Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of January 4, 2022, by and between PROPANC BIOPHARMA,
INC., a Delaware corporation, with its address at 302, 6 Butler Street, Camberwell, VIC, 3124 Australia (the “Company”),
and SIXTH STREET LENDING LLC, a Virginia limited liability company, with its address at 1800 Diagonal Road, Suite 623, Alexandria,
VA 22314 (the “Buyer”).

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the
Securities Act of 1933, as amended (the “1933 Act”); and

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a convertible
note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $63,750.00 (together with any note(s)
issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”),
convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms
and subject to the limitations and conditions set forth in such Note.

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.
Purchase and Sale of Note.

 

a.
Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to
purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages
hereto.

 

b.
Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued
and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to
the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount
equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii) the Company
shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

c.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below,
the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 12:00 noon,
Eastern Standard Time on or about January 5, 2022, or such other mutually agreed upon time. The closing of the transactions contemplated
by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

    	 

     

    

 

2.
Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.
Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion
of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion Shares”
and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public sale
or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.

 

b.
Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D (an “Accredited Investor”).

 

c.
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the
Securities.

 

d.
Information. The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information
unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.

 

e.
Legends. The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933
Act; or may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in substantially
the following form:

 

“THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS
(1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2)
THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY
ACCEPTABLE TO THE ISSUER, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.”

 

    	2

     

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon
which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under
an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from registration without
any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides
the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to
the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be
accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including those represented
by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In
the event that the Company does not accept the opinion of counsel, which opinion is in such satisfactory form, substance and scope as
described above, provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as
Rule 144, at the Deadline (as defined in the Note), it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

f.
Authorization; Enforcement. This Agreement has been duly and validly authorized by the Buyer. This Agreement has been duly executed
and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance
with its terms.

 

3.
Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.
Organization and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted , except for those jurisdictions in which failure to have such authority would not have a Material Adverse Effect. “Subsidiaries”
means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly,
any equity or other ownership interest.

 

b.
Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement,
the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions
contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation for issuance
of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors
and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement
has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true
and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the
Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments
will constitute, a legal, valid and binding obligation of the Company enforceable against the Company 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 and general principles of equity.

 

    	3

     

    

 

c.
Capitalization. As of September 30, 2021, the authorized common stock of the Company consists of 1,000,000,000 authorized shares
of Common Stock, $0.001 par value per share, of which 49862220 shares are issued and outstanding. All of such outstanding shares of capital
stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable.

 

d.
Issuance of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance
with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company
and will not impose personal liability upon the holder thereof.

 

e.
No Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the
Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Company’s Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with
notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a
party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable
to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected
(except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually
or in the aggregate, have a Material Adverse Effect). The businesses of the Company and its Subsidiaries, if any, are not being conducted,
and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental
entity, except for such violations as would not, individually or in the aggregate, have a Material Adverse Effect. “Material Adverse
Effect” means any material adverse effect on the business, operations, assets or financial condition of the Company or its Subsidiaries,
if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection
herewith.

 

f.
SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934
Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules
thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein
as the “SEC Documents”). Upon written request the Company will deliver to the Buyer true and complete copies of the SEC Documents,
except for such exhibits and incorporated documents or such SEC Documents which are available on EDGAR. As of their respective dates
or if amended, as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934
Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at
the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable
law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective
dates or if amended, as of the dates of the amendments, the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently
applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and
its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods
then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). The Company is subject to the reporting
requirements of the 1934 Act.

 

    	4

     

    

 

g.
Absence of Certain Changes. Except as set forth in the SEC Documents, since September 30, 2021, except as may have been advised
by the Company to the Buyer, there has been no material adverse change and no material adverse development in the assets, liabilities,
business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting status of the Company or
any of its Subsidiaries.

 

h.
Absence of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company
or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in
their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing that could have a Material Adverse Effect.

 

i.
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require
registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not
be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval
provisions applicable to the Company or its securities.

 

j.
No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

k.
No Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

l.
Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set
forth in this Section 3, and such breach continues for a period of ten (10) days after written notice thereof to the Borrower from the
Holder, in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of default
under Section 3.4 of the Note.

 

    	5

     

    

 

4.
COVENANTS.

 

a.
Best Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.

 

b.
Form D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of the closing
of the transactions contemplated by this Agreement to the extent any such filings are required by federal and state laws.

 

c.
Use of Proceeds. The Company shall use the proceeds for general working capital purposes.

 

d.
Expenses. At the Closing, the Company’s obligation with respect to the transactions contemplated by this Agreement is to
reimburse Buyer’ expenses shall be $3,750.00 for Buyer’s legal fees and due diligence fee.

 

e.
Corporate Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall
not sell all or substantially all of the Company’s assets which would render the Company a “shell company” as such
term is defined in Rule 144 of the Securities Act, except with the prior written consent of the Buyer.

 

f.
Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and such breach continues for a
period of ten (10) days after written notice thereof to the Borrower from the Holder, in addition to any other remedies available to
the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note.

 

g.
Failure to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting
requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

h.
Trading Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the
Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with
respect to the common stock of the Company.

 

i.
The Buyer is Not a “Dealer”. The Buyer and the Company hereby acknowledge and agree that the Buyer has not: (i) acted
as an underwriter; (ii) acted as a market maker or specialist; (iii) acted as “de facto” market maker; or (iv) conducted
any other professional market activities such as providing investment advice, extending credit and lending securities in connection;
and thus that the Buyer is not a “Dealer” as such term is defined in the 1934 Act.

 

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5.
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered
in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer to the
Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”).
In the event that the Company proposes to replace its transfer agent, the Company shall provide, within five (5) business days prior
to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to this Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior to registration
of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration,
all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement. The Company warrants that: (i) no
instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the Company to its
transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent
provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its
transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate for Conversion Shares to be issued
to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement; and (iii) it will
not fail to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing)
any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares
issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and/or this Agreement. If the
Buyer provides the Company and the Company’s transfer, at the cost of the Buyer, with an opinion of counsel in form, substance
and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made
without registration under the 1933 Act, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct
its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified
by the Buyer. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by
vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the
Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction
restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other
security being required.

 

6.
Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the
Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided
that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

a.
The Buyer shall have executed this Agreement and delivered the same to the Company.

 

b.
The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c.
The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as of
the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and the Buyer
shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

    	7

     

    

 

d.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

7.
Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the Closing
is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are
for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.
The Company shall have executed this Agreement and delivered the same to the Buyer.

 

b.
The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance
with Section 1(b) above.

 

c.
The Irrevocable Transfer Agent Instructions, in form and substance reasonably satisfactory to the Buyer, shall have been delivered to
and acknowledged in writing by the Company’s Transfer Agent.

 

d.
The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and the
Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer shall have received
a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing
effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect
to the Board of Directors’ resolutions relating to the transactions contemplated hereby.

 

e.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

f.
No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not limited
to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.

 

g.
The Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common
Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation
system.

 

    	8

     

    

 

8.
Governing Law; Miscellaneous.

 

a.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of Virginia or in the federal courts located in the state and city of Alexandria.
The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and
shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Company and Buyer
waive trial by jury. The Buyer shall be entitled to recover from the Company its reasonable attorney’s fees and costs. In the event
that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall
not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the Note or any
related document or agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law.

 

b.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of
which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party.

 

c.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

d.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to
conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e.
Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor
the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may
be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

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f.
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be
in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a)
upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be
as set forth in the heading of this Agreement and with respect to the Buyer, with a copy by fax only to (which copy shall not constitute
notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich, facsimile: 516-466-3555,
e-mail: allison@nwlaw.com, and with respect to the Company, with a copy to (which copy shall not constitute notice) to Patrizio
& O’Leary LLP, 300 Carnegie Center, Suite 150, Princeton, NJ 08540, Attn: John O’Leary, Esq., e-mail: joleary@po-legal.com.
Each party shall provide notice to the other party of any change in address.

 

g.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities
in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without
the consent of the Company.

 

h.
Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall
survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees
to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result
of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this
Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

i.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

j.
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

k.
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law
or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any
breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss
and without any bond or other security being required.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	10

     

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

PROPANC
BIOPHARMA, INC.

 

	By:	 	 
	Name:	James
    Nathanielsz	 
	Title:	Chief
    Executive Officer	 
	 	 	 
	SIXTH
    STREET LENDING LLC	 
	 	 
	By:	 	 
	Name:	Curt
    Kramer	 
	Title:	President	 

 

	AGGREGATE
    SUBSCRIPTION AMOUNT:	 
	 	 
	Aggregate
    Principal Amount of Note:	$63,750.00
	 	 
	Aggregate
    Purchase Price:	$63,750.00

 

    	11Exhibit 10.1

 

AMENDED, RESTATED AND CONSOLIDATED

MASTER MANAGEMENT AGREEMENT

 

by and AMONG

 

SONESTA INTERNATIONAL
HOTELS CORPORATION

 

as “MANAGER”

AND

 

CAMBRIDGE TRS,
INC.,

HPT CY TRS, INC.,

HPT TRS IHG-2, INC. and

HRP TRS MRP, INC.

 

as “OWNERS”

 

Dated as of JANUARY
1, 2022

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I  APPOINTMENT OF MANAGER	1
	1.01   Appointment	1
	1.02   Management of the Hotels	2
	1.03   Services Provided by Manager	4
	1.04   Employees	5
	1.05   Right to Inspect	6
	Article II  TERM	6
	2.01   Term	6
	2.02   Early Termination	6
	Article III  COMPENSATION OF MANAGER; DISBURSEMENTS	7
	3.01   Fees	
    7

    

	3.02   Disbursements	8
	3.03   Timing of Payments	8
	Article IV  ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS; WORKING CAPITAL AND OPERATING LOSSES	9
	4.01   Accounting, Interim Payment and Annual Reconciliation	9
	4.02   Books and Records	10
	4.03   Accounts	11
	4.04   Annual Operating Projection	11
	4.05   Working Capital	12
	4.06   Operating Losses	12
	Article V  REPAIRS, MAINTENANCE AND REPLACEMENTS	12
	5.01   Manager’s Maintenance Obligation	12
	5.02   Repairs and Maintenance to be Paid from Gross Revenues	13
	5.03   Routine Capital Replacements	13
	5.04   Capital Replacements to be Paid by Owners or Landlords	13
	5.05   FF&E Reserve Account	14
	5.06   Capital Estimate	14
	5.07   Additional Requirements	15
	5.08   Ownership of Replacements	16
	Article VI  INSURANCE, DAMAGE AND CONDEMNATION	16
	6.01   General Insurance Requirements	16
	6.02   Waiver of Subrogation	16
	6.03   Risk Management	16
	6.04   Damage and Repair	16
	6.05   Damage Near End of Term	17
	6.06   Condemnation	18
	6.07   Partial Condemnation	18
	6.08   Temporary Condemnation	18

	6.09   Allocation of Award	18
	6.10   Effect of Condemnation	19

 

     

     

    

 

	Article VII  TAXES	19
	7.01   Real Estate and Personal Property Taxes	19
	Article VIII  OWNERSHIP OF THE HOTELS	20
	8.01   Ownership of the Hotels	20
	8.02   No Covenants, Conditions or Restrictions	20
	8.03   Liens; Credit	21
	8.04   Financing	21
	Article IX  DEFAULTS	22
	9.01   Manager Events of Default	22
	9.02   Remedies for Manager Events of Default	23
	9.03   Owner Events of Default	25
	9.04   Remedies for Owner Events of Default	25
	Article X  ASSIGNMENT AND SALE	26
	10.01   Assignment	26
	10.02   Sale of a Hotel	27
	10.03   Amendments of the Leases	28
	Article XI  MISCELLANEOUS	28
	11.01   Right to Make Agreement	28
	11.02   Actions By Manager	28
	11.03   Relationship	28
	11.04   Applicable Law	29
	11.05   Notices	29
	11.06   Environmental Matters	29
	11.07   Confidentiality	30
	11.08   Projections	31
	11.09   Actions to be Taken Upon Termination	31
	11.10   Trademarks, Trade Names and Service Marks	33
	11.11   Waiver	34
	11.12   Partial Invalidity	34
	11.13   Survival	34
	11.14   Negotiation of Agreement	34
	11.15   Entire Agreement	34
	11.16   Affiliates	34
	11.17   Disputes	35
	11.18   Permitted Contests	37
	11.19   Estoppel Certificates	38
	11.20   Indemnification	38
	11.21   Remedies Cumulative	39
	11.22   Amendments and Modifications	39
	11.23   Claims; Binding Effect; Time of the Essence; Nonrecourse	39

 

    ii 

     

    

 

	11.24   Counterparts; Headings	39
	11.25   No Political Contributions	39
	11.26   REIT Qualification	40
	11.27   Adverse Regulatory Event	40
	11.28   Tax Matters	40
	11.29   Third Party Beneficiaries	41
	11.30   Trade Area Restriction	41
	Article XII  DEFINITION OF TERMS; CONSTRUCTION	41
	12.01   Definition of Terms	41
	12.02   Construction	54

  

	Schedule 1	 Hotels
	Schedule 2	Leases
	Schedule 3	Prior Management Agreements
	Schedule 4	Restricted Trade Areas

 

    iii 

     

    

 

THIS AMENDED, RESTATED AND CONSOLIDATED MASTER
MANAGEMENT AGREEMENT (this “Agreement”) is executed as of January 1, 2022 (the “Effective Date”),
by and among SONESTA INTERNATIONAL HOTELS CORPORATION, a Maryland corporation, as manager (“Manager”), and CAMBRIDGE
TRS, INC., HPT CY TRS, INC., HPT TRS IHG-2, INC. and HPT TRS MRP, INC., each a Maryland corporation, as owners
(each, an “Owner” and, collectively, “Owners”).

 

R E C I T A L S:

 

WHEREAS, certain affiliates of Owners identified
on Schedule 1 to this Agreement (each, a “Landlord” and, collectively, “Landlords”) own fee
or leasehold title to the real property related to the hotels identified on Schedule 1 to this Agreement (each, a “Hotel”);

 

WHEREAS, each Landlord has leased or subleased
one or more Hotels to one or more Owners pursuant to one or more lease agreements as identified on Schedule 2 to this Agreement
(as amended from time to time, each, a “Lease” and, collectively, the “Leases”);

 

WHEREAS, each Owner engaged Manager to manage
and operate one or more of the Hotels leased or subleased by such Owner pursuant to one or more management agreements as identified on
Schedule 3 to this Agreement (as amended from time to time, each, a “Prior Management Agreement” and, collectively,
the “Prior Management Agreements”); and

 

WHEREAS, Manager and Owners desire to amend,
restate and consolidate the Prior Management Agreements with respect to the Hotels in accordance with terms and provisions of this Agreement
effective as of 12:01 a.m. on the Effective Date;

 

NOW, THEREFORE, in consideration of the
mutual covenants contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, Manager
and Owners agree as follows:

 

Article
I 

APPOINTMENT OF MANAGER

 

1.01         
Appointment.

 

A.            Subject to the provisions of this Agreement, each Owner hereby continues to engage Manager to supervise, direct and control the
management and operation of each Hotel leased or subleased by such Owner (as indicated on Schedule 1) during the Term. Manager
accepts such continued engagement and agrees to manage and operate each Hotel during the Term in accordance with the terms and conditions
of this Agreement. Each Hotel shall be known as and operated under the Trade Name designated for such Hotel on Schedule 1 (or such
other Trade Name as may be reasonably approved by the applicable Owner for such Hotel). All capitalized terms shall have the meaning ascribed
to them in Article XII.

 

B.             Owners
and Manager may terminate the Term of this Agreement with respect to any Hotel or cause additional hotels to become subject to this Agreement
by executing and delivering an amended and restated Schedule 1 to this Agreement, which amended and restated Schedule 1
shall amend, restate and replace the then-current Schedule 1 to this Agreement from and after the date on which it is executed
and delivered by Owners and Manager. If the owner of the fee or leasehold title to any Hotel that is added to this Agreement after the
Effective Date has not already joined this Agreement as a Landlord hereunder, then such owner shall execute a joinder to this Agreement
in form and substance reasonably satisfactory to the parties hereto, and, thereupon, such owner shall thereafter be considered a Landlord
for all purposes of this Agreement.

 

     

     

    

 

1.02         
Management of the Hotels.

 

A.            The
management and operation of each Hotel shall be under the exclusive supervision and control of Manager except as otherwise specifically
provided in this Agreement. Manager shall manage and operate each Hotel in an efficient and economical manner consistent with standards
prevailing in other hotels in the System, including all activities in connection therewith which are customary and usual to such an operation
(the “Operating Standards”); provided, however, that if the market area or the physical peculiarities
of any Hotel warrant, in the reasonable judgment of Manager, a deviation from such Operating Standards, the applicable Owner shall not
unreasonably withhold its approval of such deviation.

 

B.            Manager shall, with respect to each Hotel, in accordance with the applicable System Standards, the Operating Standards and
the terms of this Agreement:

 

1.                 
Recruit, employ, supervise, direct and (when appropriate) discharge the employees at such Hotel.

 

2.                 
Establish Guest Room rates and charges for services provided in such Hotel.

 

3.                 
Establish administrative policies and procedures for such Hotel, including policies and procedures for employment, control of revenue
and expenditures, maintenance of bank accounts for the purchasing of supplies and services, control of credit, and scheduling of maintenance
and verify that the foregoing procedures are operating in a sound manner.

 

4.                 
Manage expenditures to replenish Inventories and Fixed Asset Supplies at such Hotel, make payments on accounts payable and collect
accounts receivable for such Hotel.

 

5.                 
Arrange for and supervise public relations and advertising and prepare marketing plans or such Hotel.

 

6.                 
Procure all Inventories and replacement Fixed Asset Supplies for such Hotel.

 

7.                 
Prepare and deliver Monthly Statements, Annual Operating Statements, Annual Operating Projections, Capital Estimates, Capital Statements
and such other information required by this Agreement or as the applicable Owner may reasonably request for such Hotel.

 

8.                 
Plan, execute and supervise routine repairs, maintenance, alterations and improvements, including Routine Capital Replacements
for such Hotel, as more specifically set forth in Sections 5.02 and 5.03.

 

    2 

     

    

 

9.                 
 Provide, or cause to be provided, risk management services relating to the types of insurance required to be obtained or provided
by Manager under this Agreement and provide such information related to risk management as any Owner may from time to time reasonably
request.

 

10.             
Obtain and keep in full force and effect, either in its own name or in the applicable Owner’s and/or Landlord’s name,
as may be required by applicable law, any and all licenses and permits for such Hotel to the extent within the control of Manager (or,
if not within the control of Manager, Manager shall use commercially reasonable efforts to obtain and keep same in full force and effect).

 

11.             
Reasonably cooperate in a Sale of such Hotel or in obtaining financing for such Hotel.

 

12.             
On behalf of the applicable Owner, negotiate, enter into and administer leases, subleases, licenses and concession agreements for
all public space at such Hotel (including all retail, office and lobby space and antenna leases on rooftop areas) and administer, comply
with and arrange for extensions of any ground lease or common interest realty associations as necessary.

 

13.             
On behalf of the applicable Owner, negotiate, enter into and administer service contracts and licenses for the operation of such
Hotel, including contracts and licenses for health and safety, systems maintenance, electricity, gas, telephone, cleaning, elevator and
boiler maintenance, air conditioning maintenance, laundry and dry cleaning, master television service, internet service, use of copyrighted
materials (such as music and videos), entertainment and other services as Manager deems advisable.

 

14.             
Negotiate, enter into and administer contracts for the use of banquet and meeting facilities and Guest Rooms by groups and individuals
at such Hotel.

 

15.             
Take reasonable action to collect and institute in its own name or in the name of the applicable Owner or such Hotel, in each instance
as Manager in its reasonable discretion deems appropriate, legal actions or proceedings to collect charges, rent or other income derived
from the operation of such Hotel or to oust or dispossess guests, tenants, members or other persons in possession therefrom, or to cancel
or terminate any lease, license or concession agreement for the breach thereof or default thereunder by any tenant, licensee or concessionaire.

 

16.             
Make representatives available to consult with and advise the applicable Owner, at such Owner’s reasonable request, concerning
policies and procedures affecting the conduct of the business of such Hotel.

 

17.             
Collect on behalf of the applicable Owner and account for and remit to governmental authorities all applicable excise, sales, occupancy
and use taxes or similar governmental charges collected by or at such Hotel directly from guests, members or other patrons, or as part
of the sales price of any goods, services or displays, such as gross receipts, admission or similar or equivalent taxes, duties, levies
or charges.

 

    3 

     

    

 

18.             
 Keep the applicable Owner advised of significant events which occur with respect to such Hotel which might reasonably be expected
to have a material adverse effect on the financial performance, reputation or value of such Hotel.

 

19.             
Perform such other tasks with respect to such Hotel as are customary and consistent with the Operating Standards and the System
Standards.

 

C.             Manager shall use commercially reasonable efforts to comply with all Legal Requirements and Insurance Requirements pertaining to
its operation of each Hotel.

 

D.            Manager shall use commercially reasonable efforts to obtain and maintain all approvals necessary to use and operate each Hotel
in accordance with the System Standards, Operating Standards and Legal Requirements applicable to such Hotel. Each Owner shall cooperate
with Manager and shall (or cause the applicable Landlord to) execute all applications and consents reasonably required to be executed
by such Owner in order for Manager to obtain and maintain such approvals.

 

E.             Manager shall not use, and shall exercise commercially reasonable efforts to prevent the use of, any Hotel and/or Owner’s
Personal Property, if any, for any unlawful purpose. Manager shall not commit, and shall use commercially reasonable efforts to prevent
the commission of, any waste at any Hotel. Manager shall not use, and shall use commercially reasonable efforts to prevent the use of,
any Hotel in such a manner as will constitute an unlawful nuisance. Manager shall use commercially reasonable efforts to prevent the use
of any Hotel in such a manner as might reasonably be expected to impair the applicable Owner’s or Landlord’s title thereto
or any portion thereof or might reasonably be expected to give rise for a claim or claims for adverse use or adverse possession by the
public, or of implied dedication of such Hotel or any portion thereof.

 

1.03         
Services Provided by Manager.

 

A.            Manager
shall furnish certain services to each Hotel, from time to time during the Term, which are furnished generally on a central or regional
basis to other hotels in the System which are managed by Manager, and which benefit such Hotel as a participant in the System, such as:
national sales office services; central operational support for rooms, food and beverage and engineering; central training services;
career development; management personnel relocation; central safety and loss prevention services; central advertising and promotion (including
direct and image media and advertising administration); consumer affairs to the extent not charged or allocated directly to any Hotel;
the national reservations system service and inventory and revenue management services; centralized payroll and accounting services;
computer system development, support and operating costs; and central monitoring and management support from “line management”
personnel such as area managers. Other than the charges for the national reservation system services, for which Manager receives the
Reservation Fee, the Loyalty Program Fee and the Marketing Program Fee, the charges for the services listed in this Section 1.03.A.
shall not be separately compensated and are included in the System Fee.

 

B.             Notwithstanding
the foregoing, if, after the Effective Date, Manager determines that there are central or regional services which may be furnished for
the benefit of hotels in the System or in substitution for services now performed at individual hotels which may be more efficiently
or effectively performed on a group basis, subject to each applicable Owner’s reasonable prior approval, Manager shall furnish
such services and such Owner(s) and Manager shall reasonably agree on the allocation of the costs thereof to the affected Hotels, which
agreement shall be reflected in an approved Annual Operating Projection. For the avoidance of doubt, the costs of such services shall
be paid to Manager separate and apart from the System Fee.

 

    4 

     

    

 

1.04         
Employees.

 

A.            All personnel employed at each Hotel shall at all times be the employees of Manager. Subject to the terms of this Agreement,
Manager shall have absolute discretion with respect to all personnel employed at each Hotel, including, without limitation, decisions
regarding hiring, promoting, transferring, compensating, supervising, terminating, directing and training all employees at such Hotel,
and, generally, establishing and maintaining all policies relating to employment; provided Manager shall not enter into any written employment
agreements with any person which purport to bind any Owner and/or purport to be effective regardless of a termination, without obtaining
such Owner’s consent. Manager shall comply with all Legal Requirements regarding labor relations; if either Manager or any Owner
shall be required, pursuant to any such Legal Requirement, to recognize a labor union or to enter into a collective bargaining with a
labor union, the party so required shall promptly notify the other party. Manager shall have the authority to negotiate and settle labor
union contracts with union employees and union representatives and Manager is authorized to settle labor disputes and administrative claims
as may be routinely necessary in the daily management of any Hotel, provided the applicable Owner shall be given prompt notice of any
negotiations which could reasonably be expected to result in contracts which would bind such Owner and shall be provided with any written
materials in connection therewith prior to execution of any contract or amendment. Manager shall indemnify each Owner and Landlord for
all costs and expenses (including reasonable attorneys’ fees) incurred by any of them if any of them is joined in or made party
to any suit or cause of action alleging that Manager has failed to comply with all Legal Requirements or the requirements of any collective
bargaining agreement pertaining to the employment of Manager’s employees at any Hotel.

 

B.            Manager
shall have the authority to hire, dismiss or transfer each Hotel’s general manager, provided Manager shall keep each applicable
Owner reasonably informed with respect to such actions. Upon any Owner’s request, Manager will provide such Owner the opportunity
to interview general manager candidates before they are hired.

 

C.            Manager
shall decide which, if any, of the employees of each Hotel shall reside at such Hotel (provided that the applicable Owner’s prior
approval shall be obtained if more than two (2) such employees and their immediate families reside at any Hotel), and shall be permitted
to provide free accommodations and amenities to its employees and representatives living at or visiting any Hotel in connection with
its management or operation consistent with Manager’s usual practices for hotels in the System. No person shall otherwise be given
gratuitous accommodations or services without prior approval of the applicable Owner and Manager, except in accordance with usual practices
of the hotel and travel industry.

 

    5 

     

    

 

1.05         
 Right to Inspect. Manager shall permit each Owner and Landlord
and their respective authorized representatives to inspect or show each Hotel during usual business hours upon not less than twenty-four
(24) hours’ notice and to make such repairs as such Owner and Landlord are permitted or required to make pursuant to the terms of
the applicable Lease, provided that any inspection or repair by such Owner or Landlord or their representatives shall not unreasonably
interfere with the use and operation of such Hotel and further provided that, in the event of an emergency as determined by such Owner
or Landlord in its reasonable discretion, prior notice shall not be required.

 

Article
II 

TERM

 

2.01         
Term.

 

A.            The
term of this Agreement with respect to each Hotel (the “Term”) shall begin on the Effective Date and shall continue
until January 31, 2037 (the “Initial Term”) and, provided there exists no Manager Event of Default, such Term shall
thereafter automatically be extended for two (2) successive periods of fifteen (15) years each (each, a “Renewal Term”),
unless Manager gives notice of Manager’s decision not to extend on or before the date which is at least twenty-four (24) months
prior to the date of the expiration of the Initial Term or first Renewal Term, as the case may be, time being of the essence. If Manager
does not extend the Initial Term or the first Renewal Term, as the case may be (i) this Agreement shall automatically terminate at the
end of the Term then in effect, and Manager shall have no further option to extend the Term and (ii) during the twenty-four (24) month
period prior to the date of the expiration of the Initial Term or any Renewal Term, as the case may be, any applicable Owner shall have
the right to effect an earlier termination of this Agreement with respect to any Hotel by notice to Manager, which termination shall
be effective as of the date which is set forth in such notice, provided that such date shall be at least ninety (90) days after the date
of such notice, and such termination shall be in accordance with the provisions of Section 11.09.

 

B.             Each Renewal Term shall commence on the day succeeding the expiration of the Initial Term or the preceding Renewal Term, as the
case may be. All of the terms, covenants and provisions of this Agreement shall apply to each Renewal Term, except that the Term shall
not be extended beyond January 31, 2067.

 

2.02         
Early Termination.

 

A.            Without
limiting either party’s right to terminate this Agreement under any other provision of this Agreement, any applicable Owner may
terminate this Agreement with respect to any Hotel upon sixty (60) days’ notice to Manager, given not later than thirty (30) days
following Owner’s receipt of the Annual Operating Statement for such Hotel for any applicable Year, if the actual amounts paid
to Owner as Owner’s Priority for such Hotel during any three (3) Tested Years within the four (4) consecutive Years immediately
preceding January 1 of such Year are less than the Owner’s Priority Threshold for such Hotel in those Tested Years, and such termination
shall be in accordance with the provisions of Section 11.09; provided, however, if a Force Majeure Event occurs
with respect to any Hotel, then the Owner’s Priority Threshold for such Hotel shall be equitably adjusted to reasonably account
for such Force Majeure Event, as reasonably determined by Manager and the applicable Owner.

 

    6 

     

    

 

B.            Commencing January 1, 2023, Manager shall promptly deliver a Force Majeure Notice to each applicable Owner if Manager reasonably
believes that a Force Majeure Event has commenced or changed in scope in any material respect at any Hotel, and any affected Owner shall
promptly deliver to Manager a Force Majeure Notice if such Owner reasonably believes that any such Force Majeure Event has ended or changed
in scope in any material respect. In any such case, any such Force Majeure Notice shall also include Manager’s or Owner’s
(as applicable) proposed adjustment to the Owner’s Priority Threshold for each affected Hotel on account thereof. Manager and the
applicable Owner shall negotiate in good faith as to whether a Force Majeure Event has commenced, ended or changed in scope (as applicable),
and, if so, the amount of any corresponding adjustment to the Owner’s Priority Threshold for each affected Hotel. If Manager and
any Owner do not agree that a Force Majeure Event has commenced, ended or changed in scope, as applicable, and/or the applicable amount
of the corresponding adjustment to the Owner’s Priority Threshold for any affected Hotel on account thereof within thirty (30) days
following the delivery of the applicable Force Majeure Notice, then either Manager or the applicable Owner may submit such dispute to
arbitration. For the avoidance of doubt, any adjustment to the Owner’s Priority Threshold contemplated hereby shall commence as
of the date of on which the underlying Force Majeure Event occurs, provided that Manager delivers prompt written notice of the same to
the applicable Owner as provided hereinabove, and may be temporary or permanent in nature, based upon the circumstances related to the
Force Majeure Event. For the avoidance of doubt, Owner’s Priority (as opposed to Owner’s Priority Threshold) for any Hotel
shall not be subject to any adjustment pursuant to this Section 2.02.B.

 

Article
III 

COMPENSATION OF MANAGER; DISBURSEMENTS

 

3.01         
Fees. In consideration of the management services to be
performed during the Term for each Hotel, Manager shall be paid the sum of the following for such Hotel:

 

A.            The
Base Management Fee for such Hotel;

 

B.             The
Reservation Fee for such Hotel;

 

C.             The
System Fee for such Hotel;

 

D.            Any
applicable Procurement and Construction Supervision Fee for such Hotel;

 

E.             The
Loyalty Program Fee for such Hotel;

 

F.             The Marketing Program Fee for such Hotel; and

 

G.             Any
applicable Incentive Management Fee for such Hotel.

 

    7 

     

    

 

3.02         
Disbursements. Gross Revenues for each Hotel shall be distributed
in the following order of priority:

 

A.            First, to pay all Deductions (excluding the Base Management Fee, the Reservation Fee and the System Fee) for such Hotel;

 

B.            Second,
to Manager, an amount equal to the Base Management Fee, the Reservation Fee and the System Fee for such Hotel;

 

C.             Third,
to Owner, an amount equal to Owner’s Priority for such Hotel;

 

D.            Fourth, pari passu, (i) to Owner, in an amount necessary to reimburse Owner for all Owner Working Capital Advances and Owner
Operating Loss Advances (collectively, “Owner Advances”) for such Hotel which have not yet been repaid pursuant to
this Section 3.02, and (ii) to Manager, in an amount necessary to reimburse Manager for all Additional Manager Advances for such
Hotel which have not yet been repaid pursuant to this Section 3.02. If at any time the amounts available for distribution to any
Owner and Manager pursuant to this Section 3.02 are insufficient (a) to repay all outstanding Owner Advances for such Hotel, and
(b) all outstanding Additional Manager Advances for such Hotel, then such Owner and Manager shall be paid from such amounts the amount
obtained by multiplying a number equal to the amount of the funds available for distribution by a fraction, the numerator of which is
the sum of all such outstanding Owner Advances, or all such outstanding Additional Manager Advances, as the case may be, and the denominator
of which is the sum of all such outstanding Owner Advances plus the sum of all such outstanding Additional Manager Advances;

 

E.             Fifth, to the FF&E Reserve Account for such Hotel, an amount equal to the FF&E Reserve Deposit for such Hotel;

 

F.            Sixth,
to Manager, an amount equal to the Incentive Management Fee for such Hotel; and

 

G.             Finally, to Owner, the Owner’s Residual Payment for such Hotel.

 

3.03         
Timing of Payments.

 

A.            Payment
of the Deductions for each Hotel, excluding the Base Management Fee, the Reservation Fee and the System Fee for such Hotel, shall be
made in the ordinary course of business. The Base Management Fee, the Reservation Fee, the System Fee, the Owner’s Priority,
the FF&E Reserve Deposit, the Incentive Management Fee and the Owner’s Residual Payment for each Hotel shall be paid on or
before the twentieth (20th) day after close of each calendar month during the Term, based upon Gross Revenues or Gross
Room Revenues for such Hotel, as the case may be, as reflected in the Monthly Statement for such Hotel for such month. The
Owner’s Priority for each Hotel shall be determined in accordance with the definition thereof based upon the Additional
Invested Capital for such Hotel as most recently reported to Manager by the applicable Owner. If any installment of the Base
Management Fee, the Reservation Fee, the System Fee or the Owner’s Priority for any Hotel is not paid when due, it shall
accrue interest at the Interest Rate. Calculations and payments of the FF&E Reserve Deposit, the Incentive Management Fee and/or
the Owner’s Residual Payment for each Hotel with respect to each calendar month within a calendar year shall be accounted for
cumulatively based upon the year-to-date Operating Profit for such Hotel as reflected in the Monthly Statement for such Hotel for
such calendar month and shall be adjusted to reflect distributions for prior calendar months in such year. Additional adjustments to
all payments will be made on an annual basis based upon the Annual Operating Statement for each Hotel for each Year and any audit
conducted pursuant to Section 4.02.B.

 

    8 

     

    

 

B.            Subject
to Section 3.03.C, if the portion of Gross Revenues for any Hotel to be distributed to Manager or any Owner pursuant to Section
3.02 is insufficient to pay amounts then due with respect to such Hotel in full, any amounts left unpaid shall be paid from and to
the extent of Gross Revenues available therefor at the time distributions are made in successive calendar months until such amounts are
paid in full, together with interest thereon, if applicable, and such payments shall be made from such available Gross Revenues in the
same order of priority as other payments made on account of such items in successive calendar months.

 

C.            Other
than with respect to Reimbursable Advances, calculations and payments of the fees and other payments in Section 3.02 and distributions
of Gross Revenues for each Hotel within a Year shall be accounted for cumulatively within a Year but shall not be cumulative from one
Year to the next. Calculations and payments of Reimbursable Advances for each Hotel shall be accounted for cumulatively within a Year
and shall be cumulative from one Year to the next.

 

Article
IV 

ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS; WORKING CAPITAL AND OPERATING LOSSES

 

4.01         
Accounting, Interim Payment and Annual Reconciliation.

 

A.            Within
fifteen (15) days after the close of each calendar month, Manager shall deliver an accounting (the “Monthly Statement”)
to the applicable Owner showing Gross Revenues, Gross Room Revenues, occupancy percentage and average daily rate, Deductions, Operating
Profit, and applications and distributions thereof for each Hotel for the preceding calendar month and year-to-date.

 

B.            Within
forty-five (45) days after the end of each Year, Manager shall deliver to the applicable Owner and Landlord a statement (the “Annual
Operating Statement”) in reasonable detail summarizing the operations of each Hotel for the immediately preceding Year and
an Officer’s Certificate setting forth the totals of Gross Revenues, Deductions, and the calculation of the Incentive Management
Fee and Owner’s Residual Payment for such Hotel for the preceding Year and certifying that such Annual Operating Statement is true
and correct. Manager and each Owner shall, within ten (10) Business Days after such Owner’s receipt of any such statement, make
any adjustments, by cash payment, in the amounts paid or retained for such Year as are required because of variances between the Monthly
Statements and the Annual Operating Statement. Any payments shall be made together with interest at the Interest Rate from the date such
amounts were due or paid, as the case may be, until paid or repaid. The Annual Operating Statement for each Hotel shall be controlling
over the Monthly Statements for such Hotel and shall be final, subject to adjustments required as a result of an audit requested by any
applicable Owner or Landlord pursuant to Section 4.02.B.

 

    9 

     

    

 

C.            1.
             In addition, Manager shall provide such information relating
to each Hotel and public information relating to Manager and its Affiliates that (a) may be reasonably required in order for the applicable
Landlord, Owner or SVC, to prepare financial statements in accordance with GAAP or to comply with applicable securities laws and regulations
and the SEC’s interpretation thereof, (b) may be reasonably required for the applicable Landlord, Owner or SVC, as applicable,
to prepare federal, state or local tax returns, or (c) is of the type that Manager customarily prepares for other hotel owners. The foregoing
does not constitute an agreement by Manager either to join any Landlord, Owner or SVC, as applicable, in a filing with or appearance
before the SEC or any other regulatory authority or to take or consent to any other action which would cause Manager to be liable to
any third party for any statement or information other than those statements incorporated by reference pursuant to clause (a) above.

 

2.                 
Any Owner may at any time, and from time to time, provide copies of any of the statements furnished under this Section 4.01
to any Person which has made or is contemplating making a Mortgage or other financing, or a prospective purchaser in connection with a
Sale of a Hotel, subject to such Person entering into a confidentiality agreement reasonably acceptable to Manager.

 

3.                 
In addition, any Owner or Landlord shall have the right, from time to time at such Owner’s or Landlord’s, as the case
may be, sole cost and expense, upon reasonable notice, during Manager’s customary business hours, to cause Manager’s books
and records with respect to any Hotel to be audited by auditors selected by such Owner or Landlord, as applicable, at the place or places
where such books and records are customarily kept.

 

4.02         
Books and Records.

 

A.            Books
of control and account pertaining to operations at each Hotel shall be kept on the accrual basis and in all material respects in accordance
with the Uniform System of Accounts and with GAAP (provided that, to the extent of a conflict, GAAP shall control over the Uniform System
of Accounts), or in accordance with such industry standards or such other standards with which Manager is required to comply from time
to time, with the exceptions, if any, provided in this Agreement, to the extent applicable, which will accurately record the Gross Revenues
and the application thereof. Manager shall retain, for at least three (3) years after the expiration of each Year, reasonably adequate
records showing Gross Revenues and the application thereof for such Year. The provisions of this Section 4.02.A shall survive
termination.

 

B.             Any
Owner or Landlord may, at reasonable intervals during Manager’s normal business hours, examine such books and records, including,
without limitation, supporting data and sales and excise tax returns for its Hotels. If any Owner or Landlord desires, at its own expense,
to audit, examine, or review the Annual Operating Statement for any of its Hotels, it shall notify Manager in writing within one (1)
year after receipt of such statement of its intention to audit and begin such audit within such one (1) year after Manager’s receipt
of such notice. The applicable Owner or Landlord, as the case may be, shall use commercially reasonable efforts to complete such audit
as soon as practicable after the commencement thereof, subject to reasonable extension if such Owner’s or Landlord’s accountant’s
inability to complete the audit within such time is caused by Manager. If neither the applicable Owner nor Landlord makes such an audit,
then such statement shall be deemed to be conclusively accepted by the applicable Owner and Landlord as being correct, and neither such
Owner nor such Landlord shall have any right thereafter, except in the event of fraud by Manager, to question or examine the same. If
any audit by any Owner or Landlord discloses an understatement or overpayment of any net amounts due such Owner or Manager, Manager shall,
promptly after completion of the audit, render a statement to such Owner and Landlord setting forth the adjustments required to be made
to the distributions under Section 3.02 for such Year as a result of such audit, and such Owner and Manager, as the case may be,
shall make any additional payments required to comply with such revised statement together with interest at the Interest Rate from the
date when due or overpaid. Any dispute concerning the correctness of an audit shall be settled by arbitration. Manager shall pay the
cost of any audit revealing understatement of Operating Profit for any Hotel by more than three percent (3%), and such amount shall not
be a Deduction. The provisions of this Section 4.02.B shall survive termination.

 

    10 

     

    

 

4.03         
Accounts. All funds derived from the operation of each Hotel
shall be deposited by Manager in a bank account(s) in a bank designated by Manager. Withdrawals from such accounts shall be made solely
by representatives of Manager whose signatures have been authorized. Reasonable petty cash shall be maintained at each Hotel.

 

4.04         
Annual Operating Projection.

 

A.            Manager
shall furnish to each applicable Owner for its review and comment, at least thirty (30) days prior to the beginning of each Year, a statement
of the estimated financial results of the operation of each Hotel for the forthcoming Year (an “Annual Operating Projection”).
Such projection shall project the estimated Gross Revenues, Deductions, and Operating Profit for such Hotel. Manager agrees to make qualified
personnel from Manager’s staff available to explain such Annual Operating Projections, at any applicable Owner’s request.
Manager will at all times give good faith consideration to each Owner’s suggestions regarding any Annual Operating Projection.
Manager shall thereafter submit to each Owner, by no later than January 2nd of such Year, a modified Annual Operating Projection
for such Hotel if any changes are made following receipt of comments from such Owner. Manager and each applicable Owner acknowledge and
agree that the Annual Operating Projection for each Hotel for the 2022 calendar year has been agreed upon.

 

B.             Manager
shall endeavor to adhere to the Annual Operating Projection for each Hotel unless otherwise agreed by the applicable Owner and Manager.
It is understood, however, that each Annual Operating Projection is an estimate only and that unforeseen circumstances including the
costs of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make adherence to
any Annual Operating Projection impracticable, and Manager shall be entitled to depart therefrom due to causes of the foregoing nature;
provided, however, that nothing herein shall be deemed to authorize Manager to take any action prohibited by this Agreement
or to reduce Manager’s other rights or obligations hereunder.

 

    11 

     

    

 

4.05          Working
Capital. Prior to the Effective Date and pursuant to the Prior Management Agreements, each applicable Owner advanced to
Manager, as Working Capital, an amount equal to (a) $2,000 multiplied by the number of Guest Rooms for each Hotel that is a Full
Service Hotel and (b) $1,000 multiplied by the number of Guest Rooms for each Hotel that is a Select Service Hotel. Upon notice from
Manager, each Owner shall have the right, without any obligation and in its sole discretion, to advance additional funds necessary
to maintain Working Capital (“Additional Working Capital”) at each Hotel at levels determined by Manager to be
reasonably necessary to satisfy the needs of such Hotel as its operation may from time to time require within ten (10) Business Days
of such request. Any such request by Manager shall be accompanied by a reasonably detailed explanation of the reasons for the
request. If any applicable Owner does not advance such Additional Working Capital, Manager shall have the right, without any
obligation and in its sole discretion, to fund such Additional Working Capital within ten (10) Business Days after such initial ten
(10) day period. All such advances shall be Owner Working Capital Advances or Additional Manager Advances, as applicable. If neither
the applicable Owner nor Manager elects to fund Additional Working Capital, Manager may elect, by notice to such Owner given within
thirty (30) days thereafter, to terminate this Agreement with respect to the affected Hotel, which termination shall be effective
thirty (30) days after the date such notice is given; upon such termination, such Owner shall pay Manager the applicable Termination
Fee, within sixty (60) days of the effective date of termination, as liquidated damages and in lieu of any other remedy of Manager
at law or in equity, and such termination shall otherwise be in accordance with the provisions of Section 11.09.

 

4.06         
Operating Losses. To the extent there is an Operating Loss
at any Hotel for any calendar month, the applicable Owner shall have the right, without any obligation and in its sole discretion, to
fund such Operating Loss within twenty (20) days after Manager has delivered notice thereof to such Owner and any Operating Loss funded
by such Owner shall be an “Owner Operating Loss Advance” for such Hotel. If the applicable Owner does not fund such
Operating Loss, Manager shall have the right, without any obligation and in its sole discretion, to fund such Operating Loss within twenty
(20) days after such initial twenty (20) day period, and any Operating Loss so funded by Manager shall be an Additional Manager Advance.
If neither party elects to fund such Operating Loss, Manager may elect, by notice to the applicable Owner given within thirty (30) days
thereafter, to terminate this Agreement with respect to the affected Hotel, which termination shall be effective thirty (30) days after
the date such notice is given; upon such termination, such Owner shall pay Manager the applicable Termination Fee, within sixty (60) days
of the effective date of termination, as liquidated damages and in lieu of any other remedy of Manager at law or in equity and such termination
shall otherwise be in accordance with the provisions of Section 11.09.

 

Article
V 

REPAIRS, MAINTENANCE AND REPLACEMENTS

 

5.01          Manager’s
Maintenance Obligation. Manager shall implement a commercially reasonable preventative maintenance program at each Hotel,
and, subject to the terms and conditions of this Article V, Manager shall maintain each Hotel, including all private
roadways, sidewalks and curbs located thereon, in good order and repair, reasonable wear and tear excepted, and in conformity with
all applicable Legal Requirements, Insurance Requirements, System Standards and any Existing CC&Rs or Future CC&Rs. Subject
to the terms and conditions of this Article V, Manager shall promptly make or cause to be made all necessary and appropriate
repairs, replacements, renewals, and additions thereto of every kind and nature, whether interior or exterior, structural or
nonstructural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition existing prior to the
commencement of the Term. All repairs, renovations, alterations, improvements, renewals, replacements or additions shall be made in
a good, workmanlike manner, consistent with Manager’s and industry standards for like hotels in like locales, in accordance
with all applicable federal, state and local statutes, ordinances, by-laws, codes, rules and regulations relating to any such
work. Manager shall not take or omit to take any action, with respect to any Hotel the taking or omission of which would materially
and adversely impair the value of such Hotel or any part thereof for its use as a hotel.

 

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5.02         
Repairs and Maintenance to be Paid from Gross Revenues.
Manager shall promptly make or cause to be made, such routine maintenance, repairs and minor alterations, the costs of which are normally
expensed under GAAP, as it determines are necessary to comply with Manager’s obligations under Section 5.01 with respect
to each Hotel. The cost of such maintenance, repairs and alterations for each Hotel shall be paid from Gross Revenues or Working Capital
for such Hotel.

 

5.03         
Routine Capital Replacements. Manager shall be responsible
for completing all Routine Capital Replacements as are contemplated by the approved Capital Estimate for each Hotel. The cost and expense
incurred in connection with Manager’s obligations hereunder shall be paid either from any applicable funds that are available in
the FF&E Reserve Account or are provided by any Owner or Landlord under Section 5.06. In consideration for Manager’s
services under this Section 5.03, Manager shall receive the Procurement and Construction Supervision Fee which shall be included
in related draws from the FF&E Reserve as amounts generating such fees are paid.

 

5.04         
Capital Replacements to be Paid by Owners or Landlords.

 

A.            Each
applicable Owner and Landlord shall be responsible for completing any Major Renovations at any Hotel as may be contemplated by in an
approved Capital Estimate for such Hotel, which Major Renovation may be funded by such Owner or Landlord from the applicable FF&E
Reserves or funds provided by such Owner or Landlord.

 

B.             Each
Owner and/or Landlord shall use commercially reasonable efforts to substantially complete all Required Renovations at its Hotels prior
to December 31, 2024. For purposes of this Agreement, “Required Renovations” means such renovations and repairs as
Owner and Manager agree are necessary to cause a Hotel to comply in all material respects with the System Standards applicable to such
Hotel. Each Owner shall propose a written scope of Required Renovations for each Hotel, and each Owner and Manager shall cooperate in
good faith to resolve any dispute with respect to the scope of the Required Renovations. Any dispute regarding the scope of the Required
Renovations shall be resolved by arbitration. Manager shall reasonably cooperate with each Owner and/or its designee in connection with
such Owner’s completion of all Required Renovations.

 

C.             Manager
shall reasonably cooperate with each Owner, Landlord and/or their respective agents and contractors in connection with all Major Renovations
and Required Renovations. Without limiting the foregoing, Manager shall make any applicable FF&E Reserves available to any applicable
Owner or Landlord to pay for any Major Renovations or Required Renovations in accordance with any approved Capital Estimate.

 

    13 

     

    

 

5.05         
 FF&E Reserve Account.

 

A.            Manager
shall establish an interest-bearing account for each Hotel, in the applicable Owner’s name, in a bank designated by Manager (and
approved by such Owner, such approval not to be unreasonably withheld), into which all FF&E Reserve Deposits for such Hotel shall
be paid (the “FF&E Reserve Account”). Funds on deposit in any FF&E Reserve Account (the “FF&E
Reserves”) shall not be commingled with any other funds without the applicable Owner’s consent.

 

B.            So long as no Manager Event of Default shall have occurred, the FF&E Reserves for each Hotel may be applied by Manager, without
the consent of any Owner, only to the payment of any Routine Capital Replacement or Major Renovation or Required Renovation in an approved
Capital Estimate for such Hotel; provided, however, not more than Twenty Five Thousand Dollars ($25,000) may be expended
by Manager in a given year for any single item to be charged against any discretionary or contingency line item in a Capital Estimate
without the prior written consent of the applicable Owner, which consent shall not be unreasonably withheld, conditioned or delayed.

 

C.             In addition to the FF&E Reserve Deposit, other than an Owner’s or Manager’s personal property, all materials or
FF&E which are scrapped or removed in connection with the making of any major or non-major repairs, renovation, additions, alterations,
improvements, removals or replacements shall be disposed of by Manager and the net proceeds thereof shall be deposited into the applicable
FF&E Reserve Account and not included in Gross Revenues.

 

D.            Manager
shall be the only Party entitled to withdraw funds from an FF&E Reserve Account unless and until a Manager Event of Default shall
occur. Following the occurrence of a Manager Event of Default, Manager shall not have the right to withdraw funds from an FF&E Reserve
Account without the applicable Owner’s prior written consent.

 

E.             Upon
the expiration or earlier termination of the Term, Manager shall disburse to each applicable Owner or Landlord, or as such Owner or Landlord
shall direct, all remaining FF&E Reserves for the terminated Hotel(s) after payments of all expenses on account of capital expenditures
incurred by Manager pursuant to an approved Capital Estimate during the Term in accordance with this Agreement.

 

5.06         
Capital Estimate.

 

A.            Manager shall prepare and deliver to each applicable Owner and Landlord for their review and approval, at the same time
the Annual Operating Projection is submitted, an estimate for each Hotel of the Routine Capital Replacements and Major Renovations necessary
during the forthcoming Year for such Hotel (a “Capital Estimate”). Manager agrees to make qualified personnel from
Manager’s staff available to explain each Capital Estimate, at any Owner’s request. Failure of any Owner or Landlord to approve
or disapprove a Capital Estimate within twenty (20) Business Days after receipt of all information and materials requested by such Owner
or Landlord in connection therewith shall be deemed to constitute approval of such Capital Estimate.

 

    14 

     

    

 

B.             If
any dispute shall arise with respect to the approval by any Owner or Landlord of a Capital Estimate, Manager shall meet with such Owner
and Landlord to discuss the objections, and Manager, such Owner and such Landlord shall attempt in good faith to resolve any disagreement
relating to the Capital Estimate. If after sixty (60) days such disagreement has not been resolved, any party may submit the issue to
arbitration.

 

C.             If at any time the FF&E Reserves for any Hotel shall be insufficient to fund any Routine Capital Replacements and Major
Renovations which are set forth in the approved Capital Estimate for such Hotel, Manager shall give the applicable Owner and Landlord
written notice thereof, which notice shall not be given more often than monthly and shall set forth, in reasonable detail, the nature
of the required expenditure, the estimated cost thereof (including the amount which is in excess of the then FF&E Reserves) and such
other information with respect thereto as such Owner or Landlord may reasonably require. Provided that no Manager Event of Default then
exists, and Manager shall otherwise comply with the provisions of Section 5.07, as applicable, the applicable Owner shall, within
ten (10) Business Days after such notice is given, deposit (or shall cause the applicable Landlord to deposit) into the applicable FF&E
Reserve Account such funds as are required to fund the amounts set forth in such notice and necessary to fund such Routine Capital Replacements
and Major Renovations in an approved Capital Estimate. Additional Invested Capital shall be adjusted for funds deposited by any Owner
or Landlord in the applicable FF&E Reserve Account pursuant to this Section 5.06 effective as of the date such funds are deposited.

 

D.            A
failure or refusal by any Owner or Landlord to provide the additional funds required under an approved Capital Estimate (including after
resolution by arbitration, if applicable) shall entitle Manager, at its option, to notify the applicable Owner and Landlord that Manager
will terminate this Agreement with respect to the affected Hotel. If the applicable Owner or Landlord does not make the funds available
within thirty (30) days after receipt of such notice of intent to terminate, Manager may, without obligation and in its sole discretion,
fund all or a portion of the amounts required and any amounts funded by Manager shall constitute an Additional Manager Advance, or elect
to terminate this Agreement with respect to the affected Hotel by notice to the applicable Owner given within thirty (30) days thereafter
and this Agreement shall terminate with respect to such Hotel as of the date that is one hundred eighty (180) days after the date
of such Owner’s receipt of Manager’s notice; upon such termination, such Owner shall pay Manager the Termination Fee for
the affected Hotel, within sixty (60) days of the effective date of termination, as liquidated damages and in lieu of any other remedy
of Manager at law or in equity and such termination shall otherwise be in accordance with the provisions of Section 11.09.

 

5.07         
Additional Requirements.

 

A.            All
expenditures from the FF&E Reserves or other amounts funded pursuant to a Capital Estimate shall be (as to both the amount of each
such expenditure and the timing thereof) both reasonable and necessary given the objective that each Hotel will be maintained and operated
to a standard comparable to competitive properties and in accordance with the System Standards.

 

    15 

     

    

 

B.             Manager
shall provide to each applicable Owner and Landlord within twenty (20) days after the end of each calendar month, a statement (“Capital
Statement”) setting forth, on a line item basis, Routine Capital Replacements and Major Renovations made to date and any variances
or anticipated variances and/or amendments from the applicable Capital Estimate.

 

C.             No
Owner or Landlord may withhold its approval of a Capital Estimate with respect to such items as are (1) required in order for a Hotel
to comply with System Standards, except during the last two (2) years of the Term, during which time approval may be withheld in such
Owner’s or Landlord’s discretion; or (2) required by reason of or under any Insurance Requirement or Legal Requirement, or
otherwise required for the continued safe and orderly operation of a Hotel.

 

5.08         
Ownership of Replacements. All repairs, renovations, additions,
alterations, improvements, renewals or replacements made pursuant to this Agreement and all FF&E Reserves, shall, except as otherwise
provided in this Agreement, be the property of the applicable Landlord or Owner, as applicable, as provided under the Leases.

 

Article
VI 

INSURANCE, DAMAGE AND CONDEMNATION

 

6.01         
General Insurance Requirements. Manager shall, at all times
during the Term, keep (or cause to be kept) each Hotel and all property located therein or thereon, insured against the risks, including
business interruption, and in such amounts as the applicable Owner and Manager shall agree and as may be commercially reasonable. Any
disputes regarding such matters not resolved by the parties within ten (10) Business Days (which period may be extended upon mutual agreement
of the parties) shall be resolved by arbitration.

 

6.02         
Waiver of Subrogation. Each Owner and Manager agree that
(insofar as and to the extent that such agreement may be effective without invalidating or making it impossible to secure insurance coverage
from responsible insurance companies doing business in the applicable State) with respect to any property loss which is covered by insurance
then being carried by such Owner or Manager, the party carrying such insurance and suffering said loss releases the others of and from
any and all claims with respect to such loss; and they further agree that their respective insurance companies (and, if such Owner or
Manager shall self-insure in accordance with the terms hereof, such Owner or Manager, as the case may be) shall have no right of subrogation
against the other on account thereof, even though extra premium may result therefrom. If any extra premium is payable by Manager as a
result of this provision, no Owner shall be liable for reimbursement to Manager for such extra premium.

 

6.03         
Risk Management. Manager shall be responsible for the provision
of risk management oversight at each Hotel during the Term.

 

6.04         
Damage and Repair.

 

A.            If,
during the Term, any Hotel shall be totally or partially destroyed and such Hotel is thereby rendered Unsuitable for Its Permitted
Use, (1) Manager may terminate this Agreement with respect to such Hotel by sixty (60) days’ notice to the applicable Owner
and Landlord, or (2) the applicable Owner may terminate this Agreement with respect to such Hotel by sixty (60) days’ notice
to Manager and the applicable Landlord, whereupon, this Agreement shall terminate with respect to such Hotel and the applicable
Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.

 

    16 

     

    

 

 

B.            If, during the Term, any Hotel is damaged or destroyed by fire, casualty or other cause but is not rendered Unsuitable for
Its Permitted Use, subject to Sections 6.04.C, the applicable Owner and Landlord shall cause such Hotel to be repaired and restored,
in compliance with all Legal Requirements and Insurance Requirements so that such Hotel shall be, to the extent practicable, substantially
equivalent in value and general utility to its general utility and value immediately prior to such damage or destruction and in compliance
with System Standards.

 

C.            1. If the cost of the repair or restoration of any Hotel is less than the sum of the amount of insurance proceeds received
by the applicable Owner and Landlord plus the deductible amount, such Owner shall (or shall cause such Landlord to) make available the
funds necessary to cause such Hotel to be repaired and restored.

 

2.             If the amount of insurance proceeds received by the applicable Landlord and Owner plus the deductible amount is less than
the cost of the repair or restoration of the affected Hotel, the applicable Owner shall give notice thereof to such Landlord and Manager
setting forth the deficiency in reasonable detail. The applicable Owner shall have the right, without any obligation and in its sole discretion,
to fund the deficiency and shall give Manager and the applicable Landlord notice within twenty (20) days after learning of such deficiency.
If the applicable Owner elects not to fund the deficiency, the applicable Landlord shall have the right, without obligation and in its
sole discretion, to fund the deficiency and shall give Manager and such Owner notice thereof within twenty (20) days after notice from
such Owner. If neither the applicable Owner nor Landlord elect to fund the deficiency, this Agreement shall terminate with respect to
the affected Hotel and the applicable Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.

 

D.            All
business interruption insurance proceeds with respect to any Hotel shall be paid to Manager and included in Gross Revenues for such Hotel.
Any casualty which does not result in a termination of this Agreement shall not excuse the payment of sums due to the applicable Owner
hereunder.

 

E.             Manager
hereby waives any statutory rights of termination which may arise by reason of any damage to or destruction of any Hotel.

 

6.05         Damage
Near End of Term. Notwithstanding any provisions of Section 6.04 to the contrary, if damage to or destruction of any
Hotel occurs during the last twelve (12) months of the Term (including any exercised Renewal Term) and if such damage or destruction
cannot reasonably be expected to be fully repaired and restored prior to the date that is nine (9) months prior to the end of the Term
(including any exercised Renewal Term), the provisions of Section 6.04.A shall apply as if the applicable Hotel had been totally
or partially destroyed and rendered Unsuitable for Its Permitted Use.

 

    17

     

    

 

6.06         Condemnation. If, during the Term, either the whole of
any Hotel shall be taken by Condemnation, or a partial Condemnation renders such Hotel Unsuitable for Its Permitted Use, this Agreement
shall terminate with respect to such Hotel and the applicable Owner and Landlord shall seek the Award for their interests in such Hotel
as provided in the applicable Lease. In addition, Manager shall have the right to initiate such proceedings as it deems advisable to
recover any damages to which Manager may be entitled; provided, however, that Manager shall be entitled to retain any Award
it may obtain through such proceedings which are conducted separately from those of the applicable Owner and Landlord only if such Award
does not reduce the Award otherwise available to such Owner and Landlord. Any Award received by any Mortgagee under a Mortgage on a Hotel
shall be deemed to be an award of compensation received by the applicable Landlord.

 

6.07         Partial
Condemnation.

 

A.            If, during the Term, there is a partial Condemnation of any Hotel but such Hotel is not rendered Unsuitable for Its Permitted Use,
subject to Section 6.07.B, the applicable Owner shall cause the untaken portion of such Hotel to be repaired and restored, in compliance
with all Legal Requirements and Insurance Requirements and so that the untaken portion of such Hotel shall constitute a complete architectural
unit of the same general character and condition, to the extent practicable, as such Hotel immediately prior to such partial Condemnation
and in compliance with System Standards.

 

B.             If the amount of the Award is less than the cost of the repair and restoration of the affected Hotel, the applicable Owner shall
give notice thereof to the applicable Landlord and Manager setting forth the deficiency in reasonable detail. The applicable Owner shall
have the right without any obligation and in its sole discretion, to fund the deficiency and shall give Manager and the applicable Landlord
notice thereof within twenty (20) days after learning of such deficiency. If the applicable Owner elects not to fund the deficiency, the
applicable Landlord shall have the right without obligation and in its sole discretion, to fund the deficiency and shall give Manager
and such Owner notice within twenty (20) days after notice from such Owner. If neither the applicable Owner or Landlord elect to fund
the deficiency, this Agreement shall terminate with respect to the affected Hotel and the applicable Owner and Landlord shall be entitled
to retain the Award.

 

6.08         Temporary Condemnation. In the event of any temporary Condemnation of any Hotel or the applicable Owner’s interest
therein, this Agreement shall continue in full force and effect. The entire amount of any Award made for such temporary Condemnation allocable
to the Term, whether paid by way of damages, rent or otherwise, shall be paid to Manager and shall constitute Gross Revenues for the applicable
Hotel. A Condemnation shall be deemed to be temporary if the period of such Condemnation is not expected to, and does not, exceed twelve
(12) months.

 

6.09         Allocation
of Award. Except as provided in Section 6.06, Section 6.08 and this Section 6.09, the total Award shall
be solely the property of and payable to the applicable Landlord. Any portion of the Award made for the taking of an Owner’s leasehold
interest in a Hotel, loss of business, the taking of such Owner’s Personal Property, or such Owner’s removal and relocation
expenses shall be the sole property of, and payable to, such Owner. Any portion of the Award made for the taking of Manager’s interest
in a Hotel or Manager’s loss of business during the remainder of the Term shall be the sole property of, and payable to, Manager,
subject to the provisions of Section 6.06. In any Condemnation proceedings, the applicable Landlord, the applicable Owner, and
Manager shall each seek its own Award in conformity herewith, at its own expense.

 

    18

     

    

 

6.10         Effect of Condemnation. Any Condemnation which does not
result in a termination of this Agreement in accordance with its terms with respect to a Hotel shall not excuse the payment of sums due
to Owner hereunder with respect to such Hotel and this Agreement shall remain in full force and effect.

 

Article
VII 

TAXES

 

7.01         Real
Estate and Personal Property Taxes.

 

A.            Subject
to Section 11.18 relating to permitted contests, Manager shall pay, from Gross Revenues for each Hotel, all Impositions with respect
to such Hotel, before any fine, penalty, interest or cost (other than any opportunity cost as a result of a failure to take advantage
of any discount for early payment) may be added for non-payment, such payments to be made directly to the taxing authorities where feasible,
and shall promptly, upon request, furnish to the applicable Landlord and Owner copies of official receipts or other reasonably satisfactory
proof evidencing such payments. If any such Imposition may, at the option of the taxpayer, lawfully be paid in installments (whether
or not interest shall accrue on the unpaid balance of such Imposition), Manager may exercise the option to pay the same (and any accrued
interest on the unpaid balance of such Imposition) in installments and, in such event, shall pay such installments during the Term as
the same become due and before any fine, penalty, premium, further interest or cost may be added thereto. Manager shall, upon request,
provide such data as is maintained by Manager with respect to any Hotel as may be necessary to prepare any required returns and reports
by the applicable Owner or Landlord.

 

B.            Each Owner shall give, and will use reasonable efforts to cause the applicable Landlord to give, copies of official tax
bills and assessments which it may receive with respect to any Hotel and prompt notice to the applicable Owner and Manager of all Impositions
payable by such Owner under the applicable Lease of which such Owner or such Landlord, as the case may be, at any time has knowledge;
provided, however, that any Landlord’s or Owner’s failure to give any such notice shall in no way diminish Manager’s
obligation hereunder to pay such Impositions (except that the applicable Owner or Landlord, as applicable, shall be responsible for any
interest or penalties incurred as a result of such Owner’s or Landlord’s, as applicable, failure promptly to forward the same).

 

C.             Notwithstanding anything herein to the contrary, each Owner and Manager shall pay from its own funds (and not from Gross
Revenues of any Hotel) any franchise, corporate, estate, inheritance, succession, capital levy or transfer tax imposed on such Owner or
Manager, as applicable, or any income tax imposed (but not gross receipt or general excise taxes) on any income of such Owner or Manager
(including distributions pursuant to Article III).

 

    19

     

    

 

Article
VIII  

OWNERSHIP OF THE HOTELS

 

8.01         Ownership
of the Hotels.

 

A.            Each
Owner and Landlord hereby covenants that it will not hereafter impose or consent to the imposition of any liens, encumbrances or other
charges on any Hotel, except as follows:

 

1.             easements
or other encumbrances that do not adversely affect the operation of such Hotel by Manager and that are not prohibited pursuant to Section
8.02;

 

2.             Mortgages and related security instruments;

 

3.              liens for taxes, assessments, levies or other public charges not yet due or due but not yet payable; or

 

4.              equipment
leases for office equipment, telephone, motor vehicles and other property approved by Manager.

 

B.            Subject
to liens permitted by Section 8.01.A, each Owner and Landlord covenants that, so long as there then exists no Manager Event of
Default, Manager shall quietly hold, occupy and enjoy each Hotel throughout the Term free from hindrance, ejection or molestation by
such Owner or Landlord or other party claiming under, through or by right of any of them. Each Owner agrees to pay and discharge any
payments and charges and, at its expense, to prosecute all appropriate actions, judicial or otherwise, necessary to assure such free
and quiet occupation as set forth in the preceding sentence.

 

8.02         No
Covenants, Conditions or Restrictions.

 

A.            Each
Owner and Landlord agrees that, during the Term, any covenants, conditions or restrictions, including reciprocal easement agreements
or cost-sharing arrangements affecting any Hotel (collectively “Future CC&Rs”) which would (i) prohibit
or limit Manager from operating such Hotel in accordance with System Standards, including related amenities of such Hotel; (ii) allow
such Hotel’s facilities (for example, parking spaces) to be used by persons other than guests, invitees or employees of such Hotel;
(iii) allow such Hotel’s facilities to be used for specified charges or rates that have not been approved by Manager; or (iv) subject
such Hotel to exclusive arrangements regarding food and beverage operation or retail merchandise, will not be entered into unless Manager
has given its prior written consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed. Manager hereby
consents to any easements, covenants, conditions or restrictions, including, without limitation, any reciprocal easement agreements or
cost-sharing agreements existing as of the Effective Date (collectively, the “Existing CC&Rs”).

 

B.            All
financial obligations imposed on any Owner or on any Hotel pursuant to any Future CC&Rs for which Manager’s consent was required
under Section 8.02.A, but not obtained, shall be paid by such Owner.

 

    20

     

    

 

C.            Manager shall manage, operate, maintain and repair each Hotel in compliance with all obligations imposed on the applicable Owner,
Landlord or Hotel pursuant to any Existing CC&Rs or Future CC&Rs (unless Manager’s consent was required under Section
8.02.A, but not obtained) to the extent such Existing CC&Rs and Future CC&Rs relate to the management, operation, maintenance
and repair of such Hotel.

 

8.03         Liens; Credit.

 

A.            Manager
and each Owner shall use commercially reasonable efforts to prevent any liens from being filed against any Hotel which arise from any
maintenance, repairs, alterations, improvements, renewals or replacements in or to such Hotel. Manager and each Owner shall cooperate,
and each Owner shall cause the applicable Landlord to cooperate, in obtaining the release of any such liens. In no event shall any party
borrow money in the name of, or pledge the credit of, any other party. Manager shall not allow any lien to exist with respect to its
interest in this Agreement.

 

B.             Subject
to encumbrances permitted under Section 8.01, Manager shall not, to the extent funds to pay the same are available or provided
on a timely basis as required hereunder, directly or indirectly, create or allow to remain and shall promptly discharge any lien, encumbrance,
attachment, title retention agreement or claim upon any Hotel, except (a) existing liens for those taxes of the applicable Landlord which
Manager is not required to pay hereunder, (b) liens for Impositions or for sums resulting from noncompliance with Legal Requirements
so long as (i) the same are not yet due and payable, or (ii) are being contested in accordance with Section 11.18, (c) liens of
mechanics, laborers, materialmen, suppliers or vendors incurred in the ordinary course of business that are not yet due and payable or
are for sums that are being contested in accordance with Section 11.18 and (d) any Mortgages or other liens which are the responsibility
of the applicable Landlord.

 

8.04         Financing. Each applicable Landlord shall be entitled to
encumber one or more of its Hotels with a Mortgage on commercially reasonable terms and in such event, such Landlord, the applicable Owner
and Manager shall be required to execute and deliver, and such Landlord agrees to require Mortgagee to execute and deliver, an instrument
(a “Subordination Agreement”) which shall be recorded in the jurisdiction where any such encumbered Hotel is located,
which provides that:

 

A.            This
Agreement and any extensions, renewals, replacements or modifications thereto, and all right and interest of Manager in and to such Hotel,
shall be subject and subordinate to the Mortgage; and

 

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B.             If
there is a foreclosure of a Mortgage in connection with which title or possession of such Hotel is transferred to the Mortgagee (or
its designee) or to a purchaser at foreclosure or to a subsequent purchaser from the Mortgagee (or from its designee) (each of the
foregoing, a “Subsequent Holder”), Manager shall not be disturbed in its rights under this Agreement, so long as
(a) no Manager Event of Default (beyond the applicable notice and cure period, if any) has occurred thereunder which entitles the
applicable Owner to terminate this Agreement, and (b) the applicable Lease has not been terminated as a result of a monetary default
which arises from acts or failure to act by Manager pursuant to this Agreement, provided, however, that such Subsequent Holder shall
not be (a) liable in any way to Manager for any act or omission, neglect or default of the prior Landlord or Owner (b) responsible
for any monies owing or on deposit with any prior Landlord or Owner to the credit of Manager (except to the extent actually paid or
delivered to such Subsequent Holder), (c) subject to any counterclaim or setoff which theretofore accrued to Manager against any
prior Landlord or Owner, (d) bound by any modification of this Agreement subsequent to such Mortgage which was not approved by the
Mortgagee, (e) liable to Manager or beyond such Subsequent Holder’s interest in such Hotel and the rents, income, receipts,
revenues, issues and profits issuing from such Hotel, or (f) required to remove any Person occupying such Hotel or any part thereof,
except if such person claims by, through or under such Subsequent Holder. If a Lease is terminated as a result of a non-monetary
default which was not caused by a Manager Event of Default pursuant to the terms of this Agreement or such Subsequent Holder
succeeds to the interest of the applicable Owner thereunder, the Mortgagee or Subsequent Holder, as applicable, and Manager shall
agree that the applicable Hotel will continue to be subject to this Agreement or a stand-alone agreement with respect to such Hotel
on substantially the same terms and provisions as this Agreement (but neither the Mortgagee nor Subsequent Holder will be
responsible to pay past due amounts hereunder).

 

Article
IX 

DEFAULTS

 

9.01         Manager
Events of Default. Each of the following shall constitute a “Manager Event of Default”:

 

A.            The
filing by Manager of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law, or the
admission by Manager that it is unable to pay its debts as they become due, or the institution of any proceeding by Manager for its dissolution
or termination.

 

B.             The
consent by Manager to an involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days from the date of entry
thereof, any order approving an involuntary petition by Manager.

 

C.             The
entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating Manager
as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator of all or a
substantial part of Manager’s assets, and such order, judgment or decree’s continuing unstayed and in effect for an aggregate
of sixty (60) days (whether or not consecutive).

 

D.            At
any Owner’s election, the failure of Manager to make any payment required to be made in accordance with the terms of this Agreement
on or before the date due, which failure continues for five (5) Business Days after notice from such Owner.

 

E.             At
any Owner’s election, the failure of Manager to perform, keep or fulfill any of the other covenants, undertakings, obligations
or conditions set forth in this Agreement on or before the date required for the same, which failure continues for thirty (30) days after
notice from such Owner, or, if the Manager Event of Default is susceptible of cure, but such cure cannot be accomplished within such
thirty (30) day period, if Manager fails to commence the cure of such Manager Event of Default within fifteen (15) days of such notice
or thereafter fails to diligently pursue such efforts to completion, provided in no event shall such additional time exceed ninety (90)
days.

 

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F.             At
any Owner’s election, the failure of Manager to maintain insurance coverages required to be maintained by Manager under Article
VI, which failure continues for five (5) Business Days after notice from such Owner (except that no notice shall be required if any
such insurance coverage shall have lapsed).

 

9.02         Remedies
for Manager Events of Default.

 

A.            In the event of a Manager Event of Default, each applicable Owner shall have the right to: (1) terminate this Agreement with
respect to one or more of its Hotels by notice to Manager, which termination shall be effective as of the date set forth in the notice,
which shall be at least thirty (30) days after the date of the notice; (2) institute any and all proceedings permitted by law
or equity, including, without limitation, actions for specific performance and/or damages; or (3) avail itself of any remedy described
in this Section 9.02; provided, however, to the extent a Manager Event of Default pursuant to Section 9.01.D,
9.01.E, or 9.01.F does not affect all of the Hotels, each affected Owner shall only have the right to terminate this Agreement
with respect to one or more of the affected Hotels.

 

B.             None
of (i) the termination of this Agreement in connection with a Manager Event of Default, (ii) the repossession of any Hotel or any portion
thereof, (iii) the failure of any Owner to engage a replacement manager, nor (iv) the engagement of any replacement manager for all or
any portion of any Hotel, shall relieve Manager of its liability and obligations hereunder, all of which shall survive any such termination,
repossession or engagement. In the event of any termination of this Agreement as a result of a Manager Event of Default, Manager shall
forthwith pay to the applicable Owner all amounts due and payable through and including the date of such termination. Thereafter, Manager
shall be liable to such Owner for, and shall pay to such Owner, as current damages, the amounts which such Owner would have received
hereunder for the remainder of the Term (including any Renewal Terms) with respect to all affected Hotels had such termination not occurred,
less the net amounts, if any, received from a replacement manager, after deducting all reasonable expenses in connection with engaging
such replacement, including, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, expenses
of employees, alteration costs and expenses of preparation for such engagement and in the case of Owner’s Priority and Owner’s
Residual Payment, calculated based upon the average of each of such payments made in each of the three (3) calendar years ended prior
to the date of termination. Manager shall pay such current damages to each applicable Owner as soon after the end of each calendar month
as practicable to determine the amounts.

 

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C.             At
any time after such termination, whether or not any applicable Owner shall have collected any amounts owing and due up to and including
the date of termination of this Agreement, as liquidated final damages and in lieu of such Owner’s right to receive any other damages
due to the termination of this Agreement, at such Owner’s election, Manager shall pay to such Owner an amount equal to the present
value of the payments which have been made to such Owner between the date of termination and the scheduled expiration of the Term (including
any Renewal Terms) for the affected Hotels as Owner’s Priority and the Owner’s Residual Payment with respect to the affected
Hotels if this Agreement had not been terminated, calculated based upon the average of each of such payments made in each of the three
(3) calendar years ended prior to the date of termination, discounted at an annual rate equal to the Discount Rate. Nothing contained
in this Agreement shall, however, limit or prejudice the right of any Owner to prove and obtain in proceedings for bankruptcy or insolvency
an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which,
the damages are to be proved, whether or not the amount be greater than, equal to, or less than the amount of the loss or damages referred
to above.

 

D.            In case of any Manager Event of Default resulting in Manager being obligated to vacate any Hotel, any applicable Owner may (i)
engage a replacement manager for such Hotel or any part or parts thereof, either in the name of such Owner or otherwise, for a term or
terms which may at such Owner’s option, be equal to, less than or exceed the period which would otherwise have constituted the balance
of the Term (including any Renewal Terms) for the affected Hotels and may grant concessions or other accommodations to the extent that
Owner reasonably considers advisable and necessary to engage such replacement manager(s), and (ii) may make such reasonable alterations,
repairs and decorations in the Hotels or any portion thereof as such Owner, in its sole and absolute discretion, considers advisable and
necessary for the purpose of engaging a replacement manager for any Hotel; and the making of such alterations, repairs and decorations
shall not operate or be construed to release Manager from liability hereunder. Subject to the last sentence of this paragraph, no Owner
shall in any event be liable in any way whatsoever for any failure to engage a replacement manager for any Hotel, or, in the event a replacement
manager is engaged, for failure to collect amounts due such Owner. To the maximum extent permitted by law, Manager hereby expressly waives
any and all rights of redemption granted under any present or future laws in the event of Manager being evicted or dispossessed, or in
the event of any Owner obtaining possession of any Hotel, by reason of the occurrence and continuation of a Manager Event of Default hereunder.
Each Owner covenants and agrees, in the event of any termination of this Agreement as a result of a Manager Event of Default, to use reasonable
efforts to mitigate its damages.

 

E.             Any
payments received by any Owner under any of the provisions of this Agreement during the existence or continuance of a Manager Event of
Default shall be applied to Manager’s current and past due obligations under this Agreement in such order as such Owner may determine
or as may be prescribed by applicable law.

 

F.             If
a Manager Event of Default shall have occurred and be continuing, any Owner, after notice to Manager (which notice shall not be
required if such Owner shall reasonably determine immediate action is necessary to protect person or property), without waiving or
releasing any obligation of Manager and without waiving or releasing any Manager Event of Default, may (but shall not be obligated
to), at any time thereafter, make such payment or perform such act for the account and at the expense of Manager, and may, to the
maximum extent permitted by law, enter upon any Hotel or any portion thereof for such purpose and take all such action thereon as,
in such Owner’s sole and absolute discretion, may be necessary or appropriate therefor. No such entry shall be deemed an
eviction of Manager or result in the termination hereof. All reasonable costs and expenses (including, without limitation,
reasonable attorneys’ fees) incurred by any Owner in connection therewith, together with interest thereon (to the extent
permitted by law) at the Overdue Rate from the date such sums are paid by such Owner until repaid, shall be paid by Manager to such
Owner, on demand.

 

    24

     

    

 

9.03         Owner
Events of Default. Each of the following shall constitute an “Owner Event of Default” to the extent permitted
by applicable law:

 

A.            The filing by any Owner or SVC of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under
any bankruptcy law, or the admission by any Owner that it is unable to pay its debts as they become due, or the institution of any proceeding
by any Owner for its dissolution or termination.

 

B.             The
consent by any Owner or SVC to an involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days from the
date of entry thereof, any order approving an involuntary petition by any Owner.

 

C.             The
entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating any Owner
or SVC as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator of all
or a substantial part of any Owner’s or SVC’s assets, and such order, judgment or decree’s continuing unstayed and
in effect for an aggregate of sixty (60) days (whether or not consecutive).

 

D.            At Manager’s option, the failure of any Owner to make any payment required to be made in accordance with the terms
of this Agreement on or before the due date, which failure continues for five (5) Business Days after notice from Manager.

 

E.             At
Manager’s option, the failure of any Owner to perform, keep or fulfill any of the other covenants, undertakings, obligations or
conditions set forth in this Agreement, which failure continues for thirty (30) days after notice from Manager, or, if the Owner
Event of Default is susceptible of cure, but such cure cannot be accomplished within such thirty (30) day period, if the applicable
Owner fails to commence the cure of such Owner Event of Default within fifteen (15) days of such notice or thereafter fails to diligently
pursue such efforts to completion, provided that in no event shall such additional time exceed ninety (90) days.

 

F.             The
occurrence of an event of default beyond any applicable notice and cure period under any obligation, agreement, instrument or document
which is secured in whole or in part by any Owner’s or Landlord’s interest in any Hotel or the acceleration of the indebtedness
secured thereby or the commencement of a foreclosure thereunder.

 

9.04         Remedies
for Owner Events of Default.

 

A.            In the event of an Owner Event of Default, Manager shall have the right to institute any and all proceedings permitted by law or
equity, including, without limitation, actions for specific performance and/or damages, provided except as expressly provided in this
Agreement, Manager shall have no right to terminate this Agreement by reason of an Owner Event of Default.

 

    25

     

    

 

B.             Upon the occurrence of an Owner Event of Default pursuant to any of Sections 9.03.A, 9.03.B or 9.03.C, or
which arises with respect to a violation by any Owner or Landlord of Section 10.02 with respect to a Sale of a Hotel, Manager
shall have, in addition to all other rights and remedies provided for herein, the right to terminate this Agreement with respect to any
affected Hotel (it being acknowledged that any such Owner Event of Default caused by SVC shall be deemed to affect all Hotels) by notice
to the applicable Owner, which termination shall be effective as of the date set forth in the notice, which shall be at least thirty (30)
days after the date of the notice. At any time after such termination, whether or not Manager shall have collected any amounts owing
and due up to and including the date of termination of this Agreement, as liquidated final damages and in lieu of Manager’s right
to receive any other damages due to the termination of this Agreement with respect to any Hotel, at Manager’s election, such Owner
shall pay to Manager the Termination Fee for such Hotel. Nothing contained in this Agreement shall, however, limit or prejudice the right
of Manager to prove and obtain in proceedings for bankruptcy or insolvency an amount equal to the maximum allowed by any statute or rule
of law in effect at the time when, and governing the proceedings in which, the damages are to be proved, whether or not the amount be
greater than, equal to, or less than the amount of the loss or damages referred to above.

 

Article
X 

ASSIGNMENT AND SALE

 

10.01       Assignment.

 

A.            Except
as provided in Section 10.01.B, Manager shall not assign, mortgage, pledge, hypothecate or otherwise transfer its interest in
all or any portion of this Agreement or any rights arising under this Agreement or suffer or permit such interests or rights to be assigned,
transferred, mortgaged, pledged, hypothecated or encumbered, in whole or in part, whether voluntarily, involuntarily or by operation
of law, or permit the use or operation of any Hotel by anyone other than Manager or the applicable Owner. For the purposes of this Section
10.01, an assignment of this Agreement shall be deemed to include a Change of Control.

 

B.             Notwithstanding
Section 10.01.A, Manager shall have the right, without any Owner’s consent, to:

 

1.              assign
this Agreement (whether directly or pursuant to the direct or indirect transfer of interests in Manager) in connection with the sale
of all or substantially all of the business and assets of Manager to a third party; provided such third party assumes in writing
the obligations of Manager under this Agreement;

 

2.              assign
this Agreement as a result of a Change of Control arising as a result of a transfer or issuance of capital stock of Sonesta Holdco permitted
by the Stockholders Agreement;

 

3.              assign
this Agreement to another Subsidiary of Manager; provided such Subsidiary assumes in writing the obligations of Manager under
this Agreement; and

 

    26

     

    

 

4.              sublease or grant concessions or licenses to shops or any other space at any Hotel so long as the terms of any such subleases
or concessions do not exceed the Term, provided that (a) such subleases or concessions are for newsstand, gift shop, parking garage,
health club, restaurant, bar, commissary, retail, office or rooftop antenna purposes or similar concessions or uses, (b) such subleases
are on commercially reasonable terms, and (c) such subleases or concessions will not violate or affect any Legal Requirement or Insurance
Requirement, and Manager shall obtain or cause the subtenant to obtain such additional insurance coverage applicable to the activities
to be conducted in such subleased space as the applicable Landlord and any applicable Mortgagee may reasonably require.

 

C.             Notwithstanding
Section 10.01.B, Manager may not assign, mortgage, pledge, hypothecate or otherwise transfer its interest in all or any portion
of this Agreement to any Person (or any Affiliate of any Person) who (a) does not have sufficient experience to fulfill Manager’s
obligations under this Agreement, (b) is known in the community as being of bad moral character, or has been convicted of a felony
in any state or federal court, or is in control of or controlled by Persons who have been convicted of felonies in any state or federal
court; or (c) is, or has an Affiliate that is, a Specially Designated National or Blocked Person.

 

D.             No
Owner shall assign or transfer its interest in this Agreement without the prior written consent of Manager; provided, however,
each Owner shall have the right without such consent to assign its interest in this Agreement in whole or in part hereunder (1) in connection
with a Sale of a Hotel which complies with the provisions of Section 10.02, (2) to the applicable Landlord or an Affiliate of
such Landlord under the terms of the applicable Lease, (3) to Manager or an Affiliate of Manager, and (4) to an Affiliate of such Owner
in a corporate restructuring of such Owner or any of its Affiliates, provided such Affiliate satisfies the criteria of Section 10.02.A.

 

E.             If
any Owner or Manager consents to an assignment of this Agreement by the other, no further assignment shall be made without the express
consent in writing of such other party, unless such assignment may otherwise be made without such consent pursuant to the terms of this
Agreement. An assignment by any Owner of its interest in this Agreement approved or permitted pursuant to the terms hereof shall relieve
such Owner from its obligations under this Agreement arising from and after the effective date of such assignment with respect to any
of its obligations so assigned. An assignment by Manager of its interest in this Agreement shall not relieve Manager from its obligations
under this Agreement unless such assignment occurs in the context of a sale of all or substantially all of the business of Manager and
which is otherwise permitted or approved, if required, pursuant to this Agreement, in which event Manager shall be relieved from such
obligations arising from and after the effective date of such assignment.

 

10.02      
Sale of a Hotel.

 

A.            No
Owner or Landlord shall enter into any Sale of a Hotel to any Person (or any Affiliate of any Person) who (a) does not have sufficient
financial resources and liquidity to fulfill the applicable Owner’s obligations with respect to such Hotel under this Agreement,
or such Landlord’s obligations with respect to such Hotel under the applicable Lease, as the case may be, (b) is known in
the community as being of bad moral character, or has been convicted of a felony in any state or federal court, or is in control of or
controlled by Persons who have been convicted of felonies in any state or federal court; (c) fails to expressly assume in writing the
obligations of the applicable Owner hereunder or the obligations of the applicable Landlord under the applicable Lease, as the case may
be, or (d) is, or has an Affiliate that is, a Specially Designated National or Blocked Person.

 

    27

     

    

 

B.             In connection with any Sale of a Hotel, Manager and the purchaser or its designee shall enter into a new management agreement
for such Hotel, which new management agreement will be on all of the terms and conditions of this except that the Initial Term and Renewal
Term(s) of any such new management agreement shall consist only of the balance of the Initial Term and Renewal Term(s) remaining under
this Agreement for such Hotel at the time of execution of such new management agreement. Such new management agreement shall be executed
by Manager and such new Owner at the time of closing of the Sale of such Hotel, and a memorandum of such new management agreement shall
be executed by the parties and recorded immediately following recording of the deed or memorandum of lease or assignment and prior to
recordation of any other documents.

 

C.             In the event of a Sale of any Hotel in accordance with this Agreement, this Agreement shall automatically terminate with
respect to such Hotel and the parties shall comply with the provisions of this Agreement with respect to termination, including, without
limitation, Section 11.09 of this Agreement.

 

10.03       Amendments
of the Leases. No Lease may be amended or modified in any way which would materially reduce Manager’s rights hereunder
or impose any material cost, expense or obligation on Manager.

 

Article
XI 

MISCELLANEOUS

 

11.01       Right
to Make Agreement. Each party warrants, with respect to itself, that neither the execution of this Agreement nor the finalization
of the transactions contemplated hereby shall violate any provision of law or judgment, writ, injunction, order or decree of any court
or governmental authority having jurisdiction over it; result in or constitute a breach or default under any indenture, contract, other
commitment or restriction to which it is a party or by which it is bound; or require any consent, vote or approval which has not been
taken, or at the time of the transaction involved shall not have been given or taken. Each party covenants that it has and will continue
to have throughout the Term, the full right to enter into this Agreement and perform its obligations hereunder.

 

11.02       Actions
By Manager. Manager covenants and agrees that it shall not take any action which would be binding upon any Owner or Landlord
except to the extent it is permitted to do so pursuant to the terms of this Agreement.

 

11.03       Relationship.
In the performance of this Agreement, Manager shall act solely as an independent contractor. Neither this Agreement nor any agreements,
instruments, documents or transactions contemplated hereby shall in any respect be interpreted, deemed or construed as making Manager
a partner, joint venturer with, or agent of, any Owner. Each Owner and Manager agrees that neither party will make any contrary assertion,
claim or counterclaim in any action, suit, arbitration or other legal proceedings involving such Owner and Manager. Nothing contained
herein is intended to, nor shall be construed as, creating any landlord-tenant relationship between Manager and any Owner or between
Manager and any Landlord. Each of Manager and each Owner shall prepare and shall cause their Affiliates to prepare their financial statements
and tax returns consistent with the foregoing characterization.

 

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11.04       Applicable Law. The Agreement shall be construed under and
shall be governed by the laws of the State of Maryland, without regard to its “choice of law” rules.

 

11.05       Notices. Notices, statements and other communications to
be given under the terms of the Agreement shall be in writing and delivered by hand against receipt or sent by e-mail or by Express Mail
service or by nationally recognized overnight delivery service, addressed to the parties as follows:

 

	 	To
    any Owner:	c/o
    Service Properties Trust
	 	 	Two
    Newton Place
	 	 	255
    Washington Street, Suite 300
	 	 	Newton,
    Massachusetts 02458
	 	 	Attn:
    President
	 	 	e-mail:
    jmurray@rmrgroup.com
	 	 
	 	To
    Manager:	Sonesta
    International Hotels Corporation
	 	 	Two
    Newton Place
	 	 	255
    Washington Street
	 	 	Newton,
    Massachusetts 02458
	 	 	Attn:
    President
	 	 	e-mail:
    cflores@sonesta.com

 

or at such other address as is from time to time designated by the
party receiving the notice. Any such notice that is given in accordance herewith shall be deemed received upon confirmation of transmission
when sent by e-mail or when delivery is otherwise received or refused, as the case may be.

 

11.06       Environmental Matters.

 

A.            Subject
to Section 11.06.D, during the Term or at any other time while Manager is in possession of any Hotel, (1) Manager shall not store,
spill upon, generate, dispose of or transfer to or from such Hotel any Hazardous Substance, except in compliance with all Legal Requirements,
(2) Manager shall maintain such Hotel at all times free of any Hazardous Substance (except in compliance with all Legal Requirements),
and (3) Manager (a) upon receipt of notice or knowledge shall promptly notify the applicable Owner and Landlord in writing of any material
change in the nature or extent of Hazardous Substances at such Hotel, (b) shall file and transmit to the applicable Owner and Landlord
a copy of any Community Right to Know or similar report or notice which is required to be filed by Manager with respect to such Hotel
pursuant to Title III of the Superfund Amendments and Reauthorization Act of 1986 or any other Legal Requirements, (c) shall transmit
to the applicable Owner and Landlord copies of any citations, orders, notices or other governmental communications received by Manager
with respect to Hazardous Substances or environmental compliance (collectively, “Environmental Notice”) with respect
to such Hotel, which Environmental Notice requires a written response or any action to be taken and/or if such Environmental Notice gives
notice of and/or presents a material risk of any material violation of any Legal Requirement and/or presents a material risk of any material
cost, expense, loss or damage (an “Environmental Obligation”), (d) shall observe and comply with all Legal Requirements
relating to the use, maintenance and disposal of Hazardous Substances and all orders or directives from any official, court or agency
of competent jurisdiction relating to the use, maintenance or disposal or requiring the removal, treatment, containment or other disposition
of Hazardous Substances at such Hotel, and (e) shall pay or otherwise dispose of any fine, charge or Imposition related thereto, unless
the applicable Owner or Manager shall contest the same in good faith and by appropriate proceedings and the right to use and the value
of such Hotel are not materially and adversely affected thereby.

 

    29

     

    

 

B.            In
the event of the discovery of Hazardous Substances other than those maintained in accordance with Legal Requirements on any portion of
any Site or in any Hotel during the Term, Manager shall promptly (i) clean up and remove from and about such Hotel all Hazardous Substances
thereon in accordance with all applicable Environmental Laws (as defined below), (ii) contain and prevent any further release or threat
of release of Hazardous Substances on or about such Hotel, and (iii) use good faith efforts to eliminate any further release or threat
of release of Hazardous Substances on or about such Hotel, and (iv) otherwise effect a remediation of the problem in accordance with
all applicable federal, state and local statutes, laws, rules and regulations (now or hereafter in effect) dealing with the use, generation,
treatment, storage, release, disposal, remediation or abatement of Hazardous Substances (collectively referred to as “Environmental
Laws”).

 

C.            The actual costs incurred or the estimated costs to be incurred with respect to any matter arising under Section 11.06.B
together with any costs incurred by any Owner with respect to any judgment or settlement approved by Manager (such approval not to be
unreasonably withheld, conditioned or delayed with respect to any third-party claims including, without limitation, claims by the applicable
Landlord arising under the applicable Lease) relating to claims arising from the release or threat of release of Hazardous Substances
on or about any of the Hotels (including reasonable attorneys’ and consultants’ fees incurred with respect to such matters)
are collectively referred to as “Environmental Costs.”

 

D.            All
Environmental Costs shall be deemed repairs and maintenance under Section 5.02 or 5.03 and paid as provided therein, as
applicable, for the applicable Hotel; provided, however, that if any of the foregoing costs arise as a result of the gross negligence
or willful misconduct of Manager or any employee of Manager, such costs shall be paid by Manager at its sole cost and expense and not
as a Deduction, and Manager shall indemnify each Owner for any loss, cost, claim or expense (including reasonable attorneys’ fees)
incurred by any Owner in connection therewith. The provisions of this Section 11.06.D shall survive termination.

 

11.07       Confidentiality.
The parties hereto agree that the matters set forth in this Agreement are strictly confidential and each party will make every
effort to ensure that the information is not disclosed to any outside person or entities (including the press) without the prior
written consent of the other party except as may be appropriate or required by law, including the rules and regulations of the SEC
or any stock exchange applicable to any Owner or its Affiliates, in any report, prospectus or other filing made by any Owner or its
Affiliates with the SEC or any such stock exchange, or in a press release issued by a party or its Affiliates which is consistent
with its investor relations program conducted in the ordinary course, and as may be reasonably necessary to obtain licenses,
permits, and other public approvals necessary for the refurbishment or operation of any Hotel, or, subject to Section
4.01.C(2), in connection with financing or proposed financing of any Hotel, a Sale of a Hotel, or a sale of a Controlling
Interest in any Owner.

 

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11.08       Projections. Each Owner acknowledges that any written or
oral projections, pro formas, or other similar information that has been, prior to execution of this Agreement, or will, during the
Term, be provided by Manager, or any Affiliate to such Owner is for information purposes only and that Manager and any such Affiliate
do not guarantee that any Hotel will achieve the results set forth in any such projections, pro formas, or other similar information.
Any such projections, pro formas, or other similar information are based on assumptions and estimates, and unanticipated events may
occur subsequent to the date of preparation of such projections, pro formas, and other similar information. Therefore, the actual
results achieved by each Hotel are likely to vary from the estimates contained in any such projections, pro formas, or other similar
information and such variations might be material.

 

11.09       Actions
to be Taken Upon Termination. Upon termination of this Agreement with respect to any Hotel:

 

A.            Manager
shall, within ninety (90) days after such termination, prepare and deliver to the applicable Owner a final accounting statement
(a “Final Statement”) with respect to such Hotel, consistent with the Annual Operating Statement, along with a statement
of any sums due Manager as of the date of termination. Within thirty (30) days of the receipt by the applicable Owner of such Final
Statement, the parties will make any adjustments, by cash payment, in the amounts paid or retained as are needed because of the figures
set forth in such Final Statement. Any payments shall be made together with interest at the Interest Rate from the date such amounts
were due or paid, as the case may be, until paid or repaid. If any dispute shall arise with respect to any Final Statement which cannot
be resolved by the parties within the thirty (30) day period, it shall be settled by arbitration; provided, however, that
any cash adjustments relating to items which are not in dispute shall be made within the thirty (30) day period. The cost of preparing
a Final Statement shall be a Deduction, unless the termination occurs as a result of a Manager Event of Default or an Owner Event of
Default, in which case the defaulting party shall pay such cost. Manager and each Owner acknowledge that there may be certain adjustments
for which the information will not be available at the time of a Final Statement and the parties agree to readjust such amounts and make
the necessary cash adjustments when such information becomes available, provided, however, that all accounts shall be deemed
final as of the second (2nd) anniversary of the date of termination.

 

B.             Manager
shall disburse to the applicable Owner all Working Capital for such Hotel (excluding funds to be held in escrow pursuant to Section 11.09.I)
remaining after payment of all Deductions and all amounts then payable to Manager or such Owner with respect to such Hotel.

 

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C.             Manager
shall make available to the applicable Owner such books and records respecting such Hotel (including those from prior years, subject
to Manager’s reasonable records retention policies) as will be needed by such Owner to prepare the accounting statements, in accordance
with the Uniform System of Accounts, for such Hotel for the Year in which the termination occurs and for any subsequent Year.

 

D.             Manager
shall (to the extent permitted by law) assign to the applicable Owner or its designee all operating licenses and permits for such Hotel
which have been issued in Manager’s name (including liquor and restaurant licenses, if any).

 

E.             If any Owner does not exercise its right under Section 11.09.G and/or a successor manager is not a franchisee of
Manager, Manager shall have the option, to be exercised within thirty (30) days after termination, to purchase at their then book
value, any items of Inventories and Fixed Asset Supplies marked with any Trade Name or other trade name, symbol, logo or design of Manager.
If Manager does not exercise such option, each Owner agrees that any such items not so purchased will be used exclusively at such Hotel
until they are consumed.

 

F.             Each
Owner or its designee shall have the right to operate the improvements on any Site without modifying the architectural design, notwithstanding
the fact that such design or certain features thereof may be proprietary to Manager and/or protected by trademarks or service marks held
by Manager or an Affiliate, provided that such use shall be confined to such Site. Further, provided that such Hotel then satisfies the
System Standards, Manager shall, at the applicable Owner’s sole cost and expense, use commercially reasonable efforts to cooperate
with such Owner or its designee in connection with the transfer of management of such Hotel including processing of all applications
for licenses, operating permits and other governmental authorizations and the assignment of all contracts entered into by Manager with
respect to the use and operation of such Hotel as then operated, but excluding all insurance contracts and multi-property contracts not
limited in scope to such Hotel (if applicable) and all contracts with Affiliates of Manager.

 

G.             Each
Owner or its designee shall be entitled (but not obligated) to operate any Hotel under the Trade Names for such Hotel for a period of
one (1) year following termination in consideration for which such Owner or its designee shall pay the then standard franchise fees of
Manager and its Affiliates and shall comply with the other applicable terms and conditions of the form of franchise agreement then being
entered into and Manager will continue to provide services to such Hotel including, reservations and communication services; provided,
however, that all such services shall be provided in accordance with the applicable terms and conditions of the form of franchise
agreement.

 

H.             Any
computer software (including upgrades and replacements) at any Hotel owned by Manager, an Affiliate, or the licensor of any of them is
proprietary to Manager, such Affiliate, or the licensor of any of them and shall in all events remain the exclusive property of Manager,
the Affiliate or the licensor of any of them, as the case may be, and nothing contained in this Agreement shall confer on any Owner the
right to use any of such software. Manager shall have the right to remove from any Hotel without compensation to the applicable Owner
any computer software (including upgrades and replacements), including, without limitation, the System software, owned by Manager, any
Affiliate or the licensor of any of them and any computer equipment utilized as part of a centralized reservation system or owned by
a party other than such Owner.

 

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I.              If
this Agreement is terminated with respect to any Hotel for any reason other than by reason of a Manager Event Default, and excluding
a termination as a result of the expiration of the Term, an escrow fund shall be established from Gross Revenues of such Hotel to reimburse
Manager for all reasonable costs and expenses incurred by Manager in terminating its employees at such Hotel, such as severance pay,
unemployment compensation, employment relocation, and other employee liability costs arising out of the termination of employment of
such employees. If such Gross Revenues are insufficient to meet the requirements of such escrow fund, then Manager shall have the right
to withdraw the amount of such expenses from Working Capital or any other funds of Owner with respect to such Hotel held by or under
the control of Manager. Owner or its designee shall have the right to offer employment to any employee whom Manager proposes to terminate
and Manager shall cooperate with Owner in connection therewith.

 

J.              Manager
shall peacefully vacate and surrender such Hotel to the applicable Owner.

 

The provisions of this Section 11.09
shall survive termination.

 

11.10       Trademarks, Trade Names and Service Marks. The names “Sonesta,”
 “Royal Sonesta,” “Sonesta Suites,” “Sonesta ES Suites,” “Sonesta Simply
Suites,” “Sonesta Resorts” and “Sonesta Select” (each of the foregoing names, together
with any future brand names that may be developed by Manager or its Affiliates and/or any combination thereof, collectively, the “Trade
Names”) when used alone or in connection with another word or words, and the Sonesta trademarks, service marks, other trade
names, symbols, logos and designs shall in all events remain the exclusive property of Manager and except as provided in Section 11.09.E
and 11.09.G, nothing contained in this Agreement shall confer on any Owner the right to use any of the Trade Names, or the Sonesta
trademarks, service marks, other trade names, symbols, logos or designs affiliated or used therewith. Except as provided in Section 11.09.E
and 11.09.G, upon termination of this Agreement with respect to any Hotel, any use of any of the Trade Names, or any of the Sonesta
trademarks, service marks, other trade names, symbols, logos or designs at such Hotel shall cease and the applicable Owner shall promptly
remove from such Hotel any signs or similar items which contain any of the Trade Names, trademarks, service marks, other trade names,
symbols, logos or designs. If such Owner has not removed such signs or similar items within ten (10) Business Days, Manager shall
have the right to do so. The cost of such removal shall be a Deduction. Included under the terms of this Section 11.10 are all
trademarks, service marks, trade names, symbols, logos or designs used in conjunction with each Hotel, including restaurant names, lounge
names, etc., whether or not the marks contain the “Sonesta” name. The right to use such trademarks, service marks, trade names,
symbols, logos or designs belongs exclusively to Manager, and the use thereof inures to the benefit of Manager whether or not the same
are registered and regardless of the source of the same. The provisions of this Section 11.10 shall survive termination.

 

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11.11      
Waiver. The failure of either party to insist upon a strict
performance of any of the terms or provisions of the Agreement, or to exercise any option, right or remedy contained in this Agreement,
shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same
shall continue and remain in full force and effect. No waiver by either party of any term or provision hereof shall be deemed to have
been made unless expressed in writing and signed by such party.

 

11.12       Partial Invalidity. If any portion of this Agreement shall
be declared invalid by order, decree or judgment of a court, or otherwise, this Agreement shall be construed as if such portion had not
been so inserted except when such construction would operate as an undue hardship on Manager or any Owner or constitute a substantial
deviation from the general intent and purpose of the parties as reflected in this Agreement.

 

11.13       Survival. Except as otherwise specifically provided herein,
the rights and obligations of the parties herein shall not survive any termination of this Agreement.

 

11.14       Negotiation of Agreement. Manager and each Owner is a business
entity having substantial experience with the subject matter of this Agreement and has fully participated in the negotiation and drafting
of this Agreement. Accordingly, this Agreement shall be construed without regard to the rule that ambiguities in a document are to be
construed against the draftsman. No inferences shall be drawn from the fact that the final, duly executed Agreement differs in any respect
from any previous draft hereof.

 

11.15       Entire Agreement. This Agreement, together with any other
agreements or writings signed by the parties that expressly state they are supplemental to, or supersede any provision of, this Agreement,
and together with any instruments to be executed and delivered pursuant to this Agreement, constitutes the entire agreement between the
parties as of the Effective Date and supersedes all prior understandings and writings, and may be changed only by a writing signed by
the parties hereto. For the avoidance of doubt, the Prior Management Agreements shall continue to govern the rights and obligations of
the parties thereto with respect to periods prior to the Effective Date, and this Agreement shall govern the rights and obligations of
the parties hereto with respect to periods from and after the Effective Date.

 

11.16       Affiliates.
Manager shall be entitled to contract with companies that are Affiliates (or companies in which Manager has an ownership interest if
such interest is not sufficient to make such a company an Affiliate) to provide goods and/or services to any Hotel provided that the
prices and/or terms for such goods and/or services are competitive. Additionally, Manager may contract for the purchase of goods and
services for any Hotel with third parties that have other contractual relationships with Manager and its Affiliates, so long as the prices
and terms are competitive. In determining whether such prices and/or terms are competitive, they will be compared to the prices and/or
terms which would be available from reputable and qualified parties for goods and/or services of similar quality, and the goods and/or
services which are being purchased shall be grouped in reasonable categories, rather than being compared item by item. Any dispute as
to whether prices and/or terms are competitive shall be settled by arbitration. The prices paid may include overhead and the allowance
of a reasonable return to Manager’s Affiliates (or companies in which Manager has an ownership interest if such interest is not
sufficient to make such a company an Affiliate), provided that such prices are competitive. Each Owner acknowledges and agrees that,
with respect to any purchases of goods and/or services pursuant to this Section 11.16, Manager’s Affiliates may retain for
their own benefit any allowances, credits, rebates, commissions and discounts received with respect to any such purchases.

 

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11.17       Disputes.

 

A.            Any
disputes, claims or controversies arising out of or relating to this Agreement, including any disputes, claims or controversies brought
by or on behalf of a party hereto, a direct or indirect parent of a party, or any holder of equity interests (which, for purposes of
this Section 11.17, shall mean any holder of record or beneficial owner of any equity interests, or any former holder of record
or beneficial owner of equity interests) of a party, either on its own behalf, on behalf of a party or on behalf of any series or class
of equity interests of a party or holders of any equity interests of a party against a party, or any of their respective trustees, directors,
members, officers, managers (including The RMR Group LLC or its parent and their respective successor), agents or employees, including
any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance, application or enforcement
of this Agreement, including the agreements set forth in this Section 11.17 or the governing documents of a party (all of which
are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party
to such Dispute or Disputes be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the
 “Rules”) of the American Arbitration Association (the “AAA”) then in effect, except as those Rules
may be modified in this Section 11.17. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative
actions against the trustees, directors, officers or managers of a party and class actions by a holder of equity interests against those
Persons and a party. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another
party.

 

B.             There
shall be three (3) arbitrators. If there are only two (2) parties to the Dispute, each party shall select one (1) arbitrator within fifteen
(15) days after receipt by respondent of a copy of a demand for arbitration. Such arbitrators may be affiliated or interested persons
of such parties. If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other
hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one (1) arbitrator within
fifteen (15) days after receipt of a demand for arbitration. Such arbitrators may be affiliated or interested persons of the claimants
or the respondents, as the case may be. If either a claimant (or all claimants) or a respondent (or all respondents) fail(s) to timely
select an arbitrator, then the party (or parties) who has selected an arbitrator may request the AAA to provide a list of three (3) proposed
arbitrators in accordance with the Rules (each of whom shall be neutral, impartial and unaffiliated with any party) and the party (or
parties) that failed to timely appoint an arbitrator shall have ten (10) days from the date the AAA provides such list to select one
(1) of the three (3) arbitrators proposed by the AAA. If the party (or parties) fail(s) to select the second (2nd) arbitrator
by that time, the party (or parties) who have appointed the first (1st) arbitrator shall then have ten (10) days to select
one (1) of the three (3) arbitrators proposed by the AAA to be the second (2nd) arbitrator; and, if they should fail to select
the second (2nd) arbitrator by such time, the AAA shall select, within fifteen (15) days thereafter, one (1) of the three
(3) arbitrators it had proposed as the second (2nd) arbitrator. The two (2) arbitrators so appointed shall jointly appoint
the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within fifteen
(15) days of the appointment of the second (2nd) arbitrator. If the third (3rd) arbitrator has not been appointed
within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the
arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited
number of strikes, excluding strikes for cause.

 

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C.             Any
arbitration hearings shall be held in Boston, Massachusetts, unless otherwise agreed by the parties, but the seat of arbitration shall
be Maryland.

 

D.            There
shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.
For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited documentary discovery
as described in the preceding sentence.

 

E.             In rendering an award or decision (an “Arbitration Award”), the arbitrators shall be required to follow the
laws of the State of Maryland, without regard to principles of conflicts of law. Any arbitration proceedings or Arbitration Award rendered
hereunder and the validity, effect and interpretation of the agreements set forth in this Section 11.17 shall be governed by the Federal
Arbitration Act, 9 U.S.C. §1 et seq. An Arbitration Award shall be in writing and may, but shall not be required to, briefly state
the findings of fact and conclusions of law on which it is based. Any monetary Arbitration Award shall be made and payable in U.S. dollars
free of any tax, deduction or offset. Subject to Section 11.17.H., each party against which an Arbitration Award assesses a monetary obligation
shall pay that obligation on or before the thirtieth (30th) day following the date of such Arbitration Award or such other date as such
Arbitration Award may provide.

 

F.             Except
to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, to the maximum extent permitted by
Maryland law, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators
shall not render an Arbitration Award that would include shifting of any such costs or expenses (including attorneys’ fees) or,
in a derivative case or class action, award any portion of a party’s Arbitration Award to the claimant or the claimant’s
attorneys. Each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents,
on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there
are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear
the costs and expenses of the third (3rd) appointed arbitrator.

 

G.             Notwithstanding
any language to the contrary in this Agreement, any Arbitration Award, including but not limited to any interim Arbitration Award, may
be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”). An Arbitration Award
shall not be considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules has expired. Appeals
must be initiated within thirty (30) days of receipt of an Arbitration Award by filing a notice of appeal with any AAA office. Following
the appeal process, the decision rendered by the appeal tribunal may be entered in any court having jurisdiction thereof. For the avoidance
of doubt, and despite any contrary provision of the Appellate Rules, Section 11.17 shall apply to any appeal pursuant to this
Section 11.17 and the appeal tribunal shall not render an Arbitration Award that would include shifting of any costs or expenses
(including attorneys’ fees) of any party.

 

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H.            Following
the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in Section 11.17,
an Arbitration Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between those parties
relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. Judgment upon an Arbitration
Award may be entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal to any court
of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to
any Arbitration Award made, except for actions relating to enforcement of the agreements set forth in this Section 11.17 or any
arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings
in any court of competent jurisdiction.

 

I.              This Section 11.17 is intended to benefit and be enforceable by the parties hereto and their respective shareholders, stockholders,
members, beneficial interest owners, direct and indirect parents, trustees, directors, officers, managers (including The RMR Group LLC
or its parent and their respective successor), members, agents or employees and their respective successors and assigns and shall be binding
on the parties and such Persons and be in addition to, and not in substitution for, any other rights to indemnification or contribution
that such Persons may have by contract or otherwise.

 

11.18       Permitted Contests. Manager shall have the right to contest
the amount or validity of any Imposition, Legal Requirement, Insurance Requirement, lien, attachment, levy, encumbrance, charge or claim
(collectively, “Claims”) as to any Hotel, by appropriate legal proceedings, conducted in good faith and with due diligence,
provided that (a) such contest shall not cause the applicable Landlord or Owner to be in default under any Mortgage or reasonably be expected
to result in a lien attaching to such Hotel, unless such lien is fully bonded or otherwise secured to the reasonable satisfaction of such
Landlord, (b) no part of such Hotel nor any Gross Revenues therefrom shall be in any immediate danger of sale, forfeiture, attachment
or loss, and (c) Manager shall indemnify and hold harmless the applicable Owner and Landlord from and against any cost, claim, damage,
penalty or reasonable expense, including reasonable attorneys’ fees, incurred by such Owner or Landlord in connection therewith
or as a result thereof. The applicable Owner and Landlord shall sign all required applications and otherwise cooperate with Manager in
expediting the matter, provided that no Owner or Landlord shall thereby be subjected to any liability therefor (including, without limitation,
for the payment of any costs or expenses in connection therewith), and any such costs or expenses incurred in connection therewith shall
be paid as a Deduction. Each Landlord shall agree to join in any such proceedings if required legally to prosecute such contest, provided
that such Landlord shall not thereby be subjected to any liability therefor (including, without limitation, for the payment of any costs
or expenses in connection therewith) and Manager agrees by agreement in form and substance reasonably satisfactory to such Landlord, to
assume and indemnify such Landlord. Any amounts paid under any such indemnity of Manager to any Owner or Landlord shall be a Deduction.
Any refund of any Claims and such charges and penalties or interest thereon shall be paid to Manager and included in Gross Revenues for
the applicable Hotel.

 

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11.19     
 Estoppel Certificates. Each party to this Agreement shall at any time and from time to time, upon not less than
thirty (30) days’ prior notice from the other party, execute, acknowledge and deliver to such other party, or to any third party
specified by such other party, a statement in writing: (a) certifying that this Agreement is unmodified and in full force and effect (or
if there have been modifications, that the same, as modified, is in full force and effect and stating the modifications); (b) stating
whether or not to the best knowledge of the certifying party (i) there is a continuing default by the non-certifying party in the performance
or observance of any covenant, agreement or condition contained in this Agreement, or (ii) there shall have occurred any event which,
with the giving of notice or passage of time or both, would become such a default, and, if so, specifying each such default or occurrence
of which the certifying party may have knowledge; (c) stating the date to which distributions of Operating Profit for each Hotel have
been made; and (d) stating such other information as the non-certifying party may reasonably request. Such statement shall be binding
upon the certifying party and may be relied upon by the non-certifying party and/or such third party specified by the non-certifying party
as aforesaid, including, without limitation its lenders and any prospective purchaser or mortgagee of any Hotel or the leasehold estate
created by any Lease. Upon termination, each party shall, on request, within the time period described above, execute and deliver to the
non-certifying party and to any such third party a statement certifying that this Agreement has been terminated.

 

11.20      Indemnification.
Notwithstanding the existence of any insurance provided for herein and without regard to the policy limits of any such insurance,
Manager shall protect, indemnify and hold harmless each Owner and Landlord for, from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs and reasonable expenses (including, without limitation, reasonable
attorneys’ fees), to the maximum extent permitted by law, imposed upon or incurred by or asserted against such Owner or
Landlord by reason of: (a) any accident, injury to or death of persons or loss of or damage to property occurring on or about any
Hotel or adjoining sidewalks or rights of way under Manager’s control, (b) any use, misuse, non-use, condition, management,
maintenance or repair by Manager or anyone claiming under Manager of any Hotel or any Owner’s Personal Property or any
litigation, proceeding or claim by governmental entities or other third parties to which such Owner or Landlord is made a party or
participant relating to any Hotel or such Owner’s Personal Property or such use, misuse, non-use, condition, management,
maintenance, or repair thereof including, failure to perform obligations (other than Condemnation proceedings) to which such Owner
or Landlord is made a party, (c) any Impositions that are the obligations of Manager to pay pursuant to the applicable provisions of
this Agreement, and (d) infringement and other claims relating to the propriety marks of Manager or its Affiliates; provided, however,
that Manager’s obligations hereunder shall not apply to any liability, obligation, claim, damage, penalty, cause of action,
cost or expense to the extent the same arises from any negligence or willful misconduct of any Owner or Landlord or their respective
employees, agents or invitees. Manager, at its expense, shall contest, resist and defend any such claim, action or proceeding
asserted or instituted against any Owner or Landlord (but shall not be responsible for any duplicative attorneys’ fees
incurred by any Owner or Landlord) or may compromise or otherwise dispose of the same, with such Owner’s or Landlord’s,
as appropriate, prior written consent (which consent may not be unreasonably withheld or delayed). If any Owner or Landlord
unreasonably delays or withholds consent, Manager shall not be liable under this Section 11.20 for any incremental increase
in costs or expenses resulting therefrom. The obligations of Manager under this Section 11.20 shall not be applicable to
Environmental Costs with respect to which a specific indemnity is provided in Section 11.06.D, to the extent addressed
therein. The obligations under this Section 11.20 shall survive termination.

 

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11.21     
Remedies Cumulative. To the maximum extent permitted by
law, each legal, equitable or contractual right, power and remedy of any Owner or Manager, now or hereafter provided either in this Agreement
or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the
exercise or beginning of the exercise by any Owner or Manager of any one or more of such rights, powers and remedies shall not preclude
the simultaneous or subsequent exercise by any Owner or Manager of any or all of such rights, powers and remedies.

 

11.22     
Amendments and Modifications. This Agreement shall not be
modified or amended except in writing signed by each Owner and Manager.

 

11.23     
Claims; Binding Effect; Time of the Essence; Nonrecourse.
Anything contained in this Agreement to the contrary notwithstanding, all claims against, and liabilities of, Manager or any Owner arising
prior to any date of termination of this Agreement shall survive such termination. All the terms and provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Time is of the essence
with respect to the exercise of any rights of Manager, any Owner or any Landlord under this Agreement. Nothing contained in this Agreement
shall be construed to create or impose any liabilities or obligations and no such liabilities or obligations shall be imposed on any of
the equityholders, beneficial owners, direct or indirect, officers, directors, trustees, employees or agents of any Owner or Landlord
or their respective Affiliates or Manager or its Affiliates for the payment or performance of the obligations or liabilities of any Owner,
Landlord or Manager, as applicable.

 

11.24     
Counterparts; Headings. This Agreement may be executed in
two (2) or more counterparts, each of which shall constitute an original, but which, when taken together, shall constitute but one instrument
and shall become effective as of the date hereof when copies hereof, which, when taken together, bear the signatures of each of the parties
hereto shall have been signed. Headings in this Agreement are for purposes of reference only and shall not limit or affect the meaning
of the provisions hereof.

 

11.25     
No Political Contributions. Notwithstanding any provision
in this Agreement to the contrary, no money or property of any Hotel shall be paid or used or offered, nor shall any Owner or Manager
directly or indirectly use or offer, consent or agree to use or offer, any money or property of any Hotel (a) in aid of any political
party, committee or organization, (b) in aid of any corporation, joint stock or other association organized or maintained for political
purposes, (c) in aid of any candidate for political office or nomination for such office, (d) in connection with any election, (e) for
any political purpose whatever, or (f) for the reimbursement or indemnification of any person for any money or property so used.

 

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11.26     
 REIT Qualification.

 

A.           
Manager shall take all commercially reasonable actions reasonably requested by any Owner or Landlord for the purpose of
qualifying any Landlord’s rental income from such Owner under its Lease as “rents from real property” pursuant to Sections
856(d)(2), 856(d)(8)(B) and 856(d)(9) of the Code, including but not limited to any action requested to maintain: (1) Manager’s
continued qualification as an “eligible independent contractor” (as defined in Section 856(d)(9)(A) of the Code) with respect
to SVC, and (2) each Hotel’s continued treatment as a “qualified lodging facility” (as defined in Section 856(d)(9)(D)
of the Code). Manager shall not be liable if such reasonably requested actions, once implemented, fail to have the desired result of qualifying
any Landlord’s rental income from any Owner under its Lease as “rents from real property” pursuant to Sections 856(d)(2),
856(d)(8)(B) and 856(d)(9) of the Code. This Section 11.26.A shall not apply in situations where an Adverse Regulatory Event has
occurred; instead, Section 11.27 shall apply.

 

B.           
If any Owner or Landlord wishes to invoke the terms of Section 11.26.A., such Owner or Landlord (as appropriate)
shall contact Manager and the parties shall meet with each other to discuss the relevant issues and to develop a mutually-agreed upon
plan for implementing such reasonably requested actions.

 

C.         
Any additional out-of-pocket costs or expenses incurred by Manager in complying with such a request shall be borne by the
applicable Owner (and shall not be a Deduction). Such Owner shall reimburse Manager for such expense or cost promptly, but not later than
five (5) Business Days after such expense or cost is incurred.

 

D.         
Manager shall not authorize any wagering activities to be conducted at or in connection with any Hotel, and Manager shall
use commercially reasonable efforts to achieve the goal of having at least one-half of the Guest Rooms in each Hotel being used on a transient
basis and the goal of having no Hotel amenities and facilities that are not customary for similarly situated properties.

 

11.27     
Adverse Regulatory Event. In the event of an Adverse Regulatory
Event arising from or in connection with this Agreement, each Owner and Manager shall work together in good faith to amend this Agreement
to eliminate the impact of such Adverse Regulatory Event. For purposes of this Agreement, the term “Adverse Regulatory Event”
means any time that a law, statute, ordinance, code, rule or regulation imposes upon any Owner (or could impose upon such Owner in such
Owner’s reasonable opinion), any material threat to any Landlord’s or any Landlord’s Affiliate’s status as a “real
estate investment trust” under the Code or to the treatment of amounts paid to such Landlord as “rents from real property”
under Section 856(d) of the Code. Each of Manager and each Owner shall inform the other of any Adverse Regulatory Event of which it is
aware and which it believes likely to impair compliance of any Hotel with respect to the aforementioned sections of the Code.

 

11.28      Tax
Matters. Manager will prepare or cause to be prepared all tax returns required in the operation of each Hotel, which
include payroll, sales and use tax returns, personal property tax returns and business, professional and occupational license tax
returns. Manager shall timely file or cause to be filed such returns as required by the State; provided that, each applicable Owner
shall promptly provide all relevant information to Manager upon request, and any late fees or penalties resulting from delays caused
by such Owner shall be borne by such Owner. Manager shall not be responsible for the preparation of any Landlord’s or
Owner’s federal or state income tax returns, provided Manager shall cooperate fully with each Owner and Landlord as may be
necessary to enable such Owner or Landlord to file such federal or state income tax returns, including by preparing data reasonably
requested by such Owner or Landlord and submitting it to such Owner or Landlord, as applicable, as soon as reasonably practicable
following such request.

 

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11.29     
Third Party Beneficiaries. The terms and conditions of this
Agreement shall inure to the benefit of, and be binding upon, the respective successors, heirs, legal representatives or permitted assigns
of each of the parties hereto and except for each Landlord and SVC, which are intended third party beneficiaries, no Person other than
the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

 

11.30     
Trade Area Restriction.

 

A.               
During the Trade Area Restriction Period, without the applicable Owner’s prior consent, which consent shall not be unreasonably
withheld, neither Manager nor any Affiliate of Manager shall acquire, develop, lease, manage, open, operate or own any hotel within the
same Brand Segment as any Hotel within the Restricted Trade Area for such Hotel, nor shall Manager or any Affiliate of Manager franchise
or authorize any third party to develop, open or operate any hotel within the same Brand Segment as any Hotel within the Restricted Trade
Area for such Hotel, unless such hotel (a) is owned or leased by an Owner or its Affiliate or (b) is franchised, leased, managed, owned,
operated or under development on the Effective Date.

 

B.                
For purposes of this Section 11.30, the Brands listed below shall be considered part of the corresponding Brand Segment
for such Brand set forth in the table below:

 

	Brand	Brand Segment
	Royal Sonesta	Upper Upscale Full Service
	Sonesta	Upscale Full Service
	Sonesta Select	Upscale Select Service
	Sonesta ES Suties	Upper or Upper Midscale Extended Stay
	Sonesta Simply Suites	Midscale Extended Stay

 

Article
XII 

DEFINITION OF TERMS; CONSTRUCTION

 

12.01     
Definition of Terms. The following terms when used in this
Agreement and the Addenda attached hereto shall have the meanings indicated:

 

“AAA” has the meaning ascribed to such
term in Section 11.17.

 

“Additional Manager Advances” means
advances by Manager under Sections 4.05 and 5.06, together with simple interest at the rate of nine percent (9%) per annum
on the outstanding balance thereof from time to time.

 

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“Additional Invested Capital” means,
with respect to each Hotel, the sum of any amounts paid after the Effective Date by (a) the applicable Landlord pursuant to Sections 5.1.2(b),
10.2.3 or 11.2 of the applicable Lease or, (b) the applicable Owner pursuant to Section 5.04 or Section 5.06 or pursuant
to Section 6.04 or Section 6.07 in excess of the insurance proceeds or Award, as the case may be.

 

“Additional Working Capital” has the
meaning ascribed to such term in Section 4.05.

 

“Adverse Regulatory Event” has the
meaning ascribed to such term in Section 11.27.

 

“Affiliate” means, as to any Person,
any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of
this definition, the term “control” (including the terms “controlling,” “controlled by” and “under
common control with”) of a Person means the possession, directly or indirectly, of the power: (i) to vote fifty percent (50%)
or more of the voting stock or equity interests of such Person; or (ii) to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting stock or equity interests, by contract or otherwise.

 

“Agreement” means this Amended, Restated
and Consolidated Master Management Agreement, as it may be amended from time to time,

 

“Annual Operating Projection” has the
meaning ascribed to such term in Section 4.04.A.

 

“Annual Operating Statement” has the
meaning ascribed to such term in Section 4.01.B.

 

“Appellate Rules” has the meaning ascribed
to such term in Section 11.17.

 

“Arbitration Award” has the meaning
ascribed to such term in Section 11.17.

 

“Award” has the meaning ascribed to
such term in the Leases.

 

“Base Management Fee” means, with respect
to each Hotel, an amount equal to three percent (3%) of Gross Revenues for Full Service Hotels and five percent (5%) of Gross Revenues
for Select Service Hotels.

 

“Building” means, with respect to each
Hotel, the building or buildings in which such Hotel is located, together with any related amenities or facilities.

 

“Business Day” means any day other
than Saturday, Sunday, or any other day on which banking institutions in the Commonwealth of Massachusetts are authorized by law or executive
action to close.

 

“Capital Estimate” has the meaning
ascribed to such term in Section 5.06.A.

 

“Capital Statement” has the meaning
ascribed to such term in Section 5.07.B.

 

“Change of Control” means, the
acquisition by any Person or Persons acting in concert (excluding Persons who are holders, directly or indirectly, of equity
interest in Manager as of the Effective Date or Affiliates or Immediate Family Members of such Persons) of beneficial ownership
(within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of 50% or more, or
rights, options or warrants to acquire 50% or more, of the outstanding shares of voting stock or other voting interests of
Manager.

 

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“Claims” has the meaning ascribed to
such term in Section 11.18.

 

“Code” means the Internal Revenue Code
of 1986.

 

“Condemnation” means (a) the exercise
of any governmental power with respect to any Hotel or any interest therein, whether by legal proceedings or otherwise, by a Condemnor
of its power of condemnation, (b) a voluntary sale or transfer of any Hotel or any interest therein, to any Condemnor, either under threat
of condemnation or while legal proceedings for condemnation are pending, or (c) a taking or voluntary conveyance of any Hotel or any interest
therein, or right accruing thereto or use thereof, as the result or in settlement of any Condemnation or other eminent domain proceeding
affecting any Hotel or any interest therein, whether or not the same shall have actually been commenced.

 

“Condemnor” means any public or quasi-public
authority, or private corporation or individual, having the power of Condemnation.

 

“Controlling Interest” means (i) if
the Person is a corporation, the right to exercise, directly or indirectly, more than fifty percent (50%) of the voting rights attributable
to the shares of such Person (through ownership of such shares or by contract), or (ii) if the Person is not a corporation, the possession,
directly or indirectly, of the power to direct or cause the direction of the business, management or policies of such Person. “Control”,
 “Controlling” and “Controlled” have corrective meanings.

 

“Deduction” has the meaning ascribed
to such term in the definition of Operating Profit.

 

“Discount Rate” means an annual rate
of eight percent (8%).

 

“Disputes” has the meaning ascribed
to such term in Section 11.17.

 

“Effective Date” has the meaning ascribed
to such term in the Preamble.

 

“Environmental Costs” has the meaning
ascribed to such term in Section 11.06.C.

 

“Environmental Laws” has the meaning
ascribed to such term in Section 11.06.B.

 

“Environmental Notice” has the meaning
ascribed to such term in Section 11.06.A.

 

“Environmental Obligation” has the
meaning ascribed to such term in Section 11.06.A.

 

“Existing CC&Rs” has the meaning
ascribed to such term in Section 8.02.A.

 

“FF&E” means, with respect to
each Hotel, collectively, all furniture, fixtures and equipment located on or at such Hotel, including without limitation:
furnishings, fixtures, decorative items, signage, audio-visual equipment, kitchen equipment and appliances, cabinetry, laundry
equipment, housekeeping equipment, telecommunications systems, security systems and front desk and back-of-the house
computer equipment; provided, however, that the term “FF&E” shall not include Fixed Asset Supplies or
software.

 

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“FF&E Reserve Account” has the
meaning ascribed to such term in Section 5.05.A.

 

“FF&E Reserve Deposit” means, with
respect to each Hotel, for each Year or portion thereof, an amount equal to five percent (5%) of Gross Revenues for such Hotel.

 

“FF&E Reserves” has the meaning
ascribed to such term in Section 5.05.A.

 

“Final Statement” has the meaning ascribed
to such term in Section 11.09.A.

 

“Fixed Asset Supplies” means, with
respect to each Hotel, collectively, all items included within “Operating Equipment” under the Uniform System of Accounts
that may be consumed in the operation of such Hotel or are not capitalized, including linen, china, glassware, tableware, uniforms, and
similar items used in the operation of such Hotel.

 

“Force
Majeure Event” means any of the following events or occurrences (construed narrowly) which, individually or in the aggregate,
has a material adverse effect on any Hotel or Hotels or the business conducted thereon or therefrom from and after January 1, 2023: acts
of God; natural disasters; acts of government that disproportionately affect the lodging industry and/or the Hotels; strikes or lockouts
lasting longer than one month (other than those limited exclusively to a particular Hotel); acts of a public enemy; material disruptions
in airline systems lasting longer than one month; acts of terrorism; travel advisories or alerts issued by any state or federal governmental
authority or any international agency or body that result in stay at home orders or shelter in place orders lasting longer than one month
in any applicable State; blockades, wars, insurrections or riots; epidemics; landslides, fires, explosions, storms and/or floods generally
meeting the standard of a natural disaster as opposed to seasonal weather; or other similar causes that are beyond the control of Manager,
including any material and adverse changes in travel and lodging market conditions resulting from the foregoing conditions (but excluding
changes in economic and market conditions generally).

 

“Force
Majeure Notice” means a written notice delivered by Manager or one or more Owners to the other asserting the commencement,
expiration or a change in scope of a Force Majeure Event that affects one or more Hotels.

 

“Full Service Hotel” means a Hotel
designated as a Full Service Hotel on Schedule 1.

 

“Future CC&Rs” has the meaning
ascribed to such term in Section 8.02.A.

 

“GAAP” means generally accepted accounting
principles, consistently applied.

 

“Government Agencies” means any
court, agency, authority, board (including, without limitation, environmental protection, planning and zoning), bureau, commission,
department, office or instrumentality of any nature whatsoever of any governmental or quasi-governmental unit of the United States
or the State or any county or any political subdivision of any of the foregoing, whether now or hereafter in existence, having
jurisdiction over the applicable Owner, Landlord or Hotel.

 

    44

     

    

 

“Gross Revenues” means, with respect
to each Hotel, for any period, all revenues and receipts of every kind derived from operating such Hotel and all departments and parts
thereof during such period, including: income (from both cash and credit transactions) after deductions for bad debts and discounts for
prompt cash payments and refunds from rental of Guest Rooms and other spaces at such Hotel, telephone charges, stores, offices, exhibit
or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires);
income from vending machines; income from parking; health club membership fees; food and beverage sales; wholesale and retail sales of
merchandise; service charges; and proceeds, if any, from business interruption or other loss of income insurance; provided, however,
that Gross Revenues shall not include the following: gratuities to employees of such Hotel; federal, state or municipal excise, sales
or use taxes or any other taxes collected directly from patrons or guests or included as part of the sales price of any goods or services;
proceeds from the sale of FF&E; interest received or accrued with respect to the funds in the operating accounts of such Hotel; any
refunds, rebates, discounts and credits of a similar nature, given, paid or returned in the course of obtaining Gross Revenues or components
thereof; insurance proceeds (other than proceeds from business interruption or other loss of income insurance); condemnation proceeds
(other than for a temporary taking); or any proceeds from any Sale of such Hotel or from the refinancing of any debt encumbering such
Hotel but excluding amounts expressly stated in this Agreement not to be included in Gross Revenues.

 

“Gross Room Revenues” means, with respect
to each Hotel, all Gross Revenues attributable to or payable for rental of Guest Rooms at such Hotel, after deductions for bad debts and
discounts for prompt cash payments and refunds from rental of such Guest Rooms, including, without limitation, all credit transactions,
whether or not collected, but excluding (i) any sales or room taxes collected by Manager for transmittal to the appropriate taxing authority,
and (ii) any revenues from sales or rentals of ancillary goods, such as VCR rentals, telephone income and fireplace log sales and sales
from in-room service bars. Gross Room Revenues shall also include the proceeds from any business interruption insurance or other loss
of income insurance. Gross Room Revenues shall be accounted for in accordance with the Uniform System of Accounts.

 

“Guest Room” means a lodging unit in
a Hotel.

 

“Hazardous Substances” means any substance:

 

(i)                
the presence of which requires or may hereafter require notification, investigation or remediation under any federal, state or
local statute, regulation, rule, ordinance, order, action or policy; or

 

(ii)              which
is or becomes defined as a “hazardous waste”, “hazardous material”, or “hazardous substance”,
 “dangerous waste”, “pollutant” or “contaminant” or term of similar import under any present or
future federal, state or local statute, regulation, rule or ordinance or amendments thereto including, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. et seq.) and the Resource Conservation and
Recovery Act (42 U.S.C. section 6901 et seq.) and the regulations promulgated thereunder; or

 

    45

     

    

 

(iii)           
which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous and is
or becomes regulated by any governmental authority, agency, department, commission, board, agency or instrumentality of the United States,
any state of the United States, or any political subdivision thereof; or

 

(iv)            
the presence of which at any Hotel causes or materially threatens to cause an unlawful nuisance upon such Hotel or to adjacent
properties or poses or materially threatens to pose a hazard to such Hotel or to the health or safety of persons on or about such Hotel;
or

 

(v)              
without limitation, which is or contains gasoline, diesel fuel or other petroleum hydrocarbons or volatile organic compounds; or

 

(vi)            
without limitation, which is or contains polychlorinated biphenyls (PCBs), asbestos or urea formaldehyde foam insulation; or

 

(vii)         
without limitation, which contains or emits radioactive particles, waves or material; or

 

(viii)       
without limitation, constitutes materials which are now or may hereafter be listed as medical waste pursuant to the Medical Waste
Tracking Act of 1988, or analogous state or local laws or regulations or guidelines promulgated thereunder.

 

“Hotel” means any hotel listed on Schedule
1, including the Building and all other improvements constructed or to be constructed on the parcel or parcels of land on which such
Building and improvements is located, and all FF&E installed or located on the Site or in the Building, and all easements or other
Owner rights thereto owned by Landlord together with, for purposes of this Agreement, all office equipment, telephone equipment, motor
vehicles, and other equipment leased by the applicable Owner, Fixed Asset Supplies and Inventories at such hotel.

 

“Immediate Family Member”
of an individual means any lineal descendant of such individual (including descendants by adoption), the spouse of any such lineal descendant,
the estate of such individual or of his or her lineal descendants, or a trust for the principal benefit of one or more of such individual
or of his or her lineal descendants (including a trust the principal beneficiary of which is another trust for the principal benefit of
one or more such Persons).

 

“Impositions” has the meaning ascribed
to such term in the Leases but shall not include:

 

1.       Special
assessments (regardless of when due or whether they are paid as a lump sum or in installments over time) imposed because of
facilities which are constructed by or on behalf of the assessing jurisdiction (for example, roads, sidewalks, sewers, culverts,
etc.) which directly benefit the applicable Hotel (regardless of whether or not they also benefit other buildings), which
assessments shall be treated as capital costs of construction and not as Deductions; and

 

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2.       Impact
fees (regardless of when due or whether they are paid as a lump sum or in installments over time) which are required as a condition to
the issuance of site plan approval, zoning variances or building permits, which impact fees shall be treated as capital costs of construction
and not as Deductions.

 

“Incentive Management Fee” means, with
respect to each Hotel, for each Year or portion thereof, an amount equal to twenty percent (20%) of Operating Profit remaining after
deducting amounts paid or payable in respect of Owner’s Priority, Reimbursable Advances and the FF&E Reserve Deposit for such
Hotel for such Year or portion thereof.

 

“Initial Owner’s Priority” means,
with respect to each Hotel, the annual amount set forth as the Initial Owner’s Priority for such Hotel on Schedule 1.

 

“Initial Term” has the meaning ascribed
to such term in Section 2.01.A.

 

“Interest Rate” means an annual rate
of 9%, but not higher than the highest rate permitted by law.

 

“Insurance Requirements” means, with
respect to each Hotel, all terms of any insurance policy required by this Agreement and all requirements of the issuer of any such policy
and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising
similar functions) binding upon such Hotel.

 

“Inventories” means, with respect to
each Hotel, “Inventories” as defined in the Uniform System of Accounts, including provisions in storerooms, refrigerators,
pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery;
and other expensed supplies and similar items.

 

“Landlord” means, with respect each
Hotel, the Person identified as the Landlord for such Hotel on Schedule 1.

 

“Lease” and “Leases” have
the meanings ascribed to such terms in the Recitals.

 

“Legal Requirements” means, with
respect to each Hotel, collectively, all federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions affecting such Hotel or the maintenance, construction, alteration or
operation thereof, whether now or hereafter enacted or in existence, including, without limitation, (a) all permits, licenses,
authorizations, certificates and regulations necessary to operate such Hotel, and (b) all covenants, agreements, restrictions and
encumbrances contained in any instruments at any time in force affecting such Hotel which either (i) do not require the approval of
Manager, or (ii) have been approved by Manager as required hereby, including those which may (A) require material repairs,
modifications or alterations in or to the Hotel or (B) in any way materially and adversely affect the use and enjoyment thereof, but
excluding any requirements under Sections 11.26, 11.27 or 11.28, and (c) all valid and lawful requirements of
Government Agencies or pertaining to reporting, licensing, permitting, investigation, remediation and removal of underground
improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells), or emissions, discharges,
releases or threatened releases of Hazardous Substances, chemical substances, pesticides, petroleum or petroleum products,
pollutants, contaminants or hazardous or toxic substances, materials or wastes whether solid, liquid or gaseous in nature, into the
environment, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Substances, underground improvements (including, without limitation, treatment or storage tanks, or water, gas or oil
wells), or pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid, liquid of gaseous in
nature.

 

    47

     

    

 

“Loyalty Program” means the Sonesta
Travel Pass loyalty program or such replacement or successor guest loyalty program as Manager may employ in the future for the hotels
in the System.

 

“Loyalty Program Fee” means an amount
per Hotel assessed based on defined costs associated with the Loyalty Program, not greater than one percent (1%) of Gross Room Revenues
for such Hotel or such greater amount otherwise mutually agreed upon between the applicable Owner and Manager.

 

“Major Renovation” means, with respect
to any Hotel, a major renovation of that Hotel as identified as such in the approved Capital Estimate for that Hotel.

 

“Manager” has the meaning ascribed
to such term in the Preamble hereto or shall mean any successor or permitted assign, as applicable.

 

“Manager Event of Default” has the
meaning ascribed to such term in Section 9.01.

 

“Marketing Programs” means advertising,
marketing, promotional and public relations programs and campaigns including so-called “frequent stay” rewards program which
are intended for the benefit of all hotels in the System.

 

“Marketing Program Fee” means an amount
equal to one percent (1%) of Gross Revenues or an amount otherwise mutually agreed upon between Owner and Manager.

 

“Monthly Statement” has the meaning
ascribed to such term in Section 4.01.A.

 

“Mortgage” means any mortgage indebtedness
obtained by a Landlord to finance one or more of its Hotels, and may take the form of a mortgage, deed of trust or security document customarily
in use in the State in which the encumbered Hotel is located.

 

“Mortgagee” means the holder of any
Mortgage.

 

“Officer’s Certificate” means
a certificate executed by an officer of Manager which certifies that with respect to any Annual Operating Statement delivered under Section
4.01.B, the accompanying statement has been properly prepared in accordance with GAAP and fairly presents the financial operations
of the applicable Hotel.

 

    48

     

    

 

“Operating Loss” means, with respect
to each Hotel, a negative Operating Profit for such Hotel.

 

“Operating Profit” means, with respect
to each Hotel, the excess of Gross Revenues for such Hotel over the following expenses incurred by Manager in accordance with the Operating
Standards and the terms of this Agreement, on behalf of Owner, in operating such Hotel:

 

1.                 
the cost of sales, including, without limitation, compensation, fringe benefits, payroll taxes and other costs related to Hotel
employees (the foregoing costs shall not include salaries and other employee costs of executive personnel of Manager who do not work at
such Hotel on a regular basis; except that the foregoing costs shall include the allocable portion of the salary and other employee costs
of any general manager or other supervisory personnel assigned to a “cluster” of hotels which includes such Hotel);

 

2.                 
departmental expenses incurred at departments within such Hotel; administrative and general expenses incurred for such Hotel; the
cost of marketing incurred by such Hotel; advertising and business promotion incurred by such Hotel;

 

3.                 
routine repairs, maintenance and minor alterations for such Hotel under Section 5.02;

 

4.                 
all charges for electricity, power, gas, oil, water and other utilities consumed in the operation of such Hotel;

 

5.                 
the cost of Inventories and Fixed Asset Supplies consumed in the operation of such Hotel;

 

6.                 
lease payments for equipment and other personal property reasonably necessary for the operation of such Hotel and any ground lease
payments;

 

7.                 
a reasonable reserve for uncollectible accounts receivable for such Hotel as determined by Manager;

 

8.                 
all costs and fees of independent professionals or other third parties who are retained by Manager to perform services required
or permitted hereunder at such Hotel;

 

9.                 
all costs and fees of technical consultants and operational experts who are retained or employed by Manager and/or Affiliates of
Manager for specialized services (including, without limitation, quality assurance inspectors) and the cost of attendance by employees
of the Hotel at training and manpower development programs sponsored by Manager;

 

10.             
the Base Management Fee, Reservations Fee and Systems Fee for such Hotel;

 

11.             
insurance costs and expenses for coverage required to be maintained under Section 6.01;

 

    49

     

    

 

12.             
 taxes, if any, payable by or assessed against Manager related to this Agreement or to Manager’s operation of such Hotel
(exclusive of Manager’s income taxes) and all Impositions for such Hotel;

 

13.             
the Marketing Program Fee and the Loyalty Program Fee for such Hotel;

 

14.             
such Hotel’s share of the costs and expenses of participating in programs and activities prescribed for members of the System
(including those central or regional services set forth in Section 1.03) to the extent such costs are not paid pursuant to a Marketing
Program;

 

15.             
the costs of commercially reasonable efforts of causing such Hotel to be in compliance with each and every provision of the applicable
Lease (regardless of whether or not such compliance is a requirement of this Agreement);

 

16.             
such other costs and expenses incurred by Manager to comply with Legal Requirements and Insurance Requirements or are otherwise
reasonably necessary for the proper and efficient operation of such Hotel; and

 

17.             
such other costs and expenses paid to the applicable Owner or Landlord pursuant to the Lease or this Agreement, if such costs and
expenses would have been a Deduction if paid directly by Manager to a third person in respect of such Hotel (the items above collectively,
 “Deductions”).

 

Deductions shall not include (a) payments with
respect to items for which Manager has agreed to be liable at its own cost and expense in this Agreement or under any other agreement
between Manager and any Owner including indemnities, (b) debt service payments pursuant to any Mortgage, (c) payments pursuant to
equipment leases or other forms of financing obtained by any Owner for the FF&E located in or connected with the applicable Hotel,
both of which shall be paid or caused to be paid by the applicable Owner, (d) rent payable under the applicable Lease, (e) any reimbursement
to Manager for advances Manager makes with respect to the applicable Hotel as permitted hereunder, (f) any Incentive Management Fee, (g)
any Procurement and Construction Supervision Fee, or (h) any item specifically stated not to be a Deduction.

 

“Operating Standards” has the meaning
ascribed to such term in Section 1.02.A.

 

“Overdue Rate” means an annual rate
of 12% but not higher than the highest rate permitted by law.

 

“Owner” and “Owners” have
the meaning ascribed to such terms in the Preamble or shall mean any successor or permitted assignee of any such Person, as applicable.

 

“Owner Advances” has the meaning ascribed
to such term in Section 3.02.D.

 

“Owner Event of Default” has the meaning
ascribed to such term in Section 9.03.

 

“Owner Operating Loss Advance(s)” has
the meaning ascribed to such term in Section 4.06.

 

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“Owner’s Personal Property” means,
with respect to each Hotel, collectively, all motor vehicles, consumable inventories and supplies, furniture, furnishings, movable walls
and partitions, equipment and machinery and all other tangible personal property of the applicable Owner, if any, acquired by such Owner
on and after the Effective Date for such Hotel and located at such Hotel or used in such Owner’s business at such Hotel, and all
modifications, replacements, alterations and additions to such personal property.

 

“Owner’s Priority” means, with
respect to each Hotel, for each Year or portion thereof during the Term, an annual amount equal to the sum of (a) the Initial Owner’s
Priority for such Hotel, plus (b) from and after the date of any disbursement of any Additional Invested Capital by the applicable Owner
and/or Landlord for such Hotel, an amount equal to six percent (6%) of such Additional Invested Capital so disbursed.

 

“Owner’s Priority Threshold”
means, with respect to each Hotel, for each Year during the Term, an annual amount equal to seventy-five percent (75%) of the Owner’s
Priority for such Hotel for such Year.

 

“Owner’s Residual Payment” means,
with respect to each Hotel, with respect to each Year or portion thereof, an amount equal to Operating Profit for such Hotel remaining
after deducting amounts paid or payable in respect of Owner’s Priority, Reimbursable Advances, the FF&E Reserve Deposit and
the Incentive Management Fee for such Hotel for such Year.

 

“Owner Working Capital Advances” means,
with respect to each Hotel, the aggregate of all funds remitted by the applicable Owner to Manager as Additional Working Capital for such
Hotel.

 

“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company partnership or other entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person where the context so permits.

 

“Prior Management Agreement” has the
meaning ascribed to such term in the Recitals.

 

“Procurement and Construction Supervision
Fee” means, with respect to each Hotel, an amount equal to three percent (3%) of amounts funded for Routine Capital Replacements
less the amounts of any construction supervision (or similar) fees paid to any third party.

 

“Reimbursable Advances” means, with
respect to each Hotel, the amounts paid or payable in respect of Section 3.02.D with respect to such Hotel.

 

“Renewal Term(s)” has the meaning ascribed
to such term in Section 2.01.A.

 

“Required Renovations” has the meaning
ascribed to such term in Section 5.04.

 

“Reservation Fee” means, with respect
to each Hotel, one and one-half percent (1.5%) of Gross Room Revenues for such Hotel.

 

    51

     

    

 

“Restricted Trade Area” means (a) for
any Hotel listed on Schedule 4, the Restricted Trade Area for such Hotel as shown on Schedule 4 and (b) for any other Hotel,
the area within a two (2) mile radius of such Hotel.

 

“Routine Capital Replacements” means,
with respect to any Hotel, replacements and renewals of FF&E at that Hotel and such repairs, maintenance, alterations, improvements,
renewals and replacements to that Hotel building and its mechanical systems which are classified as capital expenditures under GAAP, but
excluding any Major Renovation.

 

“Rules” has the meaning ascribed to
such term in Section 11.17.

 

“Sale of a Hotel” means any sale, assignment,
transfer or other disposition, for value or otherwise, voluntary or involuntary, of the applicable Owner’s leasehold or subleasehold
title to a Hotel or the applicable Landlord’s fee or leasehold title to a Hotel, as the case may be. For purposes of this Agreement,
a Sale of a Hotel shall also include a lease (or sublease) of all or substantially all of the applicable Owner’s leasehold interest
in such Hotel and any sale, assignment, transfer or other disposition, for value or otherwise, voluntary or involuntary, in a single transaction
or a series of transactions, of the Controlling Interest in the applicable Owner or Landlord, but shall not include any conveyance which
results in SVC continuing to hold a Controlling Interest in the transferee.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“Select Service Hotel” means a Hotel
designated as a Select Service Hotel on Schedule 1.

 

“Site” means, with respect to each
Hotel, the land on which such Hotel is located, together with any related appurtenances.

 

“Sonesta” means Sonesta International
Hotels Corporation, a Maryland corporation.

 

“Sonesta Holdco” means Sonesta Holdco
Corporation, a Maryland corporation, Sonesta’s parent.

 

“Specially Designated National or Blocked
Person” means (a) a person designated by the U.S. Department of Treasury’s Office of Foreign Assets Control, or other
governmental entity, from time to time as a “specially designated national or blocked person” or similar status, (b) a
person described in Section 1 of U.S. Executive Order 13224 issued on September 23, 2001, or (c) a person otherwise
identified by government or legal authority as a person with whom Manager or its Affiliates are prohibited from transacting business.
Currently, a listing of such designations and the text of the Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac.

 

“State” means, with respect to each
Hotel, the commonwealth or state in which such Hotel is located.

 

“Stockholders Agreement” means that
certain Stockholders Agreement dated as of February 27, 2020 by and among Sonesta Holdco, SVC and certain other stockholders of Sonesta
Holdco.

 

    52

     

    

 

“Subordination Agreement” has the meaning
ascribed to such term in Section 8.04.

 

“Subsequent Holder” has
the meaning ascribed to such term in Section 8.04.

 

“SVC” means Service Properties Trust,
a Maryland real estate investment trust.

 

“SVC Change in Control” means (i) a
change in the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of SVC,
whether through the ownership of voting securities or other beneficial interest, by contract or otherwise, (ii) any transfer of interests
or series of transfers of interests in SVC which results in more than 49% of the ownership interests of SVC or the surviving entity, as
applicable, being held by any single person or entity or related group of people or entities which does not currently own more than 49%
of the interests in SVC or (iii) the termination of The RMR Group LLC as SVC’s business or property manager.

 

“System” means all hotels which are
operated under the Trade Names.

 

“System Fee” means, with respect to
each Hotel, during any Year, an amount equal to one and one-half percent (1.5%) of Gross Revenues for such Hotel.

 

“System Standards” means the physical
standards (for example, quality of the Building, FF&E, and Fixed Asset Supplies, frequency of FF&E replacements, etc.); each of
such standards shall be the standard which is generally prevailing or in the process of being implemented at other hotels in the System,
on a fair and consistent basis with other hotels in the System; provided, however, that if the market area or the physical peculiarities
of the applicable Hotel warrant, in the reasonable judgment of Manager, a deviation from such standards shall be permitted.

 

“Term” has the meaning ascribed to
such term in Section 2.01.A.

 

“Termination Fee” means, with respect
to each Hotel, an amount equal to the present value of the payments that would have been made to Manager between the date of termination
and the scheduled expiration date of the Term (including any Renewal Terms) as Base Management Fee, Reservation Fee, System Fee and the
Incentive Management Fee for such Hotel if this Agreement had not been terminated with respect to such Hotel, calculated based upon the
average of each of such fees earned in each of the three (3) calendar years ended prior to the date of termination, discounted at an annual
rate equal to the Discount Rate.

 

“Tested Year” means, with respect to
each Hotel, any full Year beginning with the 2023 calendar year but excluding any Year in which such Hotel was undergoing Major Renovation
and any Year which commenced less than twelve (12) months following substantial completion of such Major Renovation.

 

“Trade Area Restriction Period” means,
with respect to each Hotel, the period commencing on the Effective Date and ending on the earlier to occur of (a) the date which is five
(5) years following the Effective Date and (b) the occurrence of an SVC Change in Control.

 

“Trade Names” has the meaning ascribed
to such term in Section 11.10.

 

    53

     

    

 

“Uniform System of Accounts” mean,
at any time, the then-current edition of the “Uniform System of Accounts for the Lodging Industry”, as adopted by the Hotel
Lodging Association of New York City, Inc., and the American Hotel & Lodging Association, as revised from time to time to the extent
such revision has been or is in the process of being generally implemented within the System.

 

“Unsuitable for Its Permitted Use”
means, with respect to any Hotel, a state or condition of such Hotel such that (a) following any damage or destruction involving such
Hotel, such Hotel cannot be operated in the good faith judgment of Manager on a commercially practicable basis and it cannot reasonably
be expected to be restored to substantially the same condition as existed immediately before such damage or destruction, within nine (9)
months following such damage or destruction or such shorter period of time as to which business interruption insurance is available to
cover rent and other costs related to such Hotel following such damage or destruction, or (b) as the result of a partial Condemnation,
such Hotel cannot be operated, in the good faith judgment of Manager on a commercially practicable basis in light of then existing circumstances.

 

“Working Capital” means, with respect
to each Hotel, collectively, funds that are used in the day-to-day operation of the business of such Hotel.

 

“Year” means the calendar year.

 

12.02     
Construction. The definitions of terms herein shall apply
equally to the singular, plural, past, present and future forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference
to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii)
the words “herein,” “hereof” and “hereunder,” and words of similar import when used in this Agreement
shall be construed to refer to this Agreement in its entirety and not to any particular provision thereof, (iv) all references in this
Agreement to Articles, Sections and Exhibits shall be construed to refer to Articles and Sections of, and Exhibits to, this Agreement,
and (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time. Any titles or captions contained in this Agreement are for convenience only and shall not be deemed
part of the text of this Agreement.

 

[SIGNATURES BEGIN
ON THE FOLLOWING PAGE]

 

    54

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed under seal as of the day and year first written above.

 

	 	MANAGER:
	 	 
	 	SONESTA INTERNATIONAL HOTELS CORPORATION, a Maryland corporation
	 	
	 	By:	/s/ Carlos R. Flores
	 	 	Carlos R. Flores
	 	 	President and Chief Executive Officer
	 	 
	 	OWNERS:
	 	 
	 	CAMBRIDGE TRS, INC.,
 HPT CY TRS, INC.,
 HPT TRS IHG-2, INC. and
 HRP TRS MRP, INC.,
 each a Maryland corporation
	 	 
	 	By:	 /s/ John G. Murray
	 	 	John G. Murray
	 	 	President and Chief Executive Officer of each of the foregoing entities

 

[Signature Page to Amended,
Restated and Consolidated Master Management Agreement]

 

     

     

    

 

Each Landlord, in consideration of the obligations of Manager and each
Owner under the within Agreement, joins to evidence its agreement to be bound by the terms of Sections 4.01.C, 4.02.B, 5.04,
5.06, 5.07.C, Article VI, 8.01, 8.02, 8.04, 10.02, 10.03, 11.07, 11.17,
11.18 and 11.20, to the extent applicable to it.

 

	 	LANDLORDS:
	 	 
	 	HARBOR COURT ASSOCIATES, LLC
	 	HPT IHG GA PROPERTIES LLC
	 	HPT IHG-2 PROPERTIES TRUST
 HPT IHG-3 PROPERTIES LLC
 HPT SUITE PROPERTIES TRUST
	 	HPTCY PROPERTIES TRUST
	 	HPTMI HAWAII, INC.
 HPTMI PROPERTIES TRUST
 SERVICE PROPERTIES TRUST
	 	 
	 	By:	/s/ John G. Murray
	 	 	John G. Murray
	 	 	President and Chief Executive Officer of each of the foregoing entities

 

[Joinder Page to Amended, Restated and Consolidated Master
Management Agreement]

 

     

     

    

 

SCHEDULE 1

 

HOTELS

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	1.	Sonesta Simply Suites Birmingham

 600 Corporate Ridge Drive 

Birmingham, AL	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$596,539
	2.	Sonesta ES Suites Birmingham Homewood 

50 State Farm Parkway 

Homewood, AL	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$871,176
	3.	Sonesta Simply Suites Huntsville 

201 Exchange Place 

Huntsville, AL	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$620,594
	4.	Sonesta Select Phoenix Chandler 

920 North 54th Street 

Chandler, AZ	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$1,229,547
	5.	Sonesta ES Suites Flagstaff

 1400 N. Country Club Drive

 Flagstaff, AZ	HPTMI

 Properties Trust	Cambridge TRS, Inc.	Select	$653,715
	6.	Sonesta Simply Suites Phoenix

 11411 North Black Canyon Highway

 Phoenix, AZ	HPT IHG-2 

Properties Trust	HPT TRS IHG-2, Inc.	Select	$563,147
	7.	Sonesta Select Phoenix Camelback

 2101 East Camelback Road 

Phoenix, AZ	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$853,588
	8.	Sonesta Suites Scottsdale 

7300 East Gainey Suites Drive

 Scottsdale, AZ	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$1,898,048
	9.	Sonesta ES Suites Scottsdale

 6040 North Scottsdale Road 

Scottsdale, AZ	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$1,376,289
	10.	Sonesta Simply Suites Scottsdale North 

10740 North 90th Street

 Scottsdale, AZ	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$1,056,905

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	11.	
    Sonesta Select Scottsdale at Mayo Clinic

    13444 East Shea Boulevard

    Scottsdale, AZ
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$605,212
	12.	
    Sonesta Simply Suites Phoenix Tempe

    1335 West Baseline Road

    Tempe, AZ
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$725,507
	13.	
    Sonesta Select Tempe

    601 South Ash Avenue

    Tempe, AZ
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,220,901
	14.	
    Sonesta ES Suites Tempe

    5075 South Priest Drive

    Tempe, AZ
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,159,727
	15.	
    Sonesta ES Suites Tucson

    6477 East Speedway Boulevard

    Tucson, AZ
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$522,115
	16.	
    Sonesta Anaheim

    1915 South Manchester Avenue

    Anaheim, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$1,071,986
	17.	
    Sonesta ES Suites Anaheim

    1855 South Manchester Ave

    Anaheim, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,942,725
	18.	
    Sonesta Select Camarillo

    4994 Verdugo Way

    Camarillo, CA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$683,320
	19.	
    Sonesta ES Suites Chatsworth

    21902 Lassen

    Chatsworth, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,013,330
	20.	
    Sonesta Select Los Angeles LAX

    2000 East Mariposa Avenue

    El Segundo, CA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$904,479
	21.	
    Sonesta Emeryville

    5555 Shellmound Street

    Emeryville, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Full	$4,239,477
	22.	
    Sonesta ES Suites Huntington Beach

    9930 Slater Avenue

    Fountain Valley, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,328,506

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	23.	
    Sonesta Select Huntington Beach

    9950 Slater Road

    Fountain Valley, CA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$819,644
	24.	
    Sonesta ES Suites Fresno

    5322 North Diana Avenue

    Fresno, CA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$869,561
	25.	
    Sonesta Simply Suites Anaheim

    12901 Garden Grove Blvd

    Garden Grove, CA
	HPTMI 

Properties Trust	HPT TRS IHG-2, Inc.	Select	$659,489
	26.	
    The Sonesta Irvine

    17941 Von Karman Avenue

    Irvine, CA
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$2,968,230
	27.	
    Sonesta Simply Suites Orange Cty Spectrum Center

    16150 Sand Canyon Avenue

    Irvine, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$656,593
	28.	
    Sonesta Select Laguna Hills

    23175 Avenida de la Carlota

    Laguna Hills, CA
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$1,063,153
	29.	
    Sonesta Simply Suites Orange County Irvine

    3 South Pointe Drive

    Lake Forest, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$751,813
	30.	
    Sonesta Los Angeles Airport

    5985 West Century Boulevard

    Los Angeles, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$3,020,831
	31.	
    Sonesta Silicon Valley

    1820 Barber Lane

    Milpitas, CA
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$3,936,551
	32.	
    Sonesta San Jose

    777 Bellew Drive

    Milpitas, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$2,636,056
	33.	
    Sonesta Select Pleasant Hill

    2250 Contra Costa Boulevard

    Pleasant Hill, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,077,923
	34.	
    Sonesta ES Suites San Francisco Airport

    1350 Huntington Avenue

    San Bruno, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,028,376

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	35.	
    Sonesta ES Suites San Diego

    11855 Avenue of Industry

    San Diego, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,206,251
	36.	
    Sonesta ES Suites San Diego - Mira Mesa

    6639 Mira Mesa Boulevard

    San Diego, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,442,282
	37.	
    Sonesta ES Suites Carmel Mountain

    11002 Rancho Carmel Drive

    San Diego, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$908,779
	38.	
    Sonesta ES Suites San Jose Airport

    1602 Crane Court

    San Jose, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,814,023
	39.	
    Sonesta Select San Jose Airport

    1727 Technology Drive

    San Jose, CA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$1,292,255
	40.	
    Sonesta Select San Ramon

    18090 San Ramon Valley Boulevard

    San Ramon, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,165,448
	41.	
    Sonesta Simply Suites Orange County Airport

    2600 South Red Hill Avenue

    Santa Ana, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$756,179
	42.	
    Sonesta Simply Suites -Silicon Valley Santa Clara

    481 El Camino Real

    Santa Clara, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$747,490
	43.	
    Sonesta Select San Francisco Airport

    1300 Veterans Boulevard

    South San Francisco, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$2,771,746
	44.	
    Sonesta ES Suites San Francisco Airport

    1350 Veterans Boulevard

    South San Francisco, CA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$2,230,849
	45.	
    Sonesta ES Suites Sunnyvale

    900 Hamlin Court

    Sunnyvale, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$2,212,462
	46.	
    Sonesta ES Suites Torrance Redondo Beach

    19901 Prairie Ave

    Torrance, CA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,350,567

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	47.	
    Sonesta Select Los Angeles Torrance

    1925 West 190th Street

    Torrance, CA
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$928,129
	48.	
    Sonesta ES Suites Colorado Springs

    3880 North Academy Boulevard

    Colorado Springs, CO
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$569,050
	49.	
    Sonesta Denver

    1450 Glenarm Place

    Denver, CO
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$5,377,582
	50.	
    Sonesta Simply Suites Denver Federal Center

    895 Tabor Street

    Lakewood, CO
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$689,165
	51.	
    Sonesta ES Suites Denver South

    7820 Park Meadows Drive

    Lonetree, CO
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$968,481
	52.	
    Royal Sonesta Washington DC

    2121 P Street NW

    Washington, DC
	HPT IHG-3

 Properties LLC	HPT TRS IHG-2, Inc.	Full	$7,941,910
	53.	
    Sonesta ES Suites Wilmington - Newark

    240 Chapman Road

    Newark, DE
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$797,556
	54.	
    Sonesta Select Boca Raton

    2000 NW Executive Center Cir.

    Boca Raton, FL
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$1,181,308
	55.	
    Sonesta Simply Suites Clearwater

    13231 49th Street North

    Clearwater, FL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$458,051
	56.	
    Sonesta Fort Lauderdale

    999 N. Fort Lauderdale Beach Boulevard

    Fort Lauderdale, FL
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$3,575,671
	57.	
    Sonesta ES Suites Fort Lauderdale Plantation

    410 North Pine Island Road

    Fort Lauderdale, FL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,229,241
	58. 	
    Sonesta Simply Suites Jacksonville

    4990 Belfort Road

    Jacksonville, FL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$665,086

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	59.	
    Sonesta Simply Suites Miami Airport

    8855 NW 27th Street

    Miami, FL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$717,617
	60.	
    Sonesta Miami Airport

    950 NW LeJeune Road

    Miami, FL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$1,751,357
	61.	
    Sonesta Select Miami Lakes

    15700 NW 77th Court

    Miami Lakes, FL
	HPTCY

 Properties Trust	HPT CY TRS, Inc.	Select	$1,129,331
	62.	
    Sonesta ES Suites Orlando

    8480 International Drive

    Orlando, FL
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$1,775,539
	63.	
    Sonesta ES Suites Lake Buena Vista

    8751 Suiteside Drive

    Orlando, FL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,991,484
	64.	
    Sonesta ES Suites Alpharetta North Point

    3980 North Point Parkway

    Alpharetta, GA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$862,787
	65.	
    Sonesta ES Suites Atlanta North Point Mall

    1325 North Point Drive

    Alpharetta, GA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$1,004,808
	66.	
    Sonesta ES Suites Atlanta Alpharetta Windward

    5465 Windward Parkway

    Alpharetta, GA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,290,217
	67.	
    Sonesta Atlanta Airport South

    4669 Airport Boulevard

    Atlanta, GA
	HPT IHG GA

 Properties LLC	HPT TRS IHG-2, Inc.	Full	$1,389,773
	68.	
    Sonesta ES Suites Atlanta

    760 Mount Vernon Highway

    Atlanta, GA
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$828,946
	69.	
    Sonesta Atlanta Northwest Galleria

    6345 Powers Ferry Road NW

    Atlanta, GA
	HPT IHG-3

 Properties LLC	Cambridge TRS, Inc.	Full	$1,244,625
	70.	
    Sonesta Atlanta Airport North

    1325 Virginia Avenue

    Atlanta, GA
	HPT IHG-3

 Properties LLC	HPT TRS IHG-2, Inc.	Full	$3,646,276

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	71.	
    Sonesta Select Atlanta Midtown

    1132 Techwood Drive NW

    Atlanta, GA
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$1,051,856
	72.	
    Sonesta Select Atlanta Cumberland

    3000 Cumberland Boulevard SE

    Atlanta, GA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$1,212,138
	73.	
    Sonesta Simply Suites Atlanta

    3665 Shackleford Road

    Duluth, GA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$611,241
	74.	
    Sonesta ES Suites Atlanta – Perimeter Center

    4601 Ridgeview Road

    Dunwoody, GA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,097,043
	75.	
    Sonesta Select Atlanta Airport

    3399 International Boulevard

    Hapeville, GA
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$1,122,876
	76.	
    Sonesta ES Suites Atlanta Kennesaw Town Center

    3443 Busbee Drive NW

    Kennesaw, GA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$889,832
	77.	
    Royal Sonesta Kauai Resort

    3160 Rice Street

    Lihue-Kauai, HI
	HPTMI 

Hawaii, Inc.	HPT TRS MRP, Inc.	Full	$6,819,282
	78.	
    Sonesta Simply Suites Des Moines

    7625 Office Plaza Drive North

    Des Moines, IA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$552,134
	79.	
    Sonesta ES Suites Chicago Downtown

    201 East Walton Place

    Chicago, IL
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$2,750,402
	80.	
    Sonesta Simply Suites Chicago Libertyville

    1100 N US Route 45

    Libertyville, IL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$603,876
	81.	
    Sonesta Chicago O’Hare Airport

    10233 West Higgins Road

    Rosemont, IL
	HPT IHG-3

 Properties LLC	HPT TRS IHG-2, Inc.	Full	$2,370,717
	82.	
    Sonesta Simply Suites Chicago O’Hare

    4021 North Mannheim Road

    Schiller Park, IL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,155,587

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	83.	
    Sonesta Simply Suites Chicago Naperville

    27 West 300 Warrenville Road

    Warrenville, IL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$682,980
	84.	
    Sonesta Simply Suites Chicago Waukegan

    1151 South Waukegan Road

    Waukegan, IL
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$569,939
	85.	
    Sonesta ES Suites Chicago Waukegan

    1440 South White Oak Drive

    Waukegan, IL
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,187,933
	86.	
    Sonesta Select Indianapolis

    37 W 103rd Street

    Indianapolis, IN
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$819,761
	87.	
    Sonesta ES Suites Baton Rouge

    4001 Nicholson Drive

    Baton Rouge, LA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,022,368
	88.	
    Sonesta ES Suites New Orleans Convention Center

    345 St. Joseph Street

    New Orleans, LA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$2,374,815
	89.	
    Sonesta ES Suites Andover

    4 Technology Drive

    Andover, MA
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$1,364,112
	90.	
    Sonesta Simply Suites Boston Braintree

    235 Wood Road

    Braintree, MA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$947,092
	91.	
    Sonesta Simply Suites Boston Burlington

    130 Middlesex Turnpike

    Burlington, MA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$932,472
	92.	
    Sonesta Select Boston Danvers

    275 Independence Way

    Danvers, MA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$757,321
	93.	
    Sonesta Select Boston Foxborough

    35 Foxborough Boulevard

    Foxborough, MA
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$991,318
	94.	
    Sonesta Select Boston Lowell

    30 Industrial Avenue East

    Lowell, MA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$475,567

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	95.	
    Sonesta Select Boston Milford

    10 Fortune Boulevard

    Milford, MA
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$801,973
	96.	
    Sonesta ES Suites Annapolis

    170 Admiral Cochrane Drive

    Annapolis, MD
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,157,192
	97.	
    Royal Sonesta Harbor Court Baltimore

    550 Light Street

    Baltimore, MD
	Harbor Court

 Associates, LLC	Cambridge TRS, Inc.	Full	$1,535,473
	98.	
    Sonesta Select Columbia

    8910 Stanford Boulevard

    Columbia, MD
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$1,238,257
	99.	
    Sonesta Simply Suites Baltimore BWI Airport

    1247 Winterson Road

    Linthicum Heights, MD
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$816,195
	100.	
    Sonesta ES Suites Baltimore BWI Airport

    1160 Winterson Road

    Linthicum Heights, MD
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$985,252
	101.	
    Sonesta Simply Suites Detroit Ann Arbor

    701 Waymarket Way

    Ann Arbor, MI
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$592,929
	102.	
    Sonesta Select Detroit Auburn Hills

    2550 Aimee Lane

    Auburn Hills, MI
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$629,041
	103.	
    Sonesta Simply Suites Detroit Novi

    42600 Eleven Mile Road

    Novi, MI
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$738,445
	104.	
    Sonesta Select Detroit Novi

    42700 Eleven Mile Road

    Novi, MI
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,084,392
	105.	
    Sonesta Simply Suites Detroit Troy

    2550 Troy Center Drive

    Troy, MI
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$589,217
	106.	
    Sonesta Simply Suites Detroit Warren

    7010 Convention Boulevard

    Warren, MI
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$721,001

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	107.	
    Sonesta ES Suites Detroit Warren

    30120 North Civic Center Blvd.

    Warren, MI
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$764,178
	108.	
    Sonesta Select Minneapolis

    11391 Viking Drive

    Eden Prairie, MN
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$855,310
	109.	
    Sonesta Simply Suites Minneapolis Richfield

    351 West 77th Street

    Minneapolis, MN
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$863,545
	110.	
    Sonesta Simply Suites St. Louis Earth City

    3250 Rider Trail South

    Earth City, MO
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$548,958
	111.	
    Sonesta Select Kansas City South

    500 East 105th Street

    Kansas City, MO
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$1,017,017
	112.	
    Sonesta Select Kansas City Airport

    7901 NW Tiffany Springs Parkway

    Kansas City, MO
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$939,093
	113.	
    Royal Sonesta Chase Park Plaza

    212-232 N. Kingshighway Boulevard

    St. Louis, MO
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$5,390,511
	114.	
    Sonesta ES Suites Raleigh Cary

    2900 Regency Parkway

    Cary, NC
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$971,506
	115.	
    Sonesta ES Suites Charlotte

    7925 Forest Pine Drive

    Charlotte, NC
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$807,446
	116.	
    Sonesta Charlotte

    5700 Westpark Drive

    Charlotte, NC
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$2,563,701
	117.	
    Sonesta Simply Suites Charlotte University

    8812 University East Drive

    Charlotte, NC
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$686,351
	118.	
    Sonesta Select Charlotte University

    333 West WT Harris Boulevard

    Charlotte, NC
	HPTCY

 Properties Trust	HPT CY TRS, Inc.	Select	$771,042

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	119.	
    Sonesta Select Raleigh Durham Airport

    2001 Hospitality Court

    Morrisville, NC
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$1,116,037
	120.	
    Sonesta ES Suites Raleigh Durham Airport

    2020 Hospitality Court

    Morrisville, NC
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,127,515
	121.	
    Sonesta ES Suites Princeton

    4375 US Route 1 South

    Princeton, NJ
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$855,402
	122.	
    Sonesta ES Suites Somerset

    260 Davidson Avenue

    Somerset, NJ
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$1,026,439
	123.	
    Sonesta Select Tinton Falls

    600 Hope Road

    Tinton Falls, NJ
	HPTCY

 Properties Trust	HPT CY TRS, Inc.	Select	$647,308
	124.	
    Sonesta Select Whippany

    157 Route 10 East

    Whippany, NJ
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$1,334,969
	125.	
    Sonesta Simply Suites Albuquerque

    3025 Menaul Boulevard NE

    Albuquerque, NM
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$727,292
	126.	
    Sonesta ES Suites Albuquerque

    3300 Prospect Avenue, NE

    Albuquerque, NM
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$1,372,978
	127.	
    Sonesta Simply Suites Las Vegas

    4034 South Paradise Road

    Las Vegas, NV
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,806,857
	128.	
    Sonesta Select Las Vegas

    1901 North Rainbow Boulevard

    Las Vegas, NV
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,207,017
	129.	
    Sonesta ES Suites Reno

    9845 Gateway Drive

    Reno, NV
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$800,347
	130.	
    Sonesta White Plains

    66 Hale Avenue

    White Plains, NY
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$5,097,740

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	131.	
    Sonesta ES Suites Cincinnati - Blue Ash

    11401 Reed Hartman Highway

    Blue Ash, OH
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Select	$856,574
	132.	
    Sonesta Columbus

    33 East Nationwide Boulevard

    Columbus, OH
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$3,796,139
	133.	
    Sonesta Simply Suites Columbus Airport

    590 Taylor Road

    Gahanna, OH
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$540,329
	134.	
    Sonesta Simply Suites Cleveland North Olmstead

    24741 Country Club Boulevard

    North Olmstead, OH
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$639,542
	135.	
    Sonesta Simply Suites Oklahoma City Airport

    4400 River Park Drive

    Oklahoma City, OK
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$555,099
	136.	
    Royal Sonesta Portland

    506 SW Washington Street

    Portland, OR
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$6,401,205
	137.	
    Sonesta Select Allentown Bethlehem

    2160 Motel Drive

    Allentown, PA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$798,984
	138.	
    Sonesta ES Suites Allentown Bethlehem

    2180 Motel Drive

    Bethlehem, PA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$894,794
	139.	
    Sonesta Hotel Philadelphia

    1800 Market Street

    Philadelphia, PA
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$4,254,250
	140.	
    Sonesta Select Philadelphia Airport

    8900 Bartram Avenue

    Philadelphia, PA
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$919,883
	141.	
    Sonesta Simply Suites Pittsburgh Airport

    100 Chauvet Drive

    Pittsburgh, PA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$712,395
	142.	
    Sonesta Select Newport Middletown

    9 Commerce Drive

    Middletown, RI
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$1,155,583

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	143.	
    Sonesta Hilton Head

    130 Shipyard Drive

    Hilton Head, SC
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$4,013,582
	144.	
    Sonesta Simply Suites Nashville Brentwood

    5129 Virginia Way

    Brentwood, TN
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$695,825
	145.	
    Sonesta ES Suites Nashville Brentwood

    206 Ward Circle

    Brentwood, TN
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$957,088
	146.	
    Sonesta Select Chattanooga

    2210 Bams Drive

    Chattanooga, TN
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$980,795
	147.	
    Sonesta Select Nashville Airport Suites

    1100 Airport Center Drive

    Nashville, TN
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,109,053
	148.	
    Sonesta Nashville Airport

    600 Marriott Drive

    Nashville, TN
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Full	$3,460,637
	149.	
    Sonesta Simply Suites Arlington

    2221 Brookhollow Plaza Drive

    Arlington, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$563,383
	150. 	
    Sonesta ES Suites Austin Arboretum

    10201 Stonelake Boulevard

    Austin, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$943,484
	151.	
    Sonesta Simply Suites Austin South

    4320 IH 35 Frontage Road

    Austin, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$772,447
	152.	
    The Stephen F. Austin Royal Sonesta Hotel

    701 Congress Avenue

    Austin, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$3,482,093
	153.	
    Sonesta Simply Suites Austin Arboretum

    9701 Stonelake Boulevard

    Austin, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$810,144
	154.	
    Sonesta Simply Suites Dallas Galleria

    13939 Noel Road

    Dallas, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$668,142

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	155.	
    Sonesta ES Suites Dallas Market Center

    6950 North Stemmons Freeway

    Dallas, TX
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,523,544
	156.	
    Sonesta Select Dallas Central Expressway

    10325 North Central Expressway

    Dallas, TX
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$1,030,411
	157.	
    Sonesta ES Suites Fort Worth

    5801 Sandshell Drive

    Fort Worth, TX
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$842,524
	158.	
    Royal Sonesta Houston Hotel

    2222 West Loop South

    Houston, TX
	HPT IHG-2

 Properties Trust	Cambridge TRS, Inc.	Full	$2,661,267
	159.	
    Sonesta Simply Suites Houston Clear Lake

    2737 Bay Area Boulevard

    Houston, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$617,912
	160.	
    Sonesta Simply Suites Houston City Centre

    10503 Town & Country Way

    Houston, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$698,885
	161.	
    Sonesta ES Suites Dallas - Las Colinas

    1201 Executive Circle

    Irving, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$677,116
	162.	
    Sonesta Simply Suites Dallas Las Colinas

    5300 Green Park Drive

    Irving, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$771,076
	163.	
    Sonesta Simply Suites Plano

    4701 Legacy Drive

    Plano, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$624,614
	164.	
    Sonesta ES Suites San Antonio Northwest

    4320 Spectrum One

    San Antonio, TX
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$899,236
	165.	
    Sonesta ES Suites San Antonio

    425 Bonham Street

    San Antonio, TX
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$1,721,512
	166.	
    Sonesta Simply Suites Salt Lake City Airport

    2170 West North Temple

    Salt Lake City, UT
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$644,599

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	167.	
    Sonesta Select Arlington

    1533 Clarendon Boulevard

    Arlington, VA
	HPTCY 

Properties Trust	HPT CY TRS, Inc.	Select	$1,674,832
	168.	
    Sonesta ES Suites Charlottesville

    1111 Millmont Street

    Charlottesville, VA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$754,625
	169.	
    Sonesta ES Suites Fairfax

    12815 Fairlakes Parkway

    Fairfax, VA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$911,553
	170.	
    Sonesta Simply Suites Falls Church

    205 Hillwood Avenue

    Falls Church, VA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$908,726
	171.	
    Sonesta Simply Suites Hampton

    401 Butler Farm Road

    Hampton, VA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$572,318
	172.	
    Sonesta ES Suites Dulles Airport

    13700 Coppermine Road

    Herndon, VA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,365,831
	173.	
    Sonesta Select Seattle Belleview

    14615 NE 29th Place

    Bellevue, WA
	Service 

Properties Trust	HPT CY TRS, Inc.	Select	$1,185,209
	174.	
    Sonesta Select Seattle Renton

    200 SW 19th Street

    Renton, WA
	HPTMI 

Properties Trust	HPT TRS MRP, Inc.	Select	$914,364
	175.	
    Sonesta Simply Suites Seattle Renton

    300 SW 19th Street

    Renton, WA
	HPTMI

 Properties Trust	HPT TRS MRP, Inc.	Select	$1,206,992
	176.	
    The Alexis Royal Sonesta Hotel

    1007 First Avenue

    Seattle, WA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$4,569,285
	177.	
    Sonesta ES Suites Vancouver - Portland West

    7301 NE 41st Street

    Vancouver, WA
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Select	$976,487
	178.	
    Sonesta Select Milwaukee Brookfield

    16865 West Bluemound Road

    Brookfield, WI
	Service

 Properties Trust	HPT CY TRS, Inc.	Select	$890,663

 

     

     

    

 

	 	Trade Name and 

Street Address	Landlord	Owner	Service

 Level	Initial 

 Owner’s Priority
	179.	
    Sonesta Milwaukee West

    10499 Innovation Drive

    Wauwatosa, WI
	HPT IHG-2

 Properties Trust	HPT TRS IHG-2, Inc.	Full	$1,703,571
	180.	
    Sonesta ES Suites Charleston

    200 Hotel Circle

    Charleston, WV
	HPT IHG-2

 Properties Trust	HPT TRS MRP, Inc.	Select	$779,051

 

     

     

    

 

SCHEDULE 2

LEASES

 

		1.	Amended, Restated and Consolidated Master Lease Agreement, dated as of January 1, 2011, between HPTMI Properties Trust, as landlord,
and HPT TRS MRP, Inc. as tenant, as amended.

 

		2.	Amended and Restated Lease Agreement, dated as of January 1, 2012, between John G. Murray, as Trustee of HPT CW MA Realty Trust, HPT
IHG Canada Properties Trust, HPT IHG GA Properties LLC, HPT IHG-2 Properties Trust and HPT IHG-3 Properties LLC, as landlord, HPT IHG
Canada Corporation, a New Brunswick corporation, as Canadian agent, and HPT TRS IHG-2, Inc., as tenant, as amended.

 

		3.	Master Lease Agreement, dated as of December 31, 2012, between Service Properties Trust and HPTCY Properties Trust, as landlord, and
HPT CY TRS, Inc., as tenant, as amended.

 

		4.	Lease Agreement, dated as of December 31, 2019 but to become effective as of January 1, 2020, between HPTMI Hawaii, Inc., as landlord,
and HPT TRS MRP, Inc., as tenant.

 

		5.	Lease Agreement, dated as of February 27, 2020, among Harbor Court Associates, LLC, HPT Cambridge LLC, HPT IHG-2 Properties Trust,
HPT IHG-3 Properties LLC, HPTMI Properties Trust, and Royal Sonesta, Inc., as landlord, and Cambridge TRS, Inc., as tenant, as amended.

 

		6.	Master Lease Agreement, dated as of September 25, 2020, between HPT IHG-3 Properties LLC and Cambridge TRS, Inc.

 

		7.	Lease Agreement, dated as of June 1, 2021, between HPT Suite Properties Trust and Cambridge TRS, Inc., as amended.

 

     

     

    

 

SCHEDULE 3

PRIOR MANAGEMENT AGREEMENTS

 

		1.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta International Hotels Corporation (“Sonesta”)
and Cambridge TRS, Inc. (“Cambridge TRS”). [Sonesta ES Suites Flagstaff]

 

		2.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Suites Scottsdale]

 

		3.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Tucson]

 

		4.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [The Sonesta Irvine]

 

		5.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Silicon Valley]

 

		6.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Colorado
Springs]

 

		7.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Wilmington
- Newark]

 

		8.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Fort Lauderdale]

 

		9.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Orlando]

 

		10.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Atlanta]

 

		11.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Andover]

 

		12.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Royal Sonesta Harbor
Court Baltimore]

 

		13.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Royal Sonesta Chase
Park Plaza]

 

		14.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Charlotte]

 

     

     

    

 

		15.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Princeton]

 

		16.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Charlotte]

 

		17.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Somerset]

 

		18.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Cincinnati
 – Blue Ash]

 

		19.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Hotel Philadelphia]

 

		20.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Hilton Head]

 

		21.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Royal Sonesta Houston
Hotel]

 

		22.	Master Management Agreement, dated as of September 25, 2020, between Sonesta and Cambridge. [Converted Wyndham Hotels]

 

		23.	Master Management Agreement, executed on November 25, 2020 but effective as of December 1, 2020, between Sonesta and HPT TRS IHG-2,
Inc. [Converted IHG Hotels]

 

		24.	Master Management Agreement, dated as of December 15, 2020, between Sonesta and HPT TRS MRP, Inc. [Converted Marriott Hotels]

 

		25.	Master Management Agreement, dated as of December 15, 2020, between Sonesta and HPT CY TRS, Inc. [Converted Marriott Courtyard Hotels]

 

		26.	Master Management Agreement, dated as of June 2, 2021, between Sonesta and Cambridge TRS. [Converted Hyatt Hotels]

 

     

     

    

 

SCHEDULE 4

 

RESTRICTED TRADE AREAS

 

	Schedule 4.1:	Sonesta Irvine (Irvine, California)
	Schedule 4.2:	Sonesta San Jose (Milpitas, California)
	Schedule 4.3:	Sonesta Denver (Denver, Colorado)
	Schedule 4.4:	Royal Sonesta Washington DC (Washington, District of Columbia)
	Schedule 4.5:	The Harbor Court Royal Sonesta (Baltimore, Maryland)
	Schedule 4.6:	Royal Sonesta Chase Park Plaza (St. Louis, Missouri)
	Schedule 4.7:	Sonesta Columbus (Columbus, Ohio)
	Schedule 4.8:	Royal Sonesta Portland (Portland, Oregon)
	Schedule 4.9:	Stephen F. Austin Royal Sonesta, Austin (Austin, Texas)
	Schedule 4.10:	Sonesta Philadelphia (Philadelphia, Pennsylvania)
	Schedule 4.11:	Royal Sonesta Seattle (Seattle, Washington)

 

     

     

    

 

 

SCHEDULE 4.1

RESTRICTED TRADE AREA

SONESTA IRVINE

  

(See attached)

 

    

     

    

 

SCHEDULE 4.2

RESTRICTED TRADE AREA

SONESTA SAN JOSE

 

(See attached)

 

    

     

    

 

SCHEDULE 4.3

RESTRICTED TRADE AREA

SONESTA DENVER

 

(See attached)

 

    

     

    

 

SCHEDULE 4.4

RESTRICTED TRADE AREA

ROYAL SONESTA WASHINGTON DC

 

(See attached)

 

    

     

    

 

SCHEDULE 4.5

RESTRICTED TRADE AREA

THE HARBOR COURT ROYAL SONESTA

 

(See attached)

 

    

     

    

 

SCHEDULE 4.6

RESTRICTED TRADE AREA

ROYAL SONESTA CHASE PARK PLAZA

 

(See attached)

 

    

     

    

 

SCHEDULE 4.7

RESTRICTED TRADE AREA

SONESTA COLUMBUS

 

(See attached)

 

    

     

    

 

SCHEDULE 4.8

RESTRICTED TRADE AREA

ROYAL SONESTA PORTLAND

 

(See attached)

 

    

     

    

 

SCHEDULE 4.9

RESTRICTED TRADE AREA

STEPHEN F. AUSTIN ROYAL SONESTA

 

(See attached)

 

    

     

    

 

SCHEDULE 4.10

RESTRICTED TRADE AREA

SONESTA PHILADELPHIA

 

(See attached)

 

    

     

    

 

SCHEDULE 4.11

RESTRICTED TRADE AREA

ROYAL SONESTA SEATTLE

 

(See attached)

 

    

     

    

 

Schedule to Exhibit 10.1

 

There are 15 management agreements with subsidiaries of Sonesta Holdco
Corporation, or Sonesta, for hotels which we and Sonesta have designated as retained hotels, a representative form of which is filed as
Exhibit 10.1 to our Current Report on Form 8-K dated January 7, 2022 and which is incorporated herein by reference. The other 14 management
agreements for retained hotels, with the respective parties and applicable to the respective hotels listed below, are substantially identical
in all material respects to the representative form of management agreement.

 

	
    Trade Name and

    Street Address
	Landlord	Owner	Manager	Effective Date	
    Service

    Level
	
    Initial

    Owner’s Priority

	
    Sonesta Redondo

    Beach & Marina

    300 North Harbor Drive

    Redondo Beach, California 90277
	
    HPT IHG-2

    Properties Trust
	SVC Redondo Beach

TRS LLC	Sonesta Redondo Beach LLC	January 1, 2022	Full	$4,524,631
	
    The Clift Royal Sonesta

    495 Geary Street

    San Francisco, CA
	HPT Geary Properties Trust	HPT Clift TRS LLC	Sonesta Clift LLC	January 1, 2022	Full	$12,012,805
	
    Royal Sonesta Chicago River North

    505 North State Street

    Chicago, Illinois 60654
	
    HPT IHG

    Chicago Property LLC
	HPT State Street

TRS LLC	Sonesta State Street LLC	January 1, 2022	Full	$3,108,330
	
    The Royal Sonesta Chicago Downtown

    71 East Wacker Drive

    Chicago, Illinois
	HPT IHG-2 Properties Trust	HPT Wacker Drive 

TRS LLC	Sonesta Chicago LLC	January 1, 2022	Full	$5,886,331
	
    The Allegro Royal Sonesta Chicago Loop

    171 West Randolph Street

    Chicago, Illinois 60601
	
    HPT IHG-3

    Properties LLC
	SVC Randolph Street

TRS LLC	Sonesta Randolph Street LLC	January 1, 2022	Full	$5,070,314
	
    Royal Sonesta Boston

    40 Edwin H. Land Boulevard

    Cambridge, Massachusetts
	HPT Cambridge LLC	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	January 1, 2022	Full	$10,372,038
	
    Royal Sonesta New Orleans

    300 Bourbon Street

    New Orleans, Louisiana
	 Royal Sonesta, Inc.	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	January 1, 2022	Full	$14,173,842
	
    Sonesta Simply Suites Jersey City

    21 2nd Street

    Jersey City, New Jersey
	HPT IHG-2 Properties Trust	SVC Jersey City 

TRS LLC	Sonesta Jersey City LLC	January 1, 2022	Select	$2,112,534
	
    Sonesta Simply Suites Parsippany Morris Plains

    100 Candlewood Drive

    Morris Plains, New Jersey 07950
	HPT IHG-2 Properties Trust	SVC Morris Plains TRS LLC	Sonesta Morris Plains LLC	January 1, 2022	Select	$760,144
	
    Sonesta ES Suites Parsippany Morris Plains

    3 Gatehall Drive

    Parsippany, New Jersey 0054
	HPTMI Properties Trust	SVC Gatehall Drive TRS LLC	Sonesta Gatehall Drive LLC	January 1, 2022	Select	$1,365,932

 

    

     

    

 

	
    The Royal Sonesta Minneapolis

    35 South 7th Street

    Minneapolis, Minnesota 55402
	
    HPTWN

    Properties Trust
	SVC Minneapolis

TRS LLC	Sonesta Minneapolis LLC	January 1, 2022	Full	$4,330,782
	
    Royal Sonesta San Juan

    5961 Isla Verde Avenue

    Carolina, Puerto Rico 00979
	
    HPT IHG

    PR, Inc.
	SVC San Juan 

TRS LLC	Sonesta San Juan LLC	January 1, 2022	Full	$5,646,494
	
    Sonesta ES Suites Toronto

    355 South Park Road

    Toronto, Ontario L3T 7W2, Canada
	HPT IHG Canada Properties Trust	HPT TRS IHG-2, Inc.	Sonesta Canada ULC	January 1, 2022	Select	$1,107,994
	
    The Yorkville Royal Sonesta Hotel

    220 Bloor Street

    Toronto, Ontario M5S IT8, Canada
	
    HPT IHG

    Canada Properties Trust
	HPT IHG-2 TRS, Inc.	Sonesta Toronto ULC	January 1, 2022	Full	$2,584,900

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