Document:

EX-10.4

 Exhibit 10.4 

 
  

 
 [Property Owner] and 

 [Operating Lessee], collectively as mortgagor 

                      
                                         
         (collectively, Mortgagor) 
 to 

CITIGROUP GLOBAL MARKETS REALTY CORP. and BANK OF AMERICA, N.A., 

collectively as mortgagee 
                                  
                                         
          (collectively, Lender) 
  

 
 FEE AND
LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES 
 AND RENTS, FIXTURE FILING AND SECURITY AGREEMENT 

([STATE] – [COUNTY]) 
  

 
  

							
		 	Dated:	  	    May 14, 2013	 	
				
		 	Location:	  	     [Address]
     [City], [STATE]
	 	

 PREPARED BY AND UPON 
 RECORDATION RETURN TO: 
 Dechert LLP 

Cira Centre 
 2929
Arch Street 
 Philadelphia, PA 19104-2808 
 Attention: David W. Forti, Esq. 
  

 
  

 FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, 

FIXTURE FILING AND SECURITY AGREEMENT 

THIS FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, FIXTURE FILING AND SECURITY AGREEMENT (this
“Mortgage”) is made as of May 14, 2013, by [PROPERTY OWNER], a [PROPERTY OWNER ENTITY TYPE] (“Borrower”), and [OPERATING LESSEE], a [OPERATING LESSEE ENTITY TYPE] (“Operator”;
together with Borrower, collectively, “Mortgagor”), each having its principal place of business at c/o Blackstone Real Estate Advisors VII L.P., 345 Park Avenue, New York, New York 10154, collectively, as mortgagor, to CITIGROUP
GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 19th Floor, New York, New York 10013, and BANK OF AMERICA, N.A., a national banking association, having an address at One Bryant Park, New York, New York 10036, collectively, as mortgagee
(collectively, together with their successors and/or assigns, “Lender”). 
 W I T
N E S S E T H: 
 WHEREAS, this Mortgage is given to secure a loan (the
“Loan”) advanced by Lender pursuant to that certain Loan Agreement, dated as of the date hereof, among Borrower, the other entities which are signatories thereto as borrowers (collectively, “Other Borrowers”),
Operator and Lender (as the same may be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Loan Agreement”) and evidenced by those certain Promissory Notes, dated the date
hereof, made by Borrower and Other Borrowers in favor of Lender (such Promissory Notes, together with all extensions, renewals, replacements, restatements or modifications thereof being hereinafter referred to as the “Note”);

 WHEREAS, Operator is an Affiliate (as defined in the Loan Agreement) of Borrower and operates a hotel located on
the Land and Improvements (as each such term is defined below) under and pursuant to the Pledged Lease (as defined below), and Operator will directly benefit from the making of the Loan by Lender to Borrower. Furthermore, pursuant to the terms of
the Pledged Lease, Operator has agreed to grant Lender the security interests described herein; 
 WHEREAS, Borrower
desires to secure the payment of the Debt (as defined in the Loan Agreement) and the performance of all of its obligations under the Note, the Loan Agreement and the other Loan Documents (as herein defined) and Operator desires to secure the payment
of the Debt by Borrower as its direct Affiliate; and 
 WHEREAS, this Mortgage is given pursuant to the Loan
Agreement, and payment, fulfillment, and performance by Mortgagor of its respective obligations thereunder and under the other Loan Documents are secured hereby, and each and every term and provision of the Loan Agreement and the Note, including the
rights, remedies, obligations, covenants, conditions, agreements, indemnities, representations and warranties of the parties therein, are hereby incorporated by reference herein as though set forth in full and shall be considered a part of this
Mortgage. The Loan Agreement, the Note, this Mortgage, and all other documents  

 
evidencing or securing the Debt (including all additional mortgages, deeds to secure debt and assignments of leases and rents, (if any)) and/or executed or delivered in connection therewith,
are hereinafter referred to collectively as the “Loan Documents.” 
 NOW THEREFORE, in
consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this Mortgage: 
 ARTICLE I - GRANTS OF SECURITY 
 Section 1.1 Property
Mortgaged. Borrower and Operator each do hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender and its successors and assigns all of Borrower’s and Operator’s right, title and
interest in and to the following property, rights, interests and estates whether now owned, or hereafter acquired by Borrower and Operator, as the case may be (collectively, the “Property”): 

(a) Land. The real property described in Exhibit A attached hereto and made a part hereof (the “Land”);

 (b) Additional Land. All additional lands, estates and development rights now or hereafter acquired by Borrower or
Operator for use in connection with the Land and the development thereof and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise, be expressly made subject to the lien of this Mortgage;

 (c) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs,
replacements and improvements now or hereafter erected or located on the Land (collectively, the “Improvements”); 
 (d) Pledged Lease. All of Operator’s estate, right, title and interest in, to and under that certain lease described on Schedule I attached hereto (as amended, modified and in effect
from time to time, the “Pledged Lease”) and the leasehold estate created thereby in, inter alia, the Land and Improvements, together with all appurtenances thereto and any and all (i) extensions, renewals,
modifications and option rights under the Pledged Lease, (ii) credits to and deposits of Operator under the Pledged Lease and all other options, privileges and rights granted and demised to Operator under the Pledged Lease, (iii) rights or
privileges of Operator to terminate, cancel, surrender or merge the Pledged Lease, and (iv) rights of Operator in connection with any rejection by the lessor or its bankruptcy trustee of the Pledged Lease under Section 365 of the
Bankruptcy Code (as defined below) to (A) possession of any statutory term of years derived from or incident to the operation of Section 365(h)(1) of the Bankruptcy Code or (B) elect under Section 365(h)(1) to terminate or treat
the Pledged Lease as terminated; 
 (e) Easements. All easements, rights-of-way or use, rights, strips and gores of land,
streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and
appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversion and reversions and remainders, and all land lying in the bed of any street, road or avenue,
opened or proposed, in front of or adjoining the Land, to the center line thereof and all 

  
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the estates, rights, titles, interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Borrower or
Operator of, in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto; 
 (f)
Equipment. All “goods” and “equipment,” as such terms are defined in Article 9 of the Uniform Commercial Code (as hereinafter defined), now owned or hereafter acquired by Borrower or Operator, which is used at or in
connection with the Improvements or the Land or is located thereon or therein (including, but not limited to, all machinery, equipment, furnishings, computers and electronic data-processing and other office equipment now owned or hereafter acquired
by Borrower or Operator and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto (collectively, the
“Equipment”). Notwithstanding the foregoing, Equipment shall not include any property belonging to tenants under Leases except to the extent that Borrower or Operator shall have any right or interest therein; 

(g) Fixtures. All Equipment now owned, or the ownership of which is hereafter acquired, by Borrower or Operator which is so
related to the Land and Improvements forming part of the Property that it is deemed fixtures or real property under the law of the particular state in which the Equipment is located, including, without limitation, all building or construction
materials intended for construction, reconstruction, alteration or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or hereafter attached
to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, call and sprinkler systems, fire extinguishing
apparatuses and equipment, heating, ventilating, laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems,
disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others,
and, if owned jointly, to the extent of Borrower’s or Operator’s interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and
all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of the foregoing and the proceeds thereof (collectively, the “Fixtures”). Notwithstanding the
foregoing, “Fixtures” shall not include any property which tenants are entitled to remove pursuant to Leases except to the extent that Borrower or Operator shall have any right or interest therein; 

(h) Personal Property. All furniture, furnishings, objects of art, machinery, goods, tools, supplies, appliances, (including, but
not limited to, beds, bureaus, chiffoniers, chests, chairs, desks, lamps, mirrors, bookcases, tables, rugs, carpeting, drapes, draperies, curtains, shades, venetian blinds, screens, paintings, hangings, pictures, divans, couches, luggage carts,
luggage racks, stools, sofas, chinaware, linens, pillows, blankets, glassware, foodcarts, cookware, dry cleaning facilities, dining room wagons, keys or other entry systems, icemakers, radios, television sets, intercom and paging equipment, electric
and electronic equipment, 

  
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dictating equipment, private telephone systems, medical equipment, potted plants, heating, lighting and plumbing fixtures, fire prevention and extinguishing apparatus, cooling and
air-conditioning systems, elevators, escalators, fittings, plants, apparatus, stoves, ranges, refrigerators, laundry machines, tools, machinery, engines, dynamos, motors, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning
systems, floor cleaning, waxing and polishing equipment, call systems, brackets, electrical signs, bulbs, bells, ash and fuel, conveyors, cabinets, lockers, shelving, spotlighting equipment, dishwashers, garbage disposals, washers and dryers),
general intangibles, contract rights, accounts, accounts receivable, franchises, licenses, certificates and permits, and all other customary hotel equipment and personal property of any kind or character whatsoever as defined in and subject to the
provisions of the Uniform Commercial Code, whether tangible or intangible, other than Fixtures, which are now or hereafter owned by Borrower and/or Operator and which are located within or about the Land and the Improvements, together with all
accessories, replacements and substitutions thereto or therefor and the proceeds thereof (collectively, the “Personal Property”), and the right, title and interest of Borrower and/or Operator in and to any of the Personal Property
which may be subject to any security interests, as defined in the Uniform Commercial Code, as adopted and enacted by the state or states where any of the Property is located (the “Uniform Commercial Code”), superior in lien to the
lien of this Mortgage and all proceeds and products of the above; 
 (i) Leases and Rents. All leases, operating leases,
subleases or sub-subleases, lettings, licenses, concessions or other agreements (whether written or oral and whether now or hereafter in effect), pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any
portion of the Land and the Improvements, and every modification, amendment or other agreement relating to such leases, subleases, sub-subleases, or other agreements entered into in connection with such leases, subleases, sub-subleases, or other
agreements and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto, heretofore or hereafter entered into, whether before or after the filing by or
against Borrower or Operator of any petition for relief under 11 U.S.C. §101 et seq., as the same may be amended from time to time (the “Bankruptcy Code”), including without limitation, the Pledged Lease, together with all
credits, deposits, options, privileges, right, title and interest of Borrower and/or Operator and their respective successors and assigns under any of the aforesaid agreements (collectively, the “Leases”) and all right, title and
interest of Borrower and Operator, and their respective successors and assigns therein and thereunder, including, without limitation, cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder
and all rents, additional rents, revenues, issues and profits arising from the Leases and any extension, renewal or replacement thereof, together with all rents, rent equivalents, income, fees, receivables, receipts, accounts, deposits, profits
(including, but not limited to, all oil and gas or other mineral royalties and bonuses), charges for services rendered and any and all payment and consideration of whatever form or nature received by Borrower, Operator or their respective agents or
employees from any and all sources relating to the use, enjoyment and occupancy of the Property, including, without limitation, all revenues and credit card receipts collected from guest rooms, restaurants, room service, bars, meeting rooms, banquet
rooms and recreational facilities, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising from or created out of the sale, lease, sublease, license, concession or other grant of
the right of the use and occupancy of property or rendering 

  
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of services by Borrower, Operator or any other operator or manager of the hotel or the commercial space located in the Improvements or acquired from others (including, without limitation, from
the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space), license, lease, sublease and concession fees and rentals, health club membership fees, food and
beverage wholesale and retail sales, service charges, vending machine sales and proceeds, movie rentals, telephone service, if any, from business interruption or other loss of income insurance from the Land and the Improvements whether paid or
accrued before or after the filing by or against Borrower or Operator of any petition for relief under the Bankruptcy Code (collectively, the “Rents”) and all proceeds from the sale or other disposition of the Leases and the right
to receive and apply the Rents to the payment of the Debt. Notwithstanding the foregoing, “Rents” shall not include (i) gratuities collected by or for the benefit of employees at the Property or (ii) federal, state and municipal
excise, sales, hotel, use and similar taxes collected directly from patrons or guests of the Property as a part of or based on the sales price of any goods, services or other items, such as room, admission and cabaret or similar taxes. This
assignment of present and future Leases shall be effective without further or supplemental assignment; 
 (j) Bankruptcy
Claims. All of Borrower’s and Operator’s claims and rights (the “Bankruptcy Claims”) to the payment of damages arising from any rejection by a lessee of any Lease under the Bankruptcy Code; 

(k) Lease Guaranties. All of Borrower’s and Operator’s right, title and interest in and claims under any and all lease
guaranties, letters of credit and any other credit support (individually, a “Lease Guaranty,” and collectively, the “Lease Guaranties”) given by any guarantor in connection with any of the Leases or leasing
commissions (individually, a “Lease Guarantor,” and collectively, the “Lease Guarantors”) to Borrower or Operator; 
 (l) Proceeds. All proceeds from the sale or other disposition of the Leases, the Rents, the Lease Guaranties and the Bankruptcy Claims; 

(m) Lessor’s Rights. All rights, powers, privileges, options and other benefits of Borrower and/or Operator under the Leases
and/or under any and all Lease Guaranties, including without limitation (i) the immediate and continuing right to make claim for, receive and collect all Rents payable or receivable under the Leases and all sums payable under any and all Lease
Guaranties or pursuant thereto (and to apply the same to the payment of the Debt or the Other Obligations (as herein defined)) and (ii) any and all rights available to Borrower and/or Operator as the holder of a landlord’s lien or similar
lien on the property and/or assets of the tenant or lessee, and to do all other things which Borrower, Operator or any lessor is or may become entitled to do under the Leases or any and all Lease Guaranties; 

(n) Entry. The right, at Lender’s option, upon revocation of the license granted herein to enter upon the Property in person,
by agent or by court-appointed receiver, to collect the Rents; 
 (o) Power of Attorney. Upon or at any time after the
occurrence and during the continuance of an Event of Default, Borrower’s and Operator’s irrevocable power of attorney, coupled with an interest, to take any and all of the actions set forth in Section 7.1(h) of this Mortgage
and any or all other actions designated by Lender for the proper management and preservation of the Property and authorized by the terms of this Mortgage; 

  
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 (p) Condemnation Awards. All awards or payments, including interest thereon, which
may heretofore and hereafter be made with respect to the Property, whether from the exercise of the right of eminent domain (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of the right), or for a
change of grade, or for any other injury to or decrease in the value of the Property; 
 (q) Insurance Proceeds. All
proceeds in respect of the Property under any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the
Property; 
 (r) Tax Certiorari. All refunds, rebates or credits in connection with reduction in real estate taxes and
assessments charged against the Property as a result of tax certiorari or any appeals, applications or proceedings for reduction thereof; 
 (s) Conversion. All proceeds of the conversion, voluntary or involuntary, of any of the foregoing including, without limitation, proceeds of insurance and condemnation awards, into cash or
liquidation claims; 
 (t) Rights. The right, in the name and on behalf of Borrower and Operator, to appear in and defend
any action or proceeding brought with respect to the Property and to commence any action or proceeding to protect the interest of Lender in the Property; 
 (u) Agreements. All agreements, contracts, certificates, instruments, franchises, permits, licenses, plans, specifications, warranties and other documents, now or hereafter entered into, and all
rights therein and thereto, respecting or pertaining to the possession, use, occupation, construction, management or operation of the Land and any part thereof and any Improvements or any business or activity conducted on the Land and any part
thereof and all right, title and interest of Borrower and Operator therein and thereunder, including, without limitation, the right, upon the happening of and during the continuance of an Event of Default, to receive and collect any sums payable to
Borrower or Operator thereunder, provided that, unless an Event of Default has occurred and is continuing, Borrower and Operator shall be entitled to act in connection with any of the foregoing in accordance with the applicable requirements of the
Loan Agreement and other Loan Documents and provided such actions do not violate any covenant contained herein or therein; 

(v) Trademarks. To the extent assignable, all tradenames, patents, trademarks, servicemarks, logos, copyrights, goodwill, books
and records and all other general intangibles relating to or used in connection with the operation of the Property; 
 (w)
Accounts. All reserves, escrows and deposit accounts maintained by Borrower or Operator with respect to the Property, including, without limitation, all accounts established pursuant to the Cash Management Agreement, including, without
limitation, the Cash Management Account and the Clearing Accounts, together with all deposits or wire transfers made to the Cash Management Account and the Clearing Accounts and all cash, checks, drafts,

  
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certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or
substitutions thereon and thereof; 
 (x) Letter of Credit. All letter of credit rights (whether or not the letter of
credit is evidenced by a writing) Borrower or Operator now has or hereafter acquires relating to the properties, rights, titles and interests referred to in this Section 1.1; 

(y) Tort Claims. All commercial tort claims Borrower or Operator now has or hereafter acquires relating to the properties, rights,
titles and interests referred to in this Section 1.1; 
 (z) Proceeds. All proceeds (including, without
limitation, all “proceeds” as defined in the Uniform Commercial Code) of any of the foregoing, including, without limitation, proceeds of insurance and condemnation awards, whether cash, liquidation or other claims or otherwise; and

 (aa) Other Rights. Any and all other rights of Borrower and Operator in and to the items set forth in Subsections
(a) through (z) above, and all amendments, modifications, replacements, renewals and substitutions thereof. 
 AND without limiting any of the other provisions of this Mortgage, Borrower and Operator each expressly grants to Lender, as secured party, a security interest in the portion of the Property owned by
Borrower or Operator, as applicable, which is or may be subject to the provisions of the Uniform Commercial Code which are applicable to secured transactions; it being understood and agreed that the Improvements and Fixtures are part and parcel of
the Land (the Land, the Improvements and the Fixtures collectively referred to as the “Real Property”) appropriated to the use thereof and, whether affixed or annexed to the Real Property or not, shall for the purposes of this
Mortgage be deemed conclusively to be real estate and mortgaged hereby. 
 Section 1.2 Assignment of Leases and
Rents. Borrower and Operator each hereby absolutely and unconditionally assigns to Lender all of Borrower’s and Operator’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower
and Operator that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Nevertheless, subject to the terms of the Cash Management Agreement, the other Loan Documents and
Section 7.1(h) of this Mortgage, Lender grants to Borrower and Operator a revocable license to (and Borrower and Operator shall have the express right to) (a) collect, receive, use and enjoy the Rents and Borrower and Operator shall
hold such Rents, or a portion thereof sufficient to discharge all current sums due on the Debt, in trust for the benefit of Lender for use in the payment of such sums in accordance with the terms of the other Loan Documents and (b) otherwise
deal with and enjoy the rights of lessor under the Leases. 
 Section 1.3 Security Agreement. This Mortgage
is both a real property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether

  
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tangible or intangible in nature, of Mortgagor in the Property. By executing and delivering this Mortgage, Borrower and Operator each hereby grants to Lender, as security for the Obligations
(hereinafter defined), a security interest in all Property, including without limitation the Fixtures, the Equipment, the Personal Property and Rents to the full extent that such Property, including without limitation the Fixtures, the Equipment,
the Personal Property and Rents may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the “Collateral”). If an Event of Default shall occur and be
continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial
Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the
Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower and Operator each shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at
the Land if tangible property) reasonably acceptable to Lender. Mortgagor shall pay to Lender within ten (10) Business Days after demand therefor, any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or
paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other
intended action by Lender with respect to the Collateral sent to Mortgagor in accordance with Section 10.6 of the Loan Agreement at least ten (10) Business Days prior to such action, shall, except as otherwise provided by applicable
law, constitute reasonable notice to Mortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and
proportions as Lender in its discretion shall deem proper. The principal place of business of Borrower and Operator (each, debtor) is as set forth on page one hereof and the address of Lender (secured party) is as set forth on page one hereof.

 Section 1.4 Fixture Filing. Certain of the Property is or will become “fixtures” (as that term
is defined in the Uniform Commercial Code) on the Land, and this Mortgage, upon being filed for record in the real estate records of the recording district wherein such fixtures are situated, shall operate also as a financing statement filed as a
fixture filing in accordance with the applicable provisions of said Uniform Commercial Code upon such of the Property that is or may become fixtures. 
 Section 1.5 Pledges of Monies Held. Mortgagor hereby pledges to Lender any and all monies now or hereafter held by Lender or on behalf of Lender, including, without limitation, any sums
deposited in the Clearing Account, the Cash Management Account, the Reserve Funds and Net Proceeds, as additional security for the Obligations until expended or applied as provided in this Mortgage and the other Loan Documents. 

Section 1.6 Notice To Lessees. Borrower and Operator hereby authorizes and directs the lessees named in the Leases or
any other future lessees or occupants of the Property (and, as applicable, any guarantors under any Lease Guaranties) to pay over to Lender or to such other party as Lender directs all Rents and all sums due under any Lease or Lease Guaranties upon
receipt from Lender of written notice to the effect that Lender is then the holder of this Mortgage and that an Event of Default exists and is continuing, and to continue to do so until otherwise notified by Lender. 

  
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 Section 1.7 Assignment of Contracts. Mortgagor hereby absolutely and
unconditionally assigns to Lender all of Mortgagor’s right, title and interest in and to the Contracts (defined below), it being intended that this assignment be an absolute assignment from Mortgagor to Lender and not merely the granting of a
security interest. Until the occurrence of an Event of Default, Mortgagor may retain, use and enjoy the benefits of the Contracts. Upon the occurrence and during the continuance of an Event of Default (other than the Event of Defaults described in
Section 8.1(a)(vi) and Section 8.1(a)(vii) of the Loan Agreement for which the revocation hereinafter described shall be automatic and simultaneous with the occurrence of any such Event of Default), the license described in
the preceding sentence shall, upon Lender’s election, be automatically revoked, and Lender may elect to exercise any and all of Lender’s rights and remedies hereunder. Notwithstanding the foregoing, upon the election by Lender to terminate
the Management Agreement in accordance with Section 5.1.17 of the Loan Agreement, the foregoing described license shall be revoked. After such a revocation, Lender shall provide Mortgagor with notice of same. As used herein,
“Contracts” means, collectively, (a) all contracts between Borrower and/or Operator and third parties in connection with the management, construction, repair, renovation, use, operation or maintenance of the Property, including
without limitation, the Management Agreement, any franchise agreements, any agreements regarding parking facilities for the Property, any architect’s agreements, construction contracts, licensing agreements, subcontracts, service and supply
agreements, any other agreements with design professionals, all agreements, allocations, and rights with all utility services serving the Property and all development agreements, reservation agreements, agreements of sale, options to purchase,
rights of first refusal or any other preferential right and permits, which have heretofore been or will hereafter be executed by or on behalf of Borrower, Operator or Manager, or which have been or will hereafter be assigned to or acquired by
Borrower and/or Operator, in each case as the same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements supplemental thereto applicable to the Property (the parties with whom or to whom
any of the foregoing have been or may hereafter be given are hereinafter collectively referred to as the “Contractors”); and (b) all warranties, guarantees, and other rights of Borrower, Operator or Manager, direct and
indirect, against manufacturers, dealers, suppliers, Contractors, and others in connection with the work done or to be done and the materials supplied or to be supplied to or for the Property. 

CONDITIONS TO GRANT 
 TO HAVE AND TO HOLD the above granted and described Property unto and to the use and benefit of Lender and its successors and assigns, forever; 

PROVIDED, HOWEVER, these presents are made upon the express condition that, if Borrower shall pay to Lender the Debt at the time and in
the manner provided in the Note, the Loan Agreement and this Mortgage, and Borrower, Other Borrowers and Operator shall perform the Other Obligations (as herein defined) as set forth in this Mortgage and the other Loan Documents, and if each
Mortgagor shall abide by and comply with each and every 

  
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covenant and condition set forth herein and in the Note, the Loan Agreement and the other Loan Documents, these presents and the estate hereby granted shall cease, terminate and be void;
provided, however, Mortgagor’s obligation to indemnify and hold harmless Lender pursuant to the provisions hereof shall survive any such payment or release, except as set forth in the last sentence of Section 10.5. 

ARTICLE II - DEBT AND OBLIGATIONS SECURED 
 Section 2.1 Debt. This Mortgage and the grants, assignments and transfers made in Article 1 are given for the purpose of securing the Debt. 

Section 2.2 Other Obligations. This Mortgage and the grants, assignments and transfers made in Article 1
are also given for the purpose of securing the following (the “Other Obligations”): 
 (a) the performance by
Borrower and Operator of their respective obligations contained herein; 
 (b) the performance by each of Borrower, Operator and
the Other Borrowers of their respective obligations contained in the Loan Agreement and any other Loan Document; and 
 (c) the
performance by Borrower, Operator and the Other Borrowers of each of their respective obligations contained in any renewal, extension, amendment, modification, consolidation, change of, or substitution or replacement for, all or any part of the
Note, the Loan Agreement or any other Loan Document. 
 Section 2.3 Debt and Other Obligations.
Borrower’s and the Other Borrowers’ obligations for the payment of the Debt and the performance by each of Borrower, Operator and the Other Borrowers of the Other Obligations that it is obligated to perform shall be referred to
collectively herein as the “Obligations.” 
 ARTICLE III - BORROWER AND OPERATOR COVENANTS 

Each of Borrower and Operator covenants and agrees that: 
 Section 3.1 Payment of Debt. Borrower will pay, or cause to be paid, the Debt at the time and in the manner provided in the Loan Agreement, the Note and this Mortgage. 

Section 3.2 Incorporation by Reference. All the covenants, conditions and agreements contained in (a) the Loan
Agreement, (b) the Note and (c) all and any of the other Loan Documents, are hereby made a part of this Mortgage to the same extent and with the same force as if fully set forth herein. 

Section 3.3 Insurance. Borrower shall obtain and maintain, or cause to be maintained, in full force and effect at all
times insurance with respect to Borrower, Operator and the Property as required pursuant to the Loan Agreement. 

  
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 Section 3.4 Maintenance of Property. Borrower and Operator each shall
cause the Property to be maintained in a good and safe condition and repair in all material respects, normal wear and tear excepted. Except as otherwise provided in the Loan Agreement, the Improvements, the Fixtures, the Equipment and the Personal
Property shall not be removed, demolished or materially altered (except for normal replacement of the Fixtures, the Equipment or the Personal Property, tenant finish and refurbishment of the Improvements) without the consent of Lender or as
otherwise permitted pursuant to the Loan Agreement. Subject to and in accordance with the terms and conditions of the Loan Agreement, Borrower shall promptly repair, replace or rebuild, if applicable, any part of the Property which may be destroyed
by any Casualty or become damaged, worn or dilapidated or which may be affected by any Condemnation. 
 Section 3.5
Waste. Neither Borrower nor Operator shall commit or suffer any material waste of the Property or make any change in the use of the Property which may reasonably be expected to materially increase the risk of fire or other hazard arising
out of the operation of the Property, or take any action that might reasonably be expected to invalidate or allow the cancellation of any Policy, or do or permit to be done thereon anything that might reasonably be expected to materially impair the
value of the Property or the security of this Mortgage. Neither Borrower nor Operator will, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or
the subsurface of the Land, regardless of the depth thereof or the method of mining or extraction thereof. 

Section 3.6 Payment for Labor and Materials. (a) Except as otherwise provided in the Loan Agreement and subject
to Section 3.6(b) below, Borrower or Operator will promptly pay or cause to be paid when due all bills and costs for labor, materials, and specifically fabricated materials (“Labor and Material Costs”) incurred in
connection with the Property and never permit to exist beyond the due date thereof in respect of the Property or any part thereof any lien or security interest, even though inferior to the liens and the security interests hereof, and in any event
not permit to be created or exist in respect of the Property or any part thereof any other or additional lien or security interest other than the liens or security interests hereof except for the Permitted Encumbrances. 

(b) After prior written notice to Lender, Mortgagor, at its own expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any of the Labor and Material Costs, provided that (i) no Event of Default has occurred and is continuing under the Loan Agreement,
the Note, this Mortgage or any of the other Loan Documents, (ii) Mortgagor is permitted to do so under the provisions of any other mortgage, deed of trust or deed to secure debt affecting the Property, (iii) such proceeding shall suspend
the collection of the Labor and Material Costs from Mortgagor and from the Property or Mortgagor shall have paid all of the Labor and Material Costs under protest or Mortgagor shall have furnished security as provided in clause (vi) below,
(iv) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Mortgagor is subject and shall not constitute a default thereunder, (v) neither the Property nor any part
thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, and (vi) Mortgagor shall have furnished the security as may be required in the proceeding, or as may be required under the Loan Agreement to
insure the payment of any contested Labor and Material Costs, together with all interest and penalties thereon. 

  
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 Section 3.7 Performance of Other Agreements. Borrower and Operator each
shall observe and perform each and every term, covenant and provision to be observed or performed by Borrower or Operator, as applicable, pursuant to the Loan Agreement, any other Loan Document and any other agreement or recorded instrument
affecting or pertaining to the Property and any amendments, modifications or changes thereto. 
 Section 3.8
Title. Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Property and good title to the balance of such Property, free and clear of all Liens (as defined in the Loan Agreement)
whatsoever except the Permitted Encumbrances (as defined in the Loan Agreement), such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Operator has good, marketable and insurable leasehold
interest to the real property comprising part of the Property and good title to the balance of such Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents
and the Liens created by the Loan Documents. This Mortgage, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith (when filed), will create
(a) a valid, perfected first priority lien on the Property, subject only to Permitted Encumbrances, such other liens as are permitted pursuant to the Loan Documents, and the Liens created by the Loan Documents and (b) perfected security
interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted
pursuant to the Loan Documents and the Liens created by the Loan Documents. To Borrower’s and Operator’s knowledge after due inquiry, there are no claims for payment for work, labor or materials affecting the Property which are past due
(unless such claims for payments are being contested in accordance with the terms and conditions of this Mortgage) and no such claims are or may become a lien prior to, or of equal priority with, the Liens created by the Loan Documents. 

Section 3.9 Letter of Credit Rights. If Borrower or Operator is at any time a beneficiary under a letter of credit
relating to the properties, rights, titles and interests referenced in Section 1.1 of this Mortgage now or hereafter issued in favor of Borrower or Operator, Borrower or Operator, as applicable, shall promptly notify Lender thereof and,
at the request and option of Lender, Borrower or Operator shall use commercially reasonable efforts to, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Lender of the proceeds of any
drawing under the letter of credit or (ii) arrange for Lender to become the transferee beneficiary of the letter of credit, with Lender agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as
provided in Section 7.2 of this Mortgage. 
 ARTICLE IV - OBLIGATIONS AND RELIANCES 

Section 4.1 Relationship of Mortgagor and Lender. The relationship between Mortgagor and Lender is solely that of
debtor and creditor, and Lender has no fiduciary 

  
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or other special relationship with Mortgagor, and no term or condition of the Loan Agreement, the Note, this Mortgage and the other Loan Documents shall be construed so as to deem the
relationship between Mortgagor and Lender to be other than that of debtor and creditor. 
 Section 4.2
No Lender Obligations. Notwithstanding the provisions of Subsection 1.1(i) and 1.1(k) or Section 1.2 hereof, this Mortgage shall not be construed to bind Lender to the performance of any of the
covenants, conditions or provisions contained in any Lease or any Lease Guaranty or otherwise impose any obligation upon Lender. Lender shall not be liable for any loss sustained by Borrower or Operator resulting from Lender’s failure to let
the Property after an Event of Default or from any other act or omission of Lender in managing the Property after an Event of Default unless such loss is caused by the willful misconduct or gross negligence of Lender. Lender shall not be obligated
to perform or discharge any obligation, duty or liability under the Leases or any Lease Guaranties or under or by reason of this Mortgage, and each of Borrower and Operator shall, and hereby agrees to, indemnify Lender for, and to hold Lender
harmless from, any and all liability, loss or damage which may or might be incurred under the Leases, any Lease Guaranty or under or by reason of this Mortgage and from any and all claims and demands whatsoever, including the defense of any such
claims or demands which may be asserted against Lender by reason of any alleged obligations and undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in the Leases or any Lease Guaranty unless such loss
is caused by the willful misconduct or gross negligence of Lender. Should Lender incur any such liability, the amount thereof, including Lender’s costs, expenses and reasonable attorneys’ fees, shall be secured by this Mortgage and the
other Loan Documents and Borrower and Operator shall reimburse Lender therefor within ten (10) days after demand and upon the failure of Borrower or Operator so to do Lender may, at its option, declare all sums secured by this Mortgage and the
other Loan Documents immediately due and payable. This Mortgage shall not operate to place any obligation or liability for the control, care, management or repair of the Property upon Lender, nor for the carrying out of any of the terms and
conditions of the Leases or any Lease Guaranties; nor shall it operate to make Lender responsible or liable for any waste committed on the Property by the tenants or any other parties, or for any dangerous or defective condition of the Property
including, without limitation, the presence of any Hazardous Substances (as defined in the Environmental Indemnity), except to the extent arising from Lender’s gross negligence or willful misconduct, or for any negligence in the management,
upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger, except to the extent arising from Lender’s gross negligence or willful misconduct. Lender is not undertaking the
performance of any obligations with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents. Notwithstanding the provisions of this Section 4.2 to the contrary, the
liabilities and obligations of Borrower and Operator shall not apply to the extent such liability and obligations arose after any Indemnified Party, or its nominee acquired title to the Property whether by foreclosure, exercise of power of sale,
deed in lieu of foreclosure or otherwise. 
 Section 4.3 No Reliance on Lender. 

(a) The general partners, members, principals and (if Borrower or Operator is a trust) beneficial owners of Borrower and Operator are
experienced in the ownership and operation of properties similar to the Property, and Mortgagor and Lender are relying solely 

  
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upon such expertise and business plan in connection with the ownership and operation of the Property. Neither Borrower nor Operator is relying on Lender’s expertise, business acumen or
advice in connection with the Property. 
 (b) By accepting or approving anything required to be observed, performed or
fulfilled or to be given to Lender pursuant to this Mortgage, the Loan Agreement, the Note or the other Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other financial
statement, survey, appraisal, or insurance policy, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any
warranty or affirmation with respect thereto by Lender. 
 Section 4.4 Reliance. Mortgagor recognizes and
acknowledges that in accepting the Loan Agreement, the Note, this Mortgage and the other Loan Documents, Lender is expressly and primarily relying on the truth and accuracy of the warranties and representations set forth in Section 4.1
of the Loan Agreement without any obligation to investigate the Property and notwithstanding any investigation of the Property by Lender; that such reliance existed on the part of Lender prior to the date hereof, that the warranties and
representations are a material inducement to Lender in making the Loan; and that Lender would not be willing to make the Loan and accept this Mortgage in the absence of the warranties and representations as set forth in Section 4.1 of
the Loan Agreement. All representations, warranties, covenants, conditions and agreements contained in the Loan Agreement and the other Loan Documents as the same may be modified, renewed, substituted or extended are hereby made a part of this
Mortgage to the same extent and with the same force as if fully set forth herein. 
 Section 4.5 No Mortgagee in
Possession. Nothing herein contained shall be construed as constituting Lender a “mortgagee in possession” in the absence of the taking of actual possession of the Property by Lender. 

ARTICLE V - FURTHER ASSURANCES 
 Section 5.1 Recording of Mortgage, Etc. Mortgagor forthwith upon the execution and delivery of this Mortgage and thereafter, from time to time, will cause this Mortgage and any of the
other Loan Documents creating a Lien or security interest or evidencing the Lien hereof upon the Property and each instrument of further assurance to be filed, registered or recorded in such manner and in such places as may be required by any
present or future law in order to publish notice of and fully to protect and perfect the Lien or security interest hereof upon, and the interest of Lender in, the Property. Borrower will pay all taxes, filing, registration or recording fees, and all
expenses incident to the preparation, execution, acknowledgment and/or recording of the Note, this Mortgage, the other Loan Documents, any note, deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property and
any instrument of further assurance, and any modification or amendment of the foregoing documents, and all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and
delivery of this Mortgage, any deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property or any instrument of further assurance, and any modification or amendment of the foregoing documents, except where
prohibited by law so to do. 

  
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 Section 5.2 Further Acts, etc. Mortgagor will, at the cost of Mortgagor,
and without expense to Lender, do, execute, acknowledge and deliver all and every further acts, deeds, conveyances, deeds of trust, mortgages, assignments, notices of assignments, transfers and assurances as Lender shall, from time to time,
reasonably require, for the better assuring, conveying, assigning, transferring, and confirming unto Lender the Property and rights hereby mortgaged, deeded, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred
or intended now or hereafter so to be, or which Mortgagor may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating the performance of the terms of this Mortgage or for filing, registering
or recording this Mortgage, or for complying with all Legal Requirements. Mortgagor, on demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby authorizes Lender to execute in the name of Mortgagor to the
extent Lender may lawfully do so (or in the case of financing statements, without the signature of Mortgagor), one or more financing statements, chattel mortgages or comparable security instruments to evidence more effectively the security interest
of Lender in the Property and the Collateral. Such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect, notwithstanding that such
collateral description may be broader in scope than the collateral described herein. Lender shall provide Mortgagor with copies of any notices and/or instruments of filings executed by Lender in accordance with the immediately preceding sentence,
provided, that failure by Lender to provide such copies shall not affect the validity thereof. Mortgagor grants to Lender an irrevocable power of attorney coupled with an interest for the purpose of exercising and perfecting any and all
rights and remedies available to Lender at law and in equity upon the occurrence and during the continuance of an Event of Default, including without limitation, such rights and remedies available to Lender pursuant to this Section 5.2.
Notwithstanding anything to the contrary in the immediately preceding sentence, Lender shall not execute any documents as attorney in fact for Mortgagor unless Mortgagor shall have failed or refused to execute the same within three (3) Business
Days after receipt of Lender’s request thereof. 
 Section 5.3 Changes in Tax, Debt, Credit and Documentary
Stamp Laws. 
 (a) If any law is enacted or adopted or amended after the date of this Mortgage which deducts all or any
portion of the Debt from the value of the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in the Property granted by this Mortgage, Borrower will pay the tax, with
interest and penalties thereon, if any (provided that nothing hereunder shall require Borrower to pay any income tax imposed on Lender by reason of its interest in the Property). If Lender is advised in writing by counsel chosen by it that the
payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then Lender shall have the option by written notice of not less than one hundred eighty (180) days to declare the
Debt immediately due and payable; provided, however, no Spread Maintenance Premium, prepayment premium or penalty shall be due or payable in connection therewith and provided, further, that Lender shall not exercise such option if, within such one
hundred eighty (180) day period, Borrower shall prepay the outstanding principal balance of the Loan in an amount equal to the Adjusted Release Amount for the applicable Property, obtain a release of the applicable Property and pay all other
amounts due pursuant to and in accordance with Section 2.5.2 of the Loan Agreement. 

  
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 (b) Borrower will not claim or demand or be entitled to any credit or credits on account of
the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by
reason of this Mortgage or the Debt. If such claim, credit or deduction shall be required by law, Lender shall have the option, by written notice of not less than one hundred eighty (180) days to declare the Debt immediately due and payable;
provided, however, no Spread Maintenance Premium, prepayment premium or penalty shall be due or payable in connection therewith and provided, further, that Lender shall not exercise such option if, within such one hundred eighty (180) day
period, Borrower shall prepay the outstanding principal balance of the Loan in an amount equal to the Adjusted Release Amount for the applicable Property, obtain a release of the applicable Property and pay all other amounts due pursuant to and in
accordance with Section 2.5.2 of the Loan Agreement. 
 (c) If at any time the United States of America, any State
thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, this Mortgage, or any of the other Loan Documents or impose any other tax or charge on the same, Borrower will pay for the same, with
interest and penalties thereon, if any. 
 Section 5.4 Severing of Mortgage. This Mortgage and the
Note may, at any time until the same shall be fully paid and satisfied, at the sole election of Lender and at Lender’s sole cost and expense (provided no Event of Default has occurred and is continuing), be severed into two or more notes and
two or more security instruments in such denominations as Lender shall determine in its sole discretion, each of which shall cover all or a portion of the Property to be more particularly described therein, provided that such severance does not
increase, other than a de minimis amount, the obligations of Borrower and Operator under the Loan Documents or materially diminish, other than a de minimis amount, any of the rights of Borrower and Operator under the Loan Documents. To that end,
Borrower and/or Operator, upon written request of Lender and at Lender’s sole cost and expense, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its
designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of this Mortgage, and containing terms, provisions and clauses similar to those contained herein
and in the Note, and such other documents and instruments as may be required by Lender. The provisions of this Section 5.4 are subject to the provisions of the Loan Agreement. 

Section 5.5 Replacement Documents. Upon receipt of an affidavit of an officer of Lender as to the loss, theft,
destruction or mutilation of the Note or any other Loan Document which is not of public record, and, in the case of any such mutilation, upon surrender and cancellation of such Note or other Loan Document, Borrower or Operator, as applicable, will
issue, in lieu thereof, a replacement Note or other Loan Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Loan Document in the same principal amount thereof and otherwise of like tenor. 

ARTICLE VI - DUE ON SALE/ENCUMBRANCE 
 Section 6.1 Lender Reliance. Mortgagor acknowledges that Lender has examined and relied on the experience of Mortgagor and its respective general partners,

  
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members, principals and (if Borrower or Operator is a trust) beneficial owners in owning and operating properties such as the Property in agreeing to make the Loan, and will continue to rely on
Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations. Mortgagor acknowledges that Lender has a valid interest in maintaining
the value of the Property so as to ensure that, should an Event of Default occur in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a sale of the Property. 

Section 6.2 No Sale/Encumbrance. Neither Mortgagor nor any Restricted Party shall Transfer the Property or any part
thereof or any interest therein or permit or suffer the Property or any part thereof or any interest therein to be Transferred other than as expressly permitted pursuant to the terms of the Loan Agreement. 

ARTICLE VII - RIGHTS AND REMEDIES UPON DEFAULT 
 Section 7.1 Remedies. Upon the occurrence and during the continuance of any Event of Default, Borrower and Operator agree that Lender, acting on behalf of and at the sole discretion of
Lender in its capacity as Lender’s agent, may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the Property, including, but not limited to, the following
actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Lender may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Lender: 

(a) declare the entire unpaid Debt to be immediately due and payable; 

(b) institute proceedings, judicial or otherwise, for the complete foreclosure of this Mortgage under any applicable provision of law, in
which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner; 
 (c) with or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the partial foreclosure of this Mortgage for the portion of the Debt
then due and payable, subject to the continuing lien and security interest of this Mortgage for the balance of the Debt not then due, unimpaired and without loss of priority; 
 (d) sell for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Mortgagor therein and rights of redemption thereof, pursuant to power of sale
(if applicable under the laws of the State in which the Property is located) or otherwise, at one or more sales, as an entirety or in parcels, at such time and place, upon such terms and after such notice thereof as may be required or permitted by
law; 
 (e) institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or
agreement contained herein, in the Note, the Loan Agreement or in the other Loan Documents; 

  
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 (f) recover judgment on the Note either before, during or after any proceedings for the
enforcement of this Mortgage or the other Loan Documents; 
 (g) apply for the appointment of a receiver, trustee, liquidator or
conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of Mortgagor, any Guarantor or any Indemnifying Person with respect to the Loan or of any Person liable
for the payment of the Debt; 
 (h) the license granted to Borrower and Operator under Section 1.2 hereof shall
automatically be revoked, and Lender shall immediately be entitled to possession of all Rents, whether or not Lender enters upon or takes control of the Property, and Lender may, at its option, without waiving such Event of Default, without regard
to the adequacy of the security for the Debt, with or without bringing any action or proceeding, or by a receiver appointed by a court, enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess
Mortgagor and its agents and servants therefrom, without liability for trespass, damages or otherwise and exclude Mortgagor and its agents or servants wholly therefrom, and take possession of the Property and all books, records and accounts relating
thereto and Mortgagor agrees to surrender possession of the Property and of such books, records and accounts to Lender upon demand, and thereupon Lender may (i) use, lease, operate, manage, control, insure, maintain, repair, restore and
otherwise deal with all and every part of the Property and conduct the business thereat on such terms and for such period of time as Lender may deem proper; (ii) complete any construction on the Property in such manner and form as Lender deems
advisable; (iii) make alterations, additions, renewals, renovations, repairs, replacements and improvements to or on the Property; (iv) exercise all rights and powers of Mortgagor with respect to the Property, whether in the name of
Mortgagor or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants and demand, sue for, collect and receive all Rents of the Property and every part thereof and sums due under all
Lease Guaranties, including those past due and unpaid; (v) require Mortgagor to pay monthly in advance to Lender, or any receiver appointed to collect the Rents, the fair and reasonable rental value for the use and occupation of such part of
the Property as may be occupied by Mortgagor; (vi) require Mortgagor to vacate and surrender possession of the Property to Lender or to such receiver and, in default thereof, Mortgagor may be evicted by summary proceedings or otherwise; and
(vii) any law, custom or use to the contrary notwithstanding, apply the receipts from the Property to the payment of the Debt, in such order, priority and proportions as Lender shall deem appropriate in its sole discretion after deducting
therefrom all expenses (including reasonable third-party attorneys’ fees) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other Charges, Insurance Premiums and other expenses in connection with
the Property, and the cost of all alterations, renovations, repairs or replacements, and all expenses incident to taking and retaining possession of the Property, as well as just and reasonable compensation for the services of Lender, its counsel,
agents and employees; 
 (i) exercise any and all rights and remedies granted to a secured party upon default under the Uniform
Commercial Code, including, without limiting the generality of the foregoing: (i) the right to take possession of the Fixtures, the Equipment, the Personal Property or any part thereof, and to take such other measures as Lender may deem
necessary for the care, protection and preservation of the Fixtures, the Equipment, and the Personal Property, and 

  
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(ii) request Mortgagor at its expense to assemble the Fixtures, the Equipment, and the Personal Property and make it available to Lender at a convenient place acceptable to Lender. Any
notice of sale, disposition or other intended action by Lender with respect to the Fixtures, the Equipment, and/or the Personal Property sent to Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action,
shall constitute commercially reasonable notice to Mortgagor; 
 (j) apply any sums then deposited or held in escrow or
otherwise by or on behalf of Lender in accordance with the terms of the Loan Agreement, this Mortgage or any other Loan Document (collectively, “Escrow Deposits”) to the payment of the following items in any order in its sole
discretion (but subject to the express terms of such Loan Documents): 
 (i) Taxes and Other Charges;

 (ii) Insurance Premiums; 

(iii) Interest on the unpaid principal balance of the Note; 

(iv) Amortization of the unpaid principal balance of the Note; and 

(v) All other sums payable pursuant to the Note, the Loan Agreement, this Mortgage and the other Loan Documents,
including without limitation advances made by Lender pursuant to the terms of this Mortgage; 
 provided that any Escrow Deposits remaining on
deposit with Lender following application of the Escrow Deposits by Lender as provided above shall be returned to Mortgagor in accordance with and subject to the terms and provisions of the Loan Agreement and the other Loan Documents; 

(k) pursue such other remedies as Lender may have under applicable law; or 

(l) apply the undisbursed balance of any Net Proceeds Deficiency deposit, together with interest thereon, to the payment of the Debt in
such order, priority and proportions as Lender shall deem to be appropriate in its discretion. 
 In the event of a sale, by foreclosure, power
of sale (if applicable under the laws of the State in which the Property is located) or otherwise, of less than all of the Property, this Mortgage shall continue as a lien and security interest on the remaining portion of the Property unimpaired and
without loss of priority. 
 Section 7.2 Application of Proceeds. Subject to the terms of the Loan Agreement,
upon the occurrence and during the continuance of an Event of Default, the purchase money, proceeds and avails of any disposition of the Property, and/or any part thereof, or any other sums collected by Lender pursuant to the Note, this Mortgage or
the other Loan Documents, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. 

  
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 Section 7.3 Right to Cure Defaults. Upon the occurrence and during the
continuance of any Event of Default, Lender may, but without any obligation to do so and without notice to or demand on Mortgagor and without releasing Mortgagor from any obligation hereunder, make any payment or do any act required of Mortgagor
hereunder in such manner and to such extent as Lender may deem necessary to protect the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its
interest in the Property or to foreclose this Mortgage or collect the Debt, and the cost and expense thereof (including reasonable third-party attorneys’ fees to the extent permitted by law), with interest as provided in this
Section 7.3, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in,
defending, or bringing any such action or proceeding shall bear interest at the Default Rate, for the period after notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by
Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by this Mortgage and the other Loan Documents and shall be immediately due and payable upon demand by Lender
therefor. 
 Section 7.4 Actions and Proceedings. Lender has the right to appear in and defend any action or
proceeding brought with respect to the Property and, provided that, if no Event of Default has occurred and is continuing, Lender shall endeavor to cooperate with Mortgagor and its legal counsel with respect to any defense by Lender of any such
action. Subject to the terms of the Loan Agreement, Lender shall also have the right to bring any action or proceeding, in the name and on behalf of Mortgagor, which Lender, in its discretion, decides should be brought to protect its interest in the
Property, provided that Lender shall notify Mortgagor that it intends to bring such action at least ten (10) days prior to Lender instituting any such action (unless (a) an Event of Default has occurred and is continuing or (b) the
provision of such notice by Lender reasonably threatens to materially prejudice Lender’s rights or materially adversely affect Lender’s interest in the Property or Lender’s rights and remedies under the Loan Documents, in either of
which events such notice shall not be required), and Lender shall endeavor to provide to Mortgagor and its legal counsel reasonable periodic status updates as to any such action brought by Lender. 

Section 7.5 Recovery of Sums Required to Be Paid. Subject to the terms of the Loan Agreement, Lender shall have the
right from time to time to take action to recover any sum or sums which constitute a part of the Debt as the same become due, without regard to whether or not the balance of the Debt shall be due, and without prejudice to the right of Lender
thereafter to bring an action of foreclosure, or any other action, for an Event of Default by Mortgagor existing at the time such earlier action was commenced. 
 Section 7.6 Examination of Books and Records. At reasonable times and upon reasonable prior notice, Lender, its agents, accountants and attorneys shall have the right to examine the
records, books, management and other papers of Mortgagor which reflect upon its financial condition, at the Property or at any office regularly maintained by Mortgagor where the books and records are located. Lender and its agents shall have the
right to make copies and extracts from the foregoing records and other papers. In addition, at reasonable times and upon reasonable prior notice, but not more than two (2) times in any calendar year, (provided, that

  
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upon the occurrence and during the continuance of an Event of Default, the foregoing limitation for examinations per annum shall not apply) Lender, its agents, accountants and attorneys shall
have the right to examine and audit the books and records of Mortgagor pertaining to the income, expenses and operation of the Property during reasonable business hours at any office of Mortgagor where the books and records are located. This
Section 7.6 shall apply throughout the term of the Note and without regard to whether an Event of Default has occurred or is continuing. 
 Section 7.7 Other Rights, etc.  
 (a) The failure of
Lender to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this Mortgage. Mortgagor shall not be relieved of Mortgagor’s obligations hereunder by reason of (i) the failure of Lender to
comply with any request of Mortgagor or any Guarantor or any Indemnifying Person with respect to the Loan to take any action to foreclose this Mortgage or otherwise enforce any of the provisions hereof or of the Note or the other Loan Documents,
(ii) the release, regardless of consideration, of the whole or any part of the Property, or of any person liable for the Debt or any portion thereof, or (iii) any agreement or stipulation by Lender extending the time of payment or
otherwise modifying or supplementing the terms of the Note, this Mortgage or the other Loan Documents. 
 (b) It is agreed that
the risk of loss or damage to the Property is on Mortgagor, and Lender shall have no liability whatsoever for decline in value of the Property, for failure to maintain the Policies, or for failure to determine whether insurance in force is adequate
as to the amount of risks insured. Possession by Lender shall not be deemed an election of judicial relief if any such possession is requested or obtained with respect to any Property or Collateral not in Lender’s possession. 

(c) Lender may resort for the payment of the Debt to any other security held by Lender in such order and manner as Lender, in its
discretion, may elect. Lender may take action to recover the Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to foreclose this Mortgage. The rights of Lender under this Mortgage
shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Lender shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. Lender
shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity. 
 (d) Nothing contained in this Mortgage and no act done or omitted by Lender pursuant to the power and rights granted to Lender hereunder shall be deemed to be a waiver by Lender of its rights and remedies
under the Loan Agreement, the Note, or the other Loan Documents and this Mortgage is made and accepted without prejudice to any of the rights and remedies possessed by Lender under the terms thereof. The right of Lender to collect the Debt and to
enforce any other security therefor held by it may be exercised by Lender either prior to, simultaneously with, or subsequent to any action taken by it hereunder. Mortgagor hereby absolutely, unconditionally and irrevocably waives any and all rights
to assert any setoff of any nature whatsoever with respect to the obligations of Mortgagor under this Mortgage in any action or proceeding brought by Lender to collect same, or any portion thereof, or to enforce and realize upon the lien and
security interest created by this Mortgage, the Loan Agreement, the Note, or any of the other Loan Documents. 

  
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 Section 7.8 Right to Release Any Portion of the Property and Other
Security. Lender may release any portion of the Property from the lien of this Mortgage for such consideration as Lender may require without, as to the remainder of the Property, in any way impairing or affecting the lien or priority of this
Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Lender for such release,
and may accept by assignment, pledge or otherwise any other property in place thereof as Lender may require without being accountable for so doing to any other lienholder. This Mortgage shall continue as a lien and security interest in the remaining
portion of the Property. Lender may take or release from the liens created by the Loan Documents other security for the payment of the Debt, may release any party primarily or secondarily liable therefor and may apply any other security held by it
to the reduction or satisfaction of the Debt without prejudice to any of its rights under this Mortgage. 
 Section 7.9
Intentionally Omitted. 
 Section 7.10 Recourse and Choice of Remedies. Notwithstanding any other
provision of this Mortgage or the Loan Agreement, including, without limitation, Section 9.4 of the Loan Agreement, Lender and the other Indemnified Parties (as hereinafter defined) are entitled to enforce against Borrower and Operator
the obligations of Borrower and Operator contained in Sections 9.1, 9.2 and 9.3 herein and Section 9.4 of the Loan Agreement without first resorting to or exhausting any security or collateral and without first having
recourse to the Note or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender commences a foreclosure action against the Property, Lender is entitled to pursue a deficiency
judgment with respect to such obligations against Borrower. The provisions of Sections 9.1, 9.2 and 9.3 herein and Section 9.4 of the Loan Agreement are, relative to Borrower and Operator, exceptions to any non-recourse or
exculpation provisions in the Loan Agreement, the Note, this Mortgage or the other Loan Documents, and Borrower and Operator are fully and personally liable for the obligations pursuant to Sections 9.1, 9.2 and 9.3 herein and
Section 9.4 of the Loan Agreement with respect to their respective obligations set forth in such sections. The liability of Borrower and Operator (but not any partner, member, shareholder, officer, director or agent of Borrower or
Operator) pursuant to Sections 9.1, 9.2 and 9.3 herein and Section 9.4 of the Loan Agreement is not limited to the original principal amount of the Note. Notwithstanding the foregoing, nothing herein shall inhibit or
prevent Lender from foreclosing or exercising any other rights and remedies pursuant to the Loan Agreement, the Note, this Mortgage and the other Loan Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A
separate action or actions may be brought and prosecuted against Borrower and Operator pursuant to Sections 9.1, 9.2 and 9.3 herein and Section 9.4 of the Loan Agreement whether or not action is brought against any
other Person or whether or not any other Person is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or
actions initiated in connection with any matter addressed in Article 9 herein. 

  
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 Section 7.11 Non-Waiver. The exercise by Lender of any option granted it
in Section 7.1 of this Mortgage and the collection of the Rents and sums due under the Leases and Lease Guaranties and the application thereof as herein provided shall not be considered a waiver of any default by Borrower or Operator
under the Note, the Loan Agreement, the Leases, this Mortgage or the other Loan Documents to which each is a party. The failure of Lender to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this
Mortgage. Mortgagor shall not be relieved of Mortgagor’s obligations hereunder by reason of (a) the failure of Lender to comply with any request of Mortgagor or any other party to take any action to enforce any of the provisions hereof or
of the Loan Agreement, the Note or the other Loan Documents, (b) the release regardless of consideration, of the whole or any part of the Property from the liens created by the Loan Documents (except to the extent expressly set forth in any
documents evidencing or effecting such release), or (c) any agreement or stipulation by Lender extending the time of payment or otherwise modifying or supplementing the terms of this Mortgage, the Loan Agreement, the Note, or the other Loan
Documents (except to the extent expressly set forth in any such agreement or stipulation). Subject to the terms of the Loan Agreement, Lender may resort for the payment of the Debt to any other security held by Lender in connection with the Loan in
such order and manner as Lender, in its discretion, may elect. Lender may take any action to recover the Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under
this Mortgage. The rights of Lender under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Lender shall be construed as an election to proceed under any one provision
herein to the exclusion of any other provision. 
 Section 7.12 Right of Entry. Subject to the rights of
tenants, upon reasonable prior notice to Mortgagor, Lender and its agents shall have the right to enter and inspect the Property at all reasonable times on any Business Day. 
 ARTICLE VIII - PREPAYMENT 
 Section 8.1 Prepayment. The
Debt may not be prepaid in whole or in part except in accordance with the express terms and conditions of the Loan Agreement and this Mortgage. 
 ARTICLE IX - INDEMNIFICATION 
 Section 9.1 General
Indemnification. Except to the extent caused by the gross negligence or willful misconduct of the Indemnified Parties, each of Borrower and Operator shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless
the Indemnified Parties from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees,
expenses, judgments, awards, amounts paid in settlement, punitive damages, and consequential damages, of whatever kind or nature (including but not limited to reasonable attorneys’ fees and other costs of defense) (collectively, the
“Losses”) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) ownership of this Mortgage, the
Property or any interest therein or receipt of any Rents; 

  
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(b) any amendment to, or restructuring of, the Debt, the Note, the Loan Agreement, this Mortgage, or any other Loan Documents, each to the extent required by Borrower or Operator;
(c) any and all lawful action that may be taken by Lender in connection with the enforcement of the provisions of this Mortgage, the Loan Agreement, the Note or any of the other Loan Documents, each to the extent required by Borrower or
Operator, whether or not suit is filed in connection with same, or in connection with Borrower or Operator, any Guarantor or any Indemnifying Person and/or any partner, joint venturer or shareholder thereof becoming a party to a voluntary or
involuntary federal or state bankruptcy, insolvency or similar proceeding; (d) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Property or any part thereof or on the adjoining
sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (e) any use, nonuse or condition in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (f) performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; (g) the failure of any Person to file timely with the Internal Revenue Service
an accurate Form 1099-B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions, which may be required in connection with this Mortgage, or to supply a copy thereof in a timely fashion to the recipient of the
proceeds of the transaction in connection with which this Mortgage is made; (h) any failure of the Property to be in compliance with any Legal Requirements; (i) the enforcement by any Indemnified Party of the provisions of this
Article 9; (j) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements
contained in any Lease; or (k) the payment of any commission, charge or brokerage fee to anyone claiming through Borrower or Operator which may be payable in connection with the funding of the Loan. Any amounts payable to Lender by reason of
the application of this Section 9.1 shall become due and payable upon Lender’s written demand and delivery of reasonable backup documentation therefor, and any such amounts that are not paid when due and shall bear interest at the
Default Rate from the date such amounts become due and payable until paid. For purposes of this Article 9, the term “Indemnified Parties” means Lender and any Person who is or will have been involved in the origination of the
Loan, any Person who is or will have been involved in the servicing of the Loan secured hereby, any Person in whose name the encumbrance created by this Mortgage is or will have been recorded, any Person who may hold or acquire or will have held a
full or partial interest in the Loan secured hereby (including, but not limited to, investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan secured hereby for
the benefit of third parties) as well as the respective directors, officers, shareholders, partners, 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, whether during the term of the Loan or as a part of or following a
foreclosure of the Loan and any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 
 Section 9.2 Mortgage and/or Intangible Tax. Each of Borrower and Operator shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified
Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way 

  
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relating to any tax on the making and/or recording of this Mortgage, the Note or any of the other Loan Documents, but excluding any income, franchise or other similar taxes. Each of Borrower and
Operator hereby agrees that, in the event that it is determined that any documentary stamp taxes or intangible personal property taxes are due hereon or on any security instrument or promissory note executed in connection herewith (including,
without limitation, the Note), each of Borrower and Operator shall indemnify and hold harmless the Indemnified Parties for all such documentary stamp and/or intangible taxes, including all penalties and interest assessed or charged in connection
therewith. 
 Section 9.3 ERISA Indemnification. Each of Borrower and Operator shall, at its sole cost and
expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses (including, without limitation, reasonable third-party attorneys’ fees and reasonable and documented out-of-pocket costs
incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be
required, in Lender’s reasonable discretion) that Lender may incur, directly or indirectly, as a result of a default under Sections 4.1.9 or 5.2.9 of the Loan Agreement. 

Section 9.4 Duty to Defend; Attorneys’ Fees and Other Fees and Expenses. In connection with any indemnification
obligations of Mortgagor hereunder, upon written request by any Indemnified Party, each of Borrower and Operator shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other
professionals reasonably approved by the Indemnified Parties (and attorneys and other professionals selected by Mortgagor’s insurance carrier shall be deemed approved by the Indemnified Parties). Notwithstanding the foregoing, if the defendants
in any such claim or proceeding include both Mortgagor and any Indemnified Party and Mortgagor and such Indemnified Party shall have reasonably concluded that there are any legal defenses available to it and/or other Indemnified Parties that are
different from or additional to those available to Mortgagor, such Indemnified Party shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such
Indemnified Party, provided that no compromise or settlement shall be entered without Mortgagor’s consent, which consent shall not be unreasonably withheld. Upon demand, Mortgagor shall pay or, in the sole and absolute discretion of the
Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and out-of-pocket disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

Section 9.5 Environmental Indemnity. Simultaneously with this Mortgage, Borrower, BRE Select Hotels Corp and Other
Borrowers have executed that certain Environmental Indemnity. The obligations of Borrower, BRE Select Hotels Corp and Other Borrowers under the Environmental Indemnity are not part of the Debt and are not secured by this Mortgage. 

ARTICLE X - WAIVERS 
 Section 10.1 Waiver of Counterclaim. To the extent permitted by applicable law, Borrower and Operator each hereby waives the right to assert a counterclaim, other than
a

  
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mandatory or compulsory counterclaim, in any action or proceeding brought against it by Lender arising out of or in any way connected with this Mortgage, the Loan Agreement, the Note, any of the
other Loan Documents, or the Obligations (provided, however, that the foregoing shall not be deemed a waiver of Borrower’s or Operator’s right to assert any compulsory counterclaim if such counterclaim is compelled under local law or rule
of procedure, nor shall the foregoing be deemed a waiver of Borrower’s or Operator’s right to assert any claim which would constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever against Lender in any separate
action or proceeding). 
 Section 10.2 Marshalling and Other Matters. To the extent permitted by applicable
law, Borrower and Operator each hereby waives the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property
or any part thereof or any interest therein. Further, Borrower and Operator each hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of this Mortgage on behalf of Borrower or Operator, and on
behalf of each and every Person acquiring any interest in or title to the Property subsequent to the date of this Mortgage and on behalf of all persons to the extent permitted by applicable law. 

Section 10.3 Waiver of Notice. To the extent permitted by applicable law, neither Borrower nor Operator shall be
entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Mortgage or any other Loan Documents specifically and expressly provides for the giving of notice by Lender to Borrower and/or Operator, as
applicable, and except with respect to matters for which Lender is required by applicable law to give notice, and Borrower and Operator each hereby expressly waives the right to receive any notice from Lender with respect to any matter for which
this Mortgage does not specifically and expressly provide for the giving of notice by Lender to Borrower and/or Operator. 

Section 10.4 Waiver of Statute of Limitations. To the extent permitted by applicable law, each of Borrower and
Operator hereby expressly waives and releases to the fullest extent permitted by law, the pleading of any statute of limitations as a defense to payment of the Debt or performance of its Other Obligations. 

Section 10.5 Survival. The indemnifications made pursuant to Sections 9.1, 9.2, 9.3 and
9.4 herein shall continue until the Debt is paid in full force and effect and shall survive and shall in no way be impaired by any of the following: any satisfaction or other termination of this Mortgage, any assignment or other transfer of
all or any portion of this Mortgage or Lender’s interest in the Property (but, in such case, shall benefit both Indemnified Parties and any assignee or transferee), any exercise of Lender’s rights and remedies pursuant hereto including,
but not limited to, foreclosure or acceptance of a deed in lieu of foreclosure, any exercise of any rights and remedies pursuant to the Loan Agreement, the Note or any of the other Loan Documents, any transfer of all or any portion of the Property
(whether by Borrower or Operator or by Lender following foreclosure or acceptance of a deed in lieu of foreclosure or at any other time), any amendment to this Mortgage, the Loan Agreement, the Note or the other Loan Documents, and any act or
omission that might otherwise be construed as a release or discharge of Borrower from the obligations pursuant hereto. Notwithstanding the provisions of 

  
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this Mortgage to the contrary, the liabilities and obligations of Mortgagor shall not apply to the extent such liability and obligations arose after any Indemnified Party, or its nominee acquired
title to the Property whether by foreclosure, exercise of power of sale, deed in lieu of foreclosure or otherwise. 
 ARTICLE
XI - EXCULPATION 
 The provisions of Section 9.4 of the Loan Agreement are hereby incorporated by reference
into this Mortgage to the same extent and with the same force as if fully set forth herein. 
 ARTICLE XII - NOTICES

 All notices or other written communications hereunder shall be delivered in accordance with Section 10.6 of
the Loan Agreement. 
 ARTICLE XIII - APPLICABLE LAW 

Section 13.1 Governing Law. 
 (a) THIS MORTGAGE WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY MORTGAGOR IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO 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 EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS MORTGAGE, THE NOTE, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER 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 AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND
SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY
THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF
BORROWER, OPERATOR AND LENDER (BY ITS ACCEPTANCE HEREOF) EACH HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS MORTGAGE,

  
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THE NOTE, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS, AND THIS MORTGAGE, THE NOTE, THE LOAN 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)
BORROWER, OPERATOR AND LENDER (BY ITS ACCEPTANCE HEREOF) EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, BASED ON, ARISING OUT OF, UNDER, OR IN CONNECTION WITH, OR RELATED, DIRECTLY OR INDIRECTLY, TO THE LOAN AND/OR THIS MORTGAGE, THE NOTE OR THE OTHER LOAN DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN), OR ANY ACTS OR OMISSIONS OF ANY PARTY HERETO OR BENEFICIARY HEREOF, OR THEIR RESPECTIVE OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. BORROWER, OPERATOR AND LENDER EACH HEREBY CERTIFIES THAT NO
REPRESENTATIVE OR AGENT OF BORROWER, OPERATOR OR LENDER OR THEIR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BORROWER, OPERATOR OR LENDER WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISIONS. EACH OF BORROWER AND
OPERATOR ACKNOWLEDGES THAT THE PROVISIONS OF THIS PARAGRAPH ARE A MATERIAL INDUCEMENT TO LENDER TO MAKE THE LOAN. 

Section 13.2 Usury Laws. Notwithstanding anything to the contrary contained herein, (a) all agreements and
communications between Borrower and Lender are hereby and shall automatically be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged or received by Lender shall never exceed the Maximum Legal
Rate or amount, (b) in calculating whether any interest exceeds the Maximum Legal Rate, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of Borrower to Lender, and
(c) if through any contingency or event, Lender receives or is deemed to receive interest in excess of the Maximum Legal Rate, any such excess shall be deemed to have been applied toward payment of the principal of any and all then outstanding
indebtedness of Borrower to Lender, or if there is no such indebtedness, shall immediately be returned to Borrower. 

Section 13.3 Provisions Subject to Applicable Law. All rights, powers and remedies provided in this Mortgage may be
exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary so that they will not render this Mortgage invalid, unenforceable or not entitled to be
recorded, registered or filed under the provisions of any applicable law. If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the remainder of this Mortgage and any other application of the term shall not be
affected thereby. 

  
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 ARTICLE XIV - DEFINITIONS 

All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement. Unless the context clearly
indicates a contrary intent or unless otherwise specifically provided herein, words used in this Mortgage may be used interchangeably in singular or plural form and the word “Borrower” shall mean “each Borrower and any
subsequent owner or owners of the Property or any part thereof or any interest therein,” the word “Lender” shall mean “Lender and any subsequent holder of the Note,” the word “Mortgagor” shall mean
“each Mortgagor and any subsequent owner or owners of the Property or any part thereof or any interest therein,” the word “Note” shall mean “the Note and any other evidence of indebtedness secured by this
Mortgage,” the word “Operator” shall mean “each Operator and any subsequent operator or operators of the Property or any part thereof, in each case, pursuant to an operating lease”, the word
“Property” shall include any portion of the Property and any interest therein, and the phrases “attorneys’ fees”, “legal fees” and “counsel fees” shall include any and all
reasonable third-party 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
Property, the Leases and the Rents and enforcing its rights hereunder. 
 ARTICLE XV - MISCELLANEOUS PROVISIONS

 Section 15.1 No Oral Change. This Mortgage, 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 Borrower, Operator or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment,
waiver, extension, change, discharge or termination is sought. 
 Section 15.2 Joint and Several Liability;
Limitation on Operator’s Liability. To the extent the obligations set forth herein are expressly stated to be obligations of the Mortgagor or of both Borrower and Operator, each of Borrower and Operator shall be jointly and severally
liable for the performance of such obligations. Nothing contained herein shall in any way alter or modify Borrower’s obligations as a joint and several obligor (with Other Borrowers) for the repayment of the Debt and performance of the
Obligations. Lender by its acceptance hereof, and its successors and assigns, agrees that Operator is not the Borrower and shall under no circumstances whatsoever be liable hereunder or under any of the other Loan Documents for the repayment of the
principal amount of the Loan or the payment of any interest which may accrue on such amount (at the Interest Rate or Default Rate), any late charges, or any other portion of the Debt, except to the extent otherwise expressly provided in this
Mortgage or in any of the other Loan Documents to which Operator is a party. 
 Section 15.3 Successors and
Assigns. This Mortgage shall be binding upon and inure to the benefit of Mortgagor and Lender and their respective successors and assigns forever. 
 Section 15.4 Inapplicable Provisions. If any term, covenant or condition of the Loan Agreement, the Note or this Mortgage is held to be invalid, illegal or unenforceable in any respect,
the Loan Agreement, the Note and this Mortgage shall be construed without such provision. 

  
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 Section 15.5 Headings, etc. The headings and captions of various Sections
of this Mortgage 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. 
 Section 15.6 Number and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of
nouns and pronouns shall include the plural and vice versa. 
 Section 15.7 Subrogation. If any or all of the
proceeds of the Note have been used to extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Lender shall be subrogated to all of the rights, claims, liens, titles, and
interests existing against the Property heretofore held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in full force and effect in
favor of Lender and are merged with the lien and security interest created herein as cumulative security for the repayment of the Debt, the performance and discharge of Mortgagor’s obligations hereunder, under the Loan Agreement, the Note and
the other Loan Documents and the performance and discharge of the Other Obligations. 
 Section 15.8 Entire
Agreement. The Note, the Loan Agreement, this Mortgage and the other Loan Documents constitute the entire understanding and agreement between Borrower, Operator and Lender with respect to the transactions arising in connection with the Debt
and supersede all prior written or oral understandings and agreements between Borrower, Operator and Lender with respect thereto. Mortgagor hereby acknowledges that, except as incorporated in writing in the Note, the Loan Agreement, this Mortgage
and the other Loan Documents, there are not, and were not, and no Persons are or were authorized by Lender to make, any representations, understandings, stipulations, agreements or promises, oral or written, with respect to the transaction which is
the subject of the Note, the Loan Agreement, this Mortgage and the other Loan Documents. 
 Section 15.9 Limitation
on Lender’s Responsibility. No provision of this Mortgage shall operate to place any obligation or liability for the control, care, management or repair of the Property upon Lender, nor shall it operate to make Lender responsible or
liable for any waste committed on the Property by the tenants or any other Person, or for any dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property resulting in loss or
injury or death to any tenant, licensee, employee or stranger other than as a result of actions of Lender that constitute gross negligence or willful misconduct. Nothing herein contained shall be construed as constituting Lender a “mortgagee in
possession.” 
 Section 15.10 Conflict of Terms. In case of any conflict between the terms of
this Mortgage and the terms of the Loan Agreement, the terms of the Loan Agreement shall prevail. 

  
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 Section 15.11 Release or Assignment of Mortgage. Notwithstanding anything
to the contrary herein, if all of the Debt is indefeasibly paid or as may otherwise be permitted by the terms of the Loan Agreement, then and in that event only, all rights, except those indemnifications made pursuant to Sections 9.1,
9.2, 9.3 and 9.4 hereof, under this Mortgage shall automatically terminate and the Property shall become wholly clear of the liens, security interests, conveyances and assignments evidenced hereby, which shall be promptly
released of record by Lender in due form. To the extent requested by Mortgagor, Lender agrees to assign the Note and this Mortgage to such party as may be designated by Mortgagor upon the repayment (or purchase by another lender designated by
Borrower) in full of the Debt or upon release of the Property as may otherwise be permitted under the Loan Agreement and Lender will cooperate in the preparation of all of the necessary documentation to effectuate an assignment of this Mortgage and
the indebtedness secured thereby, including the delivery of originals of the Loan Documents. All reasonable costs incurred by Lender under this paragraph, including, without limitation, reasonable third-party attorney’s fees and disbursements,
promptly shall be reimbursed by Mortgagor. 
 Section 15.12 Secondary Market. Lender may sell, transfer and
deliver the Note and assign this Mortgage and the other Loan Documents to one or more investors in the secondary mortgage market (“Investors”). In connection with such sale, Lender may retain or assign responsibility for servicing
the Loan, including the Note, this Mortgage or the other Loan Documents, or may delegate some or all of such responsibility and/or obligations to a servicer, including, without limitation, any subservicer or master servicer, on behalf of the
Investors. All references to Lender herein shall refer to and include any such servicer to the extent applicable. 

Section 15.13 Cross-Collateralization. In accordance with the terms and conditions of the Loan Agreement, without
limitation to any other right or remedy provided to Lender in this Mortgage or any of the other Loan Documents, Borrower and Operator each acknowledges and agrees that (i) upon the occurrence of an Event of Default, to the fullest extent
permitted by law, Lender shall have the right to pursue all of its rights and remedies in one proceeding, or separately and independently in separate proceedings which Lender, in its sole and absolute discretion, shall determine from time to time;
(ii) Lender shall not be required to marshall assets, sell any collateral for the Loan in any inverse order of alienation, or be subjected to any “one action” or “election of remedies” law or rule; (iii) the exercise by
Lender of any remedies against any of the collateral for the Loan shall not impede Lender from subsequently or simultaneously exercising remedies against other collateral for the Loan; (iv) all Liens and other rights, remedies and privileges
provided to Lender in the Loan Documents or otherwise shall remain in full force and effect until Lender has exhausted all of its remedies against the collateral for the Loan and all of the collateral for the Loan has been foreclosed, sold and/or
otherwise realized upon in satisfaction of the Loan; and (v) all of the Property shall remain security for the performance of all of Borrower’s and Operator’s obligations hereunder, under the Note and under any of the Loan Documents.
Borrower and Operator each acknowledges that Borrower shall be jointly and severally liable for the obligations of the Other Borrowers under the Loan Documents, and Borrower and Operator each consents and agrees to the terms and conditions of all of
the Loan Documents (including those to which Borrower and Operator are not a party). 

  
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 ARTICLE XVI - PLEDGED LEASE COVENANTS AND ESTOPPEL 

Section 16.1 Pledged Lease Covenants. 
 (a) In the event that Operator shall be the owner and holder of the fee title to any portion of the Property while any portion of the Obligations remains unpaid or unsatisfied, the lien of this Mortgage
shall be spread to cover such fee title to such portion of the Property. Operator agrees, at its sole cost and expense, including any reasonable attorneys’ fees and disbursements incurred by Lender in connection therewith, to (i) execute
or cause to be executed any and all documents or instruments necessary to subject Operator’s fee title to the Property to the lien of this Mortgage; and (ii) provide a title insurance policy, at Operator’s expense, that shall insure
that the lien of this Mortgage is a first lien on Operator’s or such Person’s fee title to the Property. 
 (b)
Without limiting any other provisions contained herein, Operator hereby agrees that all of its right, title and interest under the Pledged Lease (and otherwise with respect to the Property) is subject and subordinate to the Loan and Lender’s
security interest in Borrower’s right, title and interest in and to the Property. In connection therewith, Operator acknowledges and agrees that in the event Lender shall succeed to the interests of Borrower under the Pledged Lease, Lender
shall have the absolute right (without regard to the enforceability or perfection of Lender’s security interest in Operator’s leasehold estate) to terminate the Pledged Lease and in such event (i) the Pledged Lease and all of
Operator’s right, title and interest thereunder shall automatically terminate and (ii) Operator shall not in any way oppose, impede, obstruct, challenge, hinder, frustrate, enjoin or otherwise interfere with Lender’s exercise of any
such termination right. Furthermore, in connection with any termination of the Pledged Lease as referenced in this paragraph or otherwise upon the exercise of Lender’s remedies hereunder, Operator shall reasonably cooperate with Lender to
transition the operations of the hotel located on the Property to Lender. 
 ARTICLE XVII - STATE-SPECIFIC PROVISIONS

 Section 17.1 Principles of Construction. In the event of any inconsistencies between the terms and
conditions of this Article XVII and the terms and conditions of the rest of this Mortgage, the terms and conditions of this Article XVII shall control and be binding. 

Section 17.2 Commercial Property. Each of Borrower and Operator represents that this Mortgage does not encumber real
property principally improved or to be improved by one or more structures containing in the aggregate not more than six residential dwelling units, each having its own separate cooking facilities. 

Section 17.3 MAXIMUM PRINCIPAL SUM. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, THE MAXIMUM PRINCIPAL AMOUNT OF
INDEBTEDNESS WHICH IS OR UNDER ANY CONTINGENCY MAY BE SECURED AT THE DATE OF EXECUTION HEREOF OR AT ANY TIME THEREAFTER BY THIS MORTGAGE IS SIXTEEN MILLION TWO-HUNDRED TWENTY-SIX THOUSAND ONE HUNDRED TWENTY-FIVE AND 00/100 DOLLARS ($16,226,125.00),
PLUS ALL AMOUNTS EXPENDED BY LENDER DURING THE CONTINUANCE OF AN EVENT OF 

  
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DEFAULT TO PRESERVE, PROTECT AND ENFORCE THE LIEN OF THIS MORTGAGE OR TO PROTECT THE PROPERTY, OR THE VALUE THEREOF, INCLUDING, WITHOUT LIMITATION, ALL AMOUNTS IN RESPECT OF INSURANCE PREMIUMS
AND ALL REAL ESTATE TAXES, CHARGES OR ASSESSMENTS IMPOSED BY LAW UPON SAID PREMISES, OR ANY OTHER AMOUNT, COST OR CHARGE TO WHICH LENDER MAY BECOME SUBROGATED UPON PAYMENT AS A RESULT OF MORTGAGOR’S FAILURE TO PAY AS REQUIRED BY THE TERMS OF
THIS MORTGAGE, PLUS ALL ACCRUED BUT UNPAID INTEREST ON THE OBLIGATIONS SECURED HEREBY. 
 Section 17.4 Trust Fund for
Advances. Pursuant to Section 13 of the Lien Law of the State of New York, Borrower will receive the advances secured by this Mortgage and shall hold the right to receive such advances as a trust fund to be applied first for the purpose
of paying the cost of any improvements and shall apply such advances first to the payment of the cost of any such improvements before using any part of the total of the same for any other purpose. Mortgagor will indemnify and hold Lender harmless
against any loss, liability, cost or reasonable out-of-pocket expense, including any judgments, attorneys’ fees, costs of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a
violation by Mortgagor of Article 3-A of the New York Lien Law. 
 Section 17.5 New York Real Property Law Article
4-A. If this Mortgage shall be deemed to constitute a “mortgage investment” as defined by New York Real Property Law § 125, then this Mortgage shall and hereby does (i) confer upon the Lender the powers and
(ii) impose upon Lender the duties of trustees set forth in New York Real Property Law § 126. 
 Section 17.6
Statement in Accordance with Section 274-a of the New York Real Property Law. The Lender shall, within fifteen (15) days after written request, provide the Mortgagor with the statement required by Section 274-a of the New
York Real Property Law. 
 Section 17.7 Section 291-f of New York Real Property Law. This Mortgage is
intended to be, and shall operate as, the agreement described in Section 291-f of the Real Property Law of the State of New York and shall be entitled to the benefits afforded thereby. Mortgagor hereby covenants and agrees that Mortgagor shall
not, without the consent of Lender, (i) accept any surrender, or amend, modify or waive the provisions, of any Lease or terminate, reduce rents under or shorten the term of any Lease, except pursuant to and in accordance with the provisions of
the Loan Documents, or (ii) collect any Rents and profits (exclusive of security deposits) more than thirty (30) days in advance of the time when the same shall become due. Mortgagor shall (unless such notice is contained in such
tenant’s Lease) deliver notice of this Mortgage in form and substance reasonably acceptable to Lender, to all present and future holders of any interest in any Lease, by assignment or otherwise, and shall take such other action as may now or
hereafter be reasonably required to afford Lender the full protections and benefits of Section 291-f. 

Section 17.8 Sections 254, 271, 272 and 291-f of New York Real Property Law. All covenants of Mortgagor herein
contained shall be construed as affording to Lender rights additional to and not exclusive of the rights conferred under the provisions of Sections, 254, 271, 272 and 291-f of the Real Property Law of New York. 

  
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 Section 17.9 Real Property Law. In the event of any conflict,
inconsistency or ambiguity between the provisions of Section 3.3 hereof and the provisions of subsection 4 of Section 254 of the Real Property Law of New York covering the insurance of buildings against loss by fire, the provisions of
Section 3.3 shall control. 
 Section 17.10 RPAPL. If an Event of Default shall occur and be continuing,
Lender may elect, with or without entry or taking possession of the Property as provided in this Mortgage or otherwise, personally or by its agents or attorneys, and without prejudice to the right to bring an action for foreclosure of this Mortgage,
to sell (and, in the case of any default of any purchaser, resell) the Property or any part thereof pursuant to any procedures provided by applicable law, including, without limitation, exercise of the power of foreclosure granted to Lender by
Article 13 of the New York Real Property Actions and Proceedings Law (the “RPAPL”). In such case, Lender may commence a civil action to foreclose this Mortgage pursuant to Article 13 of the RPAPL to satisfy the Debt and all other
amounts secured hereby or exercise any other right and/or remedy provided under applicable law. 
 Section 17.11
Reduction or Increase of the Mortgage Indebtedness. The portion of the Debt secured by this Mortgage shall be reduced only by the last and final sums that Borrower repays with respect to the Loan and shall not be reduced by any
intervening repayments of the Loan by Borrower, except as may otherwise be permitted or required herein or in the Loan Agreement. No increase in the Debt following the date hereof shall increase the maximum aggregate principal amount of indebtedness
secured by this Mortgage, except to the extent provided in Section 17.3 hereof. As of the date hereof, the aggregate outstanding principal amount of the Loan exceeds the maximum amount of principal indebtedness secured by this Mortgage,
which amount represents only part of the principal amount of the Loan actually outstanding. Without limiting the foregoing provisions of this Section 17.11, amounts of the Debt repaid under the Loan Agreement shall be applied in
accordance with the terms of the Loan Agreement. 
 Section 17.12 Statement in Accordance with Section 253.1a(a)
of the New York Tax Law. This Mortgage does not cover real property principally improved or to be improved by one or more structures containing in the aggregate not more than six (6) residential dwelling units, each having separate
cooking facilities. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, this Mortgage has been executed by Borrower and Operator as of
the day and year first above written. 
  

			
	BORROWER:
	
	[PROPERTY OWNER], a [PROPERTY OWNER ENTITY TYPE]
		
	By:	 	  

		 	Name:
		 	Title:

					
	STATE OF                     	  	)	  	
		  	)	  	ss.:
	COUNTY OF             	  	)	  	

 I,
                                , a Notary Public for the said County and State of
                    , do hereby certify that
                    ,                      of
[PROPERTY OWNER], a [PROPERTY OWNER ENTITY TYPE], personally appeared before me this day and acknowledged the due execution of the foregoing instrument on behalf of the limited liability company. 

WITNESS my hand and official stamp or seal, this      day of
            , 2013. 
  

	
	  

	Notary Public

 [SEAL] 

My commission expires: 
 I am a resident of
                     County,
                    . 

 
			
	OPERATOR:
	
	[OPERATING LESSEE], a [OPERATING LESSEE ENTITY TYPE]
		
	By:	 	  

		 	Name:
		 	Title:

					
	STATE OF                     	  	)	  	
		  	)	  	ss.:
	COUNTY OF             	  	)	  	

 I,
                                , a Notary Public for the said County and State of
                    , do hereby certify that
                    ,                      of BRE
SELECT HOTELS OPERATING LLC, a Delaware limited liability company, personally appeared before me this day and acknowledged the due execution of the foregoing instrument on behalf of the limited liability company. 

WITNESS my hand and official stamp or seal, this      day of
             , 2013. 
  

	
	  

	Notary Public

 [SEAL] 

My commission expires: 
 I am a resident of
                     County,
                    . 

 EXHIBIT A 

LEGAL DESCRIPTION 
 [LEGAL DESCRIPTION OF PROPERTY] 

 SCHEDULE I 

PLEDGED LEASE 
 [DESCRIPTION OF OPERATING LEASE]EX-10.5

 Exhibit 10.5 
 GUARANTY AGREEMENT 
 THIS GUARANTY AGREEMENT (the
“Guaranty”) is executed as of May 14, 2013 by BRE SELECT HOTELS CORP, a Delaware corporation, having its principal place of business at c/o Blackstone Real Estate Advisors VII L.P., 345 Park Avenue, New York, New York
10154 (together with its successors and permitted assigns, referred to as “Guarantor”), for the benefit of CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 19th Floor,
New York, New York 10013, and BANK OF AMERICA, N.A., a national banking association, having an address at One Bryant Park, New York, New York 10036 (together with their respective successors and assigns, each, a “Co-Lender”
and, collectively, “Lender”). 
 W I T N E S S E T H: 

WHEREAS, Lender has made a loan (the “Loan”) to each of the entities set forth on Schedule I attached
hereto (collectively, “Borrower”), which Loan is evidenced by that certain Loan Agreement, of even date herewith among Borrower, BRE Select Hotels Operating LLC, a Delaware limited liability company (“Operating
Lessee”), and Lender (as the same may hereafter be amended, modified, restated, renewed or replaced, the “Loan Agreement”) and that certain Note (as defined in the Loan Agreement), and secured by the liens and security
interests of certain mortgages, deeds of trust and security agreements each of even date herewith (as the same may hereafter be amended, modified, restated, renewed or replaced, collectively, the “Security Instruments”) and further
evidenced, secured or governed by other instruments and documents executed in connection with the Loan (together with the Note, the Loan Agreement and Security Instruments, the “Loan Documents”); 

WHEREAS, Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally
guarantees payment and performance to Lender of the Guaranteed Obligations (as herein defined); and 
 WHEREAS, Guarantor
is the owner of a direct or indirect interest in Borrower, Operating Lessee and each other Loan Party and Guarantor will directly benefit from Lender’s making of the Loan to Borrower. 

NOW, THEREFORE, as an inducement to Lender to make the Loan to 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 I 

NATURE AND SCOPE OF GUARANTY 
 1.1. Guaranty of Obligation. Subject to the terms and conditions hereof, Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and

 
assigns the payment and performance (either directly or through one or more of its Affiliates or other Persons) of the Guaranteed Obligations as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor. 

1.2. Definition of Guaranteed Obligations. As used herein, the term “Guaranteed Obligations” means all
obligations and liabilities of Borrower, Operating Lessee and any other Loan Party for which Borrower, Operating Lessee and any other Loan Party is personally liable pursuant to Section 9.4 of the Loan Agreement, in each case, to the
extent of the liability of Borrower, Operating Lessee and any other Loan Party thereunder. For the avoidance of doubt, Guarantor shall have no obligations under this Guaranty or otherwise with respect to the Guaranteed Obligations arising out of
acts or omissions occurring after the date of (1) a Transfer resulting from the exercise of Lender’s rights under the Loan Documents (but only as to the portion of the Collateral subject to such Transfer), or any Mezzanine Lender’s
rights under any Mezzanine Loan Documents, or (2) the consummation of any remedial or enforcement action by (A) Lender under the Loan Documents of or with respect to the Collateral for the Loan (but only as to the portion of the Collateral
subject to such enforcement or remedial action) or (B) any holder of any Mezzanine Loan under the Mezzanine Loan Documents of or with respect to the collateral for such Mezzanine Loan, including, without limitation, any foreclosure,
deed-in-lieu or assignment in lieu of foreclosure or any other exercise by Lender or any Mezzanine Lender of its rights under any Loan Document or Mezzanine Loan Document, including, without limitation, any right to vote any Pledged Securities or
any right to replace officers and directors of any Person (collectively, a “Foreclosure”). For the avoidance of doubt, in no event shall Guarantor be released from any obligations or liabilities (known or unknown) in existence on or
prior to such Foreclosure or caused by Guarantor or any of its Affiliates, and such Guaranteed Obligations shall remain in full force and effect. 
 1.3. 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
Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor’s death (in which event this Guaranty
shall be binding upon Guarantor’s estate and 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 Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the Note or any part thereof and shall not be discharged by the assignment or negotiation of all or part of the
Note. 
 1.4. Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and
obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Guarantor, Borrower, Operating Lessee, any other Loan Party or any other party,

  
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against Lender or against payment or performance 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. 
 1.5. Payment By Guarantor. If all or any part of the
Guaranteed Obligations shall not be punctually paid or performed when due, whether at demand, maturity, acceleration or otherwise, Guarantor 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, perform and 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 and performance 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. 
 1.6. No Duty To Pursue Others. It shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations
of Guarantor hereunder, first to (a) institute suit or exhaust its remedies against Borrower, Operating Lessee, any other Loan Party or others liable on the Loan or the Guaranteed Obligations or any other Person, (b) enforce Lender’s
rights against any collateral which shall ever have been given to secure the Loan, (c) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations, (d) join Borrower, Operating Lessee, any other Loan Party or
any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (e) exhaust any remedies available to Lender against any collateral which shall ever have been given to secure the Loan, or (f) resort to any
other means of obtaining payment and performance of the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations. 

1.7. Waivers. Guarantor agrees to the provisions of the Loan Documents, and hereby waives notice of, and any rights of
consent to, (a) any loans or advances made by Lender to Borrower, (b) acceptance of this Guaranty, (c) any amendment or extension of the Note, the Security Instruments, the Loan Agreement or of any other Loan Documents, (d) the
execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Loan Documents or in connection with the Property and/or
the Collateral, (e) the occurrence of any breach by Borrower, Operating Lessee or any other Loan Party or an Event of Default, (f) except as expressly provided in the Loan Documents, Lender’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, or this Guaranty (g) except as expressly provided in the Loan Documents, sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (h) except
as expressly provided in the Loan Documents, protest, proof of non-payment or default by Borrower, Operating Lessee or any other Loan Party, (i) any other action at any time taken or omitted by Lender, and, generally, except as expressly
provided herein or in the other Loan Documents, all demands and notices of every kind in connection with 

  
 -3-

 
this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed, (j) any limitation
of liability or recourse in any other Loan Document or arising under any law; (k) any claim or defense that this Guaranty was made without consideration or is not supported by adequate consideration, (l) except as expressly provided in
Section 1.2 hereof, whether express or by operation of law; any partial release of the liability of Guarantor hereunder, or if one or more other guaranties are now or hereafter obtained by Lender covering all or any part of the
Guaranteed Obligations, any complete or partial release of any one or more of such guarantors under any such other guaranty, or any complete or partial release or settlement of Borrower or any other party liable, directly or indirectly, for the
payment or performance of any or all of the Guaranteed Obligations; (m) the making of advances by Lender to protect its interest in the Properties, preserve the value of the Properties or for the purpose of performing any term or covenant
contained in any of the Loan Documents; or (n) the existence of any claim, counterclaim, set-off, recoupment, reduction or defense based upon any claim or other right that Guarantor may at any time have against Borrower, Lender, or any other
Person, whether or not arising in connection with this Guaranty, the Note, the Loan Agreement, or any other Loan Document. 

1.8. Payment of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions of this
Guaranty, Guarantor shall, within ten (10) Business Days after demand by Lender, pay Lender all reasonable out-of-pocket costs and expenses (including court costs and reasonable third-party 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. 

1.9. 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 Guarantor by Lender shall be without effect, and this Guaranty shall remain in full force and effect. It is the intention of Borrower, Operating Lessee, each other Loan Party and Guarantor that
Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 
 1.10. Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, until the Debt is paid in full, Guarantor hereby
unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating Guarantor to the rights of Lender), to assert
any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower, Operating Lessee or any other Loan Party liable for payment and performance of any or all of the Guaranteed Obligations for any payment or
performance made by Guarantor under or in connection with this Guaranty or otherwise. 

  
 -4-

 1.11. Borrower. The term “Borrower” as used herein shall
include any new or successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower
or any interest in Borrower. The term “Operating Lessee” as used herein shall include any new or successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed
as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of any Operating Lessee or any interest in such Operating Lessee. The term “Loan Party” as used herein shall include any new or successor
corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of any Loan Party or any interest in such
Loan Party. 
 ARTICLE II 
 EVENTS AND CIRCUMSTANCES NOT REDUCING 
 OR DISCHARGING GUARANTOR’S
OBLIGATIONS 
 Guarantor hereby consents and agrees to each of the following, and agrees that 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 Guarantor
might otherwise have as a result of or in connection with any of the following: 
 2.1. Modifications. Any
renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Security Instruments, the Loan Agreement, the other Loan Documents, or any other document, instrument, contract
or understanding between Borrower, Operating Lessee and Lender, or any other parties, pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action. 

2.2. Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to
Borrower, Operating Lessee, any other Loan Party or any Guarantor. 
 2.3. Condition of Borrower or Guarantor. The
insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower, Operating Lessee, any other Loan Party, Guarantor or any other party at any time liable for the payment and performance
of all or part of the Guaranteed Obligations; or any dissolution of Borrower, Operating Lessee, any other Loan Party or Guarantor, or any sale, lease or transfer of any or all of the assets of Borrower, Operating Lessee, any other Loan Party or
Guarantor, or any changes in the shareholders, partners or members of Borrower, Operating Lessee, any other Loan Party or Guarantor; or any reorganization of Borrower, Operating Lessee, any other Loan Party or Guarantor. 

  
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 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 (a) the Guaranteed
Obligations, or any part thereof, exceeds the amount permitted by law, (b) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (c) the officers or representatives executing the Note, the Security Instruments,
the Loan Agreement or the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable usury laws, (e) 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 other than payments on the Loan made by Borrower, (f) 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 (g) the Note, the Security Instruments, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it
being agreed that Guarantor shall remain liable hereon regardless of whether Borrower, Operating Lessee, any other Loan Party or any other person be found not liable on the Guaranteed Obligations or any part thereof for any reason. 

2.5. Release of Obligors. Any full or partial release of the liability of Borrower, Operating Lessee or any other Loan
Party on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment
and performance of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay or perform the Guaranteed Obligations in full without assistance or support of any
other party, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed Obligations, or that Lender will look
to other parties to pay or perform the Guaranteed Obligations. 
 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. 
 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. 

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 

  
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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. 
 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 Guarantor that 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. 

2.10. Offset. The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender under this Guaranty
shall not be reduced, discharged or released because of or by reason of any existing or future right of offset, claim or defense of Borrower, Operating Lessee, any other Loan Party or Guarantor against Lender, or any other party, or against payment
or performance 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, other than payment or
performance of the Guaranteed Obligations. 
 2.11. Merger. The reorganization, merger or consolidation of
Borrower, Operating Lessee or any other Loan Party into or with any other Person. 
 2.12. Preference. Any payment
by Borrower to Lender is held to constitute a preference under bankruptcy laws, or for any reason Lender is required to refund such payment or pay such amount to Borrower or someone else. 

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 Guarantor or increases the likelihood that Guarantor will be required to pay and perform the Guaranteed Obligations pursuant to the
terms hereof. It is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay and perform 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. 

  
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 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 To induce Lender to enter into the Loan
Documents and extend credit to Borrower, Guarantor represents and warrants to Lender as of the date hereof as follows: 

3.1. Benefit. Guarantor is an Affiliate of Borrower, Operating Lessee and each other Loan Party, is the owner of a direct
or indirect interest in Borrower, Operating Lessee and each other Loan Party, and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 

3.2. Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the
financial condition of Borrower, Operating Lessee and each other Loan Party 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, Guarantor is not
relying on such financial condition or the collateral as an inducement to enter into this Guaranty. 
 3.3. No
Representation By Lender. Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 

3.4. Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the
contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have property and
assets sufficient to satisfy and repay its obligations and liabilities. 
 3.5. Legality. The execution, delivery
and performance by 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 to which 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, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or
which may be applicable to Guarantor. This Guaranty is a legal and binding obligation of Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally, general equitable principles and a covenant of good faith and fair dealing. 
 3.6. Litigation. There is no litigation, investigation or proceeding by or before any Governmental Authority now pending or, to the knowledge of Guarantor, threatened against Guarantor
(i) with respect to this Guaranty or the transactions contemplated hereby or (ii) which could reasonably be expected to have a Material Adverse Effect on the business, operations or property or financial or other condition of Guarantor.

 3.7. Survival. All representations and warranties made by Guarantor herein shall survive the execution hereof.

  
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 3.8. No Plan Assets. Guarantor is not an “employee benefit plan,” as
defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of 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 as modified by Section 3(42) of ERISA. In addition, (a) Guarantor is not 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 applicable to Guarantor regulating fiduciary obligations with respect to governmental plans which are substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the
Code currently in effect, which prohibit the transactions contemplated by this Guaranty. 
 3.9. ERISA. Assuming
that no portion of the assets of any Lender constitutes “plan assets” of any “benefit plan investor” within the meaning of Section 3(42) of ERISA, notwithstanding anything to the contrary in this Guaranty, Guarantor shall
not knowingly (nor shall Guarantor be required hereunder to) engage in any transaction contemplated under this Guaranty, 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 Security Instruments, the Loan Agreement or the other Loan Documents) to be a non-exempt prohibited transaction under ERISA. 
 ARTICLE IV 
 SUBORDINATION OF CERTAIN INDEBTEDNESS 

4.1. Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all
debts and liabilities of Borrower, Operating Lessee and each other Loan Party or Principal to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower, Operating Lessee or any
other Loan Party 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 Guarantor. The Guarantor Claims shall include without
limitation all rights and claims of Guarantor against Borrower, Operating Lessee or any other Loan Party (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment or performance of all or a portion of the Guaranteed
Obligations. During the continuance of an Event of Default, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor Claims. 

4.2. Claims in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or
other insolvency proceedings involving Guarantor as 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. 

  
 -9-

 
Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against the Guaranteed Obligations, any such dividend or payment which is otherwise payable
to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims, then upon payment or performance to Lender in full of the Guaranteed Obligations, 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, provided, however, that Guarantor shall have no such subrogation rights until repayment in full of the Debt. 

4.3. Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should
receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so received, and agrees that it shall
have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor covenants promptly to pay the same to Lender. 

4.4. Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances
upon Borrower’s assets 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 or
performance of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (i) exercise
or enforce any creditor’s right it may have against Borrower, Operating Lessee or any other Loan Party, (ii) create any Liens encumbering the Properties, Borrower, Operating Lessee or any other Loan Party or any interest in either of the
foregoing, other than Permitted Encumbrances, or (iii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or 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 assets of Borrower, Operating Lessee or
any other Loan Party held by Guarantor. 
 ARTICLE V 

MISCELLANEOUS 
 5.1. 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
consent to departure therefrom, 

  
 -10-

 
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. 
 5.2.
Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail,
postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) telecopier (with answer back acknowledged), addressed as
follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section 5.2): 

 

			
	If to Guarantor:	  	 c/o Blackstone Real Estate Advisors VII L.P.
 345 Park Avenue
 New York, New York 10154
 Attention: William J. Stein
 Facsimile No.: (212) 583-5202

		
	with a copy to:	  	 c/o Blackstone Real Estate Advisors VII L.P.
 345 Park Avenue
 New York, New York 10154
 Attention: Judy Turchin
 Facsimile No.: (646) 455-4218

		
		  	 Simpson, Thacher & Bartlett LLP
 425 Lexington Avenue
 New York, New York 10017

Attention: Gregory J. Ressa, Esq.
 Facsimile No.:
(212) 455-2502

		
	If to Lender:	  	 Citigroup Global Markets Realty Corp.
 388 Greenwich Street
 19th Floor
 New York, New York 10013
 Attention: Ana Rosu Marmann

Facsimile No.: (646) 328-2938

		
	And to:	  	 Bank of America, N.A.
 Real
Estate Structured Finance - Servicing
 900 West Trade Street
 Suite 650
 NCI-026-06-01
 Charlotte, North Carolina 28255
 Attention: Servicing Manager.

Facsimile No.: (704) 317-4501

  
 -11-

			
	With a copy to:	  	 Dechert LLP
 Cira
Centre
 2929 Arch Street
 Philadelphia,
Pennsylvania 19104
 Attention: David W. Forti, Esq.
 Facsimile No.: (215) 655-2647

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon
sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 
 5.3. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR 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 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 GUARANTOR AND HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR DOES HEREBY DESIGNATE AND APPOINT: 
 The
Corporation Trust Company 
 80 State Street 

Albany, NY 12207 
 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 AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE
OF NEW YORK. 

  
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 5.4. 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. 
 5.5. Amendments. This Guaranty may be amended only by an instrument in writing executed by the parties hereto. 
 5.6. Parties Bound; Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors, assigns and
legal representatives; provided, however, that Guarantor may not, without the prior written consent of Lender, assign any of its rights, powers, duties or obligations hereunder. If Guarantor consists of more than one person or party, the obligations
and liabilities of each such person or party shall be joint and several. 
 5.7. Headings. Section headings are
for convenience of reference only and shall in no way affect the interpretation of this Guaranty. 
 5.8.
Recitals. The recital 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. 

5.9. 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. 

5.10. Rights and Remedies. If 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. 

  
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 5.11. Other Defined Terms. Any capitalized term utilized herein shall have the
meaning as specified in the Loan Agreement, unless such term is otherwise specifically defined herein. 
 5.12.
Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S 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 GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THIS GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR 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 AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER. 
 5.13. Waiver of Right To
Trial By Jury. EACH OF GUARANTOR AND LENDER (BY ITS ACCEPTANCE OF THIS GUARANTY) 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 LOAN AGREEMENT, THE SECURITY INSTRUMENTS, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION HEREWITH OR THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY 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 OF GUARANTOR AND
LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY. 
 5.14. Intentionally Omitted. 
 5.15. 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 then, upon the restoration or return of such payments, Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment has been due but not made at such time.

  
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 ARTICLE VI 
 SPECIAL CALIFORNIA AND OTHER STATE LAW PROVISIONS 
 6.1.
Modifications to Loan and Loan Documents. Guarantor agrees that Lender may do any of the following without affecting the enforceability of this Guaranty or the other Loan Documents: (a) take or release additional security for any
obligation in connection with the Loan Documents; (b) discharge or release (by judicial or nonjudicial foreclosure, acceptance of a deed in lieu of foreclosure or otherwise) any party or parties liable under the Loan Documents; (c) accept
or make compositions or other arrangements or file or refrain from filing a claim in any bankruptcy proceeding of Borrower, Operating Lessee or any other Loan Party, any guarantor of Borrower’s, Operating Lessee’s or other Loan
Party’s obligations under the Loan Documents or any pledgor of collateral for any Person’s obligations to Lender; and (d) credit payments in such manner and order of priority to principal, interest or other obligations as Lender may
determine. 
 6.2. Waivers. 
 (a) Guarantor agrees that Lender’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability of any of the Loan Documents. Guarantor waives all
benefits and defenses it may have under California Civil Code Section 2810 and agrees that Lender’s rights under this Guaranty shall be enforceable even if Borrower, Operating Lessee or any other Loan Party had no liability at the time of
execution of the Loan Documents or later ceases to be liable. 
 (b) Guarantor waives all benefits and defenses it may have
under California Civil Code Section 2809 and agrees that Lender’s rights under the Loan Documents will remain enforceable even if the amount secured by the Loan Documents is larger in amount and more burdensome than that for which
Borrower, Operating Lessee or any other Loan Party is responsible. The enforceability of the Guaranty against Guarantor shall continue until all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way
by any impairment or any diminution or loss of value of any security or collateral for Borrower’s, Operating Lessee’s and each other Loan Party’s obligations under the Loan Documents, from whatever cause, the failure of any security
interest in any such security or collateral or any disability or other defense of Borrower, Operating Lessee or any other Loan Party, any guarantor of Borrower’s, Operating Lessee’s or any other Loan Party’s obligations under the Loan
Documents, any other pledgor of collateral for any Person’s obligations to Lender or any other Person in connection with the Loan. 
 (c) Guarantor waives all benefits and defenses it may have under California Civil Code Sections 2845, 2849 and 2850 (subject to Section 1.10 of this Guaranty), including, without limitation,
the right to require Lender to (i) proceed against Borrower, Operating Lessee or any other Loan Party, any guarantor of Borrower’s, Operating Lessee’s or any other Loan Party’s obligations under the Loan Documents, any other
pledgor of collateral for any Person’s obligations to Lender or any other Person in connection with the Loan, (ii) proceed against or 

  
 -15-

 
exhaust any other security or collateral Lender may hold, or (iii) pursue any other right or remedy for Borrower’s, Operating Lessee’s or any other Loan Party’s benefit, and
agree that Lender may exercise its rights under this Guaranty or may foreclose against any of the Individual Properties without taking any action against Borrower, Operating Lessee, any other Loan Party, any guarantor of Borrower’s, Operating
Lessee’s obligations under the Loan Documents, any pledgor of collateral for any Person’s obligations to Lender or any other Person in connection with the Loan, and without proceeding against or exhausting any security or collateral Lender
holds. 
 (d) Guarantor waives any rights or benefits it may have by reason of California Code of Civil Procedure
Section 580a, or other applicable law, which could limit the amount which Lender could recover in a foreclosure of any of the Individual Properties to the difference between the amount owing under the Loan Documents and the fair value of any
such Individual Property or interests sold at a nonjudicial foreclosure sale or sales of any other real property held by Lender as security for the obligations under the Loan Documents. 

(e) Guarantor, as a guarantor or surety, waives diligence and all demands, protests, presentments and notices of protest, dishonor,
nonpayment and acceptance of the Loan Documents. 
 (f) Guarantor waives all rights and defenses that are or may become
available to the guarantor or other surety by reason of California Civil Code Sections 2787 to 2855, inclusive, subject to Section 1.10 of this Guaranty. 
 (g) This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives: 
 (i) any and all rights to which Guarantor may otherwise have been entitled under any suretyship laws in effect from time to time, including any right or privilege, whether existing under statute, at law
or in equity, to require Lender to take prior recourse or proceedings against any collateral, security or Person whatsoever; 
 (ii) any rights of sovereign immunity and any other similar and/or related rights; and 
 (iii) any defenses (other than the defenses that the Guaranteed Obligations are not due and owing or have been fully paid and performed). 

(h) Guarantor further waives: (a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or
other person, or by reason of the cessation or limitation of the liability of Borrower, Operating Lessee and the other Loan Parties from any cause other than full payment of all sums payable under the Note or any of the other Loan Documents;
(b) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act on behalf of Borrower, Operating Lessee and the other Loan Parties or any principal of Borrower, Operating Lessee and
the other Loan Parties or any defect 

  
 -16-

 
in the formation of Borrower, Operating Lessee and the other Loan Parties or any principal of Borrower, Operating Lessee and the other Loan Parties; (c) any defense based upon the
application by Borrower, Operating Lessee and the other Loan Parties of the proceeds of the Loan for purposes other than the purposes represented by Borrower, Operating Lessee and the other Loan Parties to Lender or intended or understood by Lender
or Guarantor; (d) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (c) any defense based
upon Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute; (f) any defense based upon any borrowing or any grant of
a security interest under Section 364 of the Bankruptcy Code; and (g) the benefit of any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof. Guarantor agrees that the payment of all sums payable
under the Note or any of the other Loan Documents or any part thereof or other act which tolls any statute of limitations applicable to the Note or the other Loan Documents shall similarly operate to toll the statute of limitations applicable to
Guarantor’s liability hereunder. Without limiting the generality of the foregoing or any other provision hereof, Guarantor expressly waives for the benefit of Lender to the extent permitted by law any and all rights and defenses which might
otherwise be available to Guarantor under California Civil Code Sections 2899 and 3433 or any similar law of California or of any other state or of the United States. 
 (i) Guarantor hereby also waives and agrees not to assert or take advantage of any defense of Guarantor based upon Lender’s election of any remedy against Guarantor, Borrower, Operating Lessee and
the other Loan Parties or any of them, including, without limitation, the defense to enforcement of this Guaranty (the “Gradsky” defense based upon Union Bank v. Gradsky, 265 Cal. App. 2d 40 (1968) or subsequent cases) which,
absent this waiver, Guarantor would have by virtue of an election by Lender to conduct a non-judicial foreclosure sale of the Properties, it being understood by Guarantor that any such non-judicial foreclosure sale will destroy, by operation of
California Code of Civil Procedure Section 580d, all rights of any party to a deficiency judgment against Borrower, and, as a consequence, will destroy all rights which Guarantor would otherwise have (including, without limitation, the right of
subrogation, the right of reimbursement, and the right of contribution) to proceed against Borrower and to recover any such amount, and that Lender could be otherwise estopped from pursuing Guarantor for a deficiency judgment after a non-judicial
foreclosure sale on the theory that a guarantor should be exonerated if a lender elects a remedy that eliminates the guarantor’s subrogation, reimbursement or contribution rights. 

6.3. Guarantor Informed of Borrower’s Condition. Guarantor acknowledges that it has had an opportunity to review the
Loan Documents, the value of the security for each of the other entities comprising Borrower, Operating Lessee and each other Loan Party under the Loan Documents and the financial condition of each of the other entities comprising Borrower,
Operating Lessee and each other Loan Party and the ability of such entity to satisfy its obligations to Lender. Guarantor agrees to keep itself fully informed of all aspects of the financial condition of Borrower, Operating Lessee and each other
Loan Party and of the 

  
 -17-

 
performance of Borrower, Operating Lessee and each other Loan Party to Lender and agrees that Lender has no duty to disclose to Guarantor any information pertaining to Borrower, Operating Lessee
or any other Loan Party or any security for the obligations of the other entities comprising Borrower under the Loan Documents. 

6.4. Waiver of Estoppel Defense. Upon Borrower’s default under the Loan Documents, Lender may elect to foreclose
nonjudicially on real property given by Borrower or others as security under the Loan Documents and, if such right has arisen, also to exercise its rights under this Guaranty. Guarantor acknowledges that its right to seek reimbursement from
Borrower, Operating Lessee or any other Loan Party for any amounts paid by it to Lender under this Guaranty will be eliminated if Lender elects to so foreclose on Guarantor’s property. Nevertheless, Guarantor waives any such right to
reimbursement and agrees that a nonjudicial foreclosure by Lender against any real property security owned by Guarantor or others will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Individual
Properties. In order to further effectuate such waiver, each Guarantor hereby agrees that it 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 any of the Individual Properties, has destroyed its rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise. 

6.5. Subrogation. Guarantor waives its rights under California Civil Code Sections 2847, 2848 and 2849 to the extent not
inconsistent with Section 1.10 of this Guaranty. 
 6.6. Confirmation of Waivers. In accordance with
California Civil Code Section 2856(c), Guarantor, as guarantor, hereby makes the following waivers: 
 (a) Guarantor waives
all rights and defenses that Guarantor may have because the Loan is secured by real property. This means, among other things: 
 (i) Lender may collect from Guarantor without first foreclosing on any other real or personal property collateral pledged by Borrower, Operating Lessee or any other Person (each an “Other
Obligor” and collectively, the “Other Obligors”). 
 (ii) If Lender forecloses on any
real property collateral pledged by any Other Obligor: 
 (A) The amount of the Loan may be reduced only by the
price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price. 
 (B) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from any Other Obligor. 

  
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 (b) This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may
have because the debtor’s debt 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 Procedures.

 6.7. Judicial Reference Agreement; Referee; Costs. 

In the event that any action, proceeding and/or hearing on any matter whatsoever, including all issues of fact or law arising out of, or
in any way connected with, the Properties, this Guaranty or any of the Loan Documents, or the enforcement of any remedy under any law, statute, or regulation (hereinafter, a “Controversy”), is to be tried in a court of Los Angeles
County, California and the jury trial waiver provisions set forth above are not permitted or otherwise applicable under then-prevailing law, then Guarantor agrees to the following provisions of this Section 6.7. 

(a) Controversies Subject to Judicial Reference; Conduct of Reference. 

(i) Each Controversy shall be determined by a consensual general judicial reference (the “Reference”)
pursuant to the provisions of California Code of Civil Procedures §§ 638 et. seq., as such statutes may be amended or modified from time to time. 
 (ii) Upon a written request, or upon an appropriate motion by either Lender or Guarantor, any pending action relating to any Controversy and every Controversy shall be heard by a single Referee who shall
then try all issues (including any and all questions of law and questions of fact relating thereto), and issue findings of fact and conclusions of law and report a statement of decision. The Referee’s statement of decision will constitute the
conclusive determination of Controversy. Lender and Guarantor agree that the Referee shall have the power to issue all legal and equitable relief appropriate under the circumstances before him/her. 

(iii) Lender and Guarantor shall promptly and diligently cooperate with one another and the Referee, and shall perform
such acts as may be necessary to obtain prompt and expeditious resolution of each Controversy in accordance with the terms of this Section 6.7. 
 (iv) Either Lender or Guarantor may file the Referee’s findings, conclusions and statement with the clerk or judge of any appropriate court, file a motion to confirm the Referee’s report and
have judgment entered thereon. If the report is deemed incomplete by such court, the Referee may be required to complete the report and resubmit it. 
 (v) Lender and Guarantor will each have such rights to assert such objections as are set forth in California Code of Civil Procedure §§ 638 et seq. 

(vi) All proceedings shall be closed to the public and confidential, and all records relating to the Reference shall be
permanently sealed when the order thereon becomes final. 

  
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 (b) Selection of Referee; Powers. 

(i) Lender and Guarantor shall select a single neutral referee (the “Referee”), who shall be a retired
judge or justice of the courts of the State of California, or a federal court judge, in each case, with at least ten years of judicial experience in civil matters. The Referee shall be appointed in accordance with California Code of Civil Procedure
§§ 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts). 
 (ii) If within ten (10) days after the request or motion for the Reference, Lender and Guarantor cannot agree upon a Referee, either Lender or Guarantor may request or move that the Referee be
appointed by the Presiding Judge of the Los Angeles County Superior Court or of the U.S. District Court for the Central District of California. The Referee shall determine all issues relating to the applicability, interpretation, legality and
enforceability of this Section 6.7. 
 (c) Provisional Remedies; Self-Help and Foreclosure. 

(i) No provision of this Section 6.7 shall limit the right of either Lender or Guarantor, as the case may be,
to (1) exercise such self-help remedies as might otherwise be available under applicable law, (2) initiate judicial or non-judicial foreclosure against any real or personal property collateral, (3) exercise any judicial or power of
sale rights, or (4) obtain or oppose provisional or ancillary remedies, including without limitation, injunctive relief, writs of possession, the appointment of a receiver, and/or additional or supplementary remedies from a court of competent
jurisdiction before, after or during the pendency of the Reference. 
 (ii) The exercise of, or opposition to,
any such remedy does not waive the right of Lender or Guarantor to the Reference pursuant to this Section 6.7. 

(d) Costs and Fees. 
 (i) Promptly following the selection of the Referee, Lender and Guarantor shall each advance equal portions of the estimated fees and costs of the Referee. 

(ii) In the statement of decision issued by the Referee, the Referee shall award costs, including reasonable
attorneys’ fees, to the prevailing party, if any, and may order the Referee’s fees to be paid or shared by Guarantor and/or Lender in such manner as the Referee deems just. 

  
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 6.8. If and to the extent that the laws of the State of Washington shall apply, then
Guarantor agrees to the following provisions of this Section 6.8. 
 (a) NOTICE REGARDING ORAL
COMMITMENTS: ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, MODIFY LOAN TERMS, OR FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 

(b) Time of the Essence. Time is of the essence in this Guaranty. 

(c) Unsecured. Notwithstanding anything contained herein to the contrary or in the Loan Agreement, this Guaranty is not secured by
the Security Instruments. 
 6.9. If and to the extent that the laws of the State of Oregon shall apply, then Guarantor
agrees to the following provisions of this Section 6.9. 
 (a) STATE SPECIFIC PROVISIONS. UNDER OREGON LAW,
MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY LENDER CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION
AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 6.10. If and to the extent that the laws of
the State of North Carolina shall apply, then Guarantor agrees to the following provisions of this Section 6.10. 

(a) Guarantor waives, to the fullest extent permitted by law, all rights granted by N.C. Gen. Stat. §§ 26-7 through 26-9,
inclusive, including, without limitation, all rights to require Lender to proceed against or exhaust any collateral held by Lender to secure the Loan. 
 6.11. If and to the extent that the laws of the State of Colorado shall apply, then Guarantor agrees to the following provisions of this Section 6.11. 

(a) Guarantor waives any rights which might otherwise exist under C.R.S. §§ 13-50-102 or 13-50-103 (or under any corresponding
or similar statute, future statute or rule of law) by reason of any release of fewer than all of the guarantors if there are multiple guarantors. 
 6.12. If and to the extent that the laws of the State of Arizona shall apply, then Guarantor agrees to the following provisions of this Section 6.12. 

(a) Guarantor waives any rights or benefits it may have which could limit the amount which Lender could recover in a foreclosure of any
of the Individual Properties to the difference between the amount owing under the Loan Documents and the fair value of any such Individual Property or interests sold at a nonjudicial foreclosure sale or sales of any other real property held by
Lender as security for the obligations under the Loan Documents. 

  
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 (b) Guarantor, as guarantor, hereby waives all rights and defenses that Guarantor may have
because the Loan is secured by real property. This means, among other things, that if Lender forecloses on any real property collateral pledged by any Other Obligor: 

(i) The amount of the Loan may be reduced only by the price for which the collateral is sold at the foreclosure sale, even
if the collateral is worth more than the sale price. 
 (ii) Lender may collect from Guarantor even if Lender, by
foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from any Other Obligor. 

6.13. If and to the extent that the laws of the State of Texas shall apply, then Guarantor agrees to the following provisions of
this Section 6.13. 
 (a) Guarantor hereby expressly waives: (i) any right to revoke this Guaranty with respect
to the Guaranteed Obligations; (ii) any right to require Lender to do any of the following before Guarantor is obligated to pay or perform the Guaranteed Obligations or before Lender may proceed against Guarantor: (A) sue or exhaust
remedies against Borrower or any other Person liable for the Guaranteed Obligations or any portion thereof; (B) sue on an accrued right of action in respect of any of the Guaranteed Obligations or bring any other action, exercise any other
right, or exhaust any other remedy; or (C) enforce rights against Borrower’s assets or the collateral pledged by Borrower to secure the Guaranteed Obligations; (iii) any right relating to the timing, manner or conduct of Lender’s
enforcement of rights against Borrower’s assets or the collateral pledged by Borrower to secure the Guaranteed Obligations; (iv) if Guarantor and Borrower (or any other Person) have each pledged assets to secure the Guaranteed Obligations,
any right to require Lender to proceed first against collateral pledged by Borrower (or any other Person) before proceeding against the collateral pledged by Guarantor; (v) promptness, diligence, notice of any Event of Default, notice of
nonpayment or nonperformance, notice of acceleration or intent to accelerate, demand for payment or performance (although Lender may, but shall have no obligation to, make demand for payment or performance), acceptance or notice of acceptance of
this Guaranty, presentment, notice of protest, notice of dishonor, notice of the incurring by Borrower of additional indebtedness, notice of any suit or other action by Lender against Borrower or any other Person, any notice to any Person liable for
the obligation which is the subject of the suit or action, and all other notices and demands with respect to the Guaranteed Obligations and this Guaranty; (vi) each of the foregoing rights or defenses, regardless of whether they arise under
(A) Rule 31 of the Texas Rules of Civil Procedure, (B) Section 17.001 of the Texas Civil Practice and Remedies Code, (C) Chapter 34 of the Texas Business and Commerce Code, or (D) any other statute or law, common law, in
equity, under contract or otherwise, or under any amendments, recodifications, supplements or any successor statute or law of or to any such statute or law; and (vii) any and all rights under Sections 51.003, 51.004 and 51.005 of the Texas
Property Code, and under any amendments, recodifications, supplements or any successor statute or law of or to any such statute or law. 

  
 -22-

 6.14. If and to the extent that the laws of the State of Georgia shall apply, then
Guarantor agrees to the following provisions of this Section 6.14. 
 (a) Guarantor waives any rights which might
otherwise exist under the provisions of Section 10-7-24 of O.C.G.A. or 11-3-601 O.C.G.A. 
 6.15. Hedging
Obligations. Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, swap contracts or the other documents relating to the Guaranteed Obligations, the Guaranteed Obligations of Guarantor shall
exclude any Excluded Hedging Obligations (defined below) with respect to Guarantor. As used herein, the term “Excluded Hedging Obligations” shall mean, with respect to Guarantor or any other guarantor, any rate cap, swap or other
hedging agreement or obligation (collectively, the “Hedging Obligations”) incurred after the date hereof, if, and to the extent that, all or a portion of this Guaranty or any other guaranty, or the grant under a Loan Document by
Guarantor or any other guarantor of a security interest to secure, such Hedging Obligation (or any Guaranty) is or becomes illegal under the Commodity Exchange Act (collectively, the “Commodity Exchange Act” (7 U.S.C. § 1 et
seq., as amended from time to time, and any successor statute) (or the application or official interpretation thereof) by virtue of Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act (determined after giving effect to this Guaranty and any and all guaranties of Guarantor’s Hedging Obligations by other Loan Parties) at the time this Guaranty of Guarantor or any other guaranty given by any other
guarantor, or grant by Guarantor or any other guarantor of a security interest, becomes effective with respect to such Hedging Obligation. 

  
 -23-

 6.16. If and to the extent that the laws of the State of South Carolina shall apply,
then Guarantor agrees to the following provisions of this Section 6.16. 
 (a) The laws of South Carolina provide
that, in any real estate foreclosure proceeding, a defendant against whom a personal judgment is taken or asked may within thirty (30) days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory
appraisal value as approved by the Court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS
WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUED OF THE MORTGAGED PROPERTY. 
 (b) GUARANTOR ACKNOWLEDGES AND AFFIRMS THAT IT RECEIVED WRITTEN NOTIFICATION BEFORE THE TRANSACTION THAT A WAIVER OF APPRAISAL RIGHTS WAS REQUIRED IN ACCORDANCE WITH THE PROVISIONS OF S.C. CODE ANN.
SECTION 29-3-680. 
 [Signature Page to Guaranty (BRE Select Hotels Corp) (Mortgage)] 

  
 -24-

 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the day and
year first above written. 
  

					
	BRE SELECT HOTELS CORP,
	a Delaware corporation
		
	By:	 	 /s/ Brian Kim

		 	Name:	 	Brian Kim
		 	Title:	 	Chief Financial Officer, Vice President and Managing Director

 SCHEDULE I 

Borrowers 
  

	1.	BRE Select Hotels Clearwater LLC; 

  

	2.	BRE Select Hotels NC L.P.; 

  

	3.	BRE Select Hotels Properties LLC; 

  

	4.	BRE Select Hotels Redmond LLC; 

  

	5.	BRE Select Hotels Tuscaloosa LLC; 

  

	6.	BRE Select Hotels TX L.P.; and 

  

	7.	BRE Select Hotels AZ LLC

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