Assumption Agreement or any other Loan Document to or with Indemnitee by Borrower or any Person who succeeds
Borrower or any Person as owner of the Collateral or any Individual Property (subject to the express provisions of Section 9
hereof). In addition, the liability of Indemnitors under this Agreement shall in no way be limited or impaired by (i) any extensions
of time for performance required by the Note, the Loan Agreement, the Pledge Agreement, the Assumption Agreement or any of the
other Loan Documents, (ii) unless a substitute Indemnitor acceptable to Indemnitee in accordance with the Loan Agreement has agreed
in writing to be bound by the terms of this Agreement, but subject to Section 9 and Section 10 hereof, any sale or
transfer of all or part of the Collateral, or any sale or other assignment by any Non-Borrower Indemnitor of its direct or indirect
ownership interests in any Mortgage Borrower, (iii) except as provided herein, any exculpatory provision in the Note, the Loan
Agreement, the Pledge Agreement, the Assumption Agreement or any of the other Loan Documents limiting Indemnitee’s recourse
to the Properties or the Collateral or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency
judgment against Indemnitors, (iv) the accuracy or inaccuracy of the representations and warranties made by Borrower under the
Note, the Loan Agreement, the Pledge Agreement, the Assumption Agreement or any of the other Loan Documents or herein, (v) the
release of any of the Indemnitors or any other Person from performance or observance of any of the agreements, covenants, terms
or conditions contained in any of the other Loan Documents, by operation of law, Indemnitee’s voluntary act, or otherwise,
(vi) the release or substitution in whole or in part of any security for the Note, or (vii) Indemnitee’s failure
to file any of the UCC financing statements (or Indemnitee’s improper filing thereof) or to otherwise perfect, protect, secure
or insure any security interest or lien given as security for the Note; and, in any such case, whether with or without notice to
any of the Indemnitors and with or without consideration.

 

    	 	11	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

8.            Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitors without first resorting to or exhausting any security or collateral
or without first having recourse to the Note, the Loan Agreement, the Pledge Agreement, the Assumption Agreement or any other Loan
Documents or any of the Collateral, through foreclosure sale or otherwise, provided, however, that
nothing herein shall inhibit or prevent Indemnitee from suing on the Note, foreclosing or exercising any power of sale under the
Pledge Agreement or exercising any other rights and remedies thereunder, subject to the terms of the Loan Agreement. This Agreement
is not collateral or security for the Obligations of Borrower pursuant to the Loan Agreement, unless Indemnitee expressly elects
in writing to make this Agreement additional collateral or security for such Obligations of Borrower pursuant to the Loan Agreement,
which Indemnitee is entitled to do in its sole and absolute discretion. It is not necessary for an Event of Default to have occurred
pursuant to and as defined in the Pledge Agreement or the Loan Agreement for Indemnified Parties to exercise their rights pursuant
to this Agreement. Notwithstanding any provision of the Loan Agreement to the contrary, the obligations of each Indemnitor pursuant
to this Agreement are exceptions to any non-recourse or exculpation provision of the Loan Agreement; and each Indemnitor expressly
acknowledges and agrees that it is fully and personally liable for such obligations, and such liability is not limited to the original
or amortized principal balance of the Loan or the value of the Collateral.

 

9.            Limitations
on Liability of Non-Borrower Indemnitors.

 

(a)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Non-Borrower Indemnitor Affiliate of the direct ownership
interests in the applicable Mortgage Borrower, Borrower or general partner of any Mortgage Borrower or Mezzanine Borrower or general
partner of any Mezzanine Borrower pledged as collateral for a Mezzanine Loan pursuant to the Mezzanine Loan Documents, any transfer
in lieu of foreclosure of the equity pledged as collateral for any Mezzanine Loan to, on behalf of or for the account of any Mezzanine
Lender that is not a Non-Borrower Indemnitor Affiliate (any such foreclosure or transfer-in-lieu thereof, a “Mezzanine
Divestment”), with the result that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor
Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no longer Controlled by either of the Non-Borrower
Indemnitors or any other Non-Borrower Indemnitor Affiliate) shall have Control of, any one or more of the Mortgage Borrowers (each
such Mortgage Borrower, a “Divested Borrower”), or

 

    	 	12	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

(ii)         any
foreclosure (whether judicially or non-judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer in
lieu of foreclosure to, on behalf of or for the account of Mortgage Lender or a receiver, trustee, liquidator, conservator or other
third-party appointed by, on behalf of or for the account of Mortgage Lender taking control of any Individual Property (any such
foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”),
with the result, in any such case, that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor Affiliate
shall have the power to direct the management of, any one or more of the Properties thereby foreclosed, transferred or controlled
(each such Property, a “Divested Property”),

 

then, in such cases, Non-Borrower Indemnitors
shall not have any liability under the Loan Documents for any Losses arising from any circumstance, condition, action or event
with respect to any such Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment or Mezzanine
Divestment, as applicable, and not caused by the acts of either of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor
Affiliate, or any Loan Party (excluding any Loan Party who as a result of a Mezzanine Divestment is no longer Controlled by either
of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor Affiliate); provided that Non-Borrower Indemnitors shall remain
liable hereunder for any Losses to the extent arising from any action or event occurring with respect to any such Divested Property
or Divested Borrower prior to the date of the Mortgage Divestment or Mezzanine Divestment, as applicable.

 

(b)          In
the event that a Permitted Direct Assumption or Permitted Indirect Assumption, shall occur in accordance with Section 7.1
of the Loan Agreement, and Lender receives in connection therewith a replacement guaranty and replacement environmental indemnity
(collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Non-Borrower Indemnitors for any Losses arising from any circumstance, condition, action or event first occurring after the
effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the extent
the same is not caused by either of the Non-Borrower Indemnitors or any Non-Borrower Indemnitor Affiliate (it being understood
that circumstances, conditions, actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall
be deemed to not have been caused by any Non-Borrower Indemnitor or any Non-Borrower Indemnitor Affiliate); provided, however,
that Non-Borrower Indemnitors shall remain liable hereunder for any Losses arising from any action or event occurring prior to
the Assumption Release Date.

 

    	 	13	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

(c)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Non-Borrower Indemnitor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine
Loan Documents, (i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the
ownership interests of the applicable Mortgage Borrower, Borrower or general partner of any Mortgage Borrower, or Mezzanine Borrower
or general partner of any Mezzanine Borrower pledged to such Mezzanine Lender as collateral for its Mezzanine Loan under the related
Mezzanine Loan Documents, of such ownership interests in the applicable Borrowers, SPC Party or Mezzanine Borrower so pledged
as collateral for such Mezzanine Loan, or (ii) appoints a receiver, trustee, liquidator, conservator or other third-party that
is not a Non-Borrower Indemnitor Affiliate to take control of the equity pledged as collateral for such Mezzanine Loan (the “Direct
Control Remedies”, and such Mezzanine Lender, or such receiver, trustee, liquidator, conservator or other third-party
appointed by such Mezzanine Lender, exercising such Direct Control Remedies, the “Controlling Mezzanine Lender”),
Non-Borrower Indemnitors shall not have liability hereunder for the actions that such Controlling Mezzanine Lender, in the exercise
of its Direct Control Remedies, causes any Mortgage Borrower, Borrower or any general partner of any Mortgage Borrower or Mezzanine
Borrower or general partner of any Mezzanine Borrower to take (“Mezzanine Lender Controlled Actions”)
if such Mezzanine Lender Controlled Actions are taken without consent of or collusion with, either of the Non-Borrower Indemnitors
or any Non-Borrower Indemnitor Affiliate.

 

10.         Survival.
Except as expressly provided to the contrary in Section 9 hereof, the obligations and liabilities of each Indemnitor under
this Agreement shall fully survive indefinitely, notwithstanding any termination, satisfaction, assignment, foreclosure on the
Collateral or other exercise of Indemnitee’s rights or remedies under the Pledge Agreement, any other Loan Document or the
UCC. Notwithstanding the foregoing, the indemnification obligations of Indemnitors hereunder shall terminate three (3) years after
the payment in full (or, if later, after delivery of the Environmental Report described in this sentence), in accordance with the
Loan Agreement, by any Indemnitor of the Debt solely as to an Individual Property as to which at the time of such payment (or at
any time thereafter) Indemnitee has been furnished an updated Environmental Report in form and substance, and from an environmental
consultant, reasonably acceptable to Indemnitee and acceptable to the Rating Agencies, which updated Environmental Report discloses,
as of the date of such repayment (or, if later, the date of the delivery thereof), no actual or threatened (other than as disclosed
in the Environmental Report delivered to Indemnitee by Indemnitors in connection with the origination of the Loan) (A) non-compliance
with or violation of applicable Environmental Laws (or permits issued pursuant to Environmental Laws) in connection with any Individual
Property or operations thereon, which has not been cured in accordance with applicable Environmental Laws, (B) Environmental Liens
encumbering any Individual Property, (C) administrative processes or proceedings or judicial proceedings concerning any environmental
matter addressed in this Agreement, or (D) unlawful presence or Release of Hazardous Substances in, on, above or under any Individual
Property that has not been fully remediated as required by applicable Environmental Laws.

 

11.         Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within thirty (30) days of such demand therefor, shall bear interest at the Default Rate.

 

    	 	14	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

12.         Waivers.

 

(a)          Each
Indemnitor hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of any Indemnitor’s assets
or to cause Indemnitee or any other Indemnified Party to proceed against any of the security for the Loan before proceeding under
this Agreement against any Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors generally,
including any rights of subrogation which any Indemnitor may have, provided that the indemnity provided for hereunder
shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever
which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights, including, without
limitation, any claim that such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party; (iii)
the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against
or by Indemnitee or any other Indemnified Party; (iv) notice of acceptance hereof and of any action taken or omitted in reliance
hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other
proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits of any statutes
of limitations or repose. Notwithstanding anything to the contrary contained herein, each Indemnitor hereby agrees to postpone
the exercise of any rights of subrogation with respect to any collateral securing the Obligations until the Debt shall have been
paid in full.

 

(b)          EACH
INDEMNITOR AND EACH INDEMNIFIED PARTY, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST, WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH INDEMNITOR AND INDEMNIFIED PARTY AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR
AND INDEMNIFIED PARTY.

 

13.         Subrogation.
Each Indemnitor hereby agrees that it shall take any and all commercially reasonable actions, including the institution of legal
action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible
for the presence of any Hazardous Substances at, in, on, under or near any Individual Property or otherwise obligated by law to
bear the cost. The Indemnified Parties shall be and hereby are subrogated to all of each Indemnitor’s rights now or hereafter
in such claims.

 

14.         Indemnitors’
Representations and Warranties. Each Indemnitor represents and warrants that:

 

(a)          it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has
been taken by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its
terms;

 

    	 	15	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

(b)          its
execution of, and compliance with, this Agreement is in the ordinary course of business of such Indemnitor and will not result
in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument
of such Indemnitor, the Collateral or result in the breach of any term or provision of, or conflict with or constitute a default
under, or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument
to which such Indemnitor or any Individual Property is subject, or result in the violation of any law, rule, regulation, order,
judgment or decree to which such Indemnitor, the Collateral or any Individual Property is subject;

 

(c)          to
the best of such Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against
it which, either in any one instance or in the aggregate, would be reasonably likely to result in any material adverse change in
the business, operations, financial condition, properties or assets of such Indemnitor, or in any material impairment of the right
or ability of such Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part
of such Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection
with the obligations of such Indemnitor contemplated herein, or which would be likely to impair materially the ability of such
Indemnitor to perform under the terms of this Agreement;

 

(d)          it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)          to
the best of such Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing
with, any Governmental Authority or other Person, and no approval, authorization or consent of any other Person, that has not been
obtained as of the execution hereof, is required in connection with this Agreement; and

 

(f)          this
Agreement constitutes a valid, legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms
hereof, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

15.         No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver of any such privilege, power or right.

 

16.         Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the
other parties hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever
with respect to the presence or potential presence of Hazardous Substances on, from or affecting any Individual Property in violation
of applicable Environmental Laws, and (ii) any legal action brought against such party or related to any Individual Property, with
respect to which Indemnitors may have liability under this Agreement. Such notice shall comply with the provisions of Section
17 hereof.

 

    	 	16	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

17.         Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 17. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each
case addressed to the parties as follows:

 

	
        If to Indemnitee:

         
	
        U.S. Bank National Association, as Trustee
        for the Registered Holders of EQTY 2014-MZ Mezzanine Trust, Commercial Mezzanine Pass-Through Certificates

        c/o Berkadia Commercial Mortgage LLC

        118 Welsh Road

        Horsham, PA 19044

        Attention: Client Relations Manager for

          Loan Nos. 01-0085684
        & 01-0086644

        Facsimile No.: __________________________

	 	 
	with a copy to:	
        Dilworth Paxson LLP

        1500 Market Street, 3500E

        Philadelphia, PA 19102

        Attention: Ajay Raju, Esq.

        Facsimile No.: (215) 575-7200

	 	 
	If to Borrowers:	
        ARC Hospitality Portfolio I Mezz, LP

        c/o American Realty Capital

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Facsimile No.: __________________________

	 	 
	with a copy to:	
        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

 

    	 	17	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

	If to Non-Borrower Indemnitors:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007 and Whitehall Parallel Global Real Estate Limited Partnership 2007

        c/o Goldman Sachs & Co.

        200 West Street

        New York, New York 10282

        Facsimile No.: (972)
        368-3699

         

        American Realty Capital Hospitality Operating
        Partnership, L.P. and

        American Realty Capital Hospitality Trust,
        Inc.

        c/o American Realty Capital

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Facsimile No.: ________________________

	 	 
	with a copy to:	
        Whitehall Street Global Real Estate Limited
        Partnership 2007

        c/o Goldman, Sachs & Co.

        200 West Street

        New York, New York 10282

        Attention: Chief Financial Officer

        Facsimile No.: (212) 357-5505

         

        Sullivan & Cromwell LLP

        125 Broad Street

        New York, NY 10004

        Attention: Anthony J. Colletta, Esq.

        Facsimile No. (212) 291-9029

         

        Goodwin Procter LLP

        53 State Street

        Boston, MA 02109

        Attn: Samuel L. Richardson, Esq.

        Facsimile No.: (617) 523-1231

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 17. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Indemnitee may also be given by Servicer.

 

    	 	18	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

18.         Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original
shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to
execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

19.         No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of any Indemnitor or any Indemnified Party, but only by an agreement
in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

 

20.         Headings,
Etc. The headings and captions of various sections of this Agreement are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

21.         Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific
references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person
constituting an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors,
administrators, legal representatives, successors and permitted assigns of each Indemnitor, all of whom shall be bound by the provisions
of this Agreement. Each reference herein to Indemnitee shall be deemed to include its successors and assigns; provided
that no obligation of any Indemnitor may be assigned except in accordance with the Loan Agreement. This Agreement shall inure to
the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives forever.
The Indemnified Parties shall have the right to assign or transfer their rights under this Agreement in connection with any assignment
of the Loan and the Loan Documents. Any assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled
to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement. No Indemnitor shall have the
right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Indemnitee, unless
otherwise permitted by the Loan Agreement, and any attempted assignment without such consent shall be null and void.

 

22.         Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the
liability of any party not so released.

 

23.         Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Note, the Pledge Agreement, the Loan Agreement, the Assumption Agreement or the other Loan Documents or would otherwise
have at law or in equity.

 

    	 	19	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

24.         Inapplicable
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.

 

25.         Governing
Law; Jurisdiction; Service of Process.

 

(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF NEW YORK,
AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

 

(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR ANY INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY, AT INDEMNITEE’S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR DOES HEREBY DESIGNATE AND APPOINT:

 

CORPORATION
SERVICE COMPANY

[ARC
TO PROVIDE ADDRESS]

 

    	 	20	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL
OR STATE COURT IN NEW YORK, NEW YORK, AND EACH INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE
SERVICE OF PROCESS UPON SUCH INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH INDEMNITOR (I) SHALL
GIVE PROMPT NOTICE TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO
TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED
AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL AT ALL TIMES BE THE SAME AGENT AS AUTHORIZED
BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE
AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF
THE INDEMNIFIED PARTIES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST INDEMNITORS IN ANY OTHER JURISDICTION.

 

26.         Miscellaneous.

 

(a)          Wherever
pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove
any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or (iii) any other
decision or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee (or such other
Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not satisfactory
to Indemnitee (or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or such other Indemnified
Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and shall be final and conclusive,
except as may be otherwise expressly and specifically provided herein.

 

(b)          Wherever
pursuant to this Agreement it is provided that any Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable out-of-pocket legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether
incurred by retained outside law firms, or as reimbursements for the expenses of in-house legal staff, or otherwise.

 

    	 	21	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

27.         Joint
and Several Liability. The obligations and liabilities of the Indemnitors hereunder are joint and several.

 

28.         Recitals.
The recitals hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the
facts and documents referred to therein.

 

29.         California
State Specific Provisions.

 

(a)          Environmental
Provisions. To the extent California law applies, nothing herein shall be deemed to limit the right of Indemnitee to recover in
accordance with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any out-of-pocket
costs, expenses, liabilities or damages, including reasonable attorneys’ fees and costs, incurred by Indemnitee and arising
from any covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to Indemnitee,
or any order, consent decree or settlement relating to the cleanup of Hazardous Substances or any other “environmental provision”
(as defined in such Section 736) relating to the Collateral or any portion thereof or the right of Indemnitee to waive,
in accordance with the California Code of Civil Procedure Section 726.5 (as such Section may be amended from time to time),
the security of the Pledge Agreement as to any of the Collateral that is “environmentally impaired” or is an “affected
parcel” (as such terms are defined in such Section 726.5), and as to any personal property attached to such parcel,
and thereafter to exercise against Borrower, to the extent permitted by such Section 726.5, the rights and remedies of any
unsecured creditor, including reduction of Indemnitee’s claim against Borrower to judgment, and any other rights and remedies
permitted by law.

 

(b)          Additional
Indemnitor Waivers. To the extent California law applies, in addition to and not in lieu of any other provisions of this Agreement,
each Indemnitor represents, warrants and covenants as follows:

 

(i)          The
obligations of each Indemnitor under this Agreement shall be performed without demand by Indemnitee and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Loan Documents, and without regard to any
other circumstance which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Indemnitor
hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so such
Indemnitor shall be liable even if Borrower had no liability at the time of execution of the Loan Documents, or thereafter ceases
to be liable. Each Indemnitor hereby waives any and all benefits and defenses under California Civil Code Section 2809 and
agrees that by doing so such Indemnitor’s liability may be larger in amount and more burdensome than that of Borrower. Each
Indemnitor hereby waives the benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict
with the terms of this Agreement and agrees that such Indemnitor’s obligations shall not be affected by any circumstances,
whether or not referred to in this Agreement which might otherwise constitute a legal or equitable discharge of a surety or a guarantor.
Each Indemnitor hereby waives the benefits of any right of discharge under any and all statutes or other laws relating to guarantors
or sureties and any other rights of sureties and guarantors thereunder.

 

    	 	22	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

(ii)         In
accordance with Section 2856 of the California Civil Code, each Indemnitor hereby waives all rights and defenses arising
out of an election of remedies by Indemnitee even though that election of remedies, such as a nonjudicial foreclosure with respect
to security for guaranteed obligations, has destroyed or otherwise impaired such Indemnitor’s rights of subrogation and reimbursement
against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Each Indemnitor
hereby authorizes and empowers Indemnitee to exercise, in its sole and absolute discretion, any right or remedy, or any combination
thereof, which may then be available, since it is the intent and purpose of each Indemnitor that the obligations under this Agreement
shall be absolute, independent and unconditional under any and all circumstances. Specifically, and without in any way limiting
the foregoing, each Indemnitor hereby waives any rights of subrogation, indemnification, contribution or reimbursement arising
under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse to or with respect
to Borrower (unless a Permitted Direct Assumption shall have occurred in accordance with the Loan Agreement), any general partner,
member or other constituent of Borrower (unless a Permitted Direct Assumption shall have occurred in accordance with the Loan Agreement),
any other person obligated to Indemnitee with respect to matters set forth herein, or the assets or property of any of the foregoing
(unless a Permitted Direct Assumption shall have occurred in accordance with the Loan Agreement) or to any collateral for the Loan
until the Obligations have been indefeasibly paid and satisfied in full, all obligations owed to Indemnitee under the Loan Documents
have been fully performed, and Indemnitee has released, transferred or disposed of all its right, title and interest in such collateral
or security, and there has expired the maximum possible period thereafter during which any payment made by Borrower or others to
Indemnitee with respect to the Obligations could be deemed a preference under the United States Bankruptcy Code. In connection
with the foregoing, subject to the foregoing limitations, each Indemnitor expressly waives any and all rights of subrogation against
Borrower, and each Indemnitor hereby waives any rights to enforce any remedy which Indemnitee may have against Borrower and any
right to participate in any collateral for the Loan. Each Indemnitor recognizes that, pursuant to Section 580d of the California
Code of Civil Procedure, Indemnitee’s realization through nonjudicial foreclosure upon any real property constituting security
for Borrower’s obligations under the Loan Documents could terminate any right of Indemnitee to recover a deficiency judgment
against Borrower, thereby terminating subrogation rights which such parties otherwise might have against Borrower. In the absence
of an adequate waiver, such a termination of subrogation rights could create a defense to enforcement of this Agreement against
such parties. Each Indemnitor hereby unconditionally and irrevocably waives any such defense.

 

    	 	23	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

(iii)        In
addition to and without in any way limiting the foregoing, each Indemnitor hereby subordinates any and all indebtedness of Borrower
now or hereafter owed to any Indemnitor to all the indebtedness of Borrower to Indemnitee and agrees with Indemnitee that until
either (x) a Permitted Direct Assumption has been consummated in accordance with the Loan Agreement or (y) the Obligations have
been indefeasibly paid and satisfied in full, all obligations owed to Indemnitee under the Loan Documents have been fully performed,
and Indemnitee has released, transferred or disposed of all its right, title and interest in such collateral or security, and there
has expired the maximum possible period thereafter during which any payment made by Borrower or others to Indemnitee with respect
to the Obligations could be deemed a preference under the United States Bankruptcy Code, no Indemnitor shall demand or accept any
payment of principal or interest from Borrower, claim any offset or other reduction of any Indemnitor’s obligations hereunder
because of any such indebtedness and shall not (even following a Permitted Direct Assumption) take any action to obtain any of
the collateral for the Loan. If any amount shall nevertheless be paid to an Indemnitor by Borrower or another guarantor prior to
payment in full of the Guaranteed Obligations (as defined in the Guaranty), such amount shall be held in trust for the benefit
of Indemnitee and shall forthwith be paid to Indemnitee to be credited and applied to the Guaranteed Obligations, whether matured
or unmatured. Further, no Indemnitor shall have any right of recourse against Indemnitee by reason of any action Indemnitee may
take or omit to take under the provisions of this Agreement or under the provisions of any of the Loan Documents. Without limiting
the generality of the foregoing, each Indemnitor hereby waives, to the fullest extent permitted by law, diligence in collecting
the Obligations, presentment, demand for payment, protest, all notices with respect to the Note, this Agreement, or any other Loan
Document which may be required by statute, rule of law or otherwise to preserve Indemnitee’s rights against such Indemnitor
under this Agreement, including, but not limited to, notice of acceptance, notice of any amendment of the Loan Documents, notice
of the occurrence of any default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure,
notice of protest, and notice of the incurring by Borrower of any obligation or indebtedness.

 

    	 	24	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

(iv)        Without
limiting the foregoing, but subject to the same limitations set forth above, each Indemnitor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Indemnitor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such
Indemnitor may have by reason of protection afforded to Borrower with respect to any of the obligations of any Indemnitor under
this Agreement by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California
limiting or discharging Borrower’s Obligations. Without limiting the generality of the foregoing, each Indemnitor hereby
expressly waives any and all benefits under (i) California Code of Civil Procedure Section 580a (which Section, if such
Indemnitor had not given this waiver, would otherwise limit such Indemnitor’s liability after a nonjudicial foreclosure sale
to the difference between the obligations of such Indemnitor under this Agreement and the fair market value of the property or
interests sold at such nonjudicial foreclosure sale), (ii) California Code of Civil Procedure Sections 580b and 580d
(which Sections, if such Indemnitor had not given this waiver, would otherwise limit Indemnitee’s right to recover a deficiency
judgment with respect to purchase money obligations and after a nonjudicial foreclosure sale, respectively), and (iii) California
Code of Civil Procedure Section 726 (which Section, if such Indemnitor had not given this waiver, among other things, would
otherwise require Indemnitee to exhaust all of its security before a personal judgment could be obtained for a deficiency). Notwithstanding
any foreclosure of the lien of the Pledge Agreement or any mortgage, deed of trust or other security instrument that may now or
hereafter be executed by Borrower for the benefit of Lender, each Indemnitor shall remain bound under this Agreement (other than
as set forth in Section 9 or Section 10).

 

(v)         Likewise,
each Indemnitor waives (i) any and all rights and defenses available to such Indemnitor under California Civil Code Sections
2899 and 3433; (ii) any rights or defenses such Indemnitor may have with respect to its obligations as a guarantor by
reason of any election of remedies by Indemnitee; and (iii) all rights and defenses that such Indemnitor may have because Borrower’s
debt is secured by any real property. This means, among other things, that Indemnitee may collect from Indemnitors without first
foreclosing on any real or personal property collateral pledged by Borrower or any Mortgage Borrower, and that if Indemnitee forecloses
on any real property collateral pledged by Borrower (A) the amount of the debt may be reduced only by the price for which that
collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Indemnitee may collect
from Indemnitors even if Indemnitee, by foreclosing on the real property collateral, has destroyed any rights Indemnitors may have
to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Indemnitor may have because
Borrower’s debt is secured by any real property. These rights and defenses include, but are not limited to, any rights or
defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

The provisions of this Section 29(b)
shall survive any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable law, except the
indefeasible payment in full of the Debt.

 

    	 	25	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

30.         Unsecured
Obligations. Indemnitors hereby acknowledge that Lender’s appraisal of the Collateral is such that Lender is not
willing to accept the consequences of the inclusion of Indemnitors’ indemnity set forth herein among the obligations secured
by the Pledge Agreement and the other Loan Documents and that Lender would not enter into the Loan Agreement but for the unsecured
personal liability undertaken by Indemnitors herein. Indemnitors further hereby acknowledge that even though the representations,
warranties, covenants or agreements of Indemnitors contained herein may be identical or substantially similar to representations,
warranties, covenants or agreements of Indemnitors set forth in the Loan Agreement, the Assumption Agreement and/or the Pledge
Agreement and secured thereby, the obligations of Indemnitors under this Agreement are not secured by the lien of the Pledge Agreement
or the security interests or other collateral described in the Pledge Agreement or the other Loan Documents, it being the intent
of Lender to create separate obligations of Indemnitors hereunder which can be enforced against Indemnitors without regard to the
existence of the Pledge Agreement, the Loan Agreement, the Assumption Agreement or the other Loan Documents or the liens or security
interests created therein.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	 	26	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by Indemnitors and is effective as of the day and year first above written.

 

	 	INDEMNITORS:
	 	 
	 	ARC Hospitality Portfolio I Mezz, LP, a Delaware limited partnership
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

    	 	Signature Page	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

	 	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,
	 	a Delaware limited partnership
	 	 	 
	 	By:	WH Advisors, L.L.C. 2007,
	 	 	a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,
	 	a Delaware limited partnership
	 	 	 
	 	By:	WH Parallel Advisors, L.L.C. 2007,
	 	 	a Delaware limited liability company
	 	 	Its: General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

    	 	Signature Page	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

	 	American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership
	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc., a Maryland corporation, its general partner
	 	 	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	American Realty Capital Hospitality Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	Signature Page	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

SCHEDULE
I

 

PROPERTY
LIST

 

[TO
BE ATTACHED]

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

SCHEDULE
II

 

LIST
OF ENVIRONMENTAL REPORTS

 

		1.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No: 28280; Hampton Inn
10 Ulenski Drive, Colonie, New York

 

		2.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
6901 Arvada North East, Albuquerque, New Mexico

 

		3.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 1 Buckstone Place, Asheville, North Carolina

 

		4.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 166 North Finley Street, Athens, Georgia

 

		5.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Fairfield
Inn & Suites 2450 Paces Ferry Road, Atlanta, Georgia

 

		6.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
6080 Blue Bonnet Boulevard, Baton Rouge, Louisiana

 

		7.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
110 Harper Park Drive, Beckley, West Virginia

 

		8.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
Birmingham/Mountain Brook 2731 US Highway 280 South, Mountain Brook, Alabama

 

		9.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place-Bloomington
7800 International Drive, Bloomington, Minnesota

 

		10.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
Cincinnati/Blue Ash 11435 Reed Hartman Highway, Blue Ash, Ohio

 

		11.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
1455 Yamato Road, Boca Raton, Florida

 

		12.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 1401 Lusk Street, Boise, Idaho 83706

 

		13.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
Bowling Green-Convention Center 1010 Wilkinson Trace, Bowling Green, Kentucky

 

		14.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
& Suites 1475 West Gateway Boulevard, Boynton Beach, Florida

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

		15.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 215 Chestnut Street, Chattanooga, Tennessee

 

		16.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
7013 Shallowford Road, Chattanooga, Tennessee

 

		17.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites 40 East Grand Avenue, Chicago, Illinois

 

		18.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 3880 North Academy Boulevard, Colorado Springs, Colorado

 

		19.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
7245 Commerce Center Drive, Colorado Springs, Colorado

 

		20.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
Columbus Airport 5585 Whitesville Road, Columbus, Georgia

 

		21.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
7490 Vantage Drive, Columbus, Ohio

 

		22.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
Pickwick Dam - At Shiloh Falls 90 Old South Road, Counce, Tennessee

 

		23.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; The Hampton
Inn 4555 Beltway Drive, Dallas, Texas

 

		24.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Fairfield
Inn 2110 Market Center Boulevard, Dallas, Texas

 

		25.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 2150 Market Center Boulevard, Dallas, Texas

 

		26.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
660 West Hillsboro Boulevard, Deerfield Beach, Florida

 

		27.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
3920 Tuller Road, Dublin, Ohio

 

		28.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 3040 Eagandale Place, Eagan, Minnesota

 

		29.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn Los Angeles 2135 East El Segundo Boulevard, El Segundo, California 90245

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

		30.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 370 North Illinois Route 83, Elmhurst, Illinois 60126

 

		31.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
1922 Cedar Creek Road, Fayetteville, North Carolina

 

		32.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 2960 Colonial Boulevard, Ft. Myers, Florida

 

		33.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
650 Bakers Bridge Avenue, Franklin, Tennessee

 

		34.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
& Suites 7141 South Springs Drive, Franklin, Tennessee

 

		35.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
Marriott 3700 SW 42nd Street, Gainesville, Florida

 

		36.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
1859 Remount Road, Gastonia, North Carolina

 

		37.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites by Hilton 7855 Wolf River Boulevard, Germantown, Tennessee

 

		38.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
6617 Governor Ritchie Highway, Glen Burnie, Maryland

 

		39.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
4100 Cox Road, Glenn Allen, Virginia

 

		40.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
5550 Grand Avenue, Gurnee, Illinois

 

		41.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
Birmingham 2980 John Hawkins Parkway, Hoover, Alabama

 

		42.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; SpringHill
Suites 7922 Mosley Road, Houston, Texas 77061

 

		43.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
9104 Keystone Crossing, Indianapolis, Indiana

 

		44.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
Marriott 14668 Duval Road, Jacksonville, Florida

 

		45.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
Kansas City-Airport 11212 North Newark Circle, Kansas City, Missouri

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

		46.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 215 Langley Place, Knoxville, Tennessee

 

		47.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 216 Langley Place, Knoxville, Tennessee

 

		48.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
at Las Vegas 4520 Paradise Road, Las Vegas, Nevada 89109

 

		49.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 1951 Pleasant Ridge Drive, Lexington, Kentucky

 

		50.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 2688 Pink Pigeon Parkway, Lexington, Kentucky

 

		51.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; SpringHill
Suites 863 South Broadway, Lexington, Kentucky

 

		52.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
940 International Drive, Linthicum, Maryland

 

		53.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
Louisville Downtown Hotel 100 South Second Street, Louisville, Kentucky

 

		54.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 3900 Sheraton Drive, Macon, Georgia

 

		55.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
32420 Stephenson Highway, Madison Heights, Michigan

 

		56.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
Marriott 1750 Pembrook Drive, Maitland, Florida

 

		57.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
2454 Old Dorsett Road, Maryland Heights, Missouri

 

		58.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
Memphis - Poplar 5320 Poplar Avenue, Memphis, Tennessee

 

		59.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
Memphis Wolfchase Galleria 7905 Giacosa Place, Memphis, Tennessee

 

		60.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
- Airport 3655 NW 82nd Avenue, Miami, Florida

 

		61.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Holiday Inn
Express 11520 SW 88th Street, Miami (Kendall), Florida

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

		62.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
by Marriott 1000 West I-65 Service Road South, Mobile, Alabama

 

		63.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn Mobile 950 West I-65 Service Road South, Mobile, Alabama

 

		64.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
1053 Van Voorhis Road, Morgantown, West Virginia

 

		65.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Holiday Inn
250 Johnnie Dodds Boulevard, Mt. Pleasant, South Carolina

 

		66.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
4701 Saul White Boulevard, North Charleston, South Carolina

 

		67.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
8501 Hampton Boulevard, Norfolk, Virginia

 

		68.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
20600 Haggerty Road, Northville, Michigan

 

		69.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 4361 West Reno Avenue, Oklahoma City, Oklahoma

 

		70.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn Omaha 6990 Dodge Street, Omaha, Nebraska

 

		71.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Embassy Suites
8250 Jamaican Court, Orlando, Florida

 

		72.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
Overland Park 10591 Metcalf Frontage Road, Overland Park, K ansas

 

		73.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
Overland Park 6801 W. 112th Street, Overland Park, Kansas

 

		74.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
4001 RCA Boulevard, Palm Beach Gardens, Florida

 

		75.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites Peabody 57 Newbury Street, Peabody, Massachusetts

 

		76.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites Peabody 57 Newbury Street, Peabody, Massachusetts

 

		77.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites 2001 East Highland Avenue, Phoenix, Arizona

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

		78.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 1710 NE Multnomah Street, Portland, Oregon

 

		79.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 4225 Route 1, Princeton (S. Brunswick Township), NJ

 

		80.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hilton Garden
Inn Round Rock 2310 North IH-35, Round Rock, Texas

 

		81.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; SpringHill
Suites 2960 Hoppe Trail, Round Rock, Texas

 

		82.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; SpringHill
Suites 3636 NW Loop 410, San Antonio, Texas 78201

 

		83.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites 4323 Spectrum One, San Antonio, Texas 78230

 

		84.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn San Diego 12011 Scripps Highland Drive, San Diego, CA 92131

 

		85.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; SpringHill
Suites San Diego 12032 Scripps Highland Drive, San Diego, CA 92131

 

		86.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 1040 University Parkway, Sarasota, Florida

 

		87.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
850 University Parkway, Sarasota, Florida

 

		88.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Marriott
Residence Inn 5710 White Bluff Road, Savannah, Georgia

 

		89.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
22 Montage Mountain Road, Scranton, Pennsylvania

 

		90.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites by Hilton-Cincinnati 2670 East Kemper Road, Sharonville, Ohio

 

		91.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 900 Mays Landing Road, Somers Point, New Jersey

 

		92.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
1101 East College Avenue, State College, Pennsylvania

 

		93.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 1880 Raymond Diehl Road, Tallahassee, Florida

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

		94.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Courtyard
Marriott 1972 Raymond Diehl Road, Tallahassee, Florida

 

		95.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 13420 N. Telecom Parkway, Tampa, Florida

 

		96.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hyatt Place
4811 West Main Street, Tampa, Florida

 

		97.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 9719 Princess Palm Avenue, Tampa, Florida

 

		98.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn 90 Park Road, Tinton Falls, New Jersey

 

		99.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn Tucson 6477 East Speedway Boulevard, Tucson, AZ 85710

 

		100.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
1094 Chris Drive, West Columbia, South Carolina

 

		101.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
2025 Vista Parkway, West Palm Beach, Florida

 

		102.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; SpringHill
Suites 450 Center Drive NW, Walker, Michigan

 

		103.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
500 Center Drive NW, Walker, Michigan

 

		104.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Hampton Inn
29690 Detroit Road, Westlake, Ohio

 

		105.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Residence
Inn by Marriott 35 Hurricane Lane, Williston, Vermont

 

		106.	Phase I Environmental Site Assessment dated March 14, 2014; Vertex Project No. 28280; Homewood
Suites 65 Ella T. Grasso Turnpike, Windsor Locks, Connecticut

 

    	 	 	Environmental Indemnity Agreement
(Mezzanine Loan)

    	 

    

 

EXHIBIT Q

 

GO FORWARD NOTICE

 

    	 

    	 

    

 

November 26, 2014

 

VIA EMAIL AND OVERNIGHT COURIER

 

Sellers listed on Schedule A attached hereto

c/o Goldman Sachs Realty management, L.P.

6011 Connection Drive

Irving, Texas 75039

Attention: Greg Fay

 

	Re:	Section 2.4.2 of that certain Amended and Restated Sale Agreement, dated as of November [11], 2014, between the sellers listed on Schedule 1 attached hereto (collectively, “Sellers”), collectively as the sellers, and the purchasers listed on Schedule 2 attached hereto (collectively “Purchaser”), as purchaser (the “Agreement”)

 

Ladies and Gentlemen:

 

Reference is made to
the Agreement. Capitalized terms used in this letter and not otherwise defined herein shall have the meaning ascribed thereto in
the Agreement.

 

Pursuant to the terms
of Section 2.4.2 of the Agreement, Purchaser hereby irrevocably elects to proceed with the Closing on the terms and conditions
expressly set forth in the Agreement.

 

This letter shall constitute
a “Go Forward Notice” for purposes of Section 2.4.2 of the Agreement.

 

	 	Sincerely,
	 	 
	 	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I TFGL Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

    	 

    	 

    

 

	 	ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

    	 

    	 

    

 

	 	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited liability company

 

	 	By:	ARC Hospitality Portfolio I NTC Owner GP, LLC, its general partner

 

	 	 	By:	 
	 	 	 	Name:	Jonathan Mehlman
	 	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited liability company

 

	 	By:	ARC Hospitality Portfolio I NTC Owner GP, LLC, its general partner

 

	 	 	By:	 
	 	 	 	Name:	Jonathan Mehlman
	 	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited liability company

 

	 	By:	ARC Hospitality Portfolio I NTC Owner GP, LLC, its general partner

 

	 	 	By:	 
	 	 	 	Name:	Jonathan Mehlman
	 	 	 	Title:	Executive Vice President

 

	 	ARC Hospitality Portfolio II Owner, LLC, a Delaware limited liability company

 

	 	By:	 
	 	 	Name:	Jonathan Mehlman
	 	 	Title:	Executive Vice President

 

    	 

    	 

    

 

	 	ARC Hospitality Portfolio II NTC Owner, LP, a Delaware limited liability company

 

	 	By:	ARC Hospitality Portfolio II NTC Owner GP, LLC, its general partner

 

	 	 	By:	 
	 	 	 	Name:	Jonathan Mehlman
	 	 	 	Title:	Executive Vice President

 

    	 

    	 

    

 

Schedule 1

 

W2007 Equity Inns Realty, LLC

W2007 Equity Inns Realty, L.P.

W2007 EQI Urbana Partnership, L.P.

W2007 EQI Seattle Partnership, L.P.

W2007 EQI Savannah 2 Partnership, L.P.

W2007 EQI Rio Rancho Partnership, L.P.

W2007 EQI Orlando Partnership, L.P.

W2007 EQI Orlando 2 Partnership, L.P.

W2007 EQI Naperville Partnership, L.P.

W2007 EQI Milford Partnership, L.P.

W2007 EQI Louisville Partnership, L.P.

W2007 EQI Knoxville Partnership, L.P.

W2007 EQI Jacksonville Partnership I, L.P.

W2007 EQI Indianapolis Partnership, L.P.

W2007 EQI Houston Partnership, L.P.

W2007 EQI HI Austin Partnership, L.P.

W2007 EQI East Lansing Partnership, L.P.

W2007 EQI Dalton Partnership, L.P.

W2007 EQI College Station Partnership, L.P.

W2007 EQI Carlsbad Partnership, L.P.

W2007 EQI Augusta Partnership, L.P.

W2007 EQI Asheville Partnership, L.P.

 

    	 

    	 

    

 

Schedule 2

 

ARC Hospitality Portfolio I Owner, LLC

ARC Hospitality Portfolio I TFGL Owner,
LLC

ARC Hospitality Portfolio I BHGL Owner,
LLC

ARC Hospitality Portfolio I PXGL Owner,
LLC

ARC Hospitality Portfolio I GBGL Owner,
LLC

ARC Hospitality Portfolio I NFGL Owner,
LLC

ARC Hospitality Portfolio I MBGL 1000 Owner,
LLC

ARC Hospitality Portfolio I MBGL 950 Owner,
LLC

ARC Hospitality Portfolio I NTC Owner, LP

ARC Hospitality Portfolio I DLGL Owner,
LP

ARC Hospitality Portfolio I SAGL Owner,
LP

ARC Hospitality Portfolio II Owner, LLC

ARC Hospitality Portfolio II NTC Owner,
LPExhibit 10.1

STOCK PURCHASE AGREEMENT 

dated as of September 3, 2014 

by and among 

PRIORITY FULFILLMENT SERVICES, INC., 

REV SOLUTIONS LIMITED, 

STEVEN J. STEPHAN, 

THE ASHU CHAHAL IRREVOCABLE CHILDREN’S TRUST, 

THE BABU VENKATESH IRREVOCABLE CHILDREN’S TRUST, 

BABU VENKATESH 

and 

ASHU CHAHAL 

 

 

 

 

 

 

 

 

 

 

 

STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of September 3, 2014, is made by and among PRIORITY FULFILLMENT SERVICES, Inc., a Delaware corporation (“Purchaser”), REV SOLUTIONS LIMITED, an International Offshore Business Company incorporated pursuant to the RAK Investment Authority of Dubai, United Arab Emirates (“Seller”), STEVEN J. STEPHAN, an individual (“Stephan”), The Ashu Chahal Irrevocable Children’s Trust (the “AC Trust”), The Babu Venkatesh Irrevocable Children’s Trust (the “BV Trust”), BABU VENKATESH, an individual (“Venkatesh”) and ASHU CHAHAL, an individual (“Chahal”). Each of Seller, Stephan, AC Trust, BV Trust, Venkatesh and Chahal may sometimes be referred to herein as a “Selling Party” and collectively referred to herein as the “Selling Parties.” The Purchaser and the Selling Parties, individually and collectively, may sometimes be referred to herein individually as a “Party” and collectively as the “Parties”. Certain terms used herein are defined in Article 1 hereof. 

WHEREAS, the Selling Parties (other than the Seller) own all of the legal and beneficial interest in the outstanding Securities of the Seller; and 

WHEREAS, the Seller owns all of the legal and beneficial interest in the REV-US Shares issued by REV SOLUTIONS, INC., a Delaware corporation (“REV-US”), and the REV-India Shares issued by REVTECH SOLUTIONS INDIA PRIVATE LIMITED, an Indian corporation (“REV-India” and collectively with REV-US, the “Companies” and each, individually, a “Company”); and 

WHEREAS, the Selling Parties and the Purchaser wish to enter into this Agreement to evidence their understanding and agreement regarding the sale, transfer and assignment of all of the Shares to the Purchaser, for the consideration and subject to the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

Article 1 

CERTAIN DEFINITIONS 

Section 1.1     Certain Definitions. In addition to the terms defined in the Preamble hereto, as used in this Agreement, the following terms have the respective meanings set forth below. 

“2014 Earn-out” has the meaning set forth in Section 2.3(a). 

“2015 Earn-out” has the meaning set forth in Section 2.3(b). 

“Accounting Firm” has the meaning set forth in Section 2.2(b)(ii)(C). 

 “Acquisition Transaction” has the meaning set forth in Section 7.5. 

“Affiliate” means, with respect to any Person, any other Person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled” and “controlling” have meanings correlative thereto. 

“Affiliate Agreement” has the meaning set forth in Section 4.18. 

“Agreement” has the meaning set forth in the introductory paragraph to this Agreement. 

“Allocation” has the meaning set forth in Section 7.2(c). 

“Ancillary Document(s)” means all of and each agreement, document, instrument or certificate contemplated by this Agreement (other than this Agreement) to be executed in connection with the transactions contemplated hereby. 

“Applicable Law” means any statute, law (including common law), code, ordinance, rule, regulation, decree or other requirement or rule of law, domestic or foreign, enacted, issued, promulgated, enforced or entered by any Governmental Entity. 

“Applicable Indian Law” means any Applicable Law to which REV-India or any of its assets or property has been or is subject, including the Foreign Exchange Management Act, 1999; Registration Act, 1908; Karnataka Stamp Act, 1957; Maternity Benefit Act, 

1

1961; Karnataka Shops and Establishment Act, 1961; Sexual Harassment of Women At Workplace (Prevention, Prohibition and Redressal) Act, 2013; Indian Contract Act, 1972; Equal Remuneration Act; Minimum Wages Act; Bonus Act; and Employment Exchange Act, 1959. 

“Base Balance Sheet” means the combined balance sheet of the Companies as shown in the column under the heading “Q2 Adjustments” attached as Appendix I (Estimated Closing Balance Sheet) to the LOI. 

“Base Total Capital” means the line item “Total Capital” shown on the Base Balance Sheet. 

“Business Day” means any day, other than a Saturday, Sunday or other day, on which commercial banks in New York City are permitted or required to close. 

“Business Intellectual Property” means (a) all Intellectual Property owned by any Company (in whole or in part), including the Intellectual Property listed on Schedule 4.12(a), and (b) the Intellectual Property licensed to any Company under the IP Contracts or for which any Company has other valid rights to use. 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. 

“Claim” has the meaning set forth in Section 11.1(a)(ii). 

“Closing” has the meaning set forth in Section 3.1. 

“Closing Date” has the meaning set forth in Section 3.1. 

“Closing Date Balance Sheet” means the combined balance sheet of the Companies as of the Closing Date, which shall contain the corresponding line items set forth on the Base Balance Sheet, plus accruals for Seller Expenses, Pre-Closing Taxes and such other items as required by GAAP, in each case, as finally determined in accordance with the provisions hereof. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 

“Commercial Software” means commercially available non-custom Software such as, by way of example, Microsoft Office. 

“Commercial Software Contract” means any Contract under which a Company licenses or has a right to use Commercial Software on standard terms involving annual payments from the Company of less than $25,000. 

“Company” and “Companies” has the meaning set forth in the Preamble hereto. 

“Company Business” means the business of implementation and support of ecommerce web platforms, including, by way of example and without limitation, Demandware, Oracle Commerce and Hybris. The term “Company Business” does not include providing consulting services regarding operating a professional services firm in India whose primary activity does not involve the implementation and support of ecommerce web platforms. 

“Company Employee” has the meaning set forth in Section 7.11(b). 

“Company Material Adverse Effect” means (x) a material adverse effect upon the ability of the Selling Parties to fulfill their respective obligations hereunder or to consummate the transactions contemplated by this Agreement and the Ancillary Documents or (y) any result, occurrence, fact, change, event or effect that has had, or would reasonably be expected to have, individually or together with one or more other results, occurrences, facts, changes, events or effects, a material adverse effect upon the business, financial condition, liabilities, assets or results of operations of the Companies, taken as a whole; provided, however, that for purposes of clause (y), any adverse result, occurrence, fact, change, event or effect, directly or indirectly, arising from or related to any of the following shall not be taken into account in determining whether a “Company Material Adverse Effect” has occurred: (i) conditions affecting the United States and/or India economy generally, (ii) changes in the United States and/or India financial, banking or securities markets in general, (iii) changes in GAAP pursuant to which any Company is required to change prior accounting policies or practices, (iv) changes in any Applicable Law or interpretation thereof, or (v) the public announcement or pendency of the transactions contemplated by this Agreement. 

“Company Products and Services” has the meaning set forth in Section 4.19(a). 

“Company Registered IP” has the meaning set forth in Section 4.12(a). 

2

“Competing Business” has the meaning set forth in Section 7.11(a). 

“Confidentiality Agreement” means the Mutual Nondisclosure Agreement, dated as of January 28, 2014, by and between Commera Capital LLC, on behalf of Purchaser, and REV-US. 

“Consideration” has the meaning set forth in Section 2.2(a). 

“Contract” means any written or oral contract, license, agreement, commitment, instrument or other legally binding obligation or arrangement to which a Person is a party, by which a Person is bound or by which any of the assets or properties of a Person is bound. 

“Copyrights” means all copyrights, including in and to works of authorship and all other rights corresponding thereto throughout the world, whether published or unpublished, including rights to prepare, reproduce, perform, display and distribute copyrighted works and copies, compilations and derivative works thereof, including all renewals and extensions thereof, and whether registered or unregistered, and registrations and applications for registration thereof. 

“Deductible” has the meaning set forth in Section 10.5(a)(i). 

“DOL” means the United States Department of Labor. 

“Earn-out Payments” has the meaning set forth in Section 2.3. 

“Earn-out Statement” means, for any calendar year, a written statement setting forth the calculation and determination of the India Income for such year, as finally determined in accordance with the provisions hereof. 

“Employee Benefit Plan” means each “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) and each and every other written, unwritten, formal or informal plan, agreement, program, policy or other arrangement involving direct or indirect compensation (other than workers’ compensation, unemployment compensation and other government programs), employment, severance, consulting, disability benefits, supplemental unemployment benefits, vacation benefits, retirement benefits, deferred compensation, profit-sharing, bonuses, stock or unit options, profits-interest awards, stock appreciation rights, other forms of incentive compensation, post-retirement insurance benefits, or other benefits, entered into, maintained or contributed to by any Company or with respect to which any Company has or may in the future have any liability (contingent or otherwise). 

“Environmental Laws” means all Applicable Laws and all orders, policies and guidelines of all Governmental Entities, in each case concerning pollution or protection of the environment, natural resources, and occupational health and safety, as such of the foregoing are enacted and in effect on or prior to the Closing Date, including CERCLA. 

“Equity Interest” means, with respect to any Person (the “Issuer”), any obligation convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Securities of the Issuer, or any options, calls, restricted stock, deferred stock awards, stock units, “phantom” awards, dividend equivalents, or commitments relating to, or any stock appreciation right or other instrument the value of which is determined in whole or in part by reference to the market price or value of, or any other right of any kind under which, pursuant to which or in respect of which the holder thereof may acquire any Security of the Issuer. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any Person that, together with the Company, would be deemed a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“Financial Statements” has the meaning set forth in Section 4.5(a). 

“Fundamental Representations” means the respective representations and warranties set forth in Section 4.1(a) and (b), Section 4.2, Section 4.4, Section 4.16, Section 5.1, Section 5.2(a),(b) and (d), Section 6.1, Section 6.2, Section 6.3 and Section 6.4. 

“GAAP” means, as to each Company, generally accepted accounting principles as in effect in its applicable jurisdiction and applicable to such Company. 

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“Governing Document” means any charter, articles, memorandum, bylaws, certificate or similar document adopted, filed or registered in connection with the creation, formation, organization or governance of an entity, and shall be deemed to include any partnership, stockholders’, members’, registration rights, voting and similar agreements regarding the rights or obligations of the equity holders of such entity. 

“Governmental Entity” means any (i) federal, state, local, municipal, foreign or other government, (ii) governmental or quasi-governmental entity of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal), (iii) body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature, including any arbitral tribunal or (iv) any “self-regulatory organization” as defined in Section 3(a)(26) of the Exchange Act and any other U.S. or foreign securities exchange, futures exchange, commodities exchange, contract market, any other exchange or corporation or similar self-regulatory body or organization. 

“Hazardous Materials” means all materials, wastes or substances defined by, or regulated under, any Environmental Law as a hazardous waste, hazardous material, hazardous substance, extremely hazardous waste, restricted hazardous waste, toxic waste, or toxic substance. 

“Indebtedness” means, for any Person, (a) all indebtedness or other obligations of such Person (i) for borrowed money or (ii) evidenced by notes, bonds or similar instruments, (b) obligations of such Person for the deferred purchase price of property or services, conditional sale obligations or title retention policies (excluding trade accounts payable), (c) all obligations under leases that are or should be, in accordance with GAAP, recorded as capital leases in respect of which such Person is liable as lessee, (d) all obligations owed pursuant to any letter of credit or interest rate, currency swap or hedging agreement or transaction, (e) any of the foregoing obligations which is secured by a Lien on the property or assets of such Person, and (f) any of the foregoing for which such Person is liable as an obligor, guarantor, surety or otherwise. 

“Indemnified Party” has the meaning set forth in Section 10.3(a). 

“Indemnifying Party” has the meaning set forth in Section 10.3(a). 

“India Income” means, for any period, the product obtained by multiplying (i) all operating expenses incurred or accrued by REV-India for such period, as determined in accordance with GAAP, excluding (1) Taxes, (2) expenses paid or payable to any Selling Party, REV-US, Purchaser or any Affiliate thereof, (3) Seller Expenses, (4) the Consideration and the Key Employee Bonus Amounts, (5) expenses in excess of $25,000, on a cumulative aggregate basis, arising from warranty claims relating to work performed prior to the Closing Date, (6) incremental rent expense for additional office space paid with respect to the period October 1, 2014 through December 31, 2014, if any, and (7) expenses arising from or relating to any event, state of facts, circumstance or occurrence which constitutes a breach of any representation or warranty set forth in Article 4 hereof, by (ii) 1.25. Schedule 1.1(a) sets forth a calculation of India Income as of July 31, 2014, and India Income shall be calculated in a manner consistent with the methodologies used in the calculation set forth therein. India Income shall be expressed in U.S. Dollars based upon a fixed exchange rate of 60 Indian Rupees (INR) equals U.S. $1.00, regardless of the then prevailing exchange rate. 

“Insolvent” means that the sum of the debts and other probable Liabilities of a Person exceeds the present fair saleable value of the assets of such Person. 

“Intellectual Property” means, as they exist anywhere in the world, all intellectual property and industrial property rights and assets, and all rights, interests and protections that are associated with, similar to, or required for the exercise of, any of the foregoing, however arising, pursuant to the Applicable Laws of any jurisdiction throughout the world, whether registered or unregistered, including any and all Copyrights, Trademarks, Software, Trade Secrets, Patents, Internet Assets, and all rights to sue at law or in equity for any infringement, misappropriation or other impairment of any of the foregoing and the right to collect damages and proceeds therefrom. 

“Interim Tax Period” means with respect to any Straddle Period, the portion of such Straddle Period that begins on the first day of such Straddle Period and ends on the Closing Date. 

“Internet Assets” means all internet domain names, whether or not trademarks, registered in any top-level domain by any authorized private registrar or Governmental Entity, web addresses, web pages, websites and related content, accounts with Twitter, Facebook and other social media companies and the content found thereon and related thereto, URLs and similar rights and items. 

“IP Contracts” has the meaning set forth in Section 4.12(b). 

“IRS” refers to the Internal Revenue Service. 

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“IT Systems” has the meaning set forth in Section 4.12(m). 

“Key Employees” means Malahar Pinnelli and Gary Michel. 

“Key Employee Bonus Amount” has the meaning set forth in Section 2.3(k). 

“Key Employee Employment Letters” has the meaning set forth in Section 8.2(f). 

“Knowledge” means, as to any Stephan, the current, actual knowledge of such Person following reasonable inquiry of the individuals listed in Schedule 1.1(b), and with respect to any other Person, the current, actual knowledge of such Person following reasonable inquiry. 

“Latest Balance Sheet” means, as to each Company, the most recent balance sheet included in its Financial Statements. 

“Leased Real Property” has the meaning set forth in Section 4.17(a). 

“Liabilities” means, with respect to any Person, any and all liabilities and obligations of any kind (whether known or unknown, contingent, accrued, due or to become due, secured or unsecured, matured or otherwise), including but not limited to accounts payable, all liabilities and obligations related to Indebtedness or guarantees, costs, expenses, royalties payable, and other reserves, wages, accrued bonuses and commissions, accrued vacation and any other form of leave, termination payment obligations, penalties, employee expense obligations and all other liabilities and obligations of such Person or any of its subsidiaries or Affiliates, regardless of whether such liabilities are required to be reflected on a balance sheet in accordance with GAAP. 

“Lien” means any mortgage, pledge, security interest, lien (statutory or otherwise), charge, claim, option, right of first refusal, right of first offer, attachment, easement, covenant or other right, restriction or encumbrance of any kind, including any collateral security arrangement, conditional or installment sales agreement or other restriction of any kind (other than those applicable under the securities laws of the United States and India). 

“Limitations Representations” means the representations and warranties set forth in Section 4.10 (Employee Plans), Section 4.11 (Environmental Matters) and Section 4.15 (Tax Matters). 

“LOI” means the non-binding letter of intent dated May 29, 2014 executed by Parent and certain of the Selling Parties. 

“Loss Contract” has the meaning set forth in Section 4.19(b). 

“Losses” has the meaning set forth in Section 10.2(a). 

“Material Contract(s)” means, collectively and individually, as applicable, all Contracts listed in Section 4.6(a), Real Property Leases, Personal Property Leases, Services Agreements, IP Contracts and Affiliate Agreements. 

“Minority REV-India Shares” means, collectively, the one share of capital stock of REV-India owned by each of Malahar Pinnelli and KC Kuruvilla. 

“Multiemployer Plan” has the meaning set forth in Section 3(37) of ERISA. 

“Non-Fundamental Representations” means all representations and warranties of the Parties contained herein other than the Fundamental Representations and the Limitations Representations. 

“Notice of Claim” means a written notice that specifies in reasonable detail the breach of covenant, warranty or representation set forth in this Agreement or any certificate furnished under this Agreement (including the sections of this Agreement that are the subject of such breach) pursuant to which Losses are being claimed by an Indemnified Party. 

“Open Source Materials” has the meaning set forth in Section 4.12(i). 

“Order” means any order, judgment, decision, decree, writ, injunction or other ruling entered or issued by any Governmental Entity. 

“Parent” means PFSweb, Inc., a Delaware corporation. 

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“Parent Stock” means the common stock, $0.001 par value, of Parent, as the same may be changed into or exchanged for a different number or kind of shares or other securities of the Parent, or of another corporation, whether by reason of reorganization, merger, consolidation, recapitalization, reclassification, stock split-up, stock dividend, combination of shares or otherwise. 

“Parties” has the meaning set forth in the introductory paragraph to this Agreement. 

“Patents” means all patents, patent applications and inventions, designs and improvements described and claimed therein, patentable inventions, and other patent rights (including any divisions, continuations, continuations-in-part, reissues, reexaminations or interferences thereof, whether or not patents are issued on any such applications and whether or not any such applications are modified, withdrawn or resubmitted). 

“Permits” has the meaning set forth in Section 4.9. 

“Permitted Liens” means (a) mechanics’, materialmen’s, carriers’, repairers’ and other similar Liens arising or incurred in the ordinary course of business for amounts that are not yet due and payable or are being contested in good faith Proceedings and for which adequate reserves have been provided on the Financial Statements, (b) Liens for Taxes not yet due and payable, (c) Liens described on Schedule 1.1(c), (d) Liens relative to landlords’ and lessors’ interests under leases or rental agreements, (e) deposits or pledges made in connection with, or to secure payment of, workers’ compensation, unemployment insurance or similar programs mandated by Applicable Law, (f) zoning, entitlement, building and other land use regulations imposed by any Governmental Entity having jurisdiction over leased real property and (g) such imperfections of title, liens and easements as do not and will not materially detract from or interfere with the use of the properties subject thereto or affected thereby, or otherwise materially impair business operations involving such properties. 

“Person” means an individual, partnership, corporation, limited liability company, joint stock company, unincorporated organization or association, trust, joint venture, association or other similar entity, whether or not a legal entity. 

“Personal Information” means any information that identifies an individual or is deemed to be personal information under any Applicable Law. 

“Personal Property Lease” has the meaning set forth in Section 4.17(b). 

“Pre-Closing Tax Period” means any tax period (or portion thereof) ending on or before the Closing Date. 

“Pre-Closing Taxes” means all liabilities for Taxes for the Pre-Closing Tax Period and the Interim Tax Period. For purposes of calculating such liability for the Interim Tax Period, the portion of any Tax that is allocable to the Interim Tax Period shall be deemed to equal: (a) in the case of Taxes based upon or related to income or receipts, the amount that would be payable if the Straddle Period had ended on the Closing Date and the books of each Company closed as of the close of such date; (b) in the case of Taxes imposed on specific transactions or events, Taxes imposed on specific transactions or events occurring on or before the Closing Date; and (c) in the case of any Taxes not covered by clause (a) or clause (b), the amount of such Taxes for the entire Straddle Period multiplied by a fraction (i) the numerator of which is the number of calendar days in the period ending on the Closing Date and (ii) the denominator of which is the number of calendar days in the entire Straddle Period. 

“Proceeding” has the meaning set forth in Section 4.8. 

“Purchase and Sale” has the meaning set forth in Section 2.1. 

“Purchaser” has the meaning set forth in the introductory paragraph to this Agreement. 

“Purchaser Indemnitee” has the meaning set forth in Section 10.2(a). 

“Real Property Lease” has the meaning set forth in Section 4.17(a). 

“Release” means any release, spill, emission, discharge, leaking, pumping, pouring, dumping, injection, deposit, disposal, dispersal, leaching or migration into the environment (including, ambient air, surface water, groundwater and surface or subsurface strata). 

“Released Party” has the meaning set forth in Section 7.9. 

“Releasing Party” has the meaning set forth in Section 7.9. 

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“Representative” has the meaning set forth in Section 11.1. 

“Restricted Period” means (i) for Stephan, the period commencing on the Closing Date and continuing until the earlier of (x) March 31, 2018 and (y) the failure and breach by Purchaser of its obligation to pay any Earn-out Payment due and owing hereunder, which failure is not cured within 30 days after receipt of written notice of breach, and (ii) for the Selling Parties other than Stephan, the two year anniversary of the closing Date. 

“Restrictive Covenant” means the obligations of the Selling Parties set forth in Section 7.11 hereof. 

“REV-India Shares” means 4,999,998 issued shares of the authorized share capital of REV-India. 

“REV-US Shares” means 1,000 shares of common stock, no par value, of REV-US. 

“Schedules” means the schedules to this Agreement. 

“Security” or “Securities” means, with respect to any Person, any shares of common stock, preferred stock or capital stock, membership interests, partnership interests (whether limited, general or otherwise designated) and any other ownership, equity or capital interest of such Person, however described and whether voting or non-voting. 

“Seller Closing Payment” has the meaning set forth in Section 2.2(a)(i). 

“Seller Expenses” means, without duplication, all of the fees, expenses, costs, charges, payments and other obligations that are incurred by or on behalf of any Company or any of the Selling Parties (in each case to the extent paid or payable by any Company) or for which any Company is otherwise liable in connection with the transactions contemplated by this Agreement and the Ancillary Documents (whether incurred or to be paid prior to, at or after Closing), including (i) the fees and expenses of counsel, accountants, advisors, agents and representatives, and (ii) any success, change of control, special or other bonuses or similar amounts payable by any Company to any employee or director upon or in connection with the consummation of the transactions contemplated by this Agreement and the Ancillary Documents. 

“Seller Indemnitee” has the meaning set forth in Section 10.2(c). 

“Services Agreements” has the meaning set forth in Section 4.19(b). 

“Shares” means, collectively, the REV-India Shares and the REV-US Shares. 

“Software” means all computer software, including source code, object code, algorithms, formulas, methods, databases, comments, user interfaces, administration, e-mail and customer relationship management tools, menus, buttons and icons, and all files, data, manuals, design notes and other items and documentation related thereto or associated therewith, and any derivative works, foreign language versions, fixes, upgrades, updates, enhancements, new versions or previous versions thereof; and all media and other tangible property necessary for the delivery or transfer thereof. 

“Stephan Closing Payment” has the meaning set forth in Section 2.2(a) (ii). 

“Stephan Employment Agreement” has the meaning set forth in Section 8.2(g). 

“Straddle Period” means any Tax period that includes but does not end on the Closing Date. 

“Subsidiary” of any Person means another Person, an amount of the voting securities, other voting rights or voting membership or partnership interests of which is sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person. 

“Tax” means (i) any and all federal, state, local, foreign or other taxes, including income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, real property gains, registration, value added, excise, natural resources, severance, stamp, occupation, premium, windfall profits, environmental (under Section 59A of the Code), customs, duties, real property, personal property, capital stock, social security (or similar), unemployment, disability, payroll, license, employee or other withholding, or other tax, duty, fee, levy, imposts, unclaimed property liability or other charge of any kind whatsoever imposed by a Governmental Entity, including any interest, additions, fines and penalties in respect of the foregoing, whether disputed or not and including any obligations to indemnify or otherwise assume or succeed to the Tax liability of any other Person and (ii) any liability for 

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amounts described in clause (i) as a result of (1) being a member of an affiliated, consolidated, combined or unitary group, (2) as a transferee or successor, or (3) by contract or otherwise. 

“Tax Return” has the meaning set forth in Section 4.15(a). 

“Termination Date” has the meaning set forth in Section 9.1(d). 

“Third Party Claim” has the meaning set forth in Section 10.4(a). 

“Total Capital” means the line item designated as Total Capital on the Base Balance Sheet and the Closing Date Balance Sheet, as applicable. 

“Trademarks” means all trademarks, service marks, logos, designs, trade names, brand names, and trade dress, including trademarks used in column headings, section names, department names and editorial feature titles, corporate names, and all registrations and applications for registration thereof, and all rights and goodwill associated therewith. 

“Trade Secrets” means all trade secrets, concepts, ideas, designs, research, processes, procedures, techniques, methods, know-how, formulas, algorithms, data, mask works, discoveries, developments, inventions, modifications, extensions, improvements, confidential business information, and other confidential or proprietary rights (whether or not patentable or subject to copyright, mask work, or trade secret protection). 

“Treasury Regulations” means the regulations promulgated under the Code by the United States Department of the Treasury. 

“Withholding Amount” has the meaning set forth in Section 2.4. 

Article 2

PURCHASE AND SALE 

Section 2.1     Purchase and Sale of the Shares. Subject to the terms and conditions of this Agreement, at the Closing, the Seller shall sell, convey, transfer, assign and deliver to Purchaser, free and clear of all Liens, and Purchaser shall purchase from the Seller, all of the Seller’s right, title and interest in, to and under all of the Shares (such purchase and sale of the Shares by the Purchaser shall be referred to collectively as the “Purchase and Sale”). 

Section 2.2     Consideration. 

(a)     Consideration. The aggregate consideration (the “Consideration”) to be paid by the Purchaser hereunder for the Purchase and Sale and the covenants, agreements and obligations undertaken by the Selling Parties hereunder, including the Restrictive Covenant, shall consist of the following: 

(i)     the sum of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000.00) (the “Seller Closing Payment”), to be paid in equal shares to the AC Trust and BV Trust at Closing in cash by wire transfer in accordance with the wire transfer instructions set forth on Schedule 2.2(a)(i); 

(ii)     the sum of Three Hundred Thirty Thousand Dollars ($330,000.00) (the “Stephan Closing Payment” and, collectively with the Seller Closing Payment, the “Closing Payments”), subject to the post-Closing adjustment set forth below, to be paid to Stephan at Closing in cash by wire transfer in accordance with the wire transfer instructions set forth on Schedule 2.2(a)(ii); 

(iii)     the sum of Twenty Thousand Dollars ($20,000.00) to be paid to each of the Key Employees, in cash by wire transfer in accordance with the wire transfer instructions set forth on Schedule 2.2(a)(iii); and 

(iv)     the Earn-out Payments. 

All amounts referred to in this Agreement are payable in U.S. dollars. 

(b)     Adjustment of Stephan Closing Payment. The Stephan Closing Payment shall be adjusted and finally determined as follows: 

(i)     Closing Date Balance Sheet. The Stephan Closing Payment shall be adjusted based upon the difference between the Base Total Capital and the Total Capital shown on the Closing Date Balance Sheet as hereinafter provided. For such 

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purpose, the Base Total Capital and the Closing Date Balance Sheet shall be adjusted in accordance with the adjustments set forth on Schedule 2.2(b)(i). 

(ii)     Post-Closing Adjustment. 

(A)     Purchaser shall cause to be prepared and, as soon as practical, but in no event later than ninety (90) days after the Closing Date, shall cause to be delivered to Stephan, the Purchaser’s calculation of the Closing Date Balance Sheet (the “Purchaser Closing Date Balance Sheet”), together with a calculation of the following adjustment to the Stephan Closing Payment, as applicable (1) increasing the amount thereof by the excess, if any, of the Total Capital shown on the Purchaser Closing Date Balance Sheet over the Base Total Capital (such excess, the “Closing Date Balance Sheet Positive Adjustment”), or (2) decreasing the amount thereof by the excess, if any, of the Base Total Capital over the Total Capital shown on the Purchaser Closing Date Balance Sheet (such excess, the “Closing Date Balance Sheet Negative Adjustment”). Within five (5) Business Days of its delivery of the Purchaser Closing Date Balance Sheet, Purchaser shall pay to Stephan the amount of the Closing Date Balance Sheet Positive Adjustment, if any, as determined by the Purchaser Closing Date Balance Sheet (the “Estimated Closing Adjustment Payment”) in accordance with such payment instructions as Stephan shall designate. In the event that Purchaser does not deliver the Purchaser Closing Date Balance Sheet within such ninety (90)-day period, Stephan shall have the right to prepare the Closing Date Balance Sheet and Purchaser shall be deemed to have accepted in full the Closing Date Balance Sheet as prepared by Stephan, and, for purposes of determining the Closing Date Balance Sheet Positive Adjustment or Closing Date Balance Sheet Negative Adjustment, as applicable, such Closing Date Balance Sheet shall be deemed final, binding and conclusive upon Purchaser and Stephan. 

(B)     The Purchaser shall promptly furnish to Stephan such work papers, documents, general ledger records and other documents and information relating to the Purchaser Closing Date Balance Sheet, and promptly provide access to personnel and answer questions, as Stephan may reasonably request for the purpose of evaluating and verifying data in the Purchaser Closing Date Balance Sheet and/or for preparing the Closing Date Balance Sheet, as applicable. 

(C)     If Stephan disagrees in whole or in part with the Purchaser Closing Date Balance Sheet, then within thirty (30) days after his receipt thereof, Stephan shall notify Purchaser of such disagreement in writing (the “Closing Notice of Disagreement”), setting forth in reasonable detail the particulars of any such disagreement. To be effective, any such Closing Notice of Disagreement shall include a copy of Purchaser Closing Date Balance Sheet marked to indicate the specific line items of the Purchaser Closing Date Balance Sheet that are in dispute (the “Disputed Closing Date Balance Sheet Line Items”) and shall be accompanied by Stephan’s calculation of each of the Disputed Closing Date Balance Sheet Line Items and Stephan’s determination of the Closing Date Balance Sheet and the Closing Date Balance Sheet Positive Adjustment or Closing Date Balance Sheet Negative Adjustment, as applicable. All items that are not Disputed Closing Date Balance Sheet Line Items shall be final, binding and conclusive for purposes of determining the Closing Date Balance Sheet Positive Adjustment or Closing Date Balance Sheet Negative Adjustment, as applicable, hereunder unless the resolution of a Disputed Closing Date Balance Sheet Line Item affects an undisputed item, in which case such undisputed item shall remain open and be considered a Disputed Closing Date Balance Sheet Line Item to the extent of such corresponding effect. In the event that Stephan does not provide a Closing Notice of Disagreement within such thirty (30)-day period, Stephan shall be deemed to have accepted in full the Purchaser Closing Date Balance Sheet, and, for purposes of determining the Closing Date Balance Sheet Positive Adjustment or Closing Date Balance Sheet Negative Adjustment, as applicable, such Purchaser Closing Date Balance Sheet shall become final, binding and conclusive upon Purchaser and Stephan. In the event any Closing Notice of Disagreement is properly and timely provided, Purchaser and Stephan shall use their respective commercially reasonable efforts for a period of fifteen (15) days (or such longer period as they may mutually agree) to resolve any Disputed Closing Date Balance Sheet Line Items. During Stephan’s aforesaid thirty (30) day period and until the Closing Date Balance Sheet shall be finally determined as provided herein, Purchaser and Stephan shall cooperate with each other and shall have reasonable access to the books and records, working papers, schedules and calculations of the other in order to prepare, or used in the preparation of, their respective Closing Date Balance Sheet. If, at the end of such period, Purchaser and Stephan are unable to resolve all Disputed Closing Date Balance Sheet Line Items, then any such remaining Disputed Closing Date Balance Sheet Line Items shall be referred to an independent accounting firm jointly designated by Purchaser and Stephan (the “Accounting Firm”); provided, that in the event the Purchaser and Stephan cannot mutually agree as to the designation of the Accounting Firm, each such Party will designate an accounting firm, and the two accounting firms will designate a third accounting firm to act as the Accounting Firm, except that Grant Thornton LLP shall not be selected as the Accounting Firm, unless the Purchaser and Stephan mutually agree. 

(D)     Purchaser and Stephan will enter into reasonable and customary arrangements for the services to be rendered by the Accounting Firm under this Section 2.2(b)(ii), such services to be provided in the Accounting Firm’s capacity as an accounting expert and not an arbitrator. The Accounting Firm shall be directed to determine as promptly as practicable (and Purchaser and Stephan shall use commercially reasonable efforts to cause such determination to occur within thirty (30) days) the resolution of the Disputed Closing Date Balance Sheet Line Items. In making any determination of the Disputed Closing Date Balance Sheet Line Items, the Accounting Firm may not assign a value greater than the greatest value for such item claimed by either Party or smaller than the smallest value for such item claimed by either Party, and the Accounting Firm may only make a determination regarding the matters in dispute between Purchaser and Stephan. Purchaser and Stephan shall each furnish to the Accounting Firm such work papers 

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and other documents and information relating to the Disputed Closing Date Balance Sheet Line Items, and shall provide access to personnel and answer questions, as such Accounting Firm may reasonably request. The determination of the Disputed Closing Date Balance Sheet Line Items by the Accounting Firm shall be set forth in writing and shall be final, conclusive and binding on the Purchaser and Stephan for purposes of determining the Closing Date Balance Sheet absent fraud or manifest error and shall be based solely on the terms of this Agreement and the written submissions by Purchaser and Stephan and not by independent review or investigation. The Parties agree that judgment may be entered upon the award of the Accounting Firm in any court having jurisdiction pursuant to Section 12.13 hereof. 

(E)     Subject to the next sentence, each Party shall be responsible for its own fees and expenses incurred in connection with this Section 2.2(b). The Purchaser and Stephan shall each pay one half of the fees and expenses payable to the Accounting Firm in connection with resolving any dispute under this Section 2.2(b), except that, subject to Purchaser’s compliance with its obligations under Section 2.2(b)(ii)(B), in the event that one Party’s determination of the Disputed Closing Date Balance Sheet Line Items as a whole varies by 20% or more from the determination of the Disputed Closing Date Balance Sheet Line Items as a whole by the Accounting Firm hereunder, then such Party shall be solely responsible for the fees and expenses of the Accounting Firm. 

(F)     Promptly following (x) the Disputed Closing Date Balance Sheet Line Items have been finally determined or (y) the Closing Date Balance Sheet has been finally determined pursuant to clause (A) of Section 2.2(b)(ii), Purchaser shall prepare, and deliver to Stephan (or Stephan shall prepare and deliver to Purchaser if the last sentence of Section 2.2(b)(ii)(A) is applicable), the Closing Date Balance Sheet and the calculation of the Closing Date Balance Sheet Positive Adjustment or Closing Date Balance Sheet Negative Adjustment, as applicable, whereupon the following payment shall be made: 

(1)     If the Closing Date Balance Sheet Positive Adjustment, as finally determined, exceeds the Estimated Closing Adjustment Payment, then Purchaser shall pay an amount in cash equal to such excess to Stephan in accordance with such payment instructions as Stephan shall designate; or 

(2)     If (x) the Estimated Closing Adjustment Payment exceeds the Closing Date Balance Sheet Positive Adjustment, as finally determined, or (y) there is a Closing Date Balance Sheet Negative Adjustment, then Stephan shall pay an amount in cash equal to such excess or the Closing Date Balance Sheet Negative Adjustment, as applicable, to Purchaser in accordance with such payment instructions as Purchaser shall designate. 

(G)     Any amount payable pursuant to Section 2.2(b)(ii)(F) shall be paid within five (5) Business Days after the delivery of the Closing Date Balance Sheet via wire transfer of immediately available funds to the account designated herein by the recipient thereof. 

(H)     Payments pursuant to Section 2.2(b)(ii)(F) shall be treated for all purposes as adjustments to the Consideration. 

Section 2.3     Earn-out Payments. Subject to the term and provisions contained herein, the Purchaser covenants and agrees to pay Stephan the following amounts (collectively, the “Earn-out Payments”): 

(a)     An amount (the “2014 Earn-out”) equal to the product obtained by multiplying (i) ninety percent (90%) by (ii) 0.743 times the amount of India Income for calendar year 2014, provided, however, that, regardless of the amount of India Income, the 2014 Earn-out shall not be less than $630,000.00, nor more than $1,350,000.00. 

(b)     An amount (the “2015 Earn-out”) equal to the product obtained by multiplying (i) ninety percent (90%) by (ii) 0.615 times the amount of India Income for calendar year 2015, provided, however, that, regardless of the amount of India Income, the 2015 Earn-out shall not be less than $630,000.00, nor more than $1,575,000.00. 

(c)     The right to receive any Earn-out Payment shall not be represented by any form of certificate or other instrument, is not assignable or transferable (other than by operation of Applicable Law relating to descent and distribution, divorce and community property), may not be pledged or encumbered by the party entitled thereto and does not constitute an equity or ownership interest in Purchaser or any Company. 

(d)     As promptly as practicable following the end of each of calendar years 2014 and 2015, but in any event no later than (x) March 31, 2015, in the case of calendar year 2014 and (y) March 31, 2016 in the case of the calendar year 2015, Purchaser shall deliver to Stephan its calculation of the Earn-out Statement for the immediately preceding calendar year, accompanied by reasonable supporting documentation sufficient to enable Stephan to verify the calculations contained therein (a “Purchaser Earn-out Statement”). Within five (5) Business Days of its delivery of the Purchaser Earn-out Statement, Purchaser shall pay to Stephan the amount of the Earn-out Payment as calculated in accordance with the Purchaser Earn-out Statement (the “Estimated Earn-out Payment”), in 

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accordance with such payment instructions as Stephan shall designate, and/or issue shares of Parent Stock in accordance with Section 2.3(j) below. In the event that Purchaser does not deliver the Purchaser Earn-out Statement within the applicable time period, the full Earn-out Payment for the applicable period shall be deemed earned and payable hereunder. 

(e)     The Purchaser shall promptly furnish to Stephan such work papers, documents, general ledger records and other documents and information relating to the Purchaser Earn-out Statement, and promptly provide access to personnel and answer questions, as Stephan may reasonably request for the purpose of evaluating and verifying data in the Purchaser Earn-out Statement. 

(f)     If Stephan disagrees in whole or in part with the Purchaser Earn-out Statement, then within thirty (30) days after his receipt thereof, Stephan shall notify Purchaser of such disagreement in writing (the “Earn-out Notice of Disagreement”), setting forth in reasonable detail the particulars of any such disagreement. To be effective, any such Earn-out Notice of Disagreement shall include a copy of the Purchaser Earn-out Statement marked to indicate the specific line items of the Purchaser Earn-out Statement that are in dispute (the “Earn-out Disputed Line Items”) and shall be accompanied by Stephan’s calculation of each of the Earn-out Disputed Line Items and Stephan’s calculation of the Earn-out Statement (the “Stephan Earn-out Statement”). All items that are not Earn-out Disputed Line Items shall be final, binding and conclusive for purposes of determining the Earn-out Payments hereunder unless the resolution of an Earn-out Disputed Line Item affects an undisputed item, in which case such undisputed item shall remain open and be considered an Earn-out Disputed Line Item to the extent of such corresponding effect. In the event that Stephan does not provide an Earn-out Notice of Disagreement within such thirty (30)-day period, Stephan shall be deemed to have accepted in full the Purchaser Earn-out Statement, and, for purposes of determining the Earn-out Payments, such Purchaser Earn-out Statement shall become final, binding and conclusive upon Purchaser and Stephan. In the event any Earn-out Notice of Disagreement is properly and timely provided, Purchaser and Stephan shall use their respective commercially reasonable efforts for a period of fifteen (15) days (or such longer period as they may mutually agree) to resolve any Earn-out Disputed Line Items. During Stephan’s aforesaid thirty (30) day period and until the applicable Earn-out Statement shall be finally determined as provided herein, Purchaser and Stephan shall cooperate with each other and shall have reasonable access to the books and records, working papers, schedules and calculations of the other in order to prepare, or used in the preparation of, their respective Earn-out Statement. If, at the end of such period, Purchaser and Stephan are unable to resolve all Earn-out Disputed Line Items, then any such remaining Earn-out Disputed Line Items shall be referred to an Accounting Firm designated in accordance with Section 2.2(b)(ii)(C) above. 

(g)     Purchaser and Stephan will enter into reasonable and customary arrangements for the services to be rendered by the Accounting Firm under this Section 2.3, such services to be provided in the Accounting Firm’s capacity as an accounting expert and not an arbitrator. The Accounting Firm shall be directed to determine as promptly as practicable (and Purchaser and Stephan shall use commercially reasonable efforts to cause such determination to occur within thirty (30) days) the resolution of the Earn-out Disputed Line Items. In making any determination of the Earn-out Disputed Line Items, the Accounting Firm may not assign a value greater than the greatest value for such item claimed by either Party or smaller than the smallest value for such item claimed by either Party, and the Accounting Firm may only make a determination regarding the matters in dispute between Purchaser and Stephan. Purchaser and Stephan shall each furnish to the Accounting Firm such work papers and other documents and information relating to the Earn-out Disputed Line Items, and shall provide access to personnel and answer questions, as such Accounting Firm may reasonably request. The determination of the Earn-out Disputed Line Items by the Accounting Firm shall be set forth in writing and shall be final, conclusive and binding on the Purchaser and Stephan for purposes of determining the Earn-out Payment absent fraud or manifest error and shall be based solely on the terms of this Agreement and the written submissions by Purchaser and Stephan and not by independent review or investigation. The Parties agree that judgment may be entered upon the award of the Accounting Firm in any court having jurisdiction pursuant to Section 12.13 hereof. 

(h)     Subject to the next sentence, each Party shall be responsible for its own fees and expenses incurred in connection with this Section 2.3. The Purchaser and Stephan shall each pay one half of the fees and expenses payable to the Accounting Firm in connection with resolving any dispute under this Section 2.3, except that, subject to Purchaser’s compliance with its obligations under Section 2.3(c), in the event that one Party’s determination of the Earn-out Disputed Line Items as a whole varies by 20% or more from the determination of the Earn-out Disputed Line Items as a whole by the Accounting Firm hereunder, then such Party shall be solely responsible for the fees and expenses of the Accounting Firm. 

(i)     Promptly following (x) the Earn-out Disputed Line Items have been finally determined or (y) the Earn-out Statement has been finally determined pursuant to paragraph (f) of Section 2.3, Purchaser shall prepare, and deliver to Stephan, the Earn-out Statement and the calculation of the corresponding Earn-out Payment, and within five (5) Business Days thereafter (or five Business Days after the Earn-out Payment is deemed earned in accordance with the last sentence of Section 2.3(d) if applicable), Purchaser shall pay to Stephan, in accordance with such payment instructions as Stephan shall designate, the excess, if any, of the Earn-out Payment, as finally determined, over the Estimated Earn-out Payment, or, if applicable, Stephan shall pay to Purchaser, in accordance with such payment instructions as Purchaser shall designate, the excess, if any, of the Estimated Earn-out Payment over the Earn-out Payment, as finally determined. 

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(j)     At Purchaser’s election, up to $200,000 of the 2014 Earn-out, and up to $250,000 of the 2015 Earn-out, may be made by the issuance of unregistered shares of Parent Stock, which shares shall (i) be valued based upon the volume weighted average price of the Parent Stock upon the NASDAQ Capital Market (or such other principal exchange upon which the Parent Stock shall then be listed for trading) during the twenty (20) Business Days prior to the issuance of the shares and (ii) bear such restrictive legends as may be required under Applicable Law. Any such election by Purchaser shall be exercised by written notice to Stephan delivered concurrently with the delivery of the Earn-out Statement pursuant to Section 2.3(i), and Purchaser shall use commercially reasonable efforts to deliver such shares in certificate or uncertificated form, as Stephan shall designate, subject to Applicable Law and the ordinary policies and procedures of the transfer agent for the Parent Stock. 

(k)     Under the terms of the Key Employee Employment Letters, the Purchaser has agreed to pay to each Key Employee as bonus compensation (collectively, the “Key Employee Bonus Amounts”): 

(i)     An amount equal to the product obtained by multiplying (i) five percent (5%) by (ii) 0.743 times the amount of India Income for calendar year 2014, provided, however, that, regardless of the amount of India Income, such payment shall not be less than $35,000.00, nor more than $75,000.00. 

(ii)     An amount equal to the product obtained by multiplying (i) five percent (5%) by (ii) 0.615 times the amount of India Income for calendar year 2015, provided, however, that, regardless of the amount of India Income, such payment shall not be less than $35,000.00, nor more than $87,500.00. 

In the event that a Key Employee forfeits his right to receive his Key Employee Bonus Amount under the terms of a Key Employee Employment Letter, then the corresponding Earn-out Payment to Stephan for such calendar year shall be increased by the amount of such forfeited Key Employee Bonus Amount. 

(l)     Notwithstanding the foregoing or anything contained herein, (i) payment of the Earn-out Payments is contingent upon, and subject to, compliance by Stephan with his Restrictive Covenant contained herein and (ii) subject to the preceding clause (i), upon termination of Stephan’s employment under the Stephan Employment Agreement without Cause or for Good Reason (as defined therein), Stephan shall be deemed to have earned the maximum amount of the Earn-out Payments for the calendar year in which such event occurs and each year thereafter, as applicable, which shall be payable (without regard to the amount of India Income) on the dates and otherwise in accordance with the terms herein. 

(m)     Following the Closing, Purchaser shall have sole discretion with regard to all matters relating to the operation of the Companies, and Purchaser has no obligation to operate the Companies, or take any other action or step, in order to achieve any Earn-out Payment or to maximize the amount of any Earn-out Payment; provided, however, the Purchaser shall not divert business generated by a Company away from the Companies. Purchaser expressly disclaims any assurance that Stephan will receive any Earn-Out Payment, and Purchaser does not promise or project, nor has promised or projected, any Earn-Out Payment, except for the minimum Earn-out Payments set forth in this Section 2.3, subject to the terms and provisions of this Agreement. 

Section 2.4     Withholding Rights. Notwithstanding anything to the contrary contained herein, Purchaser shall be entitled to deduct and withhold from payments made in connection with any of the transactions contemplated by this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code and any other Applicable Law. To the extent that amounts are so deducted and withheld by Purchaser, such deducted and withheld amounts (i) shall be remitted by Purchaser to the applicable Governmental Entity and (ii) shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made by Purchaser. Based upon the representations and warranties of the Selling Parties contained herein, the Purchaser shall, and the Selling Parties authorize the Purchaser to, withhold from the Closing Payments the amount set forth in Schedule 2.4 (the “Withholding Amount”). 

Article 3 

CLOSING; ACTIONS AT CLOSING 

Section 3.1     Closing. The closing of the Purchase and Sale (the “Closing”) shall take place at 10:00 a.m., U.S. Central time, on September 3, 2014, subject to the satisfaction (or waiver) of the conditions set forth in Article 8 (excluding conditions that, by their terms, are to be satisfied at the Closing but subject to the satisfaction or waiver of such conditions at the Closing), at the offices of the Purchaser, unless another time, date or place is agreed to in writing by Purchaser and the Selling Parties. The Closing shall be deemed effective as of, and the “Closing Date” shall be, regardless of the actual time and date of the Closing, 12:01 a.m., U.S. Central time, on September 1, 2014. 

Section 3.2     Actions at Closing. Subject to the satisfaction of the conditions precedent set forth herein, at the Closing, Purchaser will pay the Closing Payments and the amounts set forth in Section 2.2(a)(iii) against receipt of such certificates, 

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assignments, stock powers, resolutions, or other instruments of assignment and transfer as Purchaser may reasonably require to evidence and effectuate the Purchase and Sale, including the stamping or other validation of any or all of the foregoing as may be required by Applicable Law (the “Share Transfer Documents”), whereupon Purchaser shall be absolutely and irrevocably vested with full and unrestricted title and record and beneficial ownership of the Shares, free and clear of any and all Liens, other than as arising through Purchaser. 

Article 4 

REPRESENTATIONS AND WARRANTIES REGARDING EACH COMPANY 

Stephan hereby represents and warrant to Purchaser, as of the date hereof and as of the Closing Date, as follows: 

Section 4.1     Organization and Qualification. 

(a)     Each of REV-US and REV-India is duly organized, validly existing and in good standing (or the equivalent thereof, if applicable) under the laws of Delaware and India, respectively. Each Company has the requisite power and authority to own, lease and operate its properties and to carry on its business. 

(b)     Each Company is duly qualified or licensed to transact business and is in good standing (if applicable) in each jurisdiction in which the property and assets owned, leased or operated by it, or the nature of the business conducted by it, makes such qualification or licensing necessary (which such jurisdictions are set forth on Schedule 4.1(b)), except in such jurisdictions where the failure to be so duly qualified or licensed and in good standing would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. 

(c)     Each Company has made available to Purchaser prior to the date hereof an accurate and complete copy of each Governing Document of such Company. Such Governing Documents are in full force and effect and no other Governing Documents are applicable to or binding upon the Companies. The Companies are not currently in violation of any provision of their Governing Documents. No Proceedings to dissolve any Company are pending, or to Stephan’s Knowledge, threatened. Schedule 4.1(c) sets forth the name of each officer and director of Seller and each Company. 

Section 4.2     Capitalization of the Company. 

(a)     Schedule 4.2(a) sets forth the name and address of each beneficial and record holder of any Securities or Equity Interests in each Company, the number of such Securities or Equity Interests so held and the date of, and consideration paid for, the acquisition thereof. Except as set forth on Schedule 4.2(a), there are no: (i) outstanding Equity Interests or Securities of any kind or nature of any Company, (ii) Liens, proxies, voting trusts or voting agreements with respect to any Equity Interests or Securities of any Company, or bonds, debentures, notes or other Indebtedness of any Company having the right to vote (or convertible into, or exchangeable for, Securities having the right to vote) on any matters on which holders of the Equity Interests or Securities of any Company may vote, (iii) obligations to redeem, repurchase or otherwise acquire Equity Interests or Securities of any Company, or (iv) Equity Interests or Securities of any kind or nature of any Company evidenced by physical stock certificates or other paper form. When transferred to Purchaser at the Closing, the Shares will be owned by Purchaser free and clear of all Liens, other than those arising by virtue of any actions taken by or on behalf of Purchaser. The REV-US Shares are duly authorized, validly issued, fully paid and nonassessable, and constitute all of the outstanding Securities and Equity Interests of REV-US. The REV-India Shares are duly authorized, validly issued, fully paid and nonassessable, and, together with the Minority REV-India Shares, constitute all of the outstanding Securities and Equity Interests of REV-India. 

(b)     No Company, directly or indirectly, has any Subsidiary or owns any equity, debt or similar interest in, or any interest convertible into or exchangeable or exercisable for, at any time, any equity or similar interest in, or controls, directly or indirectly, any other Person, and no Company is, directly or indirectly, a party to, member of or partner in any partnership, joint venture or similar business entity. 

Section 4.3     [deleted]. 

Section 4.4     Consents and Approvals; No Violations. Neither the execution or delivery of this Agreement, nor the consummation of the transactions contemplated hereby will (i) conflict with or result in any breach of any provision of any Company’s Governing Documents, (ii) except as set forth on Schedule 4.4, result in a violation or breach of, result in any loss of rights or additional obligations under, or constitute (with or without due notice or lapse of time or both) a default or give rise to any right of termination, cancellation or acceleration under, any of the terms, conditions or provisions of, or result in the payment of any additional amounts or consideration under, any Material Contract or Permit, (iii) cause any Company to be in violation of any Order or Applicable Law or (iv) result in the creation of any Lien upon any of the assets of any Company. 

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Section 4.5     Financial Statements; Liabilities; Internal Controls; Solvency; Accounts Receivable. 

(a)     Attached hereto as Schedule 4.5(a) are true and complete copies of the following financial statements (such financial statements, the “Financial Statements”): 

(i)     the audited balance sheet of REV-US as of December 31, 2013, and the related audited statements of income, cash flows and stockholders’ equity for the fiscal year then ended (the “Audited US Financial Statements”); 

(ii)     the audited balance sheet of REV-India as of March 31, 2014, and the related audited statements of income, cash flows and stockholders’ equity for the fiscal year then ended (the “Audited Indian Financial Statements,” and together with the Audited US Financial Statements, the “Audited Financial Statements”); 

(iii)     the unaudited balance sheet of REV-US as of July 31, 2014, and the related unaudited statement of income for the seven (7) month period then ended (the “Unaudited US Financial Statements”); and 

(iv)     the unaudited balance sheet of REV-India as of July 31, 2014, and the related unaudited statement of income equity for the four (4) month period then ended (the “Unaudited Indian Financial Statements” and together with the Unaudited US Financial Statements, the “Unaudited Financial Statements”). 

(b)     The Financial Statements have been prepared from the books and records of the Companies on a consistent basis throughout the periods covered thereby. Except as set forth in Schedule 4.5(b), the Financial Statements fairly present in all material respects (i) the financial position of each Company as of the dates thereof and (ii) the results of operations, stockholders’ equity and cash flows, as applicable, of each Company for the fiscal periods covered thereby. The Audited Financial Statements have been prepared in accordance with GAAP. 

(c)     Except as set forth on Schedule 4.5(c) and for matters reflected or reserved against in the Financial Statements or noted in the notes thereto, no Company has any Liabilities (required to be reflected in such Financial Statements under GAAP) of any nature, direct, indirect, contingent, liquidated, unliquidated or otherwise, except Liabilities that (i) were incurred since the date of its Financial Statement in the ordinary course of business consistent with past practice that are not material individually or in the aggregate, or (ii) are incurred in connection with the transactions contemplated by this Agreement. No Company has any “off-balance sheet arrangements” (as such term is defined in Item 303(a)(4) of Regulation S-K promulgated under the Exchange Act). 

(d)     True, correct and complete copies of the books of account, stock record books, minute books, bank accounts, statutory registers and other corporate records of each Company have been made available to Purchaser and its representatives, including Grant Thornton LLP and Grant Thornton India LLP, and such books and records have been maintained in accordance with good business practices and Applicable Law. 

(e)     Except as set forth on Schedule 4.5(e), the minute books of each Company contain records of all meetings held, and an accurate and complete record of the actions taken, by the stockholders, the Board of Directors, and any committees of the Board of Directors of each Company, and no meeting at which any action has been taken by any such stockholders, Board of Directors, or committee has been held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books and records will be in the possession of the applicable Company. 

(f)     None of the directors, officers, agents or employees of any Company or any of its Affiliates acting with, on behalf of, or for the benefit of, any Company has established, maintained or created any fund, asset or liability that has not been recorded in the books and records of the applicable Company. 

(g)     Each Company has established internal accounting controls so that (i) transactions are executed with management’s authorization; (ii) transactions are recorded as necessary to permit preparation of the financial statements and to maintain accountability for its assets; (iii) the reporting of its assets is compared with existing assets at regular intervals; and (iv) accounts and other receivables are recorded accurately, and procedures are implemented to effect the collection and/or valuation thereof on a current and timely basis. 

(h)     Except as disclosed in the auditor’s notes to the Audited Financial Statements, Stephan has no Knowledge of (i) any current material weakness or other deficiencies in the system of internal accounting controls utilized by any Company, (ii) any fraud, whether or not material, that involves management or other employees of any Company who have a role in the preparation of financial statements or the internal accounting controls utilized by such Company or (iii) any claim or allegation regarding any of the foregoing. 

(i)     No Company is Insolvent nor will be rendered Insolvent by any of the transactions contemplated by this Agreement. Each Company is able to pay its Liabilities as they become due in the ordinary course of business, has assets (calculated at fair market 

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value) that exceed its Liabilities, and taking into account all pending and threatened litigation, does not reasonably anticipate that judgments against it in actions for money damages will be rendered at a time when, or in amounts such that, such Company will be unable to satisfy any such judgments promptly in accordance with their terms (taking into account all other obligations of the Company and the maximum probable amount of such judgments in any such actions and the earliest reasonable time at which such judgments might be rendered). The cash available to each Company, after taking into account all other anticipated uses of such cash, is sufficient to pay all its debts and judgments of such Company promptly in accordance with their terms. 

(j)     All of the accounts receivable reflected in the Financial Statements (the “Accounts Receivable”) represent bona fide transactions of the applicable Company that arose in the ordinary course of business consistent with past practice, are not subject to defenses, setoffs or counterclaims in excess of any applicable reserves set forth in the Financial Statements and, to Stephan’s Knowledge, except as set forth on Schedule 4.5(j), are current and collectible within ninety (90) days of the applicable invoice date, subject to the applicable reserves set forth in the Financial Statements. No Person has any Lien on any Account Receivable, and, except in the ordinary course of business consistent with past practice, no agreement for material deduction or material discount has been made with respect to any Account Receivable. No Company has received written notice from any customer that such customer disputes or does not intend to pay any Account Receivable. 

Section 4.6     Material Contracts. 

(a)     Except for the Contracts listed on Schedule 4.6(a), and other than Contracts solely between the Companies, no Company is a party to or bound by any: 

(i)     Contract that will require a payment by the Company upon or following the Closing hereunder which payment is not payable in the absence of the Closing (such as, by way of example, any Contract that requires payment upon a “change in control” of the Company); 

(ii)     commission or sales Contract (A) with any current employee, individual consultant, contractor or salesperson, (B) with any partner of the Company or any marketer or distributor of any Company Products and Services providing for the payment of any commissions or other sales compensation to any employees or agents of such partner or marketer or distributor, or (C) under which a Person provides commission or sales-based services to the Company; 

(iii)     Contract that obligates the Company to provide indemnification or a guarantee, including any Contract whereby the Company has guaranteed or otherwise agreed to cause, insure or become liable or indemnify for, or pledged any of its assets to secure, the performance or payment of, any obligation or other liability of any Person; 

(iv)     Contract relating to Indebtedness; 

(v)     Contract relating to capital expenditures and involving required annual future payments by the Company in excess of $25,000; 

(vi)     Contract under which the Company is lessee of or holds or operates any tangible property (other than real property), owned by any other Person, other than ordinary equipment leases under which the Company is obligated to make annual lease payments not exceeding $25,000 and which do not require the purchase of the underlying equipment (other than for a nominal amount); 

(vii)     Contract under which the Company is lessor of or permits any third party to hold or operate any tangible property (other than real property), owned or controlled by the Company; 

(viii)     partnership agreement, joint venture, strategic alliance, funding or similar Contract or other Contract involving the sharing of profits, losses, costs or Liabilities with any Person; 

(ix)     Contract prohibiting the Company or any Affiliate of the Company from freely engaging in any line of business, or containing covenants that limit or purport to limit the ability of the Company or any Affiliate of the Company to (A) compete in any business or with any Person or in any geographic area, (B) sell, supply, provide or distribute any service or product, (C) hire or solicit Persons for employment, (D) incur or guarantee any Indebtedness or to grant a Lien on the assets of the Company, or (E) use or enforce the Business Intellectual Property rights, including, in each case, any nondisclosure, non-competition, settlement, coexistence, standstill or confidentiality agreements; 

(x)     collective bargaining agreement or other Contract with any collective bargaining representative or other Contracts with a labor union, labor organization or similar body; 

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(xi)     settlement or similar Contract pursuant to which the Company is obligated to pay consideration after the date hereof in settlement of any Proceeding; 

(xii)     Contract that relates to any prior (within the past five (5) years) or future disposition or acquisition of properties, of assets or of any interest in any business enterprise by the Company, or any merger or business combination with respect to the Company; 

(xiii)     powers of attorney; 

(xiv)     Contract (A) providing for the Company to be the exclusive provider or preferred provider of any product or service to any Person or that otherwise involves the granting by any Person to the Company of exclusive or preferred rights of any kind, (B) providing for any Person to be the exclusive or preferred provider of any product or services to the Company or that otherwise involves the granting by the Company to any Person of exclusive or preferred rights, (C) granting to any Person a right of first refusal or right of first offer on the sale of any part of the business of the Company, (D) containing a provision of the type commonly referred to as “most favored nation” provision for the benefit of a Person, or (E) pursuant to which the Company has agreed to provide future services for a fixed price or maximum fee, or pursuant to any cap or other provision that provides for payment other than on an unrestricted “time and materials” basis; 

(xv)     Contract that obligates the Company to pay an amount in excess of $100,000 during any twelve (12)-month period after the date hereof or relates to the sale of goods or the provision of services pursuant to which the Company expects to accrue revenue in excess of $100,000 during any twelve (12)-month period after the date hereof; 

(xvi)     sales representative, dealer, distribution, joint marketing, data sharing, development, value added re-seller, remarketer, content provider, destination site or similar Contract; 

(xvii)     Contract with any customer or third party to provide support or maintenance, to develop or customize any product or service, or to provide, support, customize or develop any third-party product, service or platform involving future annual payments to or from the Company in excess of $25,000; 

(xviii)     Contract providing for the use, disclosure or sale of any Personal Information; 

(xix)     Contract with any Governmental Entity; 

(xx)     Contract with any Selling Party or any Affiliate of any Selling Party; 

(xxi)     Contract for the employment, retention or engagement of any Company employee, consultant, agent or representative which cannot be terminated by the Company without cause and without payment of any premium, penalty, termination fee, severance or similar payment upon not more than 90 days’ prior notice; 

(xxii)     Contract (including any end-user licenses and all Services Agreements) with any customer or client of the Company that provides for the payment of, or is reasonably likely to result in the payment of, fees or other consideration to the Company in excess of $25,000 in the twelve (12)-month period following the date hereof; 

(xxiii)     Contract that guarantees or warrants that any of the Company Products and Services is fit for any particular purpose or that guarantees a result or commits to performance levels; 

(xxiv)     Contract providing for any license or franchise granted by the Company pursuant to which the Company has agreed to provide any Person with access to source code or to provide for source code to be put in escrow or to refrain from granting license or franchise rights to any other Person; 

(xxv)     Contract under which the Company, as licensor or licensee, licenses or sublicenses any Business Intellectual Property, other than Commercial Software Contracts; 

(xxvi)     Contract for the assignment of inventions to or from the Company; 

(xxvii)     Contract under which any Company has any obligation to deliver Company Products and Services in the future in respect of which the Company reasonably expects its operating margin to be earned on such Contract to be lower than its operating margin for the 12 month period ended June 30, 2014 by 25% or more; 

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(xxviii)     Contract under which any Company has any current or future obligation to issue any Equity Interests or Securities; and 

(xxix)     Contract not otherwise included in any of the foregoing that is material to the business of the Company. 

(b)     Except as set forth on Schedule 4.6(b), each Material Contract is valid and binding on the Company subject thereto and enforceable in accordance with its terms against such Company and, to Stephan’s Knowledge, against each other party thereto (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity). Each Material Contract is in full force and effect and will be in full force and effect in accordance with its terms upon consummation of the transactions contemplated hereby. Except as set forth on Schedule 4.6(b), each Company and, to Stephan’s Knowledge, each of the other parties thereto, have performed all obligations required to be performed by it under each Material Contract except where any such non-performance has not caused or will not cause, individually or in the aggregate, a Company Material Adverse Effect. Except as set forth on Schedule 4.6(b), no Company has received, nor has any Company delivered, any notice of default or breach or alleging any default or breach under any Material Contract. Except as set forth on Schedule 4.6(b), no Company has received any notice from any party terminating or stating its intention to terminate any Material Contract or to exercise any option not to renew thereunder. Each Company has delivered or made available to Purchaser true, complete and correct copies of all Material Contracts, and no Material Contract has been modified, rescinded or terminated after being delivered or made available to Purchaser. 

Section 4.7     Absence of Changes. Except as set forth on Schedule 4.7, since the date of the Latest Balance Sheet, (i) no Company Material Adverse Effect has occurred or existed, (ii) each Company has conducted its business in all material respects in the ordinary course consistent with past practices and (iii) no Company has taken any action that if taken after the date of this Agreement would constitute a violation of Section 7.1(c). 

Section 4.8     Litigation. Except as set forth on Schedule 4.8, there is no, and during the three (3) year period prior to the date of this Agreement there has not been any, suit, litigation, arbitration, mediation, alternative dispute resolution procedure, claim, action, proceeding, hearing, audit, inquiry, examination or investigation of any nature (each, a “Proceeding”) pending or, to Stephan’s Knowledge, threatened or under investigation against any Company or any Company’s properties or assets or, to Stephan’s Knowledge, any Company’s directors, officers or employees. Without limiting the foregoing, there is no such Proceeding pending or to Stephan’s Knowledge threatened which (i) is brought by or on behalf of a Governmental Entity, or (ii) seeks injunctive relief or non-monetary damages. Except as set forth on Schedule 4.8, the Company is not subject to any outstanding Order. 

Section 4.9     Permits; Compliance with Applicable Law. 

(a)     Schedule 4.9(a) contains a true, correct and complete list of all material permits, licenses, approvals, certificates and other authorizations of any Governmental Entity that are held by any Company to permit such Company to conduct its business (collectively, “Permits”). Except as set forth on Schedule 4.9(a), (i) each Company holds, and currently is (and during the last three (3) years has been) in compliance in all material respects with all Permits necessary for the lawful conduct of its business as presently conducted, (ii) all such Permits are (and during the last three (3) years have been) in full force and effect and (iii) during the past three (3) years, (A) no Company has received written notice of any alleged violation or noncompliance with respect to any Permit and (B) no Company has received written notice relating to the revocation or modification of any Permits. No Proceeding is pending or, to Stephan’s Knowledge, threatened to revoke or limit any Permit, nor has any such Proceeding been pending at any time during the prior three (3) years. 

(b)     Each Company is, and for the three (3) years has been, in compliance in all respects with all Applicable Laws, except where the failure to be in compliance will not cause a Company Material Adverse Effect. Except as set forth on Schedule 4.9(b), no Company has received any written communication during the past three (3) years from a Governmental Entity that alleges that any Company is not in compliance with any Applicable Laws which has not heretofore been cured or for which there is any remaining Liability. 

(c)     Neither any Company nor its properties or assets, or to Stephan’s Knowledge, any of each Company’s directors, officers or employees (solely in their capacities as such), are currently, nor have any such Persons been at any time during the past three (3) years, subject to any Orders that would materially impair each Company’s ability to operate its business as presently conducted. 

Section 4.10     Employee Plans. 

(a)     Schedule 4.10(a) sets forth a true and complete list of each Employee Benefit Plan, and, except as set forth therein, no Company has ever created, maintained, offered or incurred any obligation under any other Employee Benefit Plan. 

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(b)     Each Company has delivered the following documents to Purchaser with respect to each of its Employee Benefit Plan: (i) true, correct and complete copies of all documents embodying such Employee Benefit Plan, including all amendments thereto, and all related trust documents, (ii) a written description of any Employee Benefit Plan that is not set forth in a written document, (iii) the most recent summary plan description together with the summary or summaries of material modifications thereto, if any, (iv) all IRS or DOL determination, opinion, notification and advisory letters, (v) the three most recent annual reports (Form Series 5500 and all schedules and financial statements attached thereto), if any, (vi) all material correspondence to or from any Governmental Entity received in the last three (3) years, (vii) all discrimination tests for the most recent three (3) plan years (if any), and (viii) all material written agreements and contracts currently in effect, including administrative service agreements, group annuity contracts, and group insurance contracts. 

(c)     Each Employee Benefit Plan has been maintained and administered in all respects in material compliance with its terms and with the requirements prescribed by Applicable Law, including the timely and accurate filing of all reports and returns. All contributions, reserves or premium payments required to be made or accrued as of the date hereof to the Employee Benefit Plans have been timely made or accrued. Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code and each trust intended to qualify under Section 501(a) of the Code is so qualified and has obtained a currently effective favorable determination notification, advisory or opinion letter, as applicable, as to its qualified status (or the qualified status of the master or prototype form on which it is established) from the IRS covering the amendments to the Code effected by the Tax Reform Act of 1986 and all subsequent legislation for which the IRS will currently issue such a letter, and no amendment to such Employee Benefit Plan has been adopted since the date of such letter covering such Employee Benefit Plan that would adversely affect such favorable determination. The most recent determination notification, advisory or opinion letter for each such Employee Benefit Plan intended to qualify under Section 501(a) of the Code has not been revoked, and, to Stephan’s Knowledge, no fact or event exists that could reasonably be expected to result in the revocation of such qualified status. 

(d)     Except as set forth on Schedule 4.10(d), no plan currently or ever in the past maintained, sponsored, contributed to or required to be contributed to by any Company or its current or former ERISA Affiliates is or ever in the past was (i) a Multiemployer Plan, (ii) a plan described in Section 413 of the Code, (iii) a plan subject to Title IV of ERISA, (iv) a plan subject to the minimum funding standards of Section 412 of the Code or Section 302 of ERISA, or (v) a plan maintained in connection with any trust described in Section 501(c)(9) of the Code. 

(e)     No Company is subject to any liability or penalty under Sections 4975 through 4980B of the Code or Title I of ERISA. REV-US has materially complied with all applicable health care continuation requirements under COBRA. No “Prohibited Transaction,” within the meaning of Section 4975 of the Code or Sections 406 or 407 of ERISA and not otherwise exempt under Section 408 of ERISA, has occurred with respect to any Employee Benefit Plan. 

(f)     Except as set forth on Schedule 4.10(f), no Employee Benefit Plan of REV-US provides, or reflects or represents any liability to provide, benefits (including death or medical benefits), whether or not insured, with respect to any former or current employee, or any spouse or dependent of any such employee, beyond the employee’s retirement or other termination of employment with any Company other than (i) coverage mandated by COBRA, (ii) retirement or death benefits under any plan intended to be qualified under Section 401(a) of the Code, (iii) disability benefits that have been fully provided for by insurance under an Employee Benefit Plan that constitutes an “employee welfare benefit plan” within the meaning of Section (3)(1) of ERISA, or (iv) benefits in the nature of severance pay with respect to one or more of the employment contracts set forth on Schedule 4.10(f). 

(g)     There is no contract, plan or arrangement covering any officer, employee or former officer or employee of REV-US that, individually or collectively, could give rise to the payment as a result of the transactions contemplated by this Agreement of any amount that would not be deductible by such Company by reason of Section 280G of the Code. For purposes of the foregoing sentence, the term “payment” shall include any payment, acceleration, forgiveness of indebtedness, vesting, distribution, increase in benefits or obligation to fund benefits. Except as set forth on Schedule 4.10(g), execution of this Agreement and the consummation of the transactions contemplated by this Agreement (alone or together with any other event which, standing alone, would not by itself trigger such entitlement or acceleration) will not (i) entitle any Person to any payment, forgiveness of indebtedness, vesting, distribution, or increase in benefits under or with respect to any Employee Benefit Plan, (ii) otherwise trigger any acceleration (of vesting or payment of benefits or otherwise) under or with respect to any Employee Benefit Plan, or (iii) trigger any obligation to fund any Employee Benefit Plan. 

(h)     Except as set forth on Schedule 4.10(h), no Proceeding (excluding claims for benefits incurred in the ordinary course) has been brought or is pending or threatened against or with respect to any Employee Benefit Plan or the assets or any fiduciary thereof (in that Person’s capacity as a fiduciary of such Employee Benefit Plan). There are no Proceedings pending or threatened by the IRS, DOL, or other Governmental Entity with respect to any Employee Benefit Plan. 

(i)     With respect to each Employee Benefit Plan that is a “nonqualified deferred compensation plan” (as defined for purposes of Section 409A(d)(1) of the Code), such plan has been maintained and operated in compliance with Section 409A of the 

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Code and the applicable IRS guidance promulgated thereunder to the extent such plan is subject to Section 409A of the Code and so as to avoid any tax, interest or penalty thereunder. Except as set forth on Schedule 4.10(i), no Securities or Equity Interests in any Company are subject to a substantial risk of forfeiture within the meaning of Section 83 of the Code with respect to which a valid election under Section 83(b) of the Code has not been made. 

(j)     Except as set forth on Schedule 4.10(j), all payments to funds and schemes for the benefit of the employees of REV-India as mandated under Applicable Indian Law have been made by REV-India, including any payments made towards employees’ state insurance, employees’ provident fund and any other pension scheme instituted or mandated for its employees. 

(k)     Each Company has, and after Closing will have, all power and authority necessary to amend or terminate its participation in each Employee Benefit Plan not mandated to be provided under Applicable Law without incurring any penalty or liability when done in compliance with the requirements of Applicable Law. 

Section 4.11     Environmental Matters. Except as set forth on Schedule 4.11: Each Company is, and for the previous three (3) years has been, in compliance with all Environmental Laws, except where such non-compliance has not caused, nor will cause, a Company Material Adverse Effect. Each Company holds and is (and has been at all times during the past three (3) years) in compliance with all Permits that are required pursuant to Environmental Laws, and has timely applied for all required renewals thereof. During the past three (3) years, no Company has received any notice of any Proceeding or investigation alleging any material violation of, or material liability (including any investigatory, corrective or remedial obligation) under, any Environmental Laws. Neither any Company nor any of its agents, employees or contractors acting on behalf of any Company has Released any Hazardous Materials at, on, under, or from any property currently or formerly owned, leased or operated by any Company, and to Stephan’s Knowledge, there are no Hazardous Materials at, on, under, or emanating from any property currently or formerly owned, leased or operated by any Company that could give rise to a material liability of any Company under Environmental Laws. 

Section 4.12     Intellectual Property. 

(a)     Each Company either exclusively owns, free and clear of any Liens, or has a valid written license for or other valid right to use, all of its Business Intellectual Property. Schedule 4.12(a) sets forth a correct and complete list of (i) all registrations of and applications to register any Business Intellectual Property owned by or filed under the name of any Company (“Company Registered IP”), including the name of the current owner, registrant or applicant, the jurisdictions by or in which any such registrations or applications have been issued or filed, the respective registration or application numbers and dates of issuance, registrations or filing, and (ii) all unregistered Business Intellectual Property which is material to the operation of the business of any Company (other than Commercial Software licensed or used by a Company under a Commercial Software Contract). To Stephan’s Knowledge, each Company’s rights in its Business Intellectual Property, including the Company Registered IP, are valid, subsisting and fully enforceable. 

(b)     Except as set forth on Schedule 4.12(b), there are no Contracts to which any Company is a party (excluding Contracts exclusively between the Companies) relating to any Intellectual Property (other than Commercial Software Contracts), including any such Contract pursuant to which any Company has (i) transferred ownership of any Intellectual Property, or granted any license or option to any other Person with respect to any Business Intellectual Property (including any Contract pursuant to which any Company has granted or may be obligated to grant in the future, to any Person, a source code license or option or other right to use or acquire source code that is part of Business Intellectual Property); or (ii) obtained a license or option to the Intellectual Property of another Person; or (iii) has had Software developed for it by any Person other than the Company (collectively, the “IP Contracts”). 

(c)     To Stephan’s Knowledge and except as set forth on Schedule 4.12(c), no Company has infringed upon or otherwise violated the Intellectual Property rights of any other Person or received any written claim, charge, demand or notice alleging any such infringement or other violation. The conduct of its business of each Company as currently conducted and its Company Products and Services do not, to Stephan’s Knowledge, infringe upon, misappropriate or otherwise violate the Intellectual Property rights or rights of publicity or privacy of, or libels or defames, any other Person or constitute unfair competition or trade practices. Each Company is not, nor has been, during the three (3) years preceding the date of this Agreement, a party to any Proceedings, nor, to Stephan’s Knowledge, are any Proceedings threatened, that challenges the validity, enforceability, ownership, or right to use, sell or license any of the Business Intellectual Property. To Stephan’s Knowledge, no other Person has infringed or misappropriated or is infringing upon or misappropriating any of the Business Intellectual Property rights of any Company. No Company has sent any written notice to any third party alleging infringement, misappropriation or unauthorized use of any Business Intellectual Property. To Stephan’s Knowledge, none of the Business Intellectual Property of any Company is subject to any Proceeding or Order which restrict in any manner its validity, use, enforceability, transfer or license. 

(d)     No Company is, nor, as a result of the execution, delivery or consummation of this Agreement will be, in breach or violation of any IP Contract. Each IP Contract is valid and binding on the Company party thereto and enforceable in accordance with its terms against such Company and, to Stephan’s Knowledge, each other party thereto (subject to applicable bankruptcy, insolvency, 

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reorganization, moratorium or other laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity). Each IP Contract is in full force and effect and will be in full force and effect in accordance with its terms upon consummation of the transactions contemplated hereby. Except as set forth in Schedule 4.12(d), immediately following the Closing, each Company will be permitted to exercise all of such Company’s rights under all of its IP Contracts to the same extent that the Company would have been able to exercise such rights at such time had the transactions contemplated by this Agreement not occurred and without the payment of any additional amounts or consideration, other than fees, royalties or payments which the Company would otherwise have been required to pay had the transactions contemplated by this Agreement not occurred. Except as set forth in Schedule 4.12(d), the execution and delivery of this Agreement and the Ancillary Documents, and the consummation of the transactions contemplated herein and therein, will not result in (i) Purchaser or any of its Affiliates granting to any other Person any right to or with respect to any Intellectual Property right owned by, or licensed to, Purchaser or any of its Affiliates, or (ii) Purchaser or any of its Affiliates being bound by, or subject to, any non-compete or other restriction on the operation or scope of its business, in each case, except as otherwise arising by reason of any other Contract, Order or Proceeding to which the Purchaser or any of its Affiliates is a party or by which its property or assets are subject. 

(e)     Each Company has taken reasonable measures to safeguard and maintain all of its Business Intellectual Property and the secrecy and confidentiality of the Trade Secrets that are part of its Business Intellectual Property. To Stephan’s Knowledge, there has been no material disclosure by any Person bound by such confidentiality obligations to any third Person who was not bound by a confidentiality obligation to any Company of any Trade Secrets or other confidential information used in connection with the conduct of the business of any Company. Each Company has validly maintained, and has not taken any steps that could constitute abandonment of or that could invalidate, its rights in and to its Business Intellectual Property. 

(f)     Schedule 4.12(f) sets forth the Contract between each present or past founder, manager, officer, employee or consultant of any Company or any other Person who developed any part of any Company Product or Service (including Software) or any other Intellectual Property for any Company that is or will be used, usable or intended for use in connection with the Company’s business, and, to Stephan’s Knowledge, no such founder, manager, officer, employee or consultant is in violation of any term of any such Contract or any other Contract or agreement relating to the relationship of any such founder, manager, officer, employee or consultant with the Company. No current or former founder, officer, employee, agent or consultant of any Company (i) owns any Intellectual Property rights used or held for use by any Company or (ii) to Stephan’s Knowledge, has made any claims with respect to, or has any right, license, claim or interest whatsoever in, such Intellectual Property rights. 

(g)     To Stephan’s Knowledge, no Company Product or Service contains any “back door,” “drop dead device,” “time bomb,” “Trojan horse,” “virus,” “worm,” “spyware” or “adware” (as such terms are commonly understood in the software industry) or any other code (collectively, “Malicious Code”) designed or intended to have, or capable of performing or facilitating, any of the following functions: disrupting, disabling, harming, or otherwise impeding in any manner the operation of, or providing unauthorized access to, a computer system or network or other device on which such code is stored or installed. Each Company maintains reasonable measures designed to prevent the introduction of Malicious Code into Company Products and Services, including firewall protections and regular virus scans. 

(h)     Except as set forth on Schedule 4.12(h), and except for source code produced as a “work for hire” for a Company customer under a Material Contract (“Customer Source Code”), no Company has provided or made available to any Person the source code to any Software owned, licensed or used by any Company, and no Company is bound by or party to any Contract pursuant to which (i) the Company is obligated to provide to any Person any such source code or (ii) the Company has deposited, or is or may be required to deposit, with an escrow agent or other Person, any such source code. No circumstance or condition currently exists that, with or without notice or lapse of time or both, will, or would reasonably be expected to, result in the delivery or disclosure of any such source code (other than Customer Source Code) to any Person who is not, as of the date of this Agreement, an employee, independent contractor or other agent of any Company. 

(i)     Schedule 4.12(i) contains a complete and accurate list of all Software that is distributed or made available as “open source software” or “public software” or under a similar licensing or distribution model (including the GNU General Public License (GPL), GNU Lesser General Public License (LGPL), Mozilla Public License (MPL), BSD licenses, the Netscape Public License, the Sun Community Source License (SCSL), the Sun Industry Standards License (SISL) and the Apache License) (“Open Source Materials”) which is used or intended for use by any Company or in connection with any Company’s business or incorporated in or used or intended for use in connection with any Company Products and Services, including an identification of the applicable open source license agreement, and a description of the manner in which such Open Source Materials are used, including whether (and, if so, how) the Open Source Materials were modified or distributed, by the Company. Each Company has complied with the terms of the license agreements applicable to any such Open Source Materials. Except as expressly set forth in Schedule 4.12(i), no Company has (i) incorporated Open Source Materials in conjunction with any Company Product or Service, (ii) distributed Open Source Materials in conjunction with any Company Product or Service, or (iii) used, incorporated or distributed Open Source Materials that require or could require, or condition or could condition, the use or distribution of such Open Source Materials on, the granting to any Person by the Company of any right or immunity with respect to any Business Intellectual Property (including any requirement or condition that 

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other Software incorporated into, derived from, or distributed with such Open Source Materials be (A) disclosed or distributed in source code form, (B) licensed for the purpose of making derivative works, or (C) redistributable at no or nominal charge). 

(j)     To Stephan’s Knowledge, no funding, facilities (if provided by specific grant or authorization), or personnel of any public or private university, college or other educational or research institution or Governmental Entity were used, to develop or create, any Business Intellectual Property except where a Company has a valid license therefrom. No Company is or has ever been a member of, or a contributor to, any industry standards body or similar organization that could compel the Company to grant or offer to any Person any license or right to any Business Intellectual Property. 

(k)     [deleted]. 

(l)     Each Company, including with respect to its conduct and provision of Company Products and Services, is in compliance in all material respects with all Applicable Laws that relate to or govern the collection, compilation, use, storage, sale and transfer of Personal Information it receives or obtains in the conduct of its business, including Customer Information. With respect to such information, each Company has taken reasonable measures (including implementing and monitoring compliance with adequate measures with respect to technical and physical security) to protect such information against loss and against unauthorized access, use, modification, disclosure or other misuse or use in a manner that violates the privacy rights of any Person. To Stephan’s Knowledge, there has been no unauthorized access of any Company’s security systems used for the collection, storage or retrieval of Personal Information or Customer Information or unauthorized access to or misuse of Personal Information or Customer Information. 

(m)     Each Company has taken reasonable measures consistent with industry practice to protect its internal information technology systems (“IT Systems”) from Malicious Code. Each Company’s IT Systems, as a whole, are adequate in all material respects for the conduct of the business of the Company as currently conducted and are subject to reasonable disaster recovery and business continuity procedures. In the last eighteen (18) months, there has not been any material failure with respect to any of the IT Systems that has not been remedied in all material respects or replaced. To Stephan’s Knowledge, there have been no unauthorized intrusions or breaches of the security of any Company’s IT Systems, and the data and information which they store or process has not been corrupted in any material manner or accessed without the authorization of the Company. 

Section 4.13     Labor Matters. 

(a)     Except as set forth on Schedule 4.13(a), currently and during the past three (3) years: (i) no Company has been a party to, or bound by, any labor Contract with respect to its employees, (ii) no employee of any Company has been employed on any terms other than “at-will employment” or upon terms which restrict or condition the ability of the Company to terminate the employment of the employee without cause, subject to any restrictions of Applicable Indian Law, (iii) no labor union, labor organization, or works council has represented any employees of any Company, (iv) to Stephan’s Knowledge, no union organization campaign or other activities to organize any employees of any Company or compel any Company to bargain with any labor organization has been in progress, or threatened, and no question concerning representation has arisen respecting employees of any Company, (v) there have been no strikes, walkouts, work stoppages, slowdowns, leafleting, picketing, boycotts, or lockouts, with respect to any employees of any Company, or, to Stephan’s Knowledge, threats thereof, (vi) there have been no material union grievances or labor arbitrations against any Company, or, to Stephan’s Knowledge, threats thereof, and no Company has breached or failed to comply with the provisions of any collective bargaining agreement, and (vii) there have been no unfair labor practice charges, Proceedings, or complaints against any Company before the National Labor Relations Board or other similar Governmental Entity, domestic or foreign, or, to Stephan’s Knowledge, threats thereof, and no Company has been found by the National Labor Relations Board or any other Governmental Entity, domestic or foreign, to have engaged in any unfair labor practice in violation of the National Labor Relations Act or any similar Applicable Laws, domestic or foreign. 

(b)     Each Company has complied, and is in compliance, with all Applicable Laws relating to labor or employment, except for such noncompliance which has not and will not cause a Company Material Adverse Effect. Except as set forth on Schedule 4.13(b), during the past three (3) years, no Company has been a party to any Proceeding with respect to any employment-related issues, including Proceedings before or initiated by the Office of Federal Contract Compliance Programs, the Occupational Safety and Health Administration, the Department of Labor, or other Governmental Entity, domestic or foreign, or subject to any fines, penalties, or assessments associated with any such Proceeding. 

(c)     Except as set forth on Schedule 4.13(c), REV-US has no liability, whether absolute or contingent, including any obligations under any Employee Benefit Plans, with respect to any misclassification of any person under any wage and hour laws, including any misclassification as an independent contractor or consultant rather than as an employee. 

(d)     During the preceding three (3) years, REV-US has not incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act of 1988, 29 U.S.C. § 2101 et seq., as amended, or any similar state or local laws. 

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(e)     During the preceding three (3) years, no present or former employee of any Company has given notice to the Company of any claim against such Company (whether under Applicable Law, any employment agreement or otherwise) on account of or for (i) overtime pay, other than overtime pay for the current payroll period, (ii) wages or salary (excluding current bonus, accruals and amounts accruing under Employee Benefit Plans) for any period other than the current payroll period, (iii) vacation, time off or pay in lieu of vacation or time off, other than that earned in respect of the current fiscal year or (iv) any violation of any Applicable Law relating to minimum wages or maximum hours of work. 

(f)     No Person or Governmental Entity has filed or otherwise commenced any Proceeding against any Company arising out of any Applicable Law relating to discrimination in employment, employment practices (including wrongful termination), family leave, or occupational safety and health standards. For the past three (3) years, no Company has received any written notice from any Government Entity alleging a violation of occupational safety or health standards. As of the date hereof, there are no pending workers compensation claims involving any Company and for the past three (3) years, there have not been any workers compensation claims against any Company relating to the workplace setting of such Company. 

Section 4.14     Insurance. Schedule 4.14 contains a list of all policies of fire, liability, workers’ compensation, property, casualty, errors and omissions, employment practices, crime, cybersecurity and other forms of insurance (other than insurance relating to any Employee Benefit Plan that is listed in Schedule 4.10(a)) owned or held by each Company. All such policies are in full force and effect, all premiums with respect thereto have been paid, no notice of cancellation or termination or intent to cancel has been received by any Company with respect to any such policy during the past three (3) years and are sufficient for compliance with all Applicable Laws and Contracts to which each Company is a party or by which it is bound. No Company is in default under any such insurance policies. Except as set forth on Schedule 4.14, (i) no Company has made any claim under any such policy during the past three (3) years with respect to which an insurer has questioned, denied or disputed or otherwise reserved its rights with respect to coverage and (ii) no Company has received any writing in which an insurer has threatened to cancel any such policy. 

Section 4.15     Tax Matters. Except as set forth on Schedule 4.15 (and identified by the corresponding paragraph of this Section 4.15): 

(a)     Each Company has duly and timely filed (or has had duly and timely filed on its behalf) with the appropriate domestic federal, state, local and foreign taxing authorities all tax returns, information returns, statements, forms, filings and reports (including any schedule or attachment thereto and any amendment thereof) (each a “Tax Return”) required to be filed by it and no Company is presently the beneficiary of any extension of time within which to file any Tax Return; no Company has waived any statute of limitations with respect to any Tax Return; all Tax Returns filed by each Company are true, complete and correct in all material respects; all Taxes required to have been paid by each Company (whether or not shown on any Tax Return), whether disputed or not, have been duly and timely paid, including Taxes which each Company is required to withhold and any estimated Tax required to be paid for the current taxable year except for Taxes not yet due and payable; Taxes imposed upon each Company have been adequately provided for on the Financial Statements of the Company; and since the date of the Financial Statements, no Company has incurred any liability for Taxes outside of the ordinary course of business; and there are no liens for Taxes (other than Taxes not yet due and payable) upon any of the assets of any Company; 

(b)     No Company is currently the subject of a Tax Proceeding, no such Proceeding is pending or, to Stephan’s Knowledge, threatened with respect to any Company, and no officer, director or employer responsible for Tax matters of any Company has reason to believe or personal knowledge that any Governmental Entity will propose or assess any additional Taxes in any material amount with respect to any Company for the subject periods covered by the Tax Returns; 

(c)     No Company has received from any Governmental Entity any notice of proposed adjustment, deficiency, underpayment of Taxes or any other such notice which has not since been satisfied by payment or been withdrawn nor has any Company been notified by any Governmental Entity of a specific intent to raise such issues; 

(d)     No Company has received notice that any claim has been made by any Governmental Entity in a jurisdiction where any Company does not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction; 

(e)     No Company is liable for Tax of another Person, as transferee or successor, by contract or otherwise, nor is a party to or bound by, or liable for any Taxes as a result of, any Tax allocation, indemnity or sharing agreement. No Company has been a member of an affiliated, combined, consolidated or unitary Tax group for Tax purposes, other than with the other Company. 

(f)     No Company is, nor has it been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(a) of the Code. No Company has engaged in any transaction that is a “reportable transaction” under Section 1.6011-4(b) of the Treasury Regulations. No Company has been a “distributing corporation” or a “controlled corporation” in connection with a distribution described in Section 355 of the Code; 

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(g)     No power of attorney granted by or with respect to any Company for Taxes is currently in force, other than to accountants for each Company and ADP, and no ruling with respect to Taxes has been requested by or on behalf of any Company; and no closing agreement pursuant to Section 7121 of the Code (or any predecessor provision) or any similar provision of any state, local or foreign law has been entered into by or with respect to any Company; 

(h)     Each Company has provided or made available to Purchaser prior to the date hereof true, correct and complete copies of all Tax Returns, examination reports, and statements of deficiencies filed, assessed against, or agreed to by the Company with respect to Taxes and all correspondence by the Company (or its officers, employees or advisors) with any Governmental Entity regarding Taxes of the Company for the prior three (3) years; 

(i)     No Company has changed or revoked, or permitted to be changed or revoked, any election or method of accounting with respect to Taxes affecting or relating to the Company and is not required to make any adjustment pursuant to Section 481(a) of the Code (or any predecessor provision) or any similar provision of state, local or foreign Tax law by reason of any change in any accounting methods; 

(j)     Each Company has (i) withheld all required amounts from its employees, agents, shareholders, contractors and other third parties in accordance with information provided to such Company and remitted such amounts to the proper authorities; (ii) paid when due all employer contributions and premiums; and (iii) is in compliance with all reporting obligations and Applicable Laws with respect to employee income Tax withholding, social security, unemployment Taxes and premiums; 

(k)     No Company will be required to include any item of income in, or exclude any item of deduction from, taxable income for any period (or any portion thereof) ending after the Closing Date as a result of any: (i) installment sale or other open transaction disposition made on or prior to the Closing Date; or (ii) prepaid amount received on or prior to the Closing Date; 

(l)     No Company is a party to any joint venture, partnership or other arrangement or contract that could be treated as a partnership for federal income tax purposes; 

(m)     There is currently no limitation on the utilization of net operating losses, capital losses, built-in losses, tax credits or similar items of any Company under Sections 269, 382, 383, 384 or 1502 of the Code and the Treasury Regulations thereunder (and comparable provisions of state, local or foreign Applicable Law); and 

(n)     Schedule 4.15(n) sets forth: (i) all jurisdictions in which each Company currently files, or has filed within the last three (3) years, any Tax Return, is engaged in business or has a permanent establishment, (ii) the taxable years of each Company as to which the applicable statutes of limitations on the assessment and collection of Taxes have not expired; (iii) those years for which examinations by the Taxing authorities have been completed; and (iv) those taxable years for which examinations by Taxing authorities are presently being conducted. All deficiencies asserted, or assessments made, against any Company as a result of any examinations by any Taxing authority have been fully paid. 

Section 4.16     Brokers. No broker, finder, financial advisor or investment banker is entitled to any broker’s, finder’s, financial advisor’s, investment banker’s fee or commission or similar payment in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of any Company. 

Section 4.17     Real and Personal Property; Sufficiency of Assets. 

(a)     No Company owns any real property. Schedule 4.17(a) sets forth a true and complete list of all leases (each a “Real Property Lease”) of real property (the “Leased Real Property”) pursuant to which any Company is a tenant or has any rights of occupancy or possession. Except as set forth on Schedule 4.17(a), (i) each Real Property Lease is valid and binding on the Company subject thereto and enforceable in accordance with its terms against such Company and, to Stephan’s Knowledge, against each other party thereto (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity), (ii) no Company, nor, to Stephan’s Knowledge, the other parties thereto, are in breach or default under each Real Property Lease, and, to Stephan’s Knowledge, no circumstances or state of facts presently exists which, with the giving of notice or passage of time, or both, would constitute a breach or default under any Real Property Lease, (iii) there are no written or oral subleases, concessions or other contracts granting to any Person the right to use or occupy any Leased Real Property, (iv) the execution and delivery of this Agreement and the consummation of the transaction contemplated herein, do not and will not require the consent, approval, authorization or agreement of any party to, or under, any Real Property Lease, nor will trigger any right of recapture, termination, relocation or other provision set forth therein, (v) to Stephan’s Knowledge, all buildings, structures, fixtures, building and mechanical systems and equipment and components which are part of any Leased Real Property are in reasonable operating condition, subject to normal wear, and are sufficient for the operation of each Company’s business as presently conducted therein, and comply with all Applicable Law, (vi) to Stephan’s Knowledge, there is no pending or written threat of condemnation or similar proceeding affecting the Leased Real Property or any portion thereof, (vii) to 

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Stephan’s Knowledge, no portion of any facility, building, improvement or other structure located on any of the Leased Real Property has suffered any material damage by fire or other casualty within the past three (3) years which has not been substantially repaired or restored, (viii) each Real Property Lease required under Applicable Law to be stamped, recorded or registered with any Governmental Entity has been so stamped, recorded or registered and (ix) each Company has made available to Purchaser prior to the date hereof true, correct and complete copies of each Real Property Lease and the same have not been amended, modified, waived or supplemented except pursuant to written instruments, true, correct and complete copies of which have been delivered or made available to Purchaser. 

(b)     Schedule 4.17(b) sets forth a true and complete list of all leases (each a “Personal Property Lease”) of tangible personal property, including equipment, furniture, fixtures, computer hardware and leasehold improvements (the “Leased Personal Property”) pursuant to which any Company is a lessee or has any rights of use or possession. Except as set forth on Schedule 4.17(b), (i) each Personal Property Lease is valid and binding on the Company subject thereto and enforceable in accordance with its terms against such Company and, to Stephan’s Knowledge, against each other party thereto (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity), (ii) no Company, nor, to Stephan’s Knowledge, the other parties thereto, are in breach or default under each Personal Property Lease, and, to Stephan’s Knowledge, no circumstances or state of facts presently exists which, with the giving of notice or passage of time, or both, would constitute a breach or default under any Personal Property Lease, (iii) there are no written or oral subleases, concessions or other contracts granting to any Person the right to use or possess any Leased Personal Property, (iv) the execution and delivery of this Agreement, and the consummation of the transaction contemplated herein, do not and will not require the consent, approval, authorization or agreement of any party to, or under, any Personal Property Lease, nor will trigger any right of recapture, termination, relocation or other provision set forth therein, (v) to Stephan’s Knowledge, all Leased Personal Property are in reasonable operating condition, subject to normal wear, considering the age and ordinary course of use of such property, and are sufficient for the operation of each Company’s business as presently conducted therein, and comply with all Applicable Law, (vi) no portion of any Leased Personal Property has suffered any material damage by fire or other casualty within the past three (3) years which has not been substantially repaired or restored and (vii) each Company has made available to Purchaser prior to the date hereof true, correct and complete copies of each Personal Property Lease and the same have not been amended, modified, waived or supplemented except pursuant to written instruments, true, correct and complete copies of which have been delivered or made available to Purchaser. 

(c)     Each Company has good, valid and marketable title to all of the tangible assets, properties and interests owned (or a valid leasehold interest with respect to assets that are leased) by such Company and reflected on the Latest Balance Sheet, or acquired after the Latest Balance Sheet Date, free and clear of all Liens, except for Permitted Liens. 

(d)     The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property currently owned or leased by each Company, together with all other properties and assets of such Company, are sufficient for the continued conduct of such Company’s business after the Closing in substantially the same manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary to conduct the business of such Company as currently conducted. 

Section 4.18     Transactions with Affiliates. Schedule 4.18 sets forth all Contracts or other arrangements between any Company, on the one hand, and any Selling Party, stockholder, partner, member, director, officer, employee or Affiliate of any Company, any member of such Person’s immediate family or any trust, partnership or corporation in which any of the foregoing Persons has a material economic interest, or any other Affiliate of any Selling Party, on the other hand (each, an “Affiliate Agreement”). Except as set forth on Schedule 4.18, no Company is indebted to any Selling Party or stockholder, partner, member, director, officer, employee or Affiliate of any Company (or any member of such Person’s immediate family or any trust, partnership or corporation in which any such Person has a material economic interest, or any other Affiliate of any Selling Party), except for amounts due as normal salaries and bonuses and in reimbursement of ordinary course expenses and as normal costs and expenses of Employee Benefit Plans, and no such Person is indebted to any Company. 

Section 4.19     Product Warranties; Defects; Services. 

(a)     Each product (including any Software product) or service (including Software hosted as a service) developed, manufactured, sold, licensed, provided, leased or delivered by any Company, including all deliverables, in any form, thereunder (collectively, the “Company Products and Services”) has been developed, manufactured, sold, licensed, provided, leased or delivered in conformity in all material respects with the specifications for such Company Product and Service and all applicable contractual commitments and all applicable express and implied warranties. Except for liabilities or obligations for replacement or repair incurred in the ordinary course of business consistent with past practice, no Company has any liability or obligation (and to Stephan’s Knowledge, there is no basis for any present or future Proceeding against any Company) for replacement or repair of any Company Products and Services or other damages in connection therewith. 

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(b)     Schedule 4.19(b) sets forth (i) all Contracts that obligate any Company to provide Company Products and Services after the date hereof and (ii) all Contracts under which any Company has previously provided Company Products and Services and for which such Company has received a request for repair or replacement thereof which remains unsatisfied (the “Services Agreements”). Except as specifically disclosed in Schedule 4.19(b), no Company has any “loss contract” or other agreement (a “Loss Contract”) where the expected cost to complete the Contract exceeds either (i) the fees and payments to be received pursuant to such Contract or (ii) the Company’s budgeted expense with respect thereto, and there is no reasonable basis to conclude that any Contract to which any Company is a party will become a Loss Contract. 

Section 4.20     Customers and Suppliers. Schedule 4.20 sets forth a correct and complete list of: (i) the names of each of the top ten (10) customers (as determined by revenue) and suppliers (as determined by amounts incurred) of each Company for the fiscal year ended December 31, 2013 and the 12 month period ended July 31, 2014; and (ii) the total amount of revenues received from, and amounts incurred, from each such customer and supplier, respectively, in such periods. Each Company maintains good commercial working relationships with each of the customers and suppliers set forth on Schedule 4.20. To Stephan’s Knowledge, the acquisition of the Shares by Purchaser will not adversely affect the relationship of Purchaser (as successor to each Company’s business) with any such customer or supplier or any other Person with whom any Company does business. 

Section 4.21     Banks, Officers and Powers of Attorney. Schedule 4.21 lists (i) the name, branch address and account numbers of all banks and financial institutions in which any Company has an account or safe deposit box and the names of all persons authorized to draw thereon or have access thereto, (ii) the names of all incumbent directors or officers (or similar positions) of each Company and (iii) the names of all persons holding powers of attorney from any Company and the purpose therefor. 

Section 4.22     Questionable Payments. No Company nor, to Stephan’s Knowledge, any of their respective directors, officers, persons holding similar positions to directors or officers, agents, employees or any other person or entity acting on behalf of any Company has, on behalf of any Company: (i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any direct or indirect unlawful payments to government officials or employees, or foreign government officials or employees, from corporate funds, (iii) established or maintained any unlawful or unrecorded fund of corporate monies or other assets, (iv) made any false or fictitious entries on the books of account of any Company for the purpose of disguising any unlawful contributions, gifts, expenses or payments, or (v) made or received any bribe, payoff, influence payment, kickback or other unlawful payment. 

Section 4.23 REV-India.     Without limitation of any other representation or warranty contained herein, REV-India has complied with and currently is in compliance with all Applicable Indian Laws except where such non-compliance has not caused, nor will cause, a Company Material Adverse Effect. 

Article 5 

REPRESENTATIONS AND WARRANTIES 

OF THE SELLING PARTIES 

Section 5.1     Representations Regarding Seller. Each of the Selling Parties, jointly and severally, hereby represents and warrants, in each case, as of the date hereof and as of the Closing Date, to Purchaser as follows: Seller is duly organized, validly existing and in good standing (or the equivalent thereof, if applicable) under the laws of its jurisdiction of formation and has the requisite power and authority to own, lease and operate its properties and to carry on its business. Seller has the requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of Seller, and no other actions on the part of Seller is or will be necessary. This Agreement has been duly executed and delivered by Seller and constitutes the valid, legal and binding agreement of Seller, enforceable against Seller in accordance with their terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors’ rights generally. Seller is the sole legal and beneficial owner and holder of the Shares, free and clear of any and all Liens, and the Selling Parties (other than Seller) are the sole legal and beneficial owners and holders of all outstanding Securities and Equity Interests of the Seller. Except as set forth on Schedule 5.1, no notices to, filings with, or authorizations, consents or approvals of any Person or Governmental Entity are necessary for the execution, delivery or performance by Seller of this Agreement or the consummation by Seller of the transactions contemplated hereby. 

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Section 5.2     Representations Regarding Selling Parties other than Seller. Each of the Selling Parties other than Seller, individually, as to himself or itself, as applicable (with (x) Chahal and the AC Trust, and (y) Venkatesh and the BV Trust, each being treated for this purpose as a single Person), hereby represents and warrants, in each case, as of the date hereof and as of the Closing Date, to Purchaser as follows: 

(a)     Such Person has the requisite power and authority or, with respect to individuals, the capacity, to execute and deliver this Agreement and the Ancillary Documents to which he or it is, or is specified to be, a party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Documents to which he or it is, or is specified to be, a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary action (trust or otherwise) on the part of such Person, and no other actions (trust or otherwise) on the part of any Person are necessary to consummate the transactions contemplated hereby or thereby. This Agreement and the Ancillary Documents to which he or it is, or is specified to be, a party has been or will be duly executed and delivered by such Person and constitute the valid, legal and binding agreement of such Person, enforceable against such Person in accordance with their terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors’ rights generally. Chahal on behalf of the AC Trust, and Venkatesh on behalf of the BV Trust, is duly authorized, and has the full power, to execute and deliver this Agreement on behalf of the AC Trust and BV Trust, respectively, and such execution fully binds such Selling Party. 

(b)     Except as set forth on Schedule 5.2(b), no notices to, filings with, or authorizations, consents or approvals of any Person or Governmental Entity are necessary for the execution, delivery or performance by such Person of this Agreement or the Ancillary Documents to which to which he or it is, or is specified to be, a party or the consummation by such Person of the transactions contemplated hereby or thereby. Neither the execution, delivery nor performance by such Person of this Agreement or the Ancillary Documents to which he or it is, or is specified to be, a party nor the consummation by such Person of the transactions contemplated hereby or thereby will (i) conflict with or result in any breach of any provision of such Person’s Governing Documents (if applicable), (ii) result in a violation or breach of, result in any loss of rights or additional obligations under, or constitute (with or without due notice or lapse of time or both) a default or give rise to any right of termination, cancellation or acceleration under, any of the terms, conditions or provisions of any Contract to which such Person is a party, (iii) violate any Order or Applicable Law to which such Person or (iv) result in the creation of any Lien upon any property or assets owned by such Person. 

(c)     Such Person has carefully reviewed this Agreement and the Ancillary Documents to which to which he or it is, or is specified to be a party, and, to the extent believed by such Person to be necessary, has discussed with such Person’s financial and legal advisors, the representations, warranties and agreements being made by the Selling Parties herein, and after completing such review, consideration and consultation, such Person understands the terms and conditions of hereof and thereof. 

(d)     No broker, finder, financial advisor or investment banker is entitled to any brokerage, finder’s, financial advisor’s, investment banker’s fee or commission or similar payment in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Person. 

(e)     There is no Proceeding pending or, to the Knowledge of such Person, threatened or under investigation, against or affecting such Person, nor, to the Knowledge of such Person, is there any reasonable basis therefor, in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with the transactions contemplated hereby. 

(f)     The representations and warranties set forth in this Section 5.2 do not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

Article 6 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 

Purchaser hereby represents and warrants to each Selling Party, as of the date hereof and as of the Closing Date, as follows: 

Section 6.1     Organization. Purchaser is a corporation, duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to carry on its businesses as now being conducted, except where the failure to have such power or authority would not prevent or materially delay the consummation of the Purchase and Sale. 

Section 6.2     Authority. Purchaser has the requisite power and authority to execute and deliver this Agreement and the Ancillary Documents to which Purchaser is a party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Documents to which Purchaser is a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of Purchaser and no other 

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corporate actions on the part of Purchaser are necessary. This Agreement and the Ancillary Documents to which Purchaser is a party has been or will be duly and validly executed and delivered by Purchaser and constitute the valid, legal and binding agreement of Purchaser, enforceable against Purchaser in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors’ rights generally. 

Section 6.3     Consents and Approvals; No Violations. No notices to, filings with, or authorization, consent or approval of any Governmental Entity is necessary for the execution, delivery or performance of this Agreement by Purchaser or the Ancillary Documents to which Purchaser is a party or the consummation by Purchaser of the transactions contemplated hereby or thereby, except for those to be done or obtained by each Company and Selling Party and those set forth on Schedule 6.3. Neither the execution, delivery nor performance by Purchaser of this Agreement or the Ancillary Documents to which Purchaser is, or is specified to be, a party nor the consummation by Purchaser of the transactions contemplated hereby or thereby will (a) conflict with or result in any breach of any provision of Purchaser’s Governing Documents, (b) except as set forth on Schedule 6.3, result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default or give rise to any right of termination, cancellation or acceleration under, any of the terms, conditions or provisions of any Contract to which Purchaser is a party or by which Purchaser or any of its properties or assets may be bound, or (c) violate any Order or Applicable Law to which Purchaser or any of its properties or assets is subject to or bound, except in the case of clauses (b) and (c) above, for violations which would not prevent or materially delay the consummation of the transactions contemplated hereby. 

Section 6.4     Brokers. No broker, finder, financial advisor or investment banker is entitled to any broker’s, finder’s, financial advisor’s or investment banker’s fee or commission or similar payment in connection with the transactions contemplated by this Agreement based upon arrangements made by and on behalf of Purchaser any of its Affiliates except as set forth on Schedule 6.4. 

Section 6.5     Financial Ability. Purchaser has the financial ability to consummate the transactions contemplated by this Agreement. 

Section 6.6     Investment Intent. Purchaser is acquiring the Shares as an investment for its own account and not with a view to the distribution thereof. Purchaser shall not sell, transfer, assign, pledge or hypothecate any of the Shares in the absence of registration under, or pursuant to an applicable exemption from, Federal and applicable state securities laws. 

Section 6.7     Anti-Sandbagging. Purchaser represents that, as of the date hereof, it has no Knowledge of any misrepresentation or breach of warranty of the Selling Parties contained in this Agreement. 

Article 7 

COVENANTS 

Section 7.1     Conduct of Business of each Company. From and after the date hereof until the earlier of the Closing or the termination of this Agreement in accordance with its terms, Seller shall cause each Company to: (a) conduct its business in the ordinary and regular course in substantially the same manner heretofore conducted (including any conduct that is reasonably related, complementary or incidental thereto), (b) use commercially reasonable efforts to preserve substantially intact its business organization and to preserve the present commercial relationships with key Persons with whom it does business and (c) without the prior written consent of the Purchaser, not do or take any of the following actions: 

(i)     take or omit to take any action that would reasonably be expected to result in, individually or in the aggregate, a Company Material Adverse Effect; 

(ii)     declare, set aside or pay a dividend on, or make any other distribution in respect of, any Equity Interests or Securities; 

(iii)     reclassify, split, combine, subdivide or redeem, purchase or otherwise acquire, directly or indirectly, any of its Equity Interests or Securities or effect any recapitalization, stock dividends, stock split or like change in its capitalization; 

(iv)     acquire or agree to acquire in any manner (whether by merger or consolidation, the purchase of an equity interest in or a material portion of the assets of or otherwise) any business or any corporation, partnership, association or other business organization or division thereof of any other Person; 

(v)     amend, extend, renew, enter into or terminate any new or existing Material Contract, as applicable, except any renewal or extension in the ordinary course of an existing Material Contract which is terminable on 60 days’ notice or less without penalty; 

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(vi)     increase the compensation, bonus, pension, welfare, severance or other fringe benefits payable to any Person by more than 5%; make any equity awards to any Person; pay or grant any severance, termination or change-of-control benefit to any Person; adopt, amend or terminate any Employee Benefit Plan or plan that would be an Employee Benefit Plan if in effect on the date hereof (unless such adoption or amendment is required to reflect applicable changes in the law) or amend the terms of any outstanding equity-based awards; take any action to accelerate the vesting or payment, or fund or in any other way secure the payment, of compensation or benefits under any Employee Benefit Plan, to the extent not already provided in the mandatory provisions, if any, of such Employee Benefit Plan; change the manner in which contributions to Employee Benefit Plans are made or the basis on which such contributions are determined, except as may be required by GAAP or Applicable Law; or make or forgive any loans to directors, members, managers, officers or employees of the Company (other than advances of expenses made in the ordinary course); 

(vii)     enter into a collective bargaining agreement; 

(viii)     incur or assume any Indebtedness, except current liabilities incurred in the ordinary course of business consistent with past practice; 

(ix)     issue, sell, pledge, dispose of, grant, transfer or encumber, or authorize the issuance, sale, pledge, disposition, grant, transfer or encumbrance of any Equity Interests or Securities; 

(x)     adopt any amendments to its Governing Documents; 

(xi)     make, change or revoke any Tax election, adopt or change any accounting period or any accounting method, file any amended Tax Return, enter into any closing agreement, settle any material Tax claim or assessment relating to the Company, surrender any right to claim a refund of Taxes, consent to any extension or waiver of the limitation period applicable to any Tax claim or assessment relating to the Company, or destroy or dispose of any books and records with respect to Tax matters relating to periods beginning before the Closing and for which the statute of limitations is still open or under which a record retention agreement is in place with a Governmental Entity; 

(xii)     sell or otherwise dispose of any assets in excess of $25,000 in the aggregate or subject to any Lien any of its properties or assets, except for Permitted Liens; 

(xiii)     make any material change in its accounting principles or the methods by which such principles are applied for financial reporting purposes; 

(xiv)     write-down or write-up the value of any material asset, or write-off any accounts receivable or notes receivable, other than in the ordinary course of business consistent with past practice and upon notice to Purchaser; 

(xv)     accelerate or delay the payment of accounts payable, accelerate or delay the collection of any notes or accounts receivable or otherwise fail to pay accounts payable and other business obligations or to collect accounts receivable, in each case other than in the ordinary course of business consistent with past practice; 

(xvi)     settle any Proceedings that, as a condition to such settlement, require payment in excess of $25,000 or result in any limitation of the conduct of the Company’s business; 

(xvii)     make any capital expenditures, other than in the ordinary course of business consistent with past practice; 

(xviii)     adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization; 

(xix)     incur or commit to any other obligations or liabilities other than in the ordinary course of business consistent with past practice; 

(xx)     exercise any rights of renewal with respect to any Real Property Lease or Personal Property Lease that by its terms would otherwise expire, except any renewal or extension in the ordinary course of an existing Real Property Lease or Personal Property Lease which is terminable on 60 days’ notice or less without penalty; 

(xxi)     grant any licenses under any Company Intellectual Property rights, other than non-exclusive licenses to customers in the ordinary course of business consistent with past practice; 

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(xxii)     fail to use commercially reasonable efforts to prevent any insurance policy naming it as a beneficiary or loss-payable payee to be cancelled or terminated, except for ordinary course terminations and cancellations of such policies that are being replaced with policies providing for substantially equivalent coverage; 

(xxiii)     cancel, surrender, allow to expire or fail to renew, any Permits; 

(xxiv)     materially change an existing line of business or enter into any new line of business; or 

(xxv)     authorize, commit or agree to take or do, whether in writing or otherwise, any of the actions specified in this clause (c). 

Section 7.2     Tax Matters. 

(a)     Except for such Taxes which are required to be withheld from payment of the Consideration, all transfer taxes, recording fees and other similar Taxes (and any interest, penalties or additions to Tax with respect thereto) that are imposed on any of the Parties hereto by any Governmental Entity in connection with the transactions contemplated by the Agreement shall be paid by the Party responsible for the payment thereof under Applicable Law. 

(b)     Stephan shall cause each Company to timely file all of its Tax Returns that are due on or prior to the Closing Date, and Stephan shall cause each Company to timely pay any Taxes shown to be due thereon. Purchaser shall cause each Company to timely file or cause to be timely filed all Tax Returns of each Company that are due after the Closing Date. 

(c)     Schedule 7.2(c) sets forth the Tax allocation of the Consideration among the Shares (the “Allocation”). Each of the Parties agrees to (i) be bound by the Allocation, (ii) act in accordance with the Allocation in the preparation, filing and audit of any Tax Return (including the filing of a federal income Tax Return for the taxable year that includes the date of the Closing) except as otherwise required by Applicable Law, (iii) cooperate in the filing of any forms required to be filed with regard to the Allocation and (iv) take no position, and cause its Affiliates to take no position, inconsistent with the Allocation on any applicable Tax Return or in any proceeding before any Governmental Entity. If the Allocation is disputed by any Governmental Entity, the Party receiving notice of the dispute shall promptly notify the other Parties, and the Parties agree (and shall cause their respective Affiliates) to defend such Allocation in any Proceeding. 

Section 7.3    Access to Information. From and after the date hereof until the earlier of the Closing or the termination of this Agreement in accordance with its terms, upon reasonable notice, Stephan shall cause each Company to: (i) provide to Purchaser and its authorized representatives during normal business hours reasonable access to all books, records, assets, properties and personnel of the Company (in a manner so as to not interfere with the normal business operations of the Company) and (ii) furnish as promptly as practicable to Purchaser and its authorized representatives any information concerning the Company that Purchaser may reasonably request. All of such information shall be treated as Confidential Information pursuant to the terms of the Confidentiality Agreement. 

Section 7.4     Efforts to Consummate. Subject to the terms and conditions herein provided, each of the Parties hereto shall use commercially reasonable efforts to take, or cause to be taken, all action and to do, or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective as promptly as practicable the transactions contemplated by this Agreement (including the satisfaction, but not waiver, of the closing conditions set forth in Article 8 ). Each Party shall use commercially reasonable efforts to notify and to obtain consents of all Governmental Entities and other Persons as necessary or advisable to consummate the transactions contemplated by this Agreement. 

Section 7.5    Exclusive Dealing. During the period from the date of this Agreement through the earlier of the Closing or the termination of this Agreement in accordance with its terms, the Selling Parties shall not take, nor permit Seller or any Company to take, nor permit any of their respective Affiliates, officers, directors, employees, representatives, consultants, financial advisors, attorneys, accountants or other agents or representatives to take, any action to solicit, encourage, initiate, engage in or continue discussions, negotiations or other communications with, provide any information to or otherwise cooperate in any way with, or accept any proposal or offer from, or enter into any agreement with any Person (other than Purchaser or its Affiliates) concerning (i) any direct or indirect purchase of any Equity Interests or Securities of Seller or any Company or all or substantially all of Seller or any Company’s assets, (ii) any merger, consolidation, business combination, recapitalization, reorganization, or similar transaction involving Seller or any Company, or (iii) any other transaction in lieu of or that conflicts with the transactions contemplated by this Agreement (each such transaction, an “Acquisition Transaction”). Each Selling Party shall notify Purchaser promptly, but in any event within twenty-four (24) hours, orally and in writing if any proposal, offer, inquiry or other contact with or by any Person with respect to an Acquisition Transaction, is made. Any such notice to Purchaser shall indicate in reasonable detail the identity of the Person making such proposal, offer, inquiry or other contact and the terms and conditions of such proposal, offer, inquiry or other contact. 

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Section 7.6     [Intentionally Omitted]. 

Section 7.7     [Intentionally Omitted]. 

Section 7.8     Notification and Schedule Updates. 

(a)     From the date hereof until the Closing Date, each of the Selling Parties, on the one hand, and Purchaser, on the other hand, shall give prompt written notice to the other Parties of any of the following (it being agreed such notification does not constitute a waiver of any other term or provision of this Agreement or any rights hereunder): 

(i)     any change, event or action that, individually or in the aggregate, has had or could reasonably be expected to (A) have a Company Material Adverse Effect, (B) result in any representation or warranty of such Party under this Agreement being inaccurate in any respect or (C) result in a breach of any covenant of such Party contained in this Agreement or the failure to satisfy any condition specified in Article 8; 

(ii)     any written notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; 

(iii)     any written notice or other communication from any Governmental Entity in connection with the transactions contemplated by this Agreement; 

(iv)     the commencement or receipt of written threat of commencement of any Proceeding relating to or involving or otherwise affecting any Company or that relates to the consummation of the transactions contemplated by this Agreement; and 

(v)     the damage or destruction by fire or other casualty of any assets of any Company or the taking thereof or of any right relating thereto by condemnation, eminent domain or other similar governmental action. 

(b)     From the date hereof through the Closing, Stephan and the other Selling Parties, as applicable, shall promptly supplement or amend the Schedules that they have delivered (i) with respect to any matter first existing or occurring following the date of this Agreement that (A) if existing or occurring at or prior to the date of this Agreement, would have been required to be set forth or described in the Schedules or (B) is necessary to correct any information in the Schedules that has been rendered inaccurate thereby and (ii) to the extent necessary to correct any information in the Schedules that was inaccurate as of the date hereof. No such supplement or amendment to any Schedule shall have any effect for the purpose of determining satisfaction of the conditions set forth in Article 8 or the obligations of any of the Parties hereunder. 

Section 7.9     Releases. In consideration of the execution, delivery and performance by Purchaser of this Agreement, effective as of the Closing, each of the Selling Parties, on behalf of itself and its Affiliates (each, a “Releasing Party”) hereby releases, waives, acquits and forever discharges each Company, Purchaser and each of their respective Affiliates, together with their respective past and present officers, directors, partners, members, trustees, employees, stockholders, agents, attorneys and representatives (each, a “Released Party”), from any and all Losses, Liabilities, costs, expenses, claims, damages, actions, causes of action, or suits in law or equity, of whatever kind or nature that any Releasing Party ever had or may now have against any Released Party and that have accrued or arisen prior to the Closing Date, including those based on any fact or circumstance arising from such Releasing Party’s past or current ownership of any Equity Interests or Securities issued by any Company or any employment or other compensation arrangement or agreement (including any claims relating to actual or alleged breaches of fiduciary or other duties by any Company’s directors, officers, partners, members or stockholders), whether based on contract or any Applicable Law (including tort, statute, local ordinance, regulation or any comparable law) in any jurisdiction; provided, however, that nothing in this Section 7.9 shall or be deemed to release any rights or obligations pursuant to, or other rights set forth in, (i) this Agreement and any Ancillary Document, (ii) any agreement or Applicable Law providing for defense, indemnification or advancement of expenses with respect to any claims against Stephan in his capacity as an employee, officer, director or agent of any Company (except claims known to Stephan prior to the Closing Date and not disclosed to Purchaser) and (iii) provisions of Applicable Law which cannot be released by a Releasing Party. 

Section 7.10     Resignation of Officers. At the Purchaser’s request, Stephan shall obtain the resignations of all of the officers and/or directors of each Company effective as of the Closing, it being understood and agreed that such resignation shall represent solely such Person’s resignation from his or her official officer and/or director capacity with the applicable Company, and shall not otherwise affect such Person’s employment status with such Company, and shall not be deemed a breach or waiver by any such person of any rights under any employment or similar agreement to which such Person is a party. 

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Section 7.11     Restrictive Covenant. 

(a)     Each of the Seller and Stephan agrees that during the Restricted Period, such Person shall not, and such Person shall cause its Affiliates and representatives not to, (i) engage, either directly or indirectly, for his or its own account or solely or jointly for the benefit of others, in any business, domestic or foreign, which competes with any Company Business (a “Competing Business”) in any country, territory, jurisdiction, state, province, county, city, municipality or town (a “Restricted Territory”) in which any Company or Purchaser or any of their Affiliates now or at any time during the Restricted Period conducts or engages in any Company Business; (ii) solicit, directly or indirectly, any Competing Business in a Restricted Territory from any Person other than to or for the benefit of any Company, Purchaser or any of their Affiliates; (iii) invest, either directly or indirectly, in any Person engaged in any Competing Business in a Restricted Territory; or (iv) divert, entice or otherwise take away from any Company or Purchaser or any of their Affiliates the business or patronage of any customer, client, supplier or vendor, including the Persons listed on Schedule 4.20, or attempt to do so; provided, that nothing contained in this Section 7.11(a) shall be deemed to prevent such Person or any Affiliate thereof from owning less than five percent (5%) of a class of stock of a publicly-held corporation which is traded on a national securities exchange or in the over-the-counter market, so long as such Person or Affiliate, as applicable, does not have any active participation in the business or management of such entity. 

(b)     Each of the Selling Parties (with (x) Chahal and the AC Trust, and (y) Venkatesh and the BV Trust, each being treated for this purpose as a single Person) agrees, as to himself or itself, that during the Restricted Period, such Person shall not, and such Person shall cause its Affiliates and representatives not to, directly or indirectly, through any Person or contractual arrangement, solicit, recruit, employ or hire, directly or indirectly, any Person who at the time of the Closing or at any time during the two year period thereafter is employed by or engaged to work for Purchaser, any Company or any of their Affiliates, whether as an employee, independent contractor or consultant (a “Company Employee”); provided, that the foregoing shall not prohibit a general solicitation to the public of general advertising or similar methods of solicitation by search firms not specifically directed at Company Employees or the hiring of any Person who has not been a Company Employee for a consecutive period of not less than six (6) months. 

(c)     Each of the Selling Parties acknowledge and confirm that the Restrictive Covenant represents a material inducement to the Purchaser to consummate the Purchase and Sale, and the Purchaser would not have entered into this Agreement in the absence of the Restrictive Covenant contained herein. 

(d)     Each of the Selling Parties acknowledges and agrees that the restrictions and provisions contained in the Restrictive Covenant are reasonable and necessary to protect the legitimate interests of the Purchaser, that the provisions contained in the Restrictive Covenant are required to preserve for the Purchaser the goodwill it is purchasing under this Agreement, that the Purchaser would not have entered into this Agreement in the absence of such Restrictive Covenant, that any violation of such Restrictive Covenant will result in irreparable injury to the Purchaser, that the remedy at law for any breach of the foregoing restrictions will be inadequate, and that, in the event of any such breach, the Purchaser, in addition to any other relief available to it, shall be entitled to temporary and permanent injunctive relief. The Selling Parties further specifically acknowledge and agree that the Purchaser shall be entitled to an equitable accounting of all earnings, profits and other benefits arising from any such breach, and further agree to pay the reasonable legal fees and expenses incurred by the Purchaser in successfully enforcing the provisions contained herein. The Selling Parties acknowledge that they have agreed to the Restrictive Covenant with full understanding and acceptance of the terms hereof and that the restrictions imposed herein are fair and reasonable and are required for the protection of the Purchaser and are given as an integral part of the transactions contemplated by this Agreement. The Selling Parties expressly agree that the provisions contained herein are severable independent covenants and are reasonable limitations as to time, geographical area and scope of activity, and such restrictions do not impose a greater restraint than is necessary to protect the goodwill or other business interests purchased by the Purchaser. If any of the covenants contained in this Restrictive Covenant, or any part hereof, is hereinafter construed to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants, which shall be given full effect, without regard to the invalid portions. If any of the covenants contained in this Restrictive Covenant, or any part hereof, is held to be unenforceable because of the duration of such provision or the area covered thereby, the Parties agree that the court making such determination shall have the power to reduce the duration and/or geographic area of such provision and, in its reduced form, said provision shall then be enforceable. The Selling Parties acknowledge that the parties intend to and hereby confer jurisdiction to enforce the covenants contained in this Restrictive Covenant upon the courts of any jurisdiction within the geographical scope of such covenants. In the event that the courts of any one or more of such jurisdictions shall hold such covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the Parties hereto that such determination not bar or in any way affect the right of the Purchaser to the relief provided above in the courts of any other jurisdiction within the geographical scope of such covenants, as to breaches of such covenants in such other respective jurisdictions, the above covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants. 

Section 7.12     Confidentiality. The Parties acknowledge that the Confidentiality Agreement will continue in full force and effect in accordance with its terms and the provisions of which are by this reference incorporated herein, except that effective as of the Closing Date, the Purchaser shall have no further liabilities or obligations thereunder. 

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Section 7.13     Financial Statements and Reports. From the date hereof to the Closing Date, Stephan shall cause each Company to furnish to Purchaser as soon as available monthly unaudited balance sheets and monthly income statements of the Company showing its financial condition as of the close of such month and the results of operations during such month and for the elapsed portion of the Company’s fiscal year, in each case, setting forth comparative figures for the corresponding month in the prior fiscal year and the corresponding elapsed portion of the prior fiscal year. 

Section 7.14     [Intentionally Omitted] . 

Section 7.15     Further Assurances. From time to time following the Closing, each of the Parties shall, and shall cause their respective Affiliates to, use commercially reasonable efforts to, execute, acknowledge and deliver such conveyances, notices, assumptions, releases, consents, documents and other instruments and papers, and perform such further acts as may be reasonably required or desirable to carry out the provisions hereof and the transactions contemplated by this Agreement, including obtaining any Permits, consents, authorizations, approvals of, or effecting the notification of or filing with, each Person, whether private or governmental, whose consent or approval is required in order to permit the consummation of, and to give full effect to, the transactions contemplated by this Agreement. 

Article 8 

CONDITIONS TO CONSUMMATION OF THE PURCHASE AND SALE 

Section 8.1     Conditions to the Obligations of the Selling Parties and Purchaser. The obligations of the Selling Parties and Purchaser to consummate the transactions contemplated by this Agreement are subject to the satisfaction (or, if permitted by Applicable Law, waiver by the party for whose benefit such condition exists) of the following conditions: 

(a)     All authorizations, consents, permits, orders or approvals of, or declarations or filings with or expiration or termination of waiting periods imposed by, any Governmental Entity pursuant to Applicable Law or any Person under any Material Contract necessary for the consummation of the transactions contemplated hereby shall have been obtained or made or shall have occurred; and 

(b)     No Applicable Law, executive order, decree, temporary restraining order, preliminary or permanent injunction or other Order issued by any Governmental Entity or other legal restraint or prohibition preventing, prohibiting or rendering unlawful the consummation of the transactions contemplated by this Agreement and the Ancillary Documents shall be in effect. 

Section 8.2     Other Conditions to the Obligations of Purchaser. The obligations of Purchaser to consummate the Purchase and Sale are subject to the satisfaction or, waiver by Purchaser of the following further conditions: 

(a)     Each of the (i) Fundamental Representations shall be true and correct in all respects as of the date hereof and as of the Closing Date as though then made, (ii) representations and warranties of the Selling Parties or any of them contained in this Agreement (other than the Fundamental Representations) that are qualified as to materiality or Company Material Adverse Effect shall be true and correct in all respects as of the date hereof and as of the Closing Date (except for such representations and warranties that are made as of a specific date which shall speak only as of such date) and (iii) representations and warranties of the Selling Parties or any of them contained in this Agreement (other than the Fundamental Representations) that are not qualified as to materiality or Company Material Adverse Effect shall be true and correct in all material respects as of the date hereof and as of the Closing Date (except for such representations and warranties that are made as of a specific date which shall speak only as of such date); 

(b)     The Selling Parties shall have performed and complied in all material respects with all agreements and covenants required to be performed or complied with by them under this Agreement on or prior to the Closing Date; 

(c)     Since the date of this Agreement, there shall not have occurred or exist a Company Material Adverse Effect; 

(d)     Concurrently with the Closing, each of Malahar Pinnelli and KC Kuruvilla shall grant an irrevocable option to purchase, free and clear of all Liens, all of the Equity Interests and Securities in REV-India owned by them, to the Purchaser or its designee, pursuant to such instruments or agreements as shall be required by Applicable Law and otherwise reasonably satisfactory to Purchaser. 

(e)     [Intentionally Omitted]. 

(f)     Each of the Key Employees shall have executed and delivered to the Purchaser an employment letter substantially in the form of Schedule 8.2(f) (the “Key Employee Employment Letters”). 

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(g)     Stephan shall have executed and delivered to the Purchaser an employment agreement between Stephan and REV-US substantially in the form of Schedule 8.2(g) (the “Stephan Employment Agreement”). 

(h)     The Seller and each Company, as applicable, shall have executed and delivered the Share Transfer Documents to the Purchaser. 

(i)     If so requested, Purchaser shall have received true, correct and complete copies of duly executed written resignations of one or more of the officers and/or directors of each Company. 

(j)     Without limitation of Section 8.1(a), the Purchaser shall have received true, correct and complete copies of the authorizations, consents, permits, orders or approvals set forth on Schedule 4.4, and all of the declarations, filings and notices set forth on Schedule 4.4 shall have been properly given and the notice period required thereunder shall have expired and the Selling Parties shall have delivered to Purchaser evidence thereof, in each case, in form and substance reasonably satisfactory to Purchaser. 

(k)     Purchaser shall have received such certificates, affidavits and other documents from the Selling Parties as it reasonably determines to be necessary or advisable in order to determine the Withholding Amount and such other Tax withholding from the payment of the Consideration as may be required under Applicable Law. 

(l)     The Purchaser shall have received the following certificates, each dated as of the Closing Date, in form and substance reasonably acceptable to Purchaser: 

(i)     a certificate executed by Stephan certifying that the conditions specified in Section 8.2(a), Section 8.2(b) and Section 8.2(c) are satisfied; 

(ii)     a certificate executed by each of the Selling Parties, in his or its capacity as a Selling Party, certifying that, as to such Selling Party, the conditions specified in Section 8.2(a) and Section 8.2(b) are satisfied; 

(iii)     a certificate executed by Stephan, in his capacity as the chief executive officer of Seller and each Company, certifying (A) the good standing of Seller and each Company in its jurisdiction of organization and in each other jurisdiction where it is qualified to do business (with copies of all applicable good standing certificates, certificates of existence or comparable certificates attached to such certificate), (B) that the Governing Documents of each Company (copies of which shall be attached to the certificate) are all true, complete and correct in all respects and remain unamended and in full force and effect and (C) that the stockholders and directors of Seller and each Company have duly approved and authorized the execution and delivery of this Agreement and the consummation of the transactions contemplated herein (a copy of which shall be attached to the certificate); and 

(iv)     a certificate executed by each of Venkatesh and Chahal, in their respective capacities as the trustees of the BV Trust and the AC Trust, certifying that each is the duly authorized trustee thereof and has the power and authority to execute and deliver this Agreement on behalf of the BV Trust and AC Trust, respectively (and attaching a copy of the trust instrument for each such trust). 

(n)     The Purchaser shall have received all other documents reasonably required or requested by Purchaser or its counsel to effectuate, implement or evidence the Purchase and Sale or to otherwise consummate the transactions contemplated by this Agreement. 

Section 8.3     Other Conditions to the Obligations of the Selling Parties. The obligations of the Selling Parties to consummate the Purchase and Sale are subject to the satisfaction or waiver by them of the following further conditions: 

(a)     The representations and warranties of Purchaser set forth in Article 6 hereof shall be true and correct in all material respects as of the Closing Date as though made on and as of the Closing Date (other than such representations and warranties that expressly relate to a specified date, in which case such representations and warranties shall be true and correct as of the specified date). 

(b)     Purchaser shall have performed and complied in all material respects with all covenants required to be performed or complied with by Purchaser under this Agreement on or prior to the Closing Date; 

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(c)     The Selling Parties shall have received the following certificates, each dated as of the Closing Date, in form and substance reasonably acceptable to Stephan: 

(i)     a certificate executed by an authorized officer of Purchaser certifying that the conditions specified in Section 8.3(a) and Section 8.3(b) have been satisfied certifying, 

(ii)     a certificate executed by an authorized officer of Purchaser certifying the good standing of the Purchaser in its jurisdiction of organization (with copies of all applicable good standing certificates, certificates of existence or comparable certificates attached to such certificate), and 

(iii)     a certificate executed by an authorized officer of Purchaser certifying that the directors of the Purchaser have duly approved and authorized the execution and delivery of this Agreement and the Ancillary Documents to which Purchaser may be a party and the consummation of the transactions contemplated herein and therein; 

(d)     Without limitation of Section 8.1(a), Stephan shall have received true, correct and complete copies of the authorizations, consents, permits, orders or approvals set forth on Schedule 6.3, and all of the declarations, filings and notices set forth on Schedule 6.3 shall have been properly given and the notice period required thereunder shall have expired and the Purchaser shall have delivered to Stephan evidence thereof, in each case, in form and substance reasonably satisfactory to Stephan; 

(e)     An authorized officer of REV-US shall have executed and delivered to Stephan the Stephan Employment Agreement; and 

(f)     Purchaser shall have paid the Closing Payments and other amounts set forth in Section 2.2(a)(iii) in accordance with the provisions of Section 2.2. 

Article 9 

TERMINATION 

Section 9.1     Termination. This Agreement may be terminated and the transactions contemplated by this Agreement may be abandoned at any time prior to the Closing: 

(a)     by mutual written consent of Purchaser and the Selling Parties; 

(b)     by Purchaser, if any Selling Party shall have breached any of the representations or warranties of any Selling Party set forth in this Agreement or in any certificate delivered pursuant to this Agreement or if any Selling Party has failed to perform any covenant or agreement binding upon it or him set forth in this Agreement (including an obligation to consummate the Closing) such that such breach or failure to perform, as applicable, (x) would result in a failure of the condition to Closing set forth in either Section 8.2(a) or Section 8.2(b) to be satisfied and (y) cannot be cured on or before the Termination Date, or, if curable, is not cured within ten (10) days after written notice thereof is delivered to Stephan; provided, however, that Purchaser shall not have the right to terminate this Agreement pursuant to this Section 9.1(b) if Purchaser is then in material breach of this Agreement; 

(c)     by the Selling Parties, if Purchaser shall have breached any of the representations or warranties set forth in this Agreement or in any certificate delivered pursuant to this Agreement or if Purchaser has failed to perform any covenant or agreement on the part of Purchaser set forth in this Agreement (including an obligation to consummate the Closing) such that such breach or failure to perform, as applicable, (x) would result in a failure of the condition to Closing set forth in either Section 8.3(a) or Section 8.3(b) to be satisfied and (y) cannot be cured on or before the Termination Date, or, if curable, is not cured within ten (10) days after written notice thereof is delivered to Purchaser; provided, however, that the Selling Parties shall not have the right to terminate this Agreement pursuant to this Section 9.1(c) if any of the Companies or Selling Parties is then in material breach of this Agreement; or 

(d)     by either Purchaser, on the one hand, or the Selling Parties, on the other hand, if the transactions contemplated by this Agreement shall not have been consummated on or prior to the date that is ninety (90) days after the date hereof (the “Termination Date”); provided, however, that any Party that has breached this Agreement, which breach has resulted in the failure of a condition in Article 8, shall not be entitled to terminate this Agreement pursuant to this Section 9.1(d). 

Section 9.2     Effect of Termination. In the event of the termination of this Agreement pursuant to Section 9.1, written notice thereof shall be given to the other Parties, specifying the provisions hereof pursuant to which such termination is made and the basis therefor described in reasonable detail, and this entire Agreement shall forthwith become void and of no further force and effect and all rights and obligations of any Party hereto shall cease with the exception of the provisions of Section 7.12, Section 9.2, Article 11 and Article 12 (and any defined terms associated therewith), each of which provisions shall survive such termination and remain valid 

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and binding obligations of the Parties. Termination of this Agreement shall not be deemed to release, or limit the liabilities of, any Party from any liability or damages arising from any fraud or willful breach by such Party of any representation, warranty or covenant contained in this Agreement. 

Article 10 

SURVIVAL OF REPRESENTATIONS AND COVENANTS; INDEMNIFICATION 

Section 10.1    Survival of Representations and Covenants; Tolling. 

(a)     The representations and warranties of the Parties contained in this Agreement, or in any certificate delivered hereunder, shall survive the Closing until the twenty-four (24) month anniversary of the Closing Date, except that (a) the Fundamental Representations shall survive indefinitely and (b) the Limitations Representations shall survive until sixty (60) days after any claims based on such sections are barred by the applicable statute of limitations. All covenants and agreements set forth herein requiring performance shall survive the Closing in accordance with their respective terms and shall survive until performed or expire in accordance with their respective terms. 

(b)     Notwithstanding anything herein, any representation or warranty in respect of which indemnity may be sought under this Article 10, and the indemnity with respect thereto, shall survive the time at which it would otherwise terminate pursuant to this Section 10.1 if written notice of the inaccuracy or breach or potential inaccuracy or breach thereof giving rise to such right or potential right of indemnity shall have been given to the party against whom such indemnity may be sought prior to such time, and in any such case such representation or warranty shall survive until any claim for indemnity related to such inaccuracy or breach or potential inaccuracy or breach is resolved, but solely with respect to the breach claimed prior to the date the represent or warranty otherwise terminated. 

Section 10.2    Indemnification. 

(a)     Subject to the other provisions of this Article 10, Stephan shall indemnify, defend and hold each of Purchaser and each Company and their respective officers, directors, employees, partners, stockholders, Affiliates, agents and representatives, and each of the successors and assigns of any of the foregoing (each a “Purchaser Indemnitee”) harmless from and against any and all damages, losses, liabilities, obligations, claims of any kind, fines, penalties, Taxes, interest, costs or expenses (including reasonable attorneys’, accountants’ and other professionals’ fees and expenses) (collectively, “Losses”) that are incurred or arise out of or result, directly or indirectly, from: 

(i)     any breach of any representation or warranty made by Stephan contained in Article 4, or, as to Stephan only, Section 5.1 or Section 5.2 of this Agreement or in any certificate or other instrument or document delivered by Stephan to Purchaser pursuant to Section 8.2(l) of this Agreement; 

(ii)     any breach by Stephan of any of his covenants or agreements contained herein; 

(iii)     any Third Party Claim alleging any interest in or rights with respect to any Equity Interests or Securities of any Company, which interest or rights arise from any event, state of facts, circumstance or occurrence in existence prior to the Closing Date; 

(iv)     any Pre-Closing Taxes, Seller Expenses, claim for indemnification or other Liability asserted against or due and owing by any Company by or to any Person or Governmental Entity, or any Proceeding to which any Company may be a party, whether before or after the Closing Date, and arising from any action, event or occurrence in existence prior to or as of the Closing Date, whether or not disclosed in any Schedule hereto, except to the extent reserved against in the Closing Date Balance Sheet (and if so reserved, such exception shall be limited to the amount so reserved) (it being the understanding and agreement of the Parties that Stephan shall have no indemnification liability or obligation in respect of any Liabilities shown on or reserved against in the Closing Date Balance Sheet to the extent so shown or reserved); and 

(v)     any Proceeding by any Governmental Entity imposing or seeking to impose liability or obligation upon the Purchaser with respect to any Tax withholding arising from the Purchase and Sale in excess of the Withholding Amount. 

(b)     Subject to the other provisions of this Article 10, each of the Selling Parties (excluding Stephan), jointly and severally, shall indemnify, defend and hold each Purchaser Indemnitee harmless from and against any and all Losses that are incurred or arise out of or result, directly or indirectly, from: 

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(i)     any breach of any representation or warranty made by any Selling Party (excluding Stephan) contained in Article 5 of this Agreement or in any certificate or other instrument or document delivered by the Selling Parties to Purchaser pursuant to Section 8.2(l) of this Agreement; and 

(ii)     any breach by any Selling Party (excluding Stephan) of any of his or its covenants or agreements contained herein. 

(c)     Effective as of the Closing, and subject to the other provisions of this Article 10, Purchaser shall indemnify, defend and hold each Selling Party and their respective Affiliates, officers, directors, employees, partners, stockholders, agents and representatives, and each of the heirs, executors, successors and assigns of any of the foregoing (each a “Seller Indemnitee”) harmless from any Loss incurred that arises out of or results, directly or indirectly, from: 

(i)     any breach of any representation or warranty made by the Purchaser contained in Article 6 of this Agreement or in any certificate or other instrument or document delivered by Purchaser pursuant to Section 8.3(c) of this Agreement; and 

(ii)     any breach by the Purchaser of any of its covenants or agreements contained herein. 

Section 10.3    Indemnification Claims. 

(a)     If any Purchaser Indemnitee or Seller Indemnitee (each, an “Indemnified Party”) seeks indemnification pursuant to this Article 10, the Indemnified Party shall provide the other Party or Parties from whom such indemnification is sought (the “Indemnifying Party”) with a written Notice of Claim setting forth, to the extent then known, the reasonable details of its claim and all Losses arising therefrom. 

(b)     In the case of a claim for indemnification not based upon a Third Party Claim, the Indemnifying Party shall have thirty (30) days from its receipt of the Notice of Claim to (i) admit its obligation to provide indemnification, and, without limitation of any future Losses arising thereunder, pay all Losses set forth in the Notice of Claim or (ii) dispute the matters and claim for indemnification set forth in the Notice of Claim (a “Notice of Claim Dispute”). If the Indemnifying Party does not deliver a Notice of Claim Dispute within such thirty (30) day period, the Indemnifying Party shall be conclusively deemed obligated to provide such indemnification hereunder and shall be deemed to waive its right to deliver a Notice of Claim Dispute. 

(c)     The delivery of a Notice of Claim by an Indemnified Party, or a Notice of Claim Dispute by an Indemnifying Party, shall not restrict or preclude the Indemnified Party or Indemnifying Party, as the case may be, from thereafter asserting or alleging additional matters, including further Losses or defenses, from or in connection with the matters giving rise to the Notice of Claim or Notice of Claim Dispute, as applicable. An Indemnified Party seeking indemnification for a Third Party Claim may also seek indemnification under any applicable clause(s) of Section 10.1 or Section 10.2 and the same may be set forth in one or more Notices of Claim as the Indemnified Party shall determine in its sole discretion. 

Section 10.4    Third Party Claims. 

(a)     If a Proceeding is initiated by any Person who is not a Party hereto or an Affiliate thereof (a “Third Party Claim”) against an Indemnified Party, and if such Indemnified Party intends to seek indemnification with respect thereto under this Article 10, such Indemnified Party shall promptly, after receipt of written notice of such Proceeding, provide written notice of such Proceeding to the party or parties from whom the Indemnified Party intends to seek indemnification (the “Responsible Party”), which notice shall describe such Proceeding in reasonable detail and the amount thereof (if known and quantifiable), provided that the failure to so notify a Responsible Party shall not relieve such Responsible Party of its obligations hereunder unless and to the extent the Responsible Party shall be actually and materially prejudiced by such failure to so notify. A Responsible Party shall be entitled to participate in the defense of such Proceeding giving rise to an Indemnified Party’s claim for indemnification at such Responsible Party’s expense, and, at its option (subject to the limitations set forth below), shall be entitled to assume the defense thereof by appointing a reputable counsel reasonably acceptable to the Indemnified Party to be the lead counsel in connection with such defense within thirty (30) days of its receipt of notice of the Proceeding, provided that prior to the Responsible Party assuming control of such defense, it shall (x) demonstrate to the Indemnified Party in writing such Responsible Party’s financial ability to provide full indemnification to the Indemnified Party with respect to such Proceeding (including the ability to post any bond required by the court or adjudicative body before which such Proceeding is taking place), and (y) agree in writing to be fully responsible for all Losses relating to such Proceeding, provided, further, that: 

(i)     the Indemnified Party shall be entitled to participate in the defense of such claim and to employ counsel of its choice for such purpose; 

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(ii)     the Indemnified Party is authorized to file any motion, answer or other pleading that it shall deem necessary or appropriate to protect its interests; 

(iii)     the Responsible Party shall not be entitled to assume control of such defense if (A) the claim for indemnification relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation, (B) the Indemnified Party reasonably believes an adverse determination with respect to the Proceeding giving rise to such claim for indemnification would materially injure the Indemnified Party’s reputation or future business prospects, (C) such claim seeks an injunction or equitable relief against the Indemnified Party, (D) a conflict of interest exists between the Responsible Party and the Indemnified Party, or (E) the Responsible Party failed or is failing to vigorously prosecute or defend such claim; and 

(iv)     if the Responsible Party shall control the defense of any such claim, the Responsible Party shall obtain the prior written consent of the Indemnified Party before entering into any settlement of a Proceeding or ceasing to defend such Proceeding if, pursuant to or as a result of such settlement or cessation, injunctive or other equitable relief will be imposed against the Indemnified Party or if such settlement does not expressly and unconditionally release the Indemnified Party from all Liabilities and obligations with respect to such claim. 

(b)     If the Proceeding is by a Governmental Entity relating to a period ending on or prior to the Closing Date, Purchaser is the Indemnified Party and Purchaser, in its capacity as such Indemnified Party, intends to seek indemnification pursuant to the terms hereof, notice thereof shall be sent to the Selling Parties and, to the extent consistent with the foregoing, the Representative shall be afforded the opportunity to participate in and respond with Purchaser to such Proceeding. 

Section 10.5    Limitations on Indemnification Obligations. 

(a)     The rights of the Purchaser Indemnitees to indemnification pursuant to the provision of Section 10.2 other than as arising in respect of a Third Party Claim are subject to the following limitations: 

(i)     The Purchaser Indemnitees shall not be entitled to recover Losses for claims made against Stephan under Section 10.2(a)(i)(A) with respect to breaches of the Non-Fundamental Representations (1) until the cumulative aggregate amount which the Purchaser Indemnitees would recover under Section 10.2(a)(i) exceeds $75,000 (the “Deductible”), in which case the Purchaser Indemnitees shall be entitled to recover the aggregate amount of all such Losses in excess of the Deductible and (2) for an amount in excess of the lower of (x) $1,000,000.00 or (y) the aggregate Earn-out Payments actually paid or payable hereunder, and (B) with respect to breaches of the Fundamental Representations for an amount in excess of the aggregate Earn-out Payments actually paid or payable hereunder; 

(ii)     The Purchaser Indemnitees shall not be entitled to recover Losses for claims made against the Selling Parties other than Stephan under Section 10.2(b)(i) (A) with respect to breaches of the Non-Fundamental Representations (1) until the cumulative aggregate amount which the Purchaser Indemnitees would recover under Section 10.2(b)(i) exceeds the Deductible, in which case the Purchaser Indemnitees shall be entitled to recover the aggregate amount of all such Losses in excess of the Deductible and (2) for an amount in excess of $1,000,000.00, and (B) with respect to breaches of the Fundamental Representations for an amount in excess of the Seller Closing Payment; and 

(iii)     In the event a Purchaser Indemnitee recovers the full amount of Losses sought pursuant to Section 10.2 from an Indemnifying Party and thereafter receives (A) insurance proceeds directly attributable to, and in payment or reimbursement of, the Losses, (B) indemnity or contribution amounts from third parties (other than Purchaser or any Company) with respect to such Losses, or (C) any direct, recognizable Tax benefit as a result of any such Losses, then the Purchaser Indemnitee shall refund to such Indemnifying Party the amount thereof (net of costs of collection and similar costs). To the extent an indemnifiable Loss is covered by insurance and such coverage is confirmed by the insurer, then the Indemnifying Party shall not be liable for the amount of the Loss so covered by insurance to the extent of the amount received by the Indemnified Party. 

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(b)     Any claim for indemnification hereunder arising from a single event or occurrence may be asserted under one or more of the separate clauses set forth in Section 10.2, and the assertion of a claim for indemnification under one clause shall not preclude or restrict the indemnified party from asserting a claim for indemnification under one or more different clauses, provided, however, that any Losses recovered by an Indemnified Party under one clause shall be credited against Losses sought to be recovered under a different clause and arising from the same event, occurrence or facts. 

(c)     Except for a breach of his Restrictive Covenant, and except as set forth in Sections 10.7(i), (ii) or (iii), the maximum amount of Losses for which Stephan may be liable under this Article 10 shall not exceed the Consideration paid or payable to Stephan hereunder. 

(d)     Notwithstanding the foregoing, the Parties agree that, with respect to the matters set forth on Schedule 10.5(d), the terms, provisions and limitations set forth therein shall apply in lieu of any provisions set forth herein otherwise applicable thereto. 

Section 10.6    Limitation on Damages. Except as expressly set forth in Section 7.11, no Party hereto shall be liable for any punitive, special, consequential, incidental, indirect, exemplary or remote damages (other than those required to be paid to a third party as part of a Third Party Claim under Section 10.2). 

Section 10.7    Exclusive Remedy; Right of Set-Off. Except (i) in the case of common law fraud or intentional misrepresentation, (ii) with respect to the matters covered by Article 2 or Section 7.11 and (iii) in the case of a Party seeking to obtain specific performance of any term or provision of this Agreement, the rights of the Parties to indemnification pursuant to the provisions of this Article 10 shall be the exclusive remedy for the Parties with respect to Section 10.2 of this Agreement. Notwithstanding the foregoing or any term or provision of this Agreement or any Ancillary Document to the contrary, Purchaser shall have the right to set off any Losses of the Purchaser Indemnitees for which indemnification is available under Section 10.2(a) against any Earn-out Payments. In such event, any such set off shall first be applied against the shares of Parent Stock issuable under Section 2.3(j). 

Section 10.8    Partial Materiality Strip. For the purposes of determining the amount of any Losses related to a breach of any representation or warranty, the amount of the Losses shall be determined without regard to any materiality or knowledge qualification (including terms such as “material” and “Company Material Adverse Effect”) set forth therein. For avoidance of doubt, any and all such qualifiers shall remain in full force and effect for purposes determining whether such a breach of any representation or warranty shall have occurred. 

Section 10.9    Tax Classification of Indemnification Payments. For purposes of this Article 10, Losses shall include any Tax costs (net of any offsetting Tax savings, Tax credits or other Tax benefits) incurred by an Indemnified Party in respect of any indemnification payments received by it hereunder. The Parties hereto agree to treat any indemnification payments made pursuant to this Agreement as an adjustment to the Consideration for all Tax purposes, except as otherwise required pursuant to a determination within the meaning of Section 1313(a) of the Code (or any similar or corresponding provision of Applicable Law). 

Section 10.10    Right to Indemnification Not Affected by Knowledge. Without prejudice to any indemnification right of the Selling Parties with respect to the representation contained in Section 6.7, the right to indemnification and payment of Losses based on any breach of representations, warranties or covenants will not be affected by any investigation conducted, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance with, any such representation or warranty or covenant. The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification, payment of Losses or other remedy based on such representations, warranties, covenants and obligations. It is the express understanding and agreement of the Parties that the representations and warranties made by the Parties in this Agreement is for the purpose of, among other things, allocating risk between the Purchaser, on the one hand, and the Selling Parties, on the other hand, regardless of any due diligence investigation conducted by the Purchaser, without prejudice to any indemnification right of the Selling Parties with respect to the representation contained in Section 6.7. 

Section 10.11    No Contribution. No Selling Party or Seller Indemnitee or any of their respective employees or agents shall have any right of contribution, subrogation, right of indemnity or other right or remedy against any Company, or any of its Affiliates, successors or assigns, in connection with any indemnification obligation or any other liability to which he or it may become subject under or in connection with this Agreement, it being understood and agreed that the representations, warranties, covenants and agreements of the Selling Parties are solely for the benefit of Purchaser and the Purchaser Indemnitees. For the avoidance of doubt, the provisions of this Section do not apply to any right of contribution, subrogation, right of indemnity or other right or remedy which any Selling Party may have or assert against any other Selling Party. 

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Article 11 

REPRESENTATIVE OF SELLING PARTIES 

Section 11.1    Authorization of Representative. 

(a)     The Selling Parties irrevocably appoint, authorize and empower Stephan to act as the exclusive agent, representative and attorney-in-fact (the “Representative”) on behalf of each Selling Party, in connection with and to facilitate the consummation of the transactions contemplated hereby, which shall include the power and authority: 

(i)     To execute and deliver such waivers, modifications, amendments and consents in connection with this Agreement and the consummation of the transactions contemplated hereby as the Representative, in his sole discretion, may deem necessary or desirable, except that, without the prior written consent of all the Selling Parties, the Representative may not amend, modify or waive the provisions of the following: Section 2.2(a)(i), Section 2.4, Article 5, Section 7.2(c), Section 7.11, Section 8.3(f), Section 10.2(b), Section 10.2(c), Section 10.5(a)(ii), Section 10.5(a)(iii), Section 10.6 or Article 11; 

(ii)     To enforce and protect the rights and interests of the Selling Parties (including the Representative, in his capacity as a Selling Party) and to enforce and protect the rights and interests of the Representative arising out of or under or in any manner relating to this Agreement, and each other agreement, document, instrument or certificate referred to herein or therein or the transactions provided for herein or therein (including in connection with any and all claims for indemnification brought under Article 10 hereof), and to take any and all actions which the Representative believes are necessary or appropriate under this Agreement, including asserting or pursuing any claim, action, proceeding or investigation (a “Claim”) against Purchaser, defending any Third Party Claims, consenting to, compromising or settling any such Claims, conducting negotiations with Purchaser and its representatives regarding such Claims, and, in connection therewith, to: (A) assert any claim or institute any action, proceeding or investigation; (B) investigate, defend, contest or litigate any claim, action, proceeding or investigation initiated by Purchaser or any other Person, or by any federal, state or local Governmental Entity against the Representative or any of the Selling Parties, and receive process on behalf of any or all of the Selling Parties in any such claim, action, proceeding or investigation and compromise or settle on such terms as the Representative shall determine to be appropriate, and give receipts, releases and discharges with respect to, any such claim, action, proceeding or investigation; (C) file any proofs of debt, claims and petitions as the Representative may deem advisable or necessary; (D) settle or compromise any claims asserted under this Agreement; and (E) file and prosecute appeals from any decision, judgment or award rendered in any such action, proceeding or investigation, it being understood that the Representative shall not have any obligation to take any such actions, and shall not have any liability for any failure to take any such actions; 

(iii)     To refrain from enforcing any right of any Selling Party arising out of or under or in any manner relating to this Agreement (other than the right of the Selling Parties to receive the Seller Closing Payment) or any other agreement, instrument or document in connection with the foregoing; provided, however, that no such failure to act on the part of the Representative, except as otherwise provided in this Agreement, shall be deemed a waiver of any such right or interest by the Representative or by such Selling Party unless such waiver is in writing signed by the Representative; and 

(iv)     To make, execute, acknowledge, deliver and receive all such other agreements, guarantees, orders, receipts, endorsements, notices, requests, instructions, certificates, stock powers, letters and other writings, and, in general, to do any and all things and to take any and all action that the Representative, in his sole and absolute discretion, may consider necessary or proper or convenient in connection with or to carry out the transactions contemplated by this Agreement and all other agreements, documents or instruments referred to herein or therein or executed in connection herewith and therewith. 

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(b)     All of the indemnities, immunities and powers granted to the Representative under this Agreement shall survive the Closing Date or any termination of this Agreement. 

(c)     Purchaser and each Company shall have the right to rely upon all actions taken or omitted to be taken by the Representative pursuant to this Agreement, all of which actions or omissions shall be legally binding upon the Selling Parties. 

(d)     The grant of authority provided for herein (i) is coupled with an interest and shall be irrevocable and survive the death, incompetency, bankruptcy or liquidation of any Selling Party, and (ii) shall survive the consummation of the Purchase and Sale. 

(e)     The Representative shall not be liable for any act done or omitted hereunder as Representative while acting in good faith and in the exercise of reasonable judgment. The Selling Parties (other than Stephan) shall indemnify the Representative and hold the Representative harmless against any loss, liability or expense incurred without gross negligence or bad faith on the part of the Representative and arising out of or in connection with the acceptance or administration of the Representative’s duties hereunder, including the reasonable fees and expenses of any legal counsel retained by the Representative. 

Article 12 

MISCELLANEOUS 

Section 12.1    Entire Agreement; Assignment. This Agreement (including the Schedules, the Ancillary Documents and the Confidentiality Agreement) (a) constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersedes the LOI and all other prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof and (b) shall not be assigned by any party hereto (whether by operation of law or otherwise), other than for collateral purposes, without the prior written consent of Purchaser and the Representative; provided, Purchaser may assign this Agreement or any rights or obligations hereunder to any of its Affiliates; provided, further, that any assignment pursuant to the preceding proviso shall not relieve Purchaser of any obligation under this Agreement. Any attempted assignment of this Agreement not in accordance with the terms of this Section 12.1 shall be void. 

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Section 12.2    Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given by delivery in person, by facsimile, e-mail or by reputable overnight courier service (charges prepaid) and shall be deemed given when so delivered personally, by facsimile, by e-mail or one day after being sent by overnight courier, to the other parties hereto as follows: 

 

	
Purchaser:
	
  
	
Priority Fulfillment Services, Inc.

	
 
	
  
	
505 Millennium Drive

	
 
	
  
	
Allen, TX 75013

	
 
	
  
	
Att: Tom Madden

	
 
	
  
	
Fax: (972) 881-0145

	
 
	
  
	
Email: tmadden@pfsweb.com

	
 
	
 
	
 

	
 
	
  
	
With a copy to:

	
 
	
 
	
 

	
 
	
  
	
Wolff & Samson PC

	
 
	
  
	
One Boland Drive

	
 
	
  
	
West Orange, NJ 07052

	
 
	
  
	
Att: Morris Bienenfeld, Esq.

	
 
	
  
	
Fax: 973-530-2213

	
 
	
  
	
Email: mbienenfeld@wolffsamson.com

	
 
	
 
	
 

	
Selling Parties:
	
  
	
Steven J. Stephan

	
 
	
  
	
Representative of the Selling Parties

	
 
	
  
	
3178 Landon Court

	
 
	
  
	
Chaska, MN 55318

	
 
	
  
	
E-mail: steven.stephan@revsolutionsinc.com

	
 
	
 
	
 

	
With a copy to:
	
  
	
Moss & Barnett, A Professional Association

	
 
	
  
	
150 South Fifth Street, Suite 1200

	
 
	
  
	
Minneapolis, MN 55402

	
 
	
  
	
Attn:     Christopher Stall

	
 
	
  
	
Fax:      (612) 877-5069

	
 
	
  
	
E-mail: Chris.Stall@lawmoss.com

or to such other address as the person to whom notice is given may have previously furnished to the other in writing in the manner set forth above. 

Section 12.3    Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to agreements made and to be performed entirely within such State. 

Section 12.4    Fees and Expenses. Except as otherwise set forth in this Agreement, whether or not the Purchase and Sale is consummated, all fees and expenses incurred in connection with the Purchase and Sale, this Agreement and the transactions contemplated by this Agreement, including the fees and disbursements of counsel, financial advisors and accountants, shall be paid by the Party hereto incurring such fees or expenses. 

Section 12.5    Construction; Interpretation. The term “this Agreement” means this Purchase Agreement together with all Schedules hereto, as the same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. Except as expressly set forth in this Agreement, no Party assumes any other liability or obligation hereunder, including any implied duty of good faith and fair dealing. The headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. No party hereto, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly for or against any party. Unless otherwise indicated to the contrary herein by the context or use thereof: (i) the words, “herein,” “hereto,” “hereof” and words of similar import refer to this Agreement as a whole, including the Schedules, and not to any particular section, subsection paragraph, subparagraph or clause contained in this Agreement; (ii) masculine gender shall also include the feminine and neutral genders, and vice versa; (iii) words importing the singular shall also include the plural, and vice versa; (iv) the words “include,” “includes,” “including” and “inclusive of” shall be deemed to be followed by the words “without limitation”; (v) the word “will” shall be construed to have the same meaning as the word “shall”; (vi) the phrase 

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“to the extent” shall mean the extent or degree to which a subject or thing extends, and shall not simply be construed to mean the word “if”; and (vii) the term “or” shall not be exclusive. 

Section 12.6    Schedules. All Schedules or other documents expressly incorporated into this Agreement, are hereby incorporated into this Agreement and are hereby made a part hereof as if set out in full in this Agreement. 

Section 12.7    Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party and its successors and permitted assigns and, except as provided in Article 10, nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. 

Section 12.8    Severability. If any term or other provision of this Agreement is invalid, illegal or unenforceable, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. 

Section 12.9    Amendment. Prior to the Closing, subject to the provisions of Section 11.1(a)(i) and Section 12.10, this Agreement may be amended or modified only by a written agreement executed and delivered by a duly authorized officer of Purchaser and the Representative (on behalf of the Selling Parties). After the Closing, this Agreement may be amended or modified only by written agreement executed and delivered by a duly authorized officer of Purchaser and the Representative, except as otherwise provided in Section 11.1(a)(i). This Agreement may not be modified or amended except as provided in the immediately preceding two sentences and any purported amendment by any party or parties hereto effected in a manner which does not comply with this Section 12.9 shall be void. 

Section 12.10    Extension; Waiver. Subject to the provisions of Section 11.1(a)(i), at any time prior to the Closing, the Representative (on behalf of the Selling Parties) may (a) extend the time for the performance of any of the obligations or other acts of Purchaser contained herein, (b) waive any inaccuracies in the representations and warranties of Purchaser contained herein or in any document, certificate or writing delivered by Purchaser pursuant hereto or (c) waive compliance by Purchaser with any of the agreements or conditions contained herein. At any time prior to the Closing, Purchaser may (i) extend the time for the performance of any of the obligations or other acts of any of the Selling Parties contained herein, (ii) waive any inaccuracies in the representations and warranties of any Selling Party contained herein or in any document, certificate or writing delivered by to Purchaser pursuant hereto or (iii) waive compliance by any Selling Party with any of the agreements or conditions contained herein. Any agreement on the part of any Party hereto to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such Party. The failure of any Party hereto to assert any of its rights hereunder shall not constitute a waiver of such rights. 

Section 12.11    Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, pdf or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement. 

Section 12.12    Waiver of Jury Trial; Specific Performance. EACH OF THE PARTIES HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY. EACH PARTY SHALL BE ENTITLED TO PURSUE EQUITABLE RELIEF, INCLUDING THE REMEDY OF SPECIFIC PERFORMANCE, WITH RESPECT TO ANY BREACH OR ATTEMPTED BREACH OF THIS AGREEMENT BY THE OTHER PARTIES HERETO. 

Section 12.13    Jurisdiction and Venue. EACH OF THE PARTIES SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN DALLAS, TEXAS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AGREES THAT ALL CLAIMS IN RESPECT OF THE ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND AGREES NOT TO BRING ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY OTHER COURT. EACH OF THE PARTIES WAIVES ANY DEFENSE OF INCONVENIENT FORUM TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT. 

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Section 12.14    Attorneys’ Fees. Except as otherwise provided herein, if any legal action or other legal proceeding relating to the Purchase and Sale or the enforcement of any provision of this Agreement is brought against any Party hereto, the prevailing Party shall be entitled to recover reasonable attorneys’ fees, costs and disbursements (in addition to any other relief to which the prevailing Party may be entitled). 

Section 12.15    Representation. THE AC TRUST, THE BV TRUST, VENKATESH AND CHAHAL EACH ACKNOWLEDGE AND AGREE THAT THEY HAVE BEEN ADVISED TO SEEK INDEPENDENT REPRESENTATION WITH RESPECT TO THIS AGREEMENT AND THEY HAVE BEEN ADVISED THAT MOSS & BARNETT SOLELY REPRESENTS STEPHAN AND NO OTHER PARTY TO THIS AGREEMENT. 

[Signature Pages Follow] 

 

 

 

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IN WITNESS WHEREOF, each of the Parties has caused this Stock Purchase Agreement to be duly executed on its behalf as of the day and year first above written. 

 

	
PRIORITY FULFILLMENT SERVICES, INC.

	
 

By:
	
 
	
 

 

	
 
	
 
	
    Name:

	
 
	
 
	
    Title:

	
 

REV SOLUTIONS LIMITED

	
 

By:
	
 
	
 

 

	
 
	
 
	
    STEVEN J. STEPHAN, President

	
 

 

	
STEVEN J. STEPHAN, individually

	
 

THE ASHU CHAHAL IRREVOCABLE

	
CHILDRENS’ TRUST

	
 

By:
	
 
	
 

 

	
 
	
 
	
    ASHU CHAHAL, as Trustee

	
 

THE BABU VENKATESH IRREVOCABLE

	
CHILDRENS’ TRUST

	
 

By:
	
 
	
 

 

	
 
	
 
	
    BABU VENKATESH, as Trustee

	
 

 

	
BABU VENKATESH, individually

	
 

 

 

	
ASHU CHAHAL, individually

[Signature page to Stock Purchase Agreement] 

44

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