Document:

PROMISSORY NOTE DATED NOVEMBER 26,2002

 Exhibit 10.4 
 PROMISSORY NOTE 
  

			
	$40,000,000	  	November 26, 2002

 FOR VALUE RECEIVED, SOLOMONS BEACON INN LIMITED PARTNERSHIP, a Maryland limited partnership, and
TRS SUBSIDIARY, LLC, a Delaware limited liability company, each having an address at 7170 Riverwood Drive, Columbia, Maryland 21046 (collectively, “Maker”), hereby promises to pay to the order of GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.,
a Delaware corporation, at its principal place of business at 600 Steamboat Road, Greenwich, Connecticut 06830 (together with its successors and assigns “Payee”) or at such place as the holder hereof may from time to time designate in
writing, the principal sum of Forty Million and NO/00 Dollars ($40,000,000) (the “Principal”), in lawful money of the United States of America, with interest on the unpaid principal balance from time to time outstanding at the Interest
Rate, in installments as follows: 
 A. A payment of $50,000 on the date hereof, representing interest from the date of funding through
November 30, 2002; 
 B. On January 1, 2003 (which shall be the first Payment Date hereunder) and each Payment Date thereafter
through and including November 1, 2012, the Principal and interest thereon at the Interest Rate shall be payable in equal monthly installments of $322,237.28 (the “Monthly Debt Service Payment Amount”); which is based on the Interest
Rate and a 20-year amortization schedule; each of such payments, subject to the provisions of Section 3.11 of the Loan Agreement (hereinafter defined), to be applied (a) to the payment of interest computed at the rate aforesaid; and
(b) the balance applied toward the reduction of the principal sum; and 
 C. The balance of the principal sum of this Note together with
all accrued and unpaid interest thereon shall be due and payable on the Maturity Date. 
 1. Definitions. Capitalized terms used but not
otherwise defined herein shall have the meanings given in that certain Loan Agreement (the “Loan Agreement”) dated the date hereof between Maker and Payee. The following terms have the meanings set forth below: 
 Business Day: any day other than a Saturday, Sunday or any day on which commercial banks in New York, New York are authorized or required to close.

 Default Rate: a rate per annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) 5% above the
Interest Rate, compounded monthly. 

 Interest Period: (i) the period from the date hereof through the first day thereafter that is the
last day of a calendar month and (ii) each period thereafter from the 1st day of each calendar month through the last day of each such calendar month; except that the Interest Period, if any, that would otherwise commence before and end after
the Maturity Date shall end on the Maturity Date. 
 Interest Rate: a rate of interest equal to 7.50% per annum (or, when applicable
pursuant to this Note or any other Loan Document, the Default Rate). Maturity Date: the date on which the final payment of principal of this Note (or the Defeased Note, if applicable) becomes due and payable as therein provided, whether at the
Stated Maturity Date, by declaration of acceleration, or otherwise. 
 Payment Date: the 1st day of each calendar month or, upon Payee’s
exercise of its right to change the Payment Date in accordance with Section 2.2.4 of the Loan Agreement, the New Payment Date (in either case, if such day is not a Business Day, the Payment Date shall be the first Business Day thereafter). The
first Payment Date hereunder shall be January 1, 2003. 
 Stated Maturity Date: December 1, 2012, as such date may be changed in
accordance with Section 2.2.4 of the Loan Agreement. 
 Yield Maintenance Premium: an amount which, when added to the outstanding
Principal, would be sufficient to purchase U.S. Obligations which provide payments (a) on or prior to, but as close as possible to, all successive scheduled payment dates under this Note through the Stated Maturity Date and (b) in amounts
equal to the Monthly Debt Service Payment Amount required under this Note through the Stated Maturity Date together with the outstanding principal balance of this Note as of the Stated Maturity Date assuming all such Monthly Debt Service Payments
are made (including any servicing costs associated therewith). In no event shall the Yield Maintenance Premium be less than zero. 
 2.
Payments and Computations. Interest on the unpaid Principal shall be computed on the basis of the actual number of days elapsed over a 360-day year. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction
whatsoever and are payable without relief from valuation and appraisement laws and with all costs and charges incurred in the collection or enforcement hereof, including, attorneys’ fees and court costs. 
 3. Loan Documents. This Note is evidence of that certain loan made by Payee to Maker contemporaneously herewith and is executed pursuant to the terms and
conditions of the Loan Agreement. This Note is secured by and entitled to the benefits of, among other things, the Mortgages and the other Loan Documents. Reference is made to the Loan Documents for a description of the nature and extent of the
security afforded thereby, the rights of the holder hereof in respect of such security, the terms and conditions upon which this Note is secured and the rights and duties of the holder of this Note. No reference herein to and no provision of any
other Loan Document shall alter or impair the obligation of Maker, which is absolute and unconditional (except for Section 10.1 of the Loan Agreement), to pay the principal of and interest on this Note at the time and place and at the rates and
in the monies and funds described herein. All of the agreements, conditions, covenants, provisions and stipulations contained in the Loan Documents to be 

  

 2 

 
kept and performed by Maker are by this reference hereby made part of this Note to the same extent and with the same force and effect as if they were fully
set forth in this Note, and Maker covenants and agrees to keep and perform the same, or cause the same to be kept and performed, in accordance with their terms. 
 4. Loan Acceleration; Prepayment. The Debt, shall without notice become immediately due and payable at the option of Payee if any payment required in this Note is not paid on the date on which it is due or upon the
happening of any other Event of Default. Maker shall have no right to prepay or defease all or any portion of the Principal except in accordance with Sections 2.3.2, 2.3.3, 2.3.4, 2.4 and 2.5 of the Loan Agreement. If prior to the third Payment Date
Prior to the Stated Maturity Date (i) Maker shall (notwithstanding such prohibition of prepayment) tender, and Payee shall, in its sole discretion, elect to accept, payment of the Debt, or (ii) the Debt is accelerated by reason of an Event
of Default, then the Debt shall include, and Payee shall be entitled to receive, in addition to the outstanding principal and accrued interest and other sums due under the Loan Documents, an amount equal to the Yield Maintenance Premium, if any,
that would be required in connection with a Defeasance if a Defeasance were to occur at the time of Payee’s acceptance of such tender or other receipt of the Debt (through foreclosure or otherwise), as the case may be. The principal balance of
this Note is subject to mandatory prepayment, without premium or penalty, in certain instances of Insured Casualty or Condemnation, as more particularly set forth in Sections 2.3.2 and 7.4.2 of the Loan Agreement. Except during the continuance of an
Event of Default, all proceeds of any repayment, including permitted prepayments, of Principal shall be applied in accordance with Section 2.3.1 of the Loan Agreement. During the continuance of an Event of Default, all proceeds of repayment,
including any payment or recovery on the Property (whether through foreclosure, deed-in-lieu of foreclosure, or otherwise) shall, unless otherwise provided in the Loan Documents, be applied in such order and in such manner as Payee shall elect in
Payee’s discretion. 
 5. Default Rate. After the occurrence and during the continuance of an Event of Default, the entire unpaid Debt
shall bear interest at the Default Rate, and shall be payable upon demand from time to time, to the extent permitted by applicable law. 
 6.
Late Payment Charge. If any Monthly Debt Service Payment Amount is not paid by Maker on the date on which it is due, Maker shall pay to Payee upon demand an amount equal to the lesser of 2% of such unpaid sum or the maximum amount permitted by
applicable law, in order to defray the expense incurred by Payee in handling and processing such delinquent payment and to compensate Payee for the loss of the use of such delinquent payment. 
 7. Amendments. This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the
part of Maker or Payee, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. Whenever used, the singular number shall include
the plural, the plural the singular, and the words “Payee” and “Maker” shall include their respective successors, assigns, heirs, executors and administrators. If Maker consists of more than one person or party, the obligations
and liabilities of each such person or party shall be joint and several. 
  

 3 

 8. Waiver. Maker and all others who may become liable for the payment of all or any part of the Debt do
hereby severally waive presentment and demand for payment, notice of dishonor, protest, notice of protest, notice of nonpayment, notice of intent to accelerate the maturity hereof and of acceleration. No release of any security for the Debt or any
person liable for payment of the Debt, no extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of the Loan Documents made by agreement between Payee and any other person or
party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Maker, and any other person or party who may become liable under the Loan Documents, for the payment of all or any part of the Debt.

 9. Exculpation. It is expressly agreed that recourse against Maker for failure to perform and observe its obligations contained in this
Note shall be limited as and to the extent provided in Section 10.1 of the Loan Agreement. 
 10. Notices. All notices or other
communications required or permitted to be given pursuant hereto shall be given in the manner specified in the Loan Agreement directed to the parties at their respective addresses as provided therein. 
 11. Joint and Several. Each Person constituting Maker hereunder shall have joint and several liability for the obligations of Maker hereunder.

 12. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAWS) AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 
 [Signature Page Follows] 
  

 4 

 IN WITNESS WHEREOF, Maker has executed this Promissory Note as of the day and year first written.

  

			
	SOLOMONS BEACON INN LIMITED
	PARTNERSHIP, a Maryland limited partnership
		
	By:	 	Solomons GP, LLC, its general partner
		
	By:	 	 /s/ Michael M. Schurer

	Name:	 	Michael M. Schurer
	Title:	 	Secretary
	
	TRS SUBSIDIARY, LLC, a Delaware limited liability company
		
	By:	 	TRS Leasing, Inc., its sole member
		
	By:	 	 /s/ Michael M. Schurer

	Name:	 	Michael M. Schurer
	Title:	 	Secretary

  

 5GUARANTY OF RECOURSE OBLIGATION

 Exhibit 10.5 
 GUARANTY OF RECOURSE OBLIGATIONS 
 made by 
 HUMPHREY HOSPITALITY TRUST, INC., 
 as guarantor, 
 in favor of 
 GREENWICH CAPITAL FINANCIAL
PRODUCTS, INC. 
 Dated as of November 26, 2002 

 GUARANTY OF RECOURSE OBLIGATIONS 
 This GUARANTY (this “Guaranty”), dated as of November 26, 2002, made by HUMPHREY HOSPITALITY TRUST, INC., a Virginia corporation, having
an address at c/o Humphrey Hospitality Limited Partnership, 7170 Riverwood Drive, Columbia, Maryland 21046 (“Guarantor”), in favor of GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation (together with its successors and
assigns, hereinafter referred to as “Lender”), having an address at 600 Steamboat Road, Greenwich, Connecticut 06830. 
 R E C I T A
L S: 
 A. Pursuant to that certain Loan Agreement dated as of the date hereof (as the same may be amended, modified, supplemented or
replaced from time to time, the “Loan Agreement”) between Solomons Beacon Inn Limited Partnership and TRS Subsidiary, LLC (collectively, “Borrowers”) and Lender, Lender has agreed to make a loan (the “Loan”) to
Borrowers in an aggregate principal amount not to exceed $40,000,000, subject to the terms and conditions of the Loan Agreement; 
 B. As a
condition to Lender’s making the Loan, Lender is requiring that Guarantor execute and deliver to Lender this Guaranty; and 
 C.
Guarantor hereby acknowledges that Guarantor will materially benefit from Lender’s agreeing to make the Loan; 
 NOW, THEREFORE, in
consideration of the premises set forth herein and as an inducement for and in consideration of the agreement of Lender to make the Loan pursuant to the Loan Agreement, Guarantor hereby agrees, covenants, represents and warrants to Lender as
follows: 
 1. Definitions. 
 (a) All capitalized terms used and not defined herein shall have the respective meanings given such terms in the Loan Agreement. (b) The term “Guaranteed Obligations” means (i) Borrowers’ Recourse Liabilities and
(ii) from and after the date that any Springing Recourse Event occurs, payment of all the Debt. 
 2. Guaranty. 
 (a) Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Lender the full, prompt and complete payment when due of the Guaranteed
Obligations. 
  

 2 

 (b) All sums payable to Lender under this Guaranty shall be payable on demand and without reduction for
any offset, claim, counterclaim or defense. 
 (c) Guarantor hereby agrees to indemnify, defend and save harmless Lender from and against any
and all costs, losses, liabilities, claims, causes of action, expenses and damages, including reasonable attorneys’ fees and disbursements, which Lender may suffer or which otherwise may arise by reason of Borrowers’ failure to pay any of
the Guaranteed Obligations when due, irrespective of whether such costs, losses, liabilities, claims, causes of action, expenses or damages are incurred by Lender prior or subsequent to (i) Lender’s declaring the Principal, interest and
other sums evidenced or secured by the Loan Documents to be due and payable, (ii) the commencement or completion of a judicial or non-judicial foreclosure of any Mortgage or (iii) the conveyance of all or any portion of any Property by
deed-in-lieu of foreclosure. 
 (d) Guarantor agrees that no portion of any sums applied (other than sums received from Guarantor in full or
partial satisfaction of its obligations hereunder), from time to time, in reduction of the Debt shall be deemed to have been applied in reduction of the Guaranteed Obligations until such time as the Debt has been paid in full, or Guarantor shall
have made the full payment required hereunder, it being the intention hereof that the Guaranteed Obligations shall be the last portion of the Debt to be deemed satisfied. 
 3. Representations and Warranties. Guarantor hereby represents and warrants to Lender as follows (which representations and warranties shall be given as of the date hereof and shall survive the execution and delivery
of this Guaranty): 
 (a) Organization, Authority and Execution. Guarantor is a corporation duly organized, validly existing and in good
standing under the laws of the State of Virginia, and has all necessary power and authority to own its properties and to conduct its business as presently conducted or proposed to be conducted and to enter into and perform this Guaranty and all
other agreements and instruments to be executed by it in connection herewith. This Guaranty has been duly executed and delivered by Guarantor. 
 (b) Enforceability. This Guaranty constitutes a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally. 
 (c) No Violation. The
execution, delivery and performance by Guarantor of its obligations under this Guaranty has been duly authorized by all necessary action, and do not and will not violate any law, regulation, order, writ, injunction or decree of any court or
governmental body, agency or other instrumentality applicable to Guarantor, or result in a breach of any of the terms, conditions or provisions of, or constitute a default under, or result in the creation or imposition of any mortgage, lien, charge
or encumbrance of any nature whatsoever upon any of the assets of Guarantor pursuant to the terms of Guarantor’s articles of organization, or any mortgage, indenture, agreement or instrument to which Guarantor is a party or by which it or any
of its properties is bound. Guarantor is not in default under any other guaranty which it has provided to Lender. 
  

 3 

 (d) No Litigation. There are no actions, suits or proceedings at law or at equity, pending or, to
Guarantor’s best knowledge, threatened against or affecting Guarantor or which involve or might involve the validity or enforceability of this Guaranty or which might materially adversely affect the financial condition of Guarantor or the
ability of Guarantor to perform any of its obligations under this Guaranty. Guarantor is not in default beyond any applicable grace or cure period with respect to any order, writ, injunction, decree or demand of any Governmental Authority which
might materially adversely affect the financial condition of Guarantor or the ability of Guarantor to perform any of its obligations under this Guaranty. 
 (e) Consents. All consents, approvals, orders or authorizations of, or registrations, declarations or filings with, all Governmental Authorities (collectively, the “Consents”) that are required in connection
with the valid execution, delivery and performance by Guarantor of this Guaranty have been obtained and Guarantor agrees that all Consents required in connection with the carrying out or performance of any of Guarantor’s obligations under this
Guaranty will be obtained when required. 
 (f) Financial Statements and Other Information. All financial statements of Guarantor heretofore
delivered to Lender are true and correct in all material respects and fairly present the financial condition of Guarantor as of the respective dates thereof, and no materially adverse change has occurred in the financial conditions reflected therein
since the respective dates thereof. None of the aforesaid financial statements or any certificate or statement furnished to Lender by or on behalf of Guarantor in connection with the transactions contemplated hereby, and none of the representations
and warranties in this Guaranty contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading. Guarantor is not insolvent within the meaning of
the United States Bankruptcy Code or any other applicable law, code or regulation and the execution, delivery and performance of this Guaranty will not render Guarantor insolvent. 
 (g) Consideration. Guarantor is the owner, directly or indirectly, of a majority of the legal and beneficial equity interests in Borrowers. 

4. Financial Statements. Guarantor shall deliver to Lender, (a) within 90 days after the end of each fiscal year of Guarantor, a complete copy of
Guarantor’s annual financial statements audited by a “big four” accounting firm or another independent certified public accountant reasonably acceptable to Lender, (b) within 30 days after the end of each fiscal quarter of
Guarantor, financial statements (including a balance sheet as of the end of such fiscal quarter and a statement of income and expense for such fiscal quarter) certified by the chief financial officer of Guarantor and in form, content, level of
detail and scope reasonably satisfactory to Lender, and (c) 20 days after request by Lender, such other financial information with respect to Guarantor as Lender may reasonably request. 
 5. Unconditional Character of Obligations of Guarantor. 
 (a) The obligations of Guarantor hereunder shall be irrevocable, absolute and unconditional, irrespective of the validity, regularity or enforceability, in whole or in part, of the other Loan Documents or any
provision thereof, or the absence of any action to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against 

  

 4 

 
Borrowers, Guarantor or any other Person or any action to enforce the same, any failure or delay in the enforcement of the obligations of Borrowers under the
other Loan Documents or Guarantor under this Guaranty, or any setoff, counterclaim, and irrespective of any other circumstances which might otherwise limit recourse against Guarantor by Lender or constitute a legal or equitable discharge or defense
of a guarantor or surety. Lender may enforce the obligations of Guarantor under this Guaranty by a proceeding at law, in equity or otherwise, independent of any loan foreclosure or similar proceeding or any deficiency action against Borrowers or any
other Person at any time, either before or after an action against any Property or any part thereof, Borrowers or any other Person. This Guaranty is a guaranty of payment and performance and not merely a guaranty of collection. Guarantor waives
diligence, notice of acceptance of this Guaranty, filing of claims with any court, any proceeding to enforce any provision of any other Loan Document, against Guarantor, Borrowers or any other Person, any right to require a proceeding first against
Borrowers or any other Person, or to exhaust any security (including, without limitation, any Property) for the performance of the Guaranteed Obligations or any other obligations of Borrowers or any other Person, or any protest, presentment, notice
of default or other notice or demand whatsoever (except to the extent expressly provided to the contrary in this Guaranty). 
 (b) The
obligations of Guarantor under this Guaranty, and the rights of Lender to enforce the same by proceedings, whether by action at law, suit in equity or otherwise, shall not be in any way affected by any of the following: 
 (i) any insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship,
winding up or other similar proceeding involving or affecting Borrowers, any Property or any part thereof, Guarantor or any other Person; 
 (ii) any failure by Lender or any other Person, whether or not without fault on its part, to perform or comply with any of the terms of the Loan Agreement, or any other Loan Documents, or any document or instrument
relating thereto; 
 (iii) the sale, transfer or conveyance of any Property or any interest therein to any Person, whether now
or hereafter having or acquiring an interest in any Property or any interest therein and whether or not pursuant to any foreclosure, trustee sale or similar proceeding against Borrowers or any Property or any interest therein; 
 (iv) the conveyance to Lender, any Affiliate of Lender or Lender’s nominee of the Any Property or any interest therein by a
deed-in-lieu of foreclosure; 
 (v) the release of Borrowers or any other Person from the performance or observance of any of
the agreements, covenants, terms or conditions contained in any of the Loan Documents by operation of law or otherwise; or 
  

 5 

 (vi) the release in whole or in part of any collateral for any or all Guaranteed
Obligations or for the Loan or any portion thereof. 
 (c) Except as otherwise specifically provided in this Guaranty, Guarantor hereby
expressly and irrevocably waives all defenses in an action brought by Lender to enforce this Guaranty based on claims of waiver, release, surrender, alteration or compromise and all setoffs, reductions, or impairments, whether arising hereunder or
otherwise. 
 (d) Lender may deal with Borrowers and Affiliates of Borrowers in the same manner and as freely as if this Guaranty did not
exist and shall be entitled, among other things, to grant Borrowers or any other Person such extension or extensions of time to perform any act or acts as may be deemed advisable by Lender, at any time and from time to time, without terminating,
affecting or impairing the validity of this Guaranty or the obligations of Guarantor hereunder. 
 (e) No compromise, alteration, amendment,
modification, extension, renewal, release or other change of, or waiver, consent, delay, omission, failure to act or other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants or conditions
of, the Loan Documents shall in any way alter, impair or affect any of the obligations of Guarantor hereunder, and Guarantor agrees that if any Loan Document are modified with Lender’s consent, the Guaranteed Obligations shall automatically be
deemed modified to include such modifications. 
 (f) Lender may proceed to protect and enforce any or all of its rights under this Guaranty
by suit in equity or action at law, whether for the specific performance of any covenants or agreements contained in this Guaranty or otherwise, or to take any action authorized or permitted under applicable law, and shall be entitled to require and
enforce the performance of all acts and things required to be performed hereunder by Guarantor. Each and every remedy of Lender shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder or now
or hereafter existing at law or in equity. 
 (g) No waiver shall be deemed to have been made by Lender of any rights hereunder unless the
same shall be in writing and signed by Lender, and any such waiver shall be a waiver only with respect to the specific matter involved and shall in no way impair the rights of Lender or the obligations of Guarantor to Lender in any other respect or
at any other time. 
 (h) At the option of Lender, Guarantor may be joined in any action or proceeding commenced by Lender against Borrowers
in connection with or based upon any other Loan Documents and recovery may be had against Guarantor in such action or proceeding or in any independent action or proceeding against Guarantor to the extent of Guarantor’s liability hereunder,
without any requirement that Lender first assert, prosecute or exhaust any remedy or claim against Borrowers or any other Person, or any security for the obligations of Borrowers or any other Person. 
 (i) Guarantor agrees that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment is made by
Borrowers or Guarantor to Lender and such payment is rescinded or must otherwise be returned 

  

 6 

 
by Lender (as determined by Lender in its sole and absolute discretion) upon insolvency, bankruptcy, liquidation, reorganization, readjustment, composition,
dissolution, receivership, conservatorship, winding up or other similar proceeding involving or affecting Borrowers or Guarantor, all as though such payment had not been made. 
 (j) In the event that Guarantor shall advance or become obligated to pay any sums under this Guaranty or in connection with the Guaranteed Obligations
or in the event that for any reason whatsoever Borrowers or any subsequent owner of any Property or any part thereof is now, or shall hereafter become, indebted to Guarantor, Guarantor agrees that (i) the amount of such sums and of such
indebtedness and all interest thereon shall at all times be subordinate as to lien, the time of payment and in all other respects to all sums, including principal and interest and other amounts, at any time owed to Lender under the Loan Documents,
and (ii) Guarantor shall not be entitled to enforce or receive payment thereof until all principal, Interest and other sums due pursuant to the Loan Documents have been paid in full. Nothing herein contained is intended or shall be construed to
give Guarantor any right of subrogation in or under the Loan Documents or any right to participate in any way therein, or in the right, title or interest of Lender in or to any collateral for the Loan, notwithstanding any payments made by Guarantor
under this Guaranty, until the actual and irrevocable receipt by Lender of payment in full of all principal, Interest and other sums due with respect to the Loan or otherwise payable under the Loan Documents. If any amount shall be paid to Guarantor
on account of such subrogation rights at any time when any such sums due and owing to Lender shall not have been fully paid, such amount shall be paid by Guarantor to Lender for credit and application against such sums due and owing to Lender.

 (k) Guarantor’s obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure or similar proceeding involving any
Property and the exercise by Lender of any of all of its remedies pursuant to the Loan Documents. 
 6. Covenants. 
 (a) Until all of the Guaranteed Obligations have been paid in full, Guarantor shall (i) pay any installment of interest on any debentures now or
hereafter issued by Guarantor (any such debentures, each or collectively, the “Debentures”) pursuant to any indenture (any such indenture, an “Indenture”) as and when the same becomes due and payable (subject to any stated grace
period applicable thereto); (ii) pay all or any part of the principal of, or premium, if any, on the Debentures as and when the same becomes due and payable at maturity, redemption, by acceleration or otherwise; (iii) perform any required
conversion of the Debentures (subject to any stated grace period applicable thereto); (iv) observe or perform any other covenant or agreement contained in the Debentures or an Indenture (subject to any stated grace period applicable thereto);
(v) not suffer any other “Event of Default” under the applicable Indenture or otherwise pertaining to any of the Debentures to exist or occur; and (vi) cause any Indenture to provide that Guarantor may not, directly or
indirectly, consolidate with or merge with or into another person or sell, lease, convey or transfer all or substantially all of its assets (computed on a consolidated basis), whether in a single transaction or a series of related transactions, to
another person or group of affiliated persons, unless (A) either (1) in the case of a merger or consolidation Guarantor is the surviving entity or (2) the resulting, surviving or transferee entity is a corporation organized under the
laws of the United 

  

 7 

 
States, any state thereof or the District of Columbia and expressly assumes by written agreement all of the obligations of Guarantor in connection with the
Debentures and the Indenture; and (B) no “Event of Default” under the applicable Indenture or otherwise pertaining to any of the Debentures shall exist or shall occur immediately after giving effect to such transaction. 
 (b) Until all of the Guaranteed Obligations have been paid in full, (i) Guarantor shall not (A) sell, pledge, mortgage or otherwise transfer
any of its assets, or any interest therein, on terms materially less favorable than would be obtained in an arms-length transaction or (B) suffer a default in the payment of principal, premium or interest when due that extends beyond any stated
grace period applicable thereto or an acceleration for any other reason of the maturity of any indebtedness of Guarantor or any of its subsidiaries with an aggregate principal amount in excess of $10 million and (ii) .there shall be no final
judgments not covered by insurance aggregating in excess of $2 million, at any one time rendered against Guarantor or any of its significant subsidiaries which not satisfied, stayed, bonded or discharged within 60 days. 
 (c) Guarantor shall not, at any time while a default in the payment of the Guaranteed Obligations has occurred and is continuing, sell, pledge, mortgage
or otherwise transfer to any Person any of Guarantor’s assets, or any interest therein. 
 (d) Guarantor understands and agrees that,
without limiting any provision of any other Loan Documents, the breach of any covenant contained in this Section 6 shall constitute an Event of Default. 
 7. Entire Agreement/Amendments. This instrument represents the entire agreement between the parties with respect to the subject matter hereof. The terms of this Guaranty shall not be waived, altered, modified,
amended, supplemented or terminated in any manner whatsoever except by written instrument signed by Lender and Guarantor. 
 8. Successors
and Assigns. This Guaranty shall be binding upon Guarantor, and Guarantor’s estate, heirs, personal representatives, successors and assigns, may not be assigned or delegated by Guarantor and shall inure to the benefit of Lender and its
successors and assigns. 
 9. Applicable Law and Consent to Jurisdiction. This Guaranty shall be governed by, and construed in accordance
with, the substantive laws of the State of New York. Guarantor irrevocably (a) agrees that any suit, action or other legal proceeding arising out of or relating to this Guaranty may be brought in a court of record in the City and County of New York
or in the Courts of the United States of America located in the Southern District of New York, (b) consents to the jurisdiction of each such court in any such suit, action or proceeding and (c) waives any objection which it may have to the laying of
venue of any such suit, action or proceeding in any of such courts and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. Guarantor irrevocably consents to the service of any and all process in any such
suit, action or proceeding by service of copies of such process to Guarantor at its address provided in Section 14 hereof. Nothing in this Section 9, however, shall affect the right of Lender to serve legal process in any other manner permitted by
law or affect the right of Lender to bring any suit, action or proceeding against Guarantor or its property in the courts of any other jurisdictions. 
  

 8 

 10. Section Headings. The headings of the sections and paragraphs of this Guaranty have been inserted for
convenience of reference only and shall in no way define, modify, limit or amplify any of the terms or provisions hereof. 
 11.
Severability. Any provision of this Guaranty which may be determined by any competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by
applicable law, Guarantor hereby waives any provision of law which renders any provision hereof prohibited or unenforceable in any respect. 
 12. WAIVER OF TRIAL BY JURY. GUARANTOR HEREBY WAIVES THE RIGHT OF TRIAL BY JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH. 
 13. Other Guaranties. The obligations of Guarantor hereunder are separate and distinct from, and in addition to, the obligations of Guarantor now or
hereafter arising under any other Guaranties, pursuant to which Guarantor has guaranteed payment and performance of certain other obligations of Borrowers described therein. 
 14. Notices. All notices, consents, approvals and requests required or permitted hereunder (a “Notice”) shall be given in writing and shall be
effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt requested, postage
prepaid, or by facsimile and confirmed by facsimile answer back, in each case addressed as follows (or to such other address or Person as a party shall designate from time to time by notice to the other party): If to Lender: Greenwich Capital
Financial Products, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830, Attention: Mortgage Loan Department, Telecopier (203) 618-2052 and to Greenwich Capital Financial Products, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
Attention: Legal Department, Telecopier (203) 629-5718, with a copy to: Kaye Scholer LLP, 425 Park Avenue, New York, New York 10022, Attention: Stephen Gliatta, Esq., Telecopier: (212) 836-8689; if to Guarantor: c/o Humphrey Hospitality
Limited Partnership, 7170 Riverwood Drive, Columbia, Maryland 21046, Attention: Chief Financial Officer, Telecopier: (443) 259-4999; with a copy to: Gallagher, Evelius & Jones, 218 N. Charles Street, Suite 400, Baltimore, Maryland
21201 Attention: Kevin J. Davidson, Esq., Telecopier: (410) 468-2786. A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first
attempted delivery on a Business Day; or in the case of overnight delivery, upon the first attempted delivery on a Business Day. 
 15.
Guarantor’s Receipt of Loan Documents. Guarantor by its execution hereof acknowledges receipt of true copies of all of the Loan Documents, the terms and conditions of which are hereby incorporated herein by reference. 
  

 9 

 16. Interest; Expenses. 
 (a) If Guarantor fails to pay in full all or any sums due hereunder within thirty (30) days of demand by Lender, the amount of such sums payable by Guarantor to Lender shall bear interest from the date of demand
until paid at the Default Rate in effect from time to time. 
 (b) Guarantor hereby agrees to pay all reasonable costs, charges and
expenses, including reasonable attorneys’ fees and disbursements, that may be incurred by Lender in enforcing the covenants, agreements, obligations and liabilities of Guarantor under this Guaranty. 
 [Signature Page Follows] 
  

 10 

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

 

			
	HUMPHREY HOSPITALITY TRUST, INC., a
	Virginia corporation
		
	By:	 	 /s/ George R. Whittemore

	Name:	 	George R. Whittemore
	Title:	 	President

  

 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]