Document:

EXHIBIT 10.2

 

AMENDMENT #2 TO AMENDED AND RESTATED BUSINESS FINANCING AGREEMENT

This Amendment is entered into by and between ePlus Technology, inc. ("Dealer") and GE Commercial Distribution Finance Corporation ("CDF") and is to that certain Amended and Restated Business Financing Agreement dated July 23, 2012, as amended ("Agreement"). All terms which are not defined herein shall have the same meaning in this Amendment as in the Agreement.

WHEREAS, CDF and Dealer desire to amend the terms of the Agreement.

NOW THEREFORE, in consideration of the premises and of the mutual promises contained herein and in the Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

	
1.

	
Section 2.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

"2.1 Accounts Receivable Facility. Subject to the terms of this Agreement, CDF agrees to provide to Dealer an Accounts Receivable Facility of Thirty Million Dollars ($30,000,000.00); provided, however, that at no time will the principal amount outstanding under the Accounts Receivable Facility and Dealer's inventory floorplan credit facility with CDF exceed, in the aggregate, Two Hundred Fifty Million Dollars ($250,000,000.00). CDF's decision to advance funds will not be binding until the funds are actually advanced.

In addition, subject to the terms of the Amended and Restated Agreement for Wholesale Financing between CDF and Dealer dated July 23, 2012, as may be amended from time to time, CDF agrees to provide to Dealer an inventory floorplan credit facility of Two Hundred Fifty Million Dollars ($250,000,000.00); provided, however, that at no time will the principal amount outstanding under Dealer's inventory floorplan credit facility with CDF and Dealer's Accounts Receivable Facility exceed, in the aggregate, Two Hundred Fifty Million Dollars ($250,000,000.00). CDF's decision to advance funds will not be binding until the funds are actually advanced."

	
2.

	
The definition of "EBITDA" in the flush language of Section 5.4 of the Agreement shall be deleted in its entirety and replaced with the following:

"(ii) "EBITDA" means, for any period of calculation, the net income of Dealer before provision for income taxes, interest expense (including without limitation, implicit interest expense on capitalized leases), depreciation and amortization, excluding therefrom (to the extent included): (A) nonoperating gains (including, without limitation, extraordinary or nonrecurring gains, gains from discontinuance of operations and gains arising from the sale of assets other than inventory) during the applicable period; (B) net earnings of any business entity in which Dealer has an ownership interest (other than a wholly owned subsidiary) unless such net earnings shall have actually been received by Dealer in the form of cash distributions; (C) any portion of the net earnings of any subsidiary which for any reason is unavailable for payment of dividends to Dealer; (D) the earnings of any entity to which any assets of Dealer shall have been sold, transferred or disposed of, or into which Dealer shall have merged, or been a party to any consolidation or other form of reorganization, prior to the date of such transaction; (E) any gain arising from the acquisition of any securities of Dealer; and (F) non-operating losses arising from the sale of capital assets during such period, and adding thereto (to the extent excluded) any non-cash compensation paid by Dealer to Dealer's employees in the form of shares or rights to purchase shares of Dealer's stock, to the extent such non-cash compensation was expensed in the applicable period;"

	
3.

	
Schedule A to the Agreement shall be deleted in its entirety and replaced with Schedule A attached to this Amendment.

Dealer waives notice of CDF's acceptance of this Amendment.

All other terms and provisions of the Agreement, to the extent not inconsistent with the foregoing, are ratified and remain unchanged and in full force and effect.

IN WITNESS WHEREOF, Dealer and CDF have executed this Amendment on this 24th day of July, 2015.

	
EPLUS TECHNOLOGY, INC.

	
GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION

	 	 	 	 	 
	
By:

	
/s/ Elaine D. Marion

	 	
By:

	
/s/ Fahad Haroon

	
Print Name:

	
Elaine D. Marion, CFO

	 	
Print Name:

	
Fahad Haroon, Vice President

	
Date:

	
July 24, 2015

	 	
Date:

	
July 24, 2015Moody
National REIT I, Inc. POS AM

EXHIBIT
10.117

  

PURCHASE AND SALE AGREEMENT

 

By and Between

  

REVERE HOSPITALITY, LLC

 

(Seller)

 

and

 

MOODY NATIONAL REIT I, INC.

 

(Purchaser) 

 

of

 

HAMPTON INN BOSTON LOGAN AIRPORT

 

REVERE, MASSACHUSETTS

 

 

 

 

 

 

 

 

 

 

Linchris
Hampton Inn Boston Logan PSA Execution Version

  

    	 

    	 

    

 

TABLE OF CONTENTS

 

	I.	Definitions;
Sale and Purchase; Contingency Period	1
	 	 	 	 
	 	1.1	Definitions	1
	 	1.2	Sale
and Purchase	9
	 	1.3	Contingency
Period; Access; Review of Materials.	9
	 	 	 	 
	II.	Consideration	12
	 	 	 	 
	 	2.1	Purchase
Price	12
	 	2.2	Earnest
Money.	12
	 	2.3	Independent
Contract Consideration	13
	 	2.4	Allocation
of Purchase Price	13
	 	 	 	 
	III.	Survey
and Title	13
	 	 	 	 
	 	3.1	Survey.	13
	 	3.2	Title
Examination	13
	 	3.3	Purchaser’s
Objections/Seller’s Cure	14
	 	 	 	 
	IV.	Representations,
Warranties, Covenants and Conditions Precedent	14
	 	 	 	 
	 	4.1	Seller’s
Representations and Warranties	14
	 	4.2	Purchaser’s
Representations and Warranties	18
	 	4.3	Remedies
and Survival Regarding Representations and Warranties.	20
	 	4.4	Covenants	24
	 	4.5	Conditions
Precedent to Purchaser’s Obligations	27
	 	4.6	Conditions
Precedent to Seller’s Obligations	29
	 	 	 	 
	V.	Closing
Matters	30
	 	 	 	 
	 	5.1	Closing
Date	30
	 	5.2	Adjustment
and Prorations	30
	 	5.3	Guest
Property in Seller’s Possession on Closing Date	33
	 	5.4	Closing
Documents	34
	 	5.5	Closing
Costs.	36
	 	5.6	Real
Estate Commissions	36
	 	5.7	Hotel
Employees	37
	 	5.8	Disbursements
and Other Actions by Title Company	38
	 	5.9	Title
Company as Reporting Person	39
	 	5.10	Survival	39
	 	 	 	 
	VI.	Remedies	40
	 	 	 	 
	 	6.1	Seller’s
Remedies	40
	 	6.2	Purchaser’s
Remedies	40
	 	6.3	Attorneys’
Fees	41
	 	6.4	Survival	41

 

    	i

    	 

    

 

	VII.	Condemnation
and Risk of Loss	41
	 	 	 	 
	 	7.1	Condemnation
and Casualty	41
	 	 	 	 
	VIII.	Miscellaneous	42
	 	 	 	 
	 	8.1	Entire
Agreement	42
	 	8.2	Binding
Effect; Assignment	42
	 	8.3	Notices	43
	 	8.4	Governing
Law	44
	 	8.5	Section
Headings	44
	 	8.6	Discharge
of Obligations	44
	 	8.7	Counterparts	44
	 	8.8	No
Recordation	45
	 	8.9	Time
of the Essence	45
	 	8.10	Invalid
Provisions	45
	 	8.11	Computation
of Time	45
	 	8.12	Seller’s
Knowledge	45
	 	8.13	Confidentiality.	46
	 	8.14	Offers	47
	 	8.15	Tax-Free
Exchange	47
	 	8.16	Amendment
to the Agreement/Waiver of Matters or Conditions	47
	 	8.17	No-Offer	47
	 	8.18	Indemnity	47
	 	8.19	Privacy
Laws	48
	 	8.20	Further
Assurances	49
	 	8.21	WAIVER
OF TRIAL BY JURY	49
	 	8.22	Liability
Under Deed	49
	 	8.23	Bulk
Sales	49
	 	8.24	Facsimile/E-mail
Execution	49
	 	8.25	Radon
Disclosure	49

 

	EXHIBIT “A” (Legal Description)	 
	EXHIBIT “B” (Space Leases)	 
	EXHIBIT “C” (Major Contracts)	 
	EXHIBIT “D” (Permits   List of Uncured Violations)	 
	EXHIBIT “E” (Violation of Laws, Ordinances, Orders or Regulations; Hazardous Waste Law	 
	Matters)	 
	EXHIBIT “F” (Pending Litigation)	 
	EXHIBIT “G” (Escrow Instructions)	 
	EXHIBIT “H” (Seller’s Certification in Lieu of Estoppel)	 
	EXHIBIT “I” (Quitclaim Deed)	 
	EXHIBIT “J” (Bill of Sale and Assignment)	 
	EXHIBIT “K” (Seller’s Certificate)	 
	EXHIBIT “L” (Purchaser’s Certificate)	 
	EXHIBIT “M” (Submission Matters) 	 

  

    	ii

    	 

    

  

PURCHASE AND
SALE AGREEMENT

 

THIS PURCHASE AND SALE
AGREEMENT (“Agreement”), dated as of the Effective Date, hereinafter defined, is made by and between Revere
Hospitality, LLC, a Delaware limited liability company (“Seller”), and Moody National REIT I, Inc., a Maryland
corporation (“Purchaser”).

 

I.

Definitions; Sale and Purchase; Contingency Period

 

1.1    Definitions.
For the purpose of this Agreement, the following terms shall have the meanings indicated:

 

(a)    3-05
Audit shall have the meaning set forth in Section 1.4.

 

(b)    Accounts Receivable
shall have the meaning set forth in Section 5.2(k).

 

(c)   Accrued Vacation
and Sick Time shall have the meaning set forth in Section 5.7.

 

(d)    Advance Deposits
means the aggregate amount of any deposits received by or on behalf of Seller (whether paid in cash or by credit card) as a down
payment for any Bookings.

 

(e)    Agreement
shall have the meaning set forth in the first paragraph of this Agreement.

 

(f)    Alcoholic Beverages
shall mean all open and unopened liquor and other alcoholic beverages whether in use or held in reserve storage for future use
in connection with operation of the Hotel.

 

(g)   
Approvals shall have the meaning set forth in Section 4.2(e).

 

(h)    Baggage Inventory
List shall have the meaning set forth in Section 5.3(b).

 

(i)     Bill of Sale
and Assignment shall have the meaning set forth in Section 5.4(a).

 

(j)    Bookings
shall mean all contracts, reservations and sales files for the use or occupancy of guest rooms and/or the banquet facilities of
the Hotel, to be provided to Purchaser at the Closing.

 

(k)   
Books and Records shall mean all of Seller’s books, records, files, computer data, operating reports and
other documentation relating exclusively to the ownership and operation of the Hotel, including the Hotel Employee Schedule
and records relating to the Bookings but excluding (i) the personnel files and employment records for all Hotel
Employees, (ii) items that belong to or are proprietary to Manager and its affiliates or other third parties,
(iii) internal memoranda regarding the sale, financing and/or valuation of the Hotel, and (iv) materials and information
that are covered by the attorney-client privilege or any confidentiality agreement entered into by or binding on Seller or
their affiliates.

 

    	1

    	 

    

 

(l)     Broker shall
mean HFF.

 

(m)   Business
means the lodging business and all activities related thereto conducted exclusively at the Hotel, including, without limitation,
(i) the rental of any guest, conference or banquet rooms or other facilities at the Hotel, (ii) the operation of any bar or banquet
services, together with all other goods and services provided at the Hotel, (iii) the rental, if any, of any commercial or retail
space to tenants at the Hotel, (iv) the maintenance and repair of the Real Property and, to the extent applicable, the Personal
Property, (iv) the employment of the Hotel Employees by Seller, and (v) the payment of taxes related to the operation of the Hotel.

 

(n)    Business day
and business days shall have the meanings set forth in Section 8.11.

 

(o)    Casualty Threshold
shall have the meaning set forth in Section 7.1(b).

 

(p)    CC&Rs
shall mean any covenants, conditions and/or restrictions binding, restricting or benefiting the Property (including, without limitation,
reciprocal easement agreements) which are set forth in the title commitment.

 

(q)    Claims shall
mean any demands, claims, legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments,
costs or expenses whatsoever (including, without limitation, reasonable attorneys’ fees and expenses), whether direct or
indirect, known or unknown, foreseen or unforeseen.

 

(r)     Closing
shall mean the consummation of the purchase and sale of the Property pursuant to this Agreement.

 

(s)   Closing Agent
shall mean Moody National Title Company, LP, 6363 Woodway Dr., Suite 525, Houston, Texas 77057, attention: Kay Street.

 

(t)    Closing Date
shall mean the date specified in Section 5.1.

 

(u)    Code shall
mean the Internal Revenue Code of 1986, as amended.

 

(v)    Condemnation
Threshold shall have the meaning set forth in Section 7.1(a).

 

(w)    [Intentionally
deleted]

 

(x)    [Intentionally
deleted]

 

(y)    Contingency Period
shall mean a period of time commencing on the Effective Date and ending at 5:00 p.m., Eastern Time, on the date which is thirty
(30) days after the Effective Date.

 

(z)    Covered Audit
Period shall have the meaning set forth in Section 1.4.

 

    	2

    	 

    

 

(aa)  Cure Date
shall have the meaning set forth in Section 3.3(a).

 

(bb)  Cut-off Time
shall mean 11:59 p.m., Eastern Time, on the date preceding the Closing Date.

 

(cc)   Delivered Information
shall have the meaning set forth in Section 4.2(f), and may be delivered by Seller to Purchaser via electronic means, including
without limitation, a data file sharing site. If Seller posts any Delivered Information to a data file sharing site, the item of
Delivered Information shall be deemed delivered to Purchaser, and notice thereof shall be deemed given to Purchaser, for all purposes
under this Agreement when made available on such data file sharing site.

 

(dd)  Earnest Money
shall have the meaning set forth in Section 2.2(c).

 

(ee)  Effective Date
shall mean the date this Agreement is last executed by Seller or Purchaser.

 

(ff)   Employee Claims
shall have the meaning set forth in Section 5.7(c).

 

(gg)  Escrow Agent
shall mean Old Republic National Title Insurance Company, 521 Fifth Avenue 23rd Floor, New York, NY 10175, Attention: Rick M. Icklan
(ricklan@oldrepublictitle.com).

 

(hh)  Escrow Instructions
shall have the meaning set forth in Section 2.2(a).

 

(ii)    Excluded Assets
shall mean (i) computer hardware, to the extent such computer hardware is owned or provided by the Manager in connection with
the operation of the Hotel, and is used at the Hotel subject to the terms of the Management Agreement; (ii) telecommunications
and information technology systems and computer software, including, but not limited to, all central reservation systems, sales
systems, financial modeling, budget, group pace, incentive and human resource systems, any ancillary systems and all other proprietary
systems, to the extent such systems and/or software are owned or provided by the Manager in connection with the operation of the
Hotel, and used at the Hotel subject to the terms of the Management Agreement; (iii) any employee training manuals or employee
benefit manuals in use at the Hotel that are the property of Franchisor or Manager; (iv) all service marks, copyrights, trade
names, trademarks, symbols, logos, and all other intellectual property rights, marks or characteristics associated with a brand
name of Franchisor or Manager; (v) any fixtures, personal property or intellectual property owned by third parties, including,
without limitation, equipment lease lessors, suppliers, vendors and licensors under Hotel Contracts or Permits, tenants under Space
Leases, the Manager, any Hotel Employees or any guests or customers of the Hotel; (vi) all data and information relating to
guests or customers of any hotel or lodging property (including condominium or interval ownership properties) other than the Hotel
that are owned, leased, operated, licensed or franchised by Manager or an affiliate of Manager, or any facility associated with
such hotels or other properties (including restaurants, golf courses and spas); and (vii) all guest or customer data or information
that is excluded from the definition of Hotel Guest Data and Information as described in clause (i) and (ii) of such definition
below.

 

(jj)   Existing Permittee
shall have the meaning set forth in Section 4.4(e).

 

    	3

    	 

    

  

(kk)  Franchise Agreement
shall mean the franchise or license agreement currently in effect between Franchisor and Seller, if any.

 

(ll)   Franchisor
shall mean Hampton Inns Franchise LLC.

 

(mm) First Deposit
shall have the meaning set forth in Section 2.2(b).

 

(nn)   Furnishings
shall mean all furniture, furnishings, fixtures, rugs, mats, carpeting, appliances, devices, engines, telephone, telex and other
communications equipment, laundry, dry cleaning and other machines, televisions and other video equipment, plumbing fixtures and
all other equipment and other personal property (including, without limitation, kitchen, food and beverage service, cleaning service,
laundry and dry cleaning, cable and satellite television and computer equipment and software), carpeting, draperies and curtains,
tools and supplies, decorations, artwork, silver, and vehicles (if any), which are now, or may, prior to the Closing Date be, placed
in or attached to the Property and are used in connection with the operation of the Property (but not including the Inventories,
the Operating Equipment, the Alcoholic Beverages or the Excluded Assets, or items owned or leased by tenants under the Space Leases
or which are leased by the Seller or Manager), subject to such depletions, substitutions and replacements as shall occur in the
Ordinary Course of Business prior to the Closing Date.

 

(oo)   General Manager
shall mean the then current general manager of the Hotel.

 

(pp)   Guest Ledger
shall have the meaning set forth in Section 5.2(k).

 

(qq)  Hazardous Substances
shall mean any substance or material which (i) has been or is at any time determined by any state or federal court in a reported
decision to be a waste, pollutant, contaminant, hazardous waste or hazardous substance, (ii) has been or is determined by any governmental
authority to be a waste, pollutant, contaminant, hazardous waste, hazardous substance or hazardous material capable of posing a
risk of injury to health, safety or property, or (iii) is described as, or has been or is determined to be a waste, pollutant,
contaminant, hazardous waste, hazardous substance, or hazardous material under any Hazardous Waste Law.

 

(rr)   Hazardous Waste
Law shall mean any law, statute, ordinance, code, rule, regulation, decree, resolution or requirement promulgated by any governmental
authority with respect to Hazardous Substances, including, without limitation, the following: (i) the Resource Conservation and
Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. Section 6901 et seq.; (ii) the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization
Act of 1986, 42 U.S.C. Section 9601 et seq.; (iii) the Clean Water Act, 33 U.S.C. Section 1251 et seq.; (iv) the Safe Drinking
Water Act, 42 U.S.C. Section 300f et seq.; (v) the Toxic Substances Control Act, 15 U.S.C. Sections 2601-2629; (vi) the Hazardous
Materials Transportation Act, 49 U.S.C. Section 1801 et seq.; (vii) the Clean Air Act, 42 U.S.C. Section 7401 et seq.; (viii) the
Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. Section 136 et seq.; and (ix) the Occupational Safety and Health
Act of 1970, 29 U.S.C. Section 651 et seq.

 

(ss)  Hotel shall
mean the hotel and all of its facilities located at 230 Lee Burbank Highway, Revere, Massachusetts 02151 and currently known as
the Hampton Inn Boston Logan Airport.

 

    	4

    	 

    

 

(tt)  Hotel
Contracts shall mean all service and maintenance contracts, supply contracts, equipment leases (including but not limited
to the Van Leases), and other contracts or agreements by which Seller or the Hotel are currently bound (either directly or by
Manager’s acting as Seller’s duly authorized agent) relating to the maintenance, operation, provisioning or equipping
of the Hotel, together with all related written warranties and guaranties, except for the Management Agreement, the Space
Leases, Bookings, Purchase Orders, and the Excluded Assets.

 

(uu)   Hotel Employee
Schedule shall mean such employment information for all Hotel Employees as is provided to the Purchaser by the Seller or Manager,
it being understood and agreed that the Hotel Employee Schedule may consist only of a list of employees (without names or Social
Security Numbers), with an identification of each such employee’s department, position, pay rate (hourly or annually), tenure
(start date) and status (whether full-time or part-time).

 

(vv)   Hotel Employees
shall mean the persons employed by Seller exclusively to operate the Hotel.

 

(ww) Hotel Guest
Data and Information means all guest or customer profiles, contact information (e.g., addresses, phone numbers, facsimile numbers
and email addresses), histories, preferences and any other guest or customer information obtained or collected by Seller and/or
Manager in the Ordinary Course of Business from guests of the Hotel relating specifically to such guests’ stay at the Hotel.
Hotel Guest Data and Information does not include (i) any information maintained by Manager or its affiliates in their corporate
databases that is not specific to guest stays at the Hotel including, without limitation, websites, central reservation databases,
operational databases and preferred guest programs of Manager or affiliates of Manager, and (ii) any data and information collected
by Seller or Manager the transfer or disclosure of which is prohibited or restricted by applicable Laws.

 

(xx) Improvements
shall mean the buildings, structures (surface and sub-surface), installations and other improvements, including such fixtures
and appurtenances as shall constitute real property located on the Land.

 

(yy)   Independent
Consideration shall have the meaning set forth in Section 2.3.

 

(zz)  Inspections
and Studies shall have the meaning set forth in Section 1.3(a).

 

(aaa) Intangible
Personal Property shall mean Seller’s interest, if any, in all intangible personal property used in connection with the
ownership, operation, leasing, occupancy or maintenance of the Property, including, without limitation, the following: (i) the
Permits; (ii) telephone numbers, TWX numbers, post office boxes, warranties and guaranties, signage rights, utility and development
rights and privileges, general intangibles, business records, site plans, surveys, environmental and other physical reports, plans
and specifications pertaining to the Land, the Improvements and/or Furnishings; and (iii) all websites and domains exclusively
used for the Hotel, including access to the FTP files of the websites to obtain website information and content pertaining to the
Hotel, but expressly excluding any Excluded Assets.

 

 

 

    	5

    	 

    

 

(bbb) Interim Liquor
Agreements shall have the meaning set forth in Section 4.4(e).

 

(ccc)  Inventories
shall mean all “Inventories” as defined in the Uniform System of Accounts and used exclusively in the operation of
the Hotel, such as provisions in storerooms, refrigerators, pantries, and kitchens, beverages in wine cellars and bars, other merchandise
intended for sale or resale, fuel, mechanical supplies, stationery, guest supplies, maintenance and housekeeping supplies and other
expensed supplies and similar items and including all food and beverages which are located at the Hotel, or ordered for future
use at the Hotel as of the Closing, subject to depletions, substitutions and replacements as shall occur in the Ordinary Course
of Business prior to the Closing Date, but expressly excluding any Alcoholic Beverages to the extent the sale or transfer of the
same is not permitted under applicable law.

 

(ddd)  Land shall
mean the land and all appurtenances thereto, as more particularly described in Exhibit “A” to this
Agreement upon which the Hotel is situated together with all appurtenances to the Land.

 

(eee)   Laws
shall have the meaning set forth in Section 4.1(i).

 

(fff)   
 Liquor Permits shall mean all licenses, permits, authorizations and approvals currently used in or relating to the
sale and on-premises consumption of liquor and other alcoholic beverages at the Hotel.

 

(ggg)  Manager
shall mean Linchris Hotel, Corp.

 

(hhh)  Management
Agreement shall mean that certain management agreement currently in effect between Manager and Seller.

 

(iii)     Major Contract
shall mean any Hotel Contract requiring aggregate annual payments in excess of $25,000 for any year during the term of such Hotel
Contract after Closing.

 

(jjj)     New Franchise
Agreement shall mean a franchise agreement and associated property improvement plan, if any, by and between Purchaser or Purchaser’s
designee and New Franchisor, to operate the Hotel after the Closing as a Hampton Inn branded hotel on terms acceptable to
Purchaser or its designee.

 

(kkk)  New
Franchisor shall mean Hampton Inns Franchise LLC. 

 

(lll)      New Liquor
Permits shall mean a liquor license from the City of Revere and Commonwealth of Massachusetts, and any other permits to be
issued by any relevant governmental authority required to allow Purchaser or Purchaser’s designee to carry on the operations
of the Hotel after the Closing in substantially the same manner as conducted by Seller prior to the Closing

 

(mmm)New Permittee
shall have the meaning set forth in Section 4.4(e).

 

(nnn)  Notice
shall have the meaning set forth in Section 8.3.

 

(ooo)  Objection
Period shall have the meaning set forth in Section 3.3.

 

(ppp)  OFAC
shall have the meaning set forth in Section 4.1(t).

 

    	6

    	 

    

 

(qqq)  Operating
Equipment shall mean all “Operating Equipment” as defined in the Uniform System of Accounts and used exclusively
in the operation of the Hotel, including, without limitation, all china, glassware, linens, towels, silverware, kitchen and bar
small goods, paper goods, guest supplies, cleaning supplies, operating supplies, printing supplies, stationery, uniforms and similar
items, whether in use or held in reserve storage for future use in connection with the operation of the Hotel, subject to depletions,
substitutions and replacements as shall occur in the Ordinary Course of Business prior to the Closing Date.

 

(rrr)     Ordinary Course
of Business shall mean the ordinary course of business for the Business consistent with Seller’s and/or Manager’s
past custom and practice, taking into account the facts and circumstances in existence from time to time, including, without limitation,
actions taken by Manager pursuant to the Management Agreement; provided, however, operation of the Business in the Ordinary Course
of Business shall not obligate Seller to incur any expenses not incurred in the Ordinary Course of Business, including without
limitation capital expenditures contemplated in Seller’s current capital expenditure schedule or budget.

 

(sss)   Other
Tangible Personal Property shall mean the Seller’s interest in all tangible personal property used exclusively in connection
with the ownership, operating, leasing, occupancy or maintenance of the Property or the Hotel and not otherwise included within
the other categories of the definition of Property, but expressly excluding any Excluded Assets.

 

(ttt)     Permits
shall mean all licenses, franchises, permits, certificates of occupancy, authorizations and approvals used in or relating to the
ownership, maintenance, occupancy, operation or use of any part of the Hotel and/or the Property, including, without limitation,
the Liquor Permits, but excluding the Management Agreement.

 

(uuu)  Permitted
Exceptions shall mean, collectively, (i) the Space Leases, if any, described in Exhibit ”B”
to this Agreement or entered into by Seller after the Effective Date and prior to Closing in accordance with this Agreement (to
the extent any such Space Lease is not required to be terminated effective as of the Closing by any other provision of this Agreement),
(ii) any lien, encumbrance or security interest created by Purchaser at Closing in connection with Purchaser’s acquisition
of the Property, (iii) zoning ordinances and regulations (iv) mechanic’s liens caused by Purchaser or its agents, (v) standard
printed title exceptions, other than those that may be removed by endorsement or deletion or by the execution and delivery of
a customary affidavit of Seller (in form reasonably acceptable to the Title Company) in favor of the Title Company, (vi) any exceptions
to title that are mutually agreed upon by Seller and Purchaser in writing, (vii) any title exceptions to which Purchaser does
not object in accordance with Article III, and (viii) any title exceptions to which Purchaser objects that are not cured
and which Purchaser is deemed to have accepted and approved in accordance with Article III.

 

(vvv)  Personal Property
shall mean, collectively, Seller’s interest in (i) the Furnishings, (ii) the Inventories (subject to the credit to Seller
in Section 5.2(l)), (iii) the Operating Equipment (iv) the Hotel Contracts, (v) the Space Leases, if any; (vi) the Books and Records,
(vii) the Hotel Guest Data and Information, (viii) the Bookings, (ix) the Advance Deposits, (x) the Intangible Personal Property
(to the extent transferable by Seller); and (xi) the Other Tangible Personal Property, but expressly excluding any Excluded Assets.

 

    	7

    	 

    

 

(www)   Post-Closing
Expenses shall have the meaning set forth in Section 5.2(e).

 

(xxx)       Post-Closing
Liability Cap shall have the meaning set forth in Section 4.3(d).

 

(yyy)     Property
shall mean, collectively, the Real Property and the Personal Property.

 

(zzz)       Purchase
Orders shall have the meaning set forth in Section 5.2(e).

 

(aaaa)    Purchase
Price shall have the meaning set forth in Section 2.1.

 

(bbbb)    Purchaser
shall have the meaning set forth in the first Paragraph of this Agreement.

 

(cccc)    Quitclaim
Deed shall have the meaning set forth in Section 5.4(a).

 

(dddd)   Real Property
shall mean the Land and Improvements.

 

(eeee)    Released
Parties shall have the meaning set forth in Section 4.3(e).

 

(ffff)       Reporting
Person shall have the meaning set forth in Section 5.9(a).

 

(gggg)    Second Deposit
shall have the meaning set forth in Section 2.2(c).

 

(hhhh)   Seller
shall have the meaning set forth in the first Paragraph of this Agreement.

 

(iiii)      Seller
Knowledge Individuals shall have the meaning set forth in Section 8.12.

 

(jjjj)        Seller Party
Obligations shall have the meaning set forth in Section 4.3(e).

 

(kkkk)    Seller’s
Certificate shall have the meaning set forth in Section 5.4(a).

 

(llll)        Space
Leases shall mean all leases and other agreements (written or oral), if any, for the occupancy of office, retail, restaurant,
rooftop or other space at the Property.

 

(mmmm)Surviving
Obligations shall mean the indemnity provisions as set forth in Section 8.20, and any other provisions in this Agreement
that expressly survive the termination of this Agreement, including, without limitation, those set forth in Section 1.3(d)
(inspection indemnification), Article VI (remedies), Sections 5.6 (commissions), Section 8.8 (no recordation),
Section 8.13 (confidentiality), Section 8.19 (privacy) and Section 8.20 (further assurances).

 

(nnnn)   [intentionally
deleted]

 

(oooo)   Tax Certificates
shall have the meaning set forth in Section 5.5(e).

 

(pppp)   Title Commitment
shall have the meaning set forth in Section 3.2(a).

 

(qqqq)   Title Company
shall mean the Escrow Agent.

 

 

    	8

    	 

    

 

 

(rrrr)       Title
Policy shall have the meaning set forth in Section 4.5(e).

 

(ssss)      Updated Survey
shall have the meaning set forth in Section 3.1(b).

 

(tttt)       Uniform System
of Accounts shall mean the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition, by the Hotel Association
of New York City, Inc., as published by the American Hotel and Lodging Educational Institute, with support from Hospitality Financial
and Technology Professionals.

 

(uuuu)   Van Leases
shall mean certain vehicle leases with Leasing Associates and Merchants Fleet Management for vehicles providing services for
the Hotel.

 

(vvvv)   WARN Act
shall have the meaning set forth in Section 5.7.

 

1.2     Sale and Purchase.
Seller agrees to sell the Real Property and the Personal Property (collectively, the “Property”) to Purchaser,
and Purchaser agrees to acquire the Property from Seller, subject to the terms, covenants, conditions and provisions set forth
in this Agreement free and clear of any encumbrances except for the Permitted Exceptions. The parties hereby further agree that,
if permitted by local law, the Alcoholic Beverages shall be transferred by Existing Permittee to New Permittee in accordance with
Section 4.4(e).

 

1.3     Contingency
Period; Access; Review of Materials. 

 

(a)     During the Contingency
Period, Seller shall use commercially reasonable efforts to cooperate with Purchaser in connection with Purchaser’s investigations
and inspections of the Property and the operation of the Hotel thereon. Seller shall, on or before 5:00 p.m. C.D.T. on the date
which is five (5) business days following the Effective Date (unless another date is stated on Exhibit “M” as defined
herein), deliver copies of the items identified in Exhibit “M” (collectively, the “Submission Matters”)
to Purchaser. Seller shall promptly provide or make available to Purchaser such additional information relating to the Property
in Seller’s possession or control as Purchaser may reasonably request, provided such request is not inconsistent with a provision
of this Agreement or the Management Agreement. During the Contingency Period, Purchaser may, subject to the rights of the tenants
and guests of the Hotel and the limitations set forth below, perform such physical inspections (including, without limitation,
Phase I environmental site assessments), surveys and studies, and review such other matters related to the Hotel (including, without
limitation, the Hotel Contracts, the Space Leases, the Permits, and the Books and Records), as Purchaser reasonably deems necessary
for its review of the Property (collectively, “Inspections and Studies”). In connection with the Inspections
and Studies (i) Purchaser shall have the right, at its sole risk, responsibility, cost and expense, to enter upon the Property
at pre-arranged times and with at least 24 hours advance notice to the Hotel’s General Manager for the purpose of conducting
such Inspections and Studies; (ii) Purchaser and its agents, contractors and consultants must be accompanied by an employee, agent
or representative of Seller or Manager; (iii) such Inspections and Studies will be conducted on a business day between 10:00 a.m.
and 5:00 p.m., local time at the Hotel; (iv) Purchaser and its agents, contractors and consultants shall not perform any drilling,
coring or other invasive testing or sampling without Seller’s prior written consent, which consent may be withheld in Seller’s
sole discretion; (v) Purchaser’s right to perform the Inspections and Studies shall be subject to and will not unreasonably
interfere with or disturb the rights of tenants, guests and customers at the Hotel; and (vi) the Inspections and Studies shall
not unreasonably interfere with the Business and Purchaser and its agents, contractors and consultants shall comply with Seller’s
reasonable requests with respect to the Inspections and Studies to minimize such interference.

 

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(b)     Prior to conducting
any on-site inspection of the Property, other than mere visual examination, Purchaser shall obtain, and during the period of such
inspection or testing shall maintain, at its expense, commercial general liability insurance, including a contractual liability
endorsement, and personal injury liability coverage, naming Seller, Manager and Existing Permittee, as additional insureds, from
an insurer reasonably acceptable to Seller, which insurance policies must have limits for bodily injury and death of not less than
Two Million Dollars ($2,000,000) for any one occurrence and not less than Two Million Dollars ($2,000,000) for property damage
liability for any one occurrence. Prior to making any entry upon the Property, Purchaser shall furnish to Seller a certificate
of insurance evidencing the foregoing coverages.

 

(c)     Other than as set
forth in Section 4.4(e), or in connection with Purchaser’s routine inquiry to obtain zoning letters, etc., with regard
to the Property, Purchaser shall not, through its officers, employees, members, managers, contractors, consultants, agents, representatives
or any other person or entity, directly or indirectly (i) communicate with any governmental authority or any official, employee
or representative thereof, involving any matter with respect to any of the Property, or (ii) take any action that causes any governmental
authority or any official, employee or representative thereof to communicate with Seller or General Manager, involving any matter
with respect to any of the Property, without the prior written consent of Seller (which consent shall not be unreasonably withheld,
conditioned or delayed) unless such communication is arranged by Seller; provided, however, this provision shall not restrict or
prevent Purchaser from reviewing public information that is available in governmental records or files concerning the Property.

 

(d)     Purchaser shall
indemnify, defend and hold harmless Seller, Manager and their respective affiliates, officers, directors, members, shareholders,
employees, representatives and agents from any Claims arising from or related to Purchaser’s or its agents or contractors
entry upon the Property or any such Inspections and Studies, except (i) for the discovery of existing conditions at the Hotel so
long as following such discovery Purchaser does not exacerbate such conditions through its actions, or (ii) to the extent caused
by the willful misconduct or gross negligence of Seller or its agents, employees or contractors. After any such entry, Purchaser
shall promptly restore the Property to its prior condition, if its condition was changed by such entry. This Section 1.3(d)
shall survive the Closing and any termination of this Agreement.

 

(e)     Prior to the Closing,
all contact by Purchaser at the Hotel with any Hotel Employees, tenants, counterparties to Hotel Contracts or any other related
parties shall be coordinated through the Hotel’s General Manager. Prior to the expiration of the Contingency Period, Purchaser
shall not interview any Hotel Employees (other than the Hotel’s General Manager). After the expiration of the Contingency
Period, and provided that this Agreement has not been terminated by either Seller or Purchaser in accordance herewith, Purchaser
shall have the right to interview any such Hotel Employees for possible employment; provided, however, any such interview shall
be coordinated with and conducted in the presence of the Hotel’s General Manager (unless Seller agrees otherwise) and in
accordance with Manager’s customary policies and procedures for such interviews.

 

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(f)     If Purchaser does
not acquire the Property for any reason whatsoever, Purchaser shall either (i) return and deliver to Seller promptly upon written
demand therefor by Seller and at no cost to Seller all materials and documents previously obtained by Purchaser from Seller or
otherwise obtained or commissioned by Purchaser in connection with its investigation of the Property (with no retention by Purchaser
of copies of any such materials and documents) or (ii) destroy such materials and documents and promptly deliver to Seller a written
certification confirming such destruction. Such delivery shall be made without representation or warranty by Purchaser as to the
contents of such items and Seller shall not be entitled to rely on such items. Purchaser agrees that the information contained
in the aforesaid documents shall be deemed confidential information subject to the terms and conditions of Section 8.13
of this Agreement.

 

(g)     If Purchaser elects
on or before expiration of the Contingency Period, for no reason or for any reason whatsoever, in its sole and absolute discretion,
not to proceed with the transaction contemplated by this Agreement, Purchaser may terminate this Agreement by written notice to
Seller and Escrow Agent, whereupon Escrow Agent shall disburse the Earnest Money to Purchaser as set forth in the Escrow Instructions
and the parties shall thereafter have no further rights or liabilities under this Agreement, except that (i) each party shall pay
one-half (1/2) of the expenses of escrow, and (ii) each party shall continue to be obligated under the Surviving Obligations. Purchaser’s
failure to deliver to Seller and Escrow Agent a written notice of termination within the time period set forth above shall be deemed
to constitute Purchaser’s election to proceed with the transaction contemplated hereby.

 

(h)    Notwithstanding
the foregoing, if Purchaser does not terminate the Agreement in accordance with Section 1.3(g) above, then Purchaser agrees, at
Closing, to purchase the Property and to assume and honor all of the Hotel Contracts, provided, however, that copies of such Hotel
Contracts have been submitted to Purchaser for its review during the Contingency Period as required under this Agreement, and to
assume and honor all of the Bookings from and after Closing. Purchaser shall pay any transfer or other fee or payment payable under
any Hotel Contract as a result of the assignment and assumption of such Hotel Contract in connection with the transfer of the Property.
Purchaser will be solely responsible for obtaining the consent to the transfer of any Hotel Contract which requires such consent;
provided that Seller shall cooperate as reasonably necessary in obtaining any such consent. If any such consent cannot be obtained,
such Hotel Contract shall nevertheless be deemed assumed by Purchaser and Purchaser shall be responsible for any fees or payments
payable as a result of the transfer of the Property and any obligations arising under such Hotel Contract on or after the Closing
Date.

 

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1.4     Audit.
Purchaser will provide Seller, within five (5) days after the Effective Date, written notice that a 3-05 Audit (as defined herein)
has been determined by Purchaser’s auditor to be required with respect to this transaction and the basis for such determination.
If a 3-05 Audit has been determined to be required, then, at Purchaser’s sole cost and expense, Purchaser’s auditor
may conduct an audit as required of Purchaser pursuant to Rule 3-05 of Securities and Exchange Commission Regulation S-X (the “3-05
Audit”) of the financial statements of the Property for the three (3) complete fiscal years immediately preceding the
Closing Date and the stub period through the Closing Date (the “Covered Audit Period”), and Seller shall reasonably
cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such 3-05 Audit. Without limiting the foregoing,
(i) Purchaser or its designated independent or other auditor may audit the financial statements of the Property, at Purchaser’s
expense and, upon Purchaser’s prior written request, Seller shall allow Purchaser’s auditors reasonable access to such
books and records maintained by Seller in respect to the Property and pertaining to the Covered Audit Period as necessary to conduct
such 3-05 Audit, and (ii) Seller shall use reasonable efforts to provide to Purchaser such existing financial information as may
be reasonably required by Purchaser and required for Purchaser’s auditors to conduct such 3-05 Audit; provided, however,
that the ongoing obligations of Seller shall be limited to providing such information or documentation as may be in the possession
or control of Seller, the Seller’s accountants or Manager, at no cost to any of such parties, and in the format that Seller
or its accountants or Manager have maintained such information. Seller certifies and represents and warrants to Purchaser that
the materials delivered to Purchaser in connection with the 3-05 Audit shall be true and accurate in all material respects and
to Seller’s knowledge there are no known fraud or material misrepresentations, or material subsequent events not reflected
in such materials. Notwithstanding anything contained in this paragraph to the contrary, in no event shall Seller or any of Seller’s
Affiliates be obligated to disclose any confidential or non-public financial information with respect to any of Seller’s
Affiliates or any property of any such Seller’s Affiliate. This provision shall survive Closing.

 

II.

Consideration

 

2.1    Purchase Price.
The Purchase Price for the Property shall be Fifty Seven Million and No/100 Dollars ($57,000,000.00) (the “Purchase
Price”), as increased or decreased by prorations and adjustments provided for in this Agreement, and will be paid by
Purchaser by wire transfer of immediately available good funds to Escrow Agent on or prior to the Closing.

 

2.2    Earnest Money.

 

(a)      Concurrently with
the execution and delivery of this Agreement, Purchaser, Seller and Escrow Agent have executed escrow instructions of even date
herewith (the “Escrow Instructions”), the form of such Escrow Instructions being attached hereto as Exhibit “G”.

 

(b)     Within one (1) Business
Day following the Effective Date, Purchaser shall deposit a sum of Five Hundred Thousand and No/100 Dollars ($500,000.00)
in cash as an earnest money deposit (together with any interest earned thereon, the “First Deposit”)
by wire transfer to Escrow Agent. If the First Deposit is not timely made, then notwithstanding anything to the contrary in this
Agreement, Seller may terminate this Agreement at any time prior to receipt by the Escrow Agent of the First Deposit, in which
case this Agreement shall terminate.

 

(c)     If the Contingency
Period expires without Purchaser having terminated this Agreement, then no later than 5:00 p.m., Eastern Time, on the Business
Day immediately after the Contingency Period expires, Purchaser shall deposit a sum of Five Hundred Thousand and No/100 Dollars
($500,000.00) in cash as an earnest money deposit (together with any interest earned thereon, the “Second
Deposit”) by wire transfer to Escrow Agent (the First Deposit and the Second Deposit and any interest earned thereon
(less the Independent Consideration, if applicable) are collectively referred to herein as the “Earnest Money”).
Failure of Purchaser to make the Second Deposit as required pursuant to this Section 2.2(c) shall be deemed a material default
by Purchaser under this Agreement and Seller may terminate this Agreement by written notice to Purchaser and Escrow Agent at any
time prior to receipt by the Escrow Agent of the Second Deposit, whereupon Escrow Agent shall disburse the First Deposit to Seller
and the parties shall thereafter have no further rights or liabilities under this Agreement, except that (i) each party shall pay
one-half (1/2) of the expenses of escrow, and (ii) each party shall continue to be obligated under the Surviving Obligations.

 

    	12

    	 

    

 

(d)     The Earnest Money
shall be delivered to and held by Escrow Agent in escrow in an interest-bearing account pursuant to the terms of this Agreement
and the Escrow Instructions. If the Closing occurs in accordance with the terms and provisions of this Agreement, the Earnest Money
shall be paid to Seller and credited against the Purchase Price. If the Closing does not occur, the Earnest Money shall be held
and delivered as provided in this Agreement.

 

(e)     Seller and Purchaser
acknowledge and agree that if Purchaser does not terminate this Agreement as set forth in Section 1.3(g), the Earnest
Money will be deemed earned by Seller and non-refundable to Purchaser for any reason except as otherwise specifically set forth
in this Agreement.

 

2.3    Independent
Contract Consideration. In the event the Earnest Money is released and returned to Purchaser for any reason under this
Agreement, Seller will receive One Hundred Dollars ($100.00) (the “Independent Consideration”) of the Earnest
Money from Escrow Agent, which Independent Consideration, the sufficiency of which is hereby acknowledged by the parties, is fully
earned by Seller and is non-refundable under any circumstances.

 

2.4    Allocation
of Purchase Price. Prior to the expiration of the Contingency Period, Purchaser will notify Seller in writing of Purchaser’s
proposed allocation of the Purchase Price between the Real Property and the remaining Property, and such allocation shall be subject
to Seller’s reasonable approval. Seller and Purchaser agree to file federal, state and local tax returns consistent with
such allocations agreed upon between the parties. If Purchaser and Seller cannot agree upon allocation of the Purchase Price, each
party shall file federal, state and local returns based on each party’s own determination of the proper allocations of the
Purchase Price, each bearing its own consequences of any discrepancies.

 

III.

Evidence of Title

 

3.1    Fee Title.
At Closing, Seller shall convey to Purchaser good, marketable and insurable title to the Property, subject only to the Permitted
Exceptions.

 

3.2    Title Examination.
Purchaser shall cause title to the Property to be examined and shall notify Seller in writing prior to the expiration of the
Contingency Period of the existence of encumbrances and defects in the title which are not Permitted Exceptions and which render
Seller’s title to the Property unmarketable (collectively, the “Additional Exceptions”), otherwise Purchaser
waives its right to object and such Additional Exceptions shall become Permitted Exceptions. If Purchaser receives notice of or
otherwise discovers any Additional Exceptions after its title examination and prior to the Closing Date, Purchaser shall so notify
Seller in writing of the Additional Exceptions to which Buyer objects within three (3) days after Purchaser receives notice of
such Additional Exceptions.

 

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3.3    Monetary Title
Encumbrances. Notwithstanding anything herein to the contrary, the Seller shall be obligated to pay and discharge, and
release any monetary encumbrances or obligations arising from delinquent real property taxes, deeds of trust, security agreements,
or mechanics’ liens or other similar monetary liens or charges that were created by, expressly consented to in writing, or
expressly assumed by Seller in writing, including without limitation any loans, bonds or due and payable obligations to municipal
or other governmental bodies (collectively, “Monetary Title Encumbrances”) reflected in the title commitment or any
update thereto. No Monetary Title Encumbrances shall be considered to be a Permitted Exception. Seller shall have no obligation
to cure any other title objections.

 

3.4    Title
Objections Not Curable by the Payment of Money. Seller shall have a period of five (5) days after notice from Purchaser
to cure or attempt to cure any title objections not required to be cured under Section 3.3 herein; however, if Seller is unable
or unwilling to cure any such title objections on or before the Closing Date, Purchaser shall have the following options:

 

(a)     Purchaser may, within
two (2) Business Days after Seller notifies Purchaser that it is unable to cure any title objections, waive the uncured title objections
and accept title in its existing condition without reduction in the Purchase Price; or

 

(b)     Purchaser may terminate
this Agreement by sending written notice to Seller and Escrow Agent, whereupon Escrow Agent shall disburse the Earnest Money to
Purchaser as set forth in the Escrow Instructions and the parties shall thereafter have no further rights or liabilities under
this Agreement, except that (a) each party shall pay one-half (1/2) of the expenses of escrow, and (b) each party shall continue
to be obligated under the Surviving Obligations. Purchaser’s failure to timely deliver to Seller and Escrow Agent a written
notice of termination shall be deemed to constitute Purchaser’s waiver of such objections that Seller has not cured or committed
to cure.

 

IV.

Representations, Warranties, Covenants

and Conditions Precedent

 

4.1    Seller’s
Representations and Warranties. Seller represents and warrants to Purchaser that:

 

(a)     Seller is a duly
organized and validly existing limited liability company, is in good standing in the State of Delaware, and has full power to enter
into this Agreement and to perform its obligations under this Agreement.

 

 

    	14

    	 

    

 

 

(b)     The execution and
delivery of this Agreement has been or will be, prior to Closing, duly authorized by all necessary and appropriate limited liability
company action of Seller.

 

(c)     No consent or approval
of any person, entity, or governmental authority is required with respect to the execution and delivery of this Agreement by Seller
or the consummation by Seller of the transactions contemplated hereby or the performance by Seller of its obligations under this
Agreement. The execution, delivery and performance of this Agreement by Seller and the consummation of the transactions contemplated
hereby by Seller will not (i) violate any provision of the Seller’s organizational or governing documents; (ii) violate any
Law binding on Seller; (iii) result in a violation or breach of, or constitute a default under, any of the Major Contracts or Space
Leases, except to the extent such violation, breach or default would not have a material adverse effect on the Business, or the
Seller’s ability to consummate the transaction described in this Agreement; or (iv) result in the creation or imposition
of any lien or encumbrance on the Property or any portion thereof.

 

(d)     Seller has not made
any general assignment for the benefit of creditors, become insolvent or filed a petition for voluntary bankruptcy or filed a petition
or answer seeking reorganization or an arrangement or composition, extension or readjustment of its indebtedness or consented,
in any creditors’ proceeding, to the appointment of a receiver or trustee of Seller or the property or any part thereof of
either of them or been named in an involuntary bankruptcy proceeding and to Seller’s knowledge, no such actions are contemplated
or have been threatened.

 

(e)     There are no Space
Leases affecting all or any portion of the Property except as set forth in Exhibit “B” to this Agreement.
True and complete copies of the Space Leases, if any (including all amendments), to the extent in Seller’s or Manager’s
possession or control, have been provided to Purchaser or will be provided to Purchaser no later than five (5) business days after
the Effective Date. All of the Space Leases described in Exhibit “B” are in full force and effect,
and to Seller’s knowledge there are no material defaults by any party thereunder except as disclosed in Exhibit “B”.
There are no outstanding obligations for commissions, tenant improvements or other tenant concessions with respect to the Space
Leases except as disclosed in the Space Leases or in Exhibit “B”.

 

(f)     There are no Major
Contracts affecting the Property except as set forth in Exhibit “C” to this Agreement. True and complete
copies of the Major Contracts (including all amendments), to the extent in Seller’s or Manager’s possession or control,
have been provided to Purchaser or will be provided to Purchaser no later than five (5) business days after the Effective Date.
All of the Major Contracts described in Exhibit “C” are in full force and effect, and, to Seller’s
knowledge, there are no material defaults by any party thereunder except as disclosed in Exhibit “C”.

 

(g)     There are no existing
management agreements or franchise agreements relating to the Hotel other than the Management Agreement and the Franchise Agreement.

 

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(h)      True and complete
copies of the Permits, to the extent in Seller’s or Manager’s possession or control, have been provided to Purchaser
or will be provided to Purchaser no later than five (5) business days after the Effective Date. To Seller’s knowledge, all
Permits required to be issued by any governmental authority or any third party and used in or necessary to the operation of the
Hotel as a fully functioning select service hotel have been obtained. Except as otherwise disclosed to Purchaser on Exhibit “D”,
Seller has not received any written notice of any uncured violations of any Permit, and to Seller’s knowledge, all of the
Permits are in full force and effect.

 

(i)      Except as otherwise
disclosed to Purchaser on Exhibit “E” to this Agreement, Seller has not received any written notice of
uncured violations (or investigation of potential violation) of laws, ordinances, orders or regulations of governmental or quasi-governmental
authorities with respect to the Property (collectively, “Laws”), nor has Seller received any written notice
of any uncured violation of any CC&Rs.

 

(j)      To Seller’s
knowledge, other than (i) Hazardous Substances used in the ordinary course of maintaining, operating and cleaning the Hotel in
commercially reasonable amounts and in accordance with all Hazardous Waste Laws, (ii) Hazardous Substances used as fuels,
lubricants or otherwise in connection with vehicles, machinery and equipment located at the Hotel in commercially reasonable amounts
and in accordance with all Hazardous Waste Laws, or (iii) matters disclosed in Exhibit “E”
or this Section 4.1(j), no Hazardous Substances are, or have been during any period of Seller’s ownership of the Hotel,
present on, under or in the Hotel in violation of any Hazardous Waste Laws.

 

(k)     Except as otherwise
set forth on Exhibit “F” to this Agreement, Seller is not currently involved in any litigation, investigations
or other proceedings which, if, adversely determined, could reasonably be expected to have a material adverse effect on the operation
of the Property, the financial condition or results of operations of the Property or Seller’s ability to consummate the transaction
contemplated by this Agreement, nor has Seller received any written notice that any such litigation, investigations or other proceedings
are to be instituted nor does Seller have any knowledge that any such litigation, investigations or other proceedings are threatened.

 

(l)     Seller has not received
written notice from any condemning authority of any pending or threatened condemnation action affecting any portion of the Property.

 

(m)     Seller has provided
to Purchaser true and complete copies, to the extent in Seller’s or Manager’s possession or control, of all bills for
real estate and personal property taxes and assessments for the year of Closing and one (1) immediately preceding tax year.

 

(n)     Seller has provided
to Purchaser financial statements for the Hotel (consisting of un-audited financial statements for the last three (3) years or
Seller’s ownership period, whichever is less, and any year-to-date financial statements and operating budgets prepared for
the Hotel for the current year). To Seller’s knowledge, all of these financial statements are in all material respects true
and complete and fairly represent the financial condition of the Hotel as of the dates stated therein.

 

(o)      Seller owns good
and marketable title to the Furnishings, Inventories and Operating Equipment, free and clear of all liens, leases and encumbrances
(other than those items leased or loaned to Seller as described in Exhibits “B” and “C”,
if any), and Existing Permittee owns good and marketable title to the Alcoholic Beverages free and clear of all liens, leases and
encumbrances.

 

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(p)     Seller is not a
“foreign person” as defined in the Foreign Investment in Real Property Tax Act of 1980, as amended.

 

(q)     All sales and use
taxes (other than those sales taxes, if any, arising from the sale of the Property from Seller to Purchaser), hotel/motel occupancy
taxes, real and personal property taxes, employer withholding taxes and similar taxes that are due as of the Closing Date (or applicable
to any period prior to Closing) have been paid in full (or will be provided for at the Closing pursuant to the provisions of Section
5.2 below), and all required reports and returns relating thereto have been, or will be, timely filed. Seller has not received
written notice of any special tax assessment relating to the Hotel, the Property or any portion thereof, and there are no tax agreements
in place affecting the Hotel or the Property.

 

(r)      There are no collective
bargaining agreements with any unions at the Hotel.

 

(s)     All Hotel Employees
are employees of Seller. There are no pension plans of any type with respect to which Seller or the Property has an obligation.
Neither Seller nor Manager has received any written notice from any labor union or group of employees that such union or group
represents or believes or claims it represents or intends to represent any of the employees of Seller or Manager at the Hotel nor
has it received any notice of any claim of unfair labor practices. Seller has and shall maintain through the Closing Date a level
of employment at the Hotel that is sufficient for the normal business operations of the Hotel at standards required by the License
Agreement. The Closing of the transaction contemplated by this Agreement will not constitute or result in a violation of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or of any state or local statutes regulating investments
of and fiduciary obligations with respect to governmental plans (as defined in Section 3(32) of ERISA).

 

(t)     Neither it nor any
of its affiliates, nor, to Seller’s knowledge, any of their respective partners, members, shareholders or other equity owners,
or to Seller’s knowledge, any of their respective employees, officers directors, representatives or agents is, nor will they
become, a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office
of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially
Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order
Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action and is not and will not assign or otherwise transfer this Agreement to, contract with or otherwise engage in any dealings
of transactions or be otherwise associated with such persons or entities.

 

(u)     All insurance policies
held with respect to the Property by Seller are valid and in full force and effect.

 

(v)     Seller has not granted
to any Person other than Purchaser any right to purchase the Property or any portion thereof or interest therein.

 

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(w)    Franchisor has not
identified or requested any repairs, improvements or alterations other than those disclosed by the existing PIPS. Seller has no
knowledge of any deficiencies which are not in compliance with current Franchisor standards, including, but not limited to, any
prior PIPs which are outstanding or overdue.

 

(x)     All information
given by Seller to Purchaser in this Agreement or in connection with the transactions contemplated hereunder shall be true and
accurate in every material respect as of the date hereof and at the Closing Date, and Seller has not failed to disclose any fact
to Purchaser necessary to make the statements herein or otherwise provided in connection with the transactions contemplated hereunder
not misleading and Seller has no knowledge or information of any facts, circumstances, or conditions that are inconsistent with
the representations and warranties contained herein. Seller shall promptly notify Purchaser in writing if there occurs any (i) material
adverse change in the condition, financial or otherwise, of the Property, or the operation thereof, at any time prior to the Closing
Date or (ii) if any information, document, agreement or other material delivered to Purchaser is amended, superseded, modified
or supplemented.

 

4.2    Purchaser’s
Representations and Warranties. Purchaser represents and warrants to Seller that:

 

(a)     Purchaser is a duly
organized and validly existing corporation, is in good standing in Maryland and has full power to enter into this Agreement and
to perform its obligations under this Agreement.

 

(b)     The execution and
delivery of this Agreement has been or will be duly authorized by all necessary and appropriate corporate action of Purchaser.

 

(c)     No consent or approval
of any person, entity, or governmental authority is required with respect to the execution and delivery of this Agreement by Purchaser
or the consummation by Purchaser of the transactions contemplated hereby or the performance by Purchaser of its obligations under
this Agreement except for such consents as shall be obtained by Purchaser prior to the Closing.

 

(d)     Neither Purchaser
nor any of its affiliates, nor, to Purchaser’s knowledge, any of their respective partners, members, shareholders or other
equity owners, or their respective employees, officers directors, representatives or agents is, nor will they become, a person
or entity with whom U.S. persons or entities are restricted from doing business under any OFAC regulations (including those named
on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24,
2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism),
or other governmental action and is not and will not assign or otherwise transfer this Agreement to, contract with or otherwise
engage in any dealings of transactions or be otherwise associated with such persons or entities.

 

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(e)     Purchaser is an
experienced purchaser, owner and operator of hotels and real property such as the Property, and Purchaser acknowledges and agrees
that Purchaser has made, or will make prior to Closing, such independent investigations, inspections, analyses and research as
Purchaser has deemed necessary or appropriate (or, in the alternative, Purchaser has elected at its risk not to make such investigations,
inspections, analyses and research), concerning the condition, ownership, use and operation of the Property, including, but not
limited to, investigations, inspections, analyses and research of: (i) present and future Laws and restrictions concerning the
use, location and suitability of the Property or any existing or proposed development or build-out or condition thereof, including,
but not limited to, zoning, environmental, barrier removal and other such Laws; (ii) the necessity and availability of any building
permits, environmental impact reports, or any other governmental permits, approvals, entitlements or acts in respect of the Property
(collectively, “Approvals”); (iii) the necessity or existence of any dedications, fees, charges, costs or assessments
that may be imposed in connection with any Laws or the obtaining of any Approvals; (iv) the economic value of the Property; (v)
the seismic and structural integrity of the Improvements; (vi) any surface, soil, subsoil, geologic or ground water conditions
or other physical conditions of or affecting the Property; (vii) the extent or condition of title to the Property and the extent
of existing encumbrances against the Property; (viii) the operation and management of the Hotel; (ix) any employment matters
affecting the Hotel; and (x) the presence, use, transportation or storage of Hazardous Substances on, over, under or nearby the
Property.

 

(f)      In entering into
this Agreement, Purchaser is relying solely upon (i) its own inspections, investigations, research and analyses of the matters
set forth in Section 4.2(e) above, and (ii) the express representations and warranties of Seller set forth in Section
4.1 above and elsewhere in this Agreement and in any documents to be delivered by Seller to Purchaser at Closing, and Purchaser
is not relying in any way upon any other representations, warranties, statements, plans, specifications, cost estimates, studies,
reports, descriptions, guidelines or other information or material furnished by Seller, Manager, Existing Permittee or their representatives
to Purchaser or its representatives, whether oral or written (all such matters herein referred to as the “Delivered Information”),
express or implied, of any nature whatsoever regarding any such matters. Except as otherwise provided in an express representation
or warranty contained in Section 4.1 above and except as otherwise provided in Section 4.3 below, Seller shall have
no liability with respect to the accuracy or completeness of the Delivered Information.

 

(g)    SUBJECT TO THE
EXPRESS REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH IN THIS AGREEMENT OR IN ANY CLOSING DOCUMENTS TO BE DELIVERED BY SELLER
TO PURCHASER AT CLOSING, PURCHASER AGREES THAT: (i) PURCHASER SHALL ACCEPT THE PROPERTY IN ITS PRESENT STATE AND CONDITION
AND “AS-IS WITH ALL FAULTS”; (ii) SELLER SHALL NOT BE OBLIGATED TO DO ANY RESTORATION, REPAIRS OR OTHER WORK OF ANY
KIND OR NATURE WHATSOEVER ON THE PROPERTY (OTHER THAN AS REQUIRED BY SECTION 4.4(d)) AND, SPECIFICALLY, BUT WITHOUT
DEROGATING FROM THE GENERALITY OF THE FOREGOING, SELLER SHALL NOT BE RESPONSIBLE FOR ANY WORK ON OR IMPROVEMENT OF THE PROPERTY
NECESSARY (x) TO CAUSE THE PROPERTY TO MEET ANY APPLICABLE HAZARDOUS WASTE LAWS, OR (y) TO REPAIR, RETROFIT OR SUPPORT ANY PORTION
OF THE IMPROVEMENTS DUE TO THE SEISMIC OR STRUCTURAL INTEGRITY (OR ANY DEFICIENCIES THEREIN) OF THE IMPROVEMENTS; AND (iii) NO
PATENT OR LATENT CONDITION AFFECTING THE PROPERTY IN ANY WAY, WHETHER OR NOT KNOWN OR DISCOVERABLE OR DISCOVERED AFTER THE CLOSING
DATE, SHALL AFFECT PURCHASER’S OBLIGATION TO PURCHASE THE PROPERTY OR TO PERFORM ANY OTHER ACT OTHERWISE TO BE PERFORMED
BY PURCHASER UNDER THIS AGREEMENT, NOR SHALL ANY SUCH CONDITION GIVE RISE TO ANY ACTION, PROCEEDING, CLAIM OR RIGHT OF DAMAGE OR
RESCISSION AGAINST SELLER, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED FOR IN THIS AGREEMENT.

 

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(h)     PURCHASER ACKNOWLEDGES
AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY CLOSING DOCUMENTS TO BE DELIVERED BY SELLER
TO PURCHASER AT CLOSING, NEITHER SELLER, MANAGER OR ANY OF THEIR AFFILIATES, NOR ANY OF THEIR RESPECTIVE SHAREHOLDERS, MEMBERS,
PARTNERS, TRUSTEES, BENEFICIARIES, DIRECTORS, OFFICERS, MANAGERS, EMPLOYEES, ATTORNEYS, ACCOUNTANTS, CONTRACTORS, CONSULTANTS,
AGENTS OR REPRESENTATIVES, NOR ANY PERSON PURPORTING TO REPRESENT ANY OF THE FOREGOING, HAVE MADE ANY REPRESENTATION, WARRANTY,
GUARANTY, PROMISE, PROJECTION OR PREDICTION WHATSOEVER WITH RESPECT TO THE PROPERTY OR THE BUSINESS, WRITTEN OR ORAL, EXPRESS OR
IMPLIED, ARISING BY OPERATION OF LAW OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE, OR ANY REPRESENTATION OR WARRANTY AS TO (I) THE CONDITION, SAFETY, QUANTITY, QUALITY, USE, OCCUPANCY OR OPERATION
OF THE PROPERTY, (II) THE PAST, PRESENT OR FUTURE REVENUES OR EXPENSES WITH RESPECT TO THE PROPERTY OR THE BUSINESS, (III) THE
COMPLIANCE OF THE PROPERTY OR THE BUSINESS WITH ANY ZONING REQUIREMENTS, BUILDING CODES OR OTHER APPLICABLE LAW, INCLUDING, WITHOUT
LIMITATION, THE AMERICANS WITH DISABILITIES ACT OF 1990, (IV) THE ACCURACY OF ANY ENVIRONMENTAL REPORTS OR OTHER DATA OR INFORMATION
SET FORTH IN THE DELIVERED INFORMATION PROVIDED TO PURCHASER WHICH WERE PREPARED FOR OR ON BEHALF OF SELLER, OR (V) ANY OTHER MATTER
RELATING TO SELLER, THE PROPERTY OR THE BUSINESS.

 

4.3    Remedies and
Survival Regarding Representations and Warranties.

 

(a)     Notwithstanding
anything to the contrary in this Agreement, Seller shall have the right prior to the Closing to amend and supplement any exhibit
or schedule, or provide a new exhibit or schedule, to this Agreement from time to time with written notice to Purchaser but without
Purchaser’s consent to the extent that (i) such exhibit or schedule needs to be amended, supplemented, or provided to
maintain the truth or accuracy of the applicable representation or warranty or the information disclosed therein, and (ii) Seller
did not have actual knowledge as of the Effective Date of the matter being disclosed in such amendment, supplement, or new exhibit
or schedule. If Seller makes any amendment or supplement to the exhibits or schedules, or provides a new exhibit or schedule, after
the expiration of the Contingency Period (a “Post Due Diligence Disclosure”), then (a) such Post Due Diligence
Disclosure shall constitute a failure of the conditions precedent to Purchaser’s obligations as set forth in Section 4.5
if, and only if either (i) Seller had actual knowledge of the matter being disclosed in such amendment, supplement, or new
exhibit or schedule prior to the Effective Date, but failed to disclose such matter to Purchaser in writing prior to the Effective
Date or in this Agreement (including any exhibit or schedule hereto), or (ii) Purchaser did not have actual knowledge as of
the expiration of the Contingency Period of the matter being disclosed in such amendment, supplement, or new exhibit or schedule,
and (b) if Purchaser proceeds to Closing notwithstanding such Post Due Diligence Disclosure, the corresponding representation or
warranty to which such Post Due Diligence Disclosure relates shall be deemed qualified by such Post Due Diligence Disclosure for
the purposes of limiting the defense and indemnification obligations and the liabilities of Seller under this Agreement.

 

    	20

    	 

    

 

(b)     Subject to Section
4.3(a) above, by executing and delivering the documents listed in Section 5.4(a) below, Seller shall be deemed to have
made all of the representations and warranties of Seller in Section 4.1 above and elsewhere in this Agreement, as of the
Effective Date and as of the Closing Date. Should any of such representations and warranties, as amended, supplemented or modified
pursuant to Section 4.3(a), be found to be incorrect in any material respect prior to the Closing, Seller shall have the
option, but not the obligation, to cure same by the Closing Date, and upon Seller’s election to attempt such cure as evidenced
by written notice to Purchaser, the Closing shall be postponed until five (5) days following Purchaser’s receipt of proof
satisfactory to Purchaser that such matters have been cured; provided, however, if Seller is unable or unwilling
to cure the same within fifteen (15) days after the scheduled Closing Date, Purchaser shall have the option either to (i) waive
the same by proceeding to close the transaction, or (ii) terminate this Agreement by written notice to Seller and Escrow Agent,
whereupon Escrow Agent shall disburse the Earnest Money to Purchaser as set forth in the Escrow Instructions and the parties shall
thereafter have no further rights or liabilities under this Agreement, except that (a) each party shall pay one-half (1/2) of the
expenses of escrow, and (b) each party shall continue to be obligated under the Surviving Obligations. In the event Purchaser waives
or is deemed to have waived Seller’s incorrect representations and warranties and proceeds to close the transaction, such
waiver shall be deemed to include any and all Claims associated with the same, including any right to be indemnified against such
Claim pursuant to the terms of this Agreement. If, prior to the Closing, Purchaser obtains actual knowledge that any representation
or warranty of Seller is inaccurate or incorrect and Purchaser nonetheless proceeds with the Closing, Seller shall have no liability
for any such inaccurate or incorrect representation or warranty. For purposes of the foregoing, Purchaser’s actual knowledge
as used in this Agreement shall be deemed to mean the actual, present, conscious knowledge of the individuals employed by Purchaser
or its affiliates who are actively working on this transaction.

 

(c)     The representations
and warranties of Seller and Purchaser as set forth herein shall survive the Closing for a period of twelve (12) months and thereafter
will automatically expire unless Purchaser or Seller, as the case may be, has given written notice to the other party of a breach
of any such representation or warranty prior to the expiration of the twelve (12) month period following the Closing, in which
event such party’s right to recover amounts from the other party for such noticed breach of a representation or warranty
shall survive Closing until expiration of the applicable statute of limitations (or if any action is filed with respect to such
breach prior to the expiration of such applicable statute of limitations, until such action has been finally adjudicated).

 

    	21

    	 

    

 

(d)     Notwithstanding
any other provision contained in this Agreement to the contrary:

 

(i)     Seller
shall be obligated to indemnify and hold Purchaser harmless with respect to Claims resulting from one or more breaches of Seller’s
representations or warranties only to the extent that such Claims in the aggregate exceed Twenty Five Thousand Dollars ($25,000)
(the “Threshold”), and then only to the extent of the amount by which such Claims exceed the Threshold;

 

(ii)     Purchaser
shall have no right to file an action for rescission in connection with any breaches of Seller’s representations or warranties;

 

(iii)    Seller’s
aggregate liability to Purchaser with respect to any and all such breaches of Seller’s representations or warranties, and
breaches of any of Seller’s covenants that expressly survive the Closing or in any Seller closing document, including without
limitation any liability therefor under Section 8.18, shall not exceed One Million Dollars ($1,000,000) (the “Post-Closing
Liability Cap”) and Purchaser hereby waives any damages, costs and expenses in excess of said amount;

 

(iv)    in no
event shall Seller be liable for any incidental, consequential, indirect, punitive, special or exemplary damages, or for lost profits,
unrealized expectations or other similar claims except those of third parties against which Seller has indemnified Purchaser; and

 

(v)     in the
event that Purchaser actually recovers any insurance proceeds or any indemnity, contribution or other similar payment from any
insurance company, tenant, or other third party for damages against which Seller indemnified and actually paid Purchaser under
this Agreement, then to the extent Purchaser’s damages did not exceed the amount paid by Seller to Purchaser, Purchaser shall
promptly reimburse Seller to the extent of any such double-recovery net of any deductibles and pursuit costs.

 

    	22

    	 

    

 

(e)     EXCEPT FOR THE
EXPRESS OBLIGATIONS AND LIABILITIES OF SELLER SPECIFICALLY SET FORTH HEREIN OR IN ANY CLOSING DOCUMENTS DELIVERED BY SELLER IN
CONNECTION WITH CLOSING (THE “SELLER PARTY OBLIGATIONS”), PURCHASER AND ANYONE CLAIMING BY, THROUGH OR UNDER
PURCHASER HEREBY WAIVES ITS RIGHT TO RECOVER FROM AND FULLY AND IRREVOCABLY RELEASES SELLER, MANAGER AND THEIR RESPECTIVE EMPLOYEES,
OFFICERS, DIRECTORS, REPRESENTATIVES, AGENTS, SERVANTS, ATTORNEYS, AFFILIATES, PARENT, SUBSIDIARIES, SUCCESSORS AND ASSIGNS, AND
ALL PERSONS, FIRMS, CORPORATIONS AND ORGANIZATIONS ACTING IN ITS OR THEIR BEHALF (“RELEASED PARTIES”) FROM ANY
AND ALL CLAIMS THAT IT HAS OR MAY HAVE AGAINST ANY OF THE RELEASED PARTIES FOR ANY COSTS, LOSS, LIABILITY, DAMAGE, EXPENSES, DEMAND,
ACTION OR CAUSE OF ACTION ARISING FROM OR RELATED TO ANY MATTERS AFFECTING THE PROPERTY, OR ANY PORTION THEREOF, INCLUDING, WITHOUT
LIMITATION, SIGNAGE RIGHTS, ENTITLEMENTS, ZONING, PARKING, TITLE DOCUMENTS OR DEFECTS, CONSTRUCTION DEFECTS, ANY AND ALL VIOLATIONS
OF APPLICABLE LAW INCLUDING VIOLATIONS OF THE AMERICANS WITH DISABILITIES ACT OF 1990 AND ALL ENVIRONMENTAL CLAIMS AND ENVIRONMENTAL
LIABILITIES, WHETHER NOW KNOWN OR UNKNOWN TO PURCHASER. THIS RELEASE INCLUDES CLAIMS OF WHICH PURCHASER IS PRESENTLY UNAWARE OR
WHICH PURCHASER DOES NOT PRESENTLY SUSPECT TO EXIST WHICH, IF KNOWN BY PURCHASER, WOULD SIGNIFICANTLY AFFECT PURCHASER’S
RELEASE TO SELLER. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, PURCHASER EXPRESSLY WAIVES ANY AND ALL RIGHTS CONFERRED UPON
IT BY ANY STATUTE OR RULE OF LAW WHICH PROVIDES THAT A RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CLAIMANT DOES NOT KNOW OR SUSPECT
TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE SIGNIFICANTLY AFFECTED HIS SETTLEMENT
WITH THE RELEASED PARTY, INCLUDING, WITHOUT LIMITATION, ANY PROVISIONS SIMILAR TO THE FOLLOWING: “A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM MUST HAVE SIGNIFICANTLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

IN THIS CONNECTION AND TO THE EXTENT PERMITTED
BY LAW, AND EXCEPT FOR THE SELLER PARTY OBLIGATIONS, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS, WHICH REPRESENTATION AND
WARRANTY SHALL SURVIVE THE CLOSING AND NOT BE MERGED WITH THE CLOSING, THAT PURCHASER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS
NOW UNKNOWN TO IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CLAIMS WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED,
AND PURCHASER FURTHER AGREES, REPRESENTS AND WARRANTS, WHICH REPRESENTATION AND WARRANTY SHALL SURVIVE THE CLOSING AND NOT BE MERGED
WITH THE CLOSING, THAT THE WAIVERS AND RELEASES HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT
PURCHASER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER, EXCEPT WITH RESPECT TO THE SELLER PARTY OBLIGATIONS,
FROM ANY SUCH UNKNOWN CLAIMS WHICH MIGHT IN ANY WAY BE INCLUDED AS A PORTION OF THE CONSIDERATION GIVEN TO SELLER BY PURCHASER
IN EXCHANGE FOR SELLER’S PERFORMANCE HEREUNDER.

 

    	23

    	 

    

 

The foregoing waivers and releases shall not
apply to any of the representations, warranties, covenants, indemnities or other matters expressly contained in this Agreement,
or in any of the closing documents delivered by Seller, to the extent same expressly survive the Closing.

 

Seller and Purchaser have each initialed this
Section 4.3(e) to further indicate their awareness and acceptance of each and every provision hereof.

 

	 	 	 	 	 
	 	SELLER’S INITIALS	 	PURCHASER’S INITIALS	 

  

4.4    Covenants.
Seller and Purchaser, as applicable, covenant and agree to perform (and where applicable, Seller agrees to use commercially
reasonable efforts to cause Manager or Existing Permittee to perform) the following covenants from the Effective Date to the Closing
(and with respect to Section 4.4(e) below, from and after the Closing):

 

(a)    Seller shall assist
Purchaser and Purchaser’s agents, on or before Closing, in acquiring all information necessary to enable Purchaser’s
agents and Seller’s agents to compute the prorations described in Section 5.2.

 

(b)    Seller will not,
without the prior approval of Purchaser, which approval shall not be unreasonably withheld or delayed, sell exchange, assign, transfer,
convey, lease or otherwise dispose of, or enter into any agreement or negotiate any agreement to sell exchange, assign, transfer,
convey, lease or otherwise dispose of, all or any part of the Property or any interest therein except for Furnishings, Inventories,
Alcoholic Beverages and Operating Equipment that are sold or consumed and replaced or replenished by Seller in the Ordinary Course
of Business; provided, however, that in the event Purchaser fails to respond to Seller within three (3) business days after Purchaser
is notified of such desired disposition, such failure to respond shall be deemed to constitute Purchaser’s approval of same.

 

(c)    Prior to Closing,
Seller or Manager, as applicable, will be allowed to (i) amend, extend or terminate any Space Leases, Major Contracts and
Permits in the Ordinary Course of Business (or as required by the terms thereof), and (ii) enter into any new Space Leases
or Major Contracts in the Ordinary Course of Business, if they are terminable by Purchaser without any termination fee upon not
more than thirty (30) days’ notice. With respect to any Major Contract containing automatic renewal provisions for which
notice of non-renewal must be given by the date of Closing (a “Major Contract Non-Renewal Date”), Seller shall provide
Purchaser with at least ten (10) days prior notice of such Major Contract Non-Renewal Date, and Purchaser shall notify Seller no
later than five (5) days after receiving such notice if Purchaser objects to such renewal, failing which any such objection shall
be waived by Purchaser. Other than as set forth in the preceding two (2) sentences, Seller will not, and will not permit Manager
to (i) amend, extend or terminate any Space Leases, Major Contracts or Permits, or (ii) enter into any new Space Leases or Major
Contracts, without the prior approval of Purchaser, which approval shall not be unreasonably withheld or delayed prior to the expiration
of the Contingency Period but which may be withheld at Purchaser’s reasonable discretion after the expiration of the Contingency
Period. In the event Purchaser fails to respond to Seller within three (3) business days after Purchaser is notified of any such
agreement as set forth in the preceding sentence, such failure to respond shall be deemed to constitute Purchaser’s approval
of same. Notwithstanding the foregoing, Seller will pay all charges prior to delinquency under such Space Leases and Major Contracts,
and Seller will perform all of its obligations under such Space Leases and Major Contracts.

 

(d)    Seller will cause
the Property to be operated and maintained in the Ordinary Course of Business and consistent with past practice which undertaking
includes, but is not limited to, (i) maintaining Inventories, Operating Equipment, Furnishings and Alcoholic Beverages in the Ordinary
Course of Business, (ii) instructing Manager to enter into Bookings on Seller’s behalf in the Ordinary Course of Business,
and (iii) performing routine maintenance and repairs for the Property in the Ordinary Course of Business.

 

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(e)    Subject to the limitations
set forth in Section 1.3(c), by not later than May 19, 2015 [2 weeks after Effective Date], the Purchaser or its
designee shall submit applications for New Liquor Permits, and shall thereafter diligently and in good faith proceed to obtain
such New Liquor Permits, and Seller shall cooperate with reasonable requests from Purchaser to assist with such applications so
long as there is no additional cost to Seller. If Purchaser shall have not obtained the New Liquor Permits by the Closing, and
if permitted by applicable law, Seller will, or will use commercially reasonable efforts to cause Seller or Seller’s designee,
as the holder of the Liquor Permits (the “Existing Permittee”), at no cost, expense, or liability to Seller
or Existing Permittee, to (i) enter into such license agreements, management agreements and/or other interim agreements (collectively,
the “Interim Liquor Agreements”) with Purchaser or Purchaser’s designee as may be reasonably necessary
for the continuation, for a period of One Hundred Twenty (120) days, of the sale and consumption of alcoholic beverages at the
Hotel after the Closing and before such time as Purchaser or its designee (the “New Permittee”) obtains the
New Liquor Permits provided, further, that the duration of such Interim Liquor Agreements may be extended beyond
such One Hundred Twenty (120) day period at the discretion of the Existing Permittee at a cost to Purchaser or Purchaser’s
designee of Two Hundred and No/100 Dollars per day of such extended period, and (ii) cooperate in all other reasonable respects
(which shall include, without limitation, supplying information known to Seller or Existing Permittee and execution of such documents
as may be legally required) with Purchaser in connection with the liquor permit application. If permitted by applicable law, until
such time as the New Liquor Permits are obtained, Existing Permittee will maintain ownership of the Alcoholic Beverages and comply
with the Interim Liquor Agreements. If permitted by applicable law, at such time as the New Liquor Permits are obtained, Existing
Permittee will convey the Alcoholic Beverages to New Permittee at book value by a conveyance document in form reasonably acceptable
to Seller and Purchaser and in accordance with the requirements of the applicable governmental authority and all applicable Laws.
Purchaser’s (or New Permittee’s) successfully obtaining the New Liquor Permits shall not be a condition of Closing
for Purchaser or Seller. This Section 4.4(e) shall survive the Closing.

 

(f)     Seller will give
the appropriate notice to Manager and shall take all other action to terminate the Management Agreement effective on the Closing
Date at Seller’s sole cost and expense.

 

(g)    Seller will maintain
until the Closing Date the existing insurance coverage for the Property.

 

(h)    Seller shall maintain
its Books and Records in the Ordinary Course of Business, in accordance with sound accounting principles applied on a basis consistent
with the basis used in keeping its Books and Records in prior years. At the Closing, Purchaser shall become the owner of all Books
and Records except for Excluded Assets; provided, however, Seller or Manager may, prior to or at the Closing, photocopy and remove
photocopies of any of such Books and Records from the Hotel. After the Closing, Purchaser shall provide to the officers, employees,
agents and representatives of Seller reasonable access, at Seller’s sole cost and expense, to (i) the Books and Records
with respect to the Hotel, (ii) the Property, and (iii) the employees at the Hotel, for any purpose reasonably deemed
necessary or advisable by Seller, including, without limitation, to prepare any documents required to be filed by Seller under
applicable Laws related to the Hotel or to investigate, evaluate and defend any claim, charge, audit, litigation or other proceeding
made by any person or insurance company involving Seller or Manager or their officers, employees, agents and representatives related
to the Hotel; provided, however, that (x) Seller shall provide reasonable prior notice to Purchaser; (y) Purchaser shall
not be required to provide such access during non-business hours; and (z) Purchaser shall have the right to accompany the
officer, employees, agents or representatives of Seller in providing access to the Books and Records, the Property or the employees
of Purchaser (or Purchaser’s manager). Purchaser, at its cost and expense, shall retain all Books and Records with respect
to the Hotel for a period of not less than four (4) years after the Closing Date. This Section 4.4(i), other than the first
sentence above, shall survive the Closing.

 

    	25

    	 

    

 

(i)     Seller shall promptly
notify Purchaser of any event or circumstance that constitutes a material change to any of Seller’s representations and warranties
set forth in this Agreement.

 

(j)     Seller shall cause
Manager to continue to use their commercially reasonable efforts to take guest room reservations and to book functions and meetings
and otherwise to promote the business of the Property in the Ordinary Course of Business consistent with past practice; and all
advance room bookings and reservations and all meetings and function bookings shall be booked at rates, prices and charges heretofore
customarily charged by them for such purposes in the Ordinary Course of Business. Seller acknowledges that the Purchase Price includes
the transfer of Bookings.

 

(k)    Seller will use
commercially reasonable efforts to obtain and deliver to Purchaser any estoppels Purchaser may reasonably require in connection
with any Space Leases (each individually an “Estoppel”, and collectively the “Estoppels”);
provided, however, Seller shall not be obligated to incur any expense or fee to so obtain Estoppels other than may
be required by the terms of the Space Lease. If Seller is unable to obtain any requested Estoppels, Seller will provide Purchaser
with a document in the form attached hereto as Exhibit “H” certifying to Seller’s knowledge the
information in the requested Estoppel. 

 

(l)     Seller shall not
modify or release any warranties or guaranties applicable to the Property other than in the Ordinary Course of Business.

 

(m)   By not later than
May 19, 2015 [2 weeks after Effective Date], the Purchaser or Purchaser’s designee shall submit its complete application
and related materials to New Franchisor for a New Franchise Agreement.

 

(n)    The Seller shall
indemnify and defend or cause to be indemnified and defended the Purchaser and its Affiliates from and against any and all claims,
causes of action, proceedings, judgments, damages, penalties, liabilities, costs and expenses (including reasonable attorneys’
fees and disbursements) incurred by the Purchaser with respect to claims, causes of action, judgments, damages, penalties and liabilities
asserted by Hotel Employees arising out of or related to any act, failure to act, any transaction or any facts or circumstances
(a) occurring prior to the Closing Date, or (b) undertaken or caused by the Seller in connection with Hotel Employees
at Closing, including: (i) the termination of such Hotel Employees; (ii) the failure of the Seller or the Manager to
comply with the provisions of any collective bargaining agreement; (iii) any alleged discrimination, breach of contract or
other wrongful termination; and (iv) any alleged right to workers’ compensation benefits, unemployment compensation,
or statutory or contractual severance, including claims for any withdrawal liability or unfunded liability incurred because of
participation in any pension plan covered by the Multiemployer Pension Plan Amendments Act of 1980 or other multiemployer pension
plan or similar fund.

 

    	26

    	 

    

 

(o)    After Closing, the
Seller and Manager shall afford the Purchaser and its agents reasonable access to their books of account, financial and other records,
information, employees and auditors to the extent such items and contact with such persons relate solely to the Property and to
the extent necessary in connection with any audit or any other reasonable business purpose relating to the Property (other than
litigation or investigation of any claim or action against the Seller or the Manager), including, but not limited to a 3-05 Audit
or any other audit which may be required by the Securities Exchange Commission; provided that: (i) any such access by the
Purchaser or its agents shall not unreasonably interfere with the conduct of the Seller’s or the Manager’s business;
(ii) information concerning employees shall be limited to such employees’ names, titles, dates of employment and pay rates,
and shall not include any private or confidential information concerning such employees; and (iii) Purchaser or its agents
shall keep the information contained in such records confidential; provided, however, that any such information compiled in a report
and distributed in accordance with Securities and Exchange Commission Regulation S-X and Rule 3-05 and/or Rule 3-14 shall not be
prohibited.

 

(p)    Purchaser’s
representatives shall have access to, and the Seller and Seller’s Manager shall cooperate with Purchaser and furnish upon
request, all financial and other information relating to the Property to the extent necessary to enable Purchaser’s representatives
to complete the 3-05 Audit and prepare audited financial statements in conformity with Regulation S-X of the Securities and Exchange
Commission (the “SEC”) and other applicable rules and regulations of the SEC and to enable them to prepare a registration
statement, report or disclosure statement for filing with the SEC on behalf of Purchaser or its affiliates, whether before or after
Closing and regardless of whether such information is included in the records to be transferred to Purchaser hereunder. Seller
shall also provide to Purchaser’s representative a signed representation letter in form and substance reasonably acceptable
to Seller sufficient to enable an independent public accountant to render an opinion on the financial statements related to the
Property. Seller shall maintain its records for use under this Section for a period of not less than one (1) year after the Closing
Date. The provisions of this Section shall survive Closing or termination of this Agreement.

 

4.5  Conditions
Precedent to Purchaser’s Obligations. Purchaser’s obligations under this Agreement are conditioned upon the
satisfaction of the following conditions:

 

(a)    Seller’s representations
and warranties set forth in this Agreement shall continue to be true and accurate in all material respects subject, however, to
Section 4.3.

 

(b)   Seller shall have
performed all of its obligations in all material respects under this Agreement, including, without limitation, the delivery of
the documents set forth in Section 5.4(a).

 

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(c)    There shall be no
judicial, quasi-judicial, administrative or other proceeding initiated by a person or entity that is not an affiliate of Purchaser
pending that seeks to enjoin the consummation of the sale and purchase hereunder as of the Closing Date.

 

(d)    There shall be no
actions, suits, arbitrations, governmental investigations or other proceedings pending or, to Seller’s Knowledge, threatened
against Seller or affecting the Property before any court or governmental authority, an adverse determination of which might materially
and adversely affect (a) the financial condition or operations of Seller or the Hotel, (b) Seller’s ability to enter into
or perform this Agreement or (c) Seller’s title to the Property.

 

(e)    At Seller’s
sole cost and expense, the Management Agreement shall be terminated as of the Closing Date and Seller shall deliver possession
of the Property to Purchaser at the Closing Date free and clear of such agreement. If Purchaser shall have designated a replacement
manager for the Hotel (the “New Manager”), Seller shall, and shall cause Manager to, cooperate with the New
Manager in order to permit the New Manager to prepare to manage the Hotel from and after Closing.

 

(f)     Seller shall have
given appropriate notice to Franchisor and shall have taken all other action reasonably necessary to terminate the Franchise Agreement
effective on the Closing Date.

 

(g)    Franchisor shall
have approved of Purchaser or its designee as a franchisee of the Hotel and shall have entered into a new license agreement with Purchaser.

 

(h)    On or prior to Closing,
the Title Company shall irrevocably commit to issue to the Purchaser an owner policy of title insurance in respect of the Property
pursuant to a marked title commitment or pro forma policy effective as of the date of Closing in the amount of the Purchase Price,
subject only to the Permitted Exceptions (the “Title Policy”).

 

(i)     3-05 Audit.
Purchaser shall have received from its auditor either a determination that a 3-05 Audit is not necessary or a statement that the
auditor has completed or will be able to complete the 3-05 Audit as contemplated under Section 1.4.

 

If any of the foregoing
conditions have not been satisfied as of the Closing Date for reasons other than a Purchaser default, then Purchaser, subject to
any applicable notice and cure periods as provided in other provisions of this Agreement (including, without limitation, Section
6.2 below), shall be entitled to terminate this Agreement pursuant to this Section 4.5 by giving Seller written notice
to such effect, whereupon Escrow Agent shall disburse the Earnest Money to Purchaser as set forth in the Escrow Instructions and
the parties shall thereafter have no further rights or liabilities under this Agreement, except that (i) each party shall pay one-half
(1/2) of the expenses of escrow unless the termination is solely due to Seller’s failure to perform its obligations hereunder
in which event Seller shall pay the expenses of escrow, and (ii) each party shall continue to be obligated under the Surviving
Obligations. If Purchaser has actual knowledge that a condition remains unsatisfied but nonetheless elects not to terminate this
Agreement or to pursue any remedies it may have under Article VI and proceeds with Closing, then such unsatisfied condition
shall be deemed waived by Purchaser. Notwithstanding the foregoing, in the event that Purchaser terminates this Agreement due to
a Seller default, Section 6.2 shall control the obligations of the parties and disbursements of the Earnest Money.

 

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4.6   Conditions
Precedent to Seller’s Obligations. Seller’s obligations under this Agreement are conditioned upon the satisfaction
of the following conditions:

 

(a)    Purchaser’s
representations and warranties set forth in this Agreement shall continue to be true and accurate in all material respects.

 

(b)    Purchaser shall
have performed all of its obligations in all material respects under this Agreement, including, without limitation, the delivery
of the documents set forth in Section 5.4(b).

 

(c)    There shall be no
judicial, quasi-judicial, administrative or other proceeding initiated by a person or entity that is not an affiliate of Seller
pending that seeks to enjoin the consummation of the sale and purchase hereunder as of the Closing Date.

 

(d)    Purchaser shall
pay all termination, liquidated damages, assignment, new franchise, PIP order costs and all other fees and costs in connection
with the termination, assumption, renewal and/or transfer of the existing franchise to enable Purchaser to continue to operate
the Property after Closing as a Hampton Inn. Purchaser may, at its option, arrange for a different franchise for the Property so
long as all costs of termination, liquidated damages and associated costs and fees for the existing franchise to be terminated
and all costs and fees associated with any different franchise are all paid solely by Purchaser without any cost, recourse or liability
to Seller. Purchaser shall on or prior to Closing commit to undertake and then complete after Closing, at its sole cost, all PIPs
required for the Property by the Franchisor and, on or prior to Closing, secure its obligations with financial assurances by cash
reserves and/or guaranties to the extent required by the applicable franchisor. In all events, Purchaser shall structure all arrangements
with Franchisor or any different franchisor such that Seller and all parties affiliated with Seller (including, without limitation,
any Seller-related guarantors) under the Franchise Agreement for the Property shall be released from liability thereunder in a
form as typically provided by such Franchisor as of Closing and, in connection with the foregoing, provide Seller with documentation
evidencing such releases as reasonably requested by Seller.

 

If any of the forgoing
conditions have not been satisfied as of the Closing Date for reasons other than a Seller default, then Seller, subject to any
applicable notice and cure periods as provided in other provisions of this Agreement (including without limitation, Section
6.1 below), shall be entitled to terminate this Agreement pursuant to this Section 4.6 by giving Purchaser written notice
to such effect, whereupon Escrow Agent shall disburse the Earnest Money as set forth in the Escrow Instructions and the parties
shall thereafter have no further rights or liabilities under this Agreement, except that (i) each party shall pay one-half
(1/2) of the expenses of escrow unless the termination is solely due to Purchaser’s failure to perform its obligations hereunder
in which event Purchaser shall pay the expenses of escrow, and (ii) each party shall continue to be obligated under the Surviving
Obligations. If Seller has actual knowledge that a condition remains unsatisfied but nonetheless elects not to terminate this Agreement
or to pursue any remedies it may have under Article VI and proceeds with the Closing, then such unsatisfied condition shall
be deemed waived by Seller. Notwithstanding the foregoing, in the event that Seller terminates this Agreement due to a Purchaser
default, Section 6.1 shall control the obligations of the parties and disbursements of the Earnest Money.

 

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V.

Closing Matters

 

5.1   Closing Date.
The Closing, as evidenced by the payment and release of the Purchase Price by Closing Agent to Seller in accordance with the
terms of this Agreement and the release by Closing Agent of the Quitclaim Deed for recording, shall occur on or before Noon, Eastern
Time, on the date which is thirty (30) days after the expiration of the Contingency Period, or such other date as Seller and Purchaser
shall agree upon in writing (the “Closing Date”). The Closing shall be effected through the escrow with the
Title Company. Purchaser and Seller shall execute appropriate instructions to implement the closing of such escrow.

 

5.2    Adjustment
and Prorations. The matters and items set forth below shall be apportioned between Seller and Purchaser or, where applicable,
credited in total to a particular party:

 

(a)     Taxes.

 

(i)    All real
and personal property taxes and special assessments, if any, whether payable in installments or not, shall be prorated as of the
Cut-Off Time and Seller shall be responsible for all such amounts attributable to the period prior to the Cut-Off Time, and Purchaser
shall be responsible for all such amounts attributable to the period after the Cut-Off Time. If such taxes for the tax year in
which the Closing occurs or any previous tax year have not been finally determined on the Closing Date, then such taxes shall be
prorated on an estimated basis using the most current information available. When such taxes have been finally determined, the
parties shall recalculate such prorations and any amount payable by Seller or Purchaser shall be paid to the other party, net of
any applicable tax consultant fees if appeals are currently in process, within fifteen (15) days after such taxes are finally determined.

 

(ii)    Seller
retains the right to continue and settle any proceeding pending as of the Effective Date and to contest any real and personal property
taxes and special assessments for any period prior to the Closing Date, and Seller shall be entitled to any refunds or abatements
awarded in such proceedings or in any proceedings to the extent the real and personal property taxes, special assessments, refunds
or abatements relate to periods of time prior to the Closing Date. After the Effective Date, Seller shall not enter into any agreements
relating to future tax years that commence after the Closing Date that would be binding upon Purchaser or the Property. In the
event that Purchaser files a tax appeal or request for reassessment for the tax year in which the Closing occurs, Seller and Purchaser
shall share in the amount of any rebate or refund resulting therefrom (after first paying to Purchaser all reasonable costs and
expenses incurred by Purchaser in pursuing such appeal or reassessment) in proportion to their respective periods of ownership
of the Property for such tax year. Seller and Purchaser shall use commercially reasonable efforts to cooperate with the party contesting
such taxes or assessments (at no cost or expense to the party not pursuing such contest) and to execute and deliver any documents
and instruments reasonably required by the party pursuing such contest. The obligations of this Section 5.2(a)(ii) shall
survive Closing.

 

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(b)   Room Rentals.
An amount equal to one-half (50%) of the room rentals (less credit card commissions) attributable to the night prior to the Closing
Date shall be the property of Seller and the remaining one-half (50%) shall be the property of Purchaser. Room rentals attributable
to any night prior to the night prior to the Closing Date shall be the property of Seller.

 

(c)    Advance Deposits.
Prepaid and unearned Advance Deposits and other such third party prepaid items relating to periods after the Cut-Off Time shall
be transferred to Purchaser, or the amounts thereof credited to Purchaser, at the Closing.

 

(d)    Utility Charges.
Utility charges for telephone, gas, electricity, sewer, water and other services shall not be prorated to the extent that Seller
can make arrangements for the rendering of final bills based on meter readings as of the Cut-Off Time. Seller shall be responsible
for the payment at the Closing of all bills for utility charges up to and including the Cut-Off Time. To the extent that utility
bills cannot be rendered as of the Closing Date, such charges for the period through the Cut-Off Time shall be prorated as of the
Cut-Off Time based upon the most recent available bills and readjusted on the basis of the actual bills as and when received. Any
utility deposits shall be transferred to Purchaser and credited to Seller at the Closing.

 

(e)    Operating Expenses
and Trade Accounts. At Closing, Seller shall receive a credit for all unconsumed portions of prepaid expenses except to the
extent they pertain to Permits issued by governmental authorities that are not capable of being assumed by or transferred to Purchaser
at Closing. Seller shall be responsible for all operating expenses and trade accounts of the Property (including, without limitation,
charges and fees payable under the Hotel Contracts and all hotel/motel sales and occupancy taxes) up to and including the Cut-Off
Time, unless Seller and Purchaser mutually agree that Purchaser shall assume any such payables, in which case Purchaser shall receive
a credit for the amount of the assumed payables at Closing; provided, however, that Purchaser shall be responsible for all purchase
orders for Inventories and Operating Equipment (“Purchase Orders”) made by Seller in the Ordinary Course of
Business not delivered to the Hotel as of the Closing Date. To the extent the amounts of such items are then known, Seller shall
pay such items at the Closing, and Seller shall pay the balance of such items in the Ordinary Course of Business, but in no event
later than the date which is forty-five (45) days after the date on which Seller receives written invoices for such items. Notwithstanding
the foregoing, Purchaser acknowledges and agrees that Seller may postpone and/or contest payment of any operating expense or trade
account which is the subject of a bona fide dispute. Seller agrees to indemnify, defend and hold Purchaser harmless from and against
any Claims or other matters relating to such contested operating expenses and trade accounts. All operating expenses and trade
accounts accruing after the Cut-Off Time (“Post-Closing Expenses”) shall be the responsibility of Purchaser
and Purchaser agrees to indemnify, defend and hold Seller harmless from and against any Claims or other matters relating to (i)
the Purchase Orders, or (ii) the Post-Closing Expenses.

 

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(f)    Food, Beverage
and Other Income. Revenues from food, beverage and banquet services, room service, public room revenues, health club revenues
and other services rendered to guests of the Hotel and the expenses related thereto attributable to the night prior to Closing
shall be the property of Seller.

 

(g)    Rents. All
rentals under the Space Leases (including fixed and percentage rents and charges in respect of electricity, operating expenses
and taxes) shall be prorated as of the Cut-Off Time if, as and when collected. If there are any arrearages under the Space Leases
as of the Closing Date, any rents collected by Seller or Purchaser after the Closing Date with respect to such Space Leases shall
be applied as designated by the tenant making such payment, or, if no such designation is made, first to any arrearages for the
calendar month in which the Closing occurs, second to any arrearages for the months after the calendar month in which the Closing
occurs, third to any arrearages for the calendar month immediately preceding the calendar month in which the Closing occurs, and
fourth to any other arrearages. Payments from tenants for electricity, operating expenses and taxes which are billed to tenants
in arrears or on an estimated basis shall be prorated on such basis and readjusted if, as and when such amounts are finally determined
and collected.

 

(h)    Employees.
Seller shall, or shall cause Manager to, pay to Hotel Employees, as provided in Section 5.7, all wages and benefits (including,
without limitation, all Accrued Vacation and Sick Time) that any Hotel Employee is owed on account of services rendered through
the Cut-Off Time, pursuant to statute or contract.

 

(i)     Security
Deposits. Any unapplied security deposits under the Space Leases, if any, shall be transferred to Purchaser at the Closing
or credited against the Purchase Price.

 

(j)     Cash. All
cash on hand in house banks (including the General Manager’s petty cash fund) on the morning of the Closing Date shall become
the property of Purchaser and the amount thereof shall be credited to Seller at the Closing. All other funds of Seller shall remain
its property and shall be withdrawn by or transferred or credited to Seller at Closing.

 

(k)    Ledger and Other
Receivables. All accounts receivable of any kind attributable to guests in the Hotel on the night preceding the Closing (the
“Guest Ledger”) shall belong to Seller with 100% of Seller’s share credited to Seller at Closing and the
Guest Ledger becoming the property of Purchaser at Closing; provided, however, room revenue for the night which carries over to
the Closing Date shall be shared equally between Purchaser and Seller as provided in Section 5.2(b) above. It is expressly agreed
by and between Purchaser and Seller that Seller is not hereby agreeing to sell to Purchaser, and Purchaser is not hereby agreeing
to purchase from Seller, any of Seller’s accounts receivable. All of Seller’s accounts receivable shall be and remain
the property of Seller. At the Closing, Seller shall prepare a list of its outstanding accounts receivable as of midnight on the
date prior to the Closing, specifying the name of each account and the amount due to Seller. Purchaser shall hold any funds received
by Purchaser on account of or with respect to such accounts receivable, in trust, if Purchaser actually collects any such amounts,
and shall pay the monies collected in respect thereof to Seller at the end of each calendar month, accompanied by a statement showing
the amount collected on each such account. Other than the foregoing, Purchaser shall have no obligation with respect to any such
account, and Purchaser shall not be required to take any legal proceeding or action to effect collection on behalf of Seller. It
is generally the intention of Purchaser and Seller that although all of Seller’s accounts receivable shall be and remain
the property of Seller, if any such accounts are paid to Purchaser, then Purchaser shall collect same and remit to Seller in the
manner above provided. Nothing herein contained shall be construed as requiring Purchaser to remit to Seller any funds collected
by Purchaser on account of Purchaser’s accounts receivable generated from Hotel operations after the Closing, even if the
person or entity paying same is also indebted to Seller.

 

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(l)     Existing Inventory.
Seller shall at Closing receive a credit for the book value of the Hotel’s existing inventory of unopened containers of food
and beverage, unopened paper goods, guest supplies, cleaning supplies, operating supplies, and printing supplies, and, to the extent
permitted by applicable local law, unopened Alcoholic Beverages.

 

(m)   Closing Statements.
Purchaser and Seller will conduct inventories, examinations and audits of the Property as may be necessary to make the adjustments
and prorations required under this Section, or under any other provisions of this Agreement. Based upon such audits, examinations
and inventories conducted on the night preceding the Closing Date, Seller and Purchaser will prepare a Closing Statement (herein
so called), which will show the net amount due either to Seller or to Purchaser as the result thereof, and such net amount will
be added to, or subtracted from, the payment of the Purchase Price to be paid to Seller pursuant to this Agreement.

 

To the extent that any
of the items described above cannot be finally determined on the Closing Date, then such items shall be prorated on an estimated
basis using the most current information. Within ninety (90) days after the Closing Date, Seller and Purchaser shall recalculate
such prorations and any amount payable by Seller or Purchaser shall be paid to the other party within fifteen (15) days after such
recalculation. This Section 5.2 shall survive the Closing.

 

5.3   Guest Property
in Seller’s Possession on Closing Date. Property of guests of the Hotel in Seller’s care, possession or control
(excluding that in guest rooms) on the Closing Date shall be handled in the following manner:

 

(a)    Safe Deposit
Boxes. On the day prior to the Closing Date, Seller shall notify all guests of the Hotel who have safe deposit boxes advising
them of the pending sale of the Property and requesting the removal and verification of the contents of such safe deposit boxes
within three days thereafter. Seller may have a representative present at the Hotel during such period for the purpose of viewing
such removal and verification. Boxes of guests not responding to the written notice shall be listed at the end of such three day
period. Such boxes shall be opened on the following day in the presence of representatives of Seller and Purchaser to be agreed
upon between Seller and Purchaser and the contents thereof shall be recorded. Any property contained in the safe deposit boxes
and so recorded and thereafter remaining in the hands of Purchaser shall be the responsibility of Purchaser; and Purchaser hereby
agrees to indemnify, defend and save and hold Seller harmless from and against any Claim or obligation arising out of or with respect
to such recorded property. Seller shall be responsible for, and shall indemnify, defend and hold Purchaser harmless from and against,
any Claim arising with respect to property placed in the safe deposit boxes before the Closing that is not listed in said inventory.
The indemnities set forth in this Section 5.3(a) shall survive the Closing.

 

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(b)   Baggage Inventory.
All guest baggage and other guest property checked and left in the possession, care and control of Seller shall be listed in an
inventory to be prepared in duplicate and signed by Seller’s and Purchaser’s representatives on the day prior to the
Closing Date (the “Baggage Inventory List”). Purchaser shall be responsible from and after the Closing Date
for all baggage (and the contents thereof) and other guest property listed on the Baggage Inventory List. Purchaser agrees to indemnify,
defend and save and hold Seller harmless from and against any Claim arising out of or with respect to the baggage listed on the
Baggage Inventory List, and Seller agrees to indemnify, defend and save and hold Purchaser harmless from and against any Claim
arising prior to the Closing Date out of or with respect to any guest baggage or other guest property not listed on the Baggage
Inventory List. The indemnities set forth in this Section 5.3(b) shall survive the Closing.

 

5.4   Closing Documents.

 

(a)    On or before the
Closing Date, Seller shall deliver to Closing Agent or to Purchaser, as appropriate, the following, dated as of the Closing Date
(as applicable):

 

(i)    a Quitclaim
Deed, conveying the fee simple title in the Real Property to Purchaser free of all encumbrances except the Permitted Exceptions,
duly authorized, executed and acknowledged by Seller, in the form attached hereto as Exhibit “I” (the
“Quitclaim Deed”);

 

(ii)    two (2)
counterparts of a Bill of Sale and Assignment and Assumption Agreement, transferring to Purchaser all of the Personal Property,
duly authorized and executed by Seller, in the form attached hereto as Exhibit “J” (the “Bill
of Sale and Assignment”), together with original certificates of title for all vehicles that are part of the Property,
endorsed to transfer same to Purchaser (and any necessary governmental forms to effect the transfer);

 

(iii)  a certificate,
stating that each of the representations and warranties of Seller set forth in this Agreement are, as of the Closing Date, true
and accurate in all material respects (subject to Section 4.3(b)), duly authorized and executed by Seller, in the form attached
hereto as Exhibit “K” (the “Seller’s Certificate”);

 

(iv)   possession
of the Property, subject to the rights of Hotel guests and the Permitted Exceptions, and any and all keys, access codes and plans
and specifications for the Improvements on the Property in Seller’s possession;

 

(v)    a certified
copy of such authorizations, approvals and incumbencies of Seller as the Title Company shall reasonably require;

 

(vi)   a FIRPTA
Affidavit executed by Seller in form required by the Internal Revenue Service;

 

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(vii)  an executed
copy of the safe deposit inventory list and Baggage Inventory List;

 

(viii) if
applicable, an Interim Liquor Agreement, duly executed by the Existing Permittee;

 

(ix)    a customary
settlement statement reflecting the parties’ respective costs of Closing hereunder;

 

(x)     if applicable,
the Tax Certificates required by Section 5.5(c) of the Agreement;

 

(xi)    to the
extent not previously delivered to Purchaser, copies (or originals if available) of the Hotel Contracts, Space Leases, if any,
and assignable Permits, and all Books and Records, which shall be deemed to be delivered to Purchaser upon delivery of possession
of the Hotel if located at the Hotel on the Closing Date;

 

(xii)   evidence
reasonably acceptable to Purchaser and Title Company of termination of the Management Agreement;

 

(xiii)  the
Estoppels from tenants under any Spaces Leases or alternatively, a certification from Seller, as contemplated in Section 4.4(l);

 

(xiv)  letters
to each tenant under any Space Lease notifying such tenants of the sale of the Property, such letters to be jointly signed by Seller
and Purchaser; and

 

(xv)   any other
agreements, documents and/or instruments as may be reasonably required or requested by the Title Company to consummate this transaction.

 

(b)    On or before the
Closing Date, Purchaser shall deliver to Closing Agent or to Seller, as appropriate, the following, dated as of the Closing Date
(as applicable):

 

(i)      funds
evidencing the Purchase Price (as adjusted by the application of the Earnest Money), plus or minus costs and prorations as set
forth herein and any other funds needed to satisfy Purchaser’s obligations hereunder;

 

(ii)     two (2)
counterparts of the Bill of Sale and Assignment, duly authorized and executed by Purchaser;

 

(iii)    a certified
copy of such authorizations, approvals and incumbency as Seller or the Title Company shall reasonably require;

 

(iv)    a certificate,
stating that each of the representations and warranties of Purchaser set forth in this Agreement are, as of the Closing Date, true
and accurate in all material respects as required by Section 4.6(a) hereof, duly authorized and executed by Purchaser, in
the form attached hereto as Exhibit “L” (the “Purchaser’s Certificate”);

 

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(v)    if applicable,
the Tax Certificates required by Section 5.5(c) of the Agreement;

 

(vi)   an executed
copy of the safe deposit inventory list and Baggage Inventory List;

 

(vii)   a customary
settlement statement reflecting the parties respective costs of Closing hereunder;

 

(viii)  if
applicable, an Interim Liquor Agreement duly executed by Purchaser or Purchaser’s designee;

 

(ix)    letters
to each tenant under any Space Lease notifying such tenants of the sale of the Property, such letters to be jointly signed by Seller
and Purchaser; and

 

(x)     any other
agreements, documents and/or instruments as may be reasonably required or requested by the Title Company or Seller to consummate
this transaction.

 

5.5   Closing
Costs.

 

(a)    In addition to the
other costs and expenses to be paid by Seller set forth elsewhere in this Agreement, Seller shall pay for the following costs in
connection with this transaction: (i) the fees and expenses of its own accountants and attorneys; (ii) all transfer taxes
relating to the transfer of the Property, (iii) the fees, costs and expenses for recording any of the documents removing encumbrances;
and (iv) one-half (50%) of any escrow fees and costs.

 

(b)    In addition to the
other costs and expenses to be paid by Purchaser set forth elsewhere in this Agreement, Purchaser shall pay for the following costs
in connection with this transaction: (i) the fees and expenses of its own accountants and attorneys; (ii) the cost the
Title Policy and the cost of any mortgagee policy; (iii) the fees, costs and expenses incurred by Purchaser in connection
with its due diligence activities; (iv) the fees, costs and expenses for recording any of the Closing Documents; and (v) one-half
(50%) of any escrow fees and costs.

 

(c)    Seller and/or Purchaser,
as applicable, shall execute and deliver any transfer and sales tax returns, exemption certificates and/or occasional sales certificates
(collectively, the “Tax Certificates”) as may be required by law or deemed reasonably necessary by either party.

 

(d)    The provisions of
this Section 5.5 shall survive the Closing.

 

5.6   Real Estate
Commissions. Seller and Purchaser each represent and warrant to the other that it has not dealt with any broker or finder
in the negotiation of this transaction other than Broker, who is Seller’s broker in this transaction. Each party agrees to
and does hereby indemnify and hold the other harmless against the payment of any commission or finder’s fee to any other
person or entity claiming by, through or under such party, as applicable. Seller shall pay the commission of Broker pursuant to
separate agreement. This Section 5.6 shall survive the Closing or earlier termination of this Agreement.

 

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5.7   Hotel Employees.

 

(a)    Seller shall, or
shall cause Manager to, terminate or arrange for the termination of all Hotel Employees to be effective as of the Closing and shall,
or shall cause Manager to, pay (i) to Hotel Employees all wages, severance pay, bonuses, benefits and other compensation (including
earned or accrued but not taken vacation and sick time of any Hotel Employee (the “Accrued Vacation and Sick Time”))
and (ii) all payroll taxes and other employment taxes that any Hotel Employee is owed through termination, pursuant to statute
or contract. Purchaser covenants to Seller that Purchaser or its management company shall, before the Closing, offer employment
(to be effective as of the Closing) to a sufficient number of Hotel Employees on such terms and conditions as may be required so
that the actions of the parties pursuant to this Agreement shall not trigger the application of the federal Worker Adjustment and
Retraining Notification Act (the “WARN Act”) or applicable state laws with respect to employees regarding transfers
of businesses. Nothing in this Section, however, shall require Purchaser to retain for any period of time any Hotel Employee who
is unable to establish identity and work authorization for employment verification, who does not pass a criminal background check
or who fails to pass any drug test requirement of Purchaser. It is further agreed, that nothing within this Section shall prohibit
the Purchaser from terminating any rehired Hotel Employee for cause in accordance with the WARN Act or applicable state laws and
their implementing regulations. In addition, no part of this provision is intended to alter, nor does it alter, the at will status
of the Hotel Employees. Seller will use commercially reasonable efforts to cause Manager to cooperate with Purchaser to cause an
orderly transfer of the Hotel Employees to the employ of Purchaser. Seller and Purchaser acknowledge that Purchaser may, but is
not obligated to, offer employment to the General Manager and other management level employees. Manager shall remain fully responsible
for all liability and obligations to Hotel Employees who do not accept Purchaser’s offer of employment. No Hotel Employee
shall be obligated to accept Purchaser’s or its management company’s offer for employment. Nothing in this Agreement
shall require Purchaser to assume any obligations under any employee benefit plans, programs or arrangements currently maintained
for Hotel Employees, and Seller shall, or shall cause Manager to, retain and be solely responsible for all obligations under such
plans, programs or arrangements.

 

(b)   As long as Purchaser
has received the Hotel Employee Schedule or Seller has otherwise identified the Hotel Employees to Purchaser prior to the Closing
and provided sufficient information to Purchaser to allow Purchaser to make an offer of employment to such Hotel Employees pursuant
to this Section 5.7 prior to Closing, if Purchaser or Purchaser’s manager elect not to retain or rehire such Hotel
Employees, Purchaser will be responsible for all obligations, if any, arising with respect to such terminated Hotel Employees under,
pursuant to, and in accordance with the provisions of the WARN Act and applicable state laws with respect to employees regarding
transfers of businesses. Purchaser acknowledges that it expects Purchaser or Purchaser’s manager to retain or rehire a sufficient
number of the Hotel Employees, so that Seller will not be required to give any notices that would otherwise be required under the
WARN Act (or applicable state laws with respect to employees regarding transfers of businesses) prior to the termination of the
Hotel Employees. Purchaser agrees to indemnify, defend and hold Seller harmless from and against any and all costs and expenses
(including, without limitation, reasonable attorneys’ fees) incurred by Seller under the WARN Act and applicable state laws
with respect to employees regarding transfers of businesses resulting from any termination by Purchaser or Purchaser’s manager
of Hotel Employees at any time after the Closing Date.

 

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(c)   Seller will indemnify,
defend and hold Purchaser harmless from and against any loss, damage, liability, claim, cost or expense (including, without limitation,
reasonable attorneys’ fees) (“Employee Claims”) that may be incurred by, or asserted against, Purchaser
relating to a past or present Hotel Employee to the extent arising from Seller’s acts or omissions occurring at or prior
to Closing (including, without limitation, any Employee Claims which have not yet been asserted by the Closing). Purchaser will
indemnify and hold Seller harmless from and against any Employee Claims that may be incurred by, or asserted against, Seller after
Closing relating to a past or present Hotel Employee who accepts Purchaser’s offer of employment to the extent arising from
acts or omissions occurring on or subsequent to the date of Closing. These indemnities apply, without limitation, to all forms
of civil labor and/or employment claims under state, federal or local law, whether brought in judicial, administrative, arbitration
or other proceedings, private or public. Seller and Purchaser acknowledge and agree that nothing in this Agreement is intended
to create a “joint employer” relationship between them with respect to any Hotel Employee.

 

(d)   The provisions of
this Section 5.7 shall survive the Closing.

 

5.8  Disbursements
and Other Actions by Title Company. At the Closing, Closing Agent shall promptly undertake all of the following as and
to the extent reflected on the settlement statement executed by Seller at Closing:

 

(a)    Disburse all funds
deposited with Closing Agent (including Earnest Money to be disbursed by Escrow Agent on the Closing Date) by Purchaser as follows:

 

(i)     If, as
a result of the prorations and credits pursuant to Section 5.2 above, amounts are to be charged to the account of Seller,
deduct the total amount of such charges;

 

(ii)    Deduct
and pay to the appropriate third party all items chargeable to the account of Seller pursuant to Section 5.5 above;

 

(iii)   Pay
to the appropriate third party from funds deposited by Purchaser all items chargeable to the account of Purchaser pursuant to
Section 5.5 above;

 

(iv)   Disburse
the balance of the funds due to Seller to or as directed by Seller; and

 

(v)    Disburse
any remaining funds to or as directed by Purchaser.

 

All amounts and payees with respect to the
items listed above shall be shown on settlement statements executed at the Closing.

 

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(b)    Cause the Quitclaim
Deed to be recorded in the Office of the Town Clerk in the town or township where the Property is located (with instructions to
return the Quitclaim Deed to Purchaser after recordation), and obtain conformed copies thereof for distribution to Seller and Purchaser;

 

(c)    Issue to Purchaser
the Title Policy (including any endorsements issued in connection therewith);

 

(d)    Deliver to Purchaser
and Seller the other applicable fully-executed documents; and

 

(e)    Take such other
actions as Seller and Purchaser may deem necessary or convenient for the consummation of the Closing.

 

5.9   Title Company
as Reporting Person. In order to assure compliance with the requirements of Section 6045 of the Code, and any related reporting
requirements of the Code, the parties hereto agree as follows:

 

(a)    Title Company agrees
to assume all responsibilities for information reporting required under Section 6045(e) of the Code, and Seller and Purchaser hereby
designate Title Company as the person to be responsible for all information reporting under Section 6045(e) of the Code (the “Reporting
Person”).

 

(b)    Seller and Purchaser
hereby agree (i) to provide to the Reporting Person all information and certifications regarding such party, as reasonably requested
by the Reporting Person or otherwise required to be provided by a party to the transaction described herein under Section 6045
of the Code; (ii) to provide to the Reporting Person such party’s taxpayer identification number and a statement (on Internal
Revenue Service Form W-9 or an acceptable substitute form, or on any other form the applicable current or future Code sections
and regulations might require and/or any form requested by the Reporting Person), signed under penalties of perjury, stating that
the taxpayer identification number supplied by such party to the Reporting Person is correct; and (iii) to retain this Agreement
for not less than four (4) years from the end of the calendar year in which the Closing occurred, and to produce it to the Internal
Revenue Service upon a valid request therefore.

 

5.10  Survival.
The provisions of Article V shall survive the Closing.

 

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VI.

Remedies

 

6.1    Seller’s
Remedies. Prior to entering into this transaction, Purchaser and Seller have discussed the fact that substantial damages
will be suffered by Seller if Purchaser shall fail to perform its obligations under this Agreement and such failure is not caused
by (i) a default by Seller under this Agreement, (ii) the failure of any condition precedent to Purchaser’s obligations under
this Agreement, or (iii) Purchaser’s termination of this Agreement in accordance with its terms. Due to the fluctuation in
land values, the unpredictable state of the economy and of governmental regulations, the fluctuating money market for real estate
loans of all types, and other factors which directly affect the value and marketability of the Property, the parties recognize
that it would be extremely difficult and impracticable, if not impossible, to ascertain with any degree of certainty the amount
of damages which would be suffered by Seller in the event of Purchaser’s failure to perform its obligation to purchase the
Property under this Agreement. Accordingly, the parties agree that a reasonable estimate of Seller’s damages in such event
is the amount of the Earnest Money, and if Purchaser defaults in any material respect in performing the obligation to purchase
the Property under this Agreement to close, including, but not limited to, its obligations under Section 5.4(b), then Seller,
as its sole remedy therefor, after delivery of written notice to Purchaser of such failure and the expiration of a five (5) business
day cure period from delivery of such notice, shall be entitled to immediately terminate this Agreement by giving Purchaser written
notice to such effect, and receive and retain the Earnest Money as liquidated damages, whereafter the parties shall have no further
rights or liabilities under this Agreement, except that (i) Purchaser shall pay the expenses of escrow, and (ii) each party shall
continue to be obligated under the Surviving Obligations. Upon the occurrence of a Purchaser default entitling Seller to receive
and retain the Earnest Money as liquidated damages and following the proper termination of the Agreement by Seller pursuant to
this Section 6.1, Purchaser hereby waives and releases all rights to purchase the Property and upon demand from Seller,
Purchaser agrees to evidence such waiver and release in written form satisfactory to Seller, which obligation shall survive the
termination of this Agreement. Notwithstanding the foregoing, (i) this provision will not waive or affect Seller’s rights
and Purchaser’s indemnity obligations under the other sections of this Agreement which survive termination of this Agreement,
and (ii) Seller shall have the right to bring an action for damages against Purchaser for Purchaser’s breach of its
covenants or obligations under the immediately preceding sentence. The preceding sentence shall survive the termination of this
Agreement.

 

6.2   Purchaser’s
Remedies. If Seller defaults in any material respect in performing its obligations under this Agreement to close the sale
of the Property, including but not limited to its obligations under Section 5.4(a), then Purchaser shall have the right,
after delivery of written notice to Seller of such failure and the expiration of a five (5) business day cure period from delivery
of such notice, to exercise any one of the following as Purchaser’s sole and exclusive remedy:

 

(a)    proceed to Closing
without any reduction in or set-off against the Purchase Price, in which case Purchaser shall be deemed to have waived Seller’s
default in performing its obligations and covenants under this Agreement or Seller’s incorrect representations and warranties
and such waiver will be deemed to include any and all Claims associated with the same, including any post-closing survivability
or post-closing indemnity; or

 

(b)    terminate this Agreement
by giving Seller written notice of such election prior to or at the Closing whereupon (i) Escrow Agent shall promptly return the
Earnest Money to Purchaser, (ii) neither party to this Agreement shall thereafter have any further rights or liabilities under
this Agreement, except that (a) Seller shall pay the expenses of escrow, (b) each party shall continue to be obligated under the
Surviving Obligations, and (c) Seller shall reimburse Purchaser for its reasonable aggregate out-of-pocket expenses in connection
with the proposed purchase of the Property (not to exceed the sum of Seventy Five Thousand Dollars ($75,000.00)); or

 

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(c)    seek specific performance
on the part of Seller under the terms of this Agreement; provided such action seeking specific performance is initiated in a court
of competent jurisdiction within sixty (60) days of the scheduled Closing Date; provided, however, that in the event such remedy
is unavailable by reason of any act of Seller, then Purchaser may pursue all remedies available at law or in equity. Failure to
file a suit for specific performance within such sixty (60) day period shall be deemed a waiver of such remedy.

 

6.3   Attorneys’
Fees. If any litigation or other enforcement proceeding is commenced in connection with this Agreement, then the prevailing
party shall be entitled to receive payment of its reasonable attorneys’ fees and expenses and court costs from the other
party (and in addition to any liquidated damages under Section 6.1).

 

6.4    Survival.
The provisions of this Article VI shall survive the Closing or earlier termination of this Agreement.

 

VII.

Condemnation and Risk of Loss

 

7.1    Condemnation
and Casualty. Seller shall promptly notify Purchaser in writing of any condemnation proceeding filed or any casualty to
the Property occurring prior to the Closing.

 

(a)    Condemnation.
If any condemnation proceeding filed prior to the Closing results in, or reasonably would be expected to result in, a loss of all
of the Property or any portion of the Property that would cause a permanent loss of ingress or egress to the Property or otherwise
materially and adversely impair the operation of the Property (any or all of the foregoing instances shall be referred to herein
as the “Condemnation Threshold”), then this Agreement shall, at Purchaser’s sole election, either (i)
continue in effect without modification of the terms thereof, in which event, upon the Closing, Purchaser shall be entitled to
any compensation, awards, or other payments or relief resulting from such condemnation proceeding, or (ii) terminate by Purchaser’s
written notice to Seller and Escrow Agent delivered within five (5) days after receipt by Purchaser of notice of such condemnation,
whereupon Escrow Agent shall disburse the Earnest Money to Purchaser as set forth in the Escrow Instructions and the parties shall
thereafter have no further rights or liabilities under this Agreement, except that (a) each party shall pay one-half (1/2) of the
expenses of escrow, and (b) each party shall continue to be obligated under the Surviving Obligations. If Purchaser does not elect
to terminate this Agreement within such time period, or if any such occurrence does not meet the Condemnation Threshold, then this
Agreement shall continue in effect without modification of the terms thereof, in which event, upon the Closing, Purchaser shall
be entitled to any compensation, awards, or other payments or relief resulting from such condemnation proceeding.

 

(b)    Casualty.
In the event of fire, casualty or any other damage of any kind whatsoever (insured or uninsured) to the Property which is reasonably
estimated to cost five percent (5%) of the Purchase Price or more to repair, replace or remediate (the “Casualty Threshold”),
Purchaser may, at its option, terminate this Agreement and escrow by written notice to Seller within thirty (30) days after Purchaser’s
receipt of the notice of casualty referred to above or at Closing, whichever is earlier, whereupon Escrow Agent shall disburse
the Earnest Money to Purchaser as set forth in the Escrow Instructions and the parties shall thereafter have no further rights
or liabilities under this Agreement, except that (i) each party shall pay one-half (1/2) of the expenses of escrow, and (ii) each
party shall continue to be obligated under the Surviving Obligations. If Purchaser does not elect to terminate this Agreement within
such time period, or if any such occurrence costs less than the Casualty Threshold to repair, replace or remediate, then

 

    	41

    	 

    

 

(i)    the parties
shall proceed to the Closing pursuant to the terms and conditions hereof, without modification of the terms of this Agreement and
without any reduction in the Purchase Price except as set forth in this Section 7.1(b); and

 

(ii)    subject
to Seller supplying Purchaser with satisfactory evidence that such assignment will not impair Seller’s insurance, Seller
shall assign to Purchaser at Closing all of Seller’s interest in any insurance proceeds (except only, rent loss and business
interruption insurance, and any similar insurance attributable to the period preceding the interruption insurance, and any similar
insurance attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire, casualty
or other damage (provided that the amount of such insurance proceeds credited to Purchaser plus any other credits to Purchaser
set forth below will never exceed the Purchase Price), and Purchaser will receive a credit against the Purchase Price for any such
proceeds that are received and retained by any creditor of Seller and for the amount of any deductibles under any policies related
to such proceeds, to the extent such deductibles or insurance proceeds have not been previously expended or are otherwise required
to reimburse Seller for actual expenditures of restoration or the reasonable cost of securing the insurance proceeds.

 

VIII.

Miscellaneous

 

8.1   Entire Agreement.
This Agreement (including the Exhibits attached hereto) constitutes the complete and final expression of the agreement of the
parties relating to the Property and supersedes all previous contracts, agreements, and understandings of the parties, either oral
or written, relating to the Property. This Agreement cannot be modified, or any of the terms hereof waived, except by an instrument
in writing (referring specifically to this Agreement) executed by the party against whom enforcement of the modification or waiver
is sought.

 

8.2   Binding Effect;
Assignment. 

 

(a)    This Agreement shall
inure to the benefit of and be binding upon the heirs, personal representatives, successors and permitted assigns of each of the
parties to this Agreement; provided, however, the same is not intended nor shall it be construed as creating any rights in or for
the benefit of any person or entity other than the parties to this Agreement and their respective personal representatives, successors
and permitted assigns.

 

(b)    Purchaser may assign
its rights under this Agreement upon written notice to Seller but without Seller’s consent to (i) any entity, partnership
or limited liability company over which Purchaser or its principals possess, directly or indirectly, the power to influence the
direction of the management and policies thereof, either through the ownership of voting securities, as a managing general partner
or member, or by contract or otherwise, (ii) to any partnership or limited liability company in which Purchaser, any entity
managed or controlled by the principals or any person or entity controlling, controlled by or under common control with Purchaser,
is a managing partner, general partner, or limited liability company member, (iii) or to any corporation in which Purchaser,
or any entity controlling, controlled by or under common control with Purchaser, owns fifty percent (50%) or more of the voting
stock, or (iv) any subsidiary of any of the foregoing; otherwise, Purchaser may not assign this Agreement without Seller’s
prior written consent which consent may be withheld in Seller’s sole discretion.

 

    	42

    	 

    

 

(c)    Any assignee of
Purchaser shall assume in writing all obligations and liabilities of Purchaser under this Agreement, and Purchaser shall continue
to be liable for the due performance of all of Purchaser’s obligations under this Agreement. Purchaser shall promptly deliver
to Seller an executed copy of any such assignment agreement.

 

8.3    Notices.
Any notice, communication, request, reply or advice (collectively, “Notice”) provided for or permitted
by this Agreement to be made or accepted by either party must be in writing. Notice may, unless otherwise provided herein, be
given or served (i) by depositing the same in the United States mail, postage paid, registered or certified, and addressed
to the party to be notified, with return receipt requested; (ii) by delivery by hand or overnight courier; (iii) by
facsimile transmission evidenced by confirmed receipt by the transmitting machine; or (iv) by e-mail with proof of delivery.
Notice deposited in the mail in the manner herein above described shall be effective two (2) business days after such deposit.
Notice by overnight courier shall be effective one (1) business day after deposit with the courier service. Notice given by facsimile
transmission or email shall be effective on the business day delivered as evidenced by the printed delivery confirmation receipt
retained by the sender, provided that such notice is also sent concurrently by registered or certified mail or overnight courier.
Notwithstanding the foregoing, any Notice received after 5:00 p.m., local time of the recipient, shall be deemed to have been
delivered the following business day. For the purposes of Notice, the addresses of the parties shall be:

 

	 	Seller:	Revere Hospitality, LLC
 269 Hanover Street
 Unit #2
 Hanover, Massachusetts 02339
 Attention: Glenn Gistis
 Fax No.: (781) 826-2411
 Email: ggistis@linchris.com	 
	 	 	 	 
	 	with a required copy to:	 
	 	 	 	 
	 	 	Peter F. Burger, Esquire
 Orr & Reno, PA
 45 S. Main Street
 P.O. Box 3550
 Concord, New Hampshire 03302-3550
 Fax No. (603) 223-9004
 Email: pburger@orr-reno.com	 

 

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	 	Purchaser:	 	 
	 	 	Moody National REIT I, Inc.
 6363 Woodway, Suite 110
 Houston, Texas 77057
 Attn: Brett Moody/ Alex Sims
 Telephone: (713) 977-7500
 Facsimile: (713) 977-7505
 bmoody@moodynational.com/
 asims@moodynational.com	 
	 	 	 	 
	 	with a required copy to:	 
	 	 	 	 
	 	 	Mr. Adam S. Wilk
 Ms. Kasi Moeskau
 Sneed, Vine & Perry, P.C.
 900 Congress, Suite 300
 Austin, Texas 78701
 Telephone No. (512) 476-6955
 E-Mail: awilk@sneedvine.com/
 kmoeskau@sneedvine.com
	 

 

The parties shall have
the right from time to time to change their respective addresses for notice by at least five (5) business days’ written notice
to the other party. The Email addresses of the parties are set forth above, and they may be relied on for purposes of Notice.

 

8.4   Governing
Law. This Agreement shall be construed in accordance with the laws of the Commonwealth of Massachusetts, without regard
to principles of conflicts of laws.

 

8.5    Section
Headings. The section headings contained in this Agreement are for convenience only and shall in no way enlarge or limit
the scope or meaning of the various and several sections of this Agreement.

 

8.6   Discharge
of Obligations. The acceptance of the Quitclaim Deed by Purchaser shall be deemed to be a full performance and discharge
of every representation and warranty made by Seller herein and every agreement and obligation on the part of Seller to be performed
pursuant to the provisions of this Agreement, except as otherwise specifically provided herein and except the Surviving
Obligations.

 

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

 

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8.8   No Recordation.
Neither Purchaser nor Seller shall record this Agreement or any memorandum or other notice of this Agreement in any
public records. This Section 8.8 shall survive the Closing or earlier termination of this Agreement.

 

8.9   Time of the
Essence. Time is of the essence of this Agreement and of the obligations of the parties to purchase and sell the Property,
it being acknowledged and agreed by and between the parties that any delay in effecting a closing pursuant to this Agreement may
result in loss or damage to the party in full compliance with its obligations hereunder.

 

8.10  Invalid Provisions.
If any one or more of the provisions of this Agreement, or the applicability of any such provision to a specific situation,
shall be held invalid or unenforceable, such provision shall be modified to the minimum extent necessary to make it or its application
valid and enforceable, and the validity and enforceability of all other provisions of this Agreement and all other applications
of any such provision shall not be affected thereby.

 

8.11  Computation
of Time. The time in which any act under this Agreement is to be done shall be computed by excluding the first day and
including the last day. If the last day of any time period stated herein shall fall on a Saturday, Sunday or legal holiday, then
the duration of such time period shall be extended so that it shall end on the next succeeding day which is not a Saturday, Sunday
or legal holiday. Unless preceded by the word “business,” the word “day” shall mean a calendar day. The
phrase “business day” or “business days” shall mean those days on which the state courts of the county
in which the Property is located is open for business.

 

8.12  Seller’s
Knowledge. For the purposes of this Agreement and the documents to be delivered pursuant hereto, references to “To
Seller’s knowledge” or “Seller’s actual knowledge” or “Seller has no knowledge” or any
similar phrase implying a limitation on the basis of knowledge shall mean the actual, present, conscious knowledge of Glenn Gistis,
after inquiry to the General Manager for the Hotel (the “Seller Knowledge Individual”), on the Effective Date
without any further investigation or inquiry (provided that Seller hereby confirms that the Seller Knowledge Individual has read
the representations and warranties of Seller set forth in Section 4.1 and elsewhere in this Agreement) but such individual
shall not have any individual liability in connection herewith. Without limiting the foregoing, Purchaser acknowledges that the
Seller Knowledge Individual has not performed and is not obligated to perform any investigation or review of any files or other
information in the possession of Seller, or to make any inquiry of any persons, or to take any other actions in connection with
the representations and warranties of Seller set forth in this Agreement. Neither the actual, present, conscious knowledge of any
other individual or entity, nor the constructive knowledge of the Seller Knowledge Individual or of any other individual or entity,
shall be imputed to the Seller Knowledge Individual.

 

    	45

    	 

    

 

8.13  Confidentiality.

 

(a)   From and after the
Effective Date, the confidentiality provisions set forth below will be applicable and binding on the parties hereto and their respective
agents and representatives.

 

(b)   The terms of the
transfers contemplated in this Agreement, including the Purchase Price and all other financial terms, as well as the non-public
information discovered by, provided to or otherwise obtained by Purchaser and Seller and their respective agents either prior to
or after the Effective Date in connection with the Property or the Business (the “Confidential Information”)
shall remain confidential and shall not be disclosed by Purchaser or Seller without the written consent of the other party except
(i) to each party’s affiliates, officers, directors, lenders, investors and prospective investors, employees, agents and
representatives (including legal counsel, accountants and similar professionals to the extent the party deems it reasonably necessary
to inform such person(s), in which case they shall inform each of the foregoing persons of such party’s obligations under
this Section and shall secure the agreement of such persons to be bound by the terms hereof); or (ii) as otherwise required by
law, rule or regulation, including the rules or regulations promulgated by the Securities and Exchange Commission (“SEC”)
or the New York Stock Exchange (“NYSE”); provided, however, that Purchaser and Seller will advise the other
party immediately upon receiving any demand for disclosure of any Confidential Information and the other party will have the right
to attempt to obtain a protective order or agree to an arrangement with the person or entity demanding such Confidential Information
to prevent or limit the extent of such disclosure, prior to the applicable party’s disclosure of such Confidential Information.
In no event shall the foregoing preclude Purchaser from providing information regarding the terms of the transfers contemplated
in this Agreement to Purchaser’s direct or indirect owners, provided that Purchaser informs each of the foregoing parties
of the confidentiality of such information (except for disclosures governed by item (ii) of this subsection (b)).

 

(c)   Each party shall
indemnify and hold the other party harmless from and against any and all Claims suffered or incurred by the other party and arising
out or in connection with a breach by the other party of the provisions of this Section 8.13.

 

(d)  The parties shall
be entitled to an injunction restraining the other party or its agents or representatives from disclosing, in whole or in part,
the Confidential Information governed by this Section 8.13 and any prior confidentiality agreement with the Broker. Nothing
herein shall be construed as prohibiting a party from pursuing damages or any other available remedy at law or in equity for such
breach or threatened breach of this Section 8.13 or Section 1.3(f) by the other party; provided that no breaching
party shall be liable to the other party for any special, indirect, incidental, punitive, exemplary or consequential damages.

 

(e)   Prior to Closing,
any press releases with respect to the sale contemplated herein or any matters set forth in this Agreement will be made only in
the form approved by Purchaser and Seller, such approval not to be unreasonably withheld, conditioned or delayed. If a party fails
to respond with specific comments or objections to the other party within two (2) Business Days after such party is notified of
and has received the proposed press release, such failure to respond shall be deemed to constitute a party’s approval of
such press release. Notwithstanding the foregoing, this Section 8.13(e) shall not restrict Seller or Purchaser from public
announcements or filings required or allowed per the terms of Section 8.13(b) above.

 

(f)   Following the Closing
each party shall use reasonable efforts to consult with the other party prior to issuing any press or media release regarding the
consummation of the transactions described in this Agreement; provided, however, the other party’s consent shall not be required
in order for such party to issue such press or media release.

 

(g)  The provisions of
this Section 8.13 shall survive the termination of this Agreement, but shall not survive the Closing.

 

    	46

    	 

    

 

8.14  Offers.
Following the mutual execution of this Agreement and continuing until any termination of this Agreement, Seller agrees not
to grant any other party a prior right to purchase the Property.

 

8.15  Tax-Free
Exchange. In the event either party desires to effectuate a tax-free exchange under Section 1031 of the Code, the other
party agrees to fully cooperate in the structure and documentation of the transaction in order to facilitate such Section 1031
exchange at no cost or other liability to such party and with no obligation to acquire title to any property other than the Property;
provided, however, (i) there shall be no delay in the Closing, (ii) the party requesting the Section 1031 exchange shall
reimburse the other party at Closing for all reasonable additional costs and expenses incurred by such other party in cooperating
with such exchange, and (iii) the party requesting the Section 1031 exchange shall indemnify the other party against any
Claims resulting solely from structuring the transaction as an exchange, rather than as a direct purchase, which indemnification
obligations shall survive the Closing and shall not merge with the deeds or any other documents executed and delivered at the
Closing.

 

8.16  Amendment
to the Agreement/Waiver of Matters or Conditions. No term or condition of this Agreement will be deemed to have been amended
or waived unless expressed in writing, and the waiver of any condition of the breach of any term will not be a waiver of any subsequent
breach of the same or any other term or condition.

 

8.17  No-Offer.
The delivery of this Agreement to Seller shall not be deemed an offer by Purchaser to enter into any transaction or to enter
into any other relationship with Seller, whether on the terms contained in this Agreement or on any other terms. This Agreement
shall not be binding upon Purchaser or Seller, nor shall Purchaser or Seller have any obligations or liabilities or any rights
with respect hereto, unless and until both Purchaser and Seller have executed and delivered this Agreement.

 

8.18  Indemnity.

 

(a)     From and after the
Closing, the Seller shall indemnify, defend and hold the Purchaser harmless from and against any and all Claims, suffered or incurred
by any such indemnified party in connection with, arising out of, or in any way relating to any of the following (but subject to
the Post-Closing Liability Cap): (i) any breach of any express representation or warranty of the Seller contained in this
Agreement or in any Seller closing document, (ii) any breach of any covenant of the Seller contained in this Agreement that
expressly survives the Closing or in any Seller closing document, (iii) Claims made by Hotel Employees to the extent attributable
to their employment at the Property thereof at or prior to the Closing, (iv) any physical or personal injury or death caused
to any person, or damage to property of unaffiliated third parties, to the extent such injury, death or damage occurred prior to
the Closing Date in connection with the Property, and (v) except (x) as may be the obligation of Purchaser pursuant to an
express provision of this Agreement or (y) for any item for which Purchaser receives a credit at Closing (only to the extent of
such credit), any Claims brought by any unaffiliated third party to the extent arising from acts, omissions or occurrences that
occur or accrue in connection with the Property on or prior to the Closing, including, without limitation, with respect to the
Hotel Contracts and any Space Leases. Notwithstanding the foregoing, neither Claims for change to or remediation of the physical,
structural or environmental condition of the Property nor Claims of any government or governmental agency or authority relating
to the physical, structural or environmental condition of the Property are subject to indemnification by Seller under clause (v)
above.

 

    	47

    	 

    

 

(b)     From and after the
Closing, the Purchaser shall indemnify, defend and hold the Seller harmless from and against any and all Claims arising out of,
or in any way relating to (i) any breach of any representation or warranty by the Purchaser contained in this Agreement or
in any Purchaser closing document, (ii) any breach of any covenant of the Purchaser which survives the Closing contained in this
Agreement or in any Purchaser closing document, (iii) claims made by Hotel Employees to the extent attributable to their employment
at the Property or the termination thereof following the Closing, but only to the extent that such claims accrue from or after
the Closing, (iv) any physical or personal injury or death caused to any person, or damage to property of unaffiliated third
parties, to the extent such injury, death or damage occurred on or after the Closing Date in connection with the Property, and
(v) except (x) as may be the obligation of Seller pursuant to an express provision of this Agreement and with respect to which
Purchaser did not receive a credit at Closing or (y) for any item for which Seller receives a credit at Closing (only to the extent
of such credit), any Claims brought by an unaffiliated third party to the extent arising from acts, omissions, or occurrences that
occur or accrue in connection with the Property following the Closing, including, without limitation, with respect to the Hotel
Contracts and any Space Leases.

 

(c)     The provisions of
this Section 8.19 shall survive the Closing for a period of two (2) years (except with respect to Section 8.19(a)(i),
for which the survival period shall correspond to the survival period for the applicable representations and warranties in Section
4.3), and a party will be entitled to indemnification only for those matters as to which it has given written notice to the
party which is to provide indemnification prior to the expiration of the two (2) year period following the Closing (or the applicable
period set forth in Section 4.3).

 

8.19  Privacy Laws.
To the extent Purchaser reviews, is given access to or otherwise obtains any Hotel Guest Data and Information or other customer
or guest information as part of the purchase of the Property and the Business, Purchaser shall at all times comply in all material
respects with all applicable Laws concerning (i) the privacy and use of such data and information and the sharing of such information
and data with third parties (including, without limitation, any restrictions with respect to Purchaser’s or any third party’s
ability to use, transfer, store, sell, or share such information and data), and (ii) the establishment of adequate security measures
to protect such data and information. This Section 8.19 shall survive the Closing or earlier termination of this Agreement.

 

    	48

    	 

    

 

8.20  Further Assurances.
From the Effective Date until the Closing or earlier termination of this Agreement, Seller and Purchaser shall use commercially
reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable
to consummate the transaction described in this Agreement, including, without limitation, (i) obtaining all necessary consents,
approvals and authorizations required to be obtained from any governmental authority or other person under this Agreement or applicable
laws, and (ii) effecting all registrations and filings required under this Agreement or applicable laws. After the Closing, Seller
and Purchaser shall use commercially reasonable efforts (at no cost or expense to such party, other than any de minimis cost or
expense or any cost or expense which the requesting party agrees in writing to reimburse) to further effect the transaction contemplated
in this Agreement. The immediately preceding sentence of this Section 8.20 shall survive the Closing.

 

8.21  WAIVER OF
TRIAL BY JURY. SELLER AND PURCHASER EACH HEREBY WAIVE ITS RIGHT TO A TRIAL BY JURY IN ANY LITIGATION OR OTHER COURT PROCEEDING
WITH RESPECT TO ANY MATTER ARISING FROM OR IN CONNECTION WITH THIS AGREEMENT. THIS SECTION 8.21 SHALL SURVIVE THE CLOSING
OR EARLIER TERMINATION OF THIS AGREEMENT.

 

8.22  Intentionally
Deleted.

 

8.23  Bulk Sales.
Purchaser and Seller agree to cooperate and take any actions reasonably necessary to comply with the bulk sales or other sales
tax statutes, if any, of the State in which the Property is located, in connection with the transactions contemplated by this Agreement.
The provisions of this Section 8.23 shall survive the Closing.

 

8.24  Facsimile/E-mail
Execution. For purposes of negotiating and finalizing this Agreement, any signed document transmitted by fax machine with
automatic telephonic confirmation of receipt or by e-mail with confirmation of receipt shall be treated in all manners and respects
as an original document. The signature of any party transmitted as aforesaid shall be considered for all purposes as an original
signature and any such document shall be considered to have the same binding legal effect as an original document executed, delivered
and exchanged between the parties. At the request of either party, any fax or email document shall be re-executed by both parties
in original form. Seller and Purchaser hereby agree that neither shall raise the use of a fax or email transmission of signatures
as a defense to this Agreement and each hereby waives such a defense. This Agreement may be executed in counterparts, each of which
shall be deemed an original and all of which shall be deemed to be one and the same instrument.

 

8.25  Radon Disclosure.
Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present
health risks to persons who are exposed to it over a period of time. Levels of radon that exceed federal and state guidelines have
been found in buildings in Massachusetts. Additional information regarding radon and radon testing may be obtained from the county
public health unit of the county in which the Property is located. Seller makes no representation or warranty with respect to the
presence or absence of radon in or about the Property and Purchaser unconditionally and absolutely releases Seller from any and
all claims with respect thereto.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK.]

 

    	49

    	 

    

 

IN WITNESS WHEREOF, this
Agreement has been duly executed in multiple counterparts by the parties hereto on the dates set forth below.

 

	 	SELLER:
	Date: May   , 2015	 	 
	 	REVERE HOSPITALITY, LLC, a Delaware limited liability company
	 	 	 
	 	By:	
	 	 	 	, Member, duly authorized

 

    	50

    	 

    

 

IN WITNESS WHEREOF, this
Agreement has been duly executed in multiple counterparts by the parties hereto on the dates set forth below.

 

	 	PURCHASER:
	Date: May   , 2015	 	 
	 	MOODY NATIONAL REIT I INC.,

a Maryland corporation
	 	 	 
	 	By:	/s/ Brett C. Moody
	 	Name:	Brett C. Moody
	 	Title:	President

 

    	51

    	 

    

 

SIGNATURE BY ESCROW AGENT

 

The undersigned hereby acknowledges receipt
of a fully-executed copy of this Agreement and agrees to accept, hold, deliver and disburse the Earnest Money strictly in accordance
with the terms of the Agreement and to otherwise perform the obligations of Escrow Agent as set forth in the Agreement.

 

	Date:	 	 	 	 
	 	 	 	 	 
	 	 	 	Old Republic National Title Insurance Company 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    	52

    	 

    

 

EXHIBIT “A”

 

Legal Description

 

PROPERTY 1

 

A certain parcel of land (together with certain easements and rights
in land) situated on or near Lee Burbank Highway and on or near Chelsea River in said Revere, viz:

 

The land in Revere, with the buildings thereon, situated on Lee
Burbank Highway and Railroad Street and being shown on a plan recorded in Book 24636, Page 171, entitled “Subdivision Plan:
Land Now or Formerly of: Global Petroleum Corp. Lee Burbank Hwy. and Railroad St., Revere, Massachusetts,” dated July 27,
1998 (“the Plan”), as “Parcel 1: Area 4.095 Acres”, bounded and described as follows:

 

		SOUTHEASTERLY:	By Lee Burbank Highway, four hundred eighty three and 16/100 (483.16) feet;

 

		SOUTHWESTERLY:	By Option Parcel 2 on the Plan, three hundred twenty two and 12/100 (322.12) feet;

 

	NORTHWESTERLY:	By Massachusetts Bay Transportation Authority, formerly known as Boston and Maine Railroad, six hundred eighty and 60/100 (680.60) feet;
	 	 
	NORTHEASTERLY:	By Railroad Street, fifty eight (58) feet;

 

		SOUTHEASTERLY:	By land now or formerly of J.J. McDonald Co., eighteen and 89/100 (18.89) feet;

 

		SOUTHWESTERLY:	By land now or formerly of J.J. McDonald Co., twenty four and 75/100 (24.75) feet;

 

		SOUTHEASTERLY:	By land now or formerly of J.J. McDonald Co., sixty three and 02/100 (63.02) feet;

 

		NORTHEASTERLY:	By land now or formerly of J.J. McDonald Co., sixty two and 43/100 (62.43) feet;

 

		NORTHEASTERLY:	By land now or formerly of J.J. McDonald Co., fifty five and 02/100 (55.02) feet;

 

		NORTHWESTERLY:	By land now or formerly of J.J. McDonald Co., fifty eight and 75/100 (58.75) feet;

 

	NORTHWESTERLY:	By land now or formerly of J.J. McDonald Co., fifty six and 83/100 (56.83) feet;
	 	 
	

NORTHEASTERLY: 

	By Railroad Street, forty three and 92/100 (43.92)
feet;

 

		SOUTHEASTERLY:	By land of or now formerly of JTB Realty Trust and of Pasquale Abruzzese, two hundred twenty-six and 87/100 (226.87) feet;
and

 

		NORTHEASTERLY:	By land now or formerly of Pasquale Abruzzese, one hundred forty three and 94/100 (143.94) feet.

 

    	1

    	 

    

 

Within this description are four (4) parcels of registered land
described as follows:

 

Parcel I

 

That certain parcel of land situated in Revere:

 

Said land is shown as Lot B8-A on a subdivision plan drawn by Whitman
& Howard C.E., dated May 1, 1937, as approved by the Court, filed in the Land Registration Office as plan No. 3686D, a copy
of a portion of which is filed with Certificate of Title No. 36343 and all of said boundaries are determined by the Court to be
located as shown on said plan.

 

Parcel II

 

Another parcel of land situated in Revere:

 

Said land is shown as Lot C-6, on a subdivision plan No. 13054-E,
drawn by C.B. Humphrey, Engineer for the Land Court, dated April 10, 1936, as approved by the Court, a copy of a portion of which
is filed with Certificate of title No. 35051.

 

Parcel III

 

Another parcel of land situated in Revere:

 

Said land is shown as Lot Five (5) on a subdivision plan drawn by
Whitman & Howard, Inc., Civil Engineers, dated December 1961, as approved by the Court, filed in the Land Registration Office
as plan No. 13054-K, a copy of a portion of which is filed with Certificate of Title No. 71001.

 

Parcel IV

 

Another parcel of land situated in Revere:

 

Said land is shown as Lot 17 on a subdivision plan entitled “Subdivision
Plan of Land Lee Burbank Highway & Railroad Street Revere, Massachusetts Land now or formerly of: Global Revco Terminal, L.L.C.
Between February 1, 1977 & May 15, 2000”, prepared by Gilbert & Maloney, Engineers & Land Surveyors, as approved
by the Court, filed in the Land Registration Office as Plan No. 3686P. (“Plan 3686P”)

 

    	2

    	 

    

 

PROPERTY 2

 

That certain parcel of land with the buildings and improvements
thereon, situated in Revere, Suffolk County, Massachusetts, and being shown as,

 

“‘Option Parcel’ 2 Area: 0.989
Acres,” on a certain plan entitled, “Subdivision Plan Land Now of Formerly of: Global Revco Terminal, L.L.C., Lee Burbank
Hwy. & Railroad St., Revere, Massachusetts”, dated July 27, 1998 which plan is recorded with the Suffolk County Registry
of Deeds, in Book 24636, Page 171, which parcel includes therein, Lot 15 on a subdivision plan entitled “Subdivision Plan
of Land Lee Burbank Highway & Railroad Street Revere, Massachusetts Land now or formerly of Global Revco Terminal, L.L.C. Between
February 1, 1977 & May 15, 2000”, prepared by Gilbert & Maloney, Engineers & Land Surveyors, as approved by the
Court, filed in the Land Registration Office as Plan 3686P.

 

    	3

    	 

    

 

EXHIBIT “B”

(Space Leases)

 

Ground Lease and License Agreement between AirInn,
LLC, as Landlord, and Atlantic Asphalt & Equipment Co., Inc., as Tenant, dated January 27, 2000, as assigned by AirInn, LLC
to Revere Hospitality, LLC, by assignment dated November 30, 2007, and First Amendment to Ground Lease dated January 27, 2015.

 

4

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