Document:

Exhibit 10.3

  

 

 

MEZZANINE B LOAN AGREEMENT

Dated as of May 1, 2019

 

Among

 

HIT
PORTFOLIO I MEZZ B, LLC, as Borrower,

 

and

 

HIT PORTFOLIO I TRS MEZZ B, LLC,

 

and

 

HIT 2PK TRS MEZZ B, LLC, collectively,
as Leasehold Pledgor,

 

and

 

MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS
LLC, 

 

CITIGROUP GLOBAL MARKETS REALTY CORP., 

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

 

GOLDMAN SACHS MORTGAGE COMPANY, and

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

 

collectively, as Lender

 

 

 

    	 		Mezzanine B Loan Agreement

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article 1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION	3
	Section 1.1	Specific Definitions	3
	Section 1.2	Index of Other Definitions	42
	Section 1.3	Principles of Construction	45
	 	 
	Article 2 THE LOAN	46
	Section 2.1	The Loan	46
	2.1.1	Agreement to Lend and Borrow	46
	2.1.2	Reserved	46
	2.1.3	Single Disbursement to Borrower	46
	2.1.4	The Note	47
	2.1.5	Use of Proceeds	47
	Section 2.2	Interest Rate	47
	2.2.1	Applicable Interest Rate	47
	2.2.2	Default Rate	47
	2.2.3	Interest Calculation	47
	2.2.4	Conversion of Applicable Interest Rate.	48
	2.2.5	Usury Savings	51
	Section 2.3	Loan Payments	52
	2.3.1	Payments	52
	2.3.2	Payments Generally	52
	2.3.3	Payment on Maturity Date	52
	2.3.4	Late Payment Charge	52
	2.3.5	Method and Place of Payment	53
	Section 2.4	Prepayments	53
	2.4.1	Prepayments	53
	2.4.2	Voluntary Prepayments	53
	2.4.3	Reserved	55
	2.4.4	Mandatory Prepayments; Option to Prepay Balance	55
	2.4.5	Prepayments After Default	57
	2.4.6	Prepayment/Repayment Conditions.	57
	Section 2.5	Release of Collateral	58
	2.5.1	Release on Payment in Full	58
	2.5.2	Release of Individual Property	58
	2.5.3	Impaired Individual Property Release	62
	Section 2.6	Interest Rate Cap Agreement	63
	2.6.1	Interest Rate Cap Agreement	63
	2.6.2	Pledge and Collateral Assignment of Interest Rate Cap Agreement	63
	2.6.3	Covenants	64
	2.6.4	Substitute Interest Rate Protection Agreement.	65
	2.6.5	Representations and Warranties	66
	2.6.6	[Reserved]	66
	2.6.7	Remedies	66
	2.6.8	Sales of Rate Cap Collateral	68

 

    	 		Mezzanine B Loan Agreement

     

    

 

	2.6.9	Public Sales Not Possible	69
	2.6.10	Receipt of Sale Proceeds	69
	2.6.11	Replacement Interest Rate Cap Agreement	69
	Section 2.7	Extension Options	69
	2.7.1	Extension Options	69
	2.7.2	Intentionally Omitted	71
	Section 2.8	Regulatory Change; Taxes	71
	2.8.1	Increased Costs	71
	2.8.2	Special Taxes	72
	2.8.3	Other Taxes	72
	2.8.4	Tax Refund	72
	2.8.5	Change of Office.	73
	Section 2.9	Letters of Credit.	73
	 	 	 
	Article 3 REPRESENTATIONS AND WARRANTIES	74
	Section 3.1	Borrower Representations	74
	3.1.1	Organization; Special Purpose	74
	3.1.2	Proceedings; Enforceability	74
	3.1.3	No Conflicts	75
	3.1.4	Litigation	75
	3.1.5	Agreements	75
	3.1.6	Consents	76
	3.1.7	Property; Title	76
	3.1.8	ERISA; No Plan Assets	77
	3.1.9	Compliance	78
	3.1.10	Financial Information	79
	3.1.11	Utilities and Public Access	79
	3.1.12	Assignment of Leases	79
	3.1.13	Insurance	80
	3.1.14	Flood Zone	80
	3.1.15	Physical Condition	80
	3.1.16	Boundaries	80
	3.1.17	Leases	81
	3.1.18	Tax Filings	81
	3.1.19	No Fraudulent Transfer	82
	3.1.20	Federal Reserve Regulations	82
	3.1.21	Organizational Chart	82
	3.1.22	Organizational Status	82
	3.1.23	Entity Diligence	82
	3.1.24	No Casualty	83
	3.1.25	Purchase Options	83
	3.1.26	FIRPTA	83
	3.1.27	Investment Company Act	83
	3.1.28	Fiscal Year	83
	3.1.29	Other Debt	83
	3.1.30	Contracts	83
	3.1.31	Full and Accurate Disclosure	85
	3.1.32	Other Obligations and Liabilities	85

 

    	 	-2-	Mezzanine B Loan Agreement

     

    

 

	3.1.33	Intellectual Property/Websites	85
	3.1.34	Ground Lease	85
	3.1.35	Operations Agreement	87
	3.1.36	Franchise Agreements	87
	3.1.37	Illegal Activity	87
	3.1.38	Property Improvement Plan	87
	3.1.39	Collateral	88
	3.1.40	Operating Lease	88
	3.1.41	Mortgage Loan	88
	3.1.42	Mezzanine A Loan	89
	3.1.43	Mortgage Borrower Company Agreements	89
	3.1.44	Mezzanine A Borrower Operating Agreements	89
	Section 3.2	Survival of Representations	89
	 	 
	Article 4 BORROWER COVENANTS	90
	Section 4.1	Payment and Performance of Obligations	90
	Section 4.2	Due on Sale and Encumbrance; Transfers of Interests	90
	Section 4.3	Liens	91
	Section 4.4	Special Purpose	92
	Section 4.5	Existence; Compliance with Legal Requirements	92
	Section 4.6	Taxes and Other Charges; Use and Occupancy Taxes	93
	Section 4.7	Litigation	94
	Section 4.8	Title to the Collateral; Owner’s Title Policies	94
	Section 4.9	Financial Reporting	95
	4.9.1	Generally	95
	4.9.2	Quarterly and Monthly Reports	95
	4.9.3	Annual Reports	96
	4.9.4	Other Reports	97
	4.9.5	Annual Budget	97
	4.9.6	Excess Operating Expenses	99
	4.9.7	Hotel Accounting	99
	Section 4.10	Access to Property	99
	Section 4.11	Leases	100
	Section 4.12	Repairs; Maintenance and Compliance; Alterations	101
	4.12.1	Repairs; Maintenance and Compliance	101
	4.12.2	Alterations	102
	Section 4.13	Approval of Major Contracts	103
	Section 4.14	Property Management	103
	4.14.1	Management Agreements	103
	4.14.2	Prohibition Against Termination or Modification	104
	4.14.3	Replacement of Manager	106
	4.14.4	Brand Manager Rights.	107
	Section 4.15	Performance by Borrower; Compliance with Agreements	107
	Section 4.16	Licenses; Intellectual Property; Website	107
	4.16.1	Licenses	107
	4.16.2	Intellectual Property	108
	4.16.3	Website	108
	Section 4.17	Further Assurances	108

 

    	 	-3-	Mezzanine B Loan Agreement

     

    

  

	Section 4.18	Estoppel Statement	109
	Section 4.19	Notice of Default	110
	Section 4.20	Cooperate in Legal Proceedings	110
	Section 4.21	Indebtedness	110
	Section 4.22	Business and Operations	110
	Section 4.23	Dissolution	111
	Section 4.24	Debt Cancellation	111
	Section 4.25	Affiliate Transactions	111
	Section 4.26	No Joint Assessment	111
	Section 4.27	Principal Place of Business	111
	Section 4.28	Change of Name, Identity or Structure	112
	Section 4.29	Costs and Expenses	112
	Section 4.30	Indemnity	114
	Section 4.31	ERISA	114
	Section 4.32	Patriot Act Compliance	115
	Section 4.33	Ground Leases	116
	Section 4.34	Hotel Covenants	119
	Section 4.35	Bankruptcy Related Covenants	123
	Section 4.37	Portland Property	123
	Section 4.38	Non-Conforming Properties	123
	Section 4.39	Notices.	123
	Section 4.40	Limitation on Securities Issuance	123
	 	 
	Article 5 INSURANCE, CASUALTY AND CONDEMNATION	124
	Section 5.1	Insurance	124
	5.1.1	Insurance Policies	124
	5.1.2	Insurance Company	129
	Section 5.2	Casualty	130
	Section 5.3	Condemnation	131
	Section 5.4	Restoration	131
	 	 
	Article 6 CASH MANAGEMENT AND RESERVE FUNDS	131
	Section 6.1	Cash Management Arrangements	131
	Section 6.2	Reserves	132
	Section 6.3	Income Taxes; Interest	132
	Section 6.4	Prohibition Against Further Encumbrance	132
	Section 6.5	Property Cash Flow Allocation	132
	6.5.1	Order of Priority of Funds in Deposit Account	132
	6.5.2	Failure to Make Payments	132
	6.5.3	Application After Event of Default	133
	Section 6.6	Security Interest in Reserve Funds	133
	Section 6.7	Cash Management Agreement Upon Repayment of Mortgage Loan and Mezzanine A Loan	133
	 	 
	Article 7 PERMITTED TRANSFERS	134
	Section 7.1	Loan Assumption	134
	Section 7.2	Permitted Transfers	142
	Section 7.3	Cost and Expenses; Copies.	149

 

    	 	-4-	Mezzanine B Loan Agreement

     

    

	Section 7.4	Replacement Mezzanine Loan.	149
	 	 
	Article 8 DEFAULTS	150
	Section 8.1	Events of Default	150
	Section 8.2	Remedies	155
	8.2.1	Acceleration	155
	8.2.2	Suspension of Lender’s Performance	155
	8.2.3	Remedies Cumulative	156
	8.2.4	Severance	156
	8.2.5	Lender’s Right to Perform	157
	 	 
	Article 9 SALE AND SECURITIZATION OF LOAN	157
	Section 9.1	Sale of Loan and Securitization	157
	Section 9.2	Securitization Indemnification	161
	Section 9.3	Severance	165
	9.3.1	Severance Documentation	165
	9.3.2	Intentionally Omitted	165
	9.3.3	Cooperation; Execution; Delivery	166
	Section 9.4	Uncross of Properties	166
	Section 9.5	Costs and Expenses	166
	Section 9.6	Confidentiality	167
	Section 9.7	Compliance with Required Loan Restructurings	167
	 	 
	Article 10 MISCELLANEOUS	168
	Section 10.1	Exculpation	168
	Section 10.2	Survival; Successors and Assigns	171
	Section 10.3	Lender’s Discretion; Rating Agency Review Waiver	171
	Section 10.4	Governing Law	171
	Section 10.5	Modification, Waiver in Writing	173
	Section 10.6	Notices	173
	Section 10.7	Waiver of Trial by Jury	175
	Section 10.8	Headings, Schedules and Exhibits	175
	Section 10.9	Severability	175
	Section 10.10	Preferences	175
	Section 10.11	Waiver of Notice	175
	Section 10.12	Deemed Distributions	176
	Section 10.13	Offsets, Counterclaims and Defenses	176
	Section 10.14	No Joint Venture or Partnership; No Third Party Beneficiaries	176
	Section 10.15	Publicity	176
	Section 10.16	Waiver of Marshalling of Assets	177
	Section 10.17	Certain Waivers	177
	Section 10.18	Conflict; Construction of Documents; Reliance	177
	Section 10.19	Brokers and Financial Advisors	177
	Section 10.20	Prior Agreements	178
	Section 10.21	Servicer	178
	Section 10.22	Intentionally Omitted	179
	Section 10.23	Assignment of Title Proceeds.]	179
	Section 10.24	Creation of Security Interest	179

 

    	 	-5-	Mezzanine B Loan Agreement

     

    

 

	Section 10.25	Assignments and Participations	179
	Section 10.26	Counterparts	179
	Section 10.27	Set-Off	180
	Section 10.28	[Reserved]	180
	Section 10.29	Intercreditor Agreement	180
	Section 10.30	Note Register; Participant Register	180
	Section 10.31	Borrower Affiliate Lender.	181
	Section 10.32	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	182
	Section 10.33	Co-Lenders.	183
	Section 10.34	Patriot Act Notice	183
	 	 
	Article 11 Mortgage Loan	183
	Section 11.1	Compliance With Mortgage Loan Documents	183
	Section 11.2	Mortgage Loan Defaults	184
	Section 11.3	Mortgage Loan Estoppels	185
	Section 11.4	No Amendment to Mortgage Loan Documents; Consents and Approvals	185
	Section 11.5	Refinancing or Prepayment of the Mortgage Loan	186
	Section 11.6	Intentionally Omitted.	186
	Section 11.7	Purchase of Mortgage Loan	186
	Section 11.8	Communication with Mortgage Lender	186
	Section 11.9	Duplicative Performance Not Required	186
	Section 11.10	Compliance with Required Loan Restructurings	187
	Section 11.11	Intentionally Omitted.	187
	Section 11.12	Intentionally Omitted.	187
	Section 11.13	Independent Approval Rights.	187
	 	 
	Article 12 Mezzanine a Loan	187
	Section 12.1	Compliance With Mezzanine A Loan Documents	187
	Section 12.2	Mezzanine A Loan Defaults	188
	Section 12.3	Mezzanine A Loan Estoppels	189
	Section 12.4	No Amendment to Mezzanine A Loan Documents; Consents and Approvals	189
	Section 12.5	Refinancing or Prepayment of the Mezzanine A Loan	189
	Section 12.6	Intentionally Omitted.	190
	Section 12.7	Purchase of Mezzanine A Loan	190
	Section 12.8	Communication with Mezzanine A Lender	190
	Section 12.9	Duplicative Performance Not Required	190
	Section 12.10	Compliance with Required Loan Restructurings	191
	Section 12.11	Intentionally Omitted	191
	Section 12.12	Intentionally Omitted	191
	Section 12.13	Independent Approval Rights	191

 

    	 	-6-	Mezzanine B Loan Agreement

     

    

 

SCHEDULES AND EXHIBITS

 

Schedules:

 

	Schedule I	-	Individual Properties and Allocated Loan Amounts
	Schedule I-M1	-	Mortgage Loan Allocated Loan Amounts
	Schedule I-M2	-	Mezzanine A Allocated Loan Amounts
	Schedule I-M3	-	Approved Mezzanine Allocated Loan Amounts
	Schedule II-A	-	Owner
	Schedule II-B	-	Operating Lessee
	Schedule III	-	Organizational Chart of Borrower and Tax ID Numbers
	Schedule IV	-	Exceptions to Representations and Warranties
	Schedule V	-	Definition of Special Purpose Bankruptcy Remote Entity
	Schedule V-1	-	Definition of Mortgage Loan Special Purpose Bankruptcy Remote Entity
	Schedule V-2	-	Definition of Mezzanine A Loan Special Purpose Bankruptcy Remote Entity
	Schedule VI	-	Intellectual Property/Websites
	Schedule VII	-	REAs
	Schedule VIII	-	Ground Lease
	Schedule IX	-	Description of Prior Loans
	Schedule X	-	Scheduled Managers
	Schedule XI	-	Rent Roll
	Schedule XII	-	Franchise Agreements
	Schedule XIII	-	Mezzanine A Pledged Collateral
	Schedule XIV	-	Hotel Companies/Approved Brands
	Schedule XV	-	[Reserved]
	Schedule XVI	-	Non-Conforming Properties
	Schedule XVII	-	[Reserved]
	Schedule XVIII	-	Scheduled PIP
	Schedule XIX	-	Divested Properties
	Schedule XX	-	Major Contracts
	Schedule XXI	-	Red Zone Properties
	 	 	 
	Exhibits:	 	 
	 	 	 
	Exhibit A	-	Secondary Market Transaction Information

 

    	 	-7-	Mezzanine B Loan Agreement

     

    

 

MEZZANINE B LOAN AGREEMENT

 

THIS MEZZANINE B LOAN
AGREEMENT, dated as of May 1, 2019 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this
“Agreement”), among MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability
company, having an address at 1585 Broadway, 25th Floor, New York, New York 10036 (together with its successors and/or
assigns, “MS”), CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address
at 388 Greenwich Street, 6th Floor, New York, New York 10013 (together with its successors and/or assigns, “Citi”),
DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German bank authorized by the New York Department of
Financial Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its successors and/or
assigns, “DBNY”), GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, having an address
at 200 West Street, New York, New York 10282 (together with its successors and/or assigns, “GS”), and
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America,
having an address at 383 Madison Avenue, New York, New York 10179 ((together with its successors and/or assigns, “JPM”
and together with MS, Citi, DBNY and GS and each of their respective successors and/or assigns, collectively, “Lender”),
HIT PORTFOLIO I MEZZ B, LLC,
a Delaware limited liability company, having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax,
Virginia 22030 (together with its permitted successors and assigns, “Borrower), HIT PORTFOLIO I TRS MEZZ
B, LLC and HIT 2PK TRS MEZZ B, LLC, each a Delaware limited liability
company, each having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030 (together
with their respective permitted successors and assigns, collectively, “Leasehold Pledgor”, and together
with Borrower, individually or collectively, as the context may require, “Pledgor”).

 

All capitalized terms used
herein shall have the respective meanings set forth in Article 1 hereof.

 

WITNESETH:

 

WHEREAS, Morgan Stanley Bank,
N.A., a national banking association, Citi Real Estate Funding Inc., a New York corporation, Deutsche Bank AG, New York Branch,
a branch of Deutsche Bank AG, a German bank authorized by the New York Department of Financial Services, Goldman Sachs Mortgage
Company, a New York limited partnership, and JPMorgan Chase Bank, National Association, a banking association chartered under the
laws of the United States of America (together with their respective successors and/or assigns, collectively, “Mortgage
Lender”), have made a loan in the aggregate original principal amount of Eight Hundred Seventy Million and No/100
Dollars ($870,000,000.00) (the “Mortgage Loan”) to those certain entities listed on Schedule II-A
attached hereto (individually and collectively as the context may require, together with their respective permitted successors
and assigns “Owner”) pursuant to a Loan Agreement of even date herewith (as amended, supplemented or
otherwise modified from time to time, the “Mortgage Loan Agreement”), which Mortgage Loan is evidenced
by the Mortgage Note (as defined below) and secured by, among other things, certain first priority mortgages and deeds of trust,
each of even date herewith (collectively, as amended, supplemented or otherwise modified from time to time, the “Mortgage”)
by Operating Lessee (as defined herein) and each respective Owner in favor of Mortgage Lender pursuant to which Operating Lessee
and Owner have granted the Mortgage Lender a first priority mortgage on, among other things, the Properties (as defined below);

 

    	 		Mezzanine B Loan Agreement

     

    

 

WHEREAS, Morgan Stanley Mortgage
Capital Holdings LLC, a New York limited liability company, Citigroup Global Markets Real Corp., a New York corporation, Deutsche
Bank AG, New York Branch, a branch of Deutsche Bank AG, a German bank authorized by the New York Department of Financial Services,
Goldman Sachs Mortgage Company, a New York limited partnership, and JPMorgan Chase Bank, National Association, a banking association
chartered under the laws of the United States of America (together with their respective successors and/or assigns, collectively,
“Mezzanine A Lender”), have made a loan in the aggregate original principal amount of One Hundred Million
and No/100 Dollars ($100,000,000.00) (the “Mezzanine A Loan”) to HIT Portfolio I Mezz, LP, a Delaware
limited partnership (together with its permitted successors and assigns “Mezzanine A Borrower”) pursuant
to that certain Mezzanine A Loan Agreement of even date herewith (as amended, supplemented or otherwise modified from time to time,
the “Mezzanine A Loan Agreement”), among Mezzanine A Lender, Mezzanine A Borrower, HIT Portfolio I TRS
Holdco, LLC and HIT 2PK TRS Mezz, LLC, each a Delaware limited liability company (individually and collectively as the context
may require, together with their respective permitted successors and assigns “Mezzanine A Leasehold Pledgor”),
which Mezzanine A Loan is evidenced by the Mezzanine A Note (as defined below) and secured by, among other things, the liens and
security interests of that certain Mezzanine A Pledge and Security Agreement, dated as of the date hereof, on, among other things,
the Mezzanine A Collateral (as hereinafter defined) (the “Mezzanine A Pledge Agreement”);

 

WHEREAS, Borrower is the
legal and beneficial owner of (i) all of the issued and outstanding limited liability company interests in HIT Portfolio I Mezz
GP, LLC, a Delaware limited liability company (“Mezz General Partner”), and (ii) all of the issued and
outstanding limited partner interests in Mezzanine A Borrower, representing 99% of the equity interests in Mezzanine A Borrower;

 

WHEREAS, Mezz General Partner
is general partner of Mezzanine A Borrower and the legal and beneficial owner of all of the issued and outstanding general partner
interests in Mezzanine A Borrower, representing 1% of the equity interests in Mezzanine A Borrower;

 

WHEREAS, Mezzanine A Borrower
is the legal and beneficial owner of (i) all of the issued and outstanding limited liability company interests in HIT Portfolio
I NTC Owner GP, LLC, a Delaware limited liability company (“Fee General Partner”), and (ii) all of the
issued and outstanding limited partner interests and limited liability company interests in Owner, representing 100% of the equity
interests in the Individual Owners that are limited liability companies and 99% of the equity interests in the Individual Owners
that are limited partnerships;

 

WHEREAS, Leasehold Pledgor
is the legal and beneficial owner of all of the issued and outstanding limited liability company interests in each Mezzanine A
Leasehold Pledgor;

 

WHEREAS, Mezzanine A Leasehold
Pledgor is the legal and beneficial owner of (i) all of the issued and outstanding limited liability company interests in HIT Portfolio
I NTC TRS GP, LLC (“NTC TRS GP”), (ii) all of the issued and outstanding limited liability company interests
in HIT Portfolio I 8PK NTC TRS GP, LLC (“8PK NTC TRS GP” and together with NTC TRS GP, collectively,
“Leasehold General Partner”), and (iii) all of the issued and outstanding limited partner interests and
limited liability company interests in Operating Lessee, representing 100% of the equity interests in the Individual Operating
Lessees that are limited liability companies and 99% of the equity interests in the Individual Operating Lessees that are limited
partnerships;

 

    	 	-2-	Mezzanine B Loan Agreement

     

    

 

WHEREAS, Fee General Partner
is the legal and beneficial owner of all of the issued and outstanding general partner interests in Owner, representing 1% of the
equity interests in the Individual Owners that are limited partnerships;

 

WHEREAS, Leasehold General
Partner is the legal and beneficial owner of all of the issued and outstanding general partner interests in Operating Lessee, representing
1% of the equity interests in the Individual Operating Lessees that are limited partnerships;

 

WHEREAS, Borrower has requested
Lender to make a loan to it in the original principal amount of Seventy Million and No/100 Dollars ($70,000,000.00) (the “Loan”);
and

 

WHEREAS, as a condition precedent
to the obligation of Lender to make the Loan to Borrower, Pledgor has entered into that certain Mezzanine B Pledge and Security
Agreement, dated as of the date hereof, in favor of Lender (as amended, supplemented or otherwise modified from time to time, the
“Pledge Agreement”), pursuant to which Pledgor has granted to Lender a first priority security interest
in the Collateral (as hereinafter defined) as collateral security for the Debt (as hereinafter defined).

 

NOW, THEREFORE, in consideration
of the foregoing recitals, the making of the Loan by Lender, the covenants, agreements, representations and warranties set forth
in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree, represent and warrant as follows:

 

Article
1

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

Section 1.1           Specific
Definitions.

 

For all purposes of this
Agreement, except as otherwise expressly provided:

 

“Acceptable
Accounting Method” shall mean (i) GAAP, (ii) a federal income tax basis of accounting, (iii) the Uniform System of
Accounts, or (iv) such other accounting basis reasonably acceptable to Lender, in each case consistently applied.

 

“Acknowledgment”
shall mean the Acknowledgment, dated on or about the date hereof made by Counterparty, or as applicable, Approved Counterparty.

 

“Additional
Insolvency Opinion” shall mean any bankruptcy non-consolidation opinion that would be satisfactory to a prudent lender
acting reasonably and is required to be delivered subsequent to the Closing Date pursuant to, and in connection with, the Loan
Documents.

 

    	 	-3-	Mezzanine B Loan Agreement

     

    

 

“Affiliate”
shall mean, as to any Person, any other Person that either (or both) (a) is in Control of, is Controlled by or is under common
ownership or Control with such Person or is a director or officer of such Person or of an Affiliate of such Person, and/or (b)
owns directly or indirectly thirty-five percent (35%) or more of the equity interests in such Person.

 

“Aggregate
Principal Balance” shall mean the sum of the Outstanding Principal Balance, plus the Outstanding Mezzanine A Principal
Balance, plus the Outstanding Mortgage Principal Balance.

 

“Allocated
Loan Amount” shall mean, for each Individual Property, the amount set forth on Schedule I attached
hereto.

 

“Alteration
Threshold” shall mean (a) with respect to any Individual Property undergoing an alteration and/or a Restoration and/or
subject to Flagging Costs, an amount equal to $1,000,000, and (b) with respect to all Individual Properties undergoing alterations
and/or Restorations and/or subject to Flagging Costs, an aggregate amount equal to five percent (5%) of the Outstanding Principal
Balance, in each case excepting alterations made pursuant to an Approved Annual Budget, Approved Alterations or as otherwise reasonably
approved by the Lender.

 

“Annual Budget”
shall mean the operating and capital budget for the Properties, setting forth, on a month-by-month basis, in reasonable detail,
each line item of Owner’s good faith estimate of anticipated Operating Income, Operating Expenses and Capital Expenditures
for the Properties for the applicable Fiscal Year.

 

“Annual Debt
Service” shall mean, as of any date of determination, the Debt Service payable during the one-year period occurring
from and after such date of determination calculated by assuming that (a) the Outstanding Principal Balance at all times during
such period is equal to the Outstanding Principal Balance as of the date of determination (taking into account any prepayments
that occur on such date in accordance with this Agreement) and (b) LIBOR (or the Prime Rate or the Substitute Base Rate, as applicable)
at all times during such period is equal to either (i) in connection with Borrower’s exercise of an Extension Option hereunder,
the Strike Price of the proposed Replacement Interest Rate Cap Agreement (or the Substitute Interest Rate Protection Agreement,
as applicable) to be entered into by Borrower in connection with its exercise of such Extension Option or (ii) otherwise, the Strike
Price of the Interest Rate Cap Agreement in place as of such date of determination.

 

“Applicable
Interest Rate” shall mean a rate per annum equal to, as applicable, (a) the LIBOR Interest Rate plus the Applicable
Spread with respect to any period when the Loan is a LIBOR Loan, (b) the Substitute Base Rate plus the Substitute Rate Spread for
the Loan with respect to any period when the Loan is a Substitute Rate Loan and (c) the Prime Rate plus the Base Rate Spread for
the Loan with respect to any period when the Loan is a Base Rate Loan.

 

“Applicable
Interest Rate Conversion” shall mean the conversion of the Applicable Interest Rate for the Loan between the LIBOR
Interest Rate, the Base Rate and/or the Substitute Rate, as applicable.

 

“Applicable
Lending Office” shall mean the “lending office” of Lender (or of an Affiliate of Lender) designated for
Lender on the signature page hereof or such other office of Lender (or an Affiliate of Lender) as Lender may from time to time
specify to Borrower in writing as the office by which the Loan is to be made and/or maintained by Lender.

 

    	 	-4-	Mezzanine B Loan Agreement

     

    

 

“Applicable
Spread” shall mean 8.5000%.

 

“Approved Alterations”
shall have the meaning set forth in the definition of “Material Alterations”.

 

“Approved Bank”
shall mean a bank or other financial institution, the long-term unsecured debt rating of which are at least “A” by
S&P and Fitch and “A2” by Moody’s and the short-term unsecured debt ratings of which are at least “A-1”
by S&P, “F1” by Fitch and “P-1” by Moody’s.

 

“Approved Brand”
shall mean, for an Individual Property, any of the hotel brands identified on Schedule XIV or such other brand as
is approved by Lender, Mezzanine A Lender and Mortgage Lender with respect to such Individual Property, such approval not to be
unreasonably withheld, conditioned or delayed; provided, that in order for a hotel brand to be deemed an Approved Brand with respect
to any Individual Property, such hotel brand shall also satisfy the Approved Brand Requirements with respect to such Individual
Property (unless expressly exempted from satisfying the Approved Brand Requirements pursuant to the definition of such term).

 

“Approved Brand
Requirements” shall mean, with respect to any Individual Property that is being reflagged under a new Franchise Agreement
pursuant to Section 4.34(d) or (e), that the hotel brand of the hotel located at such Individual Property meets or
exceeds the STR Chain Scale classification of the hotel brand that was in place on the Closing Date with respect to such Individual
Property; provided, however, that the Approved Brand Requirements need not be satisfied with respect to the following:
up to an aggregate of 5% of all Individual Properties as they exist as of the Closing Date, which 5% shall include, without limitation,
hotels reflagged as Red Roof Inn, Red Lion or La Quinta, (measured by Mortgage Loan Allocated Loan Amount, i.e., the Approved Brand
Requirements need not be satisfied for an Individual Property if, after such reflagging, the aggregate of the Mortgage Loan Allocated
Loan Amounts for all Individual Properties reflagged not in compliance with the Approved Brand Requirements expressed as a percentage
of the aggregate of the Mortgage Loan Allocated Loan Amounts for all Individual Properties as they exist as of the Closing Date,
is less than or equal to, but not in excess of, 5%).

 

“Approved Capital
Expenditures” shall mean Capital Expenditures incurred by Owner and either (i) included in the Approved Annual Budget
or (ii) approved by Lender, Mezzanine A Lender and Mortgage Lender, which approval shall not be unreasonably withheld, conditioned
or delayed, provided that any Capital Expenditures included in FF&E Expenses or PIP Expenses shall not constitute Approved
Capital Expenditures.

 

“Approved Counterparty”
shall mean a bank or other financial institution which either (I) has (or provides a guarantor of its obligations that has) a long-term
unsecured debt rating of not less than “A3” by Moody’s or such lower rating which Moody’s shall acknowledge
is credit neutral with respect to the Securitization of the Loan or any portion thereof; or (II) is otherwise acceptable to the
Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such counterparty shall not cause a downgrade
withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class thereof in any Securitization;
provided however, that SMBC Capital Markets, Inc. (with an Acceptable SMBC Credit Support Party as its credit support party) will
be an Approved Counterparty so long as the rating of its credit support party (provided such credit support party shall be an Acceptable
SMBC Credit Support Party ) is not downgraded, withdrawn or qualified by S&P or Moody’s or Fitch (if applicable) from
the long and short term ratings issued by such rating agencies below the lesser of the above rating (as applicable) or its ratings
as of the date hereof. As used herein, an “Acceptable SMBC Credit Support Party” shall mean (i) Sumitomo
Mitsui Banking Corporation or a replacement guarantor that meets the foregoing rating requirements and provides a guaranty on substantially
the same form as the guaranty provided by Sumitomo Mitsui Banking Corporation on the Closing Date and (ii) provided any such credit
support party guaranty guaranties all current and future obligations under the Interest Rate Cap Agreement or Replacement Interest
Rate Cap Agreement, as applicable.

 

    	 	-5-	Mezzanine B Loan Agreement

     

    

 

“Approved FF&E
Expenses” shall mean FF&E Expenses incurred by Owner and either (a) included in the Approved Annual Budget or
(b) approved by Lender, Mezzanine A Lender and Mortgage Lender, which approval shall not be unreasonably withheld, conditioned
or delayed; provided that any FF&E Expenses included in Approved Scheduled PIP Expenses shall not constitute Approved FF&E
Expenses.

 

“Approved Flagging
Budget” shall mean a budget of Flagging Costs for any Individual Property under any Franchise Agreement which has
been approved or deemed approved by Lender, or for which approval is not required, in accordance with Section 4.34(d) or
(e).

 

“Approved Mezzanine
Allocated Loan Amount” shall mean, as to any Individual Property, the product of (a) the maximum stated principal
amount of the Approved Mezzanine Loan, multiplied by (b) a fraction, the numerator of which is the Allocated Loan Amount for such
Individual Property, and the denominator of which is the sum of the Allocated Loan Amounts for all Individual Properties remaining
as of the Approved Mezzanine Closing Date. The Approved Mezzanine Allocated Loan Amount for each Individual Property shall be established
as of the Approved Mezzanine Closing Date, and a copy of the schedule setting forth all Approved Mezzanine Allocated Loan Amounts
shall be attached hereto as Schedule I-M3 upon the Approved Mezzanine Closing Date.

 

“Approved Mezzanine
Closing Date” shall mean the earliest date on which any portion of the Approved Mezzanine Loan is funded by Approved
Mezzanine Lender.

 

“Approved Mezzanine
Lender” shall mean a Person who, as of the Approved Mezzanine Loan Closing Date, is a Qualified Mezzanine Lender
(together with its successors and assigns). If the Approved Mezzanine Loan has two or more co-lenders, then “Approved
Mezzanine Lender” shall mean, individually or collectively as the context requires, each lender or co-lender under
the Approved Mezzanine Loan.

 

    	 	-6-	Mezzanine B Loan Agreement

     

    

 

“Approved Mezzanine
Loan” shall mean a loan from Approved Mezzanine Lender to Mezzanine A Borrower, which Approved Mezzanine Loan, as
of the Approved Mezzanine Loan Closing Date, satisfies the following conditions: (a) the Original Mezzanine A Loan has been paid
in full, including the payment of any Spread Maintenance Premium (as defined in the Original Mezzanine A Loan Agreement), if any;
(b) the Approved Mezzanine Loan will be in a maximum principal amount not to exceed the Outstanding Mezzanine A Principal Balance
on the date immediately prior to the date of repayment in full of the Original Mezzanine A Loan; (c) after taking into account
the Approved Mezzanine Loan, the Aggregate LTV shall be equal to or less than the Aggregate LTV on the Closing Date which the parties
agree is 80.9%, (d) after taking into account the Approved Mezzanine Loan, the Debt Yield shall be equal to or greater than the
Debt Yield immediately prior to the time the Original Mezzanine A Loan was repaid; (e) after taking into account the Approved Mezzanine
Loan, the Debt Service Coverage Ratio shall be equal to or greater than the Debt Service Coverage Ratio immediately prior to the
time the Original Mezzanine A Loan was repaid; (f) if the Approved Mezzanine Loan bears a floating rate of interest, Mezzanine
A Borrower shall have obtained an interest rate cap agreement consistent with the requirements of an Interest Rate Cap Agreement
under the Original Mezzanine A Loan Agreement and having a term that expires no earlier than the initial maturity date of the Approved
Mezzanine Loan, the strike price of which shall be set so as to satisfy the applicable provisions of the Original Mezzanine A Loan
Agreement; (g) the Approved Mezzanine Loan will be secured by an equity pledge encumbering the direct ownership interests of Mezzanine
A Borrower in Owner, Fee General Partner, Leasehold General Partner and each Individual Operating Lessee, as applicable, and such
other assets of Mezzanine A Borrower as may be specified in the Approved Mezzanine Loan Documents (but will not be secured by any
collateral securing the Loan or the Mortgage Loan); (h) the Approved Mezzanine Loan will be coterminous with the Loan and the Mortgage
Loan (including with respect to the initial maturity date and all extended maturity dates hereunder and thereunder) or shall be
freely prepayable from and after the Initial Stated Maturity Date and will have monthly payment dates on the same days as the Monthly
Payment Dates hereunder; (i) the material economic terms of the Approved Mezzanine Loan shall be substantially similar to the economic
terms of the Original Mezzanine A Loan or otherwise reasonably acceptable to Lender, (j) Approved Mezzanine Lender shall enter
into an intercreditor agreement with Lender and Mortgage Lender reasonably satisfactory in all respects to Lender and Mortgage
Lender and satisfactory in all respects to any Rating Agencies, (provided that an intercreditor agreement substantially in the
form as that entered into between Original Mezzanine A Lender, Mortgage Lender and Lender with such changes as are acceptable to
Lender, Mortgage Lender and the Rating Agencies shall be deemed reasonably satisfactory to Lender and Mortgage Lender and satisfactory
to the Rating Agencies) which intercreditor agreement shall, among other things, provide that before Approved Mezzanine Lender
(or its designee) may foreclose on the pledged equity interests or otherwise take control of Owner and Operating Lessee, as applicable,
an acceptable replacement guarantor (which replacement guarantor shall be deemed acceptable if such replacement guarantor would
satisfy the requirements for a Replacement Guarantor under Section 7.1(a)(xiii) hereof if such guaranty were being
delivered in connection with a Permitted Direct Assumption) shall deliver replacement environmental indemnity and guaranties of
recourse obligations (in form and substance substantially the same as the Environmental Indemnity and the Guaranty) to Lender,
(k) the Approved Mezzanine Loan Documents shall be reasonably satisfactory to Lender (provided that Approved Mezzanine Loan Documents
substantially in the form as the Original Mezzanine A Loan Documents shall be deemed reasonably satisfactory to Lender), (l) Lender
shall have obtained a Rating Agency Confirmation with respect to the Approved Mezzanine Loan, (m) the Approved Mezzanine Loan shall
be interest only, (n) the Approved Mezzanine Lender shall be a Qualified Mezzanine Lender, and (o) the Approved Mezzanine Loan
shall be structured as no more than one tranche, and in no event shall the Approved Mezzanine Loan be more senior in priority to
the Mortgage Loan. All reasonable out-of-pocket costs and expenses incurred by Lender in connection with any Approved Mezzanine
Loan (including, without limitation, reasonable legal fees) shall be the sole obligation of Borrower.

 

    	 	-7-	Mezzanine B Loan Agreement

     

    

 

“Approved Mezzanine
Loan Agreement” shall mean the loan agreement to be entered into between Approved Mezzanine Lender and Borrower in
connection with the origination of the Approved Mezzanine Loan, which loan agreement shall govern the terms and conditions of the
Approved Mezzanine Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Approved Mezzanine
Loan Documents” shall mean all documents evidencing, securing, guaranteeing and/or perfecting the Approved Mezzanine
Loan (and all tranches thereof) and all documents executed and/or delivered in connection therewith.

 

“Approved Mezzanine
Monthly Debt Service Payment Amount” shall mean, for each Monthly Payment Date, an amount equal to the amount of
(i) non-default interest which is then due on the Approved Mezzanine Loan under the Approved Mezzanine Loan Documents for the Interest
Period during which such Monthly Payment Date occurs, plus (ii) the amount of any default interest and/or late fees then due and
owing to Approved Mezzanine Lender by Borrower under the Approved Mezzanine Loan Documents.

 

“Approved Mezzanine
Release Amount” shall mean, as to any Individual Property that is subject to a release and associated partial prepayment
of the Loan pursuant to Section 2.4 and Section 2.5.2, the product of (x) the Release Amount Percentage
multiplied by (y) the Approved Mezzanine Allocated Loan Amount for such Individual Property.

 

“Approved Operating
Expenses” shall mean Operating Expenses incurred by Owner or by any Manager on Owner’s behalf (excluding any
Restricted Payments) which (i) are included in the Approved Annual Budget for the current calendar month, (ii) are for
real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Properties, (iii) are
for Management Fees, or (iv) have been approved in writing by Lender, Mezzanine A Lender and Mortgage Lender as Approved Operating
Expenses; provided, however, that Approved Operating Expenses shall also include, for any calendar month in which Operating Expenses
exceed the Monthly Operating Expense Budgeted Amount, the amount of such excess Operating Expenses up to and not to exceed ten
percent (10%) of the Monthly Operating Expense Budgeted Amount for such calendar month as to which Owner provides to Lender a reasonably
detailed explanation of the reasons for and expenditures resulting in Operating Expenses exceeding the Monthly Operating Expense
Amount.

 

“Approved Scheduled
PIP Expenses” shall mean PIP Expenses incurred by Owner for Scheduled PIP for any Individual Property in the amount
not to exceed the amount budgeted for PIP Expenses for such Individual Property as set forth on Schedule XVIII (the
foregoing budgets for Scheduled PIP for any Individual Property, as modified from time to time with the approval of Lender, Mezzanine
A Lender and Mortgage Lender, which approval shall not be unreasonably withheld, conditioned or delayed, the “Approved
Scheduled PIP Budget” for such Individual Property) and Flagging Costs that are permitted hereunder.

 

“Assignment
of Interest Rate Cap Agreement” shall mean that certain Mezzanine B Collateral Assignment of Interest Rate Cap Agreement
dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee, as the same may be amended, restated, extended,
renewed, supplemented or otherwise modified from time to time.

 

    	 	-8-	Mezzanine B Loan Agreement

     

    

 

“Assignment
of Leases” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Assignment
of Management Agreement” shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Assignments
of Title Insurance Proceeds” shall mean that certain Mezzanine B Assignment of Title Insurance Proceeds, dated as
of the date hereof, by Borrower to Lender, as the same may be amended, restated, extended, renewed, supplemented or otherwise modified
from time to time.

 

“Assumption”
shall mean a Permitted Direct Assumption or a Permitted Indirect Assumption.

 

“Assumption
Fee” shall mean Borrower’s Allocation of (a) an assumption fee equal to $250,000 if no material modifications
to the Loan Documents are required in connection with the Assumption or (b) $350,000 if material modifications to the Loan Documents
are required in connection with the Assumption.

 

“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect to all or any part
of any Individual Property.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as amended from time
to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, or any other
federal or state bankruptcy or insolvency law, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’
rights.

 

“Base Management
Fees” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Base Rate”
shall mean, with respect to each Interest Period that occurs while the Loan is a Base Rate Loan, a per annum interest rate equal
to (a) the Prime Rate as of the related Interest Determination Date plus (b) the Base Rate Spread for the Loan; provided, however,
in no event shall the Base Rate for the Loan be less than the Index Floor plus the Applicable Spread for the Loan.

 

“Base Rate
Loan” shall mean the Loan at any time in which the Applicable Interest Rate for the Loan is calculated at the Base
Rate.

 

“Base Rate
Spread” shall mean, in connection with the conversion of the Loan from a LIBOR Loan or a Substitute Rate Loan to
a Base Rate Loan, the difference (expressed as the number of basis points) between (a) LIBOR plus the Applicable Spread or the
Substitute Base Rate plus the Substitute Rate Spread, as applicable, as of the Interest Determination Date that LIBOR or the Substitute
Base Rate, as applicable, was last utilized to determine the interest rate of the Loan minus (b) the Prime Rate as of such Interest
Determination Date; provided, however, that if such difference is a negative number, then the Base Rate Spread shall be zero.

 

    	 	-9-	Mezzanine B Loan Agreement

     

    

 

“BK Cap”
means the product of (i) the outstanding principal amount of the Loan plus any interest accrued and unpaid on the Loan multiplied,
by (ii) 0.20, plus Lender’s actual out-of-pocket costs and expenses (including attorneys’ fees).

 

“Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with their respective successors and permitted
assigns.

 

“Borrower Operating
Agreement” shall mean that certain limited liability company agreement of Borrower, dated as of the date hereof,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Borrower’s
Allocation” shall mean a fraction, expressed as a percentage, the numerator of which is the outstanding principal
balance of the Loan and the denominator of which is the aggregate principal balance of the Loan, the Mortgage Loan and the Mezzanine
B Loan.

 

Brand Manager”
shall mean collectively, each of Embassy Suites Management LLC, Hampton Inns Management LLC, Homewood Suites Management LLC, Hilton
Worldwide or any Affiliate of Hilton Worldwide, Marriott International Inc. or any Affiliate of Marriott International, Inc., Hyatt
Hotels Corporation or any Affiliate of Hyatt Hotels Corporation or Starwood Hotels and Resorts Worldwide, Inc. or any Affiliate
of Starwood Hotels and Resorts Worldwide, Inc.

 

“Business Day”
shall mean any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general business
in (i) the State of New York, (ii) the State where the corporate trust office of the Trustee is located or (iii) the State where
the servicing offices of the Servicer are located.

 

“Calculation
Date” shall mean the last day of each calendar quarter during the Term.

 

“Capital Expenditures”
shall mean, for any period, the amount incurred for items capitalized under GAAP and the Uniform System of Accounts (including
expenditures for building improvements or major repairs).

 

“Capped LIBOR
Rate” shall mean (i) during the initial term of the Loan, (A) for such time the Loan is a LIBOR Loan, four percent
(4.0%), (B) for such time the Loan is a Base Rate Loan, a strike rate determined as of the date of purchase of the Substitute Interest
Rate Protection Agreement which is expressed as a percentage equal to the difference between (1) the strike rate set forth in clause
(A) immediately preceding minus (2) the positive or negative difference of (x) the weighted average of the Base Rate Spread minus
(y) the weighted average of the Applicable Spread (for the avoidance of doubt, it being agreed by the parties that if this clause
(2) results in a negative number, such amount is added to the strike rate, and if this clause (2) results in a positive number,
such amount is subtracted from the strike rate), (C) for such time the Loan is a Substitute Rate Loan, a strike rate determined
as of the date of purchase of the Interest Rate Cap Agreement which is expressed as a percentage equal to the difference between
(1) the strike rate set forth in clause (A) minus (2) the positive or negative difference of (x) the weighted average of the Substitute
Rate Spread minus (y) the weighted average of the Applicable Spread (for the avoidance of doubt, it being agreed by the parties
that if this clause (2) results in a negative number, such amount is added to the strike rate, and if this clause (2) results in
a positive number, such amount is subtracted from the strike rate), and (ii) during each Extended Term, the strike price such that
the Debt Service Coverage Ratio as of the first day of such Extended Term is not less than 1.05x.

 

    	 	-10-	Mezzanine B Loan Agreement

     

    

 

“Cash Management
Agreement” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, (c) adjustments to the Regulation D reserve
requirements (including, without limitation, all basic, marginal, emergency, supplemental, special or other reserves and taking
into account any transitional adjustments or other scheduled changes in reserve requirements) announced by the Federal Reserve
Board of Governors, or (d) the making or issuance of any request, rule, guideline or directive (whether or not having the force
of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in the case of both clauses (i) and (ii) be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued (regardless of whether currently in force and effect).

 

“Change of
Control Flagging Costs” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Closing Date”
shall mean May 1, 2019.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes
thereto, U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form, and other guidance published
by the Internal Revenue Service on which taxpayers may rely.

 

“Collateral”
shall mean all collateral securing or intended to secure the Debt, including the Pledged Collateral.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right
accruing thereto, including any right of access thereto or any change of grade affecting such Individual Property or any part thereof.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Special Taxes or branch profits Special Taxes.

 

“Contractual
Obligation” shall mean as to any Person, any provision of any security issued by such Person or of any other agreement,
instrument or undertaking to which such Person is a party or by which it or any of its property is bound, or any provision of
the foregoing.

 

    	 	-11-	Mezzanine B Loan Agreement

     

    

   

“Control”
shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, through the ownership of voting securities, by contract or otherwise, and the terms
Controlled, Controlling and Common Control shall have correlative meanings.

 

“Control Party
Asset Threshold” shall mean the ownership of total real estate assets in the United States or Canada (in name or
under management) in excess of $1,000,000,000 and a capital/statutory surplus or shareholder equity in excess of $400,000,000.

 

“Conversion
Date” shall mean the effective date of the Applicable Interest Rate Conversion.

 

“Conversion
Notice” shall mean a notice given by Lender to Borrower in accordance with Section 10.6 hereof notifying the Borrower
of the occurrence of an event triggering an Applicable Interest Rate Conversion and which notice:

 

(i)          sets
forth the circumstances of the Applicable Interest Rate Conversion in reasonable detail; and

 

(ii)         includes
the requirements required to be satisfied in connection with such Applicable Interest Rate Conversion as described in Section 2.2.4
hereof.

 

“Counterparty”
shall mean, with respect to the Interest Rate Cap Agreement, SMBC Capital Markets, Inc. and with respect to any Replacement Interest
Rate Cap Agreement, any Approved Counterparty thereunder.

 

“Dallas Courtyard
Property” shall mean that certain Individual Property with an address of 2150 Market Center Boulevard, Dallas, Texas
75207.

 

“Debt”
shall mean the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums (including
any Spread Maintenance Premium, if applicable) due to Lender from time to time in respect of the Loan under the Note, this Agreement,
the Pledge Agreement, the Environmental Indemnity or any other Loan Document.

 

“Debt Service”
shall mean, with respect to any particular period, the scheduled interest payments due under the Note in such period.

 

“Debt Service
Coverage Ratio” shall mean, as of any date of determination, a ratio in which:

 

(a)          the
numerator is the Underwritten Net Cash Flow as of such date of determination; and

 

(b)          the
denominator is the sum, as of such date of determination, of the Annual Debt Service plus the Mortgage Annual Debt Service plus
the Mezzanine A Annual Debt Service.

 

    	 	-12-	Mezzanine B Loan Agreement

     

    

  

“Debt Yield”
shall mean, as of any date of determination, a fraction, expressed as a percentage (i.e. 0.10 = 10%), which is obtained by dividing:

 

(a)          the
Underwritten Net Cash Flow as of such date of determination; by

 

(b)          the
Aggregate Principal Balance.

 

“Debt Yield
Cure Level” shall mean a Debt Yield of (i) at any time prior to the Initial Stated Maturity Date, eight percent (8.0%)
and (ii) from and after the Initial Stated Maturity Date, eight and one-half percent (8.50%).

 

“Debt Yield
Trigger Level” shall mean a Debt Yield of (i) at any time prior to the Initial Stated Maturity Date, eight percent
(8.0%) and (ii) from and after the Initial Stated Maturity Date, eight and one-half percent (8.50%).

 

“Default”
shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage
of time, or both, would constitute an Event of Default.

 

“Default Rate”
shall mean a rate per annum equal to the lesser of (i) the Maximum Legal Rate or (ii) three percent (3%) above the
Applicable Interest Rate.

 

“Deposit Bank”
shall mean the bank or banks selected by Lender to maintain the Deposit Account. Lender may in its reasonable discretion change
the Deposit Bank from time to time.

 

“Divested Properties”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Divested Properties
(Loan)” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Divested Properties
(Non-Loan)” shall have the meaning set forth in the Mortgage Loan Agreement.

 

    	 	-13-	Mezzanine B Loan Agreement

     

    

 

“Divested Property
Liabilities” shall mean any and all actual, out-of-pocket liabilities, losses, damages, costs and expenses of any
kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Borrower, Leasehold Pledgor, Owner, Operating
Lessee, Mezzanine A Leasehold Pledgor, Mezzanine A Borrower, and/or Lender in connection with any investigative, administrative
or judicial proceeding commenced or threatened, whether or not Borrower, Leasehold Pledgor, Owner, Operating Lessee, Mezzanine
A Leasehold Pledgor, Mezzanine A Borrower, and/or Lender shall be designated a party thereto), that are imposed on, incurred by,
or asserted against Borrower, Leasehold Pledgor, Owner, Operating Lessee, Mezzanine A Leasehold Pledgor, Mezzanine A Borrower,
and/or Lender in any manner relating to or arising out of (i) Owner’s and/or Operating Lessee’s ownership, leasing
and/or operation of the Divested Properties (Non-Loan); (ii) any accident, injury to or death of persons or loss of or damage to
property occurring in, on or about any Divested Property (Non-Loan) or on the adjoining sidewalks, curbs, adjacent property or
adjacent parking areas, streets or ways; (iii) any use, nonuse or condition in, on or about any Divested Property (Non-Loan) or
on adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (iv) performance of any labor or services
or the furnishing of any materials or other property in respect of any Divested Property (Non-Loan); (v) any failure of any Divested
Property (Non-Loan) to comply with any applicable Legal Requirement (including any Environmental Laws); (vi) any claim by brokers,
finders or similar persons claiming to be entitled to a commission in connection with any lease or other transaction involving
any Divested Property (Non-Loan) or any part thereof, or any liability asserted against Borrower, Leasehold Pledgor, Owner, Operating
Lessee, Mezzanine A Leasehold Pledgor, Mezzanine A Borrower, and/or Lender with respect thereto; (vii) any claims by any lessee
of any portion of any Divested Property (Non-Loan) or any Person acting through or under any lessee or otherwise arising under
or as a consequence of any such lease; and (viii) any presence or release of Hazardous Substances at any Divested Property (Non-Loan),
in each case of clauses (i) through (viii) above, with respect to each Divested Property (Non-Loan), to the extent such liability,
loss, damage, cost, or expense arises out of any circumstance, condition, action or event that occurred or existed on or prior
to the date on which such Divested Property (Non-Loan) was conveyed by Owner (even to the extent that the applicable liability,
loss, damage, cost, or expense did not occur, or the occurrence of the applicable circumstance, condition, action or event is not
discovered, until after such date of conveyance).

 

“Due and Payable”
shall mean, with respect to Taxes and Other Charges, the date upon which, if the applicable Taxes or Other Charges are not paid,
such Taxes or Other Charges become delinquent or begin accruing fees, charges, penalties and/or interest or the payee thereof becomes
entitled to exercise any right or remedies for non-payment thereof.

 

“Eligible Account”
shall mean a separate and identifiable account from all other funds held by the holding institution that is either (i) an account
or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution or trust company which
complies with the definition of Eligible Institution or (ii) a segregated trust account or accounts (or subaccounts thereof) maintained
with the corporate trust department of a federal depository institution or state chartered depository institution subject to regulations
regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations §9.10(b), having in either case
corporate trust powers, acting in its fiduciary capacity, and a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by federal and state authorities and having a long-term unsecured debt rating of “A” or
higher by S&P and “A2” or higher by Moody’s and a short-term unsecured debt rating of “A-1” or
higher by S&P and “P-1” or higher by Moody’s. An Eligible Account will be a “deposit account”
within the meaning of Section 9-102(a)(29) of the Uniform Commercial Code of the State of New York and will not be evidenced by
a certificate of deposit, passbook or other instrument.

 

“Eligible Institution”
shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation the short term unsecured
debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s, and F1+ by Fitch in the
case of accounts in which funds are held for thirty (30) days or less or, in the case of Letters of Credit or accounts in
which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least
“A+” by Fitch and S&P and “Aa3” by Moody’s.

 

“Emergency
Expenses” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Environmental
Indemnity” shall mean that certain Mezzanine B Environmental Indemnity Agreement dated as of the date hereof, executed
by Borrower and Guarantors in connection with the Loan, for the benefit of Lender, or any replacement thereof in accordance with
the express terms thereof, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified
from time to time.

 

    	 	-14-	Mezzanine B Loan Agreement

     

    

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) which is a member of the same controlled group of corporations or
group of trades or businesses under common control with Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner, Operating Lessee, Fee General Partner, Leasehold General Partner or any Guarantor, or is treated as a single employer
together with Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, Fee General
Partner, Leasehold General Partner or any Guarantor under Section 414 of the Code or Title IV of ERISA.

 

“Excluded Taxes”
shall mean (a) Special Taxes imposed on or measured by net income (however denominated) or net profits (including any branch profits
or franchise taxes) of, or required to be withheld or deducted from any payment to, Lender or any of its Affiliates, divisions
or branches by the jurisdiction (or any political subdivision thereof) (i) as a result of Lender (or Affiliate, divisions or branches
of Lender) being a resident or deemed to be resident, is organized, maintains an office, or carries on business or is deemed to
carry on business to which such payment relates, in the jurisdiction imposing such taxes or (ii) that are Other Connection Taxes;
(b) any U.S. federal or state withholding Special Taxes that are imposed on amounts payable to or for the account of Lender (or
any transferee, successor or assignee thereof, including any Person that is sold or assigned an interest in the Loan pursuant to
Article IX) under the law in effect at the time Lender (or such transferee, successor or assignee) becomes a party to this Agreement
or changes its lending office, (c) any backup withholding taxes; (d) Special Taxes imposed on account of Lender not providing documentation
(including documentation regarding direct or indirect owners) that would have reduced or eliminated such taxes, provided that such
Lender is legally entitled to provide such documentation; (e) Special Taxes imposed on account of Lender not being eligible for
the “portfolio interest exception” in Section 871(h) or 881(c) of the Code, as set forth in such Sections as of the
date of this Agreement (or any successor provision that is substantively comparable), and (f) any U.S. federal withholding Special
Taxes imposed under FATCA.

 

“Experience
Threshold” shall mean the ownership (including indirect ownership) and/or management of hospitality properties containing
at least 7,500 guest rooms (exclusive of the Property) with at least 5 years’ experience in the ownership and/or management
of such properties.

 

“Extended Term”
shall mean the First Extended Term, the Second Extended Term or the Third Extended Term, as applicable.

 

“Extension
Option” shall mean the First Extension Option, the Second Extension Option, or the Third Extension Option, as applicable.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor version described
above) and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty
or convention among Governmental Authorities and implementing such Sections of the Code.

 

“Fee General
Partner” shall have the meaning set forth in the Recitals hereto.

 

    	 	-15-	Mezzanine B Loan Agreement

     

    

 

“FF&E”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“FF&E Expense”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“FF&E Work”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Financial
Covenants” shall refer to the certain financial covenants which shall be included in the Guaranty, and shall require
that Guarantors:

 

(a)          maintain
(x) an aggregate Net Worth (as defined below) (without regard to the Properties or any equity therein) of not less than $250,000,000
and (y) an aggregate Net Worth (including the Properties and any equity therein) of not less than $500,000,000 (collectively, the
“Net Worth Threshold”); and

 

(b)          shall
not, at any time while a default in the payment of the obligations under the Guaranty has occurred and is continuing, either (i)
enter into or effectuate any transaction with any Affiliate of Guarantor that would reduce any Guarantor’s Net Worth below
the Net Worth Threshold (including the payment of any dividend or distribution to a shareholder, or the redemption, retirement,
purchase or other acquisition for consideration of any stock or other ownership interest in such guarantor) or (ii) sell, pledge,
mortgage or otherwise transfer to any Affiliate of Guarantor any of any Guarantor’s assets, or any interest therein that
would reduce any Guarantor’s Net Worth below the Net Worth Threshold.

 

For purposes of the foregoing definition of
Financial Covenants “Net Worth” shall mean, as of a given date, (i) a Person’s total assets as
of such date, including Uncalled Commitments, and for the purposes of determining Net Worth adding accumulated depreciation and
amortization to the value of such assets less (ii) such Person’s total liabilities as of such date, determined in accordance
with GAAP, exclusive of any liability under the Loan Documents, the Mezzanine Loan Documents, and, for avoidance of doubt, treating
the arrangements with Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC as equity and not debt.

 

“Fiscal Year”
shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the
Term.

 

“Fitch”
shall mean Fitch, Inc.

 

“Franchise
Agreements” shall mean individually or collectively, as the context requires, the existing franchise agreements for
the Individual Properties identified on Schedule XII hereto, and any or all franchise, trademark and license agreements,
or similar agreements between one or more of the Individual Owners or Operating Lessee, as applicable, and a hotel franchisor in
effect from time to time during the term of the Loan as the same may be replaced, amended or modified from time to time in accordance
with, and subject to, the terms and provisions of this Agreement. Each or any of the Franchise Agreements may sometimes be referred
to herein, individually, as a “Franchise Agreement”.

 

“Franchisor”
shall mean individually or collectively, as the context requires, any entity that is a hotel franchisor or licensor pursuant to
any Franchise Agreement affecting any Individual Property.

 

    	 	-16-	Mezzanine B Loan Agreement

     

    

 

“GAAP”
shall mean generally accepted accounting principles as in effect from time to time and set forth in the Financial Accounting Standards
Board Accounting Standards Codification.

 

“General Partner
Company Agreement” shall mean, collectively, those certain amended and restated limited liability company agreements
of each Mezz General Partner, Fee General Partner and Leasehold General Partner, dated as of the date hereof, as the same may be
amended, restated, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Governmental
Authority” shall mean any court, board, agency, commission, office or authority of any nature whatsoever or any governmental
unit (federal, state, commonwealth, county, district, municipal, city or otherwise) whether now or hereafter in existence.

 

“Grantor Trust”
shall mean a grantor trust under Subpart E of Part 1 of Subchapter J of the Code.

 

“Gross Revenue”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Ground Lease
Property” shall mean, individually and collectively, as the context requires, each Individual Property that is demised
by one of the Ground Leases.

 

“Ground Leases”
shall mean those certain ground leases more particularly described on Schedule VIII attached hereto and made a part
hereof as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms
of this Agreement. Each or any of the Ground Leases may be referred to herein individually as a “Ground Lease”.

 

“Ground Lessor”
shall mean individually and collectively, as the context requires, the lessors under each of the Ground Leases.

 

“Ground Lease
Purchase Option” shall mean any option, right of first refusal or right of first offer contained in any Ground Lease
and/or granted by any Ground Lessor to the lessee under the Ground Lease (or any Individual Owner or Affiliate thereof) to purchase
the related Ground Lease Property.

 

“Ground Rent”
shall mean any rent, additional rent or other charge payable by the tenant under the Ground Leases.

 

“Guarantors”
shall mean Hospitality Investors Trust Operating Partnership, L.P. (“OP Guarantor”) and Hospitality
Investors Trust, Inc. (“REIT Guarantor”), jointly and severally, and/or any other Person that now or
hereafter guarantees any of Borrower’s obligations under any Loan Document.

 

“Guaranty”
shall mean that certain Mezzanine B Guaranty of Recourse Obligations of even date herewith from Guarantors for the benefit of Lender,
or any replacement thereof in accordance with the express terms hereof, as the same may be amended, restated, replaced, extended,
renewed, supplemented or otherwise modified from time to time.

 

    	 	-17-	Mezzanine B Loan Agreement

     

    

 

“Hotel Taxes”
shall mean federal, state and municipal excise, occupancy, sales and use taxes collected by or on behalf of Owner or any other
Loan Party directly from patrons or guests of the Properties as part of or based on the sales price of any goods, services or other
items, such as gross receipts, room, admission, cabaret or equivalent taxes and required to be paid to a Governmental Authority.

 

“Incentive
Management Fees” shall mean the property management fees paid to a Manager for property management (as opposed to
asset management) services provided to the Individual Properties that are based on an override, profit participation or other form
of incentive for increased revenues or profits generated by such Individual Properties. Incentive Management Fees shall not include
Base Management Fees, reimbursable expenses paid to a Manager, system service charges, accounting fees, development fees, revenue
management fees, sales and marketing fees, information technology fees, human resources fees, risk management fees, administration
fees or other similar fees, expenses or reimbursements, in each case, so long as the same are not calculated based on increases
in revenues or profits generated by such Individual Properties.

 

“Indebtedness”
shall mean, for any Person, without duplication: (i) all indebtedness or liability of such Person for borrowed money (whether
or not evidenced by bonds, debentures, notes or other instruments) or for the deferred purchase price of or payment for goods,
property or services (including trade debt and trade payables) or mezzanine debt, for which such Person or its assets are liable,
(ii) obligations issued for, or liabilities incurred on account of, such Person, (iii) obligations or liabilities of such Person
arising under or with respect to letters of credit (including without limitation letter of credit facilities and agreements and
for amounts drawn upon letters of credit), credit facilities or other acceptance facilities, (iv) all amounts required to
be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption
of shares or interests, (v) all indebtedness guaranteed by such Person, directly or indirectly, (vi) all obligations
under leases that constitute capital leases for which such Person is liable, (vii) all obligations of such Person under interest
rate swaps, caps, floors, collars and other interest hedge agreements, in each case for which such Person is liable or its assets
are liable, whether such Person (or its assets) is liable contingently or otherwise, as obligor, guarantor or otherwise, or in
respect of which obligations such Person otherwise assures a creditor against loss, and (viii) all obligations under any PACE Loans.

 

“Indemnified
Taxes” means Special Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by Borrower
under any Loan Document.

 

“Independent”
shall mean, when used with respect to any Person, a Person who: (i) does not have any direct financial interest or any material
indirect financial interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee or in any Affiliate of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee (other than the receipt of fees payable for its services), (ii) is not connected with Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee or any Affiliate of Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee as an officer, employee, promoter, underwriter,
trustee, partner, member, manager, creditor, director, supplier, customer or person performing similar functions and (iii) is
not a member of the immediate family of a Person defined in (i) or (ii) above.

 

    	 	-18-	Mezzanine B Loan Agreement

     

    

 

“Independent
Accountant” shall mean (i) a firm of nationally recognized, certified public accountants which is Independent
and which is selected by Borrower and reasonably acceptable to Lender or (ii) such other certified public accountant(s) selected
by Borrower, which is Independent and reasonably acceptable to Lender, it being agreed by Lender that any “Big Four”
accounting firm (including any successor entity thereto) is hereby approved by Lender as long as such Person continues to be Independent
and a nationally recognized certified public accounting firm.

 

“Index Floor”
shall mean 0.0%.

 

“Individual
Owner” shall mean each “Individual Borrower” as defined in the Mortgage Loan Agreement.

 

“Individual
Property” shall mean, individually, any one of the properties identified on Schedule I hereto and (and, with
respect to each such property, the Improvements, all Fixtures, all Equipment, all FF&E and all personal property owned by Owner
and used in connection with or incorporated into such property), together with all rights pertaining to such property and Improvements.

 

“Initial Stated
Maturity Date” shall mean the Monthly Payment Date in November, 2021, as the same may be extended pursuant to Section
2.7 hereof.

 

“Insolvency
Opinion” shall mean that certain bankruptcy non-consolidation opinion letter dated the date hereof delivered by Berger
Harris LLP in connection with the Loan.

 

“Insurance
Proceeds” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Interest Determination
Date” shall mean, (a) with respect to each Interest Period that occurs while the Loan is a LIBOR Loan, the date that
is two (2) Business Days (for purposes of this clause (a) only, “Business Day” is defined as any day on
which banks are open for dealing in foreign currency and exchange in London) prior to the commencement date of such Interest Period,
(b) with respect to each Interest Period that occurs while the Loan is a Base Rate Loan, the date that is two (2) Business Days
prior to the commencement date of such Interest Period, and (c) with respect to each Interest Period that occurs while the Loan
is a Substitute Rate Loan, the date that is two (2) Business Days prior to the commencement date of such Interest Period; provided,
however, if the Interest Determination Date as defined in the Mortgage Loan Agreement shall be adjusted by Mortgage Lender, then
the Interest Determination Date hereunder shall be likewise adjusted, so that the Interest Determination Date hereunder and the
Interest Determination Date under the Mortgage Loan Agreement shall always be the same date.

 

“Interest Rate
Cap Agreement” shall mean the Confirmation and Agreement (together with the confirmation and schedules relating thereto),
dated on or about the date hereof, between the Counterparty and Borrower, obtained by Borrower and collaterally assigned to Lender
pursuant to the Assignment of Interest Rate Cap Agreement. After delivery of a Replacement Interest Rate Cap Agreement to Lender,
the term Interest Rate Cap Agreement shall be deemed to mean such Replacement Interest Rate Cap Agreement. At any time the Loan
is a Base Rate Loan or a Substitute Rate Loan and a Substitute Interest Rate Protection Agreement is in effect in accordance with
Section 2.2.4(e), all references to the Interest Rate Cap Agreement in the Loan Documents shall be deemed to refer to a Substitute
Interest Rate Protection Agreement. The Interest Rate Cap Agreement shall be governed by the laws of the State of New York and
shall contain each of the following:

 

    	 	-19-	Mezzanine B Loan Agreement

     

    

 

(a)          the
notional amount of the Interest Rate Cap Agreement shall be equal to or exceed the Outstanding Principal Balance;

 

(b)          the
remaining term of the Interest Rate Cap Agreement shall at all times extend through the end of the Interest Period in which the
Maturity Date occurs as extended from time to time pursuant to this Agreement and the Loan Documents;

 

(c)          the
Interest Rate Cap Agreement shall be issued by the Counterparty to Borrower and shall be pledged to Lender by Borrower in accordance
with the Assignment of Interest Rate Cap Agreement;

 

(d)          the
Counterparty under the Interest Rate Cap Agreement shall be obligated during the continuance of a Trigger Period to make a stream
of payments, directly to the Deposit Account (whether or not an Event of Default has occurred) from time to time equal to the product
of (i) the notional amount of such Interest Rate Cap Agreement multiplied by (ii) the excess, if any, of LIBOR (including any upward
rounding under the definition of LIBOR) over the Strike Price and shall provide that such payment shall be made on a monthly basis
in each case not later than (after giving effect to and assuming the passage of any cure period afforded to such Counterparty under
the Interest Rate Cap Agreement, which cure period shall not in any event be more than three Business Days) each Monthly Payment
Date;

 

(e)          the
Counterparty under the Interest Rate Cap Agreement shall execute and deliver the Acknowledgment; and

 

(f)          the
Interest Rate Cap Agreement shall impose no material obligation on the beneficiary thereof (after payment of the acquisition cost)
and shall be in all material respects satisfactory in form and substance to Lender (in Lender’s reasonable discretion) and
shall satisfy applicable Rating Agency standards and requirements, including, without limitation, provisions satisfying Rating
Agencies standards, requirements and criteria (i) that incorporate representations by the Counterparty that no withholding taxes
shall apply to payments by the Counterparty as of the date of the Interest Rate Cap Agreement, and provide for “gross up”
payments by the Counterparty for any withholding tax (except for any Excluded Taxes), (ii) whereby the Counterparty agrees not
to file or join in the filing of any petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law, and (iii) that incorporate, if the Interest Rate Cap Agreement contemplates collateral posting by the Counterparty,
a credit support annex setting forth the mechanics for collateral to be calculated and posted that are consistent with Rating
Agency standards, requirements and criteria.

 

“Inventory”
shall mean, as defined in the UCC, and including items which would be entered on a balance sheet under the line items for “Inventories”
or “china, glassware, silver, linen and uniforms” under the Uniform System of Accounts for Hotels, current edition.

 

    	 	-20-	Mezzanine B Loan Agreement

     

    

 

“Lease”
shall mean any lease, sublease or sub-sublease, letting, license, concession or other agreement (whether written or oral and whether
now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy, all or
any portion of any space in any Individual Property, and every modification, amendment or other agreement relating to such lease,
sublease, sub-sublease or other agreement entered into in connection with such lease, sublease, sub-sublease or other agreement
and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed
by the other party thereto.

 

“Leasehold
General Partner” shall have the meaning set forth in the Recitals hereto.

 

“Leasehold
Pledgor” shall have the meaning set forth in the introductory paragraph hereto, together with their respective successors
and permitted assigns.

 

“Leasehold
Pledgor Operating Agreement” shall mean, collectively, those amended and restated certain limited liability company
agreements of Leasehold Pledgor, dated as of the date hereof, as the same may be amended, restated, supplemented or otherwise modified
from time to time.

 

“Legal Requirements”
shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances,
judgments, decrees and injunctions of Governmental Authorities affecting the Loan, any Secondary Market Transaction with respect
to the Loan, Borrower, Leasehold Pledgor, the Collateral or any part thereof, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
the Mezzanine A Collateral, Owner, Operating Lessee or any Individual Property or any part thereof or the construction, use, alteration
or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Securities
Act, the Exchange Act, Regulation AB, the rules and regulations promulgated pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act, zoning and land use laws, the Americans with Disabilities Act of 1990, and all permits, licenses and authorizations
and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either
of record or known to Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee,
at any time in force affecting the Collateral or any part thereof, the Mezzanine A Collateral or any part thereof, or such Individual
Property or any part thereof, including any which may (i) require repairs, modifications or alterations in or to such Individual
Property or any part thereof, or (ii) in any way limit the use and enjoyment thereof.

 

“Lender Documents”
shall mean any agreement among any Mortgage Lender, any Lender, any Mezzanine A Lender, and/or any participant or any fractional
owner of a beneficial interest in the Mortgage Loan, the Loan, or the Mezzanine A Loan relating to the administration of the Mortgage
Loan, the Loan or the Mezzanine A Loan, the Mortgage Loan Documents, the Loan Documents, or the Mezzanine A Loan Documents, including
without limitation, any intercreditor agreements, co-lender agreements and participation agreements.

 

“Letter of
Credit” shall have the meaning set forth in the Mortgage Loan Agreement.

 

    	 	-21-	Mezzanine B Loan Agreement

     

    

 

“LIBOR”
shall mean, with respect to each Interest Period and each Interest Determination Date, the rate per annum (rounded to the nearest
1/1,000 of 1%) calculated by the Lender as set forth below:

 

(a) The rate
for deposits in U.S. Dollars for a one-month period that appears on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00
a.m., London time, on such Interest Determination Date.

 

(b) If such rate
does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on the applicable Interest Determination
Date, the Lender shall request the principal London office of any four major reference banks in the London interbank market selected
by the Lender to provide such reference bank’s offered quotation to prime banks in the London interbank market for deposits
in United States dollars for a one-month period as of 11:00 a.m., London time, on such Interest Determination Date in a principal
amount of not less than $1,000,000 that is representative for a single transaction in the relevant market at the relevant time.
If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two
such quotations are so provided, the Lender shall request any three major banks in New York City selected by the Lender to provide
such bank’s rates for loans in U.S. Dollars to leading European banks for a one-month period as of 11:00 a.m., New York City
time, on such Interest Determination Date in a principal amount not less than $1,000,000 that is representative for a single transaction
in the relevant market at the relevant time, and if at least two such rates are so provided, LIBOR shall be the arithmetic mean
of such rates. Promptly upon Borrower’s request, Lender shall provide Borrower with the basis (in writing) for its determination
of LIBOR. Notwithstanding the foregoing, in no event shall LIBOR be less than zero.

 

“LIBOR Interest
Rate” shall mean with respect to each Interest Period, LIBOR applicable to the Interest Period.

 

“LIBOR Loan”
shall mean at any time in which the Applicable Interest Rate is calculated at the LIBOR Interest Rate plus the Applicable Spread
in accordance with the provisions of Article II hereof.

 

“Lien”
shall mean any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive covenant, preference,
assignment, security interest, PACE Loan or any other encumbrance, charge or transfer of, or any agreement to enter into or create
any of the foregoing, on or affecting (i) all or any portion of any Individual Property or any interest therein, (ii) any direct
or indirect interest in Borrower or in any other Loan Party, (iii) all or any portion of the Collateral or any portion therein,
or (iv) all or any portion of the Mezzanine A Collateral or any interest therein, including any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any
financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 

“Liquidation
Event” shall mean (i) any Casualty to any Individual Property or any material portion thereof, (ii) any Condemnation
of any Individual Property or any material portion thereof, (iii) a Transfer of any Individual Property in connection with realization
thereon following an Event of Default under the Mortgage Loan, including, without limitation, a foreclosure sale, (iv) any refinancing
or payoff of any Mezzanine A Collateral or the Mezzanine A Loan permitted hereunder (including any refund of reserves on deposit
with Mezzanine A Lender (but not disbursements therefrom)), (v) any refinancing or payoff of any Individual Property or the Mortgage
Loan permitted hereunder (including any refund of reserves on deposit with Mortgage Lender (but not disbursements therefrom)) or
(vi) the receipt by any Individual Owner of any proceeds realized under such Individual Owner’s owner’s title insurance
policy after application of such proceeds by such Individual Owner to cure the underlying title defect.

 

    	 	-22-	Mezzanine B Loan Agreement

     

    

 

“Liquor Subsidiary”
shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Loan”
shall have the meaning set forth in the Recitals hereto.

 

“Loan Documents”
shall mean, collectively, this Agreement, the Note, the Pledge Agreement, the Assignment of Interest Rate Cap Agreement, the Assignments
of Title Insurance Proceeds, the Environmental Indemnity, the Subordination of Management Agreements, the Guaranty, the Post-Closing
Agreement and any other documents, agreements and instruments now or hereafter evidencing, securing or delivered to Lender in connection
with the Loan, as the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended,
restated, replaced, supplemented or otherwise modified from time to time.

 

“Loan Party”
shall mean, individually or collectively as the context requires, Borrower, each Leasehold Pledgor, each General Partner, each
Individual Owner, each Operating Lessee, each Liquor Subsidiary, each SPC Party, Mezzanine A Borrower and each Mezzanine A Leasehold
Pledgor.

 

“Low Cash Flow
Trigger” shall occur if, on any Calculation Date, the Debt Yield shall be equal to or less than the Debt Yield Trigger
Level.

 

“Low Cash Flow
Trigger Period” shall commence upon the occurrence of a Low Cash Flow Trigger and shall end when the Debt Yield shall
exceed the applicable Debt Yield Cure Level as of any subsequent Calculation Date; provided, however, that if Borrower, Owner and
Mezzanine A Borrower make the prepayments specified in Section 2.4.2(c) (upon at least two (2) Business Days prior written
notice), then such Low Cash Flow Trigger Period shall cease immediately upon the making of such prepayments (as opposed to waiting
for the determination on the subsequent Calculation Date that the Debt Yield exceeds the Debt Yield Cure Level) (the “Immediate
Low Cash Flow Trigger Cure”).

 

“LTV”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Major Contract”
shall mean any cleaning, maintenance, service or other contract or agreement of any kind of a material nature (materiality for
these purposes to mean, contracts (a) which extend beyond one year (unless cancelable on sixty (60) days or less notice without
requiring the payment of termination fees or payments of any kind) and (b) requiring the payment of more than $250,000 in any calendar
year with respect to an Individual Property), in either case relating to the ownership, leasing, management, use, operation, maintenance,
repair or restoration of the Properties, or any Individual Property; excepting, however, the Ground Leases, Franchise Agreements
and Management Agreements, none of which shall constitute Major Contracts for purposes of this Agreement.

 

    	 	-23-	Mezzanine B Loan Agreement

     

    

 

“Management
Agreements” shall mean the management agreement or management agreements, as the context requires, entered into by
and between Owner and/or Operating Lessee and Manager or any replacement management agreement entered into by and between Owner
and/or Operating Lessee and the applicable Manager in accordance with the terms of the Loan Documents, in each case, pursuant to
which such Manager is to provide management and other services with respect to the Properties, or any Individual Property. Each
or any of the Management Agreements may sometimes be referred to herein, individually, as a “Management Agreement”.

 

“Management
Fees” shall mean the Base Management Fees, Incentive Management Fees, reimbursable expenses, system service charges
and all other charges, fees and expenses to be paid to Manager, from time to time under the Management Agreements.

 

“Manager”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Material Alteration”
shall mean any alteration affecting structural elements, utilities, HVAC or the exterior of any Individual Property, the cost of
which (a) exceeds the Alteration Threshold with respect to such Individual Property, and/or (b) when aggregated with the costs
of alterations then affecting structural elements of all other Individual Properties (to the extent not covered by security delivered
to Lender pursuant to Section 4.12.2) plus any outstanding Flagging Costs with respect to all Individual Properties that
have not been reserved for with Mezzanine A Lender to the extent required under Section 4.34 of the Mezzanine A Loan Agreement
or Mortgage Lender to the extent required under Section 4.34 of the Mortgage Loan Agreement, but excluding Approved Alterations
(defined below)), exceeds the aggregate Alteration Threshold; provided, however, that in no event shall (i) [reserved],
(ii) any work to be performed in connection with any Emergency Expenses, (iii) any alterations performed as part of a Restoration,
(iv) any Approved Scheduled PIP Expenses, (v) tenant improvement work or other alterations performed with respect to any Lease
in effect on the Closing Date or any Lease entered into subsequent to the Closing Date in compliance with the terms of the Loan
Documents, or (vi) decorative work performed in the ordinary course of business, constitute a Material Alteration (clauses (i)
through (vi), collectively, the “Approved Alterations”).

 

“Maturity Date”
shall mean either (a) the Initial Stated Maturity Date; provided that (i) in the event of the exercise by Borrower of the First
Extension Option pursuant to Section 2.7, the Maturity Date shall be the First Extended Maturity Date, (ii) in the event
of the exercise by Borrower of the Second Extension Option pursuant to Section 2.7, the Maturity Date shall be the Second
Extended Maturity Date or (iii) in the event of the exercise by Borrower of the Third Extension Option pursuant to Section 2.7,
the Maturity Date shall be the Third Extended Maturity Date (the Initial Stated Maturity Date or, if and to the extent the Maturity
Date is extended in accordance with Section 2.7 hereof, such applicable extended date, the “Stated Maturity
Date”); or (b) such earlier date on which the final payment of principal of the Note becomes due and payable as herein
or therein provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.

 

“Maximum Legal
Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan
Documents, under the laws of such Governmental Authority whose laws are held by any court of competent jurisdiction to govern the
interest rate provisions of the Loan.

 

    	 	-24-	Mezzanine B Loan Agreement

     

    

 

“Mezzanine
Annual Debt Service” shall mean, as the context requires, the Original Mezzanine Annual Debt Service and, from and
after the Approved Mezzanine Closing Date, the Approved Annual Mezzanine Debt Service.

 

“Mezzanine
A Allocated Loan Amount” shall mean, as to any Individual Property, the “Allocated Loan Amount” (as defined
in the Mezzanine A Loan Agreement) set forth on Schedule I to the Mezzanine A Loan Agreement as to such Individual Property
(a copy of which Schedule is attached hereto as Schedule I-M2).

 

“Mezzanine
A Annual Debt Service” shall mean, as of any date of determination, the Mezzanine A Debt Service payable during the
one-year period occurring from and after such date of determination calculated by assuming that (a) the Outstanding Mezzanine A
Principal Balance at all times during such period is equal to the Outstanding Mezzanine A Principal Balance as of the date of determination
(taking into account any prepayments that occur on such date in accordance with this Agreement) and (b) LIBOR (or the Prime Rate
or the Substitute Base Rate, as applicable) at all times during such period is equal to either (i) in connection with Mezzanine
A Borrower’s exercise of an “Extension Option” under the Mezzanine A Loan Documents, the “Strike Price”
of the proposed “Replacement Interest Rate Cap Agreement” to be entered into by Mezzanine A Borrower under the Mezzanine
A Loan Documents in connection with its exercise of such “Extension Option” or (ii) otherwise, the “Strike Price”
of the “Interest Rate Cap Agreement” in place under the Mezzanine A Loan Documents as of such date of determination.

 

“Mezzanine
A Borrower” shall mean HIT Portfolio I Mezz, LP, a Delaware limited partnership.

 

“Mezzanine
A Borrower Company Agreement” shall mean that certain limited partnership agreement of Mezzanine A Borrower, dated
as of the date hereof, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with
the terms of this Agreement.

 

“Mezzanine
A Collateral” shall mean all collateral securing or intended to secure the Mezzanine A Debt, including the Mezzanine
A Pledged Collateral.

 

“Mezzanine
A Debt” shall mean the “Debt” as defined in the Mezzanine A Loan Agreement.

 

“Mezzanine
A Impaired Individual Property Release Amount” shall mean, as to any Individual Property, (a) for the Mezzanine A
Loan, the “Impaired Individual Property Release Amount” (as defined in the Mezzanine A Loan Agreement) and (b)
for the Approved Mezzanine Loan, from and after the Approved Mezzanine Closing Date, the Approved Mezzanine Release Amount as to
such Individual Property.

 

“Mezzanine
A Leasehold Pledgor” shall mean, individually or collectively as the context may require: HIT Portfolio I TRS Holdco,
LLC, a Delaware limited liability company, and HIT 2PK TRS Mezz, LLC, a Delaware limited liability company.

 

“Mezzanine
A Leasehold Pledgor Operating Agreement” shall mean, collectively, those certain limited liability company agreements
of Mezzanine A Leasehold Pledgor, dated as of the date hereof, as each of the same may be amended, restated, supplemented or otherwise
modified from time to time.

 

    	 	-25-	Mezzanine B Loan Agreement

     

    

 

“Mezzanine
A Lender” shall mean, individually or collectively as the context requires, the Original Mezzanine Lender and, from
and after the Approved Mezzanine Closing Date, the Approved Mezzanine Lender.

 

“Mezzanine
A Loan” shall mean individually and collectively, as the context requires, the Original Mezzanine A Loan and, from
and after the Approved Mezzanine Closing Date, the Approved Mezzanine Loan.

 

“Mezzanine
A Loan Agreement” shall mean individually and collectively, as the context requires, the Original A Mezzanine Loan
Agreement and, from and after the Approved Mezzanine Closing Date, the Approved Mezzanine Loan Agreement.

 

“Mezzanine
A Loan Default” shall mean an “Event of Default” under the Mezzanine A Loan and as defined in the Mezzanine
A Loan Documents related to the Mezzanine A Loan.

 

“Mezzanine
A Monthly Debt Service Payment Amount” shall mean individually and collectively, as the context requires, the Original
Mezzanine A Monthly Debt Service Payment Amount and, from and after the Approved Mezzanine Closing Date, the Approved Mezzanine
Monthly Debt Service Payment Amount.

 

“Mezzanine
A Note” shall mean the “Note” as defined in the Mezzanine A Loan Agreement.

 

“Mezzanine
A Pledge Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Mezzanine
A Pledged Collateral” shall mean the 100% ownership interest of Mezzanine A Borrower or Mezzanine A Leasehold Pledgor,
as applicable, in the entities listed on Schedule XIII.

 

“Mezzanine
A Release Amount” shall mean, as to any Individual Property, (a) for the Original Mezzanine A Loan, the Original
Mezzanine A Release Amount as to such Individual Property and (b) for the Approved Mezzanine Loan, from and after the Approved
Mezzanine Closing Date, the Approved Mezzanine Release Amount as to such Individual Property.

 

“Mezzanine
A UCC Title Insurance Policy” shall mean, with respect to the Mezzanine A Collateral, a UCC title insurance policy
in the form acceptable to Mezzanine A Lender issued with respect to the Mezzanine A Collateral and insuring the lien of the Mezzanine
A Pledge Agreement encumbering such Mezzanine A Collateral.

 

“Mezz General
Partner” shall have the meaning set forth in the Recitals hereto.

 

“Monthly Debt
Service Payment Amount” shall mean, for each Monthly Payment Date, an amount equal to the amount of interest which
is then due on the Loan for the Interest Period ending in the month during which such Monthly Payment Date occurs.

 

    	 	-26-	Mezzanine B Loan Agreement

     

    

 

“Monthly Operating
Expense Budgeted Amount” for any calendar month shall mean the monthly amount set forth in the Approved Annual Budget
for Operating Expenses for such calendar month.

 

“Monthly Payment
Date” shall mean the seventh (7th) day of every calendar month occurring during the Term, as adjusted
pursuant to Section 2.3.2. The first Monthly Payment Date shall be June 7, 2019.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Mortgage”
shall have the meaning set forth in the Recitals hereto.

 

“Mortgage Annual
Debt Service” shall mean, as of any date of determination, the Mortgage Debt Service payable during the one-year
period occurring from and after such date of determination calculated by assuming that (a) the Outstanding Mortgage Principal Balance
at all times during such period is equal to the Outstanding Mortgage Principal Balance as of the date of determination (taking
into account any prepayments that occur on such date in accordance with this Agreement) and (b) LIBOR (or the Prime Rate or the
Substitute Base Rate, as applicable) at all times during such period is equal to either (i) in connection with Owner’s exercise
of an “Extension Option” under the Mortgage Loan Documents, the “Strike Price” of the proposed “Replacement
Interest Rate Cap Agreement” to be entered into by Owner under the Mortgage Loan Documents in connection with its exercise
of such “Extension Option” or (ii) otherwise, the “Strike Price” of the “Interest Rate Cap Agreement”
in place under the Mortgage Loan Documents as of such date of determination.

 

“Mortgage Borrower
Company Agreement” shall mean, collectively, those certain amended and restated limited liability company agreements
and limited partnership agreements of each Mortgage Borrower, dated as of the date hereof, as each of the same may be amended,
restated, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Mortgage Debt
Service” shall mean, with respect to any particular period, the aggregate scheduled interest payments due under the
Mortgage Loan Documents in such period.

 

“Mortgage Deposit
Account” shall mean the “Deposit Account” as defined in the Mortgage Loan Agreement.

 

“Mortgage Impaired
Individual Property Release Amount” shall mean, as to any Individual Property, the “Impaired Individual Property
Release Amount” (as defined in the Mortgage Loan Agreement) as to such Individual Property.

 

“Mortgage Lender”
shall have the meaning set forth in the Recitals hereto.

 

“Mortgage Loan”
shall have the meaning set forth in the Recitals hereto.

 

“Mortgage Loan
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Mortgage Loan
Allocated Loan Amount” shall mean the “Allocated Loan Amount” (as defined in the Mortgage Loan Agreement)
set forth on Schedule I to the Mortgage Loan Agreement, a copy of which Schedule is attached hereto as Schedule I-M1.

 

    	 	-27-	Mezzanine B Loan Agreement

     

    

 

“Mortgage Loan
Default” shall mean an “Event of Default” under the Mortgage Loan and as defined in the Mortgage Loan
Agreement.

 

“Mortgage Loan
Documents” shall mean the “Loan Documents” as defined in the Mortgage Loan Agreement.

 

“Mortgage Loan
Release Amount” shall mean the “Release Amount” as such term is defined in the Mortgage Loan Agreement.

 

“Mortgage Note”
shall mean the “Note” as such term is defined in the Mortgage Loan Agreement.

 

“Multi-Asset
Person” means a (i) Qualified Equityholder or (ii) an entity in respect of which, at the time the applicable pledge
is made, such entity’s pro rata share of net operating income from the Properties is less than 25% of such entity’s
aggregate net income.

 

“Net Liquidation
Proceeds After Debt Service” shall mean with respect to any Liquidation Event, all amounts paid to or received by
or on behalf of Owner or Mezzanine A Borrower in connection with such Liquidation Event, including, without limitation, proceeds
of any sale, refinancing or other disposition or liquidation, less (i) Lender’s, Mezzanine A Lender’s and/or Mortgage
Lender’s reasonable costs incurred in connection with the recovery thereof, (ii) in the case of Casualty or Condemnation,
the costs incurred by Owner in connection with a restoration of the Property made in accordance with the Mortgage Loan Documents,
(iii) amounts required or permitted to be deducted therefrom pursuant to the Mortgage Loan Agreement or the Mezzanine A Loan Agreement,
amounts paid pursuant to the Mortgage Loan Documents to Mortgage Lender (including, without limitation, amounts to which Owner
is entitled pursuant to Section 5.4(b)(vii) of the Mortgage Loan Agreement) and amounts paid pursuant to the Mezzanine A Loan Documents
to Mezzanine A Lender (including, without limitation, amounts to which Mezzanine A Borrower is entitled pursuant to Section 5.4(b)(vii)
of the Mezzanine A Loan Agreement), (iv) in the case of a foreclosure sale, disposition or Transfer of any Individual Property
in connection with realization thereon following a Mortgage Loan Default, such reasonable and customary costs and expenses of sale
or other disposition (including attorneys’ fees and brokerage commissions), (v) in the case of a foreclosure sale, such
costs and expenses incurred by Mortgage Lender under the Mortgage Loan Documents as Mortgage Lender shall be entitled to receive
reimbursement for under the terms of the Mortgage Loan Documents, (vi) in the case of a foreclosure sale, disposition or Transfer
of any Mezzanine A Collateral in connection with realization thereon following an Mezzanine A Loan Default under the Mezzanine
A Loan Agreement, such reasonable and customary costs and expenses of sale or other disposition (including attorneys’ fees
and brokerage commissions), (vii) in the case of a foreclosure sale, such costs and expenses incurred by Mezzanine A Lender under
the Mezzanine A Loan Documents as Mezzanine A Lender shall be entitled to receive reimbursement for under the terms of the Mezzanine
A Loan Documents, (viii) in the case of a refinancing of the Mortgage Loan and/or the Mezzanine A Loan, such costs and expenses
(including reasonable attorneys’ fees) of such refinancing as shall be reasonably approved by Mortgage Lender or Mezzanine
A Lender, and (viii) in the case of the receipt by any Individual Owner of any proceeds realized under such Individual Owner’s
owner’s title insurance policy, any amount required to cure the applicable title defect and Borrower’s or Owner’s
reasonable expenses incurred in connection with effectuating such claim and curing such title defect.

 

    	 	-28-	Mezzanine B Loan Agreement

     

    

 

“Net Operating
Income” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Net Proceeds”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“New/Renewal
Flagging Costs” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Non-Conforming
Properties” shall mean those certain Individual Properties set forth on Schedule XVI.

 

“NRSRO”
shall mean any credit rating agency that has elected to be treated as a nationally recognized statistical rating organization for
purposes of Section 15E of the Exchange Act, without regard to whether or not such credit rating agency has been engaged by
Lender or its designees in connection with, or in anticipation of, a Securitization.

 

“Obligations”
shall mean, collectively, Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations
by Borrower and Leasehold Pledgor.

 

“OFAC”
shall mean the Specially Designated Nationals and Blocked Persons Lists maintained by the Office of Foreign Assets Control.

 

“Officer’s
Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized senior officer
of the manager of Borrower (or the manager of Borrower’s general partner, as applicable).

 

“Operating
Expenses” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Operating
Income” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Operating
Lease” shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Operating
Lessee” shall mean, individually and collectively as the context may require, those certain entities listed on Schedule
II-B, together with their respective permitted successors and assigns.

 

“Operating
Lessee Company Agreement” shall mean, collectively, those certain amended and restated limited liability company
agreements and limited partnership agreements of each Operating Lessee, dated as of the date hereof, as the same may be amended,
restated, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Operating
Rent” shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Operations
Agreements” shall mean the REAs and any other covenants, restrictions, easements, declarations or agreements of record
relating to the construction, operation or use of the Properties.

 

    	 	-29-	Mezzanine B Loan Agreement

     

    

 

“Original Mezzanine
A Allocated Loan Amount” shall mean, as to any Individual Property, the “Allocated Loan Amount” (as defined
in the Mezzanine A Loan Agreement) set forth on Schedule I to the Mezzanine A Loan Agreement as to such Individual Property
(a copy of which Schedule is attached hereto as Schedule I-M2).

 

“Original Mezzanine
A Annual Debt Service” shall mean, as of any date of determination, the Mezzanine A Debt Service payable during the
one-year period occurring from and after such date of determination calculated by assuming that (a) the Outstanding Mezzanine A
Principal Balance at all times during such period is equal to the Outstanding Mezzanine A Principal Balance as of the date of determination
(taking into account any prepayments that occur on such date in accordance with this Agreement) and (b) LIBOR (or the Prime Rate
or the Substitute Base Rate, as applicable) at all times during such period is equal to either (i) in connection with Mezzanine
A Borrower’s exercise of an “Extension Option” under the Mezzanine A Loan Documents, the “Strike Price”
of the proposed “Replacement Interest Rate Cap Agreement” to be entered into by Mezzanine A Borrower under the Mezzanine
A Loan Documents in connection with its exercise of such “Extension Option” or (ii) otherwise, the “Strike Price”
of the “Interest Rate Cap Agreement” in place under the Mezzanine A Loan Documents as of such date of determination.

 

“Original Mezzanine
A Lender” shall mean, collectively, Morgan Stanley Mortgage Capital Holdings LLC, a New York limited liability company,
together with its successors and permitted assigns, Citigroup Global Markets Realty Corp., a New York corporation, together with
its successors and permitted assigns, Deutsche Bank AG, New York Branch, a branch of Deutsche Bank AG, a German Bank authorized
by the New York Department of Financial Services, together with its successors and permitted assigns, Goldman Sachs Mortgage Company,
a New York limited partnership, together with its successors and permitted assigns, and JPMorgan Chase Bank, National Association,
a banking association chartered under the laws of the United States of America, together with its successors and permitted assigns.

 

“Original Mezzanine
A Loan” shall mean that certain loan in the original principal amount of One Hundred Million and No/100 Dollars ($100,000,000.00)
by Mezzanine A Lender to Mezzanine A Borrower pursuant to the Mezzanine A Loan Agreement.

 

“Original Mezzanine
A Loan Agreement” shall mean that certain Mezzanine A Loan Agreement of even date herewith between Mezzanine
A Lender, Mezzanine A Borrower and Mezzanine A Leasehold Pledgor, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“Original Mezzanine
A Loan Documents” means all documents evidencing, securing, guaranteeing and/or perfecting the Mezzanine A Loan and
all documents executed and/or delivered in connection therewith.

 

“Original Mezzanine
A Monthly Debt Service Payment Amount” shall mean, for each Monthly Payment Date, an amount equal to the amount of
(i) non-default interest which is then due on the Mezzanine A Loan under the Mezzanine A Loan Documents for the Interest Period
ending in the month during which such Monthly Payment Date occurs, plus (ii) the amount of any default interest and/or late fees
then due and owing to Mezzanine A Lender by Mezzanine A Borrower under the Mezzanine A Loan Documents.

 

    	 	-30-	Mezzanine B Loan Agreement

     

    

 

“Original Mezzanine
A Release Amount” shall mean, as to any Individual Property, the “Release Amount” (as defined in the
Mezzanine A Loan Agreement) as to such Individual Property.

 

“Other Charges”
shall mean all ground rents, including Ground Rent, maintenance charges, impositions other than Taxes and any other charges, including
vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Individual Property, now or hereafter
levied or assessed or imposed against such Individual Property or any part thereof.

 

“Other Connection
Taxes” means, with respect to Lender, Special Taxes imposed as a result of a present or former connection between
Lender and the jurisdiction imposing such Special Tax (other than connections arising from such Lender having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Obligations”
shall mean (a) the performance of all obligations of Borrower and Leasehold Pledgor contained herein; (b) the performance
of each obligation of Borrower and Leasehold Pledgor contained in any other Loan Document; and (c) the performance of each
obligation of Borrower and Leasehold Pledgor contained in any renewal, extension, amendment, modification, consolidation, change
of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Document.

 

“Outstanding
Mezzanine A Principal Balance” shall mean, as of any date, the outstanding principal balance of the Mezzanine A Loan.

 

“Outstanding
Mortgage Principal Balance” shall mean, as of any date, the outstanding principal balance of the Mortgage Loan.

 

“Outstanding
Principal Balance” shall mean, as of any date, the outstanding principal balance of the Loan.

 

“Owner”
shall have the meaning set forth in the Recitals hereto.

 

“Owner’s
Title Policies” shall mean, collectively, the “Policies” as such term is defined in the Assignments of
Title Insurance Proceeds.

 

“PACE Loan”
shall mean (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name
given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency,
increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year
assessments against the Property.

 

“PATRIOT Act”
shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
(USA PATRIOT Act) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws.

 

    	 	-31-	Mezzanine B Loan Agreement

     

    

 

“Permitted
Encumbrances” shall mean, collectively, (i) the Liens and security interests created by the Loan Documents and
(ii) Permitted Transfers.

 

“Permitted
Encumbrances (Mezzanine A Loan)” shall mean, collectively, (i) the Liens and security interests created by the
Mezzanine A Loan Documents and (ii) Permitted Transfers.

 

“Permitted
Encumbrances (Mortgage Loan)” shall mean, collectively, (i) the Liens and security interests created by the
Mortgage Loan Documents, (ii) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (iii) Liens,
if any, for Taxes or Other Charges imposed by any Governmental Authority not yet delinquent or being contested in good faith and
by appropriate proceedings in accordance with Section 4.6, (iv) any workers’, mechanics’ or other similar
Liens on any Individual Property provided that any such Lien is bonded or discharged within thirty (30) days after Borrower
first receives written notice of such Lien or which is being contested in good faith in accordance with the requirements of Section
4.3, (v) Permitted Transfers, (vi) such other title and survey exceptions as Lender has approved or may approve in writing
in Lender’s reasonable discretion, (vii) covenants, conditions, restrictions on use of real property and other similar matters
entered into in the ordinary course of business that would not have a material adverse effect on the use, occupancy or access to
the applicable Individual Property, and (viii) any other Liens expressly permitted pursuant to clauses (ii), (iv) or (v)(2) of
Section 4.2(b) hereof.

 

“Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association,
any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Physical Conditions
Report” shall mean, with respect to each Individual Property, one or more reports prepared by companies reasonably
satisfactory to Lender regarding the physical condition of such Individual Property, satisfactory in form and substance to Lender
in its sole discretion, which report shall, among other things, (i) confirm that such Individual Property and its use comply,
in all material respects, with all applicable Legal Requirements (including zoning, subdivision and building laws), and (ii) include
a copy of a final certificate of occupancy with respect to all Improvements.

 

“PIP”
shall mean any property improvement plan now or subsequently required by any Franchisor under the applicable Franchise Agreement.

 

“PIP Expenses”
shall mean FF&E Expenses and Capital Expenditures incurred by Owner or Operating Lessee for PIP Work.

 

“PIP Work”
shall mean the FF&E and other capital improvements required pursuant to any PIP to be installed and/or completed by Owner or
Operating Lessee.

 

“Pledge Agreement”
shall have the meaning set forth in the Recitals hereto.

 

“Pledged Collateral”
shall mean the 100% ownership interest of Borrower in Mezzanine A Borrower and Leasehold Pledgor in each Mezzanine A Leasehold
Pledgor.

 

“Pledged Securities”
shall have the meaning set forth in the Pledge Agreement.

 

    	 	-32-	Mezzanine B Loan Agreement

     

    

 

“Pledgor”
shall have the meaning set forth in the Preamble hereto.

 

“Portland Property”
shall mean that certain Individual Property referred to as the Residence Inn Portland Downtown/Lloyd Center having an address at
710 NE Multnomah Street, Portland, Oregon 97232.

 

“Post-Closing
Agreement” shall mean that certain Post-Closing Agreement dated as of the Closing Date made by Borrower and Leasehold
Pledgor for the benefit of Lender.

 

“Pre-Approved
Control Party” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Prepayment
Notice” shall mean a prior written notice to Lender specifying the proposed Business Day on which a prepayment of
the Debt is to be made pursuant to Section 2.4 hereof, which date must be a Business Day and shall be no earlier than
fifteen (15) days after the date of such Prepayment Notice (other than any prepayment of the Debt made at the closing and
pursuant to the definitive documentation of any Assumption, in which case such date shall be no earlier than three (3) days after
the date of such Prepayment Notice) and no later than sixty (60) days after the date of such Prepayment Notice (unless in
connection with an Immediate Low Cash Flow Trigger Cure, in which case, the definition of Low Cash Flow Trigger Period shall govern).
Such Prepayment Notice shall be revocable at any time and for any reason by Borrower and may be adjourned on a day-to-day basis
on reasonable notice to Lender, but Borrower shall pay Lender’s actual expenses incurred in connection with such revocation
and/or adjournment.

 

“Prime Rate”
shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate”. If more
than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates”
will be used, and such average will be rounded up to the nearest 1/100th of one percent (0.01%). If The Wall Street Journal ceases
to publish the “Prime Rate,” Lender will select an equivalent publication that publishes such “Prime Rate,”
and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental
or quasi-governmental body, then Lender will select a comparable interest rate index.

 

“Prime Rate
Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

 

“Prior Loans”
shall mean, collectively, the loans described on Schedule IX.

 

“Properties”
shall mean, collectively, each and every Individual Property which is subject to the Mortgage Loan Agreement and has not theretofore
been released in accordance therewith.

 

“Qualified
Equityholder” means (i) Guarantor or any successor thereto by merger, acquisition, initial public offering or similar
corporate transaction, (ii) Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC or any of its Affiliates, (iii)
any entity approved by Lender and Mezzanine A Lender and with respect to which Rating Agency Confirmation is received (or prior
to a Securitization, is approved by Mortgage Lender), or (iv) a Qualified Transferee that is a Qualified Institution, provided
in each case under this clause (iv) that such Qualified Institution (A) has total assets in the United States or Canada
(in name or under management) in excess of $650,000,000 and a capital/statutory surplus or shareholder equity in excess of $250,000,000,
in each case, exclusive of the Property, and (B) if the applicable transfer results in a change of Control of Borrower, then following
such transfer Borrower shall be Controlled by a Qualified Institution that is in the business of regularly investing in or operating
hospitality real estate assets or other commercial properties.

 

    	 	-33-	Mezzanine B Loan Agreement

     

    

 

“Qualified
Institution” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Qualified
Manager” shall mean (i) each Manager as of the Closing Date with respect to the Individual Properties managed by
such Manager as of the Closing Date, (ii) any property manager listed on Schedule X hereto (or that is Controlled
by or under common Control with any property management company on such list), or (iii) any property manager that is reasonably
approved by Lender, Mezzanine A Lender and Mortgage Lender.

 

“Qualified
Transferee” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Rate Substitution
Conditions” shall have the meaning specified in Section 2.2.4(a).

 

“Rating Agencies”
shall mean, prior to a Securitization, any nationally-recognized statistical rating organization (e.g. Standard & Poor’s
Ratings Services, Moody’s Investor Service, Inc., Fitch, Inc., DBRS, Inc. or any successor thereto) that has been or will
be engaged by Lender or its designees in connection with, or in anticipation of, a Securitization, and following a Securitization,
each of the Rating Agencies that has issued a credit rating for the Securities. Prior to a Securitization of the Loan, any approval
required of a Rating Agency hereunder shall be deemed obtained if the corresponding approval of a Rating Agency under the Mortgage
Loan Agreement had been obtained in respect of the same event.

 

“Rating Agency
Confirmation” shall mean a written affirmation from each of the Rating Agencies that has issued a credit rating for
the Securities that the credit rating of such Securities by such Rating Agency immediately prior to the occurrence of the event
with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the
occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion.
Notwithstanding the foregoing, in the event the Loan is not, but the Mortgage Loan is included in a Securitization, any Rating
Agency Confirmation hereunder shall be deemed obtained if Rating Agency Confirmation under the Mortgage Loan Agreement in respect
of the same event has been obtained.

 

“REAs”
shall mean, collectively, those certain agreement(s) more particularly described on Schedule VII attached hereto
and made a part hereof, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance
with the terms of this Agreement.

 

“Red Zone Property”
shall mean each Individual Property listed on Schedule XXI.

 

“Regulation
AB” shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from
time to time.

 

    	 	-34-	Mezzanine B Loan Agreement

     

    

 

“Related Loan”
shall mean a loan to an Affiliate of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating
Lessee, or any Guarantor or secured by a Related Property, that is included in a Securitization with the Loan, and any other loan
that is cross-collateralized with the Loan.

 

“Related Property”
shall mean a parcel of real property, together with improvements thereon and personal property related thereto, that is “related”
within the meaning of the definition of Significant Obligor, to any Individual Property.

 

“Release Amount”
shall mean, as to any Individual Property that is subject to a release and associated partial prepayment of the Loan pursuant to
Section 2.4 and Section 2.5.2, the product of (x) the Release Amount Percentage multiplied by (y) the Allocated Loan
Amount for such Individual Property.

 

“Release Amount
Factor” shall mean the percentage by which the Allocated Loan Amount is multiplied to determine the Release Amount.

 

“Release Amount
Percentage” shall be, with respect to any Individual Property that is subject to a release and associated partial
prepayment of the Loan pursuant to Section 2.4 and Section 2.5.2:

 

(a) 105% if the
Outstanding Principal Balance (after giving effect to the reduction of the Outstanding Principal Balance by the Release Amount
for such Individual Property, assuming for purposes of this clause (a), a Release Amount Factor of 105% is used to determine the
Release Amount for such Individual Property) equals or exceeds a floor of $52,500,000.00 (the “First Floor Balance”);
or

 

(b) 110% if the
Outstanding Principal Balance (after giving effect to the reduction of the Outstanding Principal Balance by the Release Amount
for such Individual Property, assuming for purposes of this clause (b) a Release Amount Factor of 110% is used to determine the
Release Amount for such Individual Property) is less than the First Floor Balance;

 

provided (this proviso, the “Straddle
Proviso”), that if the Outstanding Principal Balance is above the First Floor Balance prior to prepayment of the
Release Amount for such Individual Property (determined using the Release Amount Percentage derived by application of the terms
of clauses (a)-(b) above and without giving effect to this Straddle Proviso), and after application of such Release Amount, the
Outstanding Principal Balance would be reduced below the First Floor Balance (a “Straddle Floor Balance”),
the Release Amount Percentage for such Individual Property then subject to release (the “Straddle Property”)
shall be a pro rata blended percentage, based upon the following:

 

(i) the Allocated
Loan Amount for the Straddle Property shall be divided for calculation purposes pursuant to this Straddle Proviso into two hypothetical
components, the first (the “First Hypothetical Component”) being equal to the portion of such Allocated
Loan Amount which, when multiplied by the Release Amount Percentage applicable (without giving effect to this Straddle Proviso)
if the Outstanding Principal Balance were higher than the Straddle Floor Balance (the “Above Straddle Percentage”),
would result (upon application of the product of such multiplication of the First Hypothetical Component by the Above Straddle
Percentage in reduction of the Outstanding Principal Balance) in an Outstanding Principal Balance equal to the Straddle Floor Balance,
and the second (the “Second Hypothetical Component”) being equal to the Allocated Loan Amount for such
Straddle Property less the First Hypothetical Component;

 

    	 	-35-	Mezzanine B Loan Agreement

     

    

 

(ii) the Second
Hypothetical Component shall be assigned for calculation purposes pursuant to this Straddle Proviso a Release Amount Percentage
equal to the Release Amount Percentage applicable (without giving effect to this Straddle Proviso) if the Outstanding Principal
Balance were less than the Straddle Floor Balance (the “Below Straddle Percentage”); and

 

(iii) the Release
Amount Percentage for the Straddle Property shall be equal to the sum of (A) the Above Straddle Percentage multiplied by a fraction,
the numerator of which is the First Hypothetical Component and the denominator of which is the Allocated Loan Amount for such Straddle
Property plus (B) the Below Straddle Percentage multiplied by a fraction, the numerator of which is the Second Hypothetical Component
and the denominator of which is the Allocated Loan Amount for such Straddle Property.

 

By way of example of the
foregoing, if the Outstanding Principal Balance were $36,750,000 immediately prior to the release of an Individual Property with
an Allocated Loan Amount of $20,000,000, such Individual Property would be a Straddle Property, to which this Straddle Proviso
applies, and (x) the First Hypothetical Component would be $15,000,000 (because $15,000,000 multiplied by an Above Straddle Percentage
of 105% equals $15,750,000), which when applied to reduce the Outstanding Principal Balance results in the Outstanding Principal
Balance equal to the First Floor Balance, which is the Straddle Floor Balance in this example, (y) the Second Hypothetical Component
is $5,000,000 (the $20,000,000 Allocated Loan Amount minus the First Hypothetical Component) and the Below Straddle Percentage
is 110%, and (z) the Release Amount Percentage is 106.25% (106.25% = (105% X $15,000,000/$20,000,000) + (110% X $5,000,000/$20,000,000)).

 

“REMIC Opinion”
shall mean, as to any matter, an opinion of nationally recognized REMIC counsel as to the compliance of such matter with applicable
REMIC Requirements (which such opinion shall be, in form and substance and from a provider, in each case, reasonably acceptable
to Lender and acceptable to the Rating Agencies).

 

“REMIC Requirements”
shall mean any applicable legal requirements, as determined under the Code, the regulations, revenue rulings, revenue procedures
(such as Rev. Proc. 2010-30) and other administrative, legislative and judicial guidance, relating to the tax treatment of REMIC
Trusts, including, without limitation, the continued treatment of a Loan as a “qualified mortgage,” the continued qualification
of any REMIC Trust as a REMIC, the non-imposition of any tax on any REMIC Trust, including without limitation the taxes on “prohibited
transactions” and “contributions,” and any other constraints, rules or other regulations or requirements relating
to the servicing, modification or other similar matters with respect to a REMIC-held mortgage Loan (or any portion thereof or interest
therein) that may exist or be promulgated under the Code.

 

    	 	-36-	Mezzanine B Loan Agreement

     

    

 

“REMIC Trust”
shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds
the Note.

 

“Rents”
shall mean all rents, rent equivalents, revenues from the rental of rooms, guest suites, conference and banquet rooms, food and
beverage facilities, health clubs, spas or other amenities, telephone services, laundry, vending, television and parking, moneys
payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral
royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and
other deposits), accounts, cash, issues, profits, charges for services rendered, Operating Rent and other consideration of whatever
form or nature received by or paid to or for the account of or benefit of Owner, Operating Lessee or any of their respective agents
or employees from any and all sources arising from or attributable to the Properties, all other items of revenue, receipts or other
income as identified in the Uniform System of Accounts, current edition, and Insurance Proceeds, if any, from business interruption
or other loss of income insurance, but only to the extent Mortgage Lender elects to treat such Insurance Proceeds as business or
rental interruption Insurance Proceeds pursuant to Section 5.4(f) of the Mortgage Loan Agreement.

 

“Repayment
Date” shall mean the date of a prepayment of the Loan pursuant to the provisions of Section 2.4 hereof.

 

“Replacement
Interest Rate Cap Agreement” shall mean an interest rate cap agreement from an Approved Counterparty with terms that
are the same in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as
of (i) in connection with a replacement pursuant to Section 2.6.3(c) or (ii) in connection with a replacement (or extension
of the then-existing Interest Rate Cap Agreement) in connection to an extension of the Maturity Date pursuant to Section 2.7,
the date required in Section 2.7; provided that to the extent any such interest rate cap agreement does not meet the foregoing
requirements, a Replacement Interest Rate Cap Agreement shall be such interest rate cap agreement approved in writing by Lender,
and if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto.

 

“Restoration”
shall mean the repair and restoration of any Individual Property after a Casualty or Condemnation as nearly as possible to the
condition such Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably
approved by Lender, Mezzanine A Lender and Mortgage Lender.

 

“Restricted
Payments” shall mean any payments to any Guarantor or any of its respective Affiliates, or any payments of any “override”
or “profit participations”, asset management or incentive-based fees or expenses, or any transition or termination
fees, costs or expenses, or their equivalent; provided, however, that “Restricted Payments” shall not
include (i) any Management Fees that are payable to any Manager (that is not an Affiliate of Owner, Operating Lessee, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Borrower or Leasehold Pledgor) pursuant to any Management Agreement that has been approved
by Lender (including approval of any amendments thereto), (ii) any Base Management Fees that are payable to any Manager that is
an Affiliate of Owner, Operating Lessee, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Borrower or Leasehold Pledgor pursuant
to any Management Agreement that has been entered into in accordance with Section 4.14 (including any amendments thereto)
(provided no Event of Default exists) or (iii) any payments required to be made by the terms of the Mortgage Loan Documents or
the Mezzanine A Loan Documents.

 

    	 	-37-	Mezzanine B Loan Agreement

     

    

 

“S&P”
shall mean Standard & Poor’s Ratings Services, a division of the S&P Global Inc.

 

“Securitization
Vehicle” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Security Deposits”
shall mean all security (whether cash, letters of credit or otherwise) given to Owner or any agent or Person acting on behalf of
Owner in connection with any Leases.

 

“Security Documents”
shall mean collectively, (i) the Pledge Agreement, (ii) a notice of pledge to Mezzanine A Borrower and Mezzanine A Leasehold Pledgor,
(iii) all Uniform Commercial Code financing statements required by this Agreement to be filed with respect to the security interests
in personal property created pursuant to the Security Documents, and (iv) all other documents and agreements executed or delivered
to Lender by Borrower and/or Leasehold Pledgor in connection with any of the foregoing documents.

 

“Significant
Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.

 

“SPC Party”
shall mean, collectively, the Borrower’s general partner, and each Leasehold Pledgor’s, Mezzanine A Borrower’s,
Mezzanine A Leasehold Pledgor’s, Individual Owner’s and/or Operating Lessee’s general partner, if any.

 

“Special Purpose
Bankruptcy Remote Entity” shall mean an entity that, at all relevant times, has complied and will comply with (a)
as to Borrower and Leasehold Pledgor, the representations, warranties and covenants set forth in Schedule V, (b) as to Mezzanine
A Borrower and Mezzanine A Leasehold Pledgor, the representations, warranties and covenants set forth in Schedule V to the Mezzanine
A Loan Agreement as in effect as of the Closing Date (a copy of which is attached hereto as Schedule V-2), and (c) as to
each Owner and Operating Lessee, the representations, warranties and covenants set forth in Schedule V to the Mortgage Loan Agreement
as in effect as of the Closing Date (a copy of which is attached hereto as Schedule V-1).

 

“Special Taxes”
shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Spread Maintenance Date” shall mean the Monthly Payment Date occurring in May, 2020.

 

“Spread Maintenance
Premium” shall mean, with respect to any payment or prepayment of the principal of the Loan (or acceleration of the
Loan) prior to and including the Spread Maintenance Date, an amount equal to the product of (i) the Applicable Spread; (ii) the
portion of the Loan that is being prepaid or repaid that is subject to the Spread Maintenance Premium; and (iii) a fraction, the
numerator of which is the number of days following the date through which interest on the prepaid amount has been paid to the end
of the full accrual period associated with the Spread Maintenance Date and the denominator of which is 360.

 

“Star Report”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

    	 	-38-	Mezzanine B Loan Agreement

     

    

 

“State”
shall mean New York State.

 

“Strike Price”
shall mean the actual “strike price” of the Interest Rate Cap Agreement or any Replacement Interest Rate Cap Agreement,
which shall never exceed the applicable Capped LIBOR Rate.

 

“Subordination
of Management Agreements” shall mean those certain Mezzanine B Subordinations of Management Agreement dated as of
the date hereof among Borrower, Leasehold Pledgor, the applicable Manager and Lender.

 

“Substitute
Base Rate” shall mean, for any Interest Period, the rate of the Substitute Index determined as of the Interest Determination
Date immediately preceding the commencement of such Interest Period, provided, that, in no event shall the Substitute Base Rate
be less than the Index Floor.

 

“Substitute
Index” shall mean a floating rate index (a) that is commonly accepted by market participants in commercial mortgage
backed securities transactions as an alternative to LIBOR, as determined by Lender in good faith, and (b) that is publicly recognized
by the International Swaps and Derivatives Association (ISDA) as an alternative to LIBOR.

 

“Substitute
Interest Rate Protection Agreement” shall mean (a) an interest rate cap agreement (together with the confirmation
and schedules relating thereto) in form and substance reasonably satisfactory to Lender between an Approved Counterparty and Borrower,
obtained by Borrower and collaterally assigned to Lender as required pursuant to this Agreement that contains each of the following:

 

		i.	a term expiring no earlier than the end of the Interest
Period related to the then-applicable Maturity Date;

 

		ii.	the notional amount of the Substitute Interest Rate Protection
Agreement shall be equal to or greater than the then outstanding principal balance of the Loan;

 

		iii.	it provides that the only obligation of Borrower thereunder
is the making of a single payment to the Counterparty thereunder upon the execution and delivery thereof;

 

		iv.	it provides for a strike rate equal to the Capped LIBOR
Rate and complies with the terms of Section 2.6 hereof; and

 

		v.	without limiting any of the provisions of the preceding
clauses (i) through (iv) above, it satisfies all of the requirements set forth in Section 2.6 hereof; or

 

(b) a modification or amendment to
the then-existing Interest Rate Protection Agreement entered into in writing by Borrower and an Approved Counterparty which causes
such Interest Rate Protection Agreement to satisfy the requirements of clause (a) of this definition of “Substitute Interest
Rate Protection Agreement”.

 

“Substitute
Rate” shall mean, with respect to each Interest Period that occurs while the Loan is a Substitute Rate Loan, a per
annum interest rate equal to the Substitute Base Rate applicable to the Interest Period plus the Substitute Rate Spread; provided,
however, in no event shall the Substitute Rate be less than the Index Floor plus the Applicable Spread.

 

    	 	-39-	Mezzanine B Loan Agreement

     

    

 

“Substitute
Rate Loan” shall mean the Loan at any time in which the Applicable Interest Rate is calculated at the Substitute
Rate.

 

“Substitute
Rate Spread” shall mean, in connection with any conversion of the Loan from (a) a LIBOR Loan to a Substitute Rate
Loan the difference (expressed as the number of basis points) between (i) LIBOR plus the Applicable Spread as of the Interest Determination
Date for which LIBOR was last utilized to determine the interest rate of the Loan minus (ii) the Substitute Base Rate as of such
Interest Determination Date for which LIBOR was last utilized to determine the interest rate of the Loan, or (b) a Base Rate Loan
to a Substitute Rate Loan the difference (expressed as the number of basis points) between (i) the Base Rate in effect for the
Interest Period prior to the Interest Period in which the Substitute Rate is to be applied minus (ii) the Substitute Base Rate
in effect for the Interest Period prior to the Interest Period in which the Substitute Rate is to be applied; provided, however,
that if such difference is a negative number, then the Substitute Rate Spread shall be zero.

 

“Surveys”
shall mean the surveys of each Individual Property prepared by a surveyor licensed in the state in which each Individual Property
is located and reasonably satisfactory to Lender and the company or companies issuing the Title Insurance Policy, and containing
a certification of such surveyor reasonably satisfactory to Lender.

 

“Taxes”
shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed
or imposed against the Properties, any Individual Property or part thereof, together with all interest and penalties thereon. For
the avoidance of doubt, “Taxes” shall not include income, branch profits, franchise, sales, hotel room occupancy taxes,
commercial rent or occupancy taxes and other similar charges, taxes or expenses. In no event shall any PACE Loan be considered
a Tax for purposes of this Agreement.

 

“Tenant”
shall mean any Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits)
under any Lease now or hereafter affecting all or any part of an Individual Property.

 

“Term”
shall mean the entire term of this Agreement, which shall expire upon repayment in full of the Debt.

 

“Title Insurance
Policy” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“TRIPRA”
shall mean the Terrorism Risk Insurance Program Reauthorization Act of 2002 or any extension, renewal or replacement thereof.

 

    	 	-40-	Mezzanine B Loan Agreement

     

    

 

“Trigger Period”
shall commence upon (i) the occurrence of a Mezzanine A Loan Default, (ii) the occurrence of a Mortgage Loan Default, (iii)
the occurrence of an Event of Default, or (iv) the commencement of a Low Cash Flow Trigger Period; and shall end if, (A) with respect
to a Trigger Period continuing pursuant to clause (i), the Mezzanine A Loan Default commencing the Trigger Period either
(1) was a “Qualified Release Property Default” under the Mezzanine A Loan Documents and has been cured by the release
of the applicable Individual Property and associated partial prepayment of the Mezzanine A Loan in accordance with, and within
the time period provided in, Section 2.5.2 of the Mezzanine A Loan Agreement, or (2) has been waived in writing by Mezzanine A
Lender or Mezzanine A Lender has accepted a cure of such Mezzanine A Loan Default (and no other Mezzanine A Loan Default is then
continuing) (and a copy of such written waiver shall have been delivered by the Borrower, Mezzanine A Borrower or Mezzanine A Lender
to Lender), (B) with respect to a Trigger Period continuing pursuant to clause (ii), the Mortgage Loan Default commencing
the Trigger Period either (1) was a “Qualified Release Property Default” under the Mortgage Loan Documents and has
been cured by the release of the applicable Individual Property and associated partial prepayment of the Mortgage Loan in accordance
with, and within the time period provided in, Section 2.5.2 of the Mortgage Loan Agreement, or (2) has been waived in writing by
Mortgage Lender or Mortgage Lender has accepted a cure of such Mortgage Loan Default (and no other Mortgage Loan Default is then
continuing) (and a copy of such written waiver shall have been delivered by the Borrower or Mortgage Lender to Lender), (C) with
respect to a Trigger Period continuing pursuant to clause (iii), the Event of Default commencing the Trigger Period either
(1) was a Qualified Release Property Default and has been cured by the release of the applicable Individual Property and associated
partial prepayment of the Loan in accordance with, and within the time period provided, in Section 2.5.2 hereof, or (2)
has been waived in writing by Lender or Lender has accepted a cure of such Event of Default, and a copy of such written waiver
of acceptance of cure, as applicable, shall have been delivered by Lender to Mortgage Lender (and no other Event of Default is
then continuing), or (D) with respect to a Trigger Period continuing due to clause (iv), the Low Cash Flow Trigger Period
has ended pursuant to the terms hereof.

 

“Trustee”
shall mean any trustee holding the Loan in a Securitization.

 

“UCC”
or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State of formation
of Borrower and Leasehold Pledgor.

 

“UCC Title
Insurance Policy” shall mean, with respect to the Collateral, a UCC title insurance policy in the form reasonably
acceptable to Lender issued with respect to the Collateral and insuring the lien of the Pledge Agreement encumbering such Collateral.

 

“Uncalled Commitments”
means, with respect to a Person the capital commitments of such Person that are unencumbered, have not yet been called and (a)
are eligible to be called (i.e., such Person has the right to call such commitments under the investment fund constituent documents)
without having to comply with or satisfy any conditions precedent (other than notification that the required portion of their commitments
are being called) and (b) are made by institutional investors or “Accredited Investors” (as defined under US securities
laws) and in the case of (a) and (b), that (i) are not subject to a proceeding under the Bankruptcy Code or under federal, state
or foreign insolvency law and (ii) are not in default under a material provision of their respective subscription agreements.

 

“Underwritten
Net Cash Flow” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Uniform System
of Accounts” shall mean the most recent edition of the Uniform System of Accounts for Hotels, as adopted by the American
Hotel and Motel Association, as from time to time amended.

 

    	 	-41-	Mezzanine B Loan Agreement

     

    

 

“U.S. Obligations”
shall mean securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (i) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged, and (ii) not subject
to prepayment, call or early redemption.

 

“Waste”
shall mean any material abuse or, other than demolition in connection with a Restoration or Alteration conducted in accordance
with the Loan Documents, the Mezzanine A Loan Documents and the Mortgage Loan Documents, destructive use of any Individual Property.

 

Section 1.2           Index
of Other Definitions. The following terms are defined in the sections or Loan
Documents as indicated below:

 

“Accounts” - 6.1

“Acquired Ground Lease” – Schedule V

“Act” - Schedule V

“Approved Annual Budget” - 4.9.5

“Approved Excess Operating Expense” - 4.9.6

“Approved Scheduled PIP Budget” – Section 1.1 - Definition of Approved Scheduled PIP Expenses

“Assumption Agreement” – 7.1(a)

“Bail-In Action” – 10.32

“Bail-In Legislation” – 10.32

“Borrower’s Recourse Liabilities” - 10.1

“Breakage Costs” – 2.2.4(j)

“Broker” - 10.19

“Casualty” - 5.2

“Cause” - Schedule V

“Committee” – Schedule V

“Counterparty Opinion” - 2.6.3

“Covered Rating Agency Information” – 9.2

“Deposit Account” – 6.1

“Disclosure Document” - 9.2(a)

“Disposition Conditions” – 4.2(b)

“EEA Financial Institution” – 10.32

“EEA Member Country” – 10.32

“EEA Resolution Authority” – 10.32

“Embargoed Person” - 4.32(c)

“Equipment” – Mortgage

“ERISA” - 4.31

“EU Bail-In Legislation Schedule” – 10.32

“Event of Default” - 8.1

“Excess Operating Expenses” – 4.9.6

“Exchange Act” - 9.2(a)

“Exchange Act Filing” - 9.1(d)

“Existing Qualified Equityholder” – 7.2(j)

“FF&E Work” – Mortgage Loan Agreement

“First Extended Maturity Date” - 2.7.1

“First Extended Term” - 2.7.1

 

    	 	-42-	Mezzanine B Loan Agreement

     

    

 

“First Extension Notice” - 2.7.1

“First Extension Option” - 2.7.1

“Fixtures” – Mortgage

“Flagging Costs” - 4.34(e)

“Full Replacement Cost” – 5.1.1(a)(i)

“Funds” – 6.6

“Furnished Information” – 9.5

“Immaterial Transfers” – 4.2

“Immediate Low Cash Flow Trigger Cure” Section 1.1 - Definition of Low Cash Flow Trigger Period

“Impaired Individual Property” – 2.4.4(c)

“Impaired Individual Property Prepayment” – 2.4.4(c)

“Impaired Individual Property Prepayment Conditions” – 2.4.4(c)

“Impaired Individual Property Prepayment Outside Date”
– 2.4.4(b)

“Impaired Individual Property Release Amount” – 2.4.4(c) 

“Impaired Individual Property Release Conditions” 2.5.3

“Improvements” – Mortgage

“Increased Costs” - 2.8.1

“Indemnified Liabilities” - 4.30

“Independent Director” - Schedule V

“Independent Manager” – Schedule V

“Initial Interest Period” - 2.3.1

“Insurance Premiums” - 5.1.1(b)

“Intellectual Property” - 3.1.33

“Interest Period” - 2.3.2

“Lender Group” - 9.2(b)

“Liabilities” - 9.2(b)

“Licenses” - 3.1.9

“Liquidated Damages Amount” - 2.4.5(b)

“Manager’s Expenses” – 6.1

“Material Action” – Schedule V

“Material Adverse Effect” – 4.2

“Material Lease” – 4.1.11

“Nationally Recognized Service Company” - Schedule V

“Net Impaired Individual Property Release Amount” – 2.4.4(c)

“Net Proceeds Principal Prepayment” – 2.4.4(b)

“Note” – 2.1.4

“Note A-1” – 2.1.4

“Note A-2” – 2.1.4

“Note A-3” – 2.1.4

“Note A-4” – 2.1.4

“Note A-5” – 2.1.4

“Notice” - 10.6

“Other Exculpated Party” – 10.1

“Other Taxes” - 2.8.3

“Participant Register” – 10.30(b)

“Permitted Indebtedness” - 4.21

“Permitted Direction Assumption” – 7.1(a)

 

    	 	-43-	Mezzanine B Loan Agreement

     

    

 

“Permitted Indirection Assumption” – 7.1(b)

“Permitted Transfer” - 7.2

“Policies” - 5.1.1(b)

“Preferred Guaranty” - 7.2(k)

“Property Uncross” – 9.3.4

“QEH Replacement Guarantor” - 7.2(j)(iii)

“QEH Transferee” - 7.2(j)

“Qualified Carrier” - 5.1.1(i)

“Qualified Release Property Default” –
2.5.2

“Rate Cap Collateral” - 2.6.2

“Rate Substitution Conditions” – 2.2.4(a)

“Register” – 10.30(a)

“Release Conditions” – 2.5.2

“Release Property” – 2.5.2

“Replacement Guarantor” – 7.1

“Replacement Cash Management Agreement”
– 6.7

“Required Records” - 4.9.7

“Reserve Accounts” – 6.2

“Resizing” – 9.3.1

“Review Waiver” - 10.3(b)

“Scheduled PIP” – 3.1.38

“Second Extended Maturity Date” - 2.7.1

“Second Extended Term” - 2.7.1

“Second Extension Notice” - 2.7.1

“Second Extension Option” - 2.7.1

“Secondary Market Transaction” - 9.1(a)

“Securities” - 9.1(a)

“Securities Act - 9.2(a)

“Securitization” - 9.1(a)

“Servicer” - 10.21

“Servicing Agreement” - 10.21

“Sole Member” – Schedule V

“Special Member” - Schedule V

“Springing Recourse Event” - 10.1

“Stated Maturity Date” – Section 1.1 - Definition of Maturity Date

“Substitute Guarantor” – 7.1(h)

“Summary Financial Information” – 9.5(b)

“Third Extended Maturity Date” - 2.7.1

“Third Extended Term” - 2.7.1

“Third Extension Notice” - 2.7.1

“Third Extension Option” - 2.7.1

“Transfer” - 4.2

“Transferee Borrower” - 7.1(a)

“TRS Lessee” – 7.1(e)

“Underperforming Replacement” – 4.14.2(c)

“Underwriter Group” - 9.2(b)

“Updated Information” - 9.1(b)(i)

“Write-Down and Conversion Powers” – 10.32

 

    	 	-44-	Mezzanine B Loan Agreement

     

    

 

Section 1.3          Principles
of Construction. 

 

1.3.1      All
references to sections, exhibits and schedules are to sections, exhibits and schedules in or to this Agreement unless otherwise
specified. All uses of the word “including” shall mean “including, without limitation” unless the context
shall indicate otherwise. Unless otherwise specified, the words “hereof”, “herein” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both
the singular and plural forms of the terms so defined.

 

1.3.2           Borrower
and Lender hereby acknowledge and agree that, as to any clause or provision contained in this Agreement or any of the other Loan
Documents to the effect that (i) Borrower or Leasehold Pledgor covenants on behalf of or with respect to, Mezzanine A Borrower,
Leasehold Pledgor, Owner, Operating Lessee or any SPC Party, or on behalf of or with respect to the Mezzanine A Collateral or the
Properties or other related matters, (ii) Borrower or Leasehold Pledgor shall cause or permit any Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner, Operating Lessee or any SPC Party to act or to refrain from acting, to comply with, to permit, to perform,
to pay, to furnish, to cure, to remove, to observe, to deliver, to suffer, to initiate, to provide, to furnish in any manner or
(iii) Borrower or Leasehold Pledgor shall or Borrower or Leasehold Pledgor shall cause to occur or to not occur, or otherwise be
obligated in any manner with respect to any matters pertaining to, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner,
Operating Lessee or any SPC Party or the Mezzanine A Collateral or the Properties or other related matters, such clause or provision
is intended to mean, and shall be construed as meaning, that Borrower has undertaken any of the foregoing only in Borrower’s
capacity as the sole member and manager of Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or any
SPC Party, as applicable, and not in any other capacity with respect to Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner,
Operating Lessee or any SPC Party, as applicable, or the Mezzanine A Collateral or the Properties or in any other manner which
would violate any of the representations, warranties or covenants contained in Section 3.1.1 of this Agreement, any
other similar separateness covenants contained in Borrower’s, Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s,
Owner’s, Operating Lessee’s or any SPC Party’s organizational documents, or any other similar separateness covenants
contained in the Mezzanine A Loan Documents or the Mortgage Loan Documents.

 

1.3.3           With
respect to references to the Mortgage Loan Documents (including without limitation terms defined by cross-reference to the Mortgage
Loan Documents), such references shall refer to the Mortgage Loan Documents as in effect on the Closing Date (and any such defined
terms shall have the definitions set forth in the Mortgage Loan Documents as of the Closing Date) and no amendments, restatements,
replacements, supplements, waivers or other modifications to or of the Mortgage Loan Documents shall have the effect of changing
such references (including without limitation any such definitions) for the purposes of this Agreement unless Lender expressly
agrees in writing that such references or definitions, as appearing, incorporated into or used in this Agreement, have been revised,
such agreement not to be unreasonably withheld, conditioned or delayed.

 

1.3.4           With
respect to references to the Mezzanine A Loan Documents (including without limitation terms defined by cross-reference to the Mezzanine
A Loan Documents), such references shall refer to the Mezzanine A Loan Documents as in effect on the Closing Date (and any such
defined terms shall have the definitions set forth in the Mezzanine A Loan Documents as of the Closing Date) and no amendments,
restatements, replacements, supplements, waivers or other modifications to or of the Mezzanine A Loan Documents shall have the
effect of changing such references (including without limitation any such definitions) for the purposes of this Agreement unless
Lender expressly agrees in writing that such references or definitions, as appearing, incorporated into or used in this Agreement,
have been revised, such agreement not to be unreasonably withheld, conditioned or delayed.

 

    	 	-45-	Mezzanine B Loan Agreement

     

    

 

1.3.5      Notwithstanding
anything stated herein to the contrary, any provisions in this Agreement cross-referencing provisions of the Mezzanine A Loan Documents
or the Mortgage Loan Documents shall be effective notwithstanding the termination of the Mezzanine A Loan Documents or the Mortgage
Loan Documents, as applicable, by payment in full of the Mezzanine A Loan or the Mortgage Loan, as applicable, or otherwise. Upon
such termination, such provisions shall be automatically incorporated herein by reference.

 

1.3.6      To
the extent that any terms, provisions or definitions of any Mezzanine A Loan Documents or Mortgage Loan Documents that are incorporated
herein by reference are incorporated into the Mezzanine A Loan Documents or Mortgage Loan Documents by reference to any other document
or instrument, such terms, provisions or definitions that are incorporated herein by reference shall at all times be deemed to
incorporate each such term, provision and definition of the applicable other document or instrument as the same is set forth in
such other document or instrument as of the Closing Date, without regard to any amendments, restatements, replacements, supplements,
waivers or other modifications to or of such other document or instrument occurring after the Closing Date, unless Lender expressly
agrees that such term, provision or definition as appearing, incorporated into, or used in this Agreement have been revised. At
Borrower’s request from time to time, Lender shall provide Borrower with the then-current Allocated Loan Amounts.

 

Article
2

THE LOAN

 

Section 2.1           The
Loan.

 

2.1.1     Agreement
to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender
shall make the Loan to Borrower and Borrower shall accept the Loan from Lender on the Closing Date.

 

2.1.2     Reserved.

 

2.1.3     Single
Disbursement to Borrower. Borrower shall receive only one borrowing hereunder in respect
of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

 

    	 	-46-	Mezzanine B Loan Agreement

     

    

 

2.1.4     The
Note. The Loan shall be evidenced by (a) that certain Mezzanine B Promissory Note A-1 of even date herewith, in the stated
principal amount of Fourteen Million and No/100 Dollars ($14,000,000.00) executed by Borrower and payable to MS (as the same may
hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-1”),
(b) that certain Mezzanine B Promissory Note A-2 of even date herewith, in the stated principal amount of Fourteen Million and
No/100 Dollars ($14,000,000.00) executed by Borrower and payable to Citi (as the same may hereafter be amended, supplemented,
restated, increased, extended or consolidated from time to time, “Note A-2”), (c) that certain Mezzanine
B Promissory Note A-3 of even date herewith, in the stated principal amount of Fourteen Million and No/100 Dollars ($14,000,000.00)
executed by Borrower and payable to DBNY (as the same may hereafter be amended, supplemented, restated, increased, extended or
consolidated from time to time, “Note A-3”), (d) that certain Mezzanine B Promissory Note A-4 of even
date herewith, in the stated principal amount of Fourteen Million and No/100 Dollars ($14,000,000.00) executed by Borrower and
payable to GS (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to
time, “Note A-4”) and (e) that certain Mezzanine B Promissory Note A-5 of even date herewith, in the
stated principal amount of Fourteen Million and No/100 Dollars ($14,000,000.00) executed by Borrower and payable to JPM (as the
same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note
A-5”; and together with Note A-1, Note A-2, Note A-3 and Note A-4, collectively, the “Note”),
in the aggregate, in evidence of the Loan, and shall be repaid in accordance with the terms of this Agreement, the Note and the
other Loan Documents.

 

2.1.5    Use
of Proceeds. Borrower shall use proceeds of the Loan to (i) pay and discharge
any existing mortgage and mezzanine loans secured directly or indirectly by the Properties, the Mezzanine A Collateral or the
Collateral including, without limitation, the Prior Loans, (ii) pay costs and expenses incurred in connection with the closing
of the Loan, (iii) make capital contributions to Mezzanine A Borrower and the general partner of Mezzanine A Borrower and (iv) the
extent any proceeds remain after satisfying clauses (i) through (iii) above, for such lawful purpose as Borrower
shall designate.

 

Section 2.2           Interest
Rate.

 

2.2.1     Applicable
Interest Rate. Subject to the terms and conditions of this Section, interest
on the Outstanding Principal Balance shall accrue throughout the Term at the Applicable Interest Rate. Borrower shall pay to Lender
on each Monthly Payment Date the interest accrued or to be accrued on the Loan for the related Interest Period.

 

2.2.2     Default
Rate. In the event that, and for so long as, any Event of Default shall have
occurred and be continuing, the Outstanding Principal Balance and, to the extent not prohibited by applicable law, all other portions
of the Debt, shall accrue interest at the Default Rate, calculated from the date such payment was due or, if later, such Default
shall have occurred without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be paid immediately
upon demand, which demand may be made as frequently as Lender shall elect, to the extent not prohibited by applicable law.

 

2.2.3    Interest
Calculation. Interest on the Outstanding Principal Balance shall be calculated by multiplying (A) the actual number of
days elapsed in the period for which the calculation is being made by (B) a daily rate based on a three hundred sixty (360) day
year (that is, the Applicable Interest Rate or the Default Rate, as then expressed as an annual rate divided by 360) by (C) the
Outstanding Principal Balance of the Loan. The accrual period for calculating interest due on each Monthly Payment Date shall
be the Interest Period ending immediately prior to such Monthly Payment Date.

 

    	 	-47-	Mezzanine B Loan Agreement

     

    

  

2.2.4     Conversion
of Applicable Interest Rate.

 

(a)          In
the event that Lender shall have determined that by reason of circumstances affecting the interbank Eurodollar market or otherwise:

 

(i)          LIBOR
ceases to be reported;

 

(ii)         adequate
and reasonable means do not exist for ascertaining LIBOR as provided in the definition of LIBOR as set forth in this Agreement;
or

 

(iii)        LIBOR
has been succeeded by a Substitute Index;

 

then, Lender shall deliver
a Conversion Notice to Borrower at least one (1) Business Day prior to the Interest Determination Date and the Loan shall convert
from a LIBOR Loan to a Substitute Rate Loan and establish the Applicable Interest Rate for the Loan at the Substitute Rate effective
as of the Conversion Date, provided that, following a Securitization, such conversion shall be subject to (A) Lender’s receipt
of an opinion of nationally recognized REMIC counsel as to the compliance of such conversion with applicable REMIC requirements
as determined under the Code, the regulations, revenue rulings, revenue procedures and other administrative, legislative and judicial
guidance relating to the tax treatment of REMIC Trusts (which such opinion shall be, in form and substance and from a provider,
in each case, acceptable to Lender and the Rating Agencies); provided, however, such condition may be satisfied with the issuance
of a general guidance, ruling, bulletin or decision by the Internal Revenue Service reasonably acceptable to the Lender, and (B)
if the Loan is in a Securitization, a Rating Agency Confirmation with respect to such conversion (which Rating Agency Confirmation
may be specific to the Loan or in the form of general guidance from the Rating Agencies that has issued a credit rating for the
Securities) (collectively, the “Rate Substitution Conditions”). Upon satisfaction of the Rate Substitution
Conditions, Lender shall notify Borrower that the Rate Substitution Conditions have been satisfied. If such notice is given, the
Conversion Date shall be the first day of the next succeeding Interest Period, and the Loan shall be converted to a Substitute
Rate Loan and the Applicable Interest Rate for the Loan shall be the Substitute Rate.

 

(b)          In
the event that Lender shall have delivered a Conversion Notice to Borrower and a Substitute Index is not available or the Rate
Substitution Conditions cannot be satisfied, then notwithstanding clause (a) above, upon notice from Lender to Borrower at least
one (1) Business Day prior to the Interest Determination Date that the Substitute Index is not available or the Rate Substitution
Conditions cannot be satisfied, the Loan shall be converted, from, after and including the first day of the next succeeding Interest
Period, to a Base Rate Loan bearing interest based on the Base Rate in effect on each applicable Interest Determination Date.

 

(c)          If,
pursuant to the terms of Section 2.2.4(b) above, the Loan has been converted to a Base Rate Loan but thereafter LIBOR has been
succeeded by a Substitute Index and the Rate Substitution Conditions have been satisfied, then Lender shall deliver a Conversion
Notice to Borrower at least one (1) Business Day prior to the Interest Determination Date and, thereafter, the Base Rate Loan shall
be converted to a Substitute Rate Loan from, after and including the first day of the next succeeding Interest Period bearing interest
based on the Substitute Rate in effect on each applicable Interest Determination Date. Further, if the Loan has been converted
to a Substitute Rate Loan and thereafter the Substitute Index becomes unavailable, then notwithstanding anything contained herein
to the contrary, the Loan shall convert from a Substitute Rate Loan to a Base Rate Loan and establish the Applicable Interest Rate
for the Loan at the Base Rate effective as of the Conversion Date.

 

    	 	-48-	Mezzanine B Loan Agreement

     

    

 

(d)          If
the Loan is a Substitute Rate Loan or a Base Rate Loan and Lender determines that the event(s) or circumstance(s) which resulted
in such conversion is no longer applicable, Lender shall deliver a Conversion Notice at least one (1) Business Day prior to the
Interest Determination Date to Borrower converting the Loan to a LIBOR Loan and the Applicable Interest Rate shall be calculated
by reference to LIBOR as provided in the Conversion Notice.

 

(e)          Upon
each conversion of the Loan into a Base Rate Loan or a Substitute Rate Loan, Borrower shall enter into, make all payments under,
and satisfy all conditions precedent to the effectiveness of, a Substitute Interest Rate Protection Agreement and deliver to Lender
a new Assignment of Rate Protection Agreement applicable to such Substitute Interest Rate Protection Agreement within (i) with
respect to conversion of the Loan into a Base Rate Loan, sixty (60) days of the applicable Conversion Date, and (ii) with respect
to conversion of the Loan into a Substitute Rate Loan, thirty (30) days of the applicable Conversion Date; provided, however,
that if a Substitute Interest Rate Protection Agreement is not then commercially available, Borrower shall purchase a mutually
agreeable alternative to a Substitute Interest Rate Protection Agreement that would afford Lender substantially equivalent protection
from increases in the Applicable Interest Rate, as reasonably determined by Lender. In connection with Borrower obtaining a new
Substitute Interest Rate Protection Agreement (in lieu of modifying an existing Interest Rate Cap Agreement to serve as the Substitute
Interest Rate Protection Agreement), but not prior to Borrower taking all the actions described in this clause (e),
Borrower shall have the right to terminate any then-existing Interest Rate Cap Agreement.

 

(f)          Notwithstanding
any provision of this Agreement to the contrary, in no event shall Borrower have the right to elect to convert a LIBOR Loan to
a Base Rate Loan or a Substitute Rate Loan, or to convert a Base Rate Loan to a LIBOR Loan or a Substitute Rate Loan or to convert
a Substitute Rate Loan to a Base Rate Loan or a LIBOR Loan.

 

(g)          Each
determination by Lender under this Section 2.2.4, including the basis for a change in the Applicable Interest Rate for the Loan,
the identification of the Applicable Interest Rate for the Loan or the identification of the Substitute Index, shall be conclusive
and binding upon Borrower for all purposes, absent manifest error.

 

(h)          In
the event of any Change in Law or in the interpretation or application thereof shall hereafter make it unlawful for Lender to make
or maintain a LIBOR Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make a LIBOR Loan or to convert a
Base Rate Loan or a Substitute Rate Loan to a LIBOR Loan shall be cancelled forthwith and (ii) any outstanding LIBOR Loan shall
be converted automatically to a Base Rate Loan or Substitute Rate Loan, as applicable based on the provisions of this Section 2.2.4
on the first day of the next succeeding Interest Period or within such earlier period as required by law. Borrower hereby agrees
promptly to pay Lender, upon demand, any additional amounts reasonably necessary to compensate Lender for any out-of-pocket costs
reasonably incurred by Lender in making any conversion in accordance with this Agreement, including, without limitation, any interest
or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. Lender’s
notice of such costs, as certified to Borrower, shall be set forth in reasonable detail and Lender’s calculation shall be
conclusive absent manifest error.

 

    	 	-49-	Mezzanine B Loan Agreement

     

    

 

(i)          Without
limiting the provisions of clauses (a) – (f) above, in the event of any Change in Law or in the interpretation or application
thereof, or compliance by Lender with any request or directive (whether or not having the force of law) hereafter issued from any
central bank or other Governmental Authority:

 

(i)          shall
hereafter have the effect of reducing the rate of return on Lender’s capital (other than as a result of an increase in taxes)
as a consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change
or compliance (taking into consideration Lender’s policies with respect to capital adequacy) by any amount reasonably deemed
by Lender to be material;

 

(ii)         shall
hereafter impose, modify, increase or hold applicable any reserve, special deposit, compulsory loan or similar requirement against
assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or
any other acquisition of funds by, any office of Lender which is not otherwise included in the determination of the rate hereunder
(other than as a result of an increase in taxes); or

 

(iii)        shall
hereafter impose on Lender any other condition (other than an increase in taxes) and the result of any of the foregoing is to increase
the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder;

 

then, in any such case, Borrower shall
promptly pay Lender, upon demand, any additional amounts necessary to compensate Lender for such additional cost or reduced amount
receivable which Lender deems to be material as reasonably determined by Lender; provided, however, that Borrower shall not be
required under this Section 2.2.4 to pay Lender additional amounts for additional costs or reduced amounts receivable that are
attributable to an increase in taxes imposed on Lender. If Lender becomes entitled to claim any additional amounts pursuant to
this Section 2.2.4(i), Borrower shall not be required to pay same unless they are the result of requirements imposed generally
on lenders similar to Lender and not the result of some specific reserve or similar requirement imposed on Lender as a result of
Lender’s special circumstances and such Lender is charging the same amounts to similarly situated borrowers. If Lender becomes
entitled to claim any additional amounts pursuant to this Section 2.2.4(i), Lender shall provide Borrower with not less than thirty
(30) days written notice specifying in reasonable detail the event by reason of which it has become so entitled and the additional
amount required to fully compensate Lender for such additional cost or reduced amount. A certificate as to any additional costs
or amounts payable pursuant to the foregoing sentence, executed by an authorized signatory of Lender and submitted by Lender to
Borrower shall be conclusive in the absence of manifest error. Notwithstanding the foregoing, in no event shall Borrower have any
obligation to pay or otherwise compensate such Lender pursuant to this Section 2.2.4(i) for any cost or amount in respect of a
period occurring more than six (6) months prior to the date that such Lender notifies Borrower of such Lender’s intent to
claim compensation thereunder. This provision shall survive payment of the Note and the satisfaction of all other obligations of
Borrower under this Agreement and the Loan Documents.

 

    	 	-50-	Mezzanine B Loan Agreement

     

    

 

(j)          Borrower
agrees to indemnify Lender and to hold Lender harmless from any actual out-of-pocket loss or expense (other than consequential
and punitive damages) which Lender sustains or incurs as a result of (i) any default by Borrower in payment of the principal of
or interest on a LIBOR Loan, a Base Rate Loan or a Substitute Rate Loan, including, without limitation, any such loss or expense
arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan, a Base Rate
Loan or a Substitute Rate Loan hereunder, (ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan, the Base Rate
Loan or the Substitute Rate Loan on a day that (A) is not a Monthly Payment Date, unless Borrower pays interest through the end
of the applicable Interest Period as required hereunder or (B) is a Monthly Payment Date if Borrower did not give the prior written
notice of such prepayment required pursuant to the terms of this Agreement, including, without limitation, such loss or expense
arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain the LIBOR Loan, the Base
Rate Loan or the Substitute Rate Loan hereunder, (iii) the conversion (for any reason whatsoever, whether voluntary or involuntary)
of the Applicable Interest Rate for the Loan to the Base Rate or the Substitute Rate or to a LIBOR Loan on a date other than the
first day of an Interest Period and (iv) any loss or expenses arising from interest or fees payable by Lender to lenders of funds
obtained by it in order to maintain a LIBOR Loan, a Base Rate Loan or a Substitute Rate Loan hereunder (the amounts referred to
in clauses (i), (ii), (iii) and (iv) are herein referred to collectively as the “Breakage Costs”); provided,
however, Borrower shall not indemnify Lender from any loss or expense arising from Lender’s willful misconduct or gross negligence.
Whenever in this Section 2.2.4 the term “interest or fees payable by Lender to lenders of funds obtained by it” is
used and no such funds were actually obtained from such lenders, it shall include interest or fees which would have been payable
by Lender if it had obtained funds from lenders in order to maintain a LIBOR Loan, a Base Rate Loan or a Substitute Rate Loan hereunder.
Lender will provide to Borrower a statement detailing such Breakage Costs and the calculation thereof.

 

(k)          The
provisions of this Section 2.2.4 shall survive payment of the Note in full and the satisfaction of all other obligations of Borrower
under this Agreement and the other Loan Documents.

 

2.2.5       Usury
Savings. This Agreement and the other Loan Documents are subject to the express
condition that at no time shall Borrower be required to pay interest on the Outstanding Principal Balance at a rate which could
subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If by the terms
of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the Outstanding
Principal Balance at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the case
may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum
Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All
sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the
extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan
until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate from
time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 

    	 	-51-	Mezzanine B Loan Agreement

     

    

 

Section 2.3           Loan
Payments.

 

2.3.1    Payments.
On the date hereof, Borrower shall pay interest on the Outstanding Principal Balance from and including the Closing Date through
and including May 6, 2019 (the “Initial Interest Period”).  On June 7, 2019, and on each Monthly
Payment Date thereafter, up to and including the Maturity Date, Borrower shall make a payment to Lender of interest equal to the
Monthly Debt Service Payment Amount.  The Monthly Debt Service Payment Amount shall be applied first to accrued and unpaid
interest on the then Outstanding Principal Balance and the balance, if any, to the Outstanding Principal Balance.

 

2.3.2    Payments
Generally. After the Initial Interest Period, each interest accrual period
thereafter (each, an “Interest Period”) shall commence on the seventh (7th) day of each calendar
month during the Term and shall end on and include the sixth (6th) day of the next occurring calendar month; provided,
that in the event that the Mortgage Lender elects to reset LIBOR as provided in the definition of the term “Interest Determination
Date” under the Mortgage Loan Agreement, and the same results in an adjustment of the “Interest Period” under
and as defined in the Mortgage Loan Agreement, the Interest Period with respect to the Loan shall be likewise adjusted, such that
the “Interest Period” under the Mortgage Loan Agreement and the Interest Period with respect to the Loan shall always
coincide. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the Monthly Payment
Date is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day. Lender shall
have the right from time to time, in its reasonable discretion, upon not less than ten (10) days prior written notice to
Borrower, to change the Monthly Payment Date in connection with a Securitization of the Loan, the Mezzanine A Loan or the Mortgage
Loan to a different calendar day and, if requested by Lender, Borrower shall promptly execute an amendment to this Agreement to
evidence such change; provided, however, that notwithstanding anything to the contrary herein, the Monthly Payment
Date shall be the same calendar day as the first day of the applicable Interest Period. With respect to payments of principal
due on the Maturity Date, interest shall be payable at the Interest Rate, through and including the last day of the Interest Period
applicable to the Maturity Date. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without
setoff, counterclaim, defense or any other deduction whatsoever other than as provided in Section 2.8.

 

2.3.3     Payment
on Maturity Date. Borrower shall pay to Lender on the Maturity Date the Outstanding Principal Balance, all accrued and
unpaid interest and all other amounts due hereunder and under the Note, the Pledge Agreement and the other Loan Documents.

 

2.3.4    Late
Payment Charge. If any principal, interest or any other sum due under the Loan
Documents (other than the Outstanding Principal Balance due and payable on the Maturity Date) is not paid by Borrower within three
(3) days of the date on which it is due (or if such third (3rd) day is not a Business Day, then the immediately preceding
Business Day), Borrower shall pay to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid
sum or the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing
such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be
secured by the Pledge Agreement and the other Loan Documents to the extent permitted by law.

 

    	 	-52-	Mezzanine B Loan Agreement

     

    

 

2.3.5    Method
and Place of Payment.

 

(a)          Except
as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender
not later than 2:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States
of America in immediately available funds at Lender’s office or at such other place as Lender shall from time to time designate,
and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding
Business Day.

 

(b)          Whenever
any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which is not a Business Day,
the due date thereof shall be the immediately preceding Business Day.

 

(c)          All
payments required to be made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective of,
and without deduction for, any setoff, claim or counterclaim and shall be made irrespective of any defense thereto.

 

Section 2.4           Prepayments.

 

2.4.1     Prepayments.
Borrower shall have the right to prepay the Loan in whole or in part at any time prior to the Stated Maturity Date, so long as
each such prepayment is made in accordance with the terms of this Agreement.

 

2.4.2     Voluntary
Prepayments.

 

(a)          Borrower
may prepay, all or any portion of the Outstanding Principal Balance on any Business Day, provided that the following conditions
are satisfied: (i) no Event of Default shall have occurred and be continuing (other than in connection with a prepayment made
with respect to a release of an Individual Property subject to a Qualified Release Property Default); (ii) Borrower shall timely
deliver to Lender a Prepayment Notice; (iii) Mezzanine A Borrower shall concurrently make a prepayment of all or a portion, as
applicable, of the outstanding principal balance of the Mezzanine A Loan, and shall otherwise satisfy the applicable conditions
in the Mezzanine A Loan Documents with respect to such prepayment (as evidenced by an Officer’s Certificate and, and in
the case of a prepayment in full or the release of an Individual Property, the delivery to Lender of a copy of a payoff letter
from the Mortgage Lender and the Mezzanine A Lender); (iv) Borrower shall comply with the provisions and pay to Lender the applicable
amounts set forth in Section 2.4.6 and (v) if Borrower is prepaying the entire Outstanding Principal Balance, then Borrower
shall also pay to Lender (without duplication of amounts paid under Section 2.4.6) any and all other amounts outstanding
under the Note, this Agreement, and any of the other Loan Documents. The aggregate amount prepaid by Borrower under this paragraph (a)
and concurrently by Mezzanine A Borrower under the Mezzanine A Loan Documents shall be allocated among the Loan and the Mezzanine
A Loan pro rata in accordance with their respective outstanding principal balances immediately prior to such prepayments.
For the avoidance of doubt, voluntary prepayments on the Loan, in whole or in part, shall not be conditioned on pro-rata prepayments
of the Mortgage Loan (except as set forth herein in connection with releases of Net Liquidation Proceeds After Debt Service, Property
Releases and payments to cure a Low Cash Flow Trigger Period).

 

    	 	-53-	Mezzanine B Loan Agreement

     

    

 

(b)          On
any Business Day, Borrower may prepay the Loan in part in connection with the release of one or more Individual Properties under
the Mortgage Loan Documents in accordance with Section 2.5.2 hereof, provided that the following conditions are satisfied:
(i) Borrower shall timely deliver to Lender a Prepayment Notice, (ii) the release of such Individual Property(ies) under
the Mortgage Loan Documents shall occur simultaneously with such prepayment, (iii) the applicable conditions in the Mezzanine A
Loan Documents with respect to concurrent prepayments of the Mezzanine A Loan by Mezzanine A Borrower shall have been satisfied
(as evidenced by an Officer’s Certificate and the delivery to Lender of a copy of a payoff letter from the Mezzanine A Lender)
and (iv) the Release Conditions shall have been satisfied in connection therewith.

 

(c)          If
(i) a Low Cash Flow Trigger Period exists, (ii) Borrower makes a prepayment of the Outstanding Principal Balance hereunder in accordance
with paragraph (a) above (other than clause (ii) thereof) (which may be made by using funds in the Cash Collateral
Account only if such prepayment would cure the Low Cash Flow Trigger Period), and Owner and Mezzanine A Borrower concurrently makes
prepayments of the Mortgage Loan and Mezzanine A Loan, respectively, in accordance with paragraph (a) above (which Lender
agrees may be made by using funds in the Cash Collateral Account with respect to the Mezzanine A Loan only if such prepayment would
cure the Low Cash Flow Trigger Period), (iii) such prepayments are made and upon at least two (2) Business Days prior written notice,
and (iv) the aggregate amount prepaid by Borrower under this paragraph (c) and concurrently by Owner under the Mortgage
Loan Documents and Mezzanine A Borrower under the Mezzanine A Loan Documents is equal to or greater than the amount that is required
to increase the Debt Yield to the applicable Debt Yield Cure Level, then such Low Cash Flow Trigger Period will immediately end.

 

(d)          Provided
no Event of Default, Mezzanine A Loan Default or Mortgage Loan Default has occurred and is continuing and no Trigger Period exists,
Borrower and Mezzanine A Borrower may each make a voluntary prepayment of all or any portion of the outstanding principal balance
of the Loan and the Mezzanine A Loan, respectively, at par in accordance with the Loan Documents and Mezzanine A Loan Documents,
respectively, without Owner making a corresponding payment of the Mortgage Loan; and any such voluntary prepayment of the Loan
and the Mezzanine A Loan without a corresponding prepayment of the Mortgage Loan shall be made on a pro rata basis among the Loan
and the Mezzanine A Loan unless (i) otherwise agreed to by Lender and Mezzanine A Lender or (ii) the prepaid Mezzanine A Loan is
simultaneously replaced by an Approved Mezzanine Loan.

 

(e)          Notwithstanding
the foregoing, Borrower shall be permitted to prepay a portion of the Outstanding Principal Balance, in connection with the release
of Individual Properties or otherwise, in an amount not to exceed, in the aggregate, twenty-five percent (25%) of the original
principal balance of the Loan (the “Free Prepayment Amount”), at any time without any Spread Maintenance
Premium or other prepayment penalty, premium or charge, provided (i) there is no Event of Default, Mezzanine A Loan Default or
Mortgage Loan Default continuing as of the date of the applicable prepayment, (ii) Borrower provides a Prepayment Notice to Lender
in the manner specified in Section 2.4.2, (iv) Borrower pays Lender, in addition to the amount to be prepaid, (x) all accrued
interest as set forth in Section 2.4.6; and (y) all other sums then due and payable under this Agreement, the Note, and
the other Loan Documents, including, but not limited to, all of Lender’s third party reasonable costs and expenses (including
reasonable attorney’s fees and disbursements) incurred by Lender in connection with such prepayment, including, without limitation,
any actual Breakage Costs and costs and expenses associated with any revoked or extended prepayment notice, (v) in the case of
a release of an Individual Property pursuant to Section 2.5.2 hereof, Borrower makes the necessary pro rata prepayment of the Mortgage
Loan and (vi) Mezzanine A Borrower makes the necessary pro rata prepayments of the Mezzanine A Loan.

 

    	 	-54-	Mezzanine B Loan Agreement

     

    

 

2.4.3      Reserved.

 

2.4.4      Mandatory
Prepayments; Option to Prepay Balance.

 

(a)          In
the event of any Liquidation Event, Borrower shall cause the related Net Liquidation Proceeds After Debt Service to be deposited
with Lender, which proceeds shall then be applied by Lender on the next Business Day in accordance with paragraphs (b), (d) and
(e) below. Borrower shall notify Lender of any Liquidation Event not later than one Business Day following the first date on which
Borrower has knowledge of such event. Borrower shall be deemed to have knowledge of (i) a sale (other than a foreclosure sale)
of any Individual Property on the date on which a contract of sale for such sale is entered into, and a foreclosure sale, on the
date notice of such foreclosure sale is given, and (ii) a refinancing of the Mortgage Loan or the Mezzanine A Loan, on the date
on which a commitment for such refinancing has been entered into or a binding or non-binding term sheet has been executed. The
provisions of this Section 2.4.4 shall not be construed to contravene in any manner the restrictions and other provisions
regarding refinancing of the Mortgage Loan or the Mezzanine A Loan or Transfer of any Individual Property, the Properties as a
whole or the Mezzanine A Collateral set forth in this Agreement and the other Loan Documents.

 

(b)          Except
during an Event of Default, any portion of the Net Liquidation Proceeds After Debt Service paid over to Lender in connection with
a Liquidation Event pursuant to clauses (i) or (ii) of the definition of Liquidation Event shall be applied by Lender as follows
in the following order of priority: First, to all amounts (other than principal and interest) then due and payable under
the Loan Documents, including any reasonable, actual, out of pocket costs and expenses of Lender in connection with such prepayment
(but subject to Section 2.4.6(c)); Second; an amount equal to accrued and unpaid interest at the Interest Rate on
the amount prepaid through the last day of the Interest Period in which the application of Net Proceeds occurs, notwithstanding
that such Interest Period extends beyond the date of such application; and Third, to principal on the Loan up to the Impaired
Individual Property Release Amount in accordance with Section 2.4.4(c) below (the portion of the Net Proceeds applied to
the principal amount of the Loan, the “Net Proceeds Principal Prepayment”; any remaining Net Liquidation
Proceeds After Debt Service after the foregoing applications pursuant to this sentence, the “Remaining Net Proceeds”).
Notwithstanding anything herein to the contrary, so long as no Event of Default is continuing, no Spread Maintenance Premiums or
other prepayment premium, penalty or fee shall be due in connection with any prepayment made pursuant to this Section 2.4.4(b).
Provided no Event of Default is continuing, any Remaining Net Proceeds shall then be applied in further reduction of the outstanding
principal balances of the Mortgage Loan, the Loan and the Mezzanine A Loan, pro rata in accordance with the outstanding
principal balances of the Mortgage Loan, the Loan and the Mezzanine A Loan immediately prior to such application, reductions in
the Outstanding Principal Balance to be applied in accordance with Section 2.4.4(c) below.

 

    	 	-55-	Mezzanine B Loan Agreement

     

    

 

(c)          In
any instance where (i) the Mortgage Lender is not obligated to make Net Proceeds available to Owner for Restoration of an Individual
Property and has elected to apply such Net Proceeds related to such Impaired Individual Property to the Debt in accordance with
Section 2.4.4(a) of the Mortgage Loan Agreement, or (ii) an Individual Property is subject to a Casualty or Condemnation
of more than 60% of the Individual Property value based on such Individual Property’s Allocated Loan Amount (such Individual
Property being sometimes referred to herein as an “Impaired Individual Property”), then Borrower may
elect and shall have the right, on or prior to the second (2nd) Monthly Payment Date following the application of Net
Proceeds in accordance with Section 2.4.4(b) (the “Impaired Individual Property Prepayment Outside Date”),
to prepay the Loan (such prepayment an “Impaired Individual Property Prepayment”) in an amount
(the “Net Impaired Individual Property Release Amount”) which is equal to (i) the Release Amount applicable
to the Impaired Individual Property (the “Impaired Individual Property Release Amount”), less (ii) the
amount of the Net Proceeds Principal Prepayment applicable to such Impaired Individual Property that has been applied to the principal
amount of the Loan in accordance with Section 2.4.4(b) above (or zero if the amount in clause (ii) is equal to or
greater than the amount in clause (i)); provided each of the following conditions (the “Impaired Individual
Property Prepayment Conditions”) have been satisfied: (1) no Event of Default (other than a Qualified Release
Property Default that is cured by the release of the Release Property in accordance with Section 2.5.2 hereof) shall have
occurred and be continuing, (2) the Net Proceeds applicable to such Impaired Individual Property shall have been applied in accordance
with Section 2.4.4(b), (3) Borrower shall have provided to Lender not less than five (5) Business Days prior written notice
of its intention to effect an Impaired Individual Property Prepayment, and shall satisfy the Impaired Individual Property Prepayment
Conditions on or prior to the Impaired Individual Property Prepayment Outside Date, (4) all of the conditions and requirements
for the release of such Impaired Individual Property set forth in Section 2.5.3 hereof, Section 2.5.3 of the Mortgage Loan
Agreement and Section 2.5.3 of the Mezzanine A Loan Agreement shall be satisfied and the release of such Impaired Individual Property
from the Mortgage Loan shall occur simultaneously with the Impaired Individual Property Prepayment and in compliance with all such
conditions and requirements set forth in Section 2.5.3 hereof, Section 2.5.3 of the Mortgage Loan Agreement and Section
2.5.3 of the Mezzanine A Loan Agreement, (5) Borrower shall comply with the provisions and pay to Lender the amounts set forth
in Section 2.4.6, (6) Mezzanine A Borrower makes the necessary pro rata prepayments of the Mezzanine A Loan and (7) Owner
makes the necessary pro rata prepayments of the Mortgage Loan. Any prepayment made pursuant to this Section 2.4.4(c) shall
not require a payment of the Spread Maintenance Premium.

 

(d)          Except
during an Event of Default, any portion of the Net Liquidation Proceeds After Debt Service paid over to Lender in connection with
a Liquidation Event pursuant to clauses (iv), (v) or (vi) of the definition of Liquidation Event shall be
applied by Lender as follows in the following order of priority: First, to all amounts (other than principal and interest)
then due and payable under the Loan Documents, including any reasonable, actual, out of pocket costs and expenses of Lender in
connection with such prepayment (but subject to Section 2.4.6(c)); Second; an amount equal to accrued and unpaid
interest at the Interest Rate on the amount prepaid through the last day of the Interest Period in which the application of Net
Liquidation Proceeds After Debt Service occurs, notwithstanding that such Interest Period extends beyond the date of such application;
and Third, to principal on the Loan up to (i) the Release Amount applicable to the affected Individual Property(ies), less
(ii) the amount of the Net Proceeds Principal Prepayment, if any, applicable to such Individual Property(ies) that has been applied
to the principal amount of the Loan in accordance with Section 2.4.4(b) above (or zero if the amount in clause (ii)
is equal to or greater than the amount in clause (i)) (the collectively, the “Mezzanine A Mandatory Prepayment
Amount”). Provided no Event of Default is continuing, any such Net Liquidation Proceeds after Debt Service in excess
of the Mezzanine A Mandatory Prepayment Amount shall be disbursed, as deemed equity distributions, to Borrower. Any prepayment
made with Net Liquidation Proceeds After Debt Service received pursuant to clause (vi) of the definition of Liquidation Event pursuant
to this Section 2.4.4(d) shall not require a payment of the Spread Maintenance Premium.

 

    	 	-56-	Mezzanine B Loan Agreement

     

    

 

(e)          After
the occurrence and during the continuance of an Event of Default, the Net Liquidation Proceeds After Debt Service may be applied
to the Debt in any order or priority in Lender’s sole discretion in accordance with Section 2.4.5 hereof and any application
thereof to principal shall not be limited to the either the Impaired Individual Property Release Amount or the Release Amount and
no excess Net Liquidation Proceeds After Debt Service shall be available for application to the Mezzanine A Loan or returned to
Borrower.

 

2.4.5     Prepayments
After Default.

 

(a)          If,
during the continuance of an Event of Default, payment of all or any part of the Debt is tendered by Borrower (other than with
respect to a Qualified Release Property Default tendered in accordance with the provisions of Section 2.5.2 or an Event
of Default that arises solely as a direct result of the Casualty or Condemnation in respect of which such Net Proceeds have been
paid) and accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve Funds), such tender
or recovery shall be deemed to be a voluntary prepayment by Borrower in violation of the requirements of Section 2.4.1 hereof,
and Borrower shall pay, as part of the Debt, all amounts, if any, due pursuant to Section 2.4.6.

 

(b)          Notwithstanding
anything contained herein to the contrary, upon the occurrence and during the continuance of any Event of Default, any payment
of principal or interest from whatever source may be applied by Lender to the Debt in its sole and absolute discretion.

 

2.4.6     Prepayment/Repayment
Conditions.

 

(a)          On
the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date
must be a Business Day, Borrower shall pay to Lender:

 

(i)          all
accrued and unpaid interest calculated at the Applicable Interest Rate on the amount of principal being prepaid through but excluding
the Repayment Date, and following a Securitization any prepayment of a securitized portion of the Loan will also be paid together
with an amount equal to the interest that would have accrued at the Applicable Interest Rate on the amount of principal being prepaid
through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond
the date of prepayment;

 

(ii)         intentionally
omitted;

 

    	 	-57-	Mezzanine B Loan Agreement

     

    

 

(iii)        the
Spread Maintenance Premium, if any, applicable thereto; provided, that so long as no Event of Default is continuing (other than
an Event of Default that arises solely as a direct result of the Casualty or Condemnation in respect of which such Net Proceeds
have been paid), no Spread Maintenance Premium shall be due in connection with a prepayment made pursuant to Section 2.4.4(a);
and

 

(iv)        all
other sums, then due under the Note, this Agreement, the Pledge Agreement, and the other Loan Documents.

 

(b)          Intentionally
Omitted.

 

(c)          Borrower
shall pay all actual out of pocket reasonable costs and expenses of Lender incurred in connection with the repayment or prepayment
(including without limitation, any reasonable, actual, out of pocket costs and expenses associated with a release of the Lien of
the Security Documents as set forth in Section 2.5 below and reasonable attorneys’ fees and expenses), provided,
however that, notwithstanding anything to the contrary set forth in the Loan Documents, no LIBOR breakage costs will be
payable in connection with any prepayment (voluntary or mandatory) of the Loan.

 

Section 2.5           Release
of Collateral.

 

2.5.1     Release
on Payment in Full. Lender shall, upon the written request and at the expense of Borrower,
upon payment in full of the Debt in accordance with the terms and provisions of the Loan Documents, release the Lien of the Security
Documents. In connection with the release of the Lien of the Security Documents, Borrower shall submit to Lender, not less than
thirty (30) days prior to the Repayment Date (or such shorter time as is acceptable to Lender in its sole discretion), a
UCC termination. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower
in connection with such release. Borrower shall pay all reasonable, actual, out of pocket costs, taxes and expenses associated
with the release of the Lien of the Security Documents, including Lender’s reasonable attorneys’ fees.

 

2.5.2     Release
of Individual Property. Borrower may allow Owner to obtain the release of an
Individual Property under the Mortgage Loan Documents (the Individual Property to be released is sometimes referred to herein
as the “Release Property”), provided that the following conditions precedent to such release are satisfied
(the “Release Conditions”): (i) Borrower prepays the Loan in the amount of the applicable Release Amount
and the requirements and conditions of Section 2.4.2(b) are satisfied; (ii) no Event of Default has occurred and is continuing
(other than (A) a non-monetary Event of Default that is specific to such Release Property (including without limitation, any breach
of a representation or warranty with respect to such Release Property), (B) a default under a Ground Lease that was not caused
by Owner in bad faith to circumvent the requirements of Section 2.5.2, so long as Borrower has demonstrated to Lender that
Owner has diligently in good faith pursued a cure of such default under the related Ground Lease, or (C) a material default under
a Franchise Agreement that permits the applicable Franchisor thereunder to terminate the Franchise Agreement and pursuant to which
Mortgage Lender and the applicable Franchisor have delivered a default notice with respect to such default provided that such
default was not caused by Borrower in bad faith to circumvent the requirements of Section 2.5.2 and has demonstrated to
Lender that Owner has diligently in good faith pursued a cure of such default and which Event of Default or default would be cured
as a result of the release of the Release Property, so long as (x) the Event of Default was not caused by the intentional act
of Borrower, Owner, Operating Lessee, Leasehold Pledgor or Guarantor and Borrower has demonstrated in good faith to Lender that
it has pursued a cure of the Event of Default, (y) within five (5) Business Days of the occurrence of such Event of Default (after
the expiration of any applicable cure period with respect thereto other than a cure obtained by release under this Section
2.5.2), Borrower gives notice to Lender of Borrower’s intent to cure such Event of Default by causing Owner to obtain
a release of the Release Property and (z) such release occurs within forty-five (45) days following the occurrence of such Event
of Default (a “Qualified Release Property Default”)); and (iii) the following conditions are
satisfied:

 

    	 	-58-	Mezzanine B Loan Agreement

     

    

 

(a)          The
Release Property shall be transferred and conveyed pursuant to a bona fide all-cash sale of the Release Property to a Person other
than Borrower or any other Loan Party on arms-length terms and conditions, provided, if the applicable Individual Property is transferred
to an Affiliate of Borrower, Borrower shall deliver an Additional Insolvency Opinion with respect thereto;

 

(b)          the
following amounts shall be paid:

 

(i)          the
Outstanding Principal Balance shall be prepaid by an amount equal to the Release Amount for the applicable Individual Property,
and Borrower shall comply with the provisions and pay to Lender the amounts set forth in Section 2.4.6 (including with respect
to any prepayments made under clause (iii) below). With respect to a Qualified Release Property Default, the Release Amount
shall be calculated by using the Release Amount Percentage in clause (b) of such definition regardless of the Outstanding
Principal Balance;

 

(ii)         concurrently
with the payment of the Release Amount, Owner shall make a partial prepayment of the Mortgage Loan equal to the Mortgage Loan Release
Amount, together with any related interest, fees, prepayment premiums or other amounts payable under the Mortgage Loan Documents
in connection with such prepayment, including, to the extent required under the Mortgage Loan Documents, interest which would have
accrued on the outstanding principal balance of the Mortgage Loan pursuant to the Mortgage Loan Documents through the end of the
interest period set forth therein during which such prepayment occurs;

 

(iii)        concurrently
with the payment of the Release Amount, Mezzanine A Borrower shall make a partial prepayment of the Mezzanine A Loan equal to the
Mezzanine A Loan Release Amount, together with any related interest, fees, prepayment premiums or other amounts payable under the
Mezzanine A Loan Documents in connection with such prepayment, including, to the extent required under the Mezzanine A Loan Documents,
interest which would have accrued on the outstanding principal balance of the Mezzanine A Loan pursuant to the Mezzanine A Loan
Documents through the end of the interest period set forth therein during which such prepayment occurs; and

 

    	 	-59-	Mezzanine B Loan Agreement

     

    

 

(iv)        if
following the application of the prepayments of the Loan, the Mezzanine A Loan and the Mortgage Loan described in clauses (i),
(ii) and (iii) above, either (A) the Debt Yield (calculated based on the financial statements most recently delivered
to Lender) (exclusive of the Release Property) would be less than the minimum Debt Yield required under clause (d) below,
respectively, and/or (B) additional prepayments would be required to comply with respect to the REMIC Requirements pursuant to
Section 2.5.2(g) of the Mortgage Loan Agreement, then concurrently with and in addition to the prepayments described in clauses
(i), (ii) and (iii) above, Borrower, Mezzanine A Borrower and/or Owner, as applicable, shall make additional prepayments
of the Loan in the aggregate amount(s) required (x) to increase the Debt Yield (calculated based on the financial statements most
recently delivered to Lender) (exclusive of the Release Property) to the minimum Debt Yield required under clause (d) below
and/or (y) to comply with the REMIC Requirements pursuant to Section 2.5.2(g) of the Mortgage Loan Agreement, such excess prepayments
to be made by Owner of the Mortgage Loan as required to satisfy the REMIC Requirements for the Loan. Notwithstanding the foregoing,
in connection with the sale of an Individual Property to an unaffiliated third-party in an arms’-length transaction (with
no direct or indirect interest in such Individual Property retained by Borrower, Guarantor, or their respective Affiliates), in
the event that following the prepayment of the Loan, Mezzanine A Loan and Mortgage Loan described in clauses (i) and (ii)
above, the Debt Yield is less than the Debt Yield required under clause (d) below, Borrower shall be permitted to obtain
a release of the Lien of the related Mortgage, provided that (x) Borrower shall satisfy all of the conditions set forth in Section
2.5.2 (other than the Debt Yield requirement in this Section 2.5.2(b)(iv)) and (y) (i) in lieu of paying the applicable
Release Amount in connection with such release pursuant to Section 2.5.2(b), Borrower shall pay to Lender, an amount equal
to the greater of (A) the Release Amount applicable to such Individual Property and (B) the lesser of (I) the amount of a pro rata
prepayment of the Loan, the Mezzanine A Loan and the Mortgage Loan in an aggregate amount equal to (x) the gross sales proceeds
actually received by Owner from such Individual Property net of (y) all amounts owing to Lender, Mortgage Lender and Mezzanine
A Lender in respect of such sale and any reasonable and customary closing costs associated with the sale of such Individual Property,
or (II) the amount of a pro rata prepayment of the Loan, the Mezzanine A Loan and the Mortgage Loan that would be necessary to,
after giving effect to the requested release of the applicable Individual Property, satisfy the applicable Debt Yield and (ii)
Mezzanine A Borrower in lieu of paying the applicable Mezzanine A Release Amount shall pay to Mezzanine A Lender, and Owner in
lieu of paying the applicable Mortgage Release Amount shall pay to Mortgage Lender, the amount required in accordance with Section
2.5.2(b)(iv) of the Mezzanine A Loan Agreement and Section 2.5.2(b)(iii) of the Mortgage Loan Agreement, respectively. Any such
prepayment pursuant to this Section 2.5.2(b)(iv) shall be deemed a voluntary prepayment for all purposes hereunder, including,
without limitation, the payment of any applicable Spread Maintenance Premium;

 

(c)          All release provisions set forth in the Mortgage Loan Documents and the Mezzanine A Loan Documents shall have been satisfied or
will be satisfied as of the release date (as evidenced by an Officer’s Certificate and the delivery to Lender of a copy of
a payoff letter from Mortgage Lender and Mezzanine A Lender). In addition, Borrower shall provide all other documentation of a
ministerial or administrative nature that Lender reasonably requires to be delivered by Borrower in connection with such release
or assignment;

 

(d)          After
giving effect to such release or assignment, and after the application of any prepayments by Borrower, Mezzanine A Borrower and
Owner described in clause (b) above, the Debt Yield for the Properties then remaining subject to the Liens of the Mortgages
(calculated based on the financial statements most recently delivered to Lender) shall be equal to or greater than (A) with respect
to a release of a Release Property prior to the first $25,000,000.00 of principal of the Loan being prepaid, 9.20% and (B) with
respect to any release of a Release Property from and after the first $25,000,000.00 having been prepaid, the greater of (i) the
lesser of (x) the Debt Yield (calculated based on the financial statements most recently delivered to Lender) (inclusive of the
Release Property) immediately prior to such release or assignment and not taking into account any prepayments described in clause
(b) above and (y) 13% and (ii) 9.20%; provided further that the foregoing shall not apply to a release effected to cure
a Qualified Release Property Default;

 

    	 	-60-	Mezzanine B Loan Agreement

     

    

 

(e)          Intentionally
Omitted;

 

(f)          Following
such release or assignment, Borrower shall continue to be a Special Purpose Bankruptcy Remote Entity and to comply with all provisions
of the Loan Documents pertaining to a Special Purpose Bankruptcy Remote Entity;

 

(g)          To
the extent that the Franchisor party to the Franchise Agreement affecting such Release Property is also a Franchisor under other
Franchise Agreements and/or to the extent that the Franchise Agreement affecting such Release Property also affects other Properties
which will not be released, such release shall not result in a default under any of such Franchise Agreements or give the Franchisor
thereunder the right to terminate any of such Franchise Agreements, and all requisite consents to such release shall have been
obtained from the applicable Franchisor and Lender shall have received reasonably satisfactory evidence of same (which may be demonstrated
by an Officer’s Certificate certifying to the foregoing);

 

(h)          All
other conditions to the release of such Individual Property set forth in the Mortgage Loan Documents and Mezzanine A Loan Documents
shall have been satisfied or waived in accordance therewith (as evidenced by an Officer’s Certificate and the delivery to
Lender of a copy of a payoff letter from the Mortgage Lender and Mezzanine A Lender);

 

(i)          Borrower
shall have paid all reasonable third-party costs and expenses incurred by Lender and/or its Servicer in connection with any such
release or assignment and, in addition, the current reasonable and customary fee being assessed by Lender and/or its Servicer to
effect such release or assignment, not to exceed (in the aggregate for Lender and its Servicer) $2,500;

 

(j)          Borrower
shall have caused Owner to pay (from Available Cash distributed to Owner and/or from proceeds of sale of such Release Property
remaining after the payment of the Release Amount or other contributions, the Mortgage Release Amount, Mezzanine A Release Amount,
and all other amounts payable by Owner, Borrower or Mezzanine A Borrower in connection with the release of such Release Property)
to the applicable Manager (or escrowed for such Manager’s benefit if required under the applicable Management Agreement),
any transition or termination costs or expenses, termination fees, or their equivalent, to which such Manager is entitled in connection
with the sale of such Individual Property; and

 

(k)          For
the avoidance of doubt, any release of a Release Property to which a Qualified Release Property Default relates that is effected
within forty-five (45) days after the occurrence of such Event of Default and in accordance with the provisions of this Section
2.5.2, shall concurrently cure such Event of Default and, if the Loan has been accelerated, the acceleration shall be automatically
rescinded (assuming no other Event of Default shall thereafter be continuing).

 

    	 	-61-	Mezzanine B Loan Agreement

     

    

 

Any release to cure
a Qualified Release Property Default and corresponding prepayment shall be accompanied by the Spread Maintenance Premium, if applicable.

 

2.5.3     Impaired
Individual Property Release. Borrower may permit Owner to obtain the release of an Impaired Individual Property from the
Mortgage thereon (or at Borrower’s option, an assignment thereof to one or more third parties) and from the Lien of the
related Mortgage Loan Documents, provided that the following conditions precedent to such release are satisfied (the “Impaired
Individual Property Release Conditions”): (i) Borrower shall then be entitled to prepay the Loan subject and pursuant
to the provisions of Section 2.4.4(b) and in connection with and as a condition to completing such release, Borrower prepays
the Loan in the amount of the applicable Impaired Individual Property Release Amount and the other amounts and the requirements
and conditions of Section 2.4.4(b) are satisfied, and (ii) the following conditions are satisfied:

 

(a)          The
Impaired Individual Property shall be transferred and conveyed to a Person other than Borrower, Owner or any other Loan Party,
provided that the transfer may be to an Affiliate of Borrower or of another Loan Party;

 

(b)          the
following amounts shall be paid:

 

(i)          the
Outstanding Principal Balance shall be prepaid by an amount equal to the Impaired Individual Property Release Amount for the applicable
Individual Property, and Borrower shall comply with the provisions and pay to Lender the amounts set forth in Section 2.4.6
(including with respect to any prepayments made under clause (iii) below); and

 

(ii)         concurrently
with the payment of the Impaired Individual Property Release Amount, Owner shall make a partial prepayment of the Mortgage Loan
equal to the Mortgage Impaired Individual Property Release Amount, and Mezzanine A Borrower shall make a partial prepayment of
the Mezzanine A Loan equal to the Mezzanine A Impaired Individual Property Release Amount, together with any related interest including,
to the extent required under the Mortgage Loan Documents and/or Mezzanine A Loan Documents, as applicable, interest which would
have accrued on the outstanding principal balance of the Mortgage Loan pursuant to the Mortgage Loan Documents and/or the Mezzanine
A Loan pursuant to the Mezzanine A Loan Documents through the end of the interest period set forth therein during which such prepayment
occurs.

 

(c)          All
release provisions set forth in the Mortgage Loan Documents and the Mezzanine A Loan Documents shall have been satisfied or will
be satisfied as of the release date (as evidenced by an Officer’s Certificate and the delivery to Lender of a copy of a payoff
letter from Mortgage Lender and Mezzanine A Lender). In addition, Borrower shall provide all other documentation of a ministerial
or administrative nature that Lender reasonably requires to be delivered by Borrower in connection with such release or assignment;

 

(d)          Following
such release or assignment, Borrower shall continue to be a Special Purpose Bankruptcy Remote Entity and to comply with all provisions
of the Loan Documents pertaining to a Special Purpose Bankruptcy Remote Entity;

 

(e)          Intentionally
Omitted;

 

    	 	-62-	Mezzanine B Loan Agreement

     

    

 

(f)          To
the extent that the Franchisor party to the Franchise Agreement affecting such Impaired Individual Property is also a Franchisor
under other Franchise Agreements and/or to the extent that the Franchise Agreement affecting such Impaired Individual Property
also affects other Properties which will not be released, such release shall not result in a default under any of such Franchise
Agreements or give the Franchisor thereunder the right to terminate any of such Franchise Agreements, and all requisite consents
to such release shall have been obtained from the applicable Franchisor and Lender shall have received reasonably satisfactory
evidence of same (which may be demonstrated by an Officer’s Certificate certifying to the foregoing);

 

(g)          All
other conditions to the release of such Impaired Individual Property, Mezzanine A Impaired Individual Property and/or Mortgage
Impaired Individual Property set forth in the Loan Documents, Mezzanine A Loan Documents and/or Mortgage Loan Documents, respectively,
shall have been satisfied or waived in accordance therewith (as evidenced by an Officer’s Certificate and the delivery to
Lender of a copy of a payoff letter from Mortgage Lender and/or Mezzanine A Lender, as applicable; and

 

(h)          Borrower
shall have paid all reasonable third-party costs and expenses incurred by Lender and/or its Servicer in connection with any such
release or assignment and, in addition, the current reasonable and customary fee, being assessed by Lender and/or its Servicer
to effect such release or assignment, not to exceed (in the aggregate for Lender and its Servicer) $2,500.

 

Section 2.6           Interest
Rate Cap Agreement.

 

2.6.1    Interest
Rate Cap Agreement. Prior to or contemporaneously with the Closing Date, Borrower
shall have obtained, and thereafter maintain in effect (subject to Section 2.6.9), the Interest Rate Cap Agreement, which
shall have a term expiring no earlier than the Stated Maturity Date and have a notional amount which shall not at any time be
less than the Outstanding Principal Balance. The Interest Rate Cap Agreement shall have a strike rate equal to the Strike Price.

 

2.6.2    Pledge
and Collateral Assignment of Interest Rate Cap Agreement. As security for the
full and punctual payment and performance of the Obligations when due (whether upon stated maturity, by acceleration, early termination
or otherwise), pursuant to the terms of the Assignment of Interest Rate Cap Agreement, Borrower has pledged (or is contemporaneously
herewith pledging) and collaterally assigned (or is assigning) to Lender all of the right, title and interest of Borrower in and
to the following (collectively, the “Rate Cap Collateral”): (i) the Interest Rate Cap Agreement; (ii)
all payments, distributions, disbursements or proceeds due, owing, payable or required to be delivered to Borrower in respect
of the Interest Rate Cap Agreement or arising out of the Interest Rate Cap Agreement, whether as contractual obligations, damages
or otherwise; and (iii) all of Borrower’s claims, rights, powers, privileges, authority, options, security interests, liens
and remedies, if any, under or arising out of the Interest Rate Cap Agreement, in each case including all accessions and additions
to, substitutions for and replacements, products and proceeds of any or all of the foregoing.

 

    	 	-63-	Mezzanine B Loan Agreement

     

    

 

2.6.3      Covenants.

 

(a)          Borrower
shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid by
the Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall during the continuance of an Event of Default
or Trigger Period be deposited immediately into the Deposit Account. Subject to terms hereof, provided no Event of Default has
occurred and is continuing, Borrower shall be entitled to exercise all rights, powers and privileges of Borrower under, and to
control the prosecution of all claims with respect to, the Interest Rate Cap Agreement and the other Rate Cap Collateral. Borrower
shall take all actions reasonably requested by Lender to enforce Borrower’s rights under the Interest Rate Cap Agreement
in the event of a default by the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder.

 

(b)          Borrower
shall defend Lender’s right, title and interest in and to the Rate Cap Collateral pledged by Borrower pursuant to the Assignment
of Interest Rate Cap Agreement or in which it has granted a security interest against the claims and demands of all other Persons.

 

(c)          In
the event of any downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an
“Approved Counterparty”, Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap
Agreement not later than ten (10) Business Days following receipt of notice from Lender, Servicer or any other Person of such downgrade,
withdrawal or qualification.

 

(d)          In
the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement as and when required hereunder,
Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing the Interest Rate Cap Agreement
shall be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until
such cost is paid by Borrower to Lender.

 

(e)          Borrower
shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a security interest in, any of the Rate Cap Collateral
or any interest therein (other than the assignment made under the Loan Documents), and any sale, assignment, mortgage, pledge or
security interest whatsoever made in violation of this covenant shall be a nullity and of no force and effect, and upon demand
of Lender, shall forthwith be cancelled or satisfied by an appropriate instrument in writing (except that notwithstanding anything
herein to the contrary, Borrower may sell or otherwise transfer the portion of the Rate Cap Collateral that reflects a notional
balance in excess of the Outstanding Principal Amount following any prepayment).

 

(f)          Borrower
shall not (i) without the prior written consent of Lender, modify, amend or supplement the terms of the Interest Rate Cap Agreement,
(ii) without the prior written consent of Lender, except in accordance with the terms of the Interest Rate Cap Agreement, cause
the termination of the Interest Rate Cap Agreement prior to its stated maturity date (other than in accordance with Section
2.6.3(c) above), (iii) without the prior written consent of Lender, except as aforesaid, waive or release any obligation of
the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) under the Interest Rate Cap Agreement,
(iv) without the prior written consent of Lender, consent or agree to any act or omission to act on the part of the Counterparty
(or any successor or substitute party to the Interest Rate Cap Agreement) which, without such consent or agreement, would constitute
a default under the Interest Rate Cap Agreement, (v) fail to exercise promptly and diligently each and every material right which
it may have under the Interest Rate Cap Agreement, (vi) take or intentionally omit to take any action or intentionally suffer or
permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable
under the Interest Rate Cap Agreement or any defense by the Counterparty (or any successor or substitute party to the Interest
Rate Cap Agreement) to payment or (vii) fail to give prompt notice to Lender of any notice of default given by or to Borrower under
or with respect to the Interest Rate Cap Agreement, together with a complete copy of such notice. If Borrower shall have received
written notice that the Securitization shall have occurred, no consent by Lender provided for in this Section 2.6.3(f) shall
be given by Lender unless Lender shall have received a Rating Agency Confirmation.

 

    	 	-64-	Mezzanine B Loan Agreement

     

    

 

(g)          In
connection with an Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an opinion of counsel from counsel
(which counsel may be in-house counsel for the Counterparty) for the Counterparty upon which Lender and its successors and assigns
may rely (the “Counterparty Opinion”), under New York law and, if the Counterparty is a non-U.S. entity,
the applicable foreign law, which shall provide in relevant part, that: (i) the issuer is duly organized, validly existing, and
in good standing under the laws of its jurisdiction of incorporation and has the organizational power and authority to execute
and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; (ii) the execution and delivery of the Interest
Rate Cap Agreement by the issuer, and any other agreement which the issuer has executed and delivered pursuant thereto, and the
performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any
provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law; (iii) all consents,
authorizations and approvals required for the execution and delivery by the issuer of the Interest Rate Cap Agreement under law
or the issuer’s organizational documents, and any other agreement which the issuer has executed and delivered pursuant thereto,
and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof
have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory
body is required for such execution, delivery or performance; and (iv) the Interest Rate Cap Agreement, and any other agreement
which the issuer has executed and delivered pursuant thereto, has been duly executed and delivered by the issuer and constitutes
the legal, valid and binding obligation of the issuer, enforceable against the issuer in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). If the opinion
of counsel from counsel for the Counterparty obtained and delivered does not comply with the foregoing requirements, Lender shall
have the right to approve the opinion, which approval shall not be unreasonably withheld, conditioned or delayed.

 

2.6.4      Substitute
Interest Rate Protection Agreement. Subject to Section 2.2.4(e),
at any time that the Loan is a Base Rate Loan or a Substitute Rate Loan, Borrower shall maintain a Substitute Interest Rate Protection
Agreement. All the provisions of this Section 2.6 applicable to the Interest Rate Protection Agreement delivered
on the Closing Date shall be applicable to the Substitute Interest Rate Protection Agreement, and in connection with the delivery
of the Substitute Interest Rate Protection Agreement, Borrower shall enter into a replacement collateral assignment of such Substitute
Interest Rate Protection Agreement, which collateral assignment shall be in the same form as the Assignment of Interest Rate Cap
Agreement.

 

    	 	-65-	Mezzanine B Loan Agreement

     

    

 

2.6.5      Representations
and Warranties. Borrower hereby covenants with, and represents and warrants
to, Lender as follows:

 

(a)          The
Interest Rate Cap Agreement constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance
with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and
subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law).

 

(b)          The
Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as are created
pursuant to this Agreement and the other Loan Documents, and Borrower has the right to pledge and grant a security interest in
the same as herein provided without the consent of any other Person other than any such consent that has been obtained and is in
full force and effect.

 

(c)          The
Rate Cap Collateral has been duly and validly pledged pursuant to the Assignment of Interest Rate Cap Agreement. All consents and
approvals required to be obtained by Borrower for the consummation of the transactions contemplated by the Assignment of Interest
Rate Cap Agreement have been obtained.

 

(d)          Giving
effect to the grant and assignment to Lender pursuant to the Assignment of Interest Rate Cap Agreement, Lender has, as of the date
of this Agreement, and as to Rate Cap Collateral acquired from time to time after such date, shall have, a valid, and upon proper
filing, perfected and continuing first priority lien upon and security interest in the Rate Cap Collateral; provided that no representation
or warranty is made with respect to the perfected status of the security interest of Lender in the proceeds of Rate Cap Collateral
consisting of “cash proceeds” or “non-cash proceeds” as defined in the UCC except if, and to the extent,
the provisions of Section 9-306 of the UCC shall be complied with.

 

(e)          Except
for financing statements filed or to be filed in favor of Lender as secured party, there are no financing statements under the
UCC covering any or all of the Rate Cap Collateral and Borrower shall not, without the prior written consent of Lender, until payment
in full of all of the Obligations, execute and file in any public office, any enforceable financing statement or statements covering
any or all of the Rate Cap Collateral, except financing statements filed or to be filed in favor of Lender as secured party.

 

2.6.6      [Reserved] 

 

2.6.7      Remedies.
Subject to the provisions of the Interest Rate Cap Agreement, if an Event of Default shall occur and then be continuing:

 

(a)          Lender,
without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have
the right to, in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any time and from time
to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or more parcels
and at the same or different times) and all right, title and interest, claim and demand therein and right of redemption thereof,
at public or private sale, for cash, upon credit or for future delivery, and in connection therewith Lender may grant options and
may impose reasonable conditions such as requiring any purchaser to represent that any “securities” constituting any
part of the Rate Cap Collateral are being purchased for investment only, Borrower hereby waiving and releasing any and all equity
or right of redemption to the fullest extent permitted by the UCC and applicable law. If all or any of the Rate Cap Collateral
is sold by Lender upon credit or for future delivery, Lender shall not be liable for the failure of the purchaser to purchase or
pay for the same and, in the event of any such failure, Lender may resell such Rate Cap Collateral. It is expressly agreed that
Lender may exercise its rights under the Assignment of Interest Rate Cap Agreement with respect to less than all of the Rate Cap
Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided, however, that such
partial exercise shall in no way restrict or jeopardize Lender’s right to exercise its rights with respect to all or any
other portion of the Rate Cap Collateral at a later time or times.

 

    	 	-66-	Mezzanine B Loan Agreement

     

    

 

(b)          Lender
may exercise, either by itself or by its nominee or designee, in the name of Borrower, all of Lender’s rights, powers and
remedies in respect of the Rate Cap Collateral, under the Assignment of Interest Rate Cap Agreement and under law.

 

(c)          Borrower
hereby irrevocably, in the name of Borrower or otherwise, authorizes and empowers Lender and assigns and transfers unto Lender,
and constitutes and appoints Lender its true and lawful attorney-in-fact, and as its agent, irrevocably, with full power of substitution
for Borrower and in the name of Borrower, (i) to exercise and enforce every right, power, remedy, authority, option and privilege
of Borrower under the Interest Rate Cap Agreement, including any power to subordinate or modify the Interest Rate Cap Agreement
(but not, unless an Event of Default exists and is continuing, the right to terminate or cancel the Interest Rate Cap Agreement),
or to give any notices, or to take any action resulting in such subordination, termination, cancellation or modification and (ii)
in order to more fully vest in Lender the rights and remedies provided for herein, to exercise all of the rights, remedies and
powers granted to Lender in this Agreement, and Borrower further authorizes and empowers Lender, as Borrower’s attorney-in-fact,
and as its agent, irrevocably, with full power of substitution for Borrower and in the name of Borrower, to give any authorization,
to furnish any information, to make any demands, to execute any instruments and to take any and all other action on behalf of and
in the name of Borrower which in the opinion of Lender may be necessary or appropriate to be given, furnished, made, exercised
or taken under the Interest Rate Cap Agreement, in order to comply therewith, to perform the conditions thereof or to prevent or
remedy any default by Borrower thereunder or to enforce any of the rights of Borrower thereunder. These powers-of-attorney are
irrevocable and coupled with an interest, and any similar or dissimilar powers heretofore given by Borrower in respect of the Rate
Cap Collateral to any other Person are hereby revoked.

 

(d)          Lender
may, without notice to, or assent by, Borrower or any other Person (to the extent permitted by law), but without affecting any
of the Obligations, in the name of Borrower or in the name of Lender, notify the Counterparty, or if applicable, any other counterparty
to the Interest Rate Cap Agreement, to make payment and performance directly to Lender; extend the time of payment and performance
of, compromise or settle for cash, credit or otherwise, and upon any terms and conditions, any obligations owing to Borrower, or
claims of Borrower, under the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits
or other proceedings deemed by Lender necessary or advisable for the purpose of collecting upon or enforcing the Interest Rate
Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Lender to protect and preserve
and realize upon the Rate Cap Collateral and the other rights contemplated hereby.

 

    	 	-67-	Mezzanine B Loan Agreement

     

    

 

(e)          Pursuant
to the powers-of-attorney provided for above, Lender may take any action and exercise and execute any instrument which it may deem
necessary or advisable to accomplish the purposes hereof; provided, however, that Lender shall not be permitted to take any action
pursuant to said power-of-attorney that would conflict with any limitation on Lender’s rights with respect to the Rate Cap
Collateral. Without limiting the generality of the foregoing, Lender, after the occurrence, and during the continuance, of an Event
of Default, shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money
made payable to Borrower representing: (i) any payment of obligations owed pursuant to the Interest Rate Cap Agreement, (ii) interest
accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral
or any part thereof, and for and in the name, place and stead of Borrower, to execute endorsements, assignments or other instruments
of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder.

 

(f)          Lender
may exercise all of the rights and remedies of a secured party under the UCC.

 

(g)          Without
limiting any other provision of this Agreement or the Assignment of Interest Rate Cap Agreement, or any of Borrower’s rights
hereunder under the Assignment of Interest Rate Cap Agreement, and without waiving or releasing Borrower from any obligation or
default hereunder under the Assignment of Interest Rate Cap Agreement, Lender shall have the right, but not the obligation, to
perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of
this Agreement or the Assignment of Interest Rate Cap Agreement, to cure such Event of Default or to cause any term, covenant,
condition or obligation required under this Agreement, the Assignment of Interest Rate Cap Agreement or the Interest Rate Cap Agreement
to be performed or observed by Borrower to be promptly performed or observed on behalf of Borrower. All amounts advanced by, or
on behalf of, Lender in exercising its rights under this Section 2.6.7(g) (including, but not limited to, reasonable legal
expenses and disbursements incurred in connection therewith), together with interest thereon at the Default Rate from the date
of each such advance, shall be payable by Borrower to Lender upon demand and shall be secured by this Agreement.

 

2.6.8    Sales
of Rate Cap Collateral. No demand, advertisement or notice, all of which are, to the fullest extent permitted by law,
hereby expressly waived by Borrower, shall be required in connection with any sale or other disposition of all or any part of
the Rate Cap Collateral, except that Lender shall give Borrower at least thirty (30) Business Days’ prior written notice
of the time and place of any public sale or of the time when and the place where any private sale or other disposition is to be
made, which notice Borrower hereby agrees is reasonable, all other demands, advertisements and notices being hereby waived. To
the extent permitted by law, Lender shall not be obligated to make any sale of the Rate Cap Collateral if it shall determine not
to do so, regardless of the fact that notice of sale may have been given, and Lender may without notice or publication adjourn
any public or private sale, and such sale may, without further notice, be made at the time and place to which the same was so
adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each public
sale, unless prohibited by any applicable statute which cannot be waived, Lender (or its nominee or designee) may purchase any
or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of redemption of Borrower,
all of which are hereby waived and released to the extent permitted by law, and may make payment therefor by credit against any
of the Obligations in lieu of cash or any other obligations. In the case of all sales of the Rate Cap Collateral, public or private,
Borrower shall pay all reasonable costs and expenses of every kind for sale or delivery, including brokers’ and attorneys’
fees and disbursements and any tax imposed thereon. However, the proceeds of sale of Rate Cap Collateral shall be available to
cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, Lender shall apply any
residue to the payment of the Obligations in the order of priority as set forth in this Agreement.

 

    	 	-68-	Mezzanine B Loan Agreement

     

    

 

2.6.9     Public
Sales Not Possible. Borrower acknowledges that the terms of the Interest Rate
Cap Agreement may prohibit public sales, that the Rate Cap Collateral may not be of the type appropriately sold at public sales,
and that such sales may be prohibited by law. In light of these considerations, Borrower agrees that private sales of the Rate
Cap Collateral under the Assignment of Interest Rate Cap Agreement shall not be deemed to have been made in a commercially unreasonably
manner by mere virtue of having been made privately.

 

2.6.10   Receipt
of Sale Proceeds. Upon any sale of the Rate Cap Collateral by Lender under
the Assignment of Interest Rate Cap Agreement (whether by virtue of the power of sale herein granted, pursuant to judicial process
or otherwise), the receipt by Lender or the officer making the sale or the proceeds of such sale shall be a sufficient discharge
to the purchaser or purchasers of the Rate Cap Collateral so sold, and such purchaser or purchasers shall not be obligated to
see to the application of any part of the purchase money paid over to Lender or such officer or be answerable in any way for the
misapplication or non-application thereof.

 

2.6.11   Replacement
Interest Rate Cap Agreement. If, in connection with Borrower’s exercise
of any Extension Option pursuant to Section 2.7 hereof, Borrower delivers a Replacement Interest Rate Cap Agreement, all
the provisions of this Section 2.6 applicable to the Interest Rate Cap Agreement delivered on the Closing Date shall be
applicable to the Replacement Interest Rate Cap Agreement, and in connection with the delivery of the Replacement Interest Rate
Cap Agreement, Borrower shall enter into a replacement collateral assignment of such Replacement Interest Rate Cap Agreement,
which collateral assignment shall be in the same form as the Assignment of Interest Rate Cap Agreement.

 

Section 2.7           Extension
Options.

 

2.7.1     Extension
Options. Subject to the provisions of this Section 2.7, Borrower shall
have the option (the “First Extension Option”), by written notice (the “First Extension
Notice”) delivered to Lender no later than ten (10) days prior to the Initial Stated Maturity Date, to extend the
Maturity Date to November 7, 2022 (the “First Extended Maturity Date”, and such extended term, the “First
Extended Term”). In the event Borrower shall have exercised the First Extension Option, Borrower shall have the
option (the “Second Extension Option”), by written notice (the “Second Extension Notice”)
delivered to Lender no later than ten (10) days prior to the First Extended Maturity Date, to extend the First Extended Maturity
Date to November 7, 2023 (the “Second Extended Maturity Date”, and such extended term, the “Second
Extended Term”). In the event Borrower shall have exercised each of the First Extension Option and the Second Extension
Option, Borrower shall have the option (the “Third Extension Option”), by written notice (the “Third
Extension Notice”) delivered to Lender no later than ten (10) days prior to the Second Extended Maturity Date, to
extend the Second Extended Maturity Date to November 7, 2024 (the “Third Extended Maturity Date”, and
such extended term, the “Third Extended Term”). The First Extension Notice shall be revocable at any
time and for any reason by Borrower prior to the Initial Stated Maturity Date, the Second Extension Notice shall be revocable
at any time and for any reason by Borrower prior to the then First Extended Maturity Date and the Third Extension Notice shall
be revocable at any time and for any reason by Borrower prior to the then Second Extended Maturity Date, but Borrower shall pay
Lender’s actual out-of-pocket expenses incurred in connection with such revocation (excluding breakage costs). Borrower’s
right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each
extension hereunder:

 

    	 	-69-	Mezzanine B Loan Agreement

     

    

 

(a)          (i)
no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice, the Second
Extension Notice or the Third Extension Notice, as applicable, and (ii) no Event of Default shall have occurred and be continuing
on the Initial Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable;

 

(b)          Borrower
shall (i) obtain and deliver to Lender on the first day of the term of the Loan as extended, one or more Replacement Interest Rate
Cap Agreements (provided that, following an Applicable Interest Rate Conversion, Borrower shall instead deliver a replacement Substitute
Interest Rate Protection Agreement subject to and in accordance with Section 2.2.4(e)) and provided further that if a Replacement
Interest Rate Protection Agreement is not then commercially available due to the unavailability or uncertainty in the continuing
availability of LIBOR as a reference rate, then Borrower may deliver to Lender a mutually agreeable alternative to a Replacement
Interest Rate Protection Agreement that would afford Lender substantially equivalent protection from increases in the Applicable
Interest Rate, as reasonably determined by Lender) from an Approved Counterparty, in a notional amount equal to the Outstanding
Principal Balance as of the first day of the applicable Extended Term, which Replacement Interest Rate Cap Agreement(s) shall be
(A) effective for the period commencing on the day immediately following the then applicable Maturity Date (prior to giving effect
to the applicable Extension Option) and ending on the last day of the Interest Period in which the applicable extended Maturity
Date occurs and (B) otherwise on same terms set forth in Section 2.6, (ii) execute and deliver an Acknowledgement with respect
to each such Replacement Interest Rate Cap Agreement (or Substitute Interest Rate Protection Agreement, as applicable), and (iii)
execute and deliver a collateral assignment of the Replacement Interest Rate Cap Agreement (or Substitute Interest Rate Protection
Agreement, as applicable), in the form of the Assignment of Interest Rate Cap Agreement;

 

(c)          Borrower
shall cause a Counterparty Opinion to be delivered with respect to the Replacement Interest Rate Cap Agreement (or Substitute Interest
Rate Protection Agreement, as applicable) and the related Acknowledgment;

 

(d)          all
amounts then due and payable (beyond the expiration of any applicable notice and cure periods) by Borrower pursuant to this Agreement
or the other Loan Documents as of the Initial Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity
Date, as applicable, and all out-of-pocket costs and expenses of Lender, including reasonable fees and expenses of Lender’s
outside counsel, in connection with the applicable extension of the Term shall have been paid in full;

 

(e)          intentionally
omitted; and

 

    	 	-70-	Mezzanine B Loan Agreement

     

    

 

(f)          If
the Mortgage Loan and Mezzanine A Loan have not theretofore been repaid in full, Owner and Mezzanine A Borrower, respectively,
shall have (i) timely exercised the extension option to extend the Mortgage Loan or Mezzanine A Loan, as applicable, and (ii) been
entitled pursuant to the terms of the Mortgage Loan Documents or Mezzanine A Loan Documents, as applicable, to exercise such extension
option.

 

If Borrower is unable to satisfy all of
the foregoing conditions within the applicable time frames for each, Lender shall have no obligation to extend the Maturity Date.

 

2.7.2    Intentionally
Omitted.

 

Section 2.8           Regulatory
Change; Taxes.

 

2.8.1    Increased
Costs. If as a result of any Change in Law or compliance of Lender therewith, Lender or the company Controlling Lender
shall be subject to (i) Special Taxes (other than (A) Indemnified Taxes, which shall be solely covered by Section 2.8.2,
(B) Other Taxes, which shall be solely covered by Section 2.9.3, (C) Connection Income Taxes and (D) Special Taxes described
in clauses (b) through (f) of the definition of Excluded Taxes); or (ii) any reserve, special deposit or similar requirements
relating to any extensions of credit or other assets of, or any deposits with or other liabilities, of Lender or any company Controlling
Lender is imposed, modified or deemed applicable; or (iii) any other condition affecting loans to borrowers subject to LIBOR-based
interest rates is imposed on Lender or any company Controlling Lender and Lender determines that, by reason thereof, the cost
to Lender or any company Controlling Lender of making, maintaining or extending the Loan to Borrower is increased, or any amount
receivable by Lender or any company Controlling Lender hereunder in respect of any portion of the Loan to Borrower is reduced,
in each case by an amount deemed by Lender in good faith to be material (such increases in cost and reductions in amounts receivable
being herein called “Increased Costs”), then Lender shall provide notice thereof to Borrower and Borrower
agrees that it will pay to Lender upon Lender’s written request such additional amount or amounts as will compensate Lender
or any company Controlling Lender for such Increased Costs to the extent Lender determines that such Increased Costs are allocable
to the Loan. If Lender requests compensation under this Section 2.8.1, Lender shall, if requested by notice by Borrower
to Lender, furnish to Borrower a statement setting forth the basis for requesting such compensation and the method for determining
the amount thereof. Notwithstanding anything contained herein to the contrary, Borrower shall not be required to compensate Lender
pursuant to this Section 2.8.1 for any Increased Costs actually paid by Lender more than one hundred eighty (180) days
prior to the date that Lender notifies Borrower of the change in any applicable Change in Law giving rise to such Increased Costs
and of Lender’s intention to claim compensation or reimbursement therefor. Notwithstanding anything contained in this Section
2.8.1 to the contrary, Lender shall not be permitted to make a claim against Borrower under this Section 2.8.1 unless Lender is
making similar claims against other borrowers of Lender to the extent such borrowers are similarly situated as Borrower after
consideration of such factors as Lender then reasonably determines to be relevant. Notwithstanding anything contained herein to
the contrary, if pursuant to this Section 2.8.1, Increased Costs are payable, or will be payable, by Borrower, Borrower may, at
its option and upon not less than fifteen (15) days’ prior notice to Lender (which notice shall be delivered to Lender no
later than fifteen (15) days after Lender’s delivery to Borrower of the above-referenced certificate regarding the payment
of such Increased Costs), prepay the Loan in whole, together with the amount of any such Increased Costs that have at such time
already been incurred by or paid by Lender, any applicable Spread Maintenance Premium (if such prepayment occurs prior to or on
the Spread Maintenance Date) and all other amounts due and payable under Section 2.4.6 in connection with such prepayment. Notwithstanding
anything to the contrary herein, no amount shall be payable to a Lender under this Section 2.8.1 during the period in which the
Loan is included in a Securitization.

 

    	 	-71-	Mezzanine B Loan Agreement

     

    

 

2.8.2     Special
Taxes. Borrower shall make all payments hereunder free and clear of and without
deduction for Special Taxes, except as required by applicable law. If Borrower shall be required by law to deduct any Indemnified
Taxes from or in respect of any sum payable hereunder or under any other Loan Document to Lender, (i) the sum payable shall be
increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section 2.8.2) Lender receives an amount equal to the sum it would have received had no such deductions been
made, (ii) Borrower shall make such deductions, and (iii) Borrower shall pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law. Notwithstanding anything contained herein to the contrary, if pursuant to this Section
2.8.2, Borrower is, or will be, required to increase any payment to Lender on account of Indemnified Taxes, Borrower may, at its
option and upon not less than fifteen (15) days’ prior notice to Lender (which notice shall be delivered to Lender no later
than fifteen (15) days after Lender’s delivery to Borrower of written notice regarding the increase of payments to Lender
on account of Indemnified Taxes), prepay the Loan in whole, together with the amount of any such Indemnified Taxes that have at
such time already been incurred by or paid by Lender, any applicable Spread Maintenance Premium (if such prepayment occurs prior
to or on the Spread Maintenance Date) and all other amounts due and payable under Section 2.4.6 in connection with such prepayment.
Notwithstanding anything to the contrary herein, no amount shall be payable to a Lender under this Section 2.8.2 during the period
in which the Loan is included in a Securitization.

 

2.8.3     Other
Taxes. In addition, Borrower agrees to pay any present or future stamp or documentary
taxes or other excise or property taxes, charges, or similar levies which arise from any payment made hereunder, or from the execution,
delivery or registration of, or otherwise with respect to, this Agreement, the other Loan Documents, or the Loan other than such
taxes, charges or levies arising from any transfer by Lender pursuant to Article IX or a change to the organizational structure
of the Loan Parties and/or any of their Affiliates requested by Lender in connection with the exercise of its rights pursuant
to Article IX (hereinafter referred to as “Other Taxes”).

 

2.8.4     Tax
Refund. If any party determines, in its sole discretion exercised in good faith,
that it has received a refund of any Special Taxes as to which it has been indemnified pursuant to Section 2.8.2 (including
by the payment of additional amounts pursuant to Section 2.8.2), it shall pay to the indemnifying party an amount equal
to such refund (but only to the extent of indemnity payments made under this Section with respect to the Special Taxes giving
rise to such refund), net of all out-of-pocket expenses (including Special Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party,
upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section
2.8.4 (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such
indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary
in this Section 2.8.4, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant
to this Section 2.8.4 the payment of which would place the indemnified party in a less favorable net after-tax position than the
indemnified party would have been in if the Special Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Special Tax
had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Special
Tax returns (or any other information relating to its Special Taxes that it deems confidential) to the indemnifying party or any
other Person.

 

    	 	-72-	Mezzanine B Loan Agreement

     

    

 

2.8.5     Change
of Office. To the extent that changing the jurisdiction of Lender’s applicable
office would have the effect of minimizing Indemnified Taxes, Other Taxes or Increased Costs, Lender shall at the request of Borrower
use commercially reasonable efforts to make such a change, provided that same would not otherwise be disadvantageous (as reasonably
determined by Lender) or involve any unreimbursed expense to Lender.

 

Section 2.9          Letters
of Credit.

 

(a)          All
Letters of Credit delivered to Lender in connection with this Loan shall be held as collateral and additional security for the
payment of the Debt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its
option, to draw on all or any portion of any such Letter of Credit and to apply such amount drawn to payment of the Debt in such
order, proportion or priority as Lender may determine. Any such application to the Debt before or on the Spread Maintenance Date
after an Event of Default shall be subject to the Spread Maintenance Premium, if any, applicable thereto. On the Maturity Date,
if the Debt has not otherwise been paid in full, any or all of such Letters of Credit may be applied to reduce the Debt.

 

(b)          With
respect to any Letter of Credit delivered to Lender in connection with this Loan, such Letter of Credit must be accompanied by
an instrument reasonably acceptable to Lender whereby the applicant/obligor under such Letter of Credit shall have contributed
to Borrower any and all draws under such Letter of Credit and shall have waived all rights of subrogation against Borrower thereunder
until the Debt has been paid in full. Borrower shall also pay to Lender all of Lender’s reasonable out-of-pocket costs and
expenses in connection therewith. Neither Borrower nor the applicant/obligor under the Letter of Credit shall be entitled to draw
upon the Letter of Credit. After the Closing Date, the aggregate amount of any Letters of Credit delivered pursuant to this Agreement
or any other Loan Document shall not exceed ten percent (10%) of the outstanding principal balance of the Loan unless Lender has
been provided with an Additional Insolvency Opinion with respect thereto, in form and substance reasonably satisfactory to Lender
and the Rating Agencies.

 

(c)          In
addition to any other right Lender may have to draw upon any Letter of Credit pursuant to the terms and conditions of this Agreement,
Lender shall have the additional rights to draw in full any Letter of Credit: (i) with respect to any evergreen Letter of
Credit, if Lender has received a notice from the issuing bank that the applicable Letter of Credit will not be renewed and a substitute
Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled
to expire; (ii) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the
issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit
is scheduled to expire and a substitute Letter of Credit is not provided at least ten (10) Business Days prior to the date on which
the outstanding Letter of Credit is scheduled to expire; (iii) upon receipt of notice from the issuing bank that the Letter of
Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions
of this Agreement or a substitute Letter of Credit is provided at least ten (10) Business Days prior to such termination); or (iv)
if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Approved Bank and Borrower shall
not have replaced such Letter of Credit with a Letter of Credit issued by an Approved Bank within ten (10) Business Days after
notice thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of
Credit upon the happening of an event specified in clauses (i), (ii), (iii) or (iv) above and shall not be liable
for any losses sustained by Borrower or applicable/obligor due to the insolvency of the bank issuing the Letter of Credit if Lender
has not drawn the applicable Letter of Credit.

 

    	 	-73-	Mezzanine B Loan Agreement

     

    

 

Article
3

REPRESENTATIONS AND WARRANTIES

 

Section 3.1           Borrower
Representations. Borrower and Leasehold Pledgor each represents and warrants
that, except to the extent (if any) disclosed on Schedule IV hereto with reference to a specific subsection of this
Section 3.1:

 

3.1.1    Organization;
Special Purpose. Each of Borrower, Leasehold Pledgor, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, each Individual Owner, each Operating Lessee and each SPC Party is duly organized, validly existing
and in good standing with full power and authority to own its assets and conduct its business, and is duly qualified and in good
standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification,
and each of Borrower and Leasehold Pledgor has taken all necessary action to authorize the execution, delivery and performance
of this Agreement and the other Loan Documents by it, and has the power and authority to execute, deliver and perform under this
Agreement, the other Loan Documents and all the transactions contemplated hereby. Each of Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, each Individual Owner, Operating Lessee and each SPC Party is, and at all times since
the date of its formation has been (but only to the extent that the applicable requirements set forth in Schedule V speak
of a time prior to the Closing Date), a Special Purpose Bankruptcy Remote Entity. Borrower has provided Lender with true, correct
and complete copies of Borrower’s, Leasehold Pledgor’s, Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s,
each Individual Owner’s, Operating Lessee’s and each SPC Party’s current (and since the date of its inception)
organizational documents.

 

3.1.2    Proceedings;
Enforceability. This Agreement and the other Loan Documents have been duly
authorized, executed and delivered by Borrower and Leasehold Pledgor and constitute a legal, valid and binding obligation of Borrower
and Leasehold Pledgor, enforceable against Borrower and Leasehold Pledgor in accordance with their respective terms, except as
such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law). The Loan Documents are not subject to any right of rescission, set-off, counterclaim or
defense by Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating
Lessee, any SPC Party or any Guarantor including the defense of usury, nor would the operation of any of the terms of the Loan
Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law), and none of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual
Owner, any Operating Lessee, any SPC Party or any Guarantor have asserted any right of rescission, set-off, counterclaim or defense
with respect thereto.

 

    	 	-74-	Mezzanine B Loan Agreement

     

    

 

3.1.3    No
Conflicts. The execution and delivery of this Agreement and the other Loan Documents by Borrower and Leasehold Pledgor
and the performance of its Obligations hereunder and thereunder will not conflict with any provision of any law or regulation
to which Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner or any Operating
Lessee is subject, or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions
of any of Borrower’s, Leasehold Pledgor, Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s, any Individual
Owner’s or any Operating Lessee’s organizational documents or any agreement or instrument to which Borrower, Leasehold
Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner or any Operating Lessee is a party or by which
it is bound, or any order or decree applicable to Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
any Individual Owner or any Operating Lessee, or result in the creation or imposition of any Lien on any of Borrower’s,
Leasehold Pledgor’s, Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s, any Individual Owner’s or
any Operating Lessee’s assets or property (other than pursuant to the Loan Documents) (unless consents from all applicable
parties thereto have been obtained by Borrower and/or Leasehold Pledgor, as applicable).

 

3.1.4     Litigation.
There is no action, suit, proceeding or investigation pending or, to Borrower’s and Leasehold Pledgor’s knowledge,
threatened in writing against Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual
Owner, any Operating Lessee, any SPC Party, any Guarantor, Manager (but only as it relates to any Individual Property), the Collateral,
the Mezzanine A Collateral or any Individual Property in any court or by or before any other Governmental Authority which, if
adversely determined, is reasonably likely to materially and adversely affect the condition (financial or otherwise) or business
of Borrower or Leasehold Pledgor (including the ability of Borrower or Leasehold Pledgor to carry out the transactions contemplated
by this Agreement), Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, such Individual Owner, such Operating Lessee, such SPC
Party, any Guarantor (including the ability of any Guarantor to perform its obligations under the Guaranty), Manager (but only
as it relates to any Individual Property, including such Manager’s ability to perform its obligations under any Management
Agreement), the Collateral, the Mezzanine A Collateral or the condition or ownership of such Individual Property.

 

3.1.5    Agreements.
None of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee is a party
to any agreement or instrument or subject to any restriction which might materially and adversely affect Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee, any Individual Property, the
Mezzanine A Collateral or the Collateral, or Borrower’s, Leasehold Pledgor’s, Mezzanine A Borrower’s, Mezzanine
A Leasehold Pledgor’s, Owner’s or Operating Lessee’s business, properties or assets, operations or condition,
financial or otherwise. None of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual
Owner or any Operating Lessee is in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any Permitted Encumbrance, Permitted Encumbrance (Mezzanine A Loan) or Permitted Encumbrance (Mortgage
Loan) or any other agreement or instrument to which it is a party or by which it or any Individual Property, the Mezzanine A Collateral
or the Collateral is bound, or with respect to any order or decree of any court or any order, regulation or demand of any Governmental
Authority, which default (individually or when aggregated with any and all such defaults) is reasonably likely to have consequences
that would materially and adversely affect the condition (financial or other) or operations of Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee or any Individual Property, any portion
of the Mezzanine A Collateral or any portion of the Collateral or is reasonably likely to have consequences that would materially
and adversely affect its performance hereunder.

 

    	 	-75-	Mezzanine B Loan Agreement

     

    

 

3.1.6     Consents.
No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery and
performance by Borrower or Leasehold Pledgor of this Agreement or the other Loan Documents or the consummation of the transactions
contemplated hereby, other than those which have been obtained by Borrower or Leasehold Pledgor.

 

3.1.7     Property;
Title.

 

(a)          Owner
has good, marketable and insurable fee simple or leasehold title to the real property comprising part of each Individual Property
and good title to the balance of such Individual Property owned by it, free and clear of all Liens whatsoever except the Permitted
Encumbrances (Mortgage Loan). Each of Borrower and Leasehold Pledgor owns the Collateral free and clear of all Liens whatsoever.
Mezzanine A Borrower is the record and beneficial owner of, and have good title to, the Mezzanine A Collateral, free and clear
of all Liens whatsoever, except Permitted Encumbrances (Mezzanine A Loan). The Pledge Agreement, together with any Uniform Commercial
Code financing statements required to be filed in connection therewith, will create a valid, first priority, perfected Lien on
Borrower’s and Leasehold Pledgor’s interest in the Pledged Collateral, all in accordance with the terms thereof, in
each case subject only to the Permitted Encumbrances. Except for Permitted Encumbrances (Mortgage Loan), there are no mechanics’,
materialman’s or other similar Liens or claims which have been filed for work, labor or materials affecting any Individual
Property which are or may be Liens prior to, or equal or coordinate with, the Lien of the applicable Mortgage. Except for Permitted
Encumbrances (Mezzanine A Loan), there are no mechanics’, materialman’s or other similar Liens or claims which have
been filed for work, labor or materials affecting the Mezzanine A Collateral which are or may be Liens prior to, or equal or coordinate
with, the Lien of the Pledge Agreement. None of the Permitted Encumbrances, Permitted Encumbrances (Mezzanine A Loan) or Permitted
Encumbrances (Mortgage Loan), as applicable, individually or in the aggregate, (a) materially interfere with the benefits
of the security intended to be provided by this Agreement and the other Loan Documents, (b) materially and adversely affect
the value of any Individual Property, the Mezzanine A Collateral or the Collateral, (c) materially impair the use or operations
of any Individual Property (as currently used), or (d) impair Borrower’s ability to pay its Obligations in a timely
manner.

 

    	 	-76-	Mezzanine B Loan Agreement

     

    

 

(b)          All
transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable
Legal Requirements in connection with the transfer of the Properties to Owner have been paid or are being paid simultaneously herewith.
All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable
Legal Requirements in connection with the transfer of the Mezzanine A Collateral to Mezzanine A Borrower have been paid or are
being paid simultaneously herewith. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid under applicable Legal Requirements in connection with the transfer of the Collateral to Borrower have
been paid or are being paid simultaneously herewith. All recording, intangible or other similar tax required to be paid under applicable
Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of
any of the Loan Documents have been paid or are being paid simultaneously herewith. All taxes and governmental assessments due
and owing in respect of the Properties, the Mezzanine A Collateral and the Collateral have been paid, or an escrow of funds in
an amount sufficient to cover such payments has been established under the Mortgage Loan Documents, the Mezzanine A Loan Documents
or the Loan Documents or are insured against by the Title Policy, the Mezzanine A UCC Title Insurance Policy, and the UCC Title
Insurance Policy, as applicable.

 

(c)          Each
Individual Property is comprised of one (1) or more parcels which constitute separate tax lots and do not constitute a portion
of any other tax lot not a part of such Individual Property.

 

(d)          No
Condemnation or other proceeding has been commenced or, to Borrower’s and Leasehold Pledgor’s knowledge, is contemplated
with respect to all or any portion of such Individual Property or for the relocation of roadways providing access to any Individual
Property.

 

(e)          To
Borrower’s and Leasehold Pledgor’s knowledge, there are no pending or proposed special or other assessments for public
improvements or otherwise affecting any Individual Property, nor are there any contemplated improvements to any Individual Property
that may result in such special or other assessments.

 

3.1.8    ERISA;
No Plan Assets. As of the date hereof and throughout the Term (i) none
of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee
nor any Guarantor, nor any ERISA Affiliate, sponsors, or is obligated to contribute to, an “employee benefit plan,”
as defined in Section 3(3) of ERISA, that is subject to Title IV of ERISA, Section 303 of ERISA or Section 412 of the Code,
(ii) none of the assets of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual
Owner, any Operating Lessee or any Guarantor constitutes or will constitute “plan assets” within the meaning of 29
C.F.R. Section 2510.3-101 as modified in operation by Section 3(42) of ERISA, (iii) none of Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee nor any Guarantor is or will be
a “governmental plan” within the meaning of Section 3(32) of ERISA, and (iv) none of Borrower, Leasehold
Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee nor any Guarantor is
subject to state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans. As of the date
hereof, none of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner nor any
Operating Lessee nor any ERISA Affiliate maintains, sponsors or contributes to or has any obligations with respect to a “defined
benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within
the meaning of Section 3(37)(A) of ERISA). Neither Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Individual Owner nor any Operating Lessee has engaged in any transaction in connection with which it could be subject
to either a material civil penalty assessed pursuant to the provisions of Section 502 of ERISA or a material tax imposed under
the provisions of Section 4975 of the Code.

 

    	 	-77-	Mezzanine B Loan Agreement

     

    

 

3.1.9     Compliance.
Except as expressly set forth on Schedule IV hereto, Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, each Individual Owner, each Operating Lessee, the Collateral, the Mezzanine A Collateral and each Individual
Property (including, but not limited to the Improvements) and the use thereof comply in all material respects with all applicable
Legal Requirements (except as disclosed in the environmental reports or zoning reports provided to Lender on or prior to the Closing
Date), including parking, building and zoning and land use laws, ordinances, regulations and codes, except for de minimis non-compliance
that would not reasonably be likely to have a material adverse effect on the applicable Individual Property or the use or operation
thereof or on Owner or Operating Lessee. None of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
any Individual Owner, or any Operating Lessee nor to Borrower’s and Leasehold Pledgor’s knowledge, any other Person
in occupancy of or involved with the operation or use of the Properties has committed, any act which may give any Governmental
Authority the right to cause Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual
Owner or any Operating Lessee to forfeit the Collateral, the Mezzanine A Collateral or any Individual Property or any part thereof
or any monies paid in performance of Borrower’s Obligations under any of the Loan Documents. Each Individual Property is
used exclusively for the operation of a hotel and other appurtenant and related uses. To Borrower’s and Leasehold Pledgor’s
knowledge, in the event that all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed
to their condition prior to such damage or destruction, and thereafter exist for the same use without violating any zoning or
other ordinances applicable thereto and without the necessity of obtaining any variances or special permits, subject to customary
rebuildability statutes in the applicable jurisdictions. No legal proceedings are pending or, to the knowledge of Borrower and
Leasehold Pledgor, threatened with respect to the zoning of any Individual Property. Neither the zoning nor any other right to
construct, use or operate each Individual Property is in any way dependent upon or related to any property other than such Individual
Property, other than pursuant to any REA. To the Borrower’s and Leasehold Pledgor’s knowledge, all material certifications,
permits, licenses and approvals, including without limitation, certificates of completion, occupancy permits and any applicable
liquor licenses required of Owner and/or Operating Lessee for the legal use, occupancy and operation of each Individual Property
for its current use (collectively, the “Licenses”), have been obtained and are in full force and effect.
The use being made of each Individual Property is in conformity with the certificate of occupancy issued for such individual Property
and all other restrictions, covenants and conditions affecting such Individual Property.

 

    	 	-78-	Mezzanine B Loan Agreement

     

    

 

3.1.10   Financial
Information. All financial data, including the statements of financial condition and statements of cash flows and income
and operating expense, that have been delivered to Lender in connection with the Loan, (i) are true, complete and correct
in all material respects, (ii) accurately represent the financial condition of each Individual Property, the Mezzanine A
Collateral and the Collateral as of the date of such reports (subject to year-end adjustments), and (iii) have been prepared
in accordance with the Uniform System of Accounts and reconciled in accordance with GAAP (or otherwise in accordance with an Acceptable
Accounting Method) throughout the periods covered. Except for Permitted Encumbrances, neither Borrower nor Leasehold Pledgor has
any material contingent liabilities, liabilities for delinquent taxes, unusual forward or long-term commitments or unrealized
or anticipated losses from any unfavorable commitments that are known to Borrower or Leasehold Pledgor and reasonably likely to
have a materially adverse effect on any Individual Property, the Mezzanine A Collateral or the Collateral or the operation thereof,
except as referred to or reflected in said financial statements. Except for Permitted Encumbrances (Mezzanine A Loan), neither
Mezzanine A Borrower nor any Mezzanine A Leasehold Pledgor has any material contingent liabilities, liabilities for delinquent
taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are
known to Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Individual Owner or Operating Lessee
and reasonably likely to have a materially adverse effect on any Individual Property, the Mezzanine Collateral, the Collateral
or the operation thereof, except as referred to or reflected in said financial statements. Except for Permitted Encumbrances (Mortgage
Loan), neither any Individual Owner nor any Operating Lessee has any material contingent liabilities, liabilities for delinquent
taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are
known to Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Individual Owner or Operating Lessee
and reasonably likely to have a materially adverse effect on any Individual Property, the Mezzanine Collateral, the Collateral
or the operation thereof, except as referred to or reflected in said financial statements. Since the date of the financial statements,
there has been no material adverse change in the financial condition, operations or business of Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee or any Individual Property, the Mezzanine
A Collateral or the Collateral from that set forth in said financial statements.

 

3.1.11   Utilities
and Public Access. Each Individual Property has rights of access to public
ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service such Individual Property for
its intended uses. All public utilities necessary or convenient to the full use and enjoyment of each Individual Property are
located in the public right-of-way abutting such Individual Property (which utilities are connected so as to serve such Individual
Property without passing over other property) or are in recorded, irrevocable easements serving such Individual Property and such
easements are set forth in and insured by the Title Insurance Policies. All roads necessary for the use of each Individual Property
for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities.

 

3.1.12   Assignment
of Leases. The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under
the Leases, in favor of Mortgage Lender subject only to a license granted to Owner and Operating Lessee to exercise certain rights
and to perform certain obligations of the lessor under the Leases, including the right to operate each Individual Property. No
Person other than Mortgage Lender has any interest in or assignment of the Leases or any portion of the Rent or other Gross Revenue
from the Properties.

 

    	 	-79-	Mezzanine B Loan Agreement

     

    

 

3.1.13   Insurance.
Borrower has obtained (or has caused Owner to obtain) and maintains all Policies reflecting and satisfying the insurance coverages,
amounts and other requirements set forth in this Agreement and has delivered to Lender certificates evidencing the insurance provided
pursuant to the Policies. No material claims are currently pending, outstanding or otherwise remain unsatisfied under any Policy
which would reasonably be expected to have a material adverse effect on Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee and none of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Individual Owner, any Operating Lessee, or, to Borrower’s and Leasehold Pledgor’s knowledge, any other
Person has done, by act or omission, anything which would impair the coverage of any of the Policies.

 

3.1.14   Flood
Zone. None of the Improvements on any Individual Property is located in an
area identified by the Federal Emergency Management Agency as a special flood hazard area, or, if so located the flood insurance
required pursuant to Section 5.1.1(a) hereof is in full force and effect with respect to such Individual Property.

 

3.1.15   Physical
Condition. To Borrower’s and Leasehold Pledgor’s knowledge, except
as may be expressly set forth in the applicable Physical Conditions Report, each Individual Property, including all buildings,
improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems,
electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components,
are in good condition, order and repair in all material respects; to Borrower’s and Leasehold Pledgor’s knowledge,
and except as expressly disclosed in any Physical Conditions Report, there exists no structural or other material defects or damages
in such Individual Property, whether latent or otherwise, and none of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, any Individual Owner or any Operating Lessee has received notice from any insurance company or bonding company
of any defects or inadequacies in such Individual Property, or any part thereof, which would adversely affect the insurability
of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination
any policy of insurance or bond.

 

3.1.16   Boundaries.
Except as disclosed on the applicable Surveys, all of the Improvements which were included in determining the appraised value
of each Individual Property lie wholly within the boundaries and building restriction lines of such Individual Property, and no
improvements on adjoining properties encroach upon such Individual Property, and no easements or other encumbrances affecting
such Individual Property encroach upon any of the Improvements, so as (in each of the foregoing cases) to materially and adversely
affect the value or marketability of such Individual Property, except those which are set forth on the applicable Survey and insured
against by the applicable Title Insurance Policy.

 

    	 	-80-	Mezzanine B Loan Agreement

     

    

 

3.1.17   Leases.
The rent roll attached hereto as Schedule XI is true, complete and correct in all material respects and no Individual
Property is subject to any material Leases other than the Leases described on Schedule XI. Either Owner or Operating
Lessee is the owner and lessor of landlord’s interest in the Leases. No Person (other than Owner) has any possessory interest
in any Individual Property or right to occupy the same except under and pursuant to the provisions of the Leases (other than typical
short-term occupancy rights of hotel guests). The Leases identified on Schedule XI are in full force and effect
and there are no material defaults thereunder by Owner, Operating Lessee or, to Borrower’s and Leasehold Pledgor’s
knowledge, the other party beyond any applicable notice or cure period (except as disclosed on Schedule XI), and,
to Borrower’s and Leasehold Pledgor’s knowledge, there are no conditions that, with the passage of time or the giving
of notice, or both, would constitute defaults thereunder. The copies of the Leases delivered to Lender are true and complete,
and there are no oral agreements with respect thereto. No Rent relating to the Leases (including security deposits) has been paid
more than one (1) month in advance of its due date. All work to be performed by Owner or Operating Lessee under each Lease
has been performed as required and has been accepted by the applicable tenant. Any payments, free rent, partial rent, rebate of
rent or other payments, credits, allowances or abatements required to be given by Owner or Operating Lessee to any tenant has
already been received by such tenant except as otherwise set forth on Schedule XI. The tenants under the Leases
have accepted possession of and are in occupancy of all of their respective demised Individual Property and have commenced the
payment of full, unabated rent under the Leases. Borrower or Leasehold Pledgor has delivered to Lender a true, correct and complete
list of all security deposits made to Owner or Operating Lessee by tenants at the Properties which have not been applied (including
accrued interest thereon), all of which are held by Owner or Operating Lessee in accordance with the terms of the applicable Lease
and applicable Legal Requirements. To Borrower’s and Leasehold Pledgor’s knowledge, each tenant is free from bankruptcy
or reorganization proceedings. No tenant under any Lease (or any sublease) is an Affiliate of any Loan Party. To Borrower’s
and Leasehold Pledgor’s knowledge, the tenants under the Leases are open for business and paying full, unabated rent. There
are no brokerage fees or commissions due and payable in connection with the leasing of space at any Individual Property, except
as set forth on Schedule XI. There has been no prior sale, transfer or assignment, hypothecation or pledge of any
Lease or of the Rents relating thereto or other Gross Revenue received therein which will be outstanding following the funding
of the Loan (other than to Lender). No tenant listed on Schedule XI has assigned its Lease or sublet all or any
portion of the premises demised thereby, no such tenant holds its leased premises under assignment or sublease, nor, to Borrower’s
and Leasehold Pledgor’s knowledge, does anyone except such tenant and its employees, guests and invitees occupy such leased
premises. No tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the
leased premises or the building of which the leased premises are a part. No tenant under any Lease has any right or option for
additional space in the Improvements, except as disclosed on Schedule XI.

 

3.1.18   Tax
Filings. To the extent required by law, Borrower, Leasehold Pledgor and each
Loan Party have filed (or have obtained effective extensions for filing) all federal, state, commonwealth, district and local
tax returns required to be filed and has paid or made adequate provision for the payment of all federal, state, commonwealth,
district and local taxes, charges and assessments payable by Borrower, Leasehold Pledgor or any Loan Party. Borrower’s,
Leasehold Pledgor’s and each Loan Party’s tax returns (if any) properly reflect the income and taxes of Borrower,
Leasehold Pledgor and such Loan Party for the periods covered thereby, subject only to reasonable adjustments required by the
Internal Revenue Service or other applicable tax authority upon audit.

 

    	 	-81-	Mezzanine B Loan Agreement

     

    

 

3.1.19   No
Fraudulent Transfer. Neither Borrower nor Leasehold Pledgor (i) has entered
into the transaction or any Loan Document with the actual intent to hinder, delay, or defraud any creditor, and (ii) received
reasonably equivalent value in exchange for its Obligations under the Loan Documents. Giving effect to the Loan, the fair saleable
value of Borrower’s and Leasehold Pledgor’s respective assets exceeds and will, immediately following the making of
the Loan, exceed Borrower’s and Leasehold Pledgor’s respective total liabilities, including subordinated, unliquidated,
disputed and contingent liabilities. The fair saleable value of Borrower’s and Leasehold Pledgor’s respective assets
is, and immediately following the making of the Loan, will be, greater than Borrower’s and Leasehold Pledgor’s respective
probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and
matured. Borrower’s and Leasehold Pledgor’s respective assets do not and, immediately following the making of the
Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Neither
Borrower nor Leasehold Pledgor intends to, and believes that it will, incur Indebtedness and liabilities (including contingent
liabilities and other commitments) beyond its ability to pay such Indebtedness and liabilities as they mature (taking into account
the timing and amounts of cash to be received by Borrower and Leasehold Pledgor and the amounts to be payable on or in respect
of the obligations of Borrower and Leasehold Pledgor). No petition in bankruptcy has been filed against any Loan Party or any
Guarantor, and no Loan Party nor any Guarantor has ever made an assignment for the benefit of creditors or taken advantage of
any insolvency act for the benefit of debtors. No Loan Party nor any Guarantor is contemplating either the filing of a petition
by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or properties,
and neither Borrower nor Leasehold Pledgor has knowledge of any Person contemplating the filing of any such petition against it
or any other Loan Party or any Guarantor.

 

3.1.20   Federal
Reserve Regulations. No part of the proceeds of the Loan will be used for the
purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors
of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations
of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement
or the other Loan Documents.

 

3.1.21   Organizational
Chart. The organizational chart attached as Schedule III, relating
to Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and certain Affiliates
and other parties, is true, complete and correct on and as of the date hereof. No Person other than those Persons shown on Schedule
III have a ten percent (10%) or greater ownership interest in, or right of control, directly or indirectly, in Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee. Each of Borrower and Leasehold
Pledgor represents and warrants to Lender that no Manager is an Affiliate of Borrower, Leasehold Pledgor or any other Loan Party.

 

3.1.22   Organizational
Status. Each Borrower’s and Leasehold Pledgor’s exact legal name,
organizational type (e.g., corporation, limited liability company), the jurisdiction of formation or organization, Tax I.D. and
Delaware Organizational I.D. numbers are set forth on Schedule III hereto.

 

3.1.23   Entity
Diligence. Borrower hereby acknowledges receipt of copies of the search results performed by Lender in connection with
the closing of the Loan. Borrower has no knowledge of any events, actions, claims, lawsuits, bankruptcy filings or liabilities
that exist other than those disclosed in the search results which have, or would be reasonably likely to have, a Material Adverse
Effect and would have been disclosed in such search results if searches were performed as of the date hereof.

 

    	 	-82-	Mezzanine B Loan Agreement

     

    

 

3.1.24   No
Casualty. The Improvements have suffered no material casualty or damage which
has not been fully repaired and the cost thereof fully paid.

 

3.1.25   Purchase
Options. No Individual Property, the Mezzanine A Collateral, the Collateral
nor any part thereof is subject to any purchase options, rights of first refusal, rights of first offer or other similar rights
in favor of third parties (although there exist Ground Lease Purchase Options in favor of Individual Owners).

 

3.1.26   FIRPTA.
Neither Borrower nor Leasehold Pledgor is a “foreign person” within the meaning of Sections 1445 or 7701 of the
Code.

 

3.1.27   Investment
Company Act. None of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee is (i) an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject
to any other United States federal or state law or regulation which purports to restrict or regulate its ability to borrow money.

 

3.1.28   Fiscal
Year. Each fiscal year of Borrower and Leasehold Pledgor commences on January 1.

 

3.1.29   Other
Debt. There is no Indebtedness with respect to any Collateral or any excess
cash flow or any residual interest therein, whether secured or unsecured, other than Permitted Encumbrances and Permitted Indebtedness.
There is no Indebtedness with respect to any Mezzanine A Collateral or any excess cash flow or any residual interest therein,
whether secured or unsecured, other than Permitted Encumbrances (Mezzanine A Loan) and Permitted Indebtedness (as defined in the
Mezzanine A Loan Agreement). There is no Indebtedness with respect to any Individual Property or any excess cash flow or any residual
interest therein, whether secured or unsecured, other than Permitted Encumbrances (Mortgage Loan) and “Permitted Indebtedness”
(as defined in the Mortgage Loan Agreement).

 

3.1.30   Contracts.

 

(a)          None
of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor
nor any SPC Party has entered into, or is bound by, any Major Contract which continues in existence, except those previously disclosed
in writing to Lender.

 

(b)          Other
than the Loan Documents, the Mezzanine A Loan Documents, the Mezzanine A Borrower Company Agreement, the Borrower Operating Agreement,
the amended and restated limited liability company agreement of the Mezz General Partner, as of the date of this Agreement, Borrower
(i) is not subject to any material Contractual Obligations that are not (A) incidental to its activities as a limited partner and/or
member of Mezzanine A Borrower or Mezz General Partner, or (B) tax elections and (ii) has not entered into any material agreement,
instrument or undertaking by which it or its assets are bound (other than (x) certain service agreements entered into by Borrower
and its Independent Directors on or prior to the Closing Date and certain registered agent service agreements entered into by Borrower
and its registered agent for service of process, (y) Contractual Obligations that are incidental to its activities as a limited
partner and/or member of Mezzanine A Borrower or Mezz General Partner and (z) tax elections).

 

    	 	-83-	Mezzanine B Loan Agreement

     

    

 

(c)          Other
than the Loan Documents, the Mezzanine A Loan Documents, the Mortgage Loan Documents, the General Partner Company Agreement, the
Mezzanine A Borrower Company Agreement and the Mortgage Borrower Company Agreement, and any indirect Contractual Obligations entered
into solely in its capacity as the general partner of Mezzanine A Borrower, any Individual Owner or any Individual Operating Lessee,
as applicable, on behalf of Mezzanine A Borrower, such Individual Owner or Individual Operating Lessee, no General Partner (i)
is subject to any material Contractual Obligations that are not (A) incidental to its activities as a general partner of Mezzanine
A Borrower, Owner or Operating Lessee, or (B) tax elections or (ii) has entered into any material agreement, instrument or undertaking
by which it or its assets are bound (other than (x) certain service agreements entered into by General Partner and its Independent
Directors on or prior to the Closing Date and certain registered agent service agreements entered into by General Partner and its
registered agent for service of process, (y) Contractual Obligations that are incidental to its activities as a general partner
of Mezzanine A Borrower, Owner or Operating Lessee and (z) tax elections).

 

(d)          Other
than the Loan Documents, the Mortgage Loan Documents and the Mezzanine B Loan Documents, Operating Lessee Company Agreements, the
Mezzanine A Leasehold Pledgor Operating Agreement and the Leasehold Pledgor Operating Agreement, as of the date of this Agreement,
Leasehold Pledgor (i) is not subject to any material Contractual Obligations that are not (A) incidental to its activities as a
limited partner and/or member of Mezzanine A Leasehold Pledgor, or (B) tax elections and (ii) has not entered into any material
agreement, instrument or undertaking by which it or its assets are bound (other than (x) certain service agreements entered into
by Leasehold Pledgor and its Independent Directors on or prior to the Closing Date and certain registered agent service agreements
entered into by Leasehold Pledgor and its registered agent for service of process, (y) Contractual Obligations that are incidental
to its activities as a limited partner and/or member of Mezzanine A Leasehold Pledgor and (z) tax elections).

 

(e)          Each
of the Major Contracts is in full force and effect, there are no monetary or other material defaults by Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee or any SPC Party thereunder and,
to the best knowledge of Borrower and Leasehold Pledgor, there are no monetary or other material defaults thereunder by any other
party thereto. None of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner,
any Operating Lessee, any SPC Party, Manager, or any other Person authorized to act on Borrower’s, Leasehold Pledgor’s,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner’s, any Operating Lessee’s or any SPC Party’s
behalf has given or received any notice of default under any of the Major Contracts that remains uncured or in dispute.

 

(f)          Borrower
or Leasehold Pledgor has delivered true, correct and complete copies of the Major Contracts (including all amendments and supplements
thereto) to Lender, which Major Contracts are described on Schedule XX attached hereto.

 

(g)          No
Major Contract has as a party an Affiliate of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee or any SPC
Party. All fees and other compensation for services previously performed under the Management Agreements have been paid in full
in accordance with the terms thereof.

 

    	 	-84-	Mezzanine B Loan Agreement

     

    

 

3.1.31   Full
and Accurate Disclosure. To Borrower’s and Leasehold Pledgor’s
knowledge, no statement of fact made by Borrower or Leasehold Pledgor in this Agreement or in any of the other Loan Documents,
by Mezzanine A Borrower or Mezzanine A Leasehold Pledgor in any Mezzanine A Loan Document or by Owner or Operating Lessee in any
Mortgage Loan Document, contains any untrue statement of a material fact or omits to state any material fact necessary to make
statements contained herein or therein not misleading. There is no material fact presently known to Borrower or Leasehold Pledgor
which has not been disclosed to Lender which materially adversely affects, nor as far as Borrower or Leasehold Pledgor can foresee,
reasonably could be expected to materially adversely affect, the Collateral, the Mezzanine A Collateral, any Individual Property
or the business, operations or condition (financial or otherwise) of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, any Individual Owner or any Operating Lessee.

 

3.1.32   Other
Obligations and Liabilities. None of Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner or any Operating Lessee has any liabilities or other obligations,
contingent or otherwise, that arose or accrued prior to the date hereof that, either individually or in the aggregate, are reasonably
likely to have a material adverse effect on Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
any Individual Owner, any operating Lessee, any Individual Property, the Mezzanine A Collateral, the Collateral and/or Borrower’s
ability to pay the Debt, and/or the business, operations or condition (financial or otherwise) of Borrower or Leasehold Pledgor.

 

3.1.33   Intellectual
Property/Websites. Other than as set forth on Schedule VI, none
of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee
or any of their respective Affiliates (i) has or holds any tradenames, trademarks, servicemarks, logos, copyrights, patents
or other intellectual property (collectively, (“Intellectual Property”) with respect to the Collateral,
the Mezzanine A Collateral, any Individual Property or the use or operations thereof or is (ii) is the registered holder
of any website with respect to the Collateral, the Mezzanine A Collateral or any Individual Property (other than tenant websites).

 

3.1.34   Ground
Lease. Each of Borrower and Leasehold Pledgor hereby represents and warrants
to Lender, other than set forth on Schedule IV, the following with respect to the Ground Leases after giving effect
to the related estoppels:

 

(a)          Recording;
Modification. True, correct and complete copies of each Ground Lease including all amendments and modifications thereto, have
been provided to Lender. The Ground Leases or a memorandum regarding each Ground Lease (or any combination thereof) have been duly
recorded. The Ground Leases permit the interest of the applicable Individual Owner in the Ground Lease to be encumbered by a mortgage
and Borrower’s interest in the applicable Individual Owner to be encumbered by a pledge of Individual Owner’s equity
interest without the consent of the Ground Lessor or the binding written approval and consent of the applicable Ground Lessor(s)
thereunder has been obtained. The Ground Leases may not be canceled, surrendered or amended without the prior written consent of
Lender and Mortgage Lender.

 

    	 	-85-	Mezzanine B Loan Agreement

     

    

 

(b)          No
Liens. Except for Permitted Encumbrances (Mortgage Loan), the applicable Individual Owner’s respective interests in the
Ground Leases are not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage other than the
Ground Lessor’s related fee interest. Such Ground Leases are prior to any mortgage or Lien upon (or benefit from a non-disturbance
agreement in form and substance reasonably satisfactory to Mortgage Lender from the holder of any Lien or mortgage upon) each Ground
Lessor’s related fee interest.

 

(c)          Ground
Lease Assignable. The applicable Individual Owner’s respective interests in the Ground Leases are assignable to Mortgage
Lender and Borrower’s interest in the applicable Individual Owner are assignable to Lender upon notice to, but without the
consent of, the applicable Ground Lessors (or, if any such consent is required, it has been obtained prior to the Closing Date).
Each Ground Lease is further assignable by Mortgage Lender, its successors and assigns without the consent of the applicable Ground
Lessor.

 

(d)          Default.
As of the date hereof, each Ground Lease is in full force and effect and no default has occurred and is continuing under any Ground
Lease and to Borrower’s and Leasehold Pledgor’s knowledge there is no existing condition which, but for the passage
of time and/or the giving of notice, could result in a default under the terms of any Ground Lease. All rents, additional rents
and other sums due and payable under each Ground Lease have been paid in full. Neither the applicable Individual Owners nor the
applicable Ground Lessor under any Ground Lease has commenced any action or given or received any written notice for the purpose
of terminating such Ground Lease.

 

(e)          Notice.
Each Ground Lease, or estoppel letters received by Mortgage Lender, Mezzanine A Lender, and Lender from the Ground Lessor thereunder,
requires the Ground Lessor thereunder to give notice of any default by the applicable Individual Owner to Lender, Mezzanine A Lender
and Mortgage Lender. Each Ground Lease, or estoppel letters received by Mortgage Lender, Mezzanine A Lender and Lender from the
Ground Lessor thereunder, further provides that notice of termination given under such Ground Lease is not effective against Mortgage
Lender, Mezzanine A Lender and Lender unless a copy of such notice has been delivered to Mortgage Lender, Mezzanine A Lender and
Lender in the manner described in such Ground Lease.

 

(f)          Cure.
Mortgage Lender, Mezzanine A Lender and/or Lender is permitted the opportunity to cure any default under any Ground Lease which
is curable, after the receipt of notice of the default, before the Ground Lessor thereunder may terminate such Ground Lease.

 

(g)          Term.
Each Ground Lease has a term (or a term plus one or more optional renewal terms, which under all circumstances may be exercised,
and will be enforceable, by the applicable Individual Owner or Mortgage Lender) which extends not less than thirty (30) years beyond
the Third Extended Maturity Date.

 

(h)          New
Lease. Each Ground Lease requires the Ground Lessor thereunder to enter into a new lease with Mortgage Lender, Mezzanine A
Lender and/or Lender upon termination of such Ground Lease for any reason, including rejection of such Ground Lease in a bankruptcy
proceeding.

 

(i)          Insurance
Proceeds. Under the terms of each Ground Lease and the applicable Mortgage, taken together, any related insurance and condemnation
proceeds will be applied either to the repair or restoration of all or part of the applicable Individual Property, with Mortgage
Lender having the right to hold and disburse the proceeds as the repair or restoration progresses, or to the payment of the Outstanding
Principal Balance together with any accrued interest thereon.

 

    	 	-86-	Mezzanine B Loan Agreement

     

    

 

(j)          Borrower
Estoppel. To Borrower’s knowledge, each of the statements set forth in the estoppels delivered by the Ground Lessors
to Lender in connection with the Loan remain true, complete and correct in all material respects as of the date hereof.

 

3.1.35   Operations
Agreement. Each Operations Agreement is in full force and effect and none of
Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee or,
to Borrower’s and Leasehold Pledgor’s knowledge, any other party to any Operations Agreement, is in material default
thereunder, and to Borrower’s and Leasehold Pledgor’s knowledge, there are no conditions which, with the passage of
time or the giving of notice, or both, would constitute a material default thereunder. Except as described herein (including the
Exhibits and Schedules attached hereto), no Operations Agreement has been modified, amended or supplemented.

 

3.1.36   Franchise
Agreements.

 

(a)          Each
Franchise Agreement, pursuant to which Operating Lessee has the right to operate the hotel located on the applicable Individual
Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no
material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Leasehold Pledgor’s
knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving
of notice, or both, would constitute a material default, breach or violation by any party thereunder (except as disclosed on Schedule
XXI, none of which disclose a current material default). Neither the execution and delivery of the Mortgage Loan Documents
or Owner’s or Operating Lessee’s performance thereunder, nor the execution and delivery of the Loan Documents or Borrower’s,
Leasehold Pledgor’s, Mezzanine A Borrower’s or Mezzanine A Leasehold Pledgor’s performance thereunder, will adversely
affect Owner’s or Operating Lessee’s rights under any Franchise Agreement. None of Owner, Operating Lessee or any Franchisor
has exercised any termination option under the applicable Franchise Agreement, neither Owner nor Operating Lessee has given any
notice to the applicable Franchisor of Owner’s or Operating Lessee’s election to terminate such Franchise Agreement 
effective as of a date after the date hereof, and neither Owner nor Operating Lessee has received from any Franchisor such Franchisor’s
notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII
contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Operating Lessee has the
right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreements set forth on Schedule
XII.

 

3.1.37   Illegal
Activity. No portion of any Individual Property, the Mezzanine A Collateral
or the Collateral has been or will be purchased with proceeds of any illegal activity.

 

3.1.38   Property
Improvement Plan. There is currently no PIP or similar requirement imposed
under any Franchise Agreement, for calendar year 2019, other than as set forth on Schedule XVIII (the “Scheduled
PIP”) and there is currently no PIP or similar requirement imposed under any Franchise Agreement other than Scheduled
PIP, other than as set forth on Schedule XVIII.

 

    	 	-87-	Mezzanine B Loan Agreement

     

    

 

3.1.39   Collateral.

 

(a)          Borrower
and Leasehold Pledgor are the sole beneficial owners of the Collateral and no Lien exists or will exist (except the Permitted Encumbrances)
upon the Collateral at any time (and no right or option to acquire the same exists in favor of any other Person). The Collateral
is not and will not be subject to any contractual restriction upon the transfer thereof (except for any such restriction contained
in the Pledge Agreement or limited liability company agreement or partnership agreement, as applicable, of the issuer thereof).

 

(b)          The
chief place of business of Borrower and Leasehold Pledgor and the office where Borrower and Leasehold Pledgor keeps its records
concerning the Collateral will be located at all times at the address specified as Borrower’s and Leasehold Pledgor’s,
as applicable, address in Section 10.6.

 

(c)          The
Pledged Securities have been validly issued and are not subject to any options to purchase or similar rights of any Person.

 

(d)          The
Security Documents create a valid security interest in the Collateral, securing the payment of the Debt, and upon the filing in
the appropriate filing offices of the financing statements to be delivered pursuant to this Agreement, such security interests
will be perfected, first priority security interests, and all filings and other actions necessary to perfect such security interests
will have been duly taken. Upon the exercise of its rights and remedies under the Pledge Agreement, Lender will succeed to all
of the rights, titles and interest of Borrower and Leasehold Pledgor in Mezzanine A Borrower and Mezzanine A Leasehold Pledgor,
as applicable, and the general partner of Mezzanine A Borrower and Mezzanine A Leasehold Pledgor that are limited partnerships
without the consent of any other Person and will, without the consent of any other Person, be admitted as a limited partner of
such Mezzanine A Borrower and a member in the general partner of such Mezzanine A Borrower.

 

(e)          No
creditor of Borrower or Leasehold Pledgor has in its possession any certificates that constitute or evidence the Collateral or
the possession of which would be required to perfect a security interest in the Collateral.

 

3.1.40   Operating
Lease. Owner is the owner and lessor of landlord’s interest in the Operating
Lease. The current Operating Lease is in full force and effect and there are no material defaults thereunder by either party and,
to Borrower’s and Leasehold Pledgor’s knowledge, there are no conditions that, with the passage of time or the giving
of notice, or both, would constitute defaults thereunder.

 

3.1.41   Mortgage
Loan. The Mortgage Loan has been fully funded and remains outstanding in its
original principal balance as of the Closing Date. To Borrower’s and Leasehold Pledgor’s knowledge, no default, breach,
violation or event of default has occurred under any Mortgage Loan Document which remains uncured or unwaived and no circumstance,
event or condition has occurred or exists which, with the giving of notice and/or the expiration of the applicable period would
constitute an Event of Default under the Mortgage Loan Documents. Each and every representation and warranty of Owner and/or Operating
Lessee made to Mortgage Lender contained in any one or more of the Mortgage Loan Documents is hereby incorporated into this Agreement
by reference and deemed made hereunder to the same extent and with the same force and effect as if fully set forth herein and
shall remain incorporated without regard to any waiver, amendment or other modification thereof by the Mortgage Lender or to whether
the related Mortgage Loan Document has been repaid, defeased or otherwise terminated, unless otherwise consented to in writing
by Lender.

 

    	 	-88-	Mezzanine B Loan Agreement

     

    

 

3.1.42   Mezzanine
A Loan. The Mezzanine A Loan has been fully funded and remains outstanding
in its original principal balance as of the Closing Date. To Borrower’s and Leasehold Pledgor’s knowledge, no default,
breach, violation or event of default has occurred under any Mezzanine A Loan Document which remains uncured or unwaived and no
circumstance, event or condition has occurred or exists which, with the giving of notice and/or the expiration of the applicable
period would constitute an Event of Default under the Mezzanine A Loan Documents. Each and every representation and warranty of
Mezzanine A Borrower and/or Mezzanine A Leasehold Pledgor made to Mezzanine A Lender contained in any one or more of the Mezzanine
A Loan Documents is hereby incorporated into this Agreement by reference and deemed made hereunder to the same extent and with
the same force and effect as if fully set forth herein and shall remain incorporated without regard to any waiver, amendment or
other modification thereof by the Mezzanine A Lender or to whether the related Mezzanine A Loan Document has been repaid, defeased
or otherwise terminated, unless otherwise consented to in writing by Lender.

 

3.1.43   Mortgage
Borrower Company Agreements. Borrower has delivered to Lender a true, complete
and accurate copy of each of the Mortgage Borrower Company Agreements and there are no other agreements which amend, modify or
supplement any of the Mortgage Borrower Company Agreements. Further, none of the Mortgage Borrower Company Agreements have been
otherwise amended or modified and each of the Mortgage Borrower Company Agreements are in full force and effect as of the Closing
Date.

 

3.1.44   Mezzanine
A Borrower Operating Agreements. Borrower has delivered to Lender a true, complete
and accurate copy of the Mezzanine A Borrower Operating Agreement and there are no other agreements which amend, modify or supplement
the Mezzanine A Borrower Operating Agreement. Further, the Mezzanine A Borrower Operating Agreement has not been otherwise amended
or modified and the Mezzanine A Borrower Operating Agreement is in full force and effect as of the Closing Date.

 

Section 3.2           Survival
of Representations. The representations and warranties set forth in Section
3.1 and elsewhere in this Agreement and the other Loan Documents shall (i) while not re-made, survive until the Obligations
have been paid and performed in full and (ii) be deemed to have been relied upon by Lender notwithstanding any investigation
heretofore or hereafter made by Lender or on its behalf. Notwithstanding the foregoing, any representation or warranty made with
respect to an Individual Property shall not survive the release of such Individual Property from the Lien of the applicable Mortgage
in accordance with Section 2.5.2 and Section 2.5.3 of the Mortgage Loan Agreement and Section 2.5.2 and Section 2.5.3
hereof. Notwithstanding the foregoing, any representation or warranty made with respect to the Mezzanine A Collateral shall
not survive the release of the Mezzanine A Collateral from the Lien of the Pledge Agreement in accordance with Section 2.5.2 and
Section 2.5.3 of the Mezzanine A Loan Agreement and Section 2.5.2 and Section 2.5.3 hereof.

 

    	 	-89-	Mezzanine B Loan Agreement

     

    

 

Article
4

BORROWER COVENANTS

 

Until the end of the Term, Borrower and
Leasehold Pledgor hereby covenants and agrees with Lender that:

 

Section 4.1          Payment
and Performance of Obligations. Borrower and Leasehold Pledgor shall pay and
otherwise perform the Obligations in accordance with the terms of this Agreement and the other Loan Documents.

 

Section 4.2          Due
on Sale and Encumbrance; Transfers of Interests.

 

(a)          Each
of Borrower and Leasehold Pledgor acknowledges that Lender has examined and relied on the experience of Borrower and Leasehold
Pledgor and their respective stockholders, general partners and members, as applicable, and principals of Borrower and Leasehold
Pledgor in owning the Collateral in agreeing to make the Loan, and will continue to rely on Borrower’s and Leasehold Pledgor’s
ownership of the Collateral as a means of maintaining the value of the Collateral as security for repayment of the Debt and the
performance of the Other Obligations. Borrower and Leasehold Pledgor each acknowledge that Lender has a valid interest in maintaining
the value of the Collateral so as to ensure that, should Borrower default in the repayment of the Debt or Borrower or Leasehold
Pledgor default in the performance of the Other Obligations, Lender can recover the Debt by a sale of the Collateral. Therefore,
without the prior written consent of Lender, but, in each instance, subject to the express provisions of Article 7, none
of Borrower, Leasehold Pledgor nor any other Loan Party nor any other Person having a direct or indirect ownership or beneficial
interest in Borrower, Leasehold Pledgor or in any other Loan Party shall sell, convey, mortgage, grant, bargain, encumber, pledge,
assign or transfer any Individual Property, the Mezzanine A Collateral or the Collateral or any part thereof, or any interest,
direct or indirect, common, preferred or otherwise, in Borrower, Leasehold Pledgor or in any other Loan Party, or in any Person
holding any direct or indirect interest in Borrower, Leasehold Pledgor or in any other Loan Party, whether voluntarily or involuntarily
or enter into or subject any Individual Property to a PACE Loan (a “Transfer”). A Transfer within the
meaning of this Section 4.2 shall be deemed to include, but not be limited to, (i) an installment sales agreement wherein
Owner agrees to sell any Individual Property or any part thereof or Mezzanine A Borrower agrees to sell the Mezzanine A Collateral
or any part thereof, in each case, for a price to be paid in installments; (ii) an agreement by Owner or Operating Lessee
for the leasing of all or a substantial part of any Individual Property for any purpose other than the actual occupancy by a space
tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Owner’s right, title
and interest in and to any Leases, or any Gross Revenue; (iii) if Borrower, Leasehold Pledgor or any other Loan Party or any
general partner, managing member or controlling shareholder of Borrower, Leasehold Pledgor or of any other Loan Party is a corporation,
the voluntary or involuntary sale, conveyance or transfer of such corporation’s stock (or the stock of any corporation directly
or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock; (iv) if
Borrower, Leasehold Pledgor or any other Loan Party, or any general partner, managing member or controlling shareholder of Borrower,
Leasehold Pledgor or of any other Loan Party is a limited or general partnership, joint venture or limited liability company, the
change, removal, resignation or addition of a general partner, managing partner, limited partner, joint venturer or member or the
transfer of the partnership interest of any general partner, managing partner or limited partner or the transfer of the interest
of any joint venturer or member, and (v) any pledge, hypothecation, assignment, transfer or other encumbrance of any direct
or indirect ownership interest in Borrower, Leasehold Pledgor or in any other Loan Party.

 

    	 	-90-	Mezzanine B Loan Agreement

     

    

 

(b)          Notwithstanding
the foregoing, a Transfer within the meaning of this Section 4.2 shall not include (i) dispositions of equipment and fixtures in
the ordinary course of Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s, Owner’s, Operating Lessee’s
business (including equipment or fixtures which are being replaced or which are no longer necessary in connection with the operation
of the Property or the Mezzanine A Collateral, provided that (1) such disposition in this parenthetical will not have a material
adverse effect on or materially impair the utility of the applicable Individual Property or the Mezzanine A Collateral (a “Material
Adverse Effect”) and (2) any new equipment or fixtures acquired by Owner or Operating Lessee (and not so disposed
of) shall be subject to the Lien of the Loan Documents (collectively, the “Disposition Conditions”)),
(ii) Leases in effect on the date hereof or otherwise permitted by this Agreement, (iii) Permitted Transfers, (iv) easements and
rights of way in the ordinary course of business that would not have a material adverse effect on the use, occupancy or access
to the applicable Individual Property, and (v) subject to Section 5.3 hereof, transfers of portions of Individual Properties
to Governmental Authorities for (1) dedication of such portion to a public use or (2) easements, restrictions, covenants, reservations
and rights of way in the ordinary course of business for purposes of public access, the placement of water and sewer lines, telephone
and telegraph lines, electric lines or other utilities serving such Individual Property; provided no such transfers shall have
any adverse effect on the first priority position of the Lien of the Mezzanine A Pledge Agreement for the benefit of Mezzanine
A Lender or the Lien of the applicable Mortgage for the benefit of Mortgage Lender or any other Material Adverse Effect. In connection
with any event specified in clause (i) above, Lender shall, from time to time, upon receipt of an officer’s certificate requesting
the same and confirming satisfaction of the Disposition Conditions, execute a written instrument in form and substance reasonably
satisfactory to Lender to confirm that such equipment or fixtures which are to be, or have been, sold or disposed of are free from
the Lien of the Loan Documents; provided, Borrower shall reimburse Lender for its or its Servicer’s reasonable fees and expenses
incurred in reviewing such instrument and Borrower’s request.

 

Section 4.3           Liens.
Neither Borrower nor Leasehold Pledgor shall create, incur, assume, permit or suffer to exist any Lien on any portion of any Individual
Property, except for the Permitted Encumbrances (Mortgage Loan), any portion of the Mezzanine A Collateral, except for the Permitted
Encumbrances (Mezzanine A Loan), nor any portion of the Collateral, except for the Permitted Encumbrances, nor any Lien on any
direct or indirect interest in Borrower, Leasehold Pledgor, except for Permitted Transfers, if any. Subject to the following,
Borrower and Leasehold Pledgor shall promptly discharge any Lien or charge against any of the Collateral, the Mezzanine A Collateral
or Individual Properties which is not a Permitted Encumbrance, Permitted Encumbrance (Mortgage Loan) or Permitted Encumbrance
(Mezzanine A Loan) nor otherwise expressly permitted hereunder. After prior notice to Lender, Borrower, Leasehold Pledgor, Mezzanine
A Borrower or Mezzanine A Leasehold Pledgor, at Owner’s or Operating Lessee’s expense, may cause Mezzanine A Borrower
to cause Owner or Mezzanine A Leasehold Pledgor to cause Operating Lessee to contest by appropriate legal proceeding, conducted
in good faith and with due diligence, the amount or validity of any Liens, provided that (i) no Event of Default has occurred
and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with all applicable statutes,
laws and ordinances; (iii) no Individual Property, the Mezzanine A Collateral, nor the Collateral, nor any part thereof or
interest therein will be in danger of being sold, forfeited, terminated, canceled or lost; (iv) Borrower and Leasehold Pledgor
shall cause Mezzanine A Borrower to cause Owner or Mezzanine A Leasehold Pledgor to cause Operating Lessee promptly upon final
determination thereof to pay the amount of any such Liens, together with all costs, interest and penalties which may be payable
in connection therewith; (v) to insure the payment of such Liens exceeding $1,000,000 in the aggregate at any one time, Borrower
and Leasehold Pledgor shall cause Mezzanine A Borrower to cause Owner to deliver to Lender either (A) cash, or other security
as may be approved by Lender, in an amount equal to one hundred twenty-five percent (125%) of the contested amount, or (B) a
payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable
to Lender in its reasonable discretion, (vi) failure to pay such Liens will not subject Mortgage Lender, Mezzanine A Lender
or Lender to any civil or criminal liability, (vii) such contest shall not affect the ownership, use or occupancy of the
Collateral, the Mezzanine A Collateral or any Individual Property, and (viii) Borrower and Leasehold Pledgor shall, upon
request by Lender, cause Mezzanine A Borrower to cause Owner or Mezzanine A Leasehold Pledgor to cause Operating Lessee to give
Lender prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction of the conditions set
forth in clauses (i) through (vii) of this Section 4.3. Lender may pay over any such cash or other security held
by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant
is established or the Collateral, the Mezzanine A Collateral or any Individual Property (or any part thereof or interest therein)
shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the applicable
Mortgage or the Pledge Agreement being primed by any related Lien.

 

    	 	-91-	Mezzanine B Loan Agreement

     

    

 

Section 4.4          Special
Purpose. Without in any way limiting the provisions of this Article 4, Borrower and Leasehold Pledgor hereby represent
and warrant to, and covenant with, Lender that since the date of Borrower’s, Leasehold Pledgor’s, Mezzanine A Borrower’s,
Mezzanine A Leasehold Pledgor’s, each Operating Lessee’s, each Individual Owner’s, each SPC Party’s, and
each Liquor Subsidiary’s formation and at all times on and after the date hereof and until such time as the Obligations
shall be paid and performed in full, Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, each Operating
Lessee, each Individual Owner, each SPC Party and each Liquor Subsidiary has at all times been and shall at all times be a Special
Purpose Bankruptcy Remote Entity. None of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any
Operating Lessee, any Individual Owner, any SPC Party or any Liquor Subsidiary shall directly or indirectly make any change, amendment
or modification to its or such SPC Party’s organizational documents, or otherwise take any action which could result in
Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Operating Lessee, any Individual Owner,
any SPC Party, or any Liquor Subsidiary not being a Special Purpose Bankruptcy Remote Entity.

 

Section 4.5           Existence;
Compliance with Legal Requirements. Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, each Individual Owner, each Operating Lessee and each SPC Party shall do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its existence and all rights, licenses, permits,
franchises and all applicable governmental authorizations necessary for the operation of the Properties and comply with all Legal
Requirements applicable to it, the Collateral, the Mezzanine A Collateral and the Properties.

 

    	 	-92-	Mezzanine B Loan Agreement

     

    

 

Section 4.6          Taxes
and Other Charges; Use and Occupancy Taxes.

 

(a)          Borrower
or Leasehold Pledgor shall (or shall cause Owner or Operating Lessee to) pay all Taxes and Other Charges now or hereafter levied,
assessed or imposed at least five (5) Business Days before the same become Due and Payable, and shall (or shall cause Owner or
Operating Lessee to) furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall
become Due and Payable (provided, however, that provided no Event of Default shall have occurred and be continuing neither Borrower
nor Leasehold Pledgor need pay (or cause Owner or Operating Lessee to pay) such Taxes directly nor furnish (nor cause Owner or
Operating Lessee to furnish) such receipts for payment of Taxes have been paid by Mortgage Lender pursuant to the Mortgage Loan
Documents or by Mezzanine A Lender pursuant to the Mezzanine A Loan Documents). Borrower or Leasehold Pledgor shall not permit
or suffer (and shall not permit Owner or Operating Lessee to permit or suffer), and shall promptly discharge (or cause Owner or
Operating Lessee to discharge), any Lien or charge against the Properties, and shall promptly pay (or cause Owner or Operating
Lessee to pay) for all utility services provided to the Properties. After prior notice to Lender, Borrower or Leasehold Pledgor
may cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee, at Owner’s or Operating Lessee’s
expense, to contest by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity of
any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and remains uncured; (ii) such
proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no
Individual Property, Mezzanine A Collateral or Collateral nor any part thereof or interest therein will be in danger of being sold,
forfeited, terminated, canceled or lost; (iv) Borrower or Leasehold Pledgor shall promptly upon final determination thereof
pay (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to pay) the amount of any such Taxes
or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding
shall suspend the collection of Taxes or Other Charges from the applicable Individual Property; (vi) to insure the payment
of such Taxes and Other Charges exceeding $1,000,000 in the aggregate at any one time, Borrower or Leasehold Pledgor shall cause
Owner or Operating Lessee to deposit with Mortgage Lender cash, or other security as may be approved by Mortgage Lender, in an
amount equal to one hundred twenty-five percent (125%) of the contested amount, to insure the payment of any such Taxes or Other
Charges, together with all interest and penalties thereon (provided, however, that no such security will be required if Owner or
Operating Lessee has provided adequate security for the same to Mortgage Lender in accordance with the Mortgage Loan Documents
or Mezzanine A Borrower has provided security for the same to Mezzanine A Lender in accordance with the Mezzanine A Loan Documents),
(vii) failure to pay such Taxes or Other Charges will not subject Lender to any civil or criminal liability, (viii) such
contest shall not affect the ownership, use or occupancy of the Properties, or of any Individual Property, and (ix) Borrower
or Leasehold Pledgor shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation
of the continuing satisfaction of the conditions set forth in clauses (i) through (viii) of this Section 4.6. Lender may pay over
any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the
entitlement of such claimant is established or any Individual Property (or any part thereof or interest therein), the Mezzanine
A Collateral (or any portion thereof) or any Collateral (or any portion thereof) shall be in danger of being sold, forfeited, terminated,
cancelled or lost or there shall be any danger of the Lien of the Mortgage secured by the Property, any Lien in favor of Mezzanine
A Lender secured by the Mezzanine A Collateral, or the Lien of the Pledge Agreement secured by the Collateral being primed by any
related Lien.

 

    	 	-93-	Mezzanine B Loan Agreement

     

    

 

(b)          Borrower
or Leasehold Pledgor shall (or shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to) pay
all Hotel Taxes now or hereafter payable to the applicable Governmental Authority with respect the Individual Properties, as the
same become due and payable. Within forty-five (45) days following the end of each calendar quarter, Borrower or Leasehold Pledgor
shall provide an Officer’s Certificate setting forth the actual amount of Hotel Taxes due and the actual amount paid with
respect to the Properties for the calendar quarter immediately preceding the date of such certificate.

 

Section 4.7          Litigation.
Borrower or Leasehold Pledgor shall give prompt notice to Lender of any litigation or governmental proceedings pending or threatened
in writing against any Individual Property, the Mezzanine A Collateral, the Collateral, Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee or Manager (but only as it relates to any
Individual Property and only if Borrower or Leasehold Pledgor has received notice of any such litigation or governmental proceedings)
or any SPC Party which might materially adversely affect such Individual Property, the Mezzanine A Collateral or the Collateral
or Borrower’s, Leasehold Pledgor’s, Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s, such Individual
Owner’s, such Operating Lessee’s, Manager’s or such SPC Party’s condition (financial or otherwise) or
business (including Borrower’s or Leasehold Pledgor’s ability to perform its Obligations hereunder or under the other
Loan Documents but, in the case of Manager’s condition or business, only to the extent Borrower or Leasehold Pledgor has
a reasonable belief that such litigation or proceeding might materially adversely affect Manager’s condition or business).

 

Section 4.8          Title
to the Collateral; Owner’s Title Policies.

 

(a)          Each
of Borrower and Leasehold Pledgor shall warrant and defend (i) its title to the Collateral (and shall cause Mezzanine A Borrower
and Mezzanine A Leasehold Pledgor to warrant and defend their title to the Mezzanine A Collateral and every part thereof and shall
cause Owner and Operating Lessee to warrant and defend its title to the Properties and Owner’s and Operating Lessee’s
title to the collateral pledged for the Mortgage Loan), and every part thereof, subject only to Permitted Encumbrances (Mortgage
Loan) and Permitted Encumbrances (Mezzanine A Loan), respectively and (ii) the validity and priority of the Liens of the Pledge
Agreement, the Security Documents and this Agreement on the Collateral, subject only to Permitted Encumbrances, in each case against
the claims of all Persons whomsoever. Borrower or Leasehold Pledgor shall (or shall cause Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee to) reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’
fees and court costs) incurred by Lender if an interest in any Individual Property, the Mezzanine A Collateral or the Collateral,
other than as permitted hereunder, is claimed by another Person.

 

(b)          Borrower
or Leasehold Pledgor shall cause Owner and Operating Lessee to comply with the terms of the Owner’s Title Policies and following
Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s knowledge of a claim or any state of facts
which could reasonably give rise to a claim, to promptly file a claim with the applicable title company in accordance with the
requirements therein. Borrower or Leasehold Pledgor shall, or shall cause Owner or Operating Lessee to, promptly send to Lender
copies of all claims filed under any Owner’s Title Policy, or any notices, correspondences, or documents whether sent or
received with respect to the claim or any related litigation. To the extent Owner or Operating Lessee does not file a claim within
five (5) Business Days following a written request from Lender, Borrower or Leasehold Pledgor shall cause Owner and/or Operating
Lessee to appoint Lender as its/their attorney in fact, to file and enforce claims and all rights of the applicable Owner and Operating
Lessee under the applicable Owner’s Title Policy or Owner’s Title Policies in the name of and upon behalf of such Owner
and such Operating Lessee (subject to the assignment of proceeds contained in the Assignments of Title Insurance Proceeds and the
rights of Mortgage Lender, if any, in such proceeds), which power of attorney, once provided, shall be irrevocable and shall be
deemed to be coupled with an interest (but Lender shall not be obligated to file such claim or take such action, nor shall Lender
incur liability to Borrower, Leasehold Pledgor, Owner or Operating Lessee for its failure to do so) and Borrower and Leasehold
Pledgor hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to enforce any of the obligations
of Owner or Operating Lessee arising under the Assignments of Title Insurance Proceeds.

 

    	 	-94-	Mezzanine B Loan Agreement

     

    

 

Section 4.9          Financial
Reporting.

 

4.9.1     Generally.
Borrower and Leasehold Pledgor shall keep and maintain or will cause to be kept and maintained proper and accurate books and records,
in accordance with GAAP and the requirements of Regulation AB, reflecting the financial affairs of Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee and all items of income and expense in connection
with the operation of the Collateral, the Mezzanine A Collateral and the Properties. Lender shall have the right from time to
time during normal business hours upon reasonable notice Borrower and Leasehold Pledgor to examine such books and records at the
office of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or other Person
maintaining such books and records and to make such copies or extracts thereof as Lender shall desire. After an Event of Default,
Borrower or Leasehold Pledgor shall pay (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee
to pay) any reasonable and actual costs incurred by Lender to examine such books, records and accounts, as Lender shall reasonably
determine to be necessary or appropriate in the protection of Lender’s interest.

 

4.9.2     Quarterly
and Monthly Reports.

 

(a)          Not
later than forty-five (45) days following the end of the first three fiscal quarters, and within ninety (90) days after the
end of the fourth fiscal quarter, Borrower or Leasehold Pledgor shall deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee to deliver) to Lender unaudited consolidated financial statements of Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee, internally prepared on an accrual basis including
a consolidated balance sheet as of the end of such quarter and profit and loss statements for the quarter and year then ended compared
to the corresponding period of the previous Fiscal Year, Individual Property-level profit and loss statements for the previous
twelve (12) months then ended, and a summary report detailing monthly occupancy, including average daily rate, made available to
Borrower or Leasehold Pledgor for the subject quarter. Such statements for each quarter shall be accompanied by an Officer’s
Certificate certifying to the best of the signer’s knowledge, (A) that such statements fairly represent the financial
condition and results of operations of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner
and Operating Lessee and the Properties on a combined basis as well as each Individual Property (subject to normal year-end adjustments),
the Mezzanine A Collateral and the Collateral, (B) that as of the date of such Officer’s Certificate, no Event of Default
exists under this Agreement, the Note or any other Loan Document or, if so, specifying the nature and status of each such Event
of Default and the action then being taken by Borrower or proposed to be taken to remedy such Event of Default, (C) that as
of the date of each Officer’s Certificate, no litigation exists involving Borrower, Leasehold Pledgor, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner, the Mezzanine A Collateral the Collateral or any Individual Property or the Properties in
which the amount involved is $1,000,000 (in the aggregate) or more or in which all or substantially all of the potential liability
is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto, (D) the
amount by which actual Operating Expenses were greater than or less than the Operating Expenses anticipated in the applicable Annual
Budget, and (E) a calculation reflecting the Debt Yield as of the last day of such fiscal quarter. Such financial statements shall
contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant
to the terms hereof. All calculations of the Debt Yield shall be subject to verification by Lender; and

 

    	 	-95-	Mezzanine B Loan Agreement

     

    

 

(b)          Prior
to the occurrence of a Securitization of the Loan, Borrower shall deliver to Lender, not later than thirty (30) days following
the end of each calendar month, a consolidated profit and loss statement for Borrower (which, to the extent required by GAAP, shall
separately denote any “non-controlling” or “minority” interest in the earnings of any subsidiary of HIT
Portfolio I Holdco, LLC (“Holdco”) for the month and year then ended compared to the corresponding period
of the previous Fiscal Year and for each Individual Property, a profit and loss statement for the twelve (12) months then ended
and a summary report detailing monthly occupancy, including the daily average rate during the subject month. Such statements for
each month shall be accompanied by an Officer’s Certificate certifying to the best of the signer’s knowledge that such
statements fairly represent the results of operations of Owner (taking into account any “non-controlling” or “minority”
interest in the earnings of any subsidiary of Owner) and the Properties and a calculation reflecting the Debt Yield as of the last
day of such calendar month. All calculations of the Debt Yield shall be subject to verification by Lender.

 

4.9.3     Annual
Reports. Borrower or Leasehold Pledgor shall deliver (or cause Mezzanine A
Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to deliver) to Lender:

 

(a)          Intentionally
Omitted; and

 

(b)          Not
later than one hundred twenty (120) days after the end of each Fiscal Year of Owner’s operations, audited consolidated financial
statements of Owner, certified by an Independent Accountant in accordance with GAAP, covering the Properties on a combined basis
for such Fiscal Year, including a consolidated balance sheet as of the end of such Fiscal Year and a consolidated statement of
operations, which shall be accompanied by an Officer’s Certificate in the form required pursuant to Section 4.9.2(a)
above; provided, that in no event shall Borrower be required to provide audited financials for 2018 or any year prior; and

 

    	 	-96-	Mezzanine B Loan Agreement

     

    

 

(c)          Not
later than one hundred twenty (120) days after the end of each Fiscal Year of Owner’s operations, an annual summary of any
and all FF&E Work, PIP Work and Capital Expenditures made at the Properties on a combined basis, as well as for each Individual
Property where the cost of FF&E Work, PIP Work and Capital Expenditures at such Individual Property exceeds $500,000, during
the prior twelve (12) month period.

 

4.9.4     Other
Reports.

 

(a)          Borrower
or Leasehold Pledgor shall deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to
deliver) to Lender, within ten (10) Business Days of Lender’s reasonable request therefor, copies of reports prepared by
Manager in accordance with its obligations under the Management Agreement, including without limitation, any financial reports,
economic and operational trend analyses, or such other information as Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee is entitled to request from Manager from time to time.

 

(b)          Borrower
and Leasehold Pledgor shall, within ten (10) Business Days after request by Lender or, if all or part of the Loan is being
or has been included in a Securitization (in which case, at Lender’s expense), by the Rating Agencies, furnish or cause to
be furnished to Lender and, if applicable, the Rating Agencies, in such manner and in such detail as may be reasonably requested
by Lender or the Rating Agencies, such reasonable additional information as may be reasonably requested with respect to the Properties
as well as with respect to any Individual Property, including franchise inspection reports and guest satisfaction scores.

 

(c)          Borrower
and Leasehold Pledgor shall submit to Lender the financial data and financial statements required, and within the time periods
required, under clauses (i) and (ii) of Section 9.1(f), if and when available.

 

4.9.5     Annual
Budget.

 

(a)          Borrower
or Leasehold Pledgor shall submit (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to submit)
to Lender by December 31 of each year the Annual Budget for the succeeding Fiscal Year; Borrower shall also submit any updates
to such Annual Budget; provided that during the continuance of any Trigger Period, Borrower shall submit an Annual Budget to Lender
by December 1 of each year. Each Annual Budget shall include Operating Expenses and Capital Expenditure which are based upon, and
consistent with, what is reasonable and customary for properties similar in size, location and nature to the Properties. During
the continuance of any Trigger Period, the Annual Budget then currently in place which shall be deemed approved, but Lender shall
have the right to approve any amendment thereto and each subsequent Annual Budget (which approval shall not be unreasonably withheld,
conditioned or delayed so long as no Event of Default is continuing) and shall further have the right to require Borrower to furnish
Lender on a biannual basis for its approval an update of such Annual Budget (which update shall be subject to Lender’s approval,
such approval not to be unreasonably withheld, conditioned or delayed so long as no Event of Default is continuing). Annual Budgets
and/or updates thereof submitted to Lender in accordance herewith and, if Lender approval is then required hereunder, approved
or deemed approved by Lender in accordance with Section 4.9.5(b) hereof, shall hereinafter be referred to as an “Approved
Annual Budget”. During the continuance of a Trigger Period, until such time that any Annual Budget has been approved
by Lender, the prior Approved Annual Budget shall apply for all purposes hereunder (with adjustments as reasonably determined by
Lender to reflect actual increases in Taxes, Insurance Premiums and utilities expenses and variable Operating Expenses that directly
relate to increases in revenue). None of Borrower, Leasehold Pledgor nor Manager shall (nor shall they cause or permit Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to) change or modify an Approved Annual Budget, as it may
be updated in accordance herewith, that has been approved or deemed approved by Lender without the prior written consent of Lender,
not to be unreasonably withheld, conditioned or delayed so long as there is no Event of Default then continuing (until such time
as the applicable Trigger Period ends, after which unless and until a new Trigger Period shall begin), no Lender consent shall
be required and Borrower may change or modify (or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee to change or modify) an Approved Annual Budget in accordance with the terms of this Section 4.9.5.

 

    	 	-97-	Mezzanine B Loan Agreement

     

    

 

(b)          In
the event Borrower is required to obtain Lender’s approval of a proposed Annual Budget (or any proposed modification thereof)
pursuant to this Section 4.9.5, Lender’s approval shall be deemed given by Lender if (I) the first correspondence
from Borrower to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a
legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating
that Borrower is requesting the Lender’s approval of the proposed Annual Budget (or the proposed modification thereof) under
Section 4.9.5 of the Loan Agreement and that Lender’s failure to respond to such request within ten (10) Business Days following
its receipt of such request may result in such request being deemed granted, and (C) is accompanied by a copy of the proposed
Annual Budget (or the proposed modification thereof) and all information and documentation (and in such detail) as is reasonably
necessary to allow Lender to adequately and completely evaluate the request (which information may be provided electronically
in the form of a CD Rom or other portable electronic media enclosed with such notice), (II) Lender shall fail to respond to such
request within ten (10) Business Days following its receipt of such request, (III) Borrower shall deliver to Lender a second written
request for approval, which request is delivered in the same form and manner as contemplated in clause (I) above and states that
Lender’s failure to respond to such request within five (5) Business Days following its receipt of such second request,
shall result in such request being deemed granted, and (IV) Lender shall fail to respond to such request in the manner contemplated
in clause (III) above within such five (5) Business Day period. In the event Lender timely objects (stating the basis for its
objection in reasonable detail) to a proposed Annual Budget (or the proposed modification thereof) in accordance with the foregoing,
Borrower shall promptly revise, or cause to be revised, such Annual Budget (or the proposed modification thereof) and resubmit
the same to Lender. Lender’s approval of a revised Annual Budget (or revised modification thereof) shall be deemed given
by Lender if such revision is submitted to Lender in accordance with clauses (I) and (III) above and Lender shall fail to respond
in accordance with clauses (II) and (IV) above.

 

    	 	-98-	Mezzanine B Loan Agreement

     

    

 

4.9.6     Excess
Operating Expenses.

 

(a)          In
the event that during a Trigger Period Owner or Operating Lessee incurs any Operating Expenses in excess of Approved Operating
Expenses (excluding Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower
from Cash Collateral Funds pursuant to Section 6.10(b) of the Mortgage Loan Agreement or the parallel provisions of the Mezzanine
A Loan Agreement, if then applicable) (“Excess Operating Expenses”), then Borrower or Leasehold Pledgor
shall (or shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to) promptly deliver to Lender,
for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses.
During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses,
if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”)
prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided
no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Owner for the payment
of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) of the Mortgage Loan Agreement shall be used by Owner or
Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Owner or Operating Lessee for such Approved
Excess Operating Expenses, as applicable.

 

(b)          In
the event Borrower is required to obtain Lender’s approval of Excess Operating Expenses pursuant to this Section 4.9.6,
Lender’s approval shall be deemed given by Lender if (I) the first correspondence from Borrower to Lender requesting such
approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the top
of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower is requesting the Lender’s
approval of Excess Operating Expenses under Section 4.9.6 of the Loan Agreement and that Lender’s failure to respond to such
request within ten (10) Business Days following its receipt of such request may result in such request being deemed granted, and
(C) is accompanied by an explanation of such Excess Operating Expenses in reasonable detail as is necessary to allow Lender to
adequately and completely evaluate the request, (II) Lender shall fail to respond to such request within ten (10) Business Days
following its receipt of such request, (III) Borrower shall deliver to Lender a second written request for approval, which request
is delivered in the same form and manner as contemplated in clause (I) above and states that Lender’s failure to respond
to such request within five (5) Business Days following its receipt of such second request, shall result in such request being
deemed granted, and (IV) Lender shall fail to respond to such request in the manner contemplated in clause (III) above within such
five (5) Business Day period.

 

4.9.7     Hotel
Accounting. All property level (but not upper-tier or consolidated) monthly
and other operating statements to be delivered by or on behalf of Borrower or Leasehold Pledgor hereunder shall be (and all accompanying
Officer’s Certificates shall state that they have been) prepared based upon the Uniform System of Accounts for Hotels, current
edition.

 

Section 4.10        Access
to Property. Borrower or Leasehold Pledgor shall cause Owner and Operating Lessee
to permit agents, representatives, consultants and employees of Lender to inspect any Individual Property or any part thereof
at reasonable hours upon reasonable advance notice. Lender or its agents, representatives, consultants and employees as part of
any inspection may non-invasively (except as expressly permitted under the Environmental Indemnity) take soil, air, water, building
material and other samples from such Individual Property, subject to the rights of tenants under Leases.

 

 

    	 	-99-	Mezzanine B Loan Agreement

     

    

 

Section 4.11         Leases.
Any Leases in excess of three thousand (3,000) square feet (each such Lease a “Material Lease”) written
after the date hereof shall be subject to Lender’s prior written approval, which approval shall not be unreasonably withheld,
conditioned or delayed. Upon request, Borrower or Leasehold Pledgor shall furnish Lender with executed copies of all Leases entered
into after the date hereof. All renewals of Leases and all proposed Leases shall provide for rental rates comparable to existing
local market rates. All proposed Leases shall be on commercially reasonable terms and shall not contain any terms which would
materially adversely affect Lender’s rights under the Loan Documents. Prior to entering into any Lease or any modification
thereof, Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee to obtain or cause the tenant to obtain all licenses,
permits, approvals and consents required as a condition to such Lease and/or to tenant’s operation thereunder, including
without limitation any and all consents and approvals required under any applicable Franchise Agreement, Ground Lease, Operations
Agreement and/or License. All Leases executed after the date hereof shall provide that they are subordinate to the Mortgage encumbering
the applicable Individual Property in favor of Mortgage Lender and that the lessee agrees to attorn to Mortgage Lender or any
purchaser at a sale by foreclosure or power of sale. Borrower and Leasehold Pledgor shall, and shall cause the related Manager
to, (i) observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner;
(ii) enforce (if and to the extent commercially reasonable to do so under the circumstances) the terms, covenants and conditions
contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner
or terminate or amend such lease, in either case in a manner not to impair materially the value of the Individual Property involved
except that no termination by Owner or Operating Lessee or acceptance of surrender by a tenant of any Material Lease shall be
permitted unless by reason of a tenant default and then only in a commercially reasonable manner to preserve and protect the Individual
Property; provided, however, that no such termination or surrender of any Material Lease will be permitted without
the written consent of Lender; (iii) not collect any of the Rents relating to the Leases more than one (1) month in advance
(other than security deposits); (iv) not execute any other assignment of lessor’s interest in the Leases or the Rents
or any other Gross Revenues (except as contemplated by the Loan Documents and the Mortgage Loan Documents); (v) not alter,
modify or change the terms of the Leases in a manner inconsistent with the provisions of the Loan Documents; and (vi) execute
and deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases
as Lender shall from time to time reasonably require. Notwithstanding anything to the contrary contained herein, neither Borrower
nor Leasehold Pledgor shall permit Owner or Operating Lessee to enter into a lease of all or substantially all of any Individual
Property (other than the Operating Lease) without Lender’s prior written consent, which consent may be withheld in Lender’s
sole and absolute discretion. Lender’s approval of a Material Lease shall be deemed given by Lender if (I) the first correspondence
from Borrower to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a
legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating
that Borrower or Leasehold Pledgor is requesting Lender’s approval of a Material Lease under Section 4.11 of the Loan Agreement
and that Lender’s failure to respond to such request within ten (10) Business Days following its receipt of such request
may result in such request being deemed granted, and (C) is accompanied by an a copy of such proposed Material Lease together
with an explanation thereof in such reasonable detail as is necessary to allow Lender to adequately and completely evaluate the
request, (II) Lender shall fail to respond to such request within ten (10) Business Days following its receipt of such request,
(III) Borrower or Leasehold Pledgor shall deliver to Lender a second written request for approval, which request is delivered
in the same manner as contemplated in clause (I) above and states that Lender’s failure to respond to such request within
five (5) Business Days following its receipt of such second request, shall result in such request being deemed granted, and (IV)
Lender shall fail to respond to such request in the manner contemplated in clause (III) above within such five (5) Business Day
period.

 

    	 	-100-	Mezzanine B Loan Agreement

     

    

 

Section 4.12         Repairs;
Maintenance and Compliance; Alterations.

 

4.12.1   Repairs;
Maintenance and Compliance. Borrower and Leasehold Pledgor shall at all times
cause Owner and Operating Lessee to maintain, preserve and protect all franchises and trade names, and Borrower and Leasehold
Pledgor shall cause Owner and Operating Lessee to cause each Individual Property to be maintained in a good and safe condition
and repair and shall not remove, demolish or alter the Improvements or Equipment (except for alterations performed in accordance
with Section 4.12.2 below and normal replacement of Equipment with Equipment of equivalent value and functionality). Borrower
and Leasehold Pledgor shall cause Owner and Operating Lessee to promptly comply with all Legal Requirements and immediately cure
properly any violation of a Legal Requirement. Borrower and Leasehold Pledgor shall (or cause Owner or Operating Lessee to) promptly
notify Lender in writing after Borrower or Leasehold Pledgor first receives notice of any such non-compliance. Borrower and Leasehold
Pledgor shall cause Owner and Operating Lessee to promptly repair, replace or rebuild any part of any Individual Property that
becomes damaged, worn or dilapidated (subject to Article V) and shall complete and pay for any Improvements at any time in the
process of construction or repair. Borrower and Leasehold Pledgor acknowledge and agree that, with respect to any Individual Properties
that have fewer parking spaces than are required under the applicable zoning regulations, (a) each such Individual Property could
be brought into compliance with the applicable zoning regulations with respect to parking count solely by restriping the parking
lot(s) and/or parking garage(s) located at such Individual Property and (b) Borrower and Leasehold Pledgor shall cause Owner and
Operating Lessee to bring each such Individual Property into compliance with applicable zoning regulations with respect to parking
count promptly following the request by any Governmental Authority to do so.

 

    	 	-101-	Mezzanine B Loan Agreement

     

    

 

4.12.2   Alterations.
Borrower and Leasehold Pledgor may, without Lender’s consent, permit Owner and Operating Lessee to perform alterations to
the Improvements and Equipment which (i) do not constitute a Material Alteration (or are otherwise approved by Lender), (ii) do
not materially adversely affect Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s financial
condition or the value or net operating income of the Properties or of any Individual Property, and (iii) are in the ordinary
course of Owner’s and Operating Lessee’s business (it being understood that nothing in this clause (iii) shall prohibit
Owner from carrying out FF&E Work to the extent the same constitutes an Approved FF&E Expense or PIP Work to the extent
the same constitutes an Approved Scheduled PIP Expense). Neither Borrower nor Leasehold Pledgor shall cause or permit Owner or
Operating Lessee to perform any Material Alteration without Lender’s prior written consent not to be unreasonably withheld,
conditioned or delayed. To the extent that the Mortgage Loan and the Mezzanine A Loan are no longer outstanding or Mortgage Lender
and Mezzanine A Lender have waived the corresponding requirement under the Mortgage Loan Documents and the Mezzanine A Loan Documents,
Lender may, as a condition to giving its consent to a Material Alteration with respect to any one or more Individual Properties,
require that Borrower or Leasehold Pledgor deliver (or cause Owner or Operating Lessee to deliver) to Lender security for payment
of the cost of such Material Alteration and as additional security for Borrower’s and Leasehold Pledgor’s Obligations
under the Loan Documents, which security may be any of the following: (i) cash, (ii) a Letter of Credit, (iii) U.S. Obligations,
or (iv) other securities acceptable to Lender, provided that in the case of this clause (iv), Lender shall have received
a Rating Agency Confirmation as to the form and issuer of same. Such security shall be in an amount equal to the total unpaid
amounts incurred and to be incurred with respect to such alterations to the Improvements at such Individual Property(ies) (other
than such amounts to be paid or reimbursed by tenants under the Leases) in excess of the Alteration Threshold. Not more than once
per month during the course of the Material Alteration, upon Borrower’s or Leasehold Pledgor’s written request and
provided each of the conditions below shall have been satisfied, Lender will disburse funds from any Material Alteration security
that is cash to fund (or reimburse Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or
Operating Lessee, as applicable, for its funding of) the cost of the Material Alterations or, to the extent applicable, provide
its written consent to the reduction of any Letter of Credit in consideration of Borrower’s or Leasehold Pledgor’s
funding of the cost of the Material Alterations (such reduction being in the amount of such funding), in each case, within twenty
(20) days following Lender’s receipt of Borrower’s or Leasehold Pledgor’s written request. Lender’s obligation
to make disbursements hereunder shall be subject to the satisfaction of each of the following conditions: (x) as of the date of
Borrower’s or Leasehold Pledgor’s request, and as of the date of disbursement, no Event of Default shall have occurred
and be continuing, (y) Borrower’s or Leasehold Pledgor’s written request shall be accompanied by: (1) copies of all
bills and invoices evidencing such costs (and the same shall be subject to Lender’s reasonable review), (2) an Officer’s
Certificate from Borrower (A) stating that the items to be funded by the requested disbursement are costs of an approved Material
Alteration, and a description thereof, (B) stating that the portion of such approved Material Alteration to be funded by the requested
disbursement has been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C)
stating that the portion of such Material Alteration to be funded has not been the subject of a previous disbursement and that
all prior releases, disbursement, or returns of security have been applied by Borrower, Leasehold Pledgor, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to the costs of such Material Alteration in accordance with Borrower’s
or Leasehold Pledgor’s past requests, (3) evidence satisfactory to Lender in its reasonable discretion that the balance
of the cash portion of the Material Alteration security or the undrawn portion of any Letter of Credit given as security for such
Material Alteration, after giving effect to the requested disbursement, will be sufficient to cover the remaining cost of such
Material Alteration, (4) evidence that all contracts, subcontractors and materialmen who provided work materials or services in
connection with such portion of the Material Alterations covered by such disbursement have been paid in full (or will be paid
in full from such disbursement) and have delivered appropriate lien waivers and/or releases (or will deliver them in connection
with such disbursement); (5) at Lender’s option, but no more frequently than once per calendar quarter, a title search for
the related Individual Property indicating that such Individual Property is free from all Liens, claims and other encumbrances
not previously approved by Lender and which are not otherwise Permitted Encumbrances (Mortgage Loan), and (6) such other evidence
as Lender shall reasonably request to demonstrate that the portion of such Material Alteration to be funded by the requested disbursement
has been completed and paid for or will be paid upon such disbursement to Borrower or Leasehold Pledgor. Upon substantial completion
of any Material Alteration, Borrower or Leasehold Pledgor shall provide (or cause Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee to provide) evidence satisfactory to Lender that (i) the Material Alteration was constructed
in accordance with applicable Legal Requirements, (ii) all contractors, subcontractors, materialmen and professionals who
provided work, materials or services in connection with the Material Alteration have been paid in full and have delivered unconditional
releases of liens, and (iii) all material licenses and permits necessary for the use, operation and occupancy of the Material
Alteration (other than those which depend on the performance of tenant improvement work) have been issued. If Borrower or Leasehold
Pledgor has provided (or caused Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to provide) cash
security, as provided above, except to the extent applied by Lender to fund such Material Alterations, such cash shall be released
by Lender to fund such Material Alterations, and if Borrower or Leasehold Pledgor has provided (or has caused Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to provide) non-cash security, as provided above, except to the extent
applied by Lender to fund such Material Alterations, Lender shall release and return such security upon Borrower’s satisfaction
of the requirements of the preceding sentence.

 

    	 	-102-	Mezzanine B Loan Agreement

     

    

 

Section 4.13        Approval
of Major Contracts. Borrower and Leasehold Pledgor shall be required to obtain
Lender’s prior written approval of any and all Major Contracts affecting any Individual Property, which approval may be
granted or withheld in Lender’s reasonable discretion and which approval shall be deemed given by Lender if (I) the first
correspondence from Borrower to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”,
(B) contains a legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger
font stating that Borrower or Leasehold Pledgor is requesting the Lender’s approval of a Major Contract under Section 4.14
of the Loan Agreement and that Lender’s failure to respond to such request within ten (10) Business Days following its receipt
of such request may result in such request being deemed granted, and (C) is accompanied by an a copy of such proposed Major Contract
together with an explanation thereof in such reasonable detail as is necessary to allow Lender to adequately and completely evaluate
the request, (II) Lender shall fail to respond to such request within ten (10) Business Days following its receipt of such request,
(III) Borrower or Leasehold Pledgor shall deliver to Lender a second written request for approval, which request is delivered
in the same manner as contemplated in clause (I) above and states that Lender’s failure to respond to such request within
five (5) Business Days following its receipt of such second request, shall result in such request being deemed granted, and (IV)
Lender shall fail to respond to such request in the manner contemplated in clause (III) above within such five (5) Business Day
period.

 

Section 4.14        Property
Management.

 

4.14.1   Management
Agreements. Borrower and Leasehold Pledgor shall or shall cause Owner and Operating
Lessee to (i) use commercially reasonable efforts to cause Manager to manage the Properties in accordance with the applicable
Management Agreement and in accordance with all applicable Legal Requirements, (ii) diligently perform and observe all of
the terms, covenants and conditions of each of the Management Agreements on the part of Owner and/or Operating Lessee to be performed
and observed, (iii) promptly notify (or cause Owner or Operating Lessee to notify) Lender of any material default (after
the expiration of any applicable cure periods) under any Management Agreement of which it is aware, (iv) in the event of
and upon Lender’s reasonable request from time to time, promptly deliver (or cause Owner or Operating Lessee to deliver)
to Lender a copy of any financial statements, business plans, capital expenditures plans, reports and estimates received by it
under the Management Agreements that are so requested by Lender, and (v) promptly enforce the performance and observance
of all of the covenants required to be performed and observed by Manager under the Management Agreements. Subject at all times
to the rights of Mortgage Lender under the Mortgage Loan Documents and Mezzanine A Lender under the Mezzanine A Loan Documents,
if Owner or Operating Lessee shall default in the performance or observance of any material term, covenant or condition of any
Management Agreement on the part of Owner or Operating Lessee, as applicable, to be performed or observed and such default is
not cured within thirty (30) days of written notice from Lender (or if an Event of Default exists), then, without limiting Lender’s
other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower or Leasehold
Pledgor from any of its Obligations hereunder or under the Management Agreements, Lender shall have the right, but shall be under
no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions
of the Management Agreements on the part of Owner or Operating Lessee, as applicable, to be performed or observed.

 

    	 	-103-	Mezzanine B Loan Agreement

     

    

 

4.14.2   Prohibition
Against Termination or Modification.

 

(a)          Except
as set forth in clause (b) below, neither Borrower nor Leasehold Pledgor shall cause or permit Owner or Operating Lessee, to (i) surrender,
terminate, cancel, materially modify, renew or extend any Management Agreement (other than a renewal or extension of a Management
Agreement in accordance with its terms), (ii) enter into any other agreement relating to the management or operation of any
Individual Property with any Manager or any other Person, (iii) consent to the assignment by any Manager of its interest under
the related Management Agreement, or (iv) waive or release any of its material rights and remedies under any Management Agreement,
in each case without the express consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed; provided,
however, with respect to the appointment of a new manager, such consent may be conditioned upon Borrower or Leasehold Pledgor delivering
to Lender a Rating Agency Confirmation from each applicable Rating Agency as to such new manager and evidence that such replacement
will not violate or cause a breach or default under any Franchise Agreement or Ground Lease to the extent such violation, breach
or default (with or without the passage of time) would result in an Event of Default, and that any approvals required under any
Franchise Agreement or Ground Lease to the replacement of Manager have been obtained. If at any time Lender consents to the appointment
of a new manager, such new manager and Owner and Operating Lessee shall, as a condition of Lender’s consent, execute (i) a
management agreement in form and substance reasonably acceptable to Lender, and (ii) a subordination of management agreement
in a form reasonably acceptable to Lender.

 

(b)          Notwithstanding
anything to the contrary herein or in the other Loan Documents (and without limiting Borrower’s and Leasehold Pledgor’s
right to replace (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to replace) a Manager
with Lender’s consent pursuant to clause (a) above), Borrower and Leasehold Pledgor shall have the right in connection to
cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to replace one or more Managers with one or
more Qualified Managers without Lender’s consent and without any Rating Agency Confirmation provided that each of the following
conditions shall have been satisfied:

 

(i)          Lender
shall have received written notice of the intended replacement(s) not less than fifteen (15) days prior to the date(s) on which
such proposed replacement(s) are to occur;

 

    	 	-104-	Mezzanine B Loan Agreement

     

    

 

(ii)         As
of the date of giving such notice and as of the effective date of such replacement no Event of Default shall have occurred and
be continuing;

 

(iii)        Such
notice shall identify the Individual Property as to which Owner wishes to replace the Manager and the Qualified Manager with whom
Owner or Operating Lessee intends to replace the applicable Manager and as of the date of giving such notice and as of the effective
date of such replacement, (x) no such Qualified Manager shall be subject to any bankruptcy or similar insolvency proceeding, and
(y) there shall have been no material adverse change in the condition of any such Qualified Manager, financial and otherwise, since
the Closing Date; provided, however, that the replacement property management company identified by Owner shall be a “Qualified
Manager” for purposes of this subsection (b) only if such replacement property company does not manage more than seventy-five
percent (75%) of the total number of keys of the Individual Properties;

 

(iv)        Each
Qualified Manager identified by Borrower or Leasehold Pledgor shall enter into one or more new Management Agreements, which agreements
shall (A) not provide for Base Management Fees in excess of three percent (3.0%) of the monthly Operating Income for the Individual
Properties managed by such Qualified Manager unless otherwise reasonably agreed by Lender in writing, and (B) otherwise be on terms
and conditions approved by Lender (which approval will not be unreasonably withheld, conditioned or delayed); provided that any
new Management Agreement which satisfies clause (A) above and is in form and substance substantially the same as any existing Management
Agreement by and between a Qualified Manager and the applicable Owner or Operating Lessee that exist as of the Closing Date shall
be deemed to be approved by Lender;

 

(v)         Lender
shall have received evidence reasonably satisfactory to it (which may be in the form of an Officer’s Certificate) that such
replacement(s) of such Manager(s) are not prohibited by and would not permit the applicable Franchisor or the applicable Ground
Lessor to terminate any Franchise Agreement or Ground Lease, and will not result in or cause any breach or default under any Franchise
Agreement or Ground Lease to the extent such violation, breach or default (with or without the passage of time) would result in
an Event of Default, and that any approvals required under any Franchise Agreement or Ground Lease to the replacement of such Manager(s)
have been obtained;

 

(vi)        Concurrently
with such replacement(s), Borrower or Leasehold Pledgor shall have caused Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
Owner or Operating Lessee to pay (or escrow in accordance with the terms of the Management Agreement(s) being replaced), any termination
or transition costs and expenses, termination fees or their equivalent, to which any Manager being replaced is entitled under its
Management Agreement; and

 

(vii)       Each
such Qualified Manager shall enter into an assignment of management agreement and subordination of management fees which either
is (A) in form and substance substantially the same as the assignment of management agreement and subordination of management fees
entered into by any Qualified Manager on the Closing Date or (B) in form and substance approved by Lender (which approval will
not be unreasonably withheld, conditioned or delayed).

 

    	 	-105-	Mezzanine B Loan Agreement

     

    

 

4.14.3   Replacement
of Manager. In each case to the extent permitted under the applicable Assignment of Management Agreement, Lender shall
have the right to require Borrower or Leasehold Pledgor to cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and
Operating Lessee to replace any Manager with a Person chosen by Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or
Operating Lessee and, unless such replacement is a Qualified Manager, approved by Lender (provided, that such approval of a Manager
that is not a Qualified Manager may be conditioned upon Borrower or Leasehold Pledgor delivering a Rating Agency Confirmation
as to such new manager and management agreement) upon the occurrence of any one or more of the following events: (i)  at
any time after the Loan has been accelerated in accordance with Section 8.2.1, the Maturity Date has occurred, or Lender
has commenced a foreclosure action, applied for the appointment of a receiver or exercised other similar remedies with respect
to an Event of Default, (ii) if such Manager shall be in material default under the Management Agreement that causes a material
adverse effect (in Lender’s reasonable determination) on Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating
Lessee or their respective business, net cash flow, operations or financial condition or on the Properties then under management
pursuant to such Management Agreement or the use, value, operation or net cash flow thereof or Mezzanine A Borrower’s, Mezzanine
A Leasehold Pledgor’s, Owner’s or Operating Lessee’s interest therein or Lender’s security therein, and
such default is not cured within thirty (30) days after notice thereof from Lender to Borrower; provided if such default cannot
reasonably be cured within such thirty (30) day period Borrower shall have an additional sixty (60) days in which to cure such
default so long as it is diligently pursuing a cure, (iii) if such Manager shall become insolvent or a debtor in any bankruptcy
or insolvency proceeding (provided that if such proceeding is involuntary, the same shall not have been dismissed within ninety
(90) days of filing), or (iv) if at any time such Manager has engaged in gross negligence, fraud, willful misconduct or misappropriation
of funds (unless such gross negligence, fraud, willful misconduct or misappropriation of funds is the act of any employee of such
Manager other than a senior officer or other individual controlling such Manager and within thirty (30) days of such Manager’s
discovery thereof, such employee has been terminated by that Manager and that Manager has fully compensated Borrower or Leasehold
Pledgor, as applicable, for any losses suffered as a result of such gross negligence, fraud, willful misconduct or misappropriation
of funds). If any of the events listed in subparagraphs (i)-(iv) above has occurred, subject to the prior written consent of the
Mortgage Lender and Mezzanine A Lender, Lender shall have the right to replace the applicable Manager with any Qualified Manager
if (A) neither Borrower nor Leasehold Pledgor is diligently working (or causing Owner or Operating Lessee to diligently work)
to replace the Manager and keeping Lender reasonably apprised of its efforts in connection therewith, and Borrower or Leasehold
Pledgor fails to commence and continue thereafter (or cause Owner or Operating Lessee to commence and continue thereafter) diligently
working to replace the applicable Manager within ten (10) Business Days after written notice from Lender, or (B) Borrower or Leasehold
Pledgor fails to actually replace (or cause Owner or Operating Lessee to actually replace) the Manager with a Manager approved
by Lender within one hundred twenty (120) days after Lender’s initial notice to Borrower or Leasehold Pledgor to replace
the Manager; provided that if Borrower or Leasehold Pledgor is unable to replace the Manager within such one hundred twenty (120)
days and Borrower or Leasehold Pledgor continues to diligently work to do so, then Borrower and Leasehold Pledgor shall have up
to an additional sixty (60) days to replace the Manager.

 

    	 	-106-	Mezzanine B Loan Agreement

     

    

 

4.14.4    Brand
Manager Rights. Lender acknowledges that pursuant to the Management Agreements,
the Brand Managers retain control and discretion over certain matters customarily subject to Lender approval and have the right
to take certain actions that may be restricted under the Loan Documents (including matters relating to FF&E, leases, casualty
and condemnation, alterations, leasing and budgets). Lender acknowledges that any restrictions herein or in the other Loan Documents
on the actions of Borrower and Leasehold Pledgor and any approvals Borrower or Leasehold Pledgor is required to obtain from Lender
shall be subject to the rights and discretion of the applicable Brand Manager with respect to such Individual Properties pursuant
to the terms of the applicable Management Agreements.

 

Section 4.15       Performance
by Borrower; Compliance with Agreements.

 

(a)          Each
of Borrower and Leasehold Pledgor shall in a timely manner observe, perform and fulfill (and cause Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner and Operating Lessee to observe, perform and fulfill) each and every covenant, term and provision of
each Loan Document, Mezzanine A Loan Document and Mortgage Loan Document executed and delivered by, or applicable to, Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and/or Operating Lessee, and shall not enter into
or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document, Mezzanine
A Loan Document or Mortgage Loan Documents executed and delivered by, or applicable to, Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, or Owner or Operating Lessee without the prior consent of Lender.

 

(b)          Each
of Borrower and Leasehold Pledgor shall at all times comply (and cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner
and Operating Lessee to comply) in all material respects with all Operations Agreements. Each of Borrower and Leasehold Pledgor
agrees that without the prior written consent of Lender, neither Borrower nor Leasehold Pledgor will cause or permit Owner to amend,
modify or terminate any of the Operations Agreements.

 

Section 4.16         Licenses;
Intellectual Property; Website.

 

4.16.1   Licenses.
Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee (or, as applicable, shall cause Owner or Operating Lessee
to cause Liquor Subsidiary) to keep and maintain all Licenses necessary for the operation of each Individual Property as a hotel.
Neither Borrower nor Leasehold Pledgor shall permit Owner or Operating Lessee to transfer any Licenses required for the operation
of each Individual Property (except in connection with a Permitted Direct Assumption). Subject to the rights of Mortgage Lender
pursuant to the Mortgage Loan Documents and Mezzanine A Lender pursuant to the Mezzanine A Loan Documents, following the occurrence
and during the continuation of any Event of Default, Borrower and Leasehold Pledgor shall, and shall cause Owner and Operating
Lessee to, upon any request of Lender cooperate with Lender (and its nominees and successors and assigns) in (i) the transfer
to Lender (or such nominee, successor or assign) of any Licenses (including, without limitation, liquor licenses) necessary or
appropriate for the operation of any of the Properties; (ii) the obtaining by Lender (or such nominee, successor or assign) of
any Licenses (including, without limitation, liquor licenses) necessary or appropriate for the operation of any of the Properties;
and (iii) the continuation by Owner or Operating Lessee or any tenant under any Lease or by any Manager on behalf of Owner or
Operating Lessee of any existing licenses and permits (including, without limitation, liquor licenses) and/or arrangements for
liquor sales and service to be conducted by third party vendors, under catering licenses or otherwise, until new licenses and
permits are obtained.

 

    	 	-107-	Mezzanine B Loan Agreement

     

    

 

4.16.2   Intellectual
Property. Borrower and Leasehold Pledgor shall keep and maintain (and shall
cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to keep and maintain) all Intellectual Property
relating to the use or operation of each Individual Property and all Intellectual Property shall be held by and (if applicable)
registered in the name of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee. Neither Borrower nor Leasehold Pledgor shall cause or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner
or Operating Lessee to Transfer or let lapse any Intellectual Property without Lender’s prior consent.

 

4.16.3   Website.
Any website with respect to any Individual Property (other than tenant websites), Owner, Borrower, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Leasehold Pledgor or Operating Lessee shall be maintained by or on behalf of Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee, respectively, and any such website shall be registered
in the name of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee, respectively.
Neither Borrower nor Leasehold Pledgor shall nor shall Borrower or Leasehold Pledgor cause or permit Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee to Transfer any such website without Lender’s prior consent.

 

Section 4.17       Further
Assurances. Borrower and Leasehold Pledgor shall, at Borrower’s and Leasehold
Pledgor’s sole cost and expense:

 

(a)          furnish
(or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to furnish) to Lender, to the extent not
already furnished to Lender on or before the Closing Date, all instruments, documents, boundary surveys, footing or foundation
surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every
other document, certificate, agreement and instrument required to be furnished by Borrower and Leasehold Pledgor pursuant to the
terms of the Loan Documents or which are reasonably requested by Lender in connection therewith;

 

(b)          cure
any defects in the execution and delivery of the Loan Documents and execute and deliver, or cause to be executed and delivered,
to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable
to evidence, preserve and/or protect the collateral at any time securing or intended to secure the Obligations, as Lender may reasonably
require including, without limitation, the execution and delivery of all such writings necessary to transfer any licenses identified
by Lender in the name of Lender or its designee after the occurrence and during the continuation of an Event of Default; provided
that no such cure, document, instrument, certificate, assignment or other writing reduces the rights or increases the obligations
of Borrower, Leasehold Pledgor or any Guarantor under the Loan Documents; and

 

    	 	-108-	Mezzanine B Loan Agreement

     

    

 

(c)          do
and execute (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to do and execute) all and
such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents
and purposes of this Agreement and the other Loan Documents, as Lender may reasonably require from time to time.

 

Section 4.18         Estoppel
Statement.

 

(a)          After
request by Lender, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified,
stating (i) the Outstanding Principal Balance of the Loan, (ii) the Applicable Interest Rate, (iii) the date installments
of interest and/or principal were last paid, (iv) any known offsets or defenses to the payment and performance of the Obligations,
if any, and (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving particulars
of such modification.

 

(b)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee to deliver) to Lender, within thirty (30) days of Lender’s request, an estoppel certificate
from each tenant under any Lease in form and substance reasonably satisfactory to Lender; provided, that neither Borrower nor Leasehold
Pledgor shall be required to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to
deliver) such certificates more frequently than the lesser of (x) two (2) times in any calendar year or (y) the number of requests
permitted to be made under the applicable Lease in any calendar year; provided, however, that there will be no limit on the number
of times Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee may be required to use commercially reasonable
efforts to obtain such certificates if an Event of Default has occurred and is continuing (subject to the applicable terms of each
Lease).

 

(c)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee to deliver) to Lender, within thirty (30) days of Lender’s request, estoppel certificates
from each party under any Operations Agreement, in form and substance reasonably satisfactory to Lender; provided, that neither
Borrower nor Leasehold Pledgor shall be required to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner
or Operating Lessee to deliver) such certificates more than three (3) times during the Term and not more frequently than once
per calendar year (or twice during any calendar year in which a Securitization occurs).

 

(d)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee to deliver) to Lender, within thirty (30) days of Lender’s request, estoppel certificates
from the Ground Lessor, in form and substance reasonably satisfactory to Lender; provided, that neither Borrower nor Leasehold
Pledgor shall be required to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to
deliver) such certificates more than three (3) times during the Term and not more frequently than once per calendar year (or
twice during any calendar year in which a Securitization occurs).

 

    	 	-109-	Mezzanine B Loan Agreement

     

    

 

(e)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver to Lender (or cause Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee to deliver), within thirty (30) days of Lender’s request, estoppel certificates
from each Franchisor, in form and substance reasonably satisfactory to Lender; provided, that neither Borrower nor Leasehold Pledgor
shall be required to deliver (or cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to deliver)
such certificates more than three (3) times during the Term and not more frequently than once per calendar year (or twice
during any calendar year in which a Securitization occurs).

 

Section 4.19        Notice
of Default. Borrower shall promptly advise Lender of the occurrence of any
Default or Event of Default of which Borrower or Leasehold Pledgor has knowledge.

 

Section 4.20        Cooperate
in Legal Proceedings. Borrower and Leasehold Pledgor shall cooperate fully
with Lender with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect
the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith,
permit Lender, at its election, to participate in any such proceedings.

 

Section 4.21         Indebtedness.
Neither Borrower nor Leasehold Pledgor shall permit Owner or Operating Lessee to, directly or indirectly, create, incur or assume
any Indebtedness other than “Permitted Indebtedness” (as such term is defined in the Mortgage Loan Agreement). Neither
Borrower nor Leasehold Pledgor shall permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Fee General Partner or Leasehold
General Partner to, directly or indirectly, create, incur or assume any Indebtedness other than “Permitted Indebtedness”
(as such term is defined in the Mezzanine A Loan Agreement). None of Borrower nor Leasehold Pledgor nor Mezz General Partner shall
directly or indirectly create, incur or assume any Indebtedness other than (i) the Debt and the Other Obligations, (ii) intentionally
omitted, (iii) unsecured trade payables incurred in the ordinary course of business relating to the ownership of the Collateral,
which in the case of such unsecured trade payables (A) are not evidenced by a note, (B) do not exceed, at any time,
together with amounts payable under clause (ii), a maximum aggregate amount of $250,000, and (C) are paid within ninety (90)
days of the date incurred, unless such amount is being contested in good faith, (iv) Taxes and Other Charges not yet Due and Payable,
unless contested in good faith, (v) contractual indemnity obligations entered into in the ordinary course of business, and (vi)
indebtedness secured by Permitted Encumbrances (collectively, “Permitted Indebtedness”).

 

Section 4.22         Business
and Operations. Borrower and Leasehold Pledgor will continue (and cause Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee to continue) to engage in the businesses presently conducted
by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of each Individual
Property, the Mezzanine A Collateral and the Collateral. Borrower and Leasehold Pledgor will, and will cause Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner and Operating Lessee to, qualify to do business and remain in good standing under the laws
of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of each
Individual Property, the Mezzanine A Collateral and the Collateral.

 

    	 	-110-	Mezzanine B Loan Agreement

     

    

 

Section 4.23         Dissolution.
Neither Borrower nor Leasehold Pledgor shall, nor shall Borrower or Leasehold Pledgor cause or permit Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner, any SPC Party or Operating Lessee to, (i) engage in any dissolution, liquidation or consolidation,
division or merger with or into any other business entity, (ii) engage in any business activity not related to the ownership
and operation of the Properties, the Mezzanine A Collateral and the Collateral, (iii) transfer, lease or sell, in one transaction
or any combination of transactions, all or substantially all of the property or assets of Borrower or Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Owner, or Operating Lessee or any SPC Party except to the extent expressly permitted
by the Loan Documents, the Mezzanine A Loan Documents and the Mortgage Loan Documents, or (iv) cause, permit or suffer Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or any SPC Party to (A) dissolve, wind up or liquidate
or take any action, or omit to take any action, as a result of which Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner,
Operating Lessee or such SPC Party would be dissolved, wound up, divided or liquidated in whole or in part, or (B) amend,
modify, waive or terminate the certificate of formation or operating agreement or certificate of limited partnership and limited
partnership agreement of Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or such SPC Party, in each
case without obtaining the prior consent of Lender.

 

Section 4.24         Debt
Cancellation. Neither Borrower nor Leasehold Pledgor shall cancel or otherwise forgive or release (or cause or permit
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to cancel or otherwise forgive or release) any
claim or debt (other than the surrender or termination of Leases in accordance herewith) owed to Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee by any Person, except for adequate consideration
and in the ordinary course of Borrower’s, Leasehold Pledgor’s, Mezzanine A Borrower’s, Mezzanine A Leasehold
Pledgor’s, Owner’s or Operating Lessee’s business.

 

Section 4.25         Affiliate
Transactions. Neither Borrower nor Leasehold Pledgor shall enter into, or be
a party to (nor cause or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to enter into or
be a party to), any transaction with an Affiliate of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee or any of the partners, members or shareholders, as applicable, of Borrower or Leasehold Pledgor
except in the ordinary course of business and on terms which are no less favorable to Borrower, Leasehold Pledgor, Mezzanine A
Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or such Affiliate than would be obtained in a comparable arm’s-length
transaction with an unrelated third party.

 

Section 4.26         No
Joint Assessment. Neither Borrower nor Leasehold Pledgor shall suffer, permit
or initiate (or cause or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to suffer, permit
or initiate) the joint assessment of any Individual Property (i) with any other real property constituting a tax lot separate
from such Individual Property, and (ii) with any portion of such Individual Property which may be deemed to constitute personal
property, or any other procedure whereby the Lien of any taxes which may be levied against such personal property shall be assessed
or levied or charged to such Individual Property.

 

Section 4.27         Principal
Place of Business. Neither Borrower nor Leasehold Pledgor shall change its principal place of business from the address
set forth on the first page of this Agreement without first giving Lender thirty (30) days prior written notice. Neither
Borrower nor Leasehold Pledgor shall causes or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee to change its principal place of business from the address set forth on the first page of the Mortgage Loan Agreement and
the Mezzanine A Loan Agreement, respectively, without first giving Lender thirty (30) days prior written notice.

 

    	 	-111-	Mezzanine B Loan Agreement

     

    

 

Section 4.28         Change
of Name, Identity or Structure. Neither Borrower nor Leasehold Pledgor shall
(nor cause or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to) change Borrower’s,
Mezzanine A Borrower’s, Mezzanine A Leasehold Pledgor’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s
name, identity (including its trade name or names) or convert from its current business structure as a limited liability company
or a limited partnership structure, as applicable, without notifying Lender of such change in writing at least thirty (30) days
prior to the effective date of such change and without first obtaining the prior written consent of Lender. Borrower and Leasehold
Pledgor shall (and shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to) deliver to Lender,
prior to or contemporaneously with the effective date of any such change, any financing statement or financing statement change
required by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein. At
the request of Lender, Borrower or Leasehold Pledgor, as applicable, shall execute a certificate in form reasonably satisfactory
to Lender listing the trade names under which Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee,
as applicable, intends to operate each Individual Property and the Mezzanine A Collateral, as applicable, and representing and
warranting that Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee, as applicable, does business under
no other trade name with respect to such Individual Property or the Mezzanine A Collateral, as applicable.

 

Section 4.29        Costs
and Expenses.

 

(a)          Except
as otherwise expressed herein or in any of the other Loan Documents, Borrower shall pay or, if Borrower fails to pay, reimburse
Lender upon receipt of notice from Lender, for all reasonable costs and expenses (including reasonable attorneys’ fees and
disbursements) incurred by Lender in connection with (i) Borrower’s and Leasehold Pledgor’s ongoing performance
of and compliance with Borrower’s and Leasehold Pledgor’s agreements and covenants contained in this Agreement and
the other Loan Documents on its part to be performed or complied with after the Closing Date, including confirming compliance with
environmental and insurance requirements; (ii) Lender’s ongoing performance of and compliance with all agreements and
covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing
Date; (iii) the negotiation, preparation, execution and delivery of any consents, amendments, waivers or other modifications
to this Agreement and the other Loan Documents and any other documents or matters requested by Borrower or Leasehold Pledgor; (iv) filing
and recording of any Loan Documents; (v) title insurance, surveys, inspections and appraisals (A) required in connection with
the diligence preceding the Closing Date or as a condition to the closing of the Loan, even if provided after the date hereof if
ordered in connection with such diligence or closing, or (B) expressly required at other times in accordance with the terms of
this Agreement or the other Loan Documents; (vi) the creation, perfection or protection of Lender’s Liens in the Collateral
(including fees and expenses for title and lien searches, intangibles taxes, due diligence expenses, travel expenses, accounting
firm fees, costs of appraisals, environmental reports and Lender’s Consultant, surveys and engineering reports); (vii) enforcing
or preserving any rights in response to third party claims or the prosecuting or defending of any action or proceeding or other
litigation, in each case against, under or affecting Owner, Operating Lessee, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
Borrower, Leasehold Pledgor, the Loan Documents, the Property, the Mezzanine A Collateral, the Collateral, or any other security
given for the Loan; and (viii) fees charged by Servicer (except to the extent expressly provided in Section 10.21 or
as otherwise expressly limited hereunder; provided that if another provision of this Agreement requires the payment of any fee
to Lender and/or Servicer with respect to any matter, no additional fee charged by Servicer shall be payable by Borrower or Leasehold
Pledgor with respect to such matter), and if a Securitization has occurred, by the Rating Agencies, in connection with the Loan
or any modification thereof; and (ix) enforcing any Obligations of or collecting any payments due from Borrower or Leasehold
Pledgor under this Agreement, the other Loan Documents or with respect to the Collateral or in connection with any refinancing
or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency
or bankruptcy proceedings; provided, however, that neither Borrower nor Leasehold Pledgor shall be liable for the payment of any
such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct
of Lender.

 

    	 	-112-	Mezzanine B Loan Agreement

     

    

 

(b)          In
addition, in connection with any Rating Agency Confirmation, Review Waiver or other Rating Agency consent, approval or review requested
by Borrower or Leasehold Pledgor or required hereunder (other than the initial review of the Loan by the Rating Agencies in connection
with a Securitization), Borrower shall pay all of the reasonable costs and expenses of Lender and the Servicer and the costs and
expenses of each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency in
connection therewith.

 

(c)          Any
costs due and payable to Lender may be paid, at Lender’s election in its sole discretion, from any amounts in the Deposit
Account. Any costs and expenses due and payable by Borrower or Leasehold Pledgor hereunder which are not paid by Borrower within
ten (10) days after written notice thereof may be paid from any amounts in the Deposit Account, with notice thereof to Borrower.
The obligations and liabilities of Borrower and Leasehold Pledgor under this Section 4.29 shall (i) become part of
the Obligations, (ii) be secured by the Loan Documents and (iii) survive the Term and the exercise by Lender of any of
its rights or remedies under the Loan Documents, including the acquisition of the Collateral by foreclosure or a conveyance in
lieu of foreclosure.

 

    	 	-113-	Mezzanine B Loan Agreement

     

    

 

Section 4.30         Indemnity.
Borrower shall indemnify, defend and hold harmless Lender from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the
reasonable fees and disbursements of counsel for Lender in connection with any investigative, administrative or judicial proceeding
commenced or threatened, whether or not Lender shall be designated a party thereto), other than breakage costs, that may be imposed
on, incurred by, or asserted against Lender in any manner relating to or arising out of (i) any breach by Borrower or Leasehold
Pledgor of its Obligations under, or any material misrepresentation by Borrower or Leasehold Pledgor contained in, this Agreement
or the other Loan Documents; (ii) the use or intended use of the proceeds of the Loan; (iii) any information provided
by or on behalf of Borrower or Leasehold Pledgor, or contained in any documentation approved by Borrower or Leasehold Pledgor,
in either case, to the extent delivered to Lender pursuant to or in connection with this Agreement or as a condition to the Loan;
(iv) ownership of the Security Documents, the Collateral or any interest therein, or receipt of any Gross Revenue (including,
subject to Section 2.8, due to any Increased Costs, Special Taxes (other than Excluded Taxes) or Other Taxes, excluding
interest and penalties on any Tax if such interest and penalties arose solely as a result of the negligence of Lender); (v) any
accident, injury to or death of persons or loss of or damage to property occurring in, on or about any Individual Property or
on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vi) any use, nonuse or
condition in, on or about any Individual Property or on adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (vii) performance of any labor or services or the furnishing of any materials or other property in respect
of any Individual Property; (viii) any failure of any Individual Property to comply with any Legal Requirement; (ix) any
claim by brokers, finders or similar persons claiming to be entitled to a commission in connection with any Lease or other transaction
involving any Individual Property or any part thereof, or any liability asserted against Lender with respect thereto; (x) the
claims of any lessee of any portion of any Individual Property or any Person acting through or under any lessee or otherwise arising
under or as a consequence of any Lease; (xi) the claims of any Manager or any Person acting through or under such Manager
or otherwise arising under or as a consequence of any Management Agreement; and (xii) the claims of any Franchisor or any
Person acting through or under any Franchisor or otherwise arising under or as a consequence of any Franchise Agreement (collectively,
the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation
to Lender hereunder to the extent that such Indemnified Liabilities arise from the active gross negligence, illegal acts, fraud
or willful misconduct of Lender. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding
sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is
permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Lender;
provided, further, that Borrower shall not have any obligation to Lender hereunder for an Indemnified Liability if all of the
following apply: (a) the Loan is included in a Securitization Vehicle, (b) the Indemnified Liability is caused by the Securitization
Vehicle failing to have, or maintain its, REMIC or Grantor Trust status, as applicable, and (c) the reason for such failure is
other than a breach by Borrower or Leasehold Pledgor of its Obligations under, or any material misrepresentation by Borrower or
Leasehold Pledgor contained in, this Agreement or the other Loan Documents.

  

Section 4.31       ERISA.

 

(a)          Neither
Borrower nor Leasehold Pledgor shall engage or cause or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee to engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise
by Lender or any assignee of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under
a statutory or administrative class exemption) prohibited transaction under the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”) or Section 4975 of the Code.

 

(b)          Neither
Borrower nor Leasehold Pledgor shall, and shall not cause or permit Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner
or Operating Lessee to, maintain, sponsor, contribute to or agree to contribute to, or suffer, cause or permit any ERISA Affiliate
of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to, maintain, sponsor,
contribute to or agree to contribute to, any “employee benefit plan” (as defined in Section 3(3) of ERISA) subject
to Title IV or Section 302 of ERISA or Section 412 of the Code or permit the assets of Borrower, Leasehold Pledgor, Mezzanine A
Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to become “plan assets,” within the meaning of 29
C.F.R. 2510.3-101, as modified in application by Section 3(42) of ERISA.

 

    	 	-114-	Mezzanine B Loan Agreement

     

    

 

(c)          Each
of Borrower and Leasehold Pledgor shall deliver to Lender such certifications or other evidence from time to time throughout the
Term, as requested by Lender in its sole discretion, that (A) none of Borrower, Leasehold Pledgor, Owner, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Operating Lessee or any Guarantor is or maintains an “employee benefit plan” as defined
in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning
of Section 3(32) of ERISA; (B) none of Borrower, Leasehold Pledgor, Owner, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Operating Lessee or any Guarantor is subject to state statutes regulating investments and fiduciary obligations with respect
to governmental plans; and (C) the assets of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
Owner, Operating Lessee and Guarantors do not constitute “plan assets” within the meaning of 29 C.F.R §2510.3-101
as modified in application by Section 3(42) of ERISA of any “benefit plan investor” as defined in Section 3(42) of
ERISA.

 

Section 4.32       Patriot
Act Compliance.

 

(a)          Each
of Borrower and Leasehold Pledgor will comply (and cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating
Lessee to comply) with the Patriot Act and all applicable requirements of Governmental Authorities having jurisdiction over Borrower
with respect to money laundering and terrorism and will use its good faith and commercially reasonable efforts to comply with all
other applicable requirements of Governmental Authorities having jurisdiction over Borrower, Leasehold Pledgor, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, the Collateral, the Mezzanine A Collateral and/or any Individual Property.
Lender shall have the right to audit Borrower’s and Leasehold Pledgor’s compliance with the Patriot Act and all applicable
requirements of Governmental Authorities having jurisdiction over Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner, Operating Lessee, the Collateral, the Mezzanine A Collateral and/or any Individual Property, including
those relating to money laundering and terrorism. In the event that Borrower or Leasehold Pledgor fails to comply with the Patriot
Act or any such requirements of Governmental Authorities, then Lender may, at its option, cause Borrower or Leasehold Pledgor,
as applicable, to comply therewith and any and all costs and expenses incurred by Lender in connection therewith shall be secured
by the Pledge Agreement and the other Loan Documents and shall be immediately due and payable.

 

(b)          None
of the funds or other assets of Borrower, Leasehold Pledgor or
any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government
subject to trade restrictions under United States law, including but not limited to, the Patriot Act (including anti-terrorism
provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with
the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result
that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan made
by the Lender is in violation of law (“Embargoed Person”).

 

    	 	-115-	Mezzanine B Loan Agreement

     

    

 

(c)          None
of the funds or other assets of any Borrower, Leasehold Pledgor or
any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person.

 

(d)          No
Embargoed Person has any interest of any nature whatsoever in Borrower, Leasehold Pledgor or
any other Loan Party with the result that the investment in Borrower, Leasehold Pledgor or
any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan is in violation of law.

 

(e)          None
of the funds of Borrower, Leasehold Pledgor or any other Loan Party
have been derived from or are the proceeds of, any unlawful activity with the result that the investment in Borrower, Leasehold
Pledgor or any other Loan Party (whether directly or indirectly), is prohibited
by law or the Loan is in violation of law.

 

Nothing contained in this Section 4.32
shall apply, and no representation or warranty is made with respect, to any public equity holder of any Person by virtue of such
public equity holder being a holder of publicly traded shares or other publicly traded equity interests in any Person which is
listed on the New York Stock Exchange or another nationally or internationally recognized stock exchange or is quoted on a national
quotation system.

 

Section 4.33        Ground
Leases.

 

(a)          Borrower
shall cause Mezzanine A Borrower to cause Owner to:

 

(i)          pay
all rents, additional rents and other sums required to be paid by the applicable Individual Owner, as tenant under and pursuant
to the provisions of the Ground Leases, as and when such rent or other charge is payable, subject to applicable grace periods afforded
Owner under the Ground Lease (but not, for the avoidance of doubt, any additional grace notice, or cure periods afforded Lender
under the Ground Lease or otherwise) and to Owner’s right to contest (if expressly permitted under the Ground Lease and then
in strict accordance with the terms of such Ground Lease) the amount claimed by Lessor to be due;

 

(ii)         diligently
perform and observe all of the terms, covenants and conditions of the Ground Leases on the part of the applicable Individual Owner,
as tenant thereunder, to be performed and observed, at least three (3) days prior to the expiration of any applicable grace
period therein provided; and

 

(iii)        promptly
notify Lender of the giving of any written notice by the lessor under the Ground Leases to Owner of any default by Owner in the
performance or observance of any of the terms, covenants or conditions of the Ground Leases on the part of Owner, as tenant thereunder,
to be performed or observed, and deliver to Lender a true copy of each such notice.

 

(b)          Borrower
shall not, without the prior consent of Lender (which consent may be withheld by Lender in its sole and absolute discretion), cause
Owner to surrender or cause or permit Owner to surrender the leasehold estate created by any of the Ground Leases or terminate
or cancel the Ground Leases or modify, change, supplement, alter or amend the Ground Leases, in any material respect, either orally
or in writing.

 

    	 	-116-	Mezzanine B Loan Agreement

     

    

 

(c)          If
any Individual Owner shall default in the performance or observance of any material term, covenant or condition of any Ground Lease
on the part of such Individual Owner, as tenant thereunder, to be performed or observed, then, without limiting the generality
of the other provisions of the Pledge Agreement, this Agreement and the other Loan Documents, and without waiving or releasing
Borrower from any of its Obligations hereunder (but subject to the rights of Mortgage Lender and Mezzanine A Lender), Lender shall
have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be necessary
or appropriate to cause all of the material terms, covenants and conditions of the Ground Lease on the part of such Individual
Owner, as tenant thereunder, to be performed or observed or to be promptly performed or observed on behalf of such Individual Owner,
to the end that the rights of such Individual Owner in, to and under the Ground Lease shall be kept unimpaired as a result thereof
and free from default, even though the existence of such event of default or the nature thereof be questioned or denied by Owner
or by any party on behalf of Owner. If Lender shall make any payment or perform any act or take action in accordance with the preceding
sentence, provided Lender shall not have received any notice of default from the ground lessor and no Event of Default shall have
occurred and be continuing, Lender will if practicable provide reasonable advance notice, not to exceed five (5) days, to Borrower
prior to, and if not practicable then subsequent to, the making of any such payment, the performance of any such act or the taking
of any such action. In any such event, subject to the rights of tenants, subtenants and other occupants under the Leases or of
parties to any Operations Agreement, Lender and any Person designated as Lender’s agent by Lender shall have, and are hereby
granted, the right to enter upon any Individual Property at any reasonable time, on reasonable notice and from time to time for
the purpose of taking any such action. Lender may pay and expend such sums of money as Lender reasonably deems necessary for any
such purpose and upon so doing shall be subrogated to any and all rights of the landlord under the Ground Leases. Borrower hereby
agrees to pay to Lender within five (5) days after demand, all such sums so paid and expended by Lender in accordance with
this Section 4.33(c), together with interest thereon from the day of such payment at the Default Rate. All sums so paid
and expended by Lender and the interest thereon shall be secured by the legal operation and effect of the Pledge Agreement.

 

(d)          If
any lessor under a Ground Lease shall deliver to Lender a copy of any notice of default sent by said lessor to an Individual Owner,
as tenant under such Ground Lease, such notice shall constitute full protection to Lender for any action taken or omitted to be
taken by Lender, in good faith, in reliance thereon and in accordance with Section 4.33(c). Borrower shall cause Owner to exercise
each individual option, if any, to extend or renew the term of the Ground Leases upon demand by Lender, Mezzanine A Lender or Mortgage
Lender made at any time within one (1) year prior to the last day upon which any such option may be exercised, and if Borrower
shall fail to do so, Borrower hereby expressly authorizes and appoints Lender its attorney-in-fact to exercise any such option
in the name of and upon behalf of the applicable Individual Owner, which power of attorney shall be irrevocable and shall be deemed
to be coupled with an interest. Borrower will not subordinate or consent to the subordination of the Ground Leases to any mortgage,
security deed, lease or other interest on or in the landlord’s interest in all or any part of any Individual Property, unless,
in each such case, the written consent of Lender shall have been first had and obtained.

 

(e)          Notwithstanding
anything to the contrary contained in this Agreement with respect to each Ground Lease:

 

    	 	-117-	Mezzanine B Loan Agreement

     

    

 

(i)          Borrower
shall not permit any Individual Owner to, without Lender’s written consent, elect to treat any Ground Lease as terminated
under Subsection 365(h)(1) of the U.S. Bankruptcy Code. Any such election made without Lender’s prior written consent shall
be void.

 

(ii)         If,
pursuant to subsection 365(h) of the Bankruptcy Code, any Individual Owner seeks to offset, against the rent reserved in any Ground
Lease, the amount of any damages caused by the nonperformance by the applicable Ground Lessor of any of its obligations thereunder
after the rejection by such Ground Lessor of such Ground Lease under the U.S. Bankruptcy Code, then such Individual Owner shall
not affect any offset of such amounts unless it shall have provided written notice to Mortgage Lender, Mezzanine A Lender and Lender
of its intent to do so and Mortgage Lender, Mezzanine A Lender and Lender shall have consented thereto.

 

(iii)        Borrower
shall promptly, after obtaining knowledge of such filing notify Lender orally of any filing by or against the Ground Lessor under
such Ground Lease of a petition under the U.S. Bankruptcy Code. Borrower shall thereafter promptly give written notice of such
filing to Lender, setting forth any information available to Borrower as to the date of such filing, the court in which such petition
was filed, and the relief sought in such filing. Borrower shall promptly deliver to Lender any and all notices, summonses, pleadings,
applications and other documents received by Borrower in connection with any such petition and any proceedings relating to such
petition.

 

(f)          Borrower
may permit Owner to exercise any Ground Lease Purchase Option with respect to any Ground Lease Property without Lender’s
prior written consent; provided each of the following conditions is satisfied:

 

(i)          No
Event of Default shall have occurred and be continuing;

 

(ii)         Lender
shall receive not less than forty-five (45) days advance written notice of the related Individual Owner’s intention to exercise
such Ground Lease Purchase Option unless such Ground Lease sets forth a shorter time period within which such Individual Owner
is required to respond in order to exercise such Ground Lease Purchase Option, in which case the advance notice period hereunder
shall instead be such shorter time period;

 

(iii)        The
related Individual Owner shall comply with all of the terms and conditions of the related Ground Lease with respect to such Ground
Lease Purchase Option;

 

(iv)        Fee
title to the related Ground Lease Property shall be conveyed to the Individual Owner who is the ground lessee under such Ground
Lease pursuant a bona fide arm’s length transaction and for fair consideration and such acquisition shall not result in a
merger of the fee and leasehold estates in such Ground Lease Property;

 

(v)         None
of Borrower, Mezzanine A Borrower nor Owner shall incur any Indebtedness in order to finance the exercise of such Ground Lease
Purchase Option;

 

    	 	-118-	Mezzanine B Loan Agreement

     

    

 

(vi)       All
third party consents or approvals required in order to acquire fee title to the Ground Lease Property, including without limitation,
the consent of any Franchisor, shall have been obtained (satisfaction of this condition may be demonstrated by an Officer’s
Certificate certifying to the foregoing);

 

(vii)      Simultaneously
with the Individual Owner’s acquisition of fee title to the Ground Lease Property, such Individual Owner shall comply with
all of the terms and conditions of the Mortgage Loan Documents and the Mezzanine A Loan Documents;

 

(viii)     Borrower
shall cause Owner to obtain a new owner’s title insurance policy together with a mezzanine endorsement thereto (or, if a
mezzanine endorsement is unavailable, an assignment of title proceeds letter) reasonably satisfactory to Lender; and

 

(ix)        Lender
and/or its Servicer shall be reimbursed for all costs and expenses, including legal fees, incurred in connection with the exercise
of such Ground Lease Purchase Option.

 

(g)          Borrower
shall not cause or permit the exercise of any Ground Lease Purchase Option by or on behalf of any Affiliate of Borrower or any
other Person over whom Borrower has control other than the Individual Owner which is the ground lessee under the related Ground
Lease, and then only in compliance with the preceding Subsection (f).

 

Section 4.34        Hotel
Covenants.

 

(a)          Each
of Borrower and Leasehold Pledgor shall cause each of Owner and Operating Lessee to cause the hotel located on each Individual
Property to be operated pursuant to the applicable Franchise Agreement.

 

(b)          Borrower
or Leasehold Pledgor shall cause each of Owner and Operating Lessee to (i) promptly perform and/or observe all of the covenants
and agreements required to be performed and observed by Owner under each Franchise Agreement and do all things necessary to preserve
and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under any Franchise Agreement
of which it is aware; and (iii) promptly enforce the performance and observance of all of the covenants and agreements required
to be performed and/or observed by each Franchisor under each Franchise Agreement.

 

(c)          Except
as expressly set forth in Section 4.34(d) below, neither Borrower nor Leasehold Pledgor shall, without Lender’s prior
written consent (which consent shall not be unreasonably withheld, conditioned or delayed) cause or permit Owner or Operating Lessee
to (1) surrender, terminate or cancel any Franchise Agreement; (2) reduce the term of any Franchise Agreement; (3) increase
the amount of any charges under any Franchise Agreement; or (4) otherwise materially modify, change, supplement, alter or
amend, or waive or release any of its rights and remedies under, any Franchise Agreement in a manner adverse to Borrower, Leasehold
Pledgor or Lender.

 

    	 	-119-	Mezzanine B Loan Agreement

     

    

 

(d)          Notwithstanding
the foregoing and without limiting Borrower’s and Leasehold Pledgor’s rights under clause (c) above, from time to time
after the earlier of (1) the date that is six (6) months following the Closing Date and (2) the final Securitization of the Loan,
without the consent of Lender, Borrower and Leasehold Pledgor may permit Owner and Operating Lessee to elect to “reflag”
one or more Individual Properties by terminating an existing Franchise Agreement as to an Individual Property and entering into
a replacement Franchise Agreement as to such Individual Property; so long as (i) the Franchisor is an Approved Brand, (ii) during
the term of the Loan, not more than forty-three (43) Individual Properties are replaced pursuant to this paragraph (d),
(iii) Lender shall have approved the replacement Franchise Agreement (which approval shall not be unreasonably withheld, conditioned
or delayed), except that such approval shall not be required if the Individual Property is operated under an Approved Brand and
such replacement Franchise Agreement is (x) substantially in the same form and substance as a Franchise Agreements in effect on
the Closing Date or (y) entered into on an arms’-length basis and otherwise on commercially reasonable terms, with economic
terms and franchise fees comparable to then existing local market rates and otherwise approved by Lender, such approval not to
be unreasonably withheld, conditioned or delayed (provided that the requirement for such approval and any other approval requested
under this subsection (d) shall be deemed to have been waived if (I) the correspondence from Borrower to Lender requesting
such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the
top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower or Leasehold Pledgor is
requesting the Lender’s approval of the proposed Franchise Agreement under Section 4.34(d) hereof and that Lender’s
failure to respond to such request within five (5) Business Days following its receipt of such request shall result in such request
being deemed granted, (C) is accompanied by a copy of the proposed replacement Franchise Agreement, the PIP and the estimated PIP
Expenses associated with the PIP (which information may be provided electronically in the form of a CD Rom or other portable electronic
media enclosed with such notice) and (D) is also sent via electronic mail to Lender’s e-mail address provided by Lender to
Borrower from time to time, and (II) Lender shall fail to respond to such request within five (5) Business Days following its receipt
of such request), (iv) the termination, if applicable, of an existing Franchise Agreement as to an Individual Property shall not
violate or result in the termination of any other Franchise Agreements with respect to other Individual Properties (unless such
other Franchise Agreements are being terminated in accordance with this Section 4.34) as evidenced by an Officer’s
Certificate, (v) no Event of Default shall have occurred and be continuing, (vi) such reflagging shall not violate or be prohibited
by any applicable Ground Lease (unless the consent or waiver of the Ground Lessor thereunder shall have been obtained in writing)
as evidenced by an Officer’s Certificate, (vii) the Franchisor of the Approved Brand party to such replacement Franchise
Agreement shall have delivered to Lender a comfort letter reasonably satisfactory to Lender (it being agreed that in the case of
a Franchisor that franchises another Individual Property, the form of comfort letter delivered with respect to such other Individual
Property on the Closing Date shall be deemed reasonably satisfactory), (viii) the replacement Franchise Agreement shall be with
a franchisor that is in no more than two categories of hotels lower than the Franchisor being replaced as on the Closing Date,
based on the annual STR Chain Scale classification, (ix) the Approved Brand Requirements shall be satisfied to the extent required
under the definition thereof, unless otherwise reasonably agreed by Lender, (x) if the replacement franchisor is an Affiliate of
Borrower, Borrower shall deliver an Additional Insolvency Opinion in form and substance reasonably satisfactory to Lender and satisfactory
to the applicable Rating Agencies and (xi) if and to the extent required under the provisions of paragraph (e)(ii) below,
Borrower shall deliver to Lender, as additional security for Borrower’s and Leasehold Pledgor’s Obligations under the
Loan Documents, security for payment of any New/Renewal Flagging Costs.

 

    	 	-120-	Mezzanine B Loan Agreement

     

    

 

(e)          To
the extent not previously provided to and approved by Lender in the Approved Flagging Budget for an Individual Property, Borrower
or Leasehold Pledgor shall provide or cause Owner or Operating Lessee to provide to Lender a budget for all New/Renewal Flagging
Costs and Change of Control Flagging Costs (collectively, the “Flagging Costs”). The budgeting and delivery
of security for Flagging Costs shall be governed by the following principles:

 

(i)          Budget
Approval. With respect to any Flagging Costs for a particular Individual Property, Borrower and Leasehold Pledgor shall (or
shall cause Owner or Operating Lessee to) provide a budget therefor for Lender’s approval, which approval shall not be unreasonably
withheld, conditioned or delayed (provided that the requirement for such approval shall be deemed to have been waived if (I) the
correspondence from Borrower or Leasehold Pledgor to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”,
(B) contains a legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger
font stating that Borrower is requesting the Lender’s approval of the proposed budget for the Franchise Agreement under Section
4.34(d) or Section 4.34(e) hereof, as applicable, and that Lender’s failure to respond to such request within
five (5) Business Days following its receipt of such request shall result in such request being deemed granted, (C) is accompanied
by a copy of the proposed budget (which information may be provided electronically in the form of a CD Rom or other portable electronic
media enclosed with such notice) and (D) is also sent via electronic mail to Lender’s e-mail address provided by Lender to
Borrower from time to time, (II) Lender shall fail to respond to such request within five (5) Business Days following its receipt
of such request, (III) Borrower shall deliver to Lender a second written request for approval, which request is delivered in the
same form and manner as contemplated in clause (I) above and states that Lender’s failure to respond to such request within
two (2) Business Days following its receipt of such second request, shall result in such request being deemed granted, and (IV)
Lender shall fail to respond to such request within such two (2) Business Day period), and which upon Lender’s approval thereof,
shall constitute the Approved Flagging Budget for such Flagging Costs for such Individual Property.

 

(ii)         New/Renewal
Flagging Costs. Borrower or Leasehold Pledgor shall cause Owner to post additional security with Mortgage Lender if (and only
if) the New/Renewal Flagging Costs for such Individual Property are greater than an amount equal to (A) the Approved Scheduled
PIP Expenses remaining for such Individual Property plus (B) for the first three Individual Properties subject to New/Renewal Flagging
Costs, the Alteration Threshold applicable to an Individual Property. Any additional security required to be posted by Owner pursuant
to this paragraph (ii) shall be posted pursuant to paragraph (iv) below in an amount equal to the total New/Renewal
Flagging Costs for such Individual Property (to the extent exceeding the Alteration Threshold, in the case of such first three
Individual Properties subject to New/Renewal Flagging Costs).

 

    	 	-121-	Mezzanine B Loan Agreement

     

    

 

(iii)        Change
of Control Flagging Costs. Concurrently with the closing of an Assumption or any other change of Control of Owner that results
in any Change of Control Flagging Costs, Borrower or Leasehold Pledgor shall cause Owner to post additional security with Mortgage
Lender in an amount equal to the portion of the Change of Control Flagging Costs required to be incurred by Owner or Operating
Lessee in the 24-month period immediately following the Assumption or such other change of Control of Owner (for the avoidance
of doubt, the remaining Change of Control Flagging Costs shall not be required to be reserved with Lender) without duplication
of any amounts previously reserved pursuant to paragraph (ii) above, but only if (and only if): (1) the Change of Control
Flagging Costs with respect to all Individual Properties, plus the costs of all alterations then affecting structural elements
of all Individual Properties (to the extent not covered by security delivered to Lender pursuant to Section 4.12.2) exceed
the aggregate Approved Scheduled PIP Expenses with respect to all Individual Properties by more than $3,000,000. Any additional
security required to be posted by Owner pursuant to this paragraph (iii) shall be posted pursuant to paragraph (iv)
below.

 

(iv)        Posting
of Security. Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in
cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited
into the Scheduled PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement). If such
security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, then, in lieu of
disbursements from the Scheduled PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter
of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled PIP Reserve
Funds from the Scheduled PIP Reserve Account in accordance with Section 6.5.2 of the Mortgage Loan Agreement. In no event shall
there be any duplication of any reserve or security requirements by reason of the obligations under Section 6.5.1(a), paragraph
(ii) above and paragraph (iii) above. In the event that any such security is not required (or is waived) by Mortgage
Lender or Mezzanine A Lender, then Lender shall have the right to hold such security in accordance with the foregoing provisions.

 

(f)          Subject
to Borrower’s and Leasehold Pledgor rights under paragraph (d) above, Borrower or Leasehold Pledgor shall cause Owner or
Operating Lessee to timely exercise each individual option, if any, to extend or renew the term of any Franchise Agreement.

 

(g)          Borrower
or Leasehold Pledgor shall cause Owner or Operating Lessee to complete and pay for in full any PIP Work in a good, workmanlike
and lien free manner within the time-frame set forth in the applicable PIP, subject in each case to any extensions permitted by
the applicable Franchisor.

 

(h)          Without
in any way limiting the covenants set forth in the Loan Documents, Borrower or Leasehold Pledgor shall cause Owner and Operating
Lessee to: (i) cause the hotels located on the Properties to be operated, repaired and maintained in a manner to provide commercially
reasonable amenities, services and facilities, taken as a whole for each such Individual Property, substantially equivalent or
superior in all material respects to hotels of similar average room rate and targeted market segment from time to time operating
in the same or comparable geographic area of the Property, taking into consideration the age and location of the hotels located
on the Properties and (ii) maintain Inventory in amounts sufficient to meet the hotel industry standards in all material respects
for hotels of similar average room rate and targeted market segment from time to time operating in the same or comparable geographic
area of the Property, taking into consideration the age and location of the hotels located on the Properties.

 

    	 	-122-	Mezzanine B Loan Agreement

     

    

 

Section 4.35        Bankruptcy
Related Covenants. To the extent permitted by applicable Legal Requirements,
neither Borrower nor Leasehold Pledgor shall, nor shall Borrower or Leasehold Pledgor cause or permit any other Loan Party to,
seek substantive consolidation into the bankrupt estate of any Guarantor in connection with a proceeding under the Bankruptcy
Code or under federal, state or foreign insolvency law involving any Guarantor.

 

(a)          To
the extent permitted by applicable Legal Requirements, neither Borrower nor Leasehold Pledgor shall, nor shall Borrower or Leasehold
Pledgor cause or permit Guarantor, any other Loan Party, or any Affiliate of the foregoing to, contest, oppose or object to any
motion made by Lender to obtain relief from the automatic stay or seek to reinstate the automatic stay in connection with a proceeding
under the Bankruptcy Code or under any other federal, state or foreign insolvency law involving any Guarantor.

 

(b)          To
the extent permitted by applicable Legal Requirements, neither Borrower nor Leasehold Pledgor shall, nor cause or permit any Guarantor,
or any other Loan Party or any Affiliate of the foregoing to, provide, originate, acquire an interest in or solicit (in writing)
or accept from any Guarantor or any Affiliate of any Guarantor, any debtor-in-possession financing on behalf of any Guarantor in
the event that any Guarantor is the subject of a proceeding under the Bankruptcy Code or under federal, state or foreign insolvency
law involving any Guarantor.

 

Section 4.37        Portland
Property. On or before December 31, 2020, Borrower shall (a) release the Portland
Property pursuant to Section 2.5.2, or (b) have caused the applicable Owner to have extended the term of the Franchise Agreement
for the Portland Property for a term ending no earlier than February 27, 2027 or (c) caused the applicable Owner to have entered
into a replacement Franchise Agreement with an Approved Brand for the Portland Property in accordance with the terms of this Agreement
and having a term ending no earlier than February 27, 2027.

 

Section 4.38         Non-Conforming
Properties. Borrower shall, or shall cause Owner to, cause any Non-Conforming
Properties to be classified as “conforming” or “legal non-conforming” as to parking by the earlier to
occur of (a) the Maturity Date and (b) the date required by any applicable Governmental Authority, which compliance may be evidenced
by delivery of a zoning report stating the same.

 

Section
4.39      Notices. Borrower shall give notice, or cause notice to
be given, to Lender, promptly upon the occurrence of (a) any event of default (beyond any applicable notice and cure periods
contained therein) on the part of Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating
Lessee, any SPC Party or any Leasehold Pledgor, under any Major Contract or on the part of Borrower under any Contractual
Obligation (if any), or (b) Borrower obtaining knowledge of any default under any Major Contract or Contractual Obligation
(if any) that would reasonably be expected to have an to have a material adverse effect on the applicable Individual Property
or the use or operation thereof or on Borrower, any Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Individual Owner, any Operating Lessee or any SPC Party.

 

Section 4.40         Limitation
on Securities Issuance. No Individual Owner, Operating Lessee, Mezzanine A
Borrower, Mezzanine A Leasehold Pledgor, SPC Party, Leasehold Pledgor or Borrower shall issue any limited liability company interests,
limited partnership interests, general partnership interests, capital stock interests or other securities other than those that
have been issued as of the date hereof.

 

    	 	-123-	Mezzanine B Loan Agreement

     

    

 

Article
5

INSURANCE, CASUALTY AND CONDEMNATION

 

Section 5.1           Insurance.

 

5.1.1     Insurance
Policies.

 

(a)          Borrower,
at its sole cost and expense (or at Owner’s sole cost and expense), shall cause Owner to obtain and maintain the insurance
policies required by the Mortgage Loan Documents (notwithstanding whether the Mortgage Loan may have been repaid in full), which
policies provide at least the following coverages:

 

(i)          Property
insurance against loss or damage by hail, wind (including named storms), fire, lightning and such other perils as are included
in a standard “special form” policy or “all-risk” policy, and against loss or damage by all other risks
and hazards covered by a standard extended coverage insurance policy, with no exclusion for damage or destruction caused by acts
of terrorism (or, subject to Section 5.1.1(i) below, standalone coverage with respect thereto) riot and civil commotion,
vandalism, malicious mischief, burglary and theft (A) in an amount equal to one hundred percent (100%) of the “Full
Replacement Cost” of the Properties, which for purposes of this Agreement shall mean actual replacement value (exclusive
of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) to be written
on a no coinsurance form or containing an agreed amount endorsement with respect to the Improvements and personal property at the
Properties waiving all co-insurance provisions; (C) providing for no deductible in excess of $250,000, except for windstorm,
flood and earthquake, which shall not exceed 5% of the total insurable value of the affected Properties; and (D) containing “Ordinance
or Law Coverage” if any of the Improvements or the use of the Properties or any Individual Property shall at any
time constitute legal non-conforming structures or uses, and compensating for loss to the undamaged portion of the building (with
a limit equal to replacement cost), the cost of demolition and the increased costs of construction, each in amounts as reasonably
required by Lender. In addition, Borrower shall cause Owner to obtain: (y) if any portion of the Improvements or Personal
Property is currently or at any time in the future located in a federally designated special flood hazard area (“SFHA”),
flood hazard insurance covering all such Improvements and/or Personal Property located in the SFHA in an amount equal to (1) the
maximum amount of building and, if applicable, contents insurance available under the National Flood Insurance Act of 1968, the
Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such
additional coverage as Lender shall require; and (z) earthquake insurance in amounts and in form and substance satisfactory to
Lender, provided that the insurance pursuant to clauses (y) and (z) hereof shall otherwise be on terms consistent with the
comprehensive all risk insurance policy required under this subsection (i);

 

    	 	-124-	Mezzanine B Loan Agreement

     

    

 

(ii)         commercial
general liability insurance, coverages against claims for personal injury, bodily injury, death or property damage occurring upon,
in or about each Individual Property, including liquor liability, such insurance (A) to be on the so-called “occurrence”
form and containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00) per location, with a combined
limit per policy year, excluding umbrella coverage, of not less than Two Million and No/100 Dollars ($2,000,000.00) per location;
and (B) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations
on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts
to the extent the same is available;

 

(iii)        rental
loss and/or business income interruption insurance (A) with loss payable to Lender; (B) covering all risks required to be covered
by the insurance provided for in subsection (i) above, subsection (vi) below and Section 5.1.1(h) below;
(C) covering a period of restoration of twenty-four (24) months and containing an extended period of indemnity endorsement
which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of
income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve
(12) months from the date that the Individual Property is repaired or replaced and operations are resumed, whichever first
occurs, and notwithstanding that the policy may expire prior to the end of such period; and (D) in an amount equal to one
hundred percent (100%) of the projected Gross Revenue (less non-continuing expenses) from the Individual Property for a period
of twenty-four (24) months. The amount of such business income insurance shall be determined prior to the date hereof and
at least once each year thereafter based on Borrower’s reasonable estimate of the Gross Revenue (less non-continuing expenses)
from each Individual Property for the succeeding twenty-four (24) month period;

 

(iv)        at
all times during which structural construction, repairs or alterations are being made with respect to any Improvements, and only
if the property and liability coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability
insurance covering claims related to the construction, repairs or alterations being made which are not covered by or under the
terms or provisions of the commercial general liability and umbrella liability insurance policy required herein this Section
5.1.1(a); and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk
completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i)
above, (3) including permission to occupy the Individual Property, and (4) with an agreed amount endorsement waiving
co-insurance provisions;

 

(v)         workers’
compensation, subject to the statutory limits of the state in which each Individual Property is located, and employer’s liability
insurance with limits which are required from time to time by Lender in respect of any work or operations on or about any Individual
Property, or in connection with the Properties or their operation (if applicable);

 

(vi)        comprehensive
boiler and machinery/equipment breakdown insurance, if applicable, in amounts as shall be reasonably required by Lender on terms
consistent with the commercial property insurance policy required under subsection (i) above;

 

    	 	-125-	Mezzanine B Loan Agreement

     

    

 

(vii)       umbrella
liability insurance in addition to primary coverage in an amount not less than One Hundred Million and No/100 Dollars ($100,000,000.00)
per occurrence, per location, on terms consistent with the commercial general liability insurance policy required under subsection
(ii) above and subsection (viii) below;

 

(viii)      motor
vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles and including garage keeper
liability, containing minimum limits per occurrence, including umbrella coverage, with limits which are reasonably required from
time to time by Lender (if applicable);

 

(ix)         [reserved];

 

(x)          insurance
against employee dishonesty with respect to any employees of Borrower in an amount acceptable to Lender with a deductible not greater
than Twenty Five Thousand and No/100 Dollars ($25,000.00); and

 

(xi)         upon
sixty (60) days’ notice, such other reasonable insurance and in such commercially reasonable amounts as Lender from
time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for properties
similar to the Properties located in or around the regions in which the Properties are located.

 

(b)          All
insurance provided for in Section 5.1.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies”
or in the singular, the “Policy”) and shall be subject to the reasonable approval of Lender as to form
and substance, including insurance companies, amounts, deductibles, loss payees and insureds. Not less than ten (10) days
prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies
(and, upon the written request of Lender, copies of such Policies) accompanied by evidence satisfactory to Lender of payment of
the premiums then due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender.
Notwithstanding the foregoing, as a condition of permitting the payment of the Insurance Premiums to be financed through a third-party
premium financing company under a premium finance agreement (“Premium Finance Agreement”) (A) Borrower
shall submit to Lender evidence of payment of each and every installment due under the Premium Finance Agreement as each installment
becomes due and payable, and (B) in the event the Mortgage Loan and the Mezzanine Loan have been repaid in full, the premium financing
company shall have agreed to provide Lender with notice in the event of cancellation of the Policies that are subject to the Premium
Finance Agreement.

 

(c)          Any
blanket insurance Policy shall be subject to Lender approval and shall otherwise provide the same protection as would a separate
Policy insuring only the Properties in compliance with the provisions of Section 5.1.1(a) (any such blanket policy, an “Acceptable
Blanket Policy”); provided further that, with respect to earthquake insurance required herein, if the properties
are insured under a blanket policy, such earthquake insurance shall be in an amount equal to the aggregate exceedance probability
gross loss estimates for a 475-year return period as indicated by a portfolio seismic risk analysis of all high risk locations
covered by such earthquake insurance, including the Properties. Such analysis shall be approved by Lender and secured by the applicable
Borrower utilizing the most current RMS software (or its equivalent) and to include consideration of loss amplification and business
interruption. Borrower shall notify Lender of any material changes to the blanket policy and associated limits under the policy
as of Closing Date or an aggregation of the insured values covered under the blanket policy, including the addition of locations
subject to the perils of flood, wind/named storm and earthquake or the reduction of flood, wind/named storm and/or earthquake limits,
and such changes shall be subject Lender’s approval.

 

    	 	-126-	Mezzanine B Loan Agreement

     

    

 

(d)          All
Policies of insurance provided for or contemplated by Section 5.1.1(a) shall name Borrower as a named insured and,
with respect to the Policies of liability insurance, except for the Policies referenced in Section 5.1.1(a)(v) and (viii),
shall name Lender and its successors and/or assigns as the additional insured, as its interests may appear, and in the case of
Policies of property insurance, including but not limited to special form/all-risk, boiler and machinery, terrorism, windstorm,
flood and earthquake insurance, shall contain a standard non-contributing mortgagee clause in favor of Mortgage Lender providing
that the loss thereunder shall be payable to Mortgage Lender unless below the threshold for Borrower to handle such claim without
Lender intervention as provided in Section 5.2 below. Additionally, if Owner obtains property insurance coverage in addition
to or in excess of that required by Section 5.1.1(a)(i), then such insurance policies shall also contain a standard non-contributing
mortgagee clause in favor of Mortgage Lender providing that the loss thereunder shall be payable to Mortgage Lender.

 

(e)          All
Policies of insurance provided for in Section 5.1.1(a) shall:

 

(i)          with
respect to the Policies of property insurance, contain clauses or endorsements to the effect that, (1) no act or negligence of
Borrower, Mezzanine A Borrower, Owner or anyone acting for Borrower, Mezzanine A Borrower, Owner or of any Tenant or other occupant,
or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part
thereof, or foreclosure or similar action, shall in any way affect the validity or enforceability of the insurance insofar as Lender
is concerned, (2) the Policies shall not be cancelled without at least 30 days’ written notice to Lender, except ten (10)
days’ notice for non-payment of premium and (3) the issuer(s) of the Policies shall give written notice to Lender if the
issuers elect not to renew the Policies prior to its expiration;

 

(ii)         with
respect to all Policies of liability insurance, if obtainable by Borrower using commercially reasonable efforts, contain clauses
or endorsements to the effect that, (1) the Policy shall not be canceled without at least thirty (30) days’ written
notice to Lender and any other party named therein as an additional insured (other than in the case of non-payment in which case
only ten days’ prior notice, or the shortest time allowed by applicable Legal Requirement (whichever is longer), will be
required) and (2) the issuers thereof shall give notice to Lender if the issuers elect not to renew such Policies prior to its
expiration. If the issuers cannot or will not provide notice, the Borrower shall be obligated to provide such notice; and

 

(iii)        not
contain any clause or provision that would make Lender liable for any Insurance Premiums thereon or subject to any assessments
thereunder.

 

(f)          If
at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender
shall have the right without notice to Borrower, to take such action or obtain such insurance as Lender reasonably deems necessary
to protect its interest in the Collateral, the Mezzanine A Collateral and the Properties, including the obtaining of such insurance
coverage as Lender in its sole discretion deems appropriate, and all premiums incurred by Lender in connection with such action
or in obtaining such insurance and keeping it in effect shall be paid by Borrower, Mezzanine A Borrower or Owner to Lender upon
demand and until paid shall be secured by the Pledge Agreement and shall bear interest at the Default Rate.

 

    	 	-127-	Mezzanine B Loan Agreement

     

    

 

(g)          In
the event of foreclosure of the Pledge Agreement or other transfer of title to the Collateral in extinguishment in whole or in
part of the Obligations, all right, title and interest of Borrower, Mezzanine A Borrower and Owner in and to the Policies then
in force concerning the Properties and all proceeds payable thereunder with respect to the Properties shall thereupon vest in the
purchaser at such foreclosure, Mortgage Lender, Mezzanine A Lender or Lender or other transferee in the event of such other transfer
of title.

 

(h)          The
property insurance, commercial general liability, umbrella liability insurance and rental loss and/or business interruption insurance
required under Sections 5.1.1(a)(i), (ii), (iii) and (vii) above shall cover perils of terrorism and
acts of terrorism (or at least not specifically exclude same) and Borrower shall cause Owner to maintain property insurance, commercial
general liability, umbrella liability insurance and rental loss and/or business interruption insurance for loss resulting from
perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 5.1.1(a)(i), (ii),
(iii) and (vii) above (or at least not specifically excluding same) at all times during the term of the Loan.

 

(i)          Notwithstanding
anything in subsection (a)(i) or (h) above to the contrary, Borrower shall be required to obtain and maintain (or cause
Owner to obtain and maintain) coverage in its property insurance Policy (or by a separate Policy) against loss or damage by terrorist
acts in an amount equal to 100% of the “Full Replacement Cost” of the Properties plus the rental loss and/or business
interruption coverage under subsection (a)(iii) above; provided that such coverage is commercially available. In the event
that such coverage with respect to terrorist acts is not included as part of the “all risk” property policy required
by subsection (a)(i) above, Borrower shall, nevertheless be required to obtain (or cause Owner to obtain) coverage for terrorism
(as standalone coverage) in an amount equal to 100% of the “Full Replacement Cost” of the Properties plus the rental
loss and/or business interruption coverage under subsection (a)(iii) above; provided that such coverage is commercially
available. Borrower shall obtain the coverage required under this clause (i) from a carrier which otherwise satisfies the
rating criteria specified in Section 5.1.2 below (a “Qualified Carrier”) or in the event that
such coverage is not available from a Qualified Carrier, Borrower shall obtain (or cause Owner to obtain) such coverage from the
highest rated insurance company providing such coverage. For so long TRIPRA is in effect and continues to cover both foreign and
domestic acts, Lender shall accept terrorism insurance with coverage against acts which are “certified” within the
meaning of TRIPRA.

 

(j)          Each
commercial general liability or umbrella liability Policy with respect to the Properties shall name Lender as an additional insured
and shall contain a cross liability/severability endorsement in form and substance acceptable to Lender.

 

    	 	-128-	Mezzanine B Loan Agreement

     

    

 

5.1.2           Insurance
Company. All Policies required pursuant to Section 5.1.1 (i) shall
be issued by companies approved to do business in the states where the Properties are located, with (1) a financial strength and
claims paying ability rating of (x) “A” or better by S&P and (y) “A2” or better by Moody’s,
to the extent Moody’s rates the Securities and rates the applicable insurer (provided, however for multi-layered policies,
(A) if four (4) or fewer insurance companies issue the Policies, then at least seventy-five percent (75%) of the insurance coverage
represented by the Policies must be provided by insurance companies with a rating of “A” or better by S&P and
“A2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the applicable insurer,
with no remaining carrier below “BBB” by S&P and “Baa2” or better by Moody’s, to the extent
Moody’s rates the Securities and rates the applicable insurer, or (B) if five (5) or more insurance companies issue the
Policies, then at least sixty percent (60%) of the insurance coverage represented by the Policies must be provided by insurance
companies with a rating of “A” or better by S&P and “A2” or better by Moody’s, to the extent
Moody’s rates the Securities and rates the applicable insurer, with no remaining carrier below “BBB” and “Baa2”
or better by Moody’s, to the extent Moody’s rates the Securities and rates the applicable insurer, and (2) a rating
of A:X or better by A.M. Best; (ii) shall, with respect to all property insurance policies and rental loss and/or business
interruption insurance policies, contain a Standard Mortgagee Clause/Lender’s Loss Payable Endorsement, or their equivalents,
naming Lender as the person to whom all payments made by such insurance company shall be paid; (iii) shall contain a waiver
of subrogation against Lender; (iv) shall contain such provisions as Lender deems reasonably necessary or desirable to protect
its interest including endorsements providing (A) that neither Borrower, Mezzanine A Borrower, Owner, Lender nor any other
party shall be a co-insurer under said Policies, and (B) except as otherwise permitted herein, for a deductible per loss
acceptable to Lender but in no event in an amount greater than that which is customarily maintained by prudent owners of properties
with a standard of operation and maintenance comparable to and in the general vicinity of the Properties and as is generally allowed
by prudent institutional commercial mortgage lenders originating comparable mortgage loans for securitization; and (v) shall
be satisfactory in form and substance to Lender and shall be approved by Lender as to amounts, form, risk coverage, deductibles,
loss payees and insureds. In addition to the insurance coverages described in Section 5.1.1 above, Borrower shall obtain
(or cause Owner to obtain) such other insurance as may from time to time be required by Lender in order to protect its interests.
Complete copies of the Policies shall be delivered to Lender at the address below (or to such other address or Person as Lender
shall designate from time to time by notice to Borrower) on the date hereof with respect to the current Policies and within thirty
(30) days after the effective date thereof with respect to all renewal Policies:

 

Morgan Stanley Bank, N.A.

1585 Broadway, 25th Floor

New York, New York 10036

Attention: George Kok

 

Borrower shall cause Owner to pay the Insurance
Premiums annually in advance as the same become due and payable and shall furnish to Lender evidence of the renewal of each of
the Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory
to Lender (provided, however, that Borrower shall not be required to pay such Insurance Premiums nor furnish such evidence of payment
to Lender in the event that the amounts required to pay such Insurance Premiums have been deposited into the Insurance Account
pursuant to Section 6.4 of the Mortgage Loan Agreement or any Insurance Account pursuant to Section 6.4 of the Mezzanine A Loan
Agreement). Within thirty (30) days after request by Lender, Borrower shall obtain (or cause Owner to obtain) such increases
in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in the
value of money over time, changes in liability laws, changes in prudent customs and practices.

 

    	 	-129-	Mezzanine B Loan Agreement

     

    

 

Section 5.2           Casualty.
If any Individual Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower or Leasehold Pledgor shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, subject to Borrower’s
rights under Section 2.4.4(c) and Section 2.5.3 hereof, Borrower or Leasehold Pledgor, regardless of whether insurance
proceeds are available, shall proceed to restore, repair, replace or rebuild such Individual Property (or cause Owner to restore,
repair, replace or rebuild such Individual Property) in accordance with Legal Requirements to be of at least equal value and of
substantially the same character as prior to such damage or destruction as soon as reasonably practicable (but in no event later
than one hundred twenty (120) days after such Casualty. Lender may, but shall not be obligated to make proof of loss if not made
promptly by Borrower or Owner. In addition, Lender may, subject to the rights of Mortgage Lender and Mezzanine A Lender, participate
in any settlement discussions with any insurance companies (and shall approve any final settlement) (i) if an Event of Default
is continuing or (ii) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are
equal to or greater than the Alteration Threshold with respect to the affected Individual Property, and Borrower shall deliver
(or cause Owner to deliver) to Lender all instruments required by Lender to permit such participation. Provided no Event of Default
is continuing, and subject to the rights of Mortgage Lender and Mezzanine A Lender, in the event of a Casualty where Net Proceeds
or the costs of completing the Restoration are two percent (2%) of the Allocated Loan Amount of any Individual Property or less,
Borrower, notwithstanding Section 5.4, may directly obtain and apply the Net Proceeds; provided that such Net Proceeds
must be used towards the Restoration in accordance with the terms hereof. Except as set forth in the foregoing sentence, any Insurance
Proceeds in connection with any Casualty (whether or not Lender elects to settle and adjust the claim or Borrower or Leasehold
Pledgor causes Owner or Operating Lessee to settle such claim) shall be due and payable solely to Mortgage Lender and held by
Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement. In the event Borrower, Leasehold Pledgor, Owner,
Operating Lessee or any party other than Lender is a payee on any check representing Insurance Proceeds with respect to any Casualty,
Borrower or Leasehold Pledgor shall immediately endorse (or cause Owner or Operating Lessee, as applicable, to immediately endorse),
and cause all such third parties to endorse, such check payable to the order of Lender, subject to the rights of Mortgage Lender
under the Mortgage Loan Documents and Mezzanine A Lender under the Mezzanine A Loan Documents. Borrower and Leasehold Pledgor
each hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to endorse any such check payable to
the order of Lender, subject to the rights of Mortgage Lender and Mezzanine A Lender. Borrower and Leasehold Pledgor each hereby
release Lender from any and all liability with respect to the settlement and adjustment by Lender of any claims in respect of
any Casualty.

 

    	 	-130-	Mezzanine B Loan Agreement

     

    

 

Section 5.3           Condemnation.
Borrower shall promptly give Lender notice of the actual or threatened (in writing) commencement of any proceeding for the Condemnation
of all or any portion of any Individual Property and shall deliver to Lender copies of any and all papers served in connection
with such proceedings. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents and Mezzanine A Lender under
the Mezzanine A Loan Documents, Lender may participate in any such proceedings, and Borrower shall from time to time deliver to
Lender all instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute (or
cause Mezzanine A Borrower and Owner to diligently prosecute) any such proceedings, and shall consult with Lender, its attorneys
and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any
public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of
or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided
for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received
and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall
not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award
interest at the rate or rates provided herein or in the Note. If any Individual Property or any portion thereof is taken by a
condemning authority, Borrower or Leasehold Pledgor shall promptly commence and diligently prosecute the Restoration of such Individual
Property (or cause Owner or Operating Lessee to promptly commence and diligently prosecute the Restoration of such Individual
Property) and otherwise comply with the provisions of Section 5.4, whether or not an Award is available to pay the costs
of such Restoration. If such Individual Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of
the Award, Lender shall have the right, subject to the rights of Mortgage Lender and Mezzanine A Lender and whether or not a deficiency
judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay
the Debt.

 

Section 5.4           Restoration.
In any case where Net Proceeds are applied towards Restoration under the Mortgage Loan Agreement or the Mezzanine A Loan Agreement,
Borrower or Leasehold Pledgor shall provide, or cause Owner or Operating Lessee to provide, to Lender copies of the plans and
specifications, architect’s certificates, waivers of lien, contractor’s sworn statements, plans, bonds, plats of survey
and such other documents as Lender may reasonably request, to the extent delivered to Mortgage Lender or Mezzanine A Lender, as
applicable. In the event the Mortgage Loan and the Mezzanine A Loan are paid in full, the provisions of Section 5.4 of the Mortgage
Loan Agreement and the provisions of Section 5.4 of the Mezzanine A Loan Agreement as in effect on the date hereof (subject to
any amendments approved in writing by Lender) shall be deemed to have been incorporated herein, and Borrower, Leasehold Pledgor
and Lender shall each have the same rights and obligations with respect to Net Proceeds, availability of funds, claims adjustments
and the Restoration of the Properties, as previously existed between Owner, Operating Lessee and Mortgage Lender.

 

Article
6

CASH MANAGEMENT AND RESERVE FUNDS

 

Section 6.1           Cash
Management Arrangements. Borrower or Leasehold Pledgor shall cause Owner or
Operating Lessee, as applicable, to cause all Rents to be deposited and applied in accordance with the Mortgage Loan Documents,
and to otherwise fully comply with each of the covenants of Owner and Operating Lessee set forth in Article 6 of the Mortgage
Loan Agreement, as in effect as of the date hereof, notwithstanding any waiver or future amendment of such covenants (unless Lender
shall have given its prior written consent to any such waiver or amendment). Upon the occurrence and during the continuance of
a Trigger Period, Borrower shall deposit or cause to be deposited, on or prior to each Monthly Payment Date all funds required
to be paid to lender pursuant to Section 2.3.1 hereof in an Eligible Account at the Deposit Bank (the “Deposit
Account”) which shall be under the sole dominion and control of Lender. All funds deposited by the Deposit Bank
into the Deposit Account shall be deemed to be a distribution from (a) Owner to Borrower or Leasehold Pledgor, as applicable,
or (b) to the extent such Owner is a limited partnership, from such Owner to the general partner of Owner and from the general
partner of such Owner to Borrower or Leasehold Pledgor, as applicable, and in each case shall be applied and disbursed in accordance
with this Agreement. Lender may also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts
(and may be ledger or book entry accounts and not actual accounts) (the Deposit Account and such subaccounts are collectively
referred to herein as “Accounts”). The Deposit Account and all other Accounts will be in the name of
Lender. Borrower shall pay for all expenses of opening and maintaining the Deposit Account and any subaccount thereto.

 

    	 	-131-	Mezzanine B Loan Agreement

     

    

 

Section 6.2           Reserves.
If, at any time during the Term, Mortgage Lender or Mezzanine A Lender is not requiring Owner to make the required deposits required
under Article 6 of the Mortgage Loan Agreement (or the Mortgage Loan and the Mezzanine A Loan have been refinanced or otherwise
repaid in full in accordance with the terms of this Agreement), then Lender shall have the right, at its option, to require Borrower
to make such required deposits to Lender to be held in Eligible Accounts (the “Reserve Accounts”), in
which case such deposits shall be made by Borrower and disbursed by Lender substantially in accordance with the provisions of
such applicable sections of the Mortgage Loan Agreement as in effect as of the date hereof, notwithstanding any waiver or future
amendment of such covenants (unless Lender shall have given its prior written consent to any such waiver or amendment).

 

Section 6.3           Income
Taxes; Interest. Borrower shall report on its federal, state, commonwealth, district and local income tax returns all
interest or income accrued on the Funds. The Funds shall earn interest at a rate commensurate with the rate of interest paid from
time to time on money market accounts at a commercial bank selected by Lender in its sole discretion from time to time, with interest
credited monthly to such Funds. All earnings or interest on each of the Funds shall be added to and disbursed in the same manner
and under the same conditions as the principal sum on which said interest accrued.

 

Section 6.4           Prohibition
Against Further Encumbrance. Borrower shall not, without the prior consent
of Lender, further pledge, assign or grant any security interest in the Funds or the Accounts or permit any Lien or encumbrance
to attach thereto or any levy to be made thereon or any UCC-1 financing statements to be filed with respect thereto, except those
naming Lender as the secured party.

 

Section 6.5           Property
Cash Flow Allocation.

 

6.5.1     Order
of Priority of Funds in Deposit Account. On each Business Day during a Trigger
Period, except during the continuance of an Event of Default, all funds deposited into the Mortgage Deposit Account shall be applied
as set forth in the Mortgage Loan Agreement.

 

6.5.2     Failure
to Make Payments. The failure of sufficient amounts to be deposited into the Mortgage Deposit Account in order to be able
to disburse all amounts required under clause (xii) of Section 6.11.1 of the Mortgage Loan Agreement in full on the following
Monthly Payment Date shall, subject to applicable cure periods set forth in Article VIII, constitute an Event of Default
under this Agreement; provided, however, if adequate funds are available in the Mortgage Deposit Account for such
payments, the failure by the Deposit Bank to allocate such funds into the appropriate Accounts shall not constitute an Event of
Default.

 

    	 	-132-	Mezzanine B Loan Agreement

     

    

 

6.5.3     Application
After Event of Default. Notwithstanding anything to the contrary contained
in this Article 6, upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may withdraw
the Funds and any other funds of Borrower then in the possession of Lender, Servicer or on deposit in the Deposit Account with
Deposit Bank and apply such funds to the items to the payment of the Debt in such order, proportion and priority as Lender may
determine in its sole discretion. Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to
all other rights and remedies provided to Lender under the Loan Documents, but subject to the limitations in Section 6.11.3 of
the Mortgage Loan Agreement.

 

Section 6.6           Security
Interest in Reserve Funds. As security for payment of the Debt and the performance
by Borrower and Leasehold Pledgor of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges
and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to the
funds in the Accounts and the Reserve Accounts (the “Funds”). The Funds shall be under the sole dominion
and control of Lender. The Funds shall not constitute a trust fund and may be commingled with other monies held by Lender. Upon
repayment in full of the Debt, all remaining funds in the Accounts, if any, shall be paid to the Borrower.

 

Section 6.7           Cash
Management Agreement Upon Repayment of Mortgage Loan and Mezzanine A Loan.
In the event that each of the Mortgage Loan and Mezzanine A Loan has been fully repaid and the Loan has not been fully repaid,
then Borrower and Leasehold Pledgor shall, and shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating
Lessee to, enter into a cash management agreement with Lender, in form and substance reasonably satisfactory to Lender (the “Replacement
Cash Management Agreement”), that shall require, among other things, that Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee establish certain accounts and reserves, and pledge such
accounts and reserves to Lender as additional collateral for the Loan, such that Lender has the same legal and economic rights
and remedies as Mortgage Lender has under the cash management and reserve provisions of the Mortgage Loan Documents, including
without limitation, the Cash Management Agreement and Article 6 of the Mortgage Loan Agreement and Mezzanine A Lender has under
the cash management and reserve provisions of the Mezzanine A Loan Documents, including without limitation, the Cash Management
Agreement and Article 6 of the Mezzanine A Loan Agreement. Until such time as the Replacement Cash Management Agreement has been
fully-executed, Borrower and Leasehold Pledgor shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating
Lessee to continue to comply with the cash management and reserve provisions of the Mortgage Loan Documents and the Mezzanine
A Loan Documents notwithstanding the repayment of the Mortgage Loan and the Mezzanine A Loan, provided that such performance by
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee shall be in favor of Lender rather than Mortgage
Lender or Mezzanine A Lender, as applicable.

 

    	 	-133-	Mezzanine B Loan Agreement

     

    

 

Article
7

PERMITTED TRANSFERS

 

Section 7.1          Loan
Assumption.

 

(a)          Notwithstanding
anything to the contrary contained in this Agreement or any of the other Loan Documents, from and after the earlier to occur of
(i) ten (10) Business Days after the Securitization of the Loan or (ii) four (4) months after the Closing Date, Borrower shall
have the right to convey all of the Collateral to a new borrower (the “Transferee Borrower”) and have
the Transferee Borrower assume all of Borrower’s obligations under this Agreement and the Loan Documents, and have one or
more Replacement Guarantors assume all of the obligations of Guarantor under the Loan Documents from and after the date of such
assumption (collectively, a “Permitted Direct Assumption”), provided that the following conditions are
satisfied (either prior to, or contemporaneously with, the closing of such Permitted Direct Assumption):

 

(i)          No
Event of Default shall be continuing as of the date of the closing of the Permitted Direct Assumption;

 

(ii)         Borrower
shall have provided Lender with not less than thirty (30) days’ prior written notice of the Permitted Direct Assumption,
and if Lender’s consent and a Rating Agency Confirmation is not required pursuant to clause (iii) below, such notice
shall include information establishing and Borrower and Transferee Borrower certifying that Transferee Borrower is (A) a Qualified
Transferee, (B) a Person who is Controlled by one or more Qualified Equityholders that either (x) satisfy the Control Party Asset
Threshold and the Experience Threshold or (y) are Pre-Approved Control Parties, and (C) a Person in whom no less than thirty-five
percent (35%) of the equity interests in the aggregate are directly or indirectly owned by one or more Qualified Equityholders;

 

(iii)        Prior
to a Securitization, Lender shall have provided its consent to the Permitted Direct Assumption (not to be unreasonably withheld,
conditioned or delayed if the proposed Transferee Borrower satisfies the Control Party Asset Threshold and the Experience Threshold)
and, from and after a Securitization, Lender shall have received a Rating Agency Confirmation with respect to such Permitted Direct
Assumption, provided that neither Lender’s consent nor a Rating Agency Confirmation shall be required with respect to the
identity of the Transferee Borrower so long as the Transferee Borrower (A) is a Qualified Transferee, (B) a Person who is Controlled
by one or more Qualified Equityholders described in clauses (i), (ii), (iii) or (iv) of the definition
of Qualified Equityholder that either (x) prior to, and immediately after, giving effect to the Permitted Direct Assumption, satisfy
the Control Party Asset Threshold and the Experience Threshold or (y) are Pre-Approved Control Parties, and (C) a Person in whom
no less than thirty-five percent (35%) of the equity interests in the aggregate are directly or indirectly owned by one or more
Qualified Equityholders. In the event that a proposed Transferee Borrower does not meet the test described in the foregoing clauses
(B) and (C), and therefore, Lender’s consent and a Rating Agency Confirmation are required under this clause
(iii), then, for purposes of Lender’s decision whether to grant or withhold its consent, the failure by the proposed
Transferee Borrower to satisfy such test will not be considered presumptive that such proposed Transferee Borrower is not qualified
to own and manage the Collateral; provided, however, that Lender may consider in deciding whether to consent to such proposed Transferee
Borrower, among other things, the assets, net worth and experience of such proposed Transferee Borrower, together with its constituent
owners and controlling parties, and any other matters that Lender reasonably deems relevant;

 

    	 	-134-	Mezzanine B Loan Agreement

     

    

 

(iv)        Transferee
Borrower shall have executed and delivered to Lender customary assumption agreements (the “Assumption Agreement”),
whereby it assumes and agrees to pay the Debt as and when due and shall have assumed the other Obligations of Borrower under the
Loan Documents, subject to the provisions of Section 10.1, and, prior to or concurrently with the closing of such Permitted
Direct Assignment, Transferee Borrower and its direct constituent partners, members or shareholders as Lender may reasonably require,
shall have executed and delivered, without any out-of-pocket cost or expense to Lender, such customary documents, agreements and
other customary deliverables as Lender shall reasonably require to evidence and effectuate said assumption (it being understood
and agreed that none of the documents and agreements described in this paragraph may expand the liabilities or obligations, or
reduce the rights and remedies, of Transferee Borrower relative to those of Borrower immediately prior to the closing of the Permitted
Direct Assumption);

 

(v)         Borrower
and Transferee Borrower shall have furnished any information reasonably requested by Lender related to and for the preparation
of, and shall authorize Lender to file, new fixture filings and financing statements, and fixture filing and financing statement
amendments, to the fullest extent permitted by applicable law;

 

(vi)        Transferee
Borrower shall have furnished to Lender customary documents reasonably satisfactory to Lender evidencing the organization, good
standing, qualification and authority of Transferee Borrower, Replacement Guarantor and the other parties executing the Assumption
Agreement, the replacement guaranty, the replacement environmental indemnity and/or the other documents and agreements required
to be delivered pursuant to the terms of this Section 7.1(a), which documents shall include certified copies of all documents
relating to the organization, formation and good standing of Transferee Borrower and Replacement Guarantor and of the entities,
if any, which are constituent and controlling shareholders, partners or members of Transferee Borrower or Replacement Guarantor,
as applicable;

 

(vii)       where
Transferee Borrower has elected to have Mezzanine A Borrower have Owner exercise the right to replace one or more Managers pursuant
to Section 4.14.2(b) in connection with the Permitted Direct Assumption, Transferee Borrower shall cause Mezzanine A Borrower
to cause Owner to have provided one or more new management agreements with one or more new Managers with respect to the Individual
Properties managed by such replaced Manager(s) in accordance with the requirements of Section 4.14.2(b) hereof and shall
have collaterally assigned to Mortgage Lender as additional security and subordinated to the Lien of the Mortgages each such new
management agreement pursuant to an Assignment of Management Agreement in form and substance substantially similar to the Assignment
of Management Agreement delivered on the Closing Date or otherwise reasonably satisfactory to Mortgage Lender; and, in any event,
the Individual Properties shall be managed by one or more Qualified Managers;

 

(viii)      Transferee
Borrower shall have delivered to Lender, without any out-of-pocket cost or expense to Lender, an endorsement to the UCC Title Insurance
Policy, as modified by the Assumption Agreement, insuring the Lien of the Collateral and naming the Transferee Borrower as owner
of the Collateral, which endorsement must insure that, as of the date of the recording of the Assumption Agreement, the Collateral
will not be subject to any additional exceptions or liens other than those contained in the UCC Title Insurance Policy issued on
the Closing Date and the Permitted Encumbrances;

 

    	 	-135-	Mezzanine B Loan Agreement

     

    

 

(ix)         Transferee
Borrower shall have furnished to Lender, if required by Lender, (x) if the Loan is included in a REMIC Trust, a REMIC Opinion in
form and substance reasonably satisfactory to Lender, (y) an Additional Insolvency Opinion, in form and substance reasonably satisfactory
to Lender, and (z) one or more opinions of counsel reasonably satisfactory to Lender (A) that Transferee Borrower’s formation
documents comply with the single purpose and bankruptcy remote entity requirements set on forth Schedule V, (B) that
the assumption of the Loan has been duly authorized and that the Assumption Agreement and other loan documents required to be delivered
by Transferee Borrower and/or Replacement Guarantor pursuant to this Section 7.1(a) have been duly authorized, executed
and delivered and are valid, binding and enforceable against Transferee Borrower or Replacement Guarantor, as applicable, in accordance
with their terms, (C) that Transferee Borrower and Replacement Guarantor and any entity which is a constituent and controlling
stockholder, member or general partner of Transferee Borrower or Replacement Guarantor, as applicable, have been duly organized,
and are in existence and good standing, (D) as to such other matters as were required in connection with the origination of the
Loan (but instead with respect to the assumption transaction and documentation) and (E) such other opinions as are reasonably required
by Lender or required by any Rating Agency and which are customary in connection with the transfer and assumption of similar loans;

 

(x)          Transferee
Borrower shall have delivered to Lender (A) Patriot Act, OFAC and bankruptcy searches satisfactory to Lender and (B) pending litigation,
judgment, state and federal tax lien and UCC searches reasonably satisfactory to Lender, with respect to (w) Transferee Borrower,
(x) each Replacement Guarantor, (y) any other Person that Controls Transferee Borrower or owns an equity interest in Transferee
Borrower which equals or exceeds ten percent (10%) that did not own an equity interest in Borrower which equals or exceeds ten
percent (10%) on the Closing Date, and (z) any other Person reasonably required by Lender in order for Lender to fulfill its regulatory
compliance guidelines (where such guidelines are of general applicability and are applied without prejudice); provided, however,
that (1) with respect to any bankruptcy search under clauses (x), (y) or (z) above, such search shall be deemed satisfactory if
it evidences that the Replacement Guarantor or other Person, as applicable, is not currently the subject of any bankruptcy proceeding
and has not been subject to any voluntary or involuntary bankruptcy proceeding in the past seven (7) years (other than, in the
case of an involuntary proceeding, as may have been dismissed) and (2) UCC searches shall be deemed to be satisfactory so long
as they do not evidence any security interest in any collateral for the Loan or any security interest in any direct or indirect
equity interest in Transferee Borrower;

 

(xi)         Transferee
Borrower and the Persons that control Transferee Borrower must be able to satisfy all Special Purpose Bankruptcy Remote Entity
(provided that this requirement will only be applicable to Transferee Borrower and any Person, if any, that is a general partner
or managing member of Transferee), ERISA and embargoed persons representations, warranties and covenants in this Agreement, and
the Permitted Direct Assumption shall not result in Borrower or any ERISA Affiliate incurring any liability under Section 4201
of ERISA due to a complete or partial withdrawal, as such terms are defined in Part I of Subtitle E of Title IV of ERISA, from
any Employee Plan that is a “multiemployer plan,” as such term is defined in Section 4001(a)(3) of ERISA;

 

    	 	-136-	Mezzanine B Loan Agreement

     

    

 

(xii)        Transferee
Borrower shall have paid Lender the Assumption Fee and all reasonable, out-of-pocket expenses incurred by Lender in connection
with the Permitted Direct Assumption (whether or not the same is consummated), including any Rating Agency fees (if applicable),
but excluding any servicing or special servicing fees (other than the Assumption Fee);

 

(xiii)       Lender
shall have received a replacement guaranty and environmental indemnity (in form and substance substantially the same as the Guaranty
and Environmental Indemnity, provided, however, that in the case of a Permitted Direct Assumption, such replacement guaranty shall
not include any recourse liability under Section 10.1(ix) or for breach of the representations and covenants set forth in
Schedule V hereof by the predecessor borrower or any affiliates of such predecessor borrower) by one or more replacement
guarantors and indemnitors (A) who in the aggregate, satisfy the Financial Covenants and at least one of which is a Qualified Equityholder
(provided that a replacement guarantor and indemnitor otherwise satisfying clause (iv) of the definition of Qualified Equityholder
shall not be required to satisfy the requirements set forth in clause (A) of the proviso thereto) and (B) each of whom satisfies
the applicable search criteria described in clause (x) above and (C) each of whom owns a direct or indirect interest in
Transferee Borrower and at least one of whom Controls Transferee Borrower (collectively, the “Replacement Guarantor”),
where such Replacement Guarantor has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity
arising only from acts, conditions and events occurring from and after the closing date of the Permitted Direct Assumption;

 

(xiv)      the
Permitted Direct Assumption shall not cause Owner or Operating Lessee to violate or result in a breach of or default under any
Franchise Agreement or Ground Lease where such breach or default, if not cured prior to the expiration of any applicable cure period,
would make the agreement or lease, as applicable, terminable at the option of the franchisor or ground lessor thereunder, and all
requisite consents to such conveyance shall have been obtained from the applicable parties to such Franchise Agreements and Ground
Leases and Lender shall have received satisfactory evidence of the same; provided, however, that Borrower may, on the closing date
of the Permitted Direct Assumption, cause Owner or Operating Lessee to (A) replace any Franchise Agreement by a new Franchise Agreement
in accordance with Section 4.34 hereof and/or (B) replace any Franchise Agreement with a new Franchise Agreement with the
same Franchisor under, and in a form and on the terms, in each case, not materially different than the form and terms of, the replaced
Franchise Agreement if such new Franchise Agreement is required by such Franchisor in connection with the Permitted Direct Assumption;

 

(xv)       Transferee
Borrower shall make any deposits into the Scheduled PIP Reserve Account as may be required under Section 4.34(e) of the
Mortgage Loan Agreement and Section 4.34(e) of the Mezzanine Loan Agreement;

 

(xvi)      the
assumption documentation, legal opinions and organizational documents of Transferee Borrower and any other Person that is required
to be a Special Purpose Bankruptcy Remote Entity under this Agreement (but not the identity of Transferee Borrower or such other
Persons other than as required under clause (iii) above) will be subject to a Rating Agency Confirmation; and

 

    	 	-137-	Mezzanine B Loan Agreement

     

    

 

(xvii)     such
conveyance is permitted under and consummated in compliance with the Mortgage Loan Documents and the Mezzanine A Loan Documents,
and Transferee Borrower shall have delivered evidence reasonably satisfactory to Lender of the same.

 

(b)          Notwithstanding
anything to the contrary contained in this Agreement or any of the other Loan Documents, from and after the earlier to occur of
(i) ten (10) Business Days after the Securitization of the Loan or (ii) four (4) months after the Closing Date, a Transfer of more
than sixty-five percent (65%) of the direct or indirect equity interests in the Mezzanine A Borrower to any entity that is not
a Pre-Approved Control Party or a change of Control in Borrower, in each case that is not otherwise permitted hereunder (such entity,
the “Indirect Transferee”), and the assumption by one or more Replacement Guarantors of all of the obligations
of Guarantor under the Loan Documents from and after the date of such Transfer in connection with such Transfer (collectively,
a “Permitted Indirect Assumption”) shall be permitted under this Agreement and the Loan Documents, provided
that either such transaction is a Permitted Transfer or otherwise the following conditions are satisfied (either prior to, or contemporaneously
with, the closing of such Permitted Indirect Assumption):

 

(i)          No
Event of Default shall be continuing as of the date of the closing of the Permitted Indirect Assumption;

 

(ii)         Borrower
shall have provided Lender with not less than thirty (30) days’ prior written notice of the Permitted Indirect Assumption,
and if Lender’s consent and a Rating Agency Confirmation is not required pursuant to clause (iii) below, such notice
shall include information establishing and Borrower and Indirect Transferee certifying that Indirect Transferee is (A) a Qualified
Transferee, (B) a Person who is Controlled by one or more Qualified Equityholders that either (x) satisfy the Control Party Asset
Threshold and the Experience Threshold or (y) are Pre-Approved Control Parties, and (C) a Person in whom no less than thirty-five
percent (35%) of the equity interests in the aggregate are directly or indirectly owned by one or more Qualified Equityholders;

 

(iii)        Prior
to a Securitization, Lender shall have provided its consent to the Permitted Indirect Assumption (not to be unreasonably withheld,
conditioned or delayed if the proposed Indirect Transferee satisfies the Control Party Asset Threshold and the Experience Threshold)
and, from and after a Securitization, Lender shall have received a Rating Agency Confirmation with respect to such Permitted Indirect
Assumption, provided that neither Lender’s consent nor a Rating Agency Confirmation shall be required so long as the Indirect
Transferee is (A) a Qualified Transferee, (B) a Person who is Controlled by one or more Qualified Equityholders described in clauses
(i), (ii), (iii) or (iv) of the definition of Qualified Equityholder that either (x) prior to, and immediately
after, giving effect to the Permitted Indirect Assumption, satisfy the Control Party Asset Threshold and the Experience Threshold
or (y) are Pre-Approved Control Parties, and (C) a Person in whom no less than thirty-five percent (35%) of the equity interests
in the aggregate are directly or indirectly owned by one or more Qualified Equityholders. In the event that a proposed Indirect
Transferee does not meet the test described in the foregoing clause (B), and therefore, Lender’s reasonable consent
or a Rating Agency Confirmation are required under this clause (iii), then, for purposes of Lender’s decision whether
to grant or withhold its consent, the failure by the proposed Indirect Transferee to satisfy such test will not be considered presumptive
that such proposed Indirect Transferee is not qualified to own a direct or indirect equity interest in Borrower; provided, however,
that Lender may consider in deciding whether to consent to such proposed Indirect Transferee, among other things, the assets, net
worth and experience of such proposed Indirect Transferee, together with its constituent owners and controlling parties, and any
other matters that Lender reasonably deems relevant;

 

    	 	-138-	Mezzanine B Loan Agreement

     

    

 

(iv)        Intentionally
omitted;

 

(v)         Indirect
Transferee shall have furnished to Lender customary documents reasonably satisfactory to Lender evidencing the organization, good
standing, qualification and authority of Indirect Transferee, Replacement Guarantor and the other parties executing the replacement
guaranty, the replacement environmental indemnity and/or the other documents and agreements required to be delivered pursuant to
the terms of this Section 7.1(b), which documents shall include certified copies of all documents relating to the organization,
formation and good standing of Indirect Transferee and Replacement Guarantor and of the entities, if any, which are constituent
and controlling shareholders, partners or members of Indirect Transferee or Replacement Guarantor, as applicable;

 

(vi)        where
Borrower has elected to cause Mezzanine A Borrower to cause Owner exercise the right to replace one or more Managers pursuant to
Section 4.14.2(b) in connection with the Permitted Indirect Assumption, Borrower shall cause Mezzanine A Borrower to cause
Owner to have provided one or more new management agreements with one or more new Managers with respect to the Individual Properties
managed by such replaced Manager(s) in accordance with the requirements of Section 4.14.2(b) hereof and shall have collaterally
assigned to Lender as additional security and subordinated to the Lien of the Mortgage, the Mezzanine A Pledge Agreement and the
Pledge Agreement each such new management agreement pursuant to an Assignment of Management Agreement in form and substance substantially
similar to the Assignment of Management Agreement delivered on the Closing Date or otherwise reasonably satisfactory to Lender;
and, in any event, the Individual Properties shall be managed by one or more Qualified Managers;

 

(vii)       Borrower
shall have furnished to Lender, (y) an Additional Insolvency Opinion, in form and substance reasonably satisfactory to Lender,
and (z) one or more opinions of counsel reasonably satisfactory to Lender (A) that the loan documents, if any, required to be delivered
by Borrower, Indirect Transferee and/or Replacement Guarantor pursuant to this Section 7.1(b) have been duly authorized,
executed and delivered and are valid, binding and enforceable against Borrower, Indirect Transferee (if applicable) or Replacement
Guarantor, as applicable, in accordance with their terms, (B) that Indirect Transferee and Replacement Guarantor and any entity
which is a constituent and controlling stockholder, member or general partner of Indirect Transferee or Replacement Guarantor,
as applicable, have been duly organized, and are in existence and good standing, (C) as to such other matters as were required
in connection with the origination of the Loan with respect to Guarantor and the direct owner of the Borrower and (D) such other
opinions as are reasonably required by Lender or required by any Rating Agency and which are customary in connection with the equity
transfers of borrowers under similar loans;

 

    	 	-139-	Mezzanine B Loan Agreement

     

    

 

(viii)      Borrower
shall have delivered to Lender (A) Patriot Act, OFAC and bankruptcy searches satisfactory to Lender and (B) pending litigation,
judgment, state and federal tax lien and UCC searches reasonably satisfactory to Lender, with respect to (w) Indirect Transferee,
(x) each Replacement Guarantor, (y) any other Person that Controls Borrower or owns an equity interest in Borrower which equals
or exceeds ten percent (10%) that did not own an equity interest in Borrower which equals or exceeds ten percent (10%) on the Closing
Date, and (z) any other Person reasonably required by Lender in order for Lender to fulfill its regulatory compliance guidelines
(where such guidelines are of general applicability and are applied without prejudice); provided, however, that (1) with respect
to any bankruptcy search under clauses (x), (y) or (z) above, such search shall be deemed satisfactory if it evidences that the
Replacement Guarantor or other Person, as applicable, is not currently the subject of any bankruptcy proceeding and has not been
subject to any voluntary or involuntary bankruptcy proceeding in the past seven (7) years (other than, in the case of an involuntary
proceeding, as may have been dismissed) and (2) UCC searches shall be deemed to be satisfactory so long as they do not evidence
any security interest in any collateral for the Loan or any security interest in any direct or indirect equity interest in Borrower;

 

(ix)         Borrower
must continue to, and cause Mezzanine A Borrower and Owner to continue to, satisfy all Special Purpose Bankruptcy Remote Entity
representations, warranties and covenants in this Agreement, and Indirect Transferee and the Persons that control Indirect Transferee
must be able to satisfy all ERISA and embargoed persons representations, warranties and covenants in this Agreement, and the Permitted
Indirect Assumption shall not result in Borrower or any ERISA Affiliate incurring any liability under Section 4201 of ERISA due
to a complete or partial withdrawal, as such terms are defined in Part I of Subtitle E of Title IV of ERISA, from any Employee
Plan that is a “multiemployer plan,” as such term is defined in Section 4001(a)(3) of ERISA;

 

(x)          Borrower
shall have paid Lender the Assumption Fee and all reasonable, out-of-pocket expenses incurred by Lender in connection with the
Permitted Indirect Assumption (whether or not the same is consummated), including any Rating Agency fees (if applicable), but excluding
any servicing or special servicing fees (other than the foregoing Assumption Fee);

 

(xi)         Lender
shall have received a replacement guaranty and environmental indemnity (in form and substance substantially the same as the Guaranty
and Environmental Indemnity) by one or more Replacement Guarantor(s) (A) who in the aggregate, satisfy the Financial Covenants
and at least one of which is a Qualified Equityholder (provided that a replacement guarantor and indemnitor otherwise satisfying
clause (iv) of the definition of Qualified Equityholder shall not be required to satisfy the requirements set forth in clause
(A) of the proviso thereto), (B) each of whom satisfies the applicable search criteria described in clause (viii) above
and (C) each of whom owns a direct or indirect interest in Borrower and at least one of whom Controls Borrower, where such Replacement
Guarantor has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity arising only from acts,
conditions and events occurring from and after the closing date of the Permitted Indirect Assumption; and

 

(xii)        the
Permitted Indirect Assumption shall not violate or result in a breach of or default under any Franchise Agreement or Ground Lease
where such breach or default, if not cured prior to the expiration of any applicable cure period, would make the agreement or lease,
as applicable, terminable at the option of the franchisor or ground lessor thereunder, and all requisite consents to such conveyance
shall have been obtained from the applicable parties to such Franchise Agreements and Ground Leases and Lender shall have received
satisfactory evidence of the same; provided, however, that Borrower may, on the closing date of the Permitted Indirect Assumption,
cause Mezzanine A Borrower to cause Owner to (A) replace any Franchise Agreement by a new Franchise Agreement in accordance with
Section 4.34 hereof and/or (B) replace any Franchise Agreement with a new Franchise Agreement with the same Franchisor under,
and in a form and on the terms, in each case, not materially different than the form and terms of, the replaced Franchise Agreement
if such new Franchise Agreement is required by such Franchisor in connection with the Permitted Indirect Assumption;

 

    	 	-140-	Mezzanine B Loan Agreement

     

    

 

(xiii)       Borrower
shall cause Mezzanine A Borrower or Owner to make any deposits into the Scheduled PIP Reserve Account as may be required under
Section 4.34(e); and

 

(xiv)      such
Transfer is permitted under and consummated in compliance with the Mortgage Loan Documents and the Mezzanine A Loan Documents,
and Borrower shall have delivered evidence reasonably satisfactory to Lender of the same.

 

(c)          Upon
the closing of any Permitted Direct Assumption and satisfaction of the requirements set forth above in Section 7.1(a), Borrower
shall be forever released from any further liability under this Agreement and the other Loan Documents for acts or circumstances
that first arise from and after the date of the closing of the Permitted Direct Assumption, other than those arising out of the
acts of Borrower or its Affiliates.

 

(d)          Upon
the provision of a replacement Guaranty and Environmental Indemnity by a Replacement Guarantor and closing of any Assumption permitted
by this Section 7.1, Guarantor shall be forever released from any further liability under the Guaranty and Environmental
Indemnity on the terms set forth in the Guaranty and Environmental Indemnity, respectively.

 

(e)          If
following an Assumption permitted by this Section 7.1, all or any portion of the equity interests in Borrower or Transferee
Borrower, as applicable, will be owned, directly or indirectly, by a real estate investment trust (within the meaning of Section
856(a) of the Code), then concurrently with such Assumption, Borrower or Transferee Borrower, as applicable, shall have the right
to cause Mezzanine A Borrower to cause Owner to enter into one or more subordinate or replacement operating leases of the Properties
that will produce “rents from real property” for purposes of Section 856(d) of the Code and/or “real property
rents” for purposes of Section 7704 of the Code with one or more newly-formed Special Purpose Bankruptcy Remote Entity(ies)
(with appropriate changes to Schedule V with respect to such entity to account for each such entity’s form
of organization, assets, purpose and business, provided that each such entity shall be a Delaware limited partnership, a Delaware
limited liability company or a Delaware corporation) that will be under common ownership and Control with Borrower and will elect
to be treated as a “taxable REIT subsidiary” under Section 856(l) of the Code (a “TRS Lessee”).
In connection with Borrower or Transferee Borrower, as applicable, causing Mezzanine A Borrower to cause Owner to enter into such
subordinate or replacement operating lease(s) of the Properties with a TRS Lessee, Borrower or Transferee Borrower, as applicable,
may elect notwithstanding any provisions of the Loan Documents to the contrary, to cause Mezzanine A Borrower to cause Owner to
transfer any applicable Franchise Agreement(s), Management Agreement(s) and other contracts, agreements, licenses, permits, instruments
or other assets or obligations of the Owner, as appropriate, to the TRS Lessee (without creating a breach or default thereunder),
or, to the extent such agreements are not transferrable, to cause the TRS Lessee to enter into replacement Franchise Agreements(s)
and/or Management Agreement(s) (with the same third-parties under, and in a form and on the terms, in each case, not materially
different than the form and terms of, the replaced agreements, except to the extent expressly permitted hereunder), or other agreements
(subject to the other terms of this Agreement). Borrower’s or Transferee Borrower’s, as applicable, exercise of the
rights set forth in this paragraph (e) shall be subject to and conditioned upon (i) delivery to Lender of (A) an unconditional
subordination of each operating lease executed by Owner or Transferee Borrower Affiliate subsidiary, as applicable, and TRS Lessee,
(B) a joinder executed by TRS Lessee with respect to the Loan Documents (other than the Note and the Guaranty), (C) documents,
instruments and certificates with respect to TRS Lessee of the same type (with appropriate changes to account for such entity’s
form of organization, assets, purpose and business, provided that each such entity shall be a Delaware limited partnership, a Delaware
limited liability company or a Delaware corporation) as are required to be delivered to Lender with respect to a Transferee Borrower
pursuant to Section 7.1(a) above and (D) such additional documents, instruments and certificates customary for a similar
transaction involving a “taxable subsidiary” both as Lender may reasonably request and in form and substance reasonably
satisfactory to Lender and subject to a Rating Agency Confirmation, and (ii) payment to Lender of its reasonable out-of-pocket
costs and expenses incurred in connection with the foregoing. The parties to each operating lease shall have the right, from time
to time, to amend the percentage rent due thereunder.

 

    	 	-141-	Mezzanine B Loan Agreement

     

    

 

(f)          In
connection with any Assumption permitted by this Section 7.1, upon Borrower’s written request, Lender shall provide
a statement running to the benefit of the Transferee Borrower or the Indirect Transferee, as applicable, and their successors and
assigns, duly acknowledged and certified, setting forth (i) the Outstanding Principal Balance, (ii) the non-default interest rate,
(iii) any amounts due or owing and unpaid under the Loan Documents, (iv) each date installments of interest and/or principal or
any other amounts accruing under the Loan Documents were last paid, as well as a list of any installments of interest or other
amounts accruing under the Loan Documents paid with respect to any period in which the date of the Assumption falls, (v) any offsets
or defenses to the payment and performance of the Obligations, if any, actually known to Lender and (vi) that this Agreement
and the other Loan Documents have not been modified or if modified, giving particulars of such modification. Except with respect
to Lender’s statements relating to clauses (i), (ii) and (iv) above, which statements may be relied upon by Transferee Borrower
or the Indirect Transferee, as applicable, and their successors and assigns, compliance by Lender with the requirements of this
paragraph shall be for informational purposes only and shall not be deemed to be an estoppel by Lender or a waiver of any rights
or remedies of Lender hereunder or under any other Loan Document.

 

Section 7.2           Permitted
Transfers. Notwithstanding anything to the contrary contained in Section 4.2
or elsewhere in this Agreement or any of the other Loan Documents, the following Transfers (herein, the “Permitted
Transfers”) shall be permitted hereunder without Lender’s consent and without a Rating Agency Confirmation
(provided that, for the avoidance of doubt, and notwithstanding anything to the contrary contained herein, except in connection
with the origination of the Mezzanine A Loan and the foreclosure of the Mezzanine A Loan, the direct Transfer of an equity interests
in any Person that constitutes collateral for the Loan or the Mezzanine A Loan shall not be a Permitted Transfer):

 

    	 	-142-	Mezzanine B Loan Agreement

     

    

 

(a)          a
Lease entered into in accordance with the Loan Documents;

 

(b)          an
Assumption in accordance with Section 7.1;

 

(c)          a
Permitted Encumbrance;

 

(d)          any
listing of equity interests in any Guarantor or Qualified Equityholder on the New York Stock Exchange, the Toronto Stock Exchange,
NASDAQ Global Select Market or any other nationally recognized stock exchange or market, and any sale, conveyance, mortgage, grant,
bargain, encumbrance, pledge, assignment or transfer of publicly traded shares or other publicly traded interests in any Guarantor
or any indirect equity owner of any Guarantor;

 

(e)          a
Transfer (but not a mortgage, pledge, hypothecation, encumbrance or grant of a security interest, except as permitted under clause
(g)) or issuance of a direct or indirect interest in any Qualified Equityholder provided that:

 

(i)          after
giving effect to such Transfer, one or more Pre-Approved Control Parties (and, after a Permitted Direct Assumption or Permitted
Indirect Assumption, one or more Qualified Equityholders that acquired their interest in Borrower through such Permitted Direct
Assumption or Permitted Indirect Assumption) shall continue to own at least thirty-five percent (35%) of all equity interests (direct
or indirect) of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and each
SPC Party and Control Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee
and each SPC Party; and

 

(ii)         if
such Transfer would cause any Person (other than any Pre-Approved Control Party), together with its Affiliates, to Control Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee that did not Control Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee prior to such Transfer or to increase
its direct or indirect interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating
Lessee or any SPC Party to an amount which equals or exceeds ten percent (10%) that did not own, together with its Affiliates,
an equity interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee
which equals or exceeds ten percent (10%) prior to such Transfer, then such transferee is a Qualified Transferee and Lender shall
receive not less than fifteen (15) days advance written notice of such Transfer;

 

(iii)        such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and any approvals required under any Franchise Agreement or Ground Lease to
the Transfer have been obtained;

 

    	 	-143-	Mezzanine B Loan Agreement

     

    

 

(iv)        if
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee and such Person did not together with its Affiliates
own more than 49% of the direct or indirect equity interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee prior to such Transfer, Borrower shall have delivered to Lender with respect to such Person
an Additional Insolvency Opinion in form and substance reasonably satisfactory to Lender which Additional Insolvency Opinion satisfies
all then applicable Rating Agency criteria; and

 

(v)         Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer;

 

(f)          provided
that no Event of Default shall then exist, a Transfer (but not a mortgage, pledge, hypothecation, encumbrance or grant of a security
interest, except as permitted under clause (g) below) of Control of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee or any SPC Party or of a direct or indirect interest in Borrower, provided that:

 

(i)          after
giving effect to such Transfer, one or more Qualified Equityholders shall collectively own at least thirty-five percent (35%) of
all equity interests (direct or indirect) of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
Owner, Operating Lessee and each SPC Party;

 

(ii)         after
giving effect to such Transfer, one or more Pre-Approved Control Parties shall collectively Control Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and each SPC Party and

 

(iii)        each
of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and each SPC Party
shall continue to be a Special Purpose Bankruptcy Remote Entity;

 

(iv)        if
such Transfer would cause the transferee (other than any Pre-Approved Control Party), together with its Affiliates, to Control
Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee that did not Control
Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee prior to such Transfer
or to increase its direct or indirect interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
Owner, Operating Lessee or any SPC Party to an amount which equals or exceeds ten percent (10%) that did not own, together with
its Affiliates, an equity interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and
Operating Lessee which equals or exceeds ten percent (10%) prior to such Transfer, then such transferee is a Qualified Transferee
and Lender shall receive not less than thirty (30) days advance written notice of such Transfer;

 

    	 	-144-	Mezzanine B Loan Agreement

     

    

 

(v)         such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and any approvals required under any Franchise Agreement or Ground Lease to
the Transfer have been obtained;

 

(vi)        intentionally
omitted;

 

(vii)       if
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee and such Person did not together with its Affiliates
own more than 49% of the direct or indirect equity interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner or Operating Lessee prior to such Transfer, Borrower shall have delivered to Lender with respect to such Person
an Additional Insolvency Opinion in form and substance reasonably satisfactory to Lender which Additional Insolvency Opinion satisfies
all then applicable Rating Agency criteria; and

 

(viii)      Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer;

 

(g)          (i)
any pledge of an indirect equity interest in the Borrower by a Multi-Asset Person to secure an upper tier corporate or similar
loan facility that is secured by all or a substantial portion of such Multi-Asset Person’s assets; and (ii) any pledge of
a direct or indirect equity interest in a Multi-Asset Person;

 

(h)          provided
no Event of Default shall then exist (unless the Substitute Guarantor arises in connection with a Permitted Transfer among Pre-Approved
Control Parties (or their respective wholly-owned subsidiaries) pursuant to Section 7.2(i)), a Guarantor or a Replacement
Guarantor may be replaced by a Person (the “Substitute Guarantor”), whereupon such Substitute Guarantor
shall be a Replacement Guarantor hereunder, provided that:

 

(i)          there
shall be no change of Control of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating
Lessee or SPC Party as a result of such replacement (unless such Change in Control is otherwise a Permitted Transfer);

 

(ii)         such
Substitute Guarantor already has an indirect equity interest in the Mezzanine A Borrower, or acquires an indirect equity interest
in Borrower pursuant to a Permitted Transfer;

 

(iii)        such
Substitute Guarantor is a Pre-Approved Control Party or a Qualified Transferee;

 

(iv)        such
Substitute Guarantor, together with the remaining Guarantors after such Transfer, satisfy the Financial Covenants as demonstrated
to Lender’s reasonable satisfaction (with such supporting evidence as Lender may reasonable require), and the Guarantors
(and Pre-Approved Control Parties or the related Qualified Equityholder with respect to an Assumption (or Qualified Equityholders,
if there is more than one acquiring Qualified Equityholder at the time of such Assumption)) continue to own at least thirty-five
(35%) percent, and Control Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee
and each SPC Party;

 

    	 	-145-	Mezzanine B Loan Agreement

     

    

 

(v)         such
Substitute Guarantor executes and delivers to Lender a replacement guaranty and environmental indemnity (in form and substance
substantially the same as the Guaranty and Environmental Indemnity, and additionally including the joinder, agreement and reaffirmation
of the Substitute Guarantor and remaining Guarantors of the joint and several liability of the Substitute Guarantor and the remaining
Guarantors thereunder and under the Guaranty and Environmental Indemnity to which they are party), where such Substitute Guarantor
has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity arising only from acts, conditions
and events occurring from and after the date of the replacement;

 

(vi)        Lender
shall have received one or more opinions of counsel to the Substitute Guarantor and remaining Guarantors in form and substance
reasonably satisfactory to Lender (A) that the replacement guaranty and environmental indemnity have been duly authorized, executed
and delivered and are valid, binding and enforceable against each such Substitute Guarantor and remaining Guarantors, in accordance
with their terms, and (B) that such Substitute Guarantor and each remaining Guarantor and any entity which is a constituent and
controlling stockholder, member or general partner of such Substitute Guarantor and each remaining Guarantor, as applicable, have
been duly organized, and are in existence and good standing;

 

(vii)       Lender
shall have received an Additional Insolvency Opinion with respect to such Transfer (if one has occurred), replacement and replacement
guaranty and environmental indemnity, in form and substance reasonably satisfactory to Lender and shall satisfy all then applicable
Rating Agency criteria; and

 

(viii)      Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer
(if one has occurred) and such replacement including any Rating Agency fees;

 

Upon the execution and
delivery of a replacement guaranty and environmental indemnity by a Substitute Guarantor permitted by this Section 7.2(h),
the Guarantor(s) who have been replaced by the Substitute Guarantor shall be forever released from any further liability under
the Guaranty and Environmental Indemnity arising from any circumstance, condition, action or event first occurring after the effective
date of such replacement to the extent the same is not caused by such replaced Guarantor(s); provided, however, that such replaced
Guarantor(s) shall remain liable under the Guaranty and Environmental Indemnity for any obligations thereunder arising from any
action or event occurring prior to the effective date of such replacement and for any actions of such replaced Guarantor.

 

(i)          any
Transfer of direct or indirect equity interests in, and/or Control of, Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner, Operating Lessee and/or any SPC Party among the Pre-Approved Control Parties (including any Transfer
through one or more of their respective wholly-owned and Controlled subsidiaries) provided that:

 

    	 	-146-	Mezzanine B Loan Agreement

     

    

 

(i)          after
giving effect to such Transfer, one or more Pre-Approved Control Parties shall collectively Control Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and each SPC Party;

 

(ii)         Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and each SPC Party shall continue
to be a Special Purpose Bankruptcy Remote Entity;

 

(iii)        intentionally
omitted;

 

(iv)        such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and any approvals required under any Franchise Agreement or Ground Lease to
the Transfer have been obtained;

 

(v)         if
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee and such Person did not own more than 49% of the
direct or indirect equity interest in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or
Operating Lessee on the Closing Date, Borrower shall have delivered to Lender with respect to such Person an Additional Insolvency
Opinion in form and substance reasonably satisfactory to Lender which Additional Insolvency Opinion satisfies all then applicable
Rating Agency criteria;

 

(vi)        Guarantor
(or Substitute Guarantor) shall continue to have an indirect equity interest in the Borrower;

 

(vii)       The
Guarantors (and/or one or more Substitute Guarantors) after such Transfer, shall continue to satisfy the Financial Covenants as
demonstrated to Lender’s reasonable satisfaction (with such supporting evidence as Lender may reasonably require), and the
Pre-Approved Control Parties (which for purposes of this clause (vii) shall include Qualified Equityholders that acquired their
interest in Borrower as a result of a Permitted Direct Assumption or a Permitted Indirect Assumption) continue to own at least
thirty-five (35%) percent, and Control Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner,
Operating Lessee and each SPC Party; and

 

(viii)      Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer;

 

    	 	-147-	Mezzanine B Loan Agreement

     

    

 

(j)          following
an Assumption resulting in two or more Qualified Equityholders, in the aggregate, indirectly owning thirty-five percent (35%) or
more of and Controlling Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee
(each, an “Existing Qualified Equityholder”), a Transfer (but not a mortgage, pledge, hypothecation,
encumbrance or grant of a security interest) of a direct or indirect interest in Borrower from one Existing Qualified Equityholder
to another Existing Qualified Equityholder (the “QEH Transferee”) that results in the QEH Transferee
owning indirectly thirty-five percent (35%) or more of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Owner and Operating Lessee, and/or results in a change of Control of Borrower, Leasehold Pledgor, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or any SPC Party, shall be permitted without Lender’s consent provided
that:

 

(i)          Intentionally
omitted;

 

(ii)         such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and that any approvals required under any Franchise Agreement or Ground Lease
to the Transfer have been obtained;

 

(iii)        If
such Transfer results in no Guarantor Controlling Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
Owner, Operating Lessee or Guarantors not owning, directly or indirectly, in the aggregate at least thirty-five percent (35%) of
the equity interests in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner and Operating Lessee,
then Lender shall have received not less than fifteen (15) days’ notice of such Transfer and a replacement guaranty and environmental
indemnity (in form and substance substantially the same as the Guaranty and Environmental Indemnity) by one or more replacement
guarantors and indemnitors (A) who in the aggregate, satisfy the Financial Covenants and (B) each of whom satisfies the applicable
search criteria described in clause (iv) below and (C) each of whom owns a direct or indirect interest in Transferee Borrower
and at least one of whom Controls Transferee Borrower (collectively, the “QEH Replacement Guarantor”),
where such QEH Replacement Guarantor has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity
arising only from acts, conditions and events occurring from and after the closing date of the Transfer;

 

(iv)        Lender
shall have received (A) Patriot Act, OFAC and bankruptcy searches satisfactory to Lender and (B) pending litigation, judgment,
state and federal tax lien and UCC searches reasonably satisfactory to Lender, with respect to each QEH Replacement Guarantor;
provided, however, that (1) with respect to any bankruptcy search, such search shall be deemed satisfactory if it evidences that
the QEH Replacement Guarantor, if any, is not currently the subject of any bankruptcy proceeding and has not been subject to any
voluntary or involuntary bankruptcy proceeding in the past seven (7) years (other than, in the case of an involuntary proceeding,
as may have been dismissed) and (2) UCC searches shall be deemed to be satisfactory so long as they do not evidence any security
interest in any collateral for the Loan or any security interest in any direct or indirect equity interest in Borrower;

 

    	 	-148-	Mezzanine B Loan Agreement

     

    

 

(v)         If
a QEH Replacement Guarantor is required under paragraph (iii) above Lender shall have received an opinion of counsel in form and
substance reasonably satisfactory to Lender (A) that the replacement guaranty and environmental indemnity have been duly authorized,
executed and delivered and are valid, binding and enforceable against QEH Replacement Guarantor, in accordance with their terms,
and (B) that QEH Replacement Guarantor and any entity which is a constituent and controlling stockholder, member or general partner
of QEH Replacement Guarantor, as applicable, have been duly organized, and are in existence and good standing;

 

(vi)        If
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interests in Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee and such Person did not own more than 49% of the
direct or indirect equity interests in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner
or Operating Lessee prior to such Transfer, Lender shall have received an Additional Insolvency Opinion with respect to the Transfer,
in form and substance reasonably satisfactory to Lender which Additional Insolvency Opinion satisfies all then applicable Rating
Agency criteria;

 

(vii)       Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer
including any Rating Agency fees; and

 

Upon the execution and
delivery of a replacement guaranty and environmental indemnity by a QEH Replacement Guarantor required by this Section 7.2(j),
the Guarantor(s) who have been replaced by the QEH Replacement Guarantor shall be forever released from any further liability under
the Guaranty and Environmental Indemnity arising from any circumstance, condition, action or event first occurring after the closing
date of the Transfer to the extent the same is not caused by such replaced Guarantor(s); provided, however, that such replaced
Guarantor(s) shall remain liable under the Guaranty and Environmental Indemnity for any obligations thereunder arising from any
action or event occurring prior to the closing date of the Transfer.

 

Section
7.3          Cost and Expenses; Copies.

 

(a)          Borrower
shall pay all reasonable costs and expenses of Lender in connection with any Transfer, including, without limitation, all reasonable
fees and expenses of Lender’s counsel, whether internal or outside, and the reasonable cost of any required counsel opinions
related to REMIC (if the Loan is included in a REMIC Trust) or other securitization (if the Loan is otherwise included in a Securitization)
or tax issues and any Rating Agency fees (in the case of any Transfer requiring Rating Agency Confirmation).

 

(b)          Borrower
shall provide Lender with copies of all organizational documents relating to any Permitted Transfer to the extent expressly required
hereunder.

 

Section 7.4          Replacement
Mezzanine Loan. Mezzanine A Borrower shall have a one-time right to enter into not more than one tranche of mezzanine financing
(a “Replacement Mezzanine Financing”) and Mezzanine A Borrower may pledge to the Approved Mezzanine Lender under
such Replacement Mezzanine Financing the direct or indirect equity interests in each Owner as collateral for any such Replacement
Mezzanine Financing; provided that the Replacement Mezzanine Financing is an Approved Mezzanine Loan. In connection with such Replacement
Mezzanine Financing, Lender shall be required to enter into the intercreditor agreement satisfying the requirements of clause (j)
of the definition of Approved Mezzanine Loan (including that such intercreditor is reasonably satisfactory in all respects to Lender).

 

    	 	-149-	Mezzanine B Loan Agreement

     

    

 

Article
8

DEFAULTS

 

Section 8.1          Events
of Default. Each of the following events shall constitute an event of default hereunder (an “Event of Default”):

 

(i)          if
(A) the Obligations are not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest,
and, if applicable, principal due under the Note is not paid in full within two (2) calendar days following the applicable Monthly
Payment Date, (C) any prepayment of principal due under this Agreement or the Note is not paid when due, (D)  the Spread
Maintenance Premium is not paid when due or (E) any deposit to the Mortgage Loan Reserve Funds, the Mezzanine A Loan Reserve Funds
or the Reserve Funds is not made within three (3) calendar days following the required deposit date therefor (provided that it
shall not be an Event of Default under clause (B) or (E) if as of the applicable due date for the payment of such amounts there
are sufficient funds remaining in the Mortgage Deposit Account (other than funds previously allocated to the various Accounts)
to pay such amounts when due and Mortgage Lender’s access to such funds has not been inhibited in any manner whatsoever due
to circumstances or events which are directly related to Borrower or Leasehold Pledgor and no other monetary Event of Default is
then continuing);

 

(ii)         if
any other amount payable pursuant to this Agreement, the Note or any other Loan Document (other than as set forth in the foregoing
clause (i)) is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document,
with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower (provided
that it shall not be an Event of Default under this clause (ii) if as of the applicable due date for the payment of such amounts
there are sufficient funds remaining in the Mortgage Deposit Account (other than funds previously allocated to the various Accounts
(as defined in the Mortgage Loan Agreement)), to pay such amounts when due, no other monetary Event of Default is then continuing,
and the servicer under the Mortgage Loan fails to make such payment in violation of the Mortgage Loan Agreement);

 

(iii)        subject
to Owner’s right to contest as set forth in Section 4.6 of the Mortgage Loan Agreement and Mezzanine A Borrower’s right
to contest as set forth in Section 4.6 of the Mezzanine A Loan Agreement, if any of the Taxes or Other Charges are not paid when
Due and Payable (provided that it shall not be an Event of Default if there are sufficient funds in the Tax Account (as defined
in the Mortgage Loan Agreement) to pay such amounts when due, no other monetary Event of Default is then continuing, and the servicer
under the Mortgage Loan fails to make such payment in violation of the Mortgage Loan Agreement) and such default is not remedied
within ten (10) Business Days;

 

    	 	-150-	Mezzanine B Loan Agreement

     

    

 

(iv)        if
Owner fails to maintain in full force and effect Policies reflecting and satisfying the insurance coverages, amounts and other
requirements set forth in this Agreement, or if certificates evidencing the insurance provided pursuant to the Policies are not
delivered to Lender within five (5) days of Lender’s written request (provided that it shall not be an Event of Default
if (x) such failure results from the failure to timely pay any premium and there are then sufficient funds in the Insurance Account
(as defined in the Mortgage Loan Agreement) to pay such premiums when due, no other monetary Event of Default is then continuing
and (y) the servicer under the Mortgage Loan fails to make such payment in violation of the Mortgage Loan Agreement);

 

(v)         a
voluntary Transfer other than a Permitted Transfer occurs, or any other Transfer which is not a Permitted Transfer, and to which
no other clause of this Section 8.1(a) applies, occurs and is not cured within thirty (30) days following Borrower’s
receipt of written notice of such impermissible Transfer from Lender;

 

(vi)        if
any certification, representation or warranty made by Borrower, Leasehold Pledgor or any Guarantor herein or in any other Loan
Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall
have been false or misleading in any material respect as of the date such representation or warranty was made; provided, however,
that as to any such false or misleading representation or warranty which (a) was unintentionally made to Lender and (b) which can
be made true and correct by action of Borrower or Leasehold Pledgor, Borrower and Leasehold Pledgor shall have a period of thirty
(30) days following written notice thereof to Borrower to undertake and complete all action necessary to make such representation
or warranty, true and correct in all material respects; provided, further, that if the same cannot be cured within such thirty
(30) day period, if Borrower or Leasehold Pledgor commences to take action to cure such breach within such thirty (30) day period
and thereafter diligently and expeditiously proceeds to cure the same, Borrower shall have such additional time as is reasonably
necessary to effect such cure, but in no event in excess of an additional ninety (90) days;

 

(vii)       if
Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Guarantor, any Individual Owner, any Operating
Lessee or any SPC Party shall make an assignment for the benefit of creditors;

 

(viii)      if
a receiver, liquidator or trustee shall be appointed for Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or any SPC Party, or if Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or any SPC Party shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy
law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, Leasehold
Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or any
SPC Party or if any proceeding for the dissolution or liquidation of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or any SPC Party shall be instituted, or if Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee or any SPC Party is substantively
consolidated with any other Person; provided, however, if such appointment, adjudication, petition, proceeding or consolidation
was involuntary and not consented to by Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Guarantor,
such Individual Owner, such Operating Lessee or such SPC Party upon the same not being discharged, stayed or dismissed within ninety
(90) days following its filing;

 

    	 	-151-	Mezzanine B Loan Agreement

     

    

 

(ix)         if
Borrower or Leasehold Pledgor attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest
herein or therein in contravention of the Loan Documents;

 

(x)          if
any of the assumptions contained in the Insolvency Opinion, or in any other non-consolidation opinion delivered to Lender in connection
with the Loan, or in any other non-consolidation opinion delivered subsequent to the closing of the Loan, is or shall become untrue
in any material respect, subject to the cure periods set forth in clauses (xi) and (xii);

 

(xi)         a
breach of the covenants set forth in Sections 4.4; provided, however, such violation or breach shall not constitute an Event
of Default in the event that (1) such violation or breach is not intentional, (2) such violation or breach is immaterial, (3) such
violation or breach shall be remedied in a timely and expedient manner and in any event within not more than 60 days, and (4) within
fifteen (15) Business Days following the request of Lender, but not prior to the date on which such violation or breach shall have
been remedied in accordance with the immediately foregoing clause (3), Borrower delivers to Lender a substantive non-consolidation
opinion, or a modification of the Insolvency Opinion, to the effect that such breach or violation shall not in any way impair,
negate or adversely change the opinions rendered in the Insolvency Opinion, which opinion or modification and any counsel delivering
such opinion or modification shall be acceptable to Lender in its reasonable discretion;

 

(xii)        a
breach by Liquor Subsidiary of the covenants set forth in Section 4 of the Liquor Subsidiary Pledge; provided, however, such
violation or breach shall not constitute an Event of Default in the event that (1) such violation or breach is not intentional,
(2) such violation or breach is immaterial, (3) such violation or breach shall be remedied in a timely and expedient manner and
in any event within not more than 60 days, and (4) within fifteen (15) Business Days following the request of Lender, but not prior
to the date on which such violation or breach shall have been remedied in accordance with the immediately foregoing clause (3),
Borrower delivers to Lender a substantive non-consolidation opinion, or a modification of the Insolvency Opinion, to the effect
that such breach or violation shall not in any way impair, negate or adversely change the opinions rendered in the Insolvency Opinion,
which opinion or modification and any counsel delivering such opinion or modification shall be acceptable to Lender in its reasonable
discretion;

 

(xiii)       a
breach of the covenants set forth in Sections 4.31 or 4.23 hereof;

 

(xiv)      if
at any time the equity interests pledged by Borrower or Leasehold Pledgor pursuant to the Pledge Agreement shall be evidenced by
new, replacement or additional certificates and Borrower or Leasehold Pledgor, as applicable, shall fail to deliver such certificates
to Lender, together with any powers of attorney or membership powers required to be delivered in connection therewith in accordance
with the Pledge Agreement;

 

    	 	-152-	Mezzanine B Loan Agreement

     

    

 

(xv)       subject
to Borrower’s, Mezzanine A Borrower’s and Owner’s right to contest set forth in Section 4.3 of this Agreement,
if any Individual Property becomes subject to any mechanic’s, materialman’s or other Lien except a Permitted Encumbrance
that is not bonded over or otherwise removed or paid within ten (10) Business Days following notice of such breach;

 

(xvi)      the
alteration, improvement, demolition or removal of any material portion of the Improvements without the prior written consent of
Lender, other than in accordance with this Agreement and the Leases at the Individual Properties entered into in accordance with
the Loan Documents;

 

(xvii)     if,
without Lender’s prior written consent, other than in accordance with Section 4.14, (i) any Management Agreement
is terminated, or (ii) there is a material change in any Management Agreement;

 

(xviii)    a
breach of any representation, warranty or covenant contained Section 3.1.18 hereof that is not remedied within the thirty
(30) days following notice of such breach;

 

(xix)       if
Borrower or Leasehold Pledgor breaches any covenant contained in Section 4.9 hereof and such breach continues for ten (10)
Business Days following Lender’s delivery of notice of such breach;

 

(xx)        if
(A) any Individual Owner shall fail in the payment of any rent, additional rent or other charge mentioned in or made payable
by any Ground Lease as and when such rent or other charge is payable (after the expiration of any grace periods afforded Owner
under such Ground Lease (but not, for the avoidance of doubt, any grace, notice or cure periods afforded to Lender under the Ground
Lease or otherwise)) (unless waived by the Ground Lessor), (B) there shall occur any default (beyond any applicable cure periods
afforded Owner under such Ground Lease (but not, for the avoidance of doubt, any grace, notice or cure periods afforded to Lender
under the Ground Lease or otherwise)) by an Individual Owner, as tenant under any Ground Lease, in the observance or performance
of any term, covenant or condition of a Ground Lease on the part of an Individual Owner, as the tenant thereunder to be observed
or performed (unless (a) waived by the Ground Lessor or (b) of an immaterial nature and for which notice from Ground Lessor is
required and has not been given), (C) if any one or more of the events referred to in a Ground Lease shall occur which would
cause such Ground Lease to terminate without notice or action by the landlord under such Ground Lease or which would entitle the
Ground Lessor to terminate such Ground Lease and the term thereof by giving notice to the applicable Individual Owner, as tenant
thereunder (unless waived by the Ground Lessor), (D) if the leasehold estate created by the Ground Lease shall be surrendered
or the Ground Lease shall be terminated or canceled for any reason or under any circumstances whatsoever, or (E) if any of
the terms, covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered or amended
without the consent of Lender except as otherwise permitted by this Agreement;

 

    	 	-153-	Mezzanine B Loan Agreement

     

    

 

(xxi)       if
without Lender’s prior consent, there is any material change in any Franchise Agreement (or any replacement Franchise Agreement),
or a Franchise Agreement shall be terminated or cancelled, unless Borrower or Leasehold Pledgor shall then be entitled to and shall
have replaced (or shall have caused Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to replace)
such Franchise Agreement in accordance with the terms of Section 4.34(d) within ninety (90) days;

 

(xxii)      if
a default has occurred and continues beyond any applicable cure period under any Franchise Agreement if such default permits the
applicable Franchisor to terminate or cancel such Franchise Agreement, unless Borrower or Leasehold Pledgor shall then be entitled
under Section 4.34(d) to replace such Franchise Agreement and within ninety (90) days after such default shall replace (or
shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee to replace) such Franchise Agreement
in accordance with the terms of Section 4.34(d);

 

(xxiii)     if
there shall be a default under any of the other Loan Documents beyond any applicable cure periods contained therein, whether as
to Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, any Guarantor, the
Collateral, the Mezzanine A Collateral or any Individual Property, or if any other such event shall occur or condition shall exist,
if the effect of such event or condition is to accelerate the maturity of any portion of the Obligations or to permit Lender to
accelerate the maturity of all or any portion of the Obligations;

 

(xxiv)    if
Borrower or Leasehold Pledgor shall fail to comply with any of the terms, covenants or conditions of Section 9.3 hereof
and such failure shall continue for ten (10) Business Days after notice thereof from Lender to Borrower or Leasehold Pledgor, as
applicable.

 

(xxv)     if
Borrower fails to obtain or maintain an Interest Rate Cap Agreement or replacement thereof in accordance with Section 2.6
and/or Section 2.7 hereof; provided that with respect to a failure under Section 2.6 only, no Event of Default shall
occur under this clause (xxiv) unless such failures continues for five (5) Business Days after Lender delivers notice to
Borrower thereof (it being agreed that such cure period shall not apply with respect to Borrower’s delivery of a Replacement
Interest Rate Cap Agreement in connection with its exercise of an Extension Option under Section 2.7);

 

(xxvi)    (A)
Mortgage Loan Default occurs, (B) any other event shall occur or condition shall exist, if the effect of such event or condition
is to accelerate or permit Mortgage Lender to accelerate the maturity or any portion of the Mortgage Loan, (C) a Mezzanine A Loan
Default occurs, or (D) any other event shall occur or condition shall exist, if the effect of such event or condition is to accelerate
or permit Mezzanine A Lender to accelerate the maturity or any portion of the Mezzanine A Loan;

 

(xxvii)   if
Guarantors breach the Financial Covenants, if any, under the Guaranty and a Substitute Guarantor that satisfies the Financial Covenants,
does not assume the obligations of Guarantors under the Guaranty and the Environmental Indemnity; or

 

    	 	-154-	Mezzanine B Loan Agreement

     

    

 

(xxviii)    if
Borrower or Leasehold Pledgor shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement
or any other Loan Document not specified in subsections (i) to (xxvi) above, for thirty (30) days after notice to Borrower
from Lender; provided, however, that if such Default is a Default which cannot be cured by the payment of a sum of money and is
otherwise susceptible of cure but cannot reasonably be cured within such 30-day period, and provided further that Borrower shall
have commenced to cure such Default within such 30-day period and shall thereafter diligently and expeditiously proceed to cure
the same, such 30-day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence
to cure such Default, such additional period not to exceed ninety (90) days; provided, however that such additional
ninety (90) period shall be extended for an additional thirty (30) days provided that Borrower shall have continuously diligently
and expeditiously proceeded to cure the applicable Default and that notwithstanding the foregoing such Default has not been cured
and provided, further, that Borrower continues to diligently and expeditiously proceed to cure the same and it is reasonably likely
that such Default shall be cured in such additional 30-day period.

 

Section
8.2          Remedies.

 

8.2.1       Acceleration.
Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vii), (viii) or (ix)
of Section 8.1 above) and at any time thereafter, Lender may, in addition to any other rights or remedies available to it
pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action, without notice or demand (and
Borrower hereby expressly waives any such notice or demand), that Lender deems advisable to protect and enforce its rights against
Borrower and/or Leasehold Pledgor and in and to the Collateral, including declaring the Obligations to be immediately due and payable,
and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and/or
Leasehold Pledgor and the Collateral, including all rights or remedies available at law or in equity; and upon any Event of Default
described in clauses (vii), (viii) or (ix) of Section 8.1 above, the Obligations of Borrower hereunder and under
the other Loan Documents shall immediately and automatically become due and payable in full, without notice or demand, and each
of Borrower and Leasehold Pledgor hereby expressly waives any such notice or demand, anything contained herein or in any other
Loan Document to the contrary notwithstanding. Notwithstanding the foregoing provisions of this Section 8.2.1, if Borrower
has cured a Qualified Release Property Default in accordance with Section 2.5.2, an acceleration of the Loan arising from
such Qualified Release Property Default shall be rescinded provided no other Event of Default shall then or thereafter be continuing.

 

8.2.2       Suspension
of Lender’s Performance. Upon the occurrence of an Event of Default, in addition
to any other rights or remedies available to Lender pursuant to this Agreement and the other Loan Documents or at law or in equity,
Lender may, at its option, cease or suspend any and all performance required of Lender under the Loan Documents.

 

    	 	-155-	Mezzanine B Loan Agreement

     

    

 

8.2.3       Remedies
Cumulative. During the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and
other remedies available to Lender against Borrower or Leasehold Pledgor under this Agreement or any of the other Loan Documents
executed and delivered by, or applicable to, Borrower or Leasehold Pledgor or at law or in equity may be exercised by Lender at
any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or
not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under
any of the Loan Documents with respect to the Collateral. The rights, powers and remedies of Lender under this Agreement shall
be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower or Leasehold Pledgor
pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers
and remedies may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender
may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other
rights and remedies of Lender permitted by law or contract or as set forth herein or in the other Loan Documents or by equity.
Without limiting the generality of the foregoing, if an Event of Default is continuing (i) Lender shall not be subject to
any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies
or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the
Collateral and the Pledge Agreement and other Security Documents have been foreclosed, sold and/or otherwise realized upon in satisfaction
of the Obligations or the Obligations have been paid in full. No delay or omission to exercise any remedy, right or power accruing
upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy,
right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of
Default with respect to Borrower or Leasehold Pledgor shall not be construed to be a waiver of any subsequent Default or Event
of Default by Borrower or Leasehold Pledgor or to impair any remedy, right or power consequent thereon.

 

8.2.4       Severance.

 

(a)          During
the continuance of an Event of Default, Lender shall have the right from time to time to partially foreclose the Collateral under
the Pledge Agreement in any manner and for any amounts secured by the Pledge Agreement then due and payable as determined by Lender
in its sole discretion, including the following circumstances: (i) in the event Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Collateral under the
Pledge Agreement to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire
Outstanding Principal Balance, Lender may foreclose the Collateral under the Pledge Agreement to recover so much of the principal
balance of the Loan as Lender may accelerate and such other sums secured by the Collateral under the Pledge Agreement as Lender
may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Pledge Agreement to secure
payment of the sums secured by the Collateral under the Pledge Agreement and not previously recovered.

 

(b)          During
the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents
into one or more separate notes, pledge agreements and other security documents in such denominations as Lender shall determine
in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower and Leasehold
Pledgor shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and
such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form
and substance reasonably satisfactory to Lender. Borrower and Leasehold Pledgor each hereby absolutely and irrevocably appoints
Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary
or desirable to effect the aforesaid severance, Borrower and Leasehold Pledgor each ratifying all that its said attorney shall
do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days
after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power.

 

    	 	-156-	Mezzanine B Loan Agreement

     

    

 

(c)          Any
amounts recovered from the Collateral or any other collateral for the Loan after an Event of Default may be applied by Lender toward
the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents, in such order,
priority and proportions as Lender in its sole discretion shall determine.

 

8.2.5       Lender’s
Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such
failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from
Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder,
or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such
covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith
shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted
under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter at the
Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided
that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that
Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender
or defense, effect or counterclaim on the part of Borrower).

 

Article
9

SALE AND SECURITIZATION OF LOAN

 

Section
9.1          Sale of Loan and Securitization.

 

(a)          Lender
shall have the right, at Lender’s cost and without the consent of Borrower, any Guarantor or any Affiliate of Borrower or
any Guarantor, (i) to sell or otherwise transfer the Loan or any portion thereof as a whole loan, (ii) to sell participation
interests in the Loan, or (iii) to securitize the Loan or any portion thereof in a single asset securitization or a pooled
loan securitization. The transactions referred to in clauses (i), (ii) and (iii) are each hereinafter referred to as a “Secondary
Market Transaction” and the transactions referred to in clause (iii) shall hereinafter be referred to as a
“Securitization”. Any certificates, notes or other securities issued in connection with a Secondary Market
Transaction are hereinafter referred to as “Securities”). At Lender’s election, each note and/or
component comprising the Loan may be subject to one or more Secondary Market Transactions. Lender agrees to reasonably consult
with Borrower with respect to the structure of any Securitization that includes the Loan.

 

(b)          If
requested by Lender, Borrower and Leasehold Pledgor shall use commercially reasonable efforts to and shall cause Guarantors to
use commercially reasonable efforts to assist Lender, at Lender’s expense, in satisfying the market standards to which Lender
customarily adheres or which may be required by prospective investors, the Rating Agencies, applicable Legal Requirements and/or
otherwise in the marketplace in connection with any Secondary Market Transactions, and shall in any event upon Lender’s request,
at Lender’s expense:

 

    	 	-157-	Mezzanine B Loan Agreement

     

    

 

(i)          (A)
provide updated financial and other customary information with respect to the Properties, the business operated at the Properties,
the Collateral, the Mezzanine A Collateral, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, Borrower,
Leasehold Pledgor and each Manager, including, without limitation, the information set forth on Exhibit A attached
hereto, (B) provide updated budgets and rent rolls (including itemized percentage of floor area occupied and percentage of
aggregate base rent for each tenant) relating to the Properties, and (C) provide updated appraisals, market studies, property
condition reports and other due diligence investigations of the Properties (the “Updated Information”),
together, if customary, with appropriate verification of the Updated Information through letters of auditors or opinions of counsel
acceptable to Lender and the Rating Agencies;

 

(ii)         cause
counsel to provide legal opinions of counsel, which may be relied upon by Lender, trustee in any Securitization, underwriters,
NRSROs and their respective counsel, agents and representatives, as to non-consolidation, matters of Delaware and federal bankruptcy
law relating to limited partners and/or limited liability companies, any other matters covered in the opinions delivered to Lender
at Closing or as required by the Rating Agencies with respect to the Properties, the Collateral, the Mezzanine A Collateral, the
Loan Documents, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, Borrower and Leasehold Pledgor and
their respective Affiliates, which counsel and opinions shall be reasonably satisfactory to Lender and satisfactory to the Rating
Agencies; and

 

(iii)        execute
amendments to the Loan Documents and Borrower’s and Leasehold Pledgor’s organizational documents requested by Lender;
provided, however, that Borrower shall not be required to modify or amend any Loan Document if such modification
or amendment would (A) change the interest rate as set forth herein on in the Note, (B) change the outstanding principal balance
of the Loan, (C) require Borrower to make or remake any representations or warranties, (D) require principal amortization of the
Loan (other than repayment in full on the Maturity Date), (E) change any Stated Maturity Date or (F) otherwise increase the obligations
or reduce the rights of Borrower or any Guarantor under the Loan Documents other than to a de minimis extent.

 

(c)          If,
at the time a Disclosure Document is being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one
or more Affiliates of Borrower (including any guarantor or other Person that is directly or indirectly committed by contract or
otherwise to make payments on all or a part of the Loan) collectively, or the Properties alone or the Properties and Related Properties
collectively, will be a Significant Obligor, Borrower shall, at Lender’s expense, furnish to Lender upon reasonable request
the following financial information:

 

(i)          if
Lender reasonably expects that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such
Securitization, may equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount
of all loans included or expected to be included in the Securitization, net operating income for the Properties and the Related
Properties for the most recent Fiscal Year and interim period as required under Item 1112(b)(1) of Regulation AB (or, if the
Loan is not treated as a non-recourse loan under Instruction 3 for Item 1101(k) of Regulation AB, selected financial data
meeting the requirements and covering the time periods specified in Item 301 of Regulation S-K and Item 1112(b)(1) of
Regulation AB), or

 

    	 	-158-	Mezzanine B Loan Agreement

     

    

 

(ii)         if
Lender reasonably expects that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such
Securitization, may equal or exceed twenty percent (20%) of the aggregate principal amount of all loans included or expected
to be included in the Securitization, the financial statements in respect of each Individual Owner and its respective Properties
required under Item 1112(b)(2) of Regulation AB (which includes, but may not be limited to, a balance sheet with respect to
the entity that Lender reasonably determines to be a Significant Obligor) for the two most recent Fiscal Years and applicable interim
periods, meeting the requirements of Rule 3-01 of Regulation S-X, and statements of income and statements of cash flows with
respect to the Properties for the three most recent Fiscal Years and applicable interim periods, meeting the requirements of Rule 3-02
of Regulation S-X.

 

(d)          Further,
if reasonably requested by Lender, Borrower shall, promptly at Lender’s expense, furnish to Lender financial data or financial
statements meeting the requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, for any tenant
of any Individual Property (if available and not subject to requirements of confidentiality under the terms of the applicable Lease)
if, in connection with a Securitization, Lender expects there to be, as of the cutoff date for such Securitization, a concentration
with respect to such tenant or group of Affiliated tenants within all of the loans included or expected to be included in the Securitization
such that such tenant or group of Affiliated tenants would constitute a Significant Obligor. Borrower shall, at Lender’s
expense, use commercially reasonable efforts to furnish to Lender, in connection with the preparation of the Disclosure Documents
and on an ongoing basis, financial data and/or financial statements with respect to such tenants meeting (if available and not
subject to requirements of confidentiality under the terms of the applicable Lease) the requirements of Item 1112(b)(1) or
(2) of Regulation AB, as specified by Lender, but only for so long as such entity or entities are a Significant Obligor and
either (x) filings pursuant to the Exchange Act in connection with or relating to the Securitization (an “Exchange
Act Filing”) are required to be made under applicable Legal Requirements or (y) comparable information is required
to otherwise be “available” to holders of the Securities under Regulation AB or applicable Legal Requirements.

 

(e)          If
Lender reasonably determines in good faith that Borrower alone or Borrower and one or more Affiliates of Borrower collectively
or the Properties alone or the Properties and Related Properties collectively, are a Significant Obligor, then Borrower shall,
at Lender’s expense, furnish to Lender, on an ongoing basis, selected financial data or financial statements meeting the
requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, but only for so long as such entity
or entities are a Significant Obligor and either (x) Exchange Act Filings are required to be made under applicable Legal Requirements
or (y) comparable information is required to otherwise be “available” to holders of the Securities under Regulation
AB or applicable Legal Requirements.

 

(f)          Any
financial data or financial statements provided pursuant to this Section 9.1 shall be furnished at Lender’s expense
to Lender within the following time periods:

 

    	 	-159-	Mezzanine B Loan Agreement

     

    

 

(i)          with
respect to information requested in connection with the preparation of Disclosure Documents for a Securitization, within ten (10) Business
Days after notice from Lender; and

 

(ii)         with
respect to ongoing information required under Section 9.1(d) and (e) above, (1) not later than thirty (30) days
after the end of each fiscal quarter of Borrower and (2) not later than seventy-five (75) days after the end of each
Fiscal Year of Borrower.

 

(g)          If
reasonably requested by Lender, Borrower shall, at Lender’s expense, provide Lender, promptly following Lender’s reasonable
request therefor, with any other or additional financial statements, or financial, statistical or operating information, as Lender
shall reasonably determine to be required pursuant to Regulation S-K or Regulation S-X, as applicable, Regulation AB, or any amendment,
modification or replacement thereto or other Legal Requirements identified by Lender and relating to a Securitization or as shall
otherwise be reasonably requested by Lender or, in the case of a private securitization such statements or information as Lender
shall reasonably determine to be necessary to be included.

 

(h)          If
requested by Lender, whether in connection with a Securitization or at any time thereafter during which the Loan and any Related
Loans are included in a Securitization, Borrower shall provide Lender, promptly upon request, a list of tenants (including all
affiliates of such tenants) that in the aggregate (1) occupy 10% or more (but less than 20%) of the total floor area of the
improvements or represent 10% or more (but less than 20%) of aggregate base rent, and (2) occupy 20% or more of the total
floor area of the improvements or represent 20% or more of aggregate base rent.

 

(i)          All
financial statements provided by Borrower or Leasehold Pledgor pursuant to this Section 9.1(c), (d), (e)
or (f) shall be prepared in accordance with the Uniform System of Accounts and reconciled in accordance with GAAP (or
otherwise in accordance with an Acceptable Accounting Method) and shall meet the applicable requirements of Regulation S-K or Regulation
S-X, as applicable, Regulation AB, and other applicable Legal Requirements. All financial statements provided by Borrower pursuant
to clause (c) or (d) relating to a Fiscal Year shall be audited by Independent Accountants in accordance with GAAP,
Regulation S-X or Regulation S-K, as applicable, Regulation AB, and all other applicable Legal Requirements, shall be accompanied
by the manually executed report of the Independent Accountants thereon, which report shall meet the requirements of Regulation
S-K or Regulation S-X, as applicable, Regulation AB, and all other applicable Legal Requirements, and shall be further accompanied
by a manually executed written consent of the Independent Accountants, in form and substance acceptable to Lender, to the inclusion
of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such Independent
Accountants and the reference to such Independent Accountants as “experts” in any Disclosure Document and Exchange
Act Filing (or comparable information is required to otherwise be available to holders of the Securities under Regulation AB or
applicable Legal Requirements), all of which shall be provided at the same time as the related financial statements are required
to be provided. All other financial statements of the Borrower shall be certified by the chief financial officer of Borrower, which
certification shall state that such financial statements meet the requirements set forth in the first sentence of this paragraph.

 

    	 	-160-	Mezzanine B Loan Agreement

     

    

 

(j)          If
reasonably requested by Lender, Borrower shall review any information regarding the Properties, tenants, Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee and Guarantors which is contained in any Disclosure
Document (including any interim drafts thereof and any amendments or supplements thereto) in order to confirm that to its knowledge,
no such Disclosure Document contains any untrue statement of a material fact or omits any material fact necessary to make the statements
made therein, in the light of the circumstances under which they were made, not misleading, and to the extent any such Disclosure
Document contains any such material misstatements or omissions to correct any such material misstatements or omissions within five
(5) Business Days following Borrower’s receipt thereof. Borrower shall not be liable hereunder for any material misstatement
or omission contained in the Disclosure Document due to Lender’s failure to incorporate Borrower’s requested changes
or modifications.

 

(k)          For
all purposes under this Agreement, if any Securities are offered pursuant to a “private” Securitization pursuant to
an exemption under Rule 144A or Regulation D under the Securities Act, the provisions of Regulation AB, Regulation S-K, Regulation
S-X and any other disclosure provisions of the Securities Act and/or Exchange Act, as applicable, shall be deemed to apply to such
“private” Securitization as if such offering of Securities were being conducted pursuant to a registered public offering
under the Securities Act.

 

(l)          Notwithstanding
anything contained herein, Borrower shall have the right, at its option, to hold or designate the holder of any non-call protected
interest only bonds (or their economic equivalent) for no consideration ($0.00) in connection with any Securitization.

 

Section
9.2          Securitization Indemnification.

 

(a)          Borrower
understands that information about the Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner,
Operating Lessee and the Properties, tenants, Managers and Guarantors provided to Lender by Borrower or Leasehold Pledgor and their
agents, counsel and representatives may be included in preliminary and final disclosure documents in connection with a Securitization,
including an offering circular, any free writing prospectus, a prospectus, prospectus supplement, private placement memorandum
or other offering document (each, a “Disclosure Document”) and may also be included in filings with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”),
or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and may be made available to
investors or prospective investors in the Securities, investment banking firms, NRSROs, accounting firms, law firms and other third-party
advisory and service providers relating to a Securitization. Borrower also understands that the findings and conclusions of any
third-party due diligence report obtained by Lender, the Issuer or the Securitization placement agent or underwriter may be made
publicly available if required, and in the manner prescribed, by Section 15E(s)(4)(A) of the Exchange Act and any rules promulgated
thereunder.

 

    	 	-161-	Mezzanine B Loan Agreement

     

    

 

(b)          Borrower
hereby agrees to indemnify Lender (and for purposes of this Section 9.2, Lender shall include the initial lender, its successors
and assigns, and their respective officers and directors) and each Person who controls the Lender within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), the
issuer of the Securities (the “Issuer” and for purposes of this Section 9.2, Issuer shall include
its officers, director and each Person who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act), and any placement agent or underwriter with respect to the Securitization, each of their respective officers
and directors and each Person who controls the placement agent or underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (collectively, the “Underwriter Group”) for any actual losses
(i.e., non-consequential), claims, damages or liabilities (collectively, the “Liabilities”) to which
Lender, the Lender Group, the Issuer or the Underwriter Group may become subject insofar as the Liabilities arise out of, or are
based upon, (A) any untrue statement or alleged untrue statement of any material fact contained in the information about the
Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee,the Properties, the Mezzanine
A Collateral, the Collateral, Guarantors, tenants and Managers provided to Lender by Borrower and its agents, counsel and representatives
(it being agreed that no Manager is an agent or representative of Borrower for the purpose of this sentence), (B) the omission
or alleged omission to state therein a material fact required to be stated in such information or necessary in order to make the
statements in such information, in light of the circumstances under which they were made, not misleading, or (C) a breach
of the representations and warranties made by Borrower or Leasehold Pledgor in Section 3.1.31 of this Agreement (Full and
Accurate Disclosure). Borrower also agrees to reimburse Lender, the Lender Group, the Issuer and/or the Underwriter Group for any
legal or other expenses reasonably incurred by Lender, the Lender Group, the Issuer and/or the Underwriter Group in connection
with investigating or defending the Liabilities. Borrower’s liability under this paragraph will be limited to Liability that
arises out of, or is based upon, an untrue statement or omission made in reliance upon, and in conformity with, information furnished
to Lender by or on behalf of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee in connection with the preparation of the Disclosure Document or in connection with the underwriting or closing of the Loan,
including financial statements of Borrower and Leasehold Pledgor, operating statements and rent rolls with respect to the Properties,
provided Borrower is given the opportunity to review and ensure the accuracy of any information in the Disclosure Document provided
by or on behalf of Borrower or Leasehold Pledgor or in connection with the preparation of the Disclosure Document and provided,
further, that Borrower shall not have any liability hereunder as a result of any untrue statement or alleged untrue statement or
omission or alleged omission contained in the Disclosure Document due to Lender’s failure to incorporate therein Borrower’s
requested changes or modifications (in each case excluding (x) any underwritten financial information, (y) any information (including
financial information or forecasted information) contained in any third party report commissioned by Lender, such as appraisals,
property condition reports and environmental reports, and (z) any projections or forecasts). This indemnification provision will
be in addition to any liability which Borrower may otherwise have. Borrower acknowledges and agrees that any Person that is included
in the Lender Group, the Issuer and/or the Underwriter Group that is not a direct party to this Agreement shall be deemed to be
a third-party beneficiary to this Agreement with respect to this Section 9.2(b). Within five (5) Business Days after Lender’s
written request, Borrower shall execute and deliver to Lender a separate indemnification and reimbursement agreement in favor of
the Lender Group, the Issuer and the Underwriter Group in form and substance consistent with the indemnification and reimbursement
obligations of Borrower under this Section 9.2(b).

 

    	 	-162-	Mezzanine B Loan Agreement

     

    

 

(c)          In
connection with any Exchange Act Filing or other reports containing comparable information that is required to be made “available”
to holders of the Securities under Regulation AB or applicable Legal Requirements, Borrower agrees to (i) indemnify Lender,
the Lender Group, the Issuer and the Underwriter Group for Liabilities to which Lender, the Lender Group, the Issuer and/or the
Underwriter Group may become subject insofar as the Liabilities arise out of, or are based upon, an alleged untrue statement or
alleged omission or an untrue statement or omission made in reliance upon, and in conformity with, information furnished to Lender
by or on behalf of Borrower or Leasehold Pledgor in connection with the preparation of the Disclosure Document or in connection
with the underwriting or closing of the Loan, including financial statements of Borrower and Leasehold Pledgor, operating statements
and rent rolls with respect to the Properties, provided Borrower is given the opportunity to review and ensure the accuracy of
any information in the Disclosure Document provided by or on behalf of Borrower in connection with the preparation of the Disclosure
Document and (ii) reimburse Lender, the Lender Group, the Issuer and/or the Underwriter Group for any out-of-pocket legal
or other expenses reasonably incurred by Lender, the Lender Group, the Issuer and/or the Underwriter Group in connection with defending
or investigating the Liabilities.

 

(d)          Promptly
after receipt by an indemnified party under this Section 9.2 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9.2, notify the
indemnifying party in writing of the commencement thereof, but the failure to so notify the indemnifying party will not relieve
the indemnifying party from any liability which the indemnifying party may have to any indemnified party under Sections 9.2(b)
and 9.2(c) hereof except to the extent that failure to notify causes prejudice to the indemnifying party. If any action
is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they)
may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified
party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After notice from the indemnifying
party to such indemnified party pursuant to the immediately preceding sentence of this Section 9.2(d), such indemnifying
party shall pay for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense
thereof; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified
parties that are different from or additional to those available to the indemnifying party, or the indemnifying party shall have
failed to designate within a reasonable period of time counsel reasonably satisfactory to the indemnified party, the indemnified
party or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in
the defense of such action on behalf of such indemnified party at the cost of the indemnifying party. The indemnifying party shall
not be liable for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that
there may be legal defenses available to it that are different from or additional to those available to the indemnifying party.
Without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), no indemnifying party
shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding
in respect of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential party
to such claim, action, suit or proceeding) unless the indemnifying party shall have given Lender reasonable prior written notice
thereof and shall have obtained an unconditional release of each indemnified party hereunder from all liability arising out of
such claim, action, suit or proceedings, and such settlement requires no statement as to, or an admission of, fault, culpability
or a failure to act, by or on behalf of the indemnified party.

 

    	 	-163-	Mezzanine B Loan Agreement

     

    

 

(e)          In
order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section
9.2(b) or (c) is for any reason held to be unenforceable as to an indemnified party or insufficient in respect of any
Liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under Section 9.2(b)
or (c), the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such
Liabilities (or action in respect thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. In determining the amount of contribution to which the respective parties are entitled, the following
factors shall be considered: (i) the Issuer’s and Borrower’s relative knowledge and access to information concerning
the matter with respect to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission;
and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would
not be equitable if the amount of such contribution were determined by pro rata or per capita allocation.

 

(f)          The
liabilities and obligations of both Borrower and Lender under this Section 9.2 shall survive the termination of this Agreement
and the satisfaction and discharge of the Debt.

 

(g)          Borrower
shall jointly and severally indemnify Lender and its officers, directors, partners, employees, representatives, agents and Affiliates
against any Losses to which Lender or its officers, directors, partners, employees, representatives, agents and Affiliates, may
become subject in connection with any indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining
the Securities insofar as the Losses arise out of or are based upon any untrue statement of any material fact in any information
provided by or on behalf of Borrower to the Rating Agencies (the “Covered Rating Agency Information”)
or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be
stated therein or necessary in order to make the statements in Covered Rating Agency Information, in light of the circumstances
under which they were made, not misleading.

 

    	 	-164-	Mezzanine B Loan Agreement

     

    

 

Section
9.3          Severance.

 

9.3.1       Severance
Documentation. Lender, without in any way limiting Lender’s other rights hereunder, in its sole and absolute discretion,
shall have the right, at any time (whether prior to or after any sale, participation or other Secondary Market Transaction with
respect to all or any portion of the Loan), to require Borrower or Leasehold Pledgor (at Lender’s expense) to execute and
deliver (i) “component” notes and/or modify the Loan in order to create one or more senior and subordinate notes (i.e.,
an A/B or A/B/C structure) and/or one or more additional components of the Note or Notes), or make any other change to the Loan
or the Note including but not limited to: reducing the number of components of the Note or Notes, revising the interest rate for
each component, reallocating the principal balances of the Notes and/or the components, increasing or decreasing the monthly debt
service payments for each component or eliminating the component structure and/or the multiple note structure of the Loan (including
the elimination of the related allocations of principal and interest payments), and/or (ii) in conjunction with, and with the corresponding
agreement of, the Mortgage Lender, Mezzanine A Lender and Lender, “resize” the Loan, the Mezzanine A Loan and the Mortgage
Loan to revise the interest rates for the Loan, the Mezzanine A Loan and the Mortgage Loan, reallocate the principal balances of
the Loan, the Mezzanine A Loan and the Mortgage Loan and/or increasing or decreasing the monthly debt service payments for the
Loan, the Mezzanine A Loan and the Mortgage Loan (such resizing under this clause (ii), a “Resizing”),
provided that, subject to Section 9.3.2, (A) the Outstanding Principal Balance of the Loan, or of all components of the
Loan if it is componentized (together with, in the case of a Resizing, the outstanding principal balance of the Loan, the Mortgage
Loan and the Mezzanine A Loan subject to such Resizing) in the aggregate immediately after the effective date of such modification
equals the outstanding principal balance (when aggregated, in the case of a Resizing, with the outstanding principal balance of
the Loan, the Mortgage Loan and the Mezzanine A Loan subject to such Resizing) immediately prior to such modification, (B) the
initial weighted average of the interest rates for all components of the Loan in the aggregate (when aggregated, in the case of
a Resizing, with the interest rates of the Loan, Mortgage Loan and the Mezzanine A Loan subject to such Resizing) immediately after
the effective date of such modification equals the interest rate of the original Note (when aggregated, in the case of a Resizing,
on a weighted average basis with the interest rate of the Mortgage Loan and the Mezzanine A Loan subject to such Resizing) immediately
prior to such modification, except that the weighted average interest rate may subsequently change as a result of (I) any voluntary
prepayment of the Mortgage Loan and the Mezzanine A Loan permitted by the terms of this Agreement, (II) any prepayment during the
continuance of an Event of Default or resulting from a Casualty or Condemnation, and (III) any voluntary prepayment of any portion
of the Loan, (C) no principal amortization of the Loan (or any components thereof) or the Mortgage Loan and the Mezzanine A Loan
shall be required (other than repayment in full on the Maturity Date), (D) there shall be no change to any Stated Maturity Date
and (E) Borrower, Leasehold Pledgor and Guarantors shall not be required to amend any Loan Documents that would otherwise increase
the obligations or reduce the rights of Borrower, Leasehold Pledgor or any Guarantor under the Loan Documents other than to a de
minimis extent, and provided, further, that in all events the aggregate principal balance of the Loan and the Mortgage Loan and
the Mezzanine A Loan following a Resizing may not exceed the aggregate principal balance of the Loan and the Mortgage Loan and
the Mezzanine A Loan immediately prior to the Resizing, and the initial weighted average interest rate of the Loan and the Mortgage
Loan and the Mezzanine A Loan on a combined basis, following a Resizing may not exceed the weighted average interest rate of the
Loan and the Mortgage Loan and the Mezzanine A Loan, on a combined basis, immediately before the Resizing. At Lender’s election,
each note comprising the Loan may be subject to one or more Secondary Market Transactions. Lender shall have the right to modify
the Note and/or Notes in accordance with this Section 9.3 and, provided that such modification shall comply with the terms
of this Section 9.3, it shall become immediately effective. The provisions of this Section 9.3 shall not be applicable
to any Approved Mezzanine Loan.

 

9.3.2       Intentionally
Omitted.

 

    	 	-165-	Mezzanine B Loan Agreement

     

    

 

9.3.3       Cooperation;
Execution; Delivery. Borrower and Leasehold Pledgor shall use reasonable efforts to cooperate (at Lender’s expense)
with all reasonable requests of Lender in connection with this Section 9.3. Subject to Section 9.3.2, if reasonably
requested by Lender, Borrower and Leasehold Pledgor shall promptly execute and deliver such documents as shall be required by Lender
and any Rating Agency in connection with any modification pursuant to this Section 9.3, all in form and substance reasonably
satisfactory to Lender and satisfactory to any applicable Rating Agency, including, the severance of security documents if requested:
(i) execution and delivery of a promissory note and loan documents necessary to evidence such modification, (ii) execution
and delivery of such amendments to the Loan Documents as are necessary in connection with such modification, (iii) delivery
of opinions of legal counsel with respect to due execution, authority and enforceability of any modification documents or documents
evidencing or securing the modification, as applicable and (iv) with respect to the modification, delivery of an additional
Insolvency Opinion for the Loan and a substantive non-consolidation opinion; each as reasonably acceptable to Lender, prospective
investors and/or the Rating Agencies. In the event Borrower and/or Leasehold Pledgor fails to execute and deliver such documents
to Lender within five (5) Business Days following such request by Lender, Borrower and Leasehold Pledgor each hereby absolutely
and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute
all documents necessary or desirable to effect such transactions, Borrower and Leasehold Pledgor each hereby ratifying all that
such attorney shall do by virtue thereof.

 

Section 9.4          Uncross
of Properties. If pursuant to Section 9.3.4 of the Mortgage Loan Agreement any Affected Property is uncrossed from the
Mortgage Loan with the consent of Mortgage Lender as required thereunder (a “Property Uncross”), Borrower
shall reasonably cooperate with Lender in connection with any corresponding uncrossing or severing of a pro rata portion of the
Loan and/or such other modifications to the Loan as Lender may reasonably require in connection with any Property Uncross. In no
event shall Borrower be obligated in connection with a Property Uncross to satisfy any requirement of the Rating Agencies or enter
into any amendment or modification of the Loan Documents which would, in the aggregate, increase any monetary or other material
obligation of Borrower under the Loan Documents. Lender shall cause all reasonable costs and expenses incurred by Borrower in connection
with this Section 9.3.4 (including, without limitation, any costs and expenses incurred by Borrower in connection with the transfer
of the portion of the Collateral to a Special Purpose Bankruptcy Remote Entity and the maintenance and operation of such Special
Purpose Bankruptcy Remote Entity) and any costs incurred in connection with necessary modifications to the Mortgage Loan or the
Mezzanine A Loan and/or the Owner and/or the Mezzanine A Borrower, but without duplication of any amounts paid by Lender, Mortgage
Lender and/or Mezzanine A Lender (pursuant to the Mortgage Loan Documents and/or Mezzanine A Loan Documents) to be paid by Lender.

 

Section 9.5          Costs
and Expenses. Notwithstanding anything to the contrary contained in this Article 9, no Loan Party shall be required
to incur (and Lender shall be required to pay and/or reimburse) any out-of-pocket costs or expenses in the performance of its obligations
under Sections 9.1 or 9.2 (excluding Borrower’s legal fees and the indemnity obligations set forth therein)
or Section 9.3 above (excluding Borrower’s legal fees), including, without limitation, any transfer taxes incurred
as a result of any required restructuring.

 

    	 	-166-	Mezzanine B Loan Agreement

     

    

 

Section 9.6          Confidentiality.
Borrower and Leasehold Pledgor each agrees for itself and on behalf of Guarantors that except as expressly provided below, any
reports, statements or other information required to be delivered or provided under this Agreement or any of the other Loan Documents
and furnished at any time and from time to time by Borrower, Leasehold Pledgor or Guarantors and relating to any Guarantor (“Furnished
Information”) may be included in any Disclosure Document and may be forwarded by Lender to any actual or prospective
investor in the Loan, the Mezzanine A Loan or the Mortgage Loan, any actual or prospective assignee of the Loan, the Mezzanine
A Loan or the Mortgage Loan, or beneficial interests in the Loan, the Mezzanine A Loan or the Mortgage Loan, including investors
in Securities, any actual or prospective participant in the Loan, the Mezzanine A Loan or the Mortgage Loan, any Rating Agency
rating any participations in the Loan and/or Securities, any NRSRO, any underwriter, any organization maintaining databases on
the underwriting and performance of commercial mortgage loans, any of Lender’s Affiliates involved from time to time in the
transactions contemplated by this Agreement and/or in any Securitization and/or in any assignment of all or any portion of the
Loan, the Mezzanine A Loan or the Mortgage Loan, any of Lender or such Affiliates’ respective employees, directors, agents,
attorneys, accountants, or other professional advisors, any servicers of the Loan, and/or any Governmental Authorities, in all
cases as Lender determines necessary or desirable in its sole discretion.  Borrower and Leasehold Pledgor each irrevocably
waives any and all rights it may have under any applicable Legal Requirements to prohibit such disclosure, including but not limited
to any right of privacy.

 

Section 9.7          Compliance
with Required Loan Restructurings. Notwithstanding anything to the contrary set forth in the Loan Documents (a) Mezzanine
A Borrower and Mezzanine A Leasehold Pledgor may comply in all respects with any requirements to restructure the Mezzanine A Loan
pursuant to Article 9 of the Mezzanine A Loan Agreement (or any other similar provision in the Mezzanine A Loan Documents), (b)
no actions taken by Mezzanine A Borrower or any future mezzanine borrower in furtherance of the foregoing, including without limitation,
any transfers, pledges or amendments to organizational documents, shall constitute a breach of any provisions of the Loan Documents,
or result in a Default or Event of Default hereunder; (c) Owner and Operating Lessee may comply in all respects with any requirements
to restructure the Mortgage Loan pursuant to Article 9 of the Mortgage Loan Agreement (or any other similar provision in the Mortgage
Loan Documents), and (d) no actions taken by Owner or Operating Lessee or any future mortgage borrower in furtherance of the foregoing,
including without limitation, any transfers, pledges or amendments to organizational documents, shall constitute a breach of any
provisions of the Loan Documents, or result in a Default or Event of Default hereunder.

 

    	 	-167-	Mezzanine B Loan Agreement

     

    

 

Article
10

MISCELLANEOUS

 

Section 10.1        Exculpation.
Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower or Leasehold Pledgor to
perform and observe the Obligations contained in the Note, this Agreement, the Pledge Agreement or the other Loan Documents by
any action or proceeding wherein a money judgment shall be sought against Borrower, Leasehold Pledgor, or against Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, any SPC Party, any Guarantor, any Affiliates of the foregoing or any of
their respective direct or indirect principals, directors, officers, employees, beneficiaries, shareholders, partners, members,
trustees or agents (each, exclusive of the Borrower and Leasehold Pledgor, an “Other Exculpated Party”),
except that (1) any Other Exculpated Party that is party to any Loan Document or any other separate written guaranty, indemnity
or other agreement given by such Other Exculpated Party in connection with the Loan (including, without limitation, the Subordination
of Management Agreement or any other Loan Document to which such Other Exculpated Party is a party) shall remain fully liable therefor
and the foregoing provisions shall not operate to limit or impair the liabilities and obligations of such Other Exculpated Party
thereunder, and (2) Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or
proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Pledge Agreement and the
other Loan Documents, or in all or any portion of the Collateral or any other collateral given to Lender pursuant to the Loan Documents;
provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable
against Borrower or Leasehold Pledgor only to the extent of Borrower’s and Leasehold Pledgor’s interest in the Collateral
and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Pledge Agreement and the other
Loan Documents, shall not sue for, seek or demand any deficiency judgment against any of the Exculpated Parties in any such action
or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Pledge Agreement or the other
Loan Documents. The provisions of this Section 10.1 shall not, however, (a) constitute a waiver, release or impairment
of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of Lender to name Borrower or Leasehold
Pledgor as a party defendant in any action or suit for foreclosure and sale under the Pledge Agreement; (c) affect the validity
or enforceability of any of the Loan Documents or any guaranty made in connection with the Loan or any of the rights and remedies
of Lender thereunder; (d) impair the right of Lender to obtain the appointment of a receiver; (e) impair the enforcement
of the Environmental Indemnity; (f) constitute a prohibition against Lender to seek a deficiency judgment against Borrower
or Leasehold Pledgor in order to fully realize the security granted by the Pledge Agreement or the other Security Documents or
to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against all or any portion
of the Collateral; (g) waive or impair the liability of any Other Exculpated Party under any Loan Document or any other separate
written guaranty, indemnity or other agreement to which such Other Exculpated Party is a party (including, without limitation,
the Subordination of Management Agreement or any other Loan Document to which such Other Exculpated Party is a party); or (h) constitute
a waiver of the right of Lender to enforce the liability and obligation of Borrower or Leasehold Pledgor, by money judgment or
otherwise, to the extent of any actual loss, damage, out-of-pocket cost or expense, liability, claim or other obligation incurred
by Lender (including reasonable outside attorneys’ fees and costs reasonably incurred) arising out of or in connection with
the following (all such liability and obligation of Borrower or Leasehold Pledgor for any or all of the following being referred
to herein as “Borrower’s Recourse Liabilities”):

 

(i)          fraud
or intentional material misrepresentation committed by Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or any Affiliate of Borrower, any Individual Owner, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Operating Lessee or any Guarantor in connection with the Loan;

 

(ii)         Borrower
or Leasehold Pledgor incurs any Indebtedness in violation of the Loan Documents not otherwise set forth in clause (i) in
the definition of “Springing Recourse Event” below (unless such debt was permitted when incurred but was not repaid
due to the Property’s failure to generate sufficient cash flow or the failure of Lender to release funds from the Accounts);

 

(iii)        Borrower
or Leasehold Pledgor fails to obtain Lender’s prior consent to (a) any Transfer of any Individual Property or (b) any Transfer
of a direct or indirect interest in Borrower, in each case not otherwise set forth in clause (ii) in the definition of “Springing
Recourse Event” below;

 

    	 	-168-	Mezzanine B Loan Agreement

     

    

 

(iv)        removal
of personal property from the Properties during an Event of Default by Borrower or Leasehold Pledgor or on behalf of Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner or any Operating Lessee by any Guarantor
or any Affiliate of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any
Operating Lessee or any Guarantor, unless replaced with personal property of substantially the same or greater utility and of the
same or greater value;

 

(v)         any
intentional material physical Waste at any Individual Property or of the Collateral or Mezzanine A Collateral committed by Borrower
or Leasehold Pledgor or on behalf of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual
Owner or any Operating Lessee by any Guarantor or any Affiliate of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, any Individual Owner, any Operating Lessee or any Guarantor;

 

(vi)        the
material misappropriation by Borrower or Leasehold Pledgor or on behalf of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, any Individual Owner or any Operating Lessee by any Guarantor or any Affiliate of Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee or any Guarantor of (A) any Insurance
Proceeds paid by reason of any Casualty to any Individual Property, (B) any Awards in connection with the Condemnation of any Individual
Property and (C) any Gross Revenues after (or that results in) a Trigger Period or an Event of Default, in each case, in violation
of the Loan Documents;

 

(vii)       any
defaults under the Franchise Agreement for failure to complete any PIP, which results in the termination or cancellation of the
applicable Franchise Agreement or any other termination or cancellation of a Franchise Agreement; provided, there shall
not be Borrower’s Recourse Liability if Borrower or Leasehold Pledgor delivers (or causes Mezzanine A Borrower, Mezzanine
A Leasehold Pledgor, Owner or Operating Lessee to deliver) a replacement Franchise Agreement in compliance with the Section
4.34(d) within 90 days of such termination or cancellation or if the Allocated Loan Amount for the Individual Property subject
to such terminated Franchise Agreement together with the Allocated Loan Amount for all other Individual Properties that have had
their Franchise Agreements terminated accounts for less than five percent (5%) of the aggregate Allocated Loan Amounts of all of
the Properties; provided that with respect to the Red Zone Properties any default under the Franchise Agreement with respect to
such Red Zone Property shall result in Borrower’s Recourse Liability notwithstanding that less than five percent (5%) of
the aggregate Allocated Loan Amount have been terminated until such time as such Red Zone Property ceases to be classified as a
“Red” or “Progress” property by the applicable Franchisor;

 

(viii)      any
breach of any provision of Section 4.4 or Schedule V of this Agreement (other than with respect to clause
(d) of Schedule V (with respect to trade payables only), clause (f) of Schedule V, clause (j) of Schedule
V, clause (o) of Schedule V (with respect to trade payables only), clause (v) of Schedule V
and clause (w) of Schedule V) other than a Springing Recourse Event described in clause (b)(viii) below;

 

    	 	-169-	Mezzanine B Loan Agreement

     

    

 

(ix)         any
and all Divested Property Liabilities; and/or

 

(x)          the
modification, surrender or termination of any Ground Lease if such modification or termination is prohibited under this Agreement
or under any Mortgage.

 

Notwithstanding anything
to the contrary in this Agreement or any of the other Loan Documents, (A) Lender shall not be deemed to have waived any right
which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim
for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing
to Lender in accordance with the Loan Documents, and (B) the Obligations shall be fully recourse to Borrower (and guaranteed
by any Guarantor pursuant to the Guaranty) in the event that any of the following occur (each, a “Springing Recourse
Event”): (i) Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating
Lessee fails to obtain Lender’s prior consent to any financing for borrowed money secured by the Collateral, the Mezzanine
A Collateral or any Individual Property, or any voluntary conveyance of a mortgage, deed of trust, security deed, security agreement
or similar grant by Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee
of a voluntary Lien upon any Individual Property, the Mezzanine A Collateral or the Collateral, or Borrower, Leasehold Pledgor,
Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee fails to obtain Lender’s prior consent to
any voluntary granting of a security interest in, voluntary pledge of or other voluntary Lien upon any direct or indirect equity
interest in any Individual Owner, any Operating Lessee, any SPC Party, any Mezzanine A Borrower or any Mezzanine A Leasehold Pledgor,
in each case, as security for any obligations or liabilities that is not permitted under the Loan Documents (excluding, for the
avoidance of doubt, the security interests, pledges or Liens granted under the Mortgage Loan Documents securing the Mortgage Loan,
the Mezzanine A Loan Documents securing the Mezzanine A Loan or the Loan Documents securing the Loan), in each case under this
clause (i) that is not permitted under the Loan Documents or otherwise cured; (ii) Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, Owner or any SPC Party fails to obtain Lender’s prior consent to (a) any
voluntary transfer of fee (or ground leasehold) title to any Individual Property, the Mezzanine A Collateral or the Collateral
that is not permitted under the Loan Documents or otherwise cured or (b) any voluntary transfer of a direct or indirect interest
in Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee that results in
a change of control of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee
that is not permitted under the Loan Documents; (iii) Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party, files a voluntary petition under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law, subject to a maximum aggregate liability equal to the BK Cap; (iv) the
filing of an involuntary petition against Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any
Individual Owner, any Operating Lessee and/or any SPC Party under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law by any other Person in which Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
any Individual Owner, any Operating Lessee and/or SPC Party colludes with or otherwise assists such Person, and/or Borrower, Leasehold
Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party solicits
or causes to be solicited petitioning creditors for any involuntary petition against Borrower, Leasehold Pledgor, any Individual
Owner, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Operating Lessee and/or any SPC Party by any Person, subject to
a maximum aggregate liability equal to the BK Cap; (v) Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party fails to oppose any involuntary petition filed against
it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law (unless there is no
good faith defense to such involuntary petition), subject to a maximum aggregate liability equal to the BK Cap; (vi) Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner or any Operating Lessee or any Affiliate,
officer, director or representative which controls Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
such Individual Owner or such Operating Lessee, as the case may be, consents to, or joins in, an application for the appointment
of a custodian, receiver, trustee or examiner for Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
such Individual Owner, such Operating Lessee and/or any portion of any Individual Property, the Mezzanine A Collateral or the Collateral,
as the case may be, subject to a maximum aggregate liability equal to the BK Cap; (vii) Borrower, Leasehold Pledgor, Mezzanine
A Borrower, Mezzanine A Leasehold Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party makes an assignment
for the benefit of creditors or admits, in any legal proceeding, its insolvency or inability to pay its debts as they become due
(in each case except to the extent required by applicable law), subject to a maximum aggregate liability equal to the BK Cap; (viii) Borrower
or Leasehold Pledgor fails to comply with the provisions of Section 4.4 or Schedule V of this Agreement
(other than those relating to solvency or adequacy of capital or adequacy of cash flow), and such failure results in an order of
substantive consolidation of Borrower or Leasehold Pledgor or one (1) or more of Mezzanine A Borrower, Mezzanine A Leasehold Pledgor,
the Individual Owners or Operating Lessee with any other Person (other than another Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor, Individual Owner, Operating Lessee or the Liquor Subsidiary) in a bankruptcy or similar proceeding under the Bankruptcy
Code or any other federal or state bankruptcy or insolvency law, subject to a maximum liability equal to the BK Cap; (ix) such
third party's claim of ownership of, or a Lien upon, the Pledged Securities is fully and finally disposed of in favor of such third
party, whether such disposition shall occur prior to or after a foreclosure on the Collateral by Lender (for avoidance of doubt,
the BK Cap applies to clauses (iii) through (viii) collectively, such that the aggregate liability of Borrower under
such clauses is the BK Cap), or (ix) in the event that the leasehold estate created by the Ground Lease with respect to the Dallas
Courtyard Property shall be surrendered by or on behalf of Owner of such Ground Lease shall be terminated or cancelled or otherwise
rendered ineffective, in either case, as a result of the applicable Individual Owner’s rejection of such Ground Lease in
a bankruptcy proceeding; provided that liability pursuant to this clause (ix) shall not exceed the Allocated Loan Amount
for the Dallas Courtyard Property.

 

    	 	-170-	Mezzanine B Loan Agreement

     

    

 

Section 10.2        Survival;
Successors and Assigns. This Agreement and all covenants, agreements, representations and warranties made herein and in
the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender
of the Note, and shall continue in full force and effect so long as all or any of the Obligations are outstanding and unpaid unless
a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto
is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All
covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives,
successors and assigns of Lender.

 

Section 10.3        Lender’s
Discretion; Rating Agency Review Waiver.

 

(a)          Whenever
pursuant to this Agreement Lender exercises any right given to it to approve or disapprove any matter, or any arrangement or term
is to be satisfactory to Lender, the decision of Lender to approve or disapprove such matter or to decide whether arrangements
or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion
of Lender and shall be final and conclusive. Prior to a Securitization, whenever pursuant to this Agreement the Rating Agencies
are given any right to approve or disapprove any matter, or any arrangement or term is to be satisfactory to the Rating Agencies,
the reasonable decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory
or not satisfactory, based upon Lender’s determination of Rating Agency criteria, shall be substituted therefor except as
otherwise specifically herein provided.

 

(b)          Whenever,
pursuant to this Agreement or any other Loan Documents, a Rating Agency Confirmation is required from each applicable Rating Agency,
in the event that any applicable Rating Agency “declines review”, “waives review” or otherwise indicates
in writing or otherwise to Lender’s or Servicer’s satisfaction that no Rating Agency Confirmation will or needs to
be issued with respect to the matter in question (each, a “Review Waiver”), then the Rating Agency Confirmation
requirement shall be deemed to be satisfied with respect to such matter. It is expressly agreed and understood, however, that receipt
of a Review Waiver (i) from any one Rating Agency shall not be binding or apply with respect to any other Rating Agency and
(ii) with respect to one matter shall not apply or be deemed to apply to any subsequent matter for which Rating Agency Confirmation
is required.

 

Section
10.4        Governing Law.

 

(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY LENDER AND ACCEPTED BY BORROWER AND LEASEHOLD PLEDGOR IN THE STATE
OF NEW YORK, AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE
PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT
AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AND LENDER EACH HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT
AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	 	-171-	Mezzanine B Loan Agreement

     

    

 

ANY LEGAL SUIT, ACTION
OR PROCEEDING AGAINST LENDER OR BORROWER OR LEASEHOLD PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT LENDER’S
OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER AND LEASEHOLD PLEDGOR EACH WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING DOES HEREBY DESIGNATE AND APPOINT:

 

Corporation
Service company

1180 Avenue of the Americas

suite 210

new york, new york 10036-8401

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND BORROWER AND LEASEHOLD PLEDGOR EACH AGREES THAT SERVICE OF PROCESS UPON
SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL
BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER OR LEASEHOLD PLEDGOR IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS OF ITS AUTHORIZED AGENT
HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK,
NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT
LEAVING A SUCCESSOR.

 

    	 	-172-	Mezzanine B Loan Agreement

     

    

 

Section 10.5        Modification,
Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement
or of any other Loan Document, nor consent to any departure by Borrower or Leasehold Pledgor therefrom, shall in any event be effective
unless the same shall be in a writing signed by the party or parties against whom enforcement is sought, and then such waiver or
consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided
herein, no notice to, or demand on Borrower or Leasehold Pledgor, shall entitle Borrower or Leasehold Pledgor to any other or future
notice or demand in the same, similar or other circumstances. Neither any failure nor any delay on the part of Lender in insisting
upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder
or under any other Loan Document, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof
preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way
of limitation, by accepting payment after the due date of any amount payable under this Agreement or any other Loan Document, Lender
shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement
or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. Lender shall
have the right to waive or reduce any time periods that Lender is entitled to under the Loan Documents in its sole and absolute
discretion.

 

Section 10.6        Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by facsimile (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter,
from time to time, specify in accordance with the provisions of this Section 10.6. Any Notice shall be deemed to have been
received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by facsimile if sent
during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered
during business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by
an overnight commercial courier, in each case addressed to the parties as follows:

 

	 	If to Lender:	Morgan Stanley Mortgage Capital Holdings LLC
	 	 	1585 Broadway, 25th Floor
	 	 	New York, New York 10036
	 	 	Attention:  George Kok
	 	 	 
	 	with a copy to:	Cadwalader, Wickersham & Taft LLP
	 	 	227 West Trade Street, Suite 2400
	 	 	Charlotte, North Carolina 28202
	 	 	Attention: Holly M. Chamberlain, Esq.
	 	 	Facsimile No. (704) 348-5200
	 	 	 
	 	and to:	Citigroup Global Markets Realty Corp.
	 	 	388 Greenwich Street
	 	 	6th Floor
	 	 	New York, New York 10013
	 	 	Attention:  Ana Rosu Marmann
	 	 	Facsimile No.:  (646) 328-2938

 

    	 	-173-	Mezzanine B Loan Agreement

     

    

 

	 	and to:	Deutsche Bank AG, New York Branch
	 	 	60 Wall Street, 10th Floor
	 	 	New York, NY  10005
	 	 	Attention:  General Counsel
	 	 	Facsimile No. (646) 736-5721
	 	 	 
	 	and to:	Deutsche Bank AG, New York Branch
	 	 	60 Wall Street, 10th Floor
	 	 	New York, NY  10005
	 	 	Attention:  Robert W. Pettinato, Jr.
	 	 	Facsimile No. (212) 797-4489
	 	 	 
	 	and to:	Goldman Sachs Mortgage Company
	 	 	200 West Street
	 	 	New York, New York 10282
	 	 	Attention:  J. Theodore Borter and Miriam Wheeler
	 	 	 
	 	and to:	Goldman Sachs Mortgage Company
	 	 	200 West Street
	 	 	New York, New York 10282
	 	 	Attention:  General Counsel
	 	 	Facsimile No.:  (212) 291-5318
	 	 	 
	 	and to:	JPMorgan Chase Bank, National Association
	 	 	383 Madison Avenue
	 	 	New York, New York 10179
	 	 	Attention:  Thomas N. Cassino
	 	 	Facsimile No.:  (212) 834-6029
	 	 	 
	 	with a copy to:	JPMorgan Chase Bank, National Association 
	 	 	SPG Middle Office/CIB
	 	 	4 Chase Metrotech Center, 4th floor
	 	 	Brooklyn, New York 11245-0001
	 	 	Attention:  Nancy S. Alto
	 	 	Facsimile No.:  (917) 546-2564
	 	 	 
	 	If to Borrower:	c/o Hospitality Investors Trust, Inc.
	 	 	3950 University Drive
	 	 	Fairfax, Virginia
	 	 	Attention:  General Counsel
	 	 	 
	 	with a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	 	One Liberty Plaza
	 	 	New York, New York 10006
	 	 	Attention:  Michael Weinberger, Esq.
	 	 	Facsimile No. (212) 225-3999

 

    	 	-174-	Mezzanine B Loan Agreement

     

    

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days written notice of such change to the other parties in accordance
with the provisions of this Section 10.6. Notices shall be deemed to have been given on the date as set forth above, even
if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given, or there
is a rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel.
Additionally, Notice from Lender may also be given by Servicer and Lender hereby acknowledges and agrees that Borrower shall be
entitled to rely on any Notice given by Servicer as if it had been sent by Lender.

 

Section 10.7       Waiver
of Trial by Jury. BORROWER, LEASEHOLD PLEDGOR AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THE LOAN DOCUMENTS OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, LEASEHOLD PLEDGOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO
FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

Section 10.8       Headings,
Schedules and Exhibits. The Article and/or Section headings and the Table of Contents in this Agreement are included herein
for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The Schedules and Exhibits
annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.

 

Section 10.9       Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

Section 10.10     Preferences.
Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower or Leasehold
Pledgor to any portion of the Obligations of Borrower hereunder. To the extent Borrower or Leasehold Pledgor makes a payment or
payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common
law or equitable cause, then, to the extent of such payment or proceeds received, the Obligations hereunder or part thereof intended
to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by
Lender.

 

Section 10.11     Waiver
of Notice. Neither Borrower nor Leasehold Pledgor shall be entitled to any notices of any nature whatsoever from Lender
except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the
giving of notice by Lender to Borrower or Leasehold Pledgor and except with respect to matters for which Borrower and Leasehold
Pledgor are not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Borrower and Leasehold Pledgor
hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the
other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower.

 

    	 	-175-	Mezzanine B Loan Agreement

     

    

 

Section 10.12     Deemed
Distributions. Borrower represents that any transfer by Mortgage Lender or Mezzanine A Lender of Owner’s funds (whether
pursuant to Section 2.4.4, Section 6.11 or otherwise under the Mortgage Loan Agreement or whether pursuant to Section 2.4.4 or
otherwise under the Mezzanine A Loan Agreement) to Lender pursuant to the Mezzanine A Loan Agreement, other Mezzanine A Loan Documents,
Mortgage Loan Agreement or any other Mortgage Loan Document is intended by Borrower to constitute, and Borrower represents that
such transfers shall constitute, distributions from Owner or Mezzanine A Borrower to Borrower and shall be treated as such on the
books and records of Borrower, Mezzanine A Borrower and Owner. Borrower agrees that all such distributions shall comply with the
requirements of Section 18-607 of the Delaware Limited Liability Company Act. Borrower agrees that no provision herein or in any
other Loan Document is intended by Borrower to, nor shall any such provision be construed to create, a debtor-creditor relationship
between Owner, Mezzanine A Borrower and Borrower.

 

Section 10.13     Offsets,
Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement and the other Loan Documents
shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower
or Leasehold Pledgor may otherwise have against any assignor of such documents, and no such unrelated counterclaim (other than
a counterclaim which can only be asserted in the suit, action or proceeding by such assignee on this Agreement, the Note, the Pledge
Agreement and any Loan Document and cannot be maintained in a separate action) or defense shall be interposed or asserted by Borrower
in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such
unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower and Leasehold
Pledgor.

 

Section 10.14      No
Joint Venture or Partnership; No Third Party Beneficiaries.

 

(a)          Borrower,
Leasehold Pledgor and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that
of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common or joint
tenancy relationship among Borrower, Leasehold Pledgor and Lender nor to grant Lender any interest in the Collateral other than
that of lender.

 

(b)          The
Loan Documents are solely for the benefit of Lender, Leasehold Pledgor and Borrower (and the Lender Group, the Issuer and the Underwriter
Group with respect to Section 9.2(b)) and nothing contained in any Loan Document shall be deemed to confer upon anyone other
than Lender, Leasehold Pledgor and Borrower any right to insist upon or to enforce the performance or observance of any of the
obligations contained therein.

 

Section 10.15     Publicity.
All news releases, publicity or advertising by Borrower, Leasehold Pledgor or their respective Affiliates through any media intended
to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, the
Affiliate of Lender that acts as the issuer with respect to a Securitization or any of their other Affiliates shall be subject
to the prior written approval of Lender.

 

    	 	-176-	Mezzanine B Loan Agreement

     

    

 

Section 10.16     Waiver
of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns,
waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, and others with
interests in Borrower, and of the Collateral, and shall not assert any right under any laws pertaining to the marshalling of assets,
the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters
whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Collateral for the collection
of the Obligations without any prior or different resort for collection, or of the right of Lender to the payment of the Obligations
out of the net proceeds of the Collateral in preference to every other claimant whatsoever.

 

Section 10.17    Certain
Waivers. Borrower and Leasehold Pledgor each hereby waives the right to assert a counterclaim, other than a compulsory
counterclaim, in any action or proceeding brought against it by Lender or its agents or otherwise to offset any obligations to
make the payments required by the Loan Documents. No failure by Lender to perform any of its obligations hereunder shall be a valid
defense to, or result in any offset against, any payments which Borrower is obligated to make under any of the Loan Documents.
Without limiting any of the other provisions contained herein, Borrower hereby unconditionally and irrevocably waives, to the maximum
extent not prohibited by applicable law, any rights it may have to claim or recover against Lender in any legal action or proceeding
any special, exemplary, punitive or consequential damages.

 

Section 10.18     Conflict;
Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the
other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented
by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents
shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that,
with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan, without relying
in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or affiliate of Lender.
Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of
the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent,
subsidiary or affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives
the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any
such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and other real estate
transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates.

 

Section 10.19     Brokers
and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower shall indemnify,
defend and hold Lender harmless from and against any and all claims, liabilities, losses, costs and expenses of any kind (including
Lender’s reasonable attorneys’ fees and expenses) in any way relating to or arising out of a claim by any Person that
such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein. The provisions of this
Section 10.19 shall survive the expiration and termination of this Agreement and the payment of the Obligations.

 

    	 	-177-	Mezzanine B Loan Agreement

     

    

 

Section 10.20     Prior
Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto
and their respective affiliates in respect of the transactions contemplated hereby and thereby, and all prior agreements among
or between such parties, including any confidentiality agreements or any similar agreements between or among any such parties,
whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.

 

Section 10.21      Servicer.

 

(a)          At
the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or trustee (any such
master servicer, primary servicer, special servicer and trustee, together with its agents, nominees or designees, are collectively
referred to as the “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities
under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing
Agreement”) between Lender and Servicer. Borrower shall not be responsible for any set-up fees or any other initial
costs relating to or arising under the Servicing Agreement. Borrower shall not be responsible for payment of the annual master
servicing fee due to the Servicer under the Servicing Agreement.

 

(b)          Notwithstanding
the foregoing, following a Securitization, Borrower shall reimburse Lender on demand for (a) all actual out-of-pocket reasonable
costs and expenses, liquidation fees, workout fees or special servicing fees as a result of an Event of Default under the Loan
Documents or the Loan becoming specially serviced, or any enforcement, refinancing or restructuring of the credit arrangements
provided for under the Loan Documents in the nature of a “work-out” of the Loan Documents or any insolvency or bankruptcy
of Borrower, in each case without duplication, to the extent default interest paid by Borrower under the Loan Documents is insufficient
to pay the same (after payment of interest payable on advances made by the Servicer) (provided that in any event annual special
servicing fees shall not exceed 0.1875% of the then Outstanding Principal Balance amount per annum, workout fees shall not exceed
0.375% of each collection of interest and principal collections of the Loan, and liquidation fees shall not exceed the amount,
if any, by which 0.375% of liquidation proceeds exceeds the amount previously paid in respect of workout fees) and (b) during the
continuance of an Event of Default or at any time the Loan is specially serviced, the reasonable costs of all customary property
inspections and/or appraisals of the Properties (or updates to any existing inspection or appraisal) that Servicer may be required
to obtain pursuant to the applicable trust and servicing or pooling and servicing agreement (other than the cost of regular annual
inspections required to be borne by Servicer under such servicing agreement). Additionally, Borrower shall pay all reasonable out-of-pocket
costs and expenses (but not any additional servicing fee) in connection with any consent requests made by Borrower during the term
of the Loan. For avoidance of doubt, no modification fee or other amount (other than Lender’s reasonable out-of-pocket costs)
shall be payable in connection with (i) any transaction for which a workout fee is paid, or (ii) any assumption of the Loan, except
as expressly provided in Section 7.1. To the extent late charges and default interest under the Loan Documents paid by Borrower
are insufficient to pay the same (and all actual out-of-pocket reasonable costs and expenses, liquidation fees, workout fees or
special servicing fees as a result of an Event of Default under the Loan Documents or the Loan becoming specially serviced, or
any enforcement, refinancing or restructuring of the credit arrangements provided for under the Loan Documents in the nature of
a “work-out” of the Loan Documents or any insolvency or bankruptcy of Borrower, subject to the caps specified herein),
Borrower shall pay the interest payable on advances made by Servicer or the trustee with respect to any delinquent debt service
payments and any protective advances.

 

    	 	-178-	Mezzanine B Loan Agreement

     

    

 

Section 10.22     Intentionally
Omitted.

 

Section 10.23     Assignment
of Title Proceeds.] Lender acknowledges and agrees that Mezzanine A Lender has certain
rights pursuant to the assignment of title insurance proceeds relating to Owner’s title insurance policies obtained in connection
with the Mezzanine A Loan. 

 

Section 10.24     Creation
of Security Interest. Notwithstanding any other provision set forth in this Agreement, the Note, the Pledge Agreement or
any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this
Agreement, the Note, the Pledge Agreement and any other Loan Document (including the advances owing to it) in favor of any Federal
Reserve Bank, any Federal Home Loan Bank or the central reserve bank or similar authority of any other country to secure any obligation
of Lender to such bank or similar authority (a “Central Bank Pledge”). In the event that the interest
of Lender that is assigned in connection with a Central Bank Pledge is foreclosed upon and transferred to the pledge thereof, Lender
shall have no further liability hereunder with respect to the interest that was the subject of such transfer and the assignee shall
be Lender with respect to such interest. Lender shall not be required to notify Borrower of any Central Bank Pledge.

 

Section
10.25     Assignments and Participations. In addition to any other
rights of Lender hereunder, the Loan, the Note, the Loan Documents and/or Lender’s rights, title, obligations and interests
therein may be sold, assigned, participated or otherwise transferred by Lender and any of its successors and assigns to any Person
at any time in its sole and absolute discretion, in whole or in part, whether by operation of law (pursuant to a merger or other
successor in interest) or otherwise without notice to or consent from Borrower or any other Person. Upon such assignment, all references
to Lender in this Agreement and in any Loan Document (or to an individual assigning co-lender in the event an individual co-lender
make such assignment rather than an assignment in whole by Lender) shall be deemed to refer to such assignee or successor in interest
and such assignee or successor in interest shall thereafter stand in the place of Lender (or in the case of an individual assigning
co-lender in the event an individual co-lender make such assignment rather than an assignment in whole by Lender, such assignee
of or successor in interest to such co-lender) in all respects. Except as expressly permitted herein, neither Borrower nor Leasehold
Pledgor may assign its rights, title, interests or obligations under this Agreement or under any of the Loan Documents. In the
event that the Loan is syndicated to five (5) or more co-lenders, then such co-lenders shall appoint an administrative agent or
lead lender to act on behalf of such co-lenders and to serve as Borrower’s single point of contact with respect to the Loan
Documents.

 

Section 10.26     Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument.

 

    	 	-179-	Mezzanine B Loan Agreement

     

    

 

Section 10.27     Set-Off.
In addition to any rights and remedies of Lender provided by this Agreement and by law, Lender shall have the right in its
sole discretion, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by
applicable law, upon any amount becoming due and payable by Borrower hereunder (whether at the stated maturity, by acceleration
or otherwise), to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Lender or any Affiliate thereof to or for
the credit or the account of Borrower; provided however, Lender may only exercise such right during the continuance of an Event
of Default. Lender agrees promptly to notify Borrower after any such set-off and application made by Lender; provided that the
failure to give such notice shall not affect the validity of such set-off and application.

 

Section 10.28     [Reserved].

 

Section 10.29    Intercreditor
Agreement. Lender, Mezzanine A Lender and Mortgage Lender are or will be parties to
a certain intercreditor agreement (the “Intercreditor Agreement”)
memorializing their relative rights and obligations with respect to the Loan, the Mezzanine A Loan, the Mortgage Loan, Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, the Properties, the Mezzanine
A Collateral and the Collateral. Borrower hereby acknowledges and agrees that (i) such Intercreditor Agreement is intended solely
for the benefit of Lender, Mezzanine A Lender and Mortgage Lender and (ii) none of Borrower, Leasehold Pledgor, Mezzanine A Borrower,
Mezzanine A Leasehold Pledgor, Owner or Operating Lessee are intended third-party beneficiaries of any of the provisions therein
and shall not be entitled to rely on any of the provisions contained therein. Lender, Mezzanine A Lender and Mortgage Lender shall
have no obligation to disclose to Borrower the contents of the Intercreditor Agreement. Borrower’s obligations hereunder
are independent of such Intercreditor Agreement and remain unmodified by the terms and provisions thereof.

 

Section
10.30      Note Register; Participant Register.

 

(a)          Servicer,
as non-fiduciary agent of Borrower, or if there is no Servicer, the administrative agent or lead lender, as non-fiduciary agent
of Borrower, or if there is no administrative agent or lead lender, Borrower (or in the case of assignments to participants, the
applicable Lender pursuant to paragraph (b) below), shall maintain a record within the meaning of U.S. Treasury Regulation 5f.103-1(c)
that identifies each owner (including successors, assignees and participants) of an interest in the Loan, including the name and
address of the owner, and each owner’s rights to principal and stated interest (the “Register”)
and shall record all transfers of an interest in the Loan, including each assignment and participation, in the Register. 
The entries in the Register shall be conclusive, absent manifest error, and Borrower, Lender and Servicer may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The
parties intend for the Loan to be in registered form for tax purposes and to the extent of any conflict with this Section 10.30,
this Section 10.30 shall be construed in accordance with that intent. The Register shall be available for inspection by
Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. Failure to make any such recordation,
or any error in such recordation, however, shall not affect Borrower’s obligations in respect of the Loan. Borrower acknowledges
that the Notes are in registered form and may not be transferred except by register.

 

    	 	-180-	Mezzanine B Loan Agreement

     

    

 

(b)          Each
Lender that sells a participation hereunder shall, acting solely for this purpose as an agent of Borrower, maintain a register
on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s
interest  in  the  Loan  or  other  obligations  under  the  Loan  Documents 
(the  “Participant Register”); provided, however, that no Lender shall have any obligation to disclose
all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s
interest in any obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such obligation is in registered form under U.S. Treasury Regulation 5f.103-1(c).  The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, Servicer shall have no responsibility for maintaining a Participant Register.

 

Section 10.31     Borrower
Affiliate Lender. Lender agrees that the Lender Documents shall not prohibit or restrict Affiliates of Borrower from purchasing
or otherwise acquiring and owning (a) beneficial interests in the Mortgage Loan as evidenced by any single or multi class non-voting
Securities in respect of any private or public securitization of the Mortgage Loan or (b) any direct or indirect interests in the
Mezzanine A Loan or the Loan (or otherwise impose additional restrictions or requirements on a transfer to such Affiliate of Borrower),
provided, however, that the Lender Documents may include customary restrictions on the exercise of the rights and remedies by such
Affiliates of Borrower or Leasehold Pledgor under the Loan, the Mezzanine A Loan, and the Mortgage Loan including, without limitation,
(i) restrictions on any such Affiliate having the right to, or exercising, directly or indirectly, any control, decision-making
power, voting rights, notice and cure rights, or other rights that would otherwise benefit a holder by virtue of its ownership
or control of any interest with respect to the Loan, the Mezzanine A Loan, or the Mortgage Loan, (ii) restrictions on any such
Affiliate’s approval and consent rights under any intercreditor agreement, co-lender agreement or similar agreement, (iii)
restrictions on such Affiliate’s initiation of enforcement actions against equity collateral, (iv) restrictions on the making
of protective advances, (v) restrictions on such Affiliate from making or bringing any claim, in its capacity as a holder of any
direct or indirect interest in the Loan, the Mezzanine A Loan or the Mortgage Loan, against Lender, any Mezzanine A Lender or any
Mortgage Lender or any agent of any of the foregoing with respect to the duties and obligations of such Person under the Loan Documents,
any Mezzanine A Loan Documents or any Mortgage Loan Documents, any intercreditor agreement or any applicable co-lender agreement
or similar agreement and (vi) restrictions on such Affiliate’s access to any electronic platform for the distribution of
materials or information among the Mortgage Lender, Lender or Mezzanine A Lender, “asset status reports” or any correspondence
or materials or notices of or participation in any discussions, meetings or conference calls (among Mortgage Lender, Lender and
Mezzanine A Lender, any of their respective co-lenders or participants, or otherwise) regarding or relating to any workout discussions
or litigation or foreclosure strategy (or potential litigation strategy) involving the Loan, the Mezzanine A Loan or the Mortgage
Loan, other than in its capacity as Borrower, Mezzanine A Borrower or Owner, to the extent discussions and negotiations are being
conducted with Borrower, Mezzanine A Borrower, or Owner (as distinct from internal discussions and negotiations among the various
creditors).

 

    	 	-181-	Mezzanine B Loan Agreement

     

    

 

Section
10.32     Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

(a)          Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the respective parties
thereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to
the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

 

(i)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(ii)         the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(A)         a
reduction in full or in part or cancellation of any such liability;

 

(B)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(C)         the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

(b)          As
used in this Section 10.32 the following terms have the following meanings ascribed thereto: (i) “Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution; (ii) “Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing
law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule; (iii) “EEA
Financial Institution” means (x) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority; (y) any entity established in an EEA Member Country which is
a parent of an institution described in clause (x) of this definition, or (x) any financial institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (x) or (y) of this definition and is subject to consolidated
supervision with its parent; (iv) “EEA Member Country” means any of the member states of the European
Union, Iceland, Liechtenstein, and Norway or any other member state of the European Economic Area; (v) “EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution; (vi)
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time; and (vii) “Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.

 

    	 	-182-	Mezzanine B Loan Agreement

     

    

 

Section
10.33      Co-Lenders.

 

(a)          Borrower
and Lender hereby acknowledge and agree that notwithstanding the fact that the Loan may be serviced by Servicer, prior to a Securitization
of the entire Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval
is required, Borrower shall only be required to obtain the consent and approval of Morgan Stanley Mortgage Capital Holdings LLC
(or its successors or assigns) and all copies of documents, reports, requests and other delivery obligations of Borrower required
hereunder shall be delivered by Borrower to Morgan Stanley Mortgage Capital Holdings LLC (or its successors or assigns).

 

(b)          Following
the Closing Date (i) the liabilities of Lender shall be several and not joint, (ii) neither Co-Lender shall be responsible for
the obligations of the other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective Ratable
Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations for costs, expenses,
damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share.

 

(c)          Each
Co-Lender agrees that it has, independently and without reliance on any other Co-Lender, and based on such documents and information
as it has deemed appropriate, made its own credit analysis of Borrower and its Affiliates and decision to enter into this Agreement
and that it will, independently and without reliance upon the other Co-Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement
or under any other Loan Document.

 

Section 10.34     Patriot
Act Notice. The Patriot Act requires all financial institutions to obtain, verify and record certain information that identifies
individuals or business entities which open an “account” with such financial institution. Consequently, Lender may
from time-to-time request, and Borrower shall provide to Lender, Borrower’s name, address, tax identification number and/or
such other identification information as shall be necessary for Lender to comply with federal law. An “account” for
this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit
account, a loan or other extension of credit and/or other financial services product.

 

Article
11

Mortgage Loan

 

Section 11.1       Compliance
With Mortgage Loan Documents. Borrower shall (or shall cause Owner or Operating Lessee,
as applicable, to): (a) pay all principal, interest and reserve deposits required to be paid by Owner under and pursuant to the
provisions of the Mortgage Loan Documents; (b) diligently perform and observe all of the terms, covenants and conditions of the
Mortgage Loan Documents on the part of Owner and Operating Lessee to be performed and observed, unless such performance or observance
shall be waived in writing by Mortgage Lender; (c) promptly notify Lender of the giving of any notice by Mortgage Lender to Owner,
Operating Lessee or Borrower of any default by Owner or Operating Lessee in the performance or observance of any of the terms,
covenants or conditions of the Mortgage Loan Documents on the part of Owner or Operating Lessee to be performed or observed and
deliver to Lender a true copy of each such notice; and (d) not enter into or be bound by any Mortgage Loan Documents that are
not approved by Lender. Without limiting the foregoing, Borrower shall cause Owner to fund all reserves required to be funded
pursuant to the Mortgage Loan Documents. In the event of a refinancing of the Mortgage Loan permitted by the terms of this Agreement,
Borrower will cause all reserves on deposit with Mortgage Lender to be utilized by Owner to reduce the amount due and payable
to the Mortgage Lender or alternatively shall be remitted to Lender as a mandatory prepayment of the Loan.

 

    	 	-183-	Mezzanine B Loan Agreement

     

    

 

Section 11.2        Mortgage
Loan Defaults. 

 

(a)          Without
limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower or Leasehold Pledgor
from any of its obligations hereunder, if there shall occur any default under the Mortgage Loan Documents, Borrower and Leasehold
Pledgor each hereby expressly agrees that Lender shall have the immediate right, without prior notice to Borrower or Leasehold
Pledgor, but shall be under no obligation: (i) to pay all or any part of the Mortgage Loan and any other sums that are then due
and payable, and to perform any act or take any action on behalf of Borrower, Leasehold Pledgor, Owner and/or Operating Lessee
as may be appropriate, to cause all of the terms, covenants and conditions of the Mortgage Loan Documents on the part of Owner
or Operating Lessee to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts
and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights
and interests of Lender in the Loan and/or the Collateral. All sums so paid and the costs and expenses incurred by Lender in exercising
rights under this Section 11.2 (including attorneys’ fees) (i) shall constitute additional advances of the Loan
to Borrower, (ii) shall increase the then unpaid Outstanding Principal Balance, (iii) shall bear interest at the Default
Rate for the period from the date that such costs or expenses were incurred to the date of payment to Lender, (iv) shall constitute
a portion of the Debt, (v) shall be secured by the Pledge Agreement and (vi) shall be due and payable to Lender within five
Business Days following written demand therefor. Subject to the rights of tenants and hotel guests, Borrower hereby grants, and
shall cause Owner and Operating Lessee to grant, Lender and any Person designated by Lender the right to enter upon any Individual
Property at any time for the purpose of carrying out the rights granted to Lender under this Section 11.2.

 

(b)          Borrower
and Leasehold Pledgor hereby indemnifies Lender from and against all liabilities, obligations, losses, damages, penalties, assessments,
actions, or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional
fees, whether or not suit is brought, and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against Lender as a result of the foregoing actions. Lender shall have no obligation to Borrower, Leasehold
Pledgor, Owner, Operating Lessee or any other party to make any such payment or performance. Neither Borrower nor Leasehold Pledgor
shall impede, interfere with, hinder or delay, nor permit Owner or Operating Lessee to impede, interfere with, hinder or delay,
any effort or action on the part of Lender to cure any default or asserted default under the Mortgage Loan, or to otherwise protect
or preserve Lender’s interests in the Loan and the Collateral following a default or asserted default under the Mortgage
Loan. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender.

 

    	 	-184-	Mezzanine B Loan Agreement

     

    

 

(c)          If
Lender shall receive a copy of any notice of default under the Mortgage Loan Documents sent by Mortgage Lender to Owner or Operating
Lessee, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender, in good faith,
in reliance thereon. As a material inducement to Lender’s making the Loan, each of Borrower and Leasehold Pledgor hereby
absolutely and unconditionally releases and waives all claims against Lender arising out of Lender’s exercise of its rights
and remedies provided in this Section 11.2, except for Lender’s gross negligence or willful misconduct.

 

(d)          If,
on account of the subordination of the Loan to the Mortgage Loan, Lender is required to remit to Mortgage Lender any amount theretofore
paid to Lender hereunder, and such amount is credited towards Owner’s obligations under the Mortgage Loan, then such amount
shall continue to be owing pursuant to this Agreement and the other Loan Documents as part of the Indebtedness, notwithstanding
the prior receipt of such payment by Lender.

 

Section 11.3        Mortgage
Loan Estoppels. Borrower and Leasehold Pledgor shall (or shall cause Owner or Operating
Lessee to), from time to time, use reasonable efforts to obtain from Mortgage Lender such certificates of estoppel with respect
to compliance by Owner and Operating Lessee with the terms of the Mortgage Loan Documents as may be reasonably requested by Lender.
In the event or to the extent that Mortgage Lender is not legally obligated to deliver such certificates of estoppel and is unwilling
to deliver the same, or is legally obligated to deliver such certificates of estoppel but breaches such obligation, then neither
Borrower nor Leasehold Pledgor shall be in breach of this provision so long as Borrower furnishes to Lender an estoppel executed
by Borrower, Leasehold Pledgor, Owner and Operating Lessee expressly representing to Lender the information requested by Lender
regarding compliance by Owner and Operating Lessee with the terms of the Mortgage Loan Documents. Each of Borrower and Leasehold
Pledgor hereby indemnifies Lender from and against all liabilities, obligations, losses, damages, penalties, assessments, actions,
or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional fees,
whether or not suit is brought and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against Lender based in whole or in part upon any fact, event, condition, or circumstances relating to
the Mortgage Loan which was misrepresented in, or which warrants disclosure and was omitted from such estoppel executed by Borrower,
Leasehold Pledgor Owner and Operating Lessee.

 

Section 11.4        No
Amendment to Mortgage Loan Documents; Consents and Approvals. Without obtaining the
prior written consent of Lender, neither Borrower nor Leasehold Pledgor shall cause or permit Owner or Operating Lessee to enter
into any amendment or modification of any of the Mortgage Loan Documents. Borrower or Leasehold Pledgor shall cause Owner or Operating
Lessee to provide Lender with a copy of any amendment or modification to the Mortgage Loan Documents promptly after the execution
thereof. If any action, proposed action or other decision is consented to or approved by Mortgage Lender, such consent or approval
shall not be binding or controlling on Lender. Borrower and Leasehold Pledgor each hereby acknowledges and agrees that (i) the
risks of Mortgage Lender in making the Mortgage Loan are different from the risks of Lender in making the Loan and (ii) in determining
whether to grant, deny, withhold or condition any requested consent or approval, Mortgage Lender and Lender may reasonably reach
different conclusions. In addition, except as otherwise provided in this Agreement, the denial by Lender of a requested consent
or approval in accordance with the terms of the Loan Documents shall not result in any liability or other obligation of Lender,
if such denial results directly or indirectly in a default under any Senior Loan, and each of Borrower and Leasehold Pledgor hereby
waives any claim of liability against Lender arising from any such denial.

 

    	 	-185-	Mezzanine B Loan Agreement

     

    

 

Section 11.5       Refinancing
or Prepayment of the Mortgage Loan. Neither Borrower nor Owner shall make any partial
or full prepayments of amounts owing under the Mortgage Loan (other than any partial or full prepayments permitted by and made
in accordance with the terms of the Mortgage Loan Agreement and this Agreement) or refinance the Mortgage Loan without the prior
written consent of Lender, unless such refinancing results in the concurrent payment in full of the Debt.

 

Section 11.6       Intentionally
Omitted. 

 

Section 11.7       Purchase
of Mortgage Loan. Except as permitted under Section 10.31, none of Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of
any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any portion thereof or any interest therein, via
purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A
Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with
the foregoing, then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all
such Persons acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon
the request of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the
promissory note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey
and release the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage
Loan Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing.
Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation
claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection
with the Mortgage Loan.

 

Section 11.8       Communication
with Mortgage Lender. Lender shall have the right at any time to discuss the Properties,
the Collateral, the Mezzanine A Collateral, the Mortgage Loan, the Mezzanine A Loan, the Loan or any other matter directly with
Mortgage Lender or their its consultants, agents or representatives, without notice to or permission from Borrower or Leasehold
Pledgor or any of their respective Affiliates. Lender shall have no obligation to disclose such discussions or the contents thereof
with Borrower or Leasehold Pledgor or any of their respective affiliates.

 

Section 11.9       Duplicative
Performance Not Required. To the extent that any provisions of this Agreement require the Borrower to post additional collateral
or security for the performance of Borrower’s or Leasehold Pledgor’s (or Mezzanine A Borrower’s, Mezzanine A
Leasehold Pledgor’s, Owner’s or Operating Lessee’s) obligations hereunder or Owner’s and/or Operating Lessee’s
obligations under the Mortgage Loan Documents, and Owner or Operating Lessee shall have posted collateral or security in respect
of the same obligations pursuant to the Mortgage Loan Agreement, then Borrower shall have no obligation under this Agreement to
post such additional collateral or security in connection therewith; provided, however, in the event the Mortgage Loan and Mezzanine
A Loans have been paid in full, any and all obligations of Owner and Operating Lessee under the Mortgage Loan Documents to have
posted additional collateral or security in respect of the obligations of Owner and Operating Lessee pursuant to the Mortgage Loan
Agreement shall instead be deemed to require that such additional collateral or security be posted in favor of Lender in respect
of Borrower’s and Leasehold Pledgor’s obligations pursuant to this Agreement.

 

    	 	-186-	Mezzanine B Loan Agreement

     

    

 

Section
11.10         Independent Approval Rights. If any action, proposed
action or other decision is consented to or approved by Mortgage Lender, such consent or approval shall not be binding or
controlling on Lender. Borrower hereby acknowledges and agrees that (a) the risks of Mortgage Lender in making the Mortgage
Loan are different from the risks of Lender in making the Loan, (b) in determining whether to grant, deny, withhold or
condition any requested consent or approval Mortgage Lender and Lender may reasonably reach different conclusions, and (c)
Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its
own point of view. Further, the denial by Lender of a requested consent or approval shall not create any liability or
other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the
Mortgage Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denial.

 

Article
12

Mezzanine a Loan

 

Section 12.1       Compliance
With Mezzanine A Loan Documents. Borrower shall (or shall cause Mezzanine A Borrower
or Mezzanine A Leasehold Pledgor, as applicable, to): (a) pay all principal, interest and reserve deposits required to be paid
by Mezzanine A Borrower under and pursuant to the provisions of the Mezzanine A Loan Documents; (b) diligently perform and observe
all of the terms, covenants and conditions of the Mezzanine A Loan Documents on the part of Mezzanine A Borrower and Mezzanine
A Leasehold Pledgor to be performed and observed, unless such performance or observance shall be waived in writing by Mezzanine
A Lender; (c) promptly notify Lender of the giving of any notice by Mezzanine A Lender to Mezzanine A Borrower, Mezzanine A Leasehold
Pledgor or Borrower of any default by Mezzanine A Borrower or Mezzanine A Leasehold Pledgor in the performance or observance of
any of the terms, covenants or conditions of the Mezzanine A Loan Documents on the part of Mezzanine A Borrower or Mezzanine A
Leasehold Pledgor to be performed or observed and deliver to Lender a true copy of each such notice; and (d) not enter into or
be bound by any Mezzanine A Loan Documents that are not approved by Lender. Without limiting the foregoing, Borrower shall cause
Mezzanine A Borrower to fund all reserves required to be funded pursuant to the Mezzanine A Loan Documents. In the event of a
refinancing of the Mezzanine A Loan permitted by the terms of this Agreement, Borrower will cause all reserves on deposit with
Mezzanine A Lender to be utilized by Mezzanine A Borrower to reduce the amount due and payable to the Mezzanine A Lender or alternatively
shall be remitted to Lender as a mandatory prepayment of the Loan.

 

    	 	-187-	Mezzanine B Loan Agreement

     

    

 

Section 12.2        Mezzanine
A Loan Defaults. 

 

(a)          Without
limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower or Leasehold Pledgor
from any of its obligations hereunder, if there shall occur any default under the Mezzanine A Loan Documents, Borrower and Leasehold
Pledgor each hereby expressly agrees that Lender shall have the immediate right, without prior notice to Borrower or Leasehold
Pledgor, but shall be under no obligation: (i) to pay all or any part of the Mezzanine A Loan and any other sums that are then
due and payable, and to perform any act or take any action on behalf of Borrower, Leasehold Pledgor, Mezzanine A Borrower and/or
Mezzanine A Leasehold Pledgor as may be appropriate, to cause all of the terms, covenants and conditions of the Mezzanine A Loan
Documents on the part of Mezzanine A Borrower or Mezzanine A Leasehold Pledgor to be performed or observed thereunder to be promptly
performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion,
shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. All sums so paid
and the costs and expenses incurred by Lender in exercising rights under this Section 12.2 (including attorneys’ fees)
(i) shall constitute additional advances of the Loan to Borrower, (ii) shall increase the then unpaid Outstanding Principal
Balance, (iii) shall bear interest at the Default Rate for the period from the date that such costs or expenses were incurred
to the date of payment to Lender, (iv) shall constitute a portion of the Debt, (v) shall be secured by the Pledge Agreement
and (vi) shall be due and payable to Lender within five Business Days following written demand therefor.

 

(b)          Borrower
and Leasehold Pledgor hereby indemnifies Lender from and against all liabilities, obligations, losses, damages, penalties, assessments,
actions, or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional
fees, whether or not suit is brought, and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against Lender as a result of the foregoing actions. Lender shall have no obligation to Borrower, Leasehold
Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor or any other party to make any such payment or performance. Neither
Borrower nor Leasehold Pledgor shall impede, interfere with, hinder or delay, nor permit Mezzanine A Borrower or Mezzanine A Leasehold
Pledgor to impede, interfere with, hinder or delay, any effort or action on the part of Lender to cure any default or asserted
default under the Mezzanine A Loan, or to otherwise protect or preserve Lender’s interests in the Loan and the Collateral
following a default or asserted default under the Mezzanine A Loan. Lender shall have no obligation to complete any cure or attempted
cure undertaken or commenced by Lender.

 

(c)          If
Lender shall receive a copy of any notice of default under the Mezzanine A Loan Documents sent by Mezzanine A Lender to Mezzanine
A Borrower or Mezzanine A Leasehold Pledgor, such notice shall constitute full protection to Lender for any action taken or omitted
to be taken by Lender, in good faith, in reliance thereon. As a material inducement to Lender’s making the Loan, each of
Borrower and Leasehold Pledgor hereby absolutely and unconditionally releases and waives all claims against Lender arising out
of Lender’s exercise of its rights and remedies provided in this Section 12.2, except for Lender’s gross negligence
or willful misconduct.

 

(d)          If,
on account of the subordination of the Loan to the Mezzanine A Loan, Lender is required to remit to Mezzanine A Lender any amount
theretofore paid to Lender hereunder, and such amount is credited towards Mezzanine A Borrower’s obligations under the Mezzanine
A Loan, then such amount shall continue to be owing pursuant to this Agreement and the other Loan Documents as part of the Indebtedness,
notwithstanding the prior receipt of such payment by Lender.

 

    	 	-188-	Mezzanine B Loan Agreement

     

    

 

Section 12.3        Mezzanine
A Loan Estoppels. Borrower and Leasehold Pledgor shall (or shall cause Mezzanine A Borrower
or Mezzanine A Leasehold Pledgor to), from time to time, use reasonable efforts to obtain from Mezzanine A Lender such certificates
of estoppel with respect to compliance by Mezzanine A Borrower and Mezzanine A Leasehold Pledgor with the terms of the Mezzanine
A Loan Documents as may be reasonably requested by Lender. In the event or to the extent that Mezzanine A Lender is not legally
obligated to deliver such certificates of estoppel and is unwilling to deliver the same, or is legally obligated to deliver such
certificates of estoppel but breaches such obligation, then neither Borrower nor Leasehold Pledgor shall be in breach of this
provision so long as Borrower furnishes to Lender an estoppel executed by Borrower, Leasehold Pledgor, Mezzanine A Borrower and
Mezzanine A Leasehold Pledgor expressly representing to Lender the information requested by Lender regarding compliance by Mezzanine
A Borrower and Mezzanine A Leasehold Pledgor with the terms of the Mezzanine A Loan Documents. Each of Borrower and Leasehold
Pledgor hereby indemnifies Lender from and against all liabilities, obligations, losses, damages, penalties, assessments, actions,
or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional fees,
whether or not suit is brought and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against Lender based in whole or in part upon any fact, event, condition, or circumstances relating to
the Mezzanine A Loan which was misrepresented in, or which warrants disclosure and was omitted from such estoppel executed by
Borrower, Leasehold Pledgor, Mezzanine A Borrower and Mezzanine A Leasehold Pledgor.

 

Section 12.4        No
Amendment to Mezzanine A Loan Documents; Consents and Approvals. Without obtaining the
prior written consent of Lender, neither Borrower nor Leasehold Pledgor shall cause or permit Mezzanine A Borrower or Mezzanine
A Leasehold Pledgor to enter into any amendment or modification of any of the Mezzanine A Loan Documents. Borrower or Leasehold
Pledgor shall cause Mezzanine A Borrower or Mezzanine A Leasehold Pledgor to provide Lender with a copy of any amendment or modification
to the Mezzanine A Loan Documents promptly after the execution thereof. If any action, proposed action or other decision is consented
to or approved by Mezzanine A Lender, such consent or approval shall not be binding or controlling on Lender. Borrower and Leasehold
Pledgor each hereby acknowledges and agrees that (i) the risks of Mezzanine A Lender in making the Mezzanine A Loan are different
from the risks of Lender in making the Loan and (ii) in determining whether to grant, deny, withhold or condition any requested
consent or approval, Mezzanine A Lender and Lender may reasonably reach different conclusions. In addition, except as otherwise
provided in this Agreement, the denial by Lender of a requested consent or approval in accordance with the terms of the Loan Documents
shall not result in any liability or other obligation of Lender, if such denial results directly or indirectly in a default under
any Senior Loan, and each of Borrower and Leasehold Pledgor hereby waives any claim of liability against Lender arising from any
such denial.

 

Section 12.5        Refinancing
or Prepayment of the Mezzanine A Loan. Neither Borrower nor Mezzanine A Borrower shall
make any partial or full prepayments of amounts owing under the Mezzanine A Loan (other than any partial or full prepayments permitted
by and made in accordance with the terms of the Mezzanine A Loan Agreement and this Agreement) or refinance the Mezzanine A Loan
without the prior written consent of Lender, unless such refinancing results in the concurrent payment in full of the Debt.

 

    	 	-189-	Mezzanine B Loan Agreement

     

    

 

Section 12.6        Intentionally
Omitted. 

 

Section 12.7        Purchase
of Mezzanine A Loan. Except as permitted under Section 10.31, none of Borrower,
Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Guarantor or any Affiliate of any of the foregoing shall
acquire or agree to acquire the Mezzanine A Loan, or any portion thereof or any interest therein, via purchase, transfer, exchange,
operation of law or otherwise. If Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Guarantor
or any Affiliate of any of the foregoing shall have failed to comply with the foregoing, then Borrower or Leasehold Pledgor shall
(i) immediately notify Lender of such failure and (ii) cause any and all such Persons acquiring any interest in the Mezzanine
A Loan Documents (A) not to enforce the Mezzanine A Loan Documents, and (B) upon the request of Lender, to the extent any of such
Persons has or have the power or authority to do so, to promptly (1) cancel the promissory note evidencing the portion of the
Mezzanine A Loan so acquired, (2) if the entire Mezzanine A Loan was so acquired, reconvey and release the liens securing the
Mezzanine A Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mezzanine A Loan Documents being taken
by Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Guarantor or any Affiliate of any of the
foregoing. Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any
subrogation claim in respect of the Mezzanine A Loan solely by operation of law as a result of a payment under the guaranty executed
in connection with the Mezzanine A Loan.

 

Section 12.8        Communication
with Mezzanine A Lender. Lender shall have the right at any time to discuss the Properties,
the Collateral, the Mezzanine A Collateral, the Mezzanine A Loan, the Loan or any other matter directly with Mezzanine A Lender
or their its consultants, agents or representatives, without notice to or permission from Borrower or Leasehold Pledgor or any
of their respective Affiliates. Lender shall have no obligation to disclose such discussions or the contents thereof with Borrower
or Leasehold Pledgor or any of their respective affiliates.

 

Section 12.9        Duplicative
Performance Not Required. To the extent that any provisions of this Agreement require the Borrower to post additional collateral
or security for the performance of Borrower’s or Leasehold Pledgor’s (or Mezzanine A Borrower’s, Mezzanine A
Leasehold Pledgor’s, Owner’s or Operating Lessee’s) obligations hereunder or Mezzanine A Borrower’s and/or
Mezzanine A Leasehold Pledgor’s obligations under the Mezzanine A Loan Documents, and Mezzanine A Borrower or Mezzanine A
Leasehold Pledgor shall have posted collateral or security in respect of the same obligations pursuant to the Mezzanine A Loan
Agreement, then Borrower shall have no obligation under this Agreement to post such additional collateral or security in connection
therewith; provided, however, in the event the Mezzanine A Loan has been paid in full, any and all obligations of Mezzanine A Borrower
and Mezzanine A Leasehold Pledgor under the Mezzanine A Loan Documents to have posted additional collateral or security in respect
of the obligations of Mezzanine A Borrower and Mezzanine A Leasehold Pledgor pursuant to the Mezzanine A Loan Agreement shall instead
be deemed to require that such additional collateral or security be posted in favor of Lender in respect of Borrower’s and
Leasehold Pledgor’s obligations pursuant to this Agreement.

 

    	 	-190-	Mezzanine B Loan Agreement

     

    

 

Section 12.11      Independent
Approval Rights. If any action, proposed action or other decision is consented to or
approved by Mezzanine A Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges
and agrees that (a) the risks of Mezzanine A Lender in making the Mezzanine A Loan are different from the risks of Lender in making
the Loan, (b) in determining whether to grant, deny, withhold or condition any requested consent or approval Mezzanine A Lender
and Lender may reasonably reach different conclusions, and (c) Lender has an absolute independent right to grant, deny, withhold
or condition any requested consent or approval based on its own point of view. Further, the denial by Lender of a requested consent
or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly
or indirectly in a default under the Mezzanine A Loan, and Borrower hereby waives any claim of liability against Lender arising
from any such denial.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	 	-191-	Mezzanine B Loan Agreement

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and
year first above written.

 

LENDER:

 

MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York
limited liability company

 

	By: 	/s/ Cynthia Eckes
	 	Name:	Cynthia Eckes
	 	Title:  	Authorized Signatory

  

CITIGROUP GLOBAL MARKETS REALTY CORP.,

a New York corporation

 

	By: 	/s/ Harry Kramer
	 	Name: 	Harry Kramer
	 	Title:	Vice President

 

DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche
Bank AG, a German bank authorized by the New York Department of Financial Services

 

	By: 	/s/ Peter Castro
	 	Name: 	Peter Castro
	 	Title:	Director

 

	By: 	/s/ David Goodman
	 	Name: 	David Goodman
	 	Title:	Managing Director

 

GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership

 

	By: 	/s/ David A. Brown
	 	Name: 	David A. Brown
	 	Title:	Authorized Signatory

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

a banking association chartered under the laws of the United
States of America

 

	By:	/s/ Simon B. Bruce
	 	Name: 	Simon B. Bruce
	 	Title:	Vice President

 

[SIGNATURES CONTINUE ON
NEXT PAGE]

 

    	 	SIGNATURE PAGE	Mezzanine B Loan Agreement

     

    

 

BORROWER:

 

HIT PORTFOLIO I MEZZ B, LLC, a
Delaware limited liability company

 

	By:	/s/ Paul C. Hughes
	 	Name: 	Paul C. Hughes
	 	Title:	General Counsel and Secretary

 

LEASEHOLD PLEDGOR:

 

HIT 2PK TRS MEZZ B, LLC, a Delaware
limited liability company

 

	By:	/s/ Paul C. Hughes
	 	Name: 	Paul C. Hughes
	 	Title:	General Counsel and Secretary

 

HIT PORTFOLIO I TRS MEZZ B, LLC,
a Delaware limited liability company

 

	By:	/s/ Paul C. Hughes
	 	Name: 	Paul C. Hughes
	 	Title:	General Counsel and Secretary

  

    	 	SIGNATURE PAGE	Mezzanine B Loan AgreementExhibit 10.5

 

MS
Loan No.: 18-54256

 

MEZZANINE A GUARANTY OF RECOURSE OBLIGATIONS

 

This MEZZANINE A
GUARANTY OF RECOURSE OBLIGATIONS  (this “Guaranty”) is executed as of May 1, 2019, by HOSPITALITY
INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP Guarantor”),
and hOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (“Parent
Guarantor”), each having an office at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia
22030 (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, having an address
at 1585 Broadway, 25th Floor, New York, New York 10036 (together with its successors and/or assigns, “MS”),
CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 6th
Floor, New York, New York 10013 (together with its successors and/or assigns, “Citi”), DEUTSCHE BANK
AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German bank authorized by the New York Department of Financial Services,
having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its successors and/or assigns, “DB”),
GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, having an address at 200 West Street, New York, New York
10282 (together with its successors and/or assigns, “GS”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York,
New York 10179 (together with its successors and/or assigns, “JPM” and together with MS, Citi, DB and
GS and each of their respective successors and/or assigns, collectively, “Lender”).

 

WITNESSETH:

 

A.       Pursuant
to (i) that certain Mezzanine A Promissory Note A-1, dated of even date herewith, executed by HIT PORTFOLIO I MEZZ, LP,
a Delaware limited partnership, having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia
22030 (together with its permitted successors and assigns, “Borrower”), and payable to the order of MS
in the original principal amount of $20,000,000 (as the same may hereafter be amended, supplemented, restated, split into multiple
notes, increased, extended or consolidated from time to time, “Note A-1”), (ii) that certain Mezzanine
A Promissory Note A-2, dated of even date herewith, executed by Borrower and payable to the order of Citi in the original principal
amount of $20,000,000 (as the same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended
or consolidated from time to time, “Note A-2”), (iii) that certain Mezzanine A Promissory Note A-3, dated
of even date herewith, executed by Borrower and payable to the order of DB in the original principal amount of $20,000,000 (as
the same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from
time to time, “Note A-3”), (iv) that certain Mezzanine A Promissory Note A-4, dated of even date herewith,
executed by Borrower and payable to the order of GS in the original principal amount of $20,000,000 (as the same may hereafter
be amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from time to time, “Note
A-4”), and (v) that certain Mezzanine A Promissory Note A-5, dated of even date herewith, executed by Borrower and
payable to the order of JPM in the original principal amount of $20,000,000 (as the same may hereafter be amended, supplemented,
restated, split into multiple notes, increased, extended or consolidated from time to time, “Note A-5”,
and together with Note A-1, Note A-2, Note A-3 and Note A-4, collectively, the “Note”), Borrower has
become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the “Loan”)
which is made pursuant to that certain Mezzanine A Loan Agreement, dated of even date herewith, among Borrower, HIT Portfolio I
TRS Holdco, LLC, HIT 2PK TRS Mezz, LLC and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified
from time to time, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to such terms in the Loan Agreement.

 

     

     

    

 

B.       Pursuant
to (i) that certain Promissory Note A-1, dated of even date herewith, executed by THE ENTITIES ON SCHEDULE 1 ATTACHED
HERETO, each having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030 (together
with its permitted successors and assigns, “Owner”), and payable to the order of Morgan Stanley Bank,
N.A. in the original principal amount of $174,000,000 (as the same may hereafter be amended, supplemented, restated, split into
multiple notes, increased, extended or consolidated from time to time, “Mortgage Note A-1”), (ii) that
certain Promissory Note A-2, dated of even date herewith, executed by Owner and payable to the order of Citi Real Estate Funding
Inc. in the original principal amount of $174,000,000 (as the same may hereafter be amended, supplemented, restated, split into
multiple notes, increased, extended or consolidated from time to time, “Mortgage Note A-2”), (iii) that
certain Promissory Note A-3, dated of even date herewith, executed by Owner and payable to the order of DB in the original principal
amount of $174,000,000 (as the same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended
or consolidated from time to time, “Mortgage Note A-3”), (iv) that certain Promissory Note A-4, dated
of even date herewith, executed by Owner and payable to the order of GS in the original principal amount of $174,000,000 (as the
same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from time
to time, “Mortgage Note A-4”), and (v) that certain Promissory Note A-5, dated of even date herewith,
executed by Owner and payable to the order of JPM in the original principal amount of $174,000,000 (as the same may hereafter be
amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from time to time, “Mortgage
Note A-5”, and together with Note A-1, Note A-2, Note A-3 and Note A-4, collectively, the “Mortgage Note”),
Owner has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the “Mortgage
Loan”) which is made pursuant to that certain Mezzanine A Loan Agreement, dated of even date herewith, among Owner,
the entities listed on Schedule 2 attached hereto and Lender (as the same may be amended, modified, supplemented, replaced
or otherwise modified from time to time, the “Mortgage Loan Agreement”).

 

C.       Lender
is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees the payment
and performance to Lender of the Guaranteed Obligations (as herein defined).

 

D.       Guarantor
is the owner of direct or indirect interests in Borrower, and each Guarantor will directly benefit from Lender’s making the
Loan to Borrower.

 

NOW, THEREFORE, as
an inducement to Lender to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree
to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties do hereby agree as follows:

 

    	 	-2-	Guaranty of Recourse Obligations

     

    

 

ARTICLE
1 

NATURE AND SCOPE OF GUARANTY

 

Section
1.1       Guaranty of Obligation.

 

(a)       Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and
assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally covenants
and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)       As
used herein, the term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and
(ii) from and after the date that any Springing Recourse Event occurs, payment of all of the Obligations, provided,
however, that Guarantor’s liability with respect to (A) the Springing Recourse Events set forth in clauses (iii) through
(viii) of such definition in Section 9.1 of the Loan Agreement is subject to a maximum liability equal to the BK Cap (for avoidance
of doubt, the BK Cap applies to clauses (iii) through (viii) collectively, such that the aggregate liability
of Guarantor under such clauses is the BK Cap) and (B) the Springing Recourse Events set forth in clause (ix) of such
definition shall not exceed the Allocated Loan Amount for the Dallas Courtyard Property.

 

(c)       As
used herein, the term “BK Cap” means the product of (i) the outstanding principal amount of the Loan
plus any interest accrued and unpaid on the Loan multiplied, by (ii) 0.20, plus Lender’s actual out-of-pocket costs and expenses
(including attorneys’ fees).

 

(d)       Notwithstanding
anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived any
right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim
for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing
to Lender in accordance with the Loan Documents.

 

Section
1.2       Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing
guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be revoked by any Guarantor and shall
continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by any Guarantor
and after (if such Guarantor is a natural person) such Guarantor’s death (in which event this Guaranty shall be binding upon
such Guarantor’s estate and such Guarantor’s legal representatives and heirs). The fact that at any time or from time
to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of any Guarantor to
Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the Note
and shall not be discharged by the assignment or negotiation of all or part of the Note.

 

    	 	-3-	Guaranty of Recourse Obligations

     

    

 

Section
1.3       Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations
and the liabilities and obligations of Guarantors to Lender hereunder shall not be reduced, discharged or released because or by
reason of any existing or future offset, claim or defense of Borrower or any other party against Lender or against payment of the
Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions
creating the Guaranteed Obligations) or otherwise.

 

Section
1.4       Payment By Guarantors. If all or any part of the Guaranteed Obligations
shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantors shall, immediately upon
demand by Lender and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate
the maturity, notice of acceleration of the maturity or any other notice whatsoever, pay in lawful money of the United States of
America, the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may
be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations and may be made
from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given
and received in accordance with the notice provisions hereof.

 

Section
1.5       No Duty To Pursue Others. It shall not be necessary for Lender (and each
Guarantor hereby waives any rights which such Guarantor may have to require Lender), in order to enforce the obligations of Guarantors
hereunder, first to (i) institute suit or exhaust its remedies against Borrower or others liable on the Loan or the Guaranteed
Obligations or any other Person, including, without limitation, any general partner of any of the foregoing which is a partnership,
(ii) enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan, (iii) enforce
Lender’s rights against any other guarantors of the Guaranteed Obligations, including, without limitation, any general partner
of any of the foregoing which is a partnership, (iv) join Borrower or any others liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever
have been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations,
including, to the extent California law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing
which may be available to Lender by virtue of California Civil Code Sections 2845, 2849, and 2850. Lender shall not be required
to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

Section
1.6       Waivers. Each Guarantor acknowledges receipt of copies of the Loan Documents
and hereby waives notice of (i) any loans or advances made by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any
amendment or extension of the Note, the Pledge Agreement, the Loan Agreement or any other Loan Document, (iv) the execution
and delivery by Borrower and Lender of any other loan or credit agreement or of execution and delivery by Borrower of any promissory
note or other document arising under the Loan Documents or in connection with any Individual Property, (v) the occurrence
of (A) any breach by Borrower of any of the terms or conditions of the Loan Agreement or any of the other Loan Documents,
or (B) an Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed Obligations, or any part thereof,
(vii) the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of any collateral for the Guaranteed
Obligations, (viii) protest, proof of non-payment or default by Borrower, or (ix) any other action at any time taken
or omitted by Lender and, generally, all demands and notices of every kind in connection with this Guaranty, the Loan Documents,
any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and/or the obligations hereby
guaranteed.

 

    	 	-4-	Guaranty of Recourse Obligations

     

    

 

Section
1.7       Payment of Expenses. In the event that any Guarantor shall breach or fail
to timely perform any provisions of this Guaranty, Guarantors shall, immediately upon demand by Lender, pay Lender all reasonable
out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) incurred by Lender in the enforcement
hereof or the preservation of Lender’s rights hereunder. The covenant contained in this Section shall survive the payment
and performance of the Guaranteed Obligations.

 

Section
1.8      Effect of Bankruptcy. In the event that pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder, Lender must rescind or restore
any payment or any part thereof received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior
release or discharge from the terms of this Guaranty given to Guarantors by Lender shall be without effect and this Guaranty shall
remain (or shall be reinstated to be) in full force and effect. It is the intention of Borrower and Guarantors that Guarantors’
obligations hereunder shall not be discharged (other than as expressly set forth herein) except by Guarantors’ performance
of such obligations and then only to the extent of such performance.

 

Section
1.9      Waiver and Postponement of Subrogation, Reimbursement and Contribution.
Notwithstanding anything to the contrary contained in this Guaranty, each Guarantor hereby unconditionally and irrevocably agrees
to postpone the exercise of and, for so long as both any portion of the Debt shall be outstanding and a Permitted Direct Assumption
shall not have been consummated in accordance with the Loan Agreement, does hereby irrevocably waive and defer any and all rights
it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating Guarantors’
rights to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement
from Borrower or any other party liable to Lender for the payment of any or all of the Guaranteed Obligations for any payment made
by Guarantors under or in connection with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver
shall only be in effect for so long as any portion of the Debt shall be outstanding (or shall have been reinstated). 

 

Section
1.10     Limitations on Liability of Guarantors.

 

(a)       As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, and any Person that either (or both) (a) is
in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”), or (b) is either
(1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any
Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the Guarantors directly
or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a Person
with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, thirty-five percent (35%)
or more of the direct or indirect voting equity interests in such Person, provided, however, that, notwithstanding
the foregoing, (I) no Person shall be deemed to be a Guarantor Affiliate to the extent Controlled by a Controlling Mezzanine Lender
(as defined below) in the exercise of its Direct Control Remedies (as defined below) or (y) in connection with or by virtue solely
of any direct or indirect interest in Transferee Borrower or Indirect Transferee and (II) in no event shall either Goldman Sachs
Mortgage Company or GS Commercial Real Estate LP be deemed a Guarantor Affiliate. Subject to clause (II) in the foregoing proviso,
and without limiting the foregoing, if a direct or indirect interest in the Loan is held by a Guarantor Affiliate, the related
Lender will be deemed a Guarantor Affiliate unless such Guarantor Affiliate is a Disabled Participant (as defined below) and one
or more other holders of substantial interests in the Loan that are not Guarantor Affiliates control the administration of the
Loan and the enforcement of the rights and remedies of such Lender. A Guarantor Affiliate is a “Disabled Participant”
with respect to the Loan if it has no right to exercise any voting or other control rights with respect to the Loan (other than
the right to approve amendments to the material economic terms of the Loan).

 

    	 	-5-	Guaranty of Recourse Obligations

     

    

 

(b)       Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)       any
foreclosure upon an Event of Default by a Lender that is not a Guarantor Affiliate of the direct ownership interests in Owner,
the SPC Party, the general partner of Owner or Borrower pledged as collateral for the Loan pursuant to the Loan Documents, any
transfer in lieu of foreclosure of the equity pledged as collateral for the Loan to, on behalf of, or for the benefit or account
of a Lender that is not a Guarantor Affiliate (any such foreclosure or transfer-in-lieu thereof, a “Mezzanine Divestment”),
with the result that neither of the Guarantors nor any other Guarantor Affiliate (excluding any Loan Party who as a result of such
Mezzanine Divestment is no longer Controlled by either of the Guarantors or any other Guarantor Affiliate) shall have Control of
any one or more Owners (each such Owner, a “Divested Borrower”), or

 

(ii)       (A)
any foreclosure (whether judicially or non-judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the benefit or account of Lender or (C) a receiver, trustee, liquidator, conservator
or other third-party appointed by, on behalf of or for the benefit or account of Lender taking control of any Individual Property
(any such foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”),
with the result, in any such case, that neither of the Guarantors nor any other Guarantor Affiliate shall have the power to direct
the management of, any one or more of the Properties thereby foreclosed, transferred or controlled (each such Property,
a “Divested Property”), then, in such cases, Guarantors shall not have any liability under the
Loan Documents for any Guaranteed Obligations arising from any circumstance, condition, action or event with respect to any such
Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment or Mezzanine Divestment, as applicable,
and not caused by the acts of either of the Guarantors or any other Guarantor Affiliate, or any Loan Party (excluding any Loan
Party who as a result of a Mezzanine Divestment is no longer Controlled by either of the Guarantors or any other Guarantor Affiliate);
provided that Guarantors shall remain liable hereunder for any Guaranteed Obligations to the extent arising from any action or
event occurring with respect to any such Divested Property or Divested Borrower prior to the date of the Mortgage Divestment or
Mezzanine Divestment, as applicable.

 

    	 	-6-	Guaranty of Recourse Obligations

     

    

 

(c)       In
the event that either a Permitted Direct Assumption or Permitted Indirect Assumption shall occur in accordance with Section
7.1 of the Loan Agreement and Lender receives in connection therewith a replacement guaranty and replacement environmental
indemnity (collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Guarantors from liability for any Guaranteed Obligations arising from any circumstance, condition, action or event first occurring
after the effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the
extent the same is not caused by either of the Guarantors or any Guarantor Affiliate (it being understood that circumstances, conditions,
actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall be deemed to not have been caused
by any Guarantor or any Guarantor Affiliate); provided, however, that Guarantors shall remain liable hereunder for any Guaranteed
Obligations arising from any action or event occurring prior to the Assumption Release Date.

 

(d)       In
the event that an Event of Default shall exist with respect to the Loan and the related Lender is not a Guarantor Affiliate and
such related Lender, pursuant to the exercise of remedies under the Loan Documents, (i) exercises direct voting Control, by power
of attorney or other exercise of voting power with respect to the ownership interests of the applicable Owner, SPC Party, any general
partner of Owner or Borrower pledged to such Lender as collateral for the Loan under the related Loan Documents, of such ownership
interests in the applicable Owner, SPC Party, any general partner of Owner or Borrower so pledged as collateral for the Loan, or
(ii) appoints a receiver, trustee, liquidator, conservator or other third-party that is not a Guarantor Affiliate to take control
of the equity pledged as collateral for the Loan (the “Direct Control Remedies”, and such Lender, or
such receiver, trustee, liquidator, conservator or other third party appointed by such Lender, exercising such Direct Control Remedies,
the “Controlling Mezzanine Lender”), Guarantors shall not have liability hereunder for the actions that
such Controlling Mezzanine Lender, in the exercise of its Direct Control Remedies, causes any Owner, any SPC Party, any general
partner of Owner or Borrower to take (“Mezzanine Lender Controlled Actions”) if such Mezzanine Lender
Controlled Actions are taken without consent of or collusion with, either of the Guarantors or any Guarantor Affiliate.

 

(e)       Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Loan; provided, however, that the Guaranteed
Obligations shall survive such termination with respect to any and all such Guaranteed Obligations accruing prior to or arising
out of or related to any circumstances, conditions, actions or events occurring or arising prior to the date of such repayment
and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur or the applicable circumstance,
condition, action or event is not discovered until after such date.

 

    	 	-7-	Guaranty of Recourse Obligations

     

    

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

Subject to Section
1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of the following
and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without
limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following:

 

Section
2.1       Modifications. Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Guaranteed Obligations, the Note, the Pledge Agreement, the Loan Agreement, the other
Loan Documents or any other document, instrument, contract or understanding between Borrower and Lender or any other parties pertaining
to the Guaranteed Obligations or any failure of Lender to notify Guarantors of any such action.

 

Section
2.2       Adjustment. Any adjustment, indulgence, forbearance or compromise that might
be granted or given by Lender to Borrower or any Guarantor.

 

Section
2.3      Condition of Borrower or Guarantors. The insolvency, bankruptcy, arrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower, any Guarantor or any other Person at
any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or any Guarantor or,
subject to Section 1.10(b) and (c) hereof, any sale, lease or transfer of any or all of the assets of Borrower or
any Guarantor or, subject to Section 1.10(b) and (c) hereof, any changes in the direct or indirect shareholders,
partners or members, as applicable, of Borrower or any Guarantor; or any reorganization of Borrower or any Guarantor.

 

Section
2.4       Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability
of all or any part of the Guaranteed Obligations or any document or agreement executed in connection with the Guaranteed Obligations
for any reason whatsoever, including, without limitation, the fact that (i) the Guaranteed Obligations or any part thereof
exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires,
(iii) the officers or representatives executing the Note, the Pledge Agreement, the Loan Agreement or the other Loan Documents
or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate
applicable usury laws, (v) Borrower has valid defenses, claims or offsets (whether at law, in equity or by agreement) which
render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment
of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the
Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed
Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note, the Pledge Agreement, the Loan Agreement or any
of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantors
shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations
or any part thereof for any reason.

 

Section
2.5      Release of Obligors. Any full or partial release of the liability of Borrower
for the Guaranteed Obligations or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether
directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed
Obligations, or any part thereof, it being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required
to pay the Guaranteed Obligations in full without assistance or support from any other Person, and no Guarantor has been induced
to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other Persons (including Borrower)
will be liable to pay or perform the Guaranteed Obligations or that Lender will look to other Persons (including Borrower) to pay
or perform the Guaranteed Obligations.

 

    	 	-8-	Guaranty of Recourse Obligations

     

    

 

Section
2.6       Other Collateral. The taking or accepting
of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations.

 

Section
2.7       Release of Collateral. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including, without limitation, negligent, willful, unreasonable or unjustifiable impairment)
of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any
part of the Guaranteed Obligations, subject, however, to the terms of Section 1.10 hereof.

 

Section
2.8       Care and Diligence. The failure of Lender or any other party to exercise
diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part
of any collateral, property or security, including, but not limited to, any neglect, delay, omission, failure or refusal of Lender
(i) to take or prosecute any action for the collection of any of the Guaranteed Obligations, or (ii) to foreclose, or
initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor,
or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any
part of the Guaranteed Obligations.

 

Section
2.9       Unenforceability. The fact that any collateral, security, security interest
or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations, or
any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security
interest or lien, it being recognized and agreed by each Guarantor that such Guarantor is not entering into this Guaranty in reliance
on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the collateral for
the Guaranteed Obligations.

 

Section
2.10     Offset. Any existing or future right of offset, claim or defense of Borrower
against Lender, or any other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense
arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section
2.11     Merger. The reorganization, merger or consolidation of any one of the Individual
Owners or Borrower into or with any other Person.

 

Section
2.12    Preference. Any payment by Borrower to Lender is held to constitute a preference
under the Bankruptcy Code or for any reason Lender is required to refund such payment or pay such amount to Borrower or to any
other Person.

 

Section
2.13     Other Actions Taken or Omitted. Any other action taken or omitted to be
taken with respect to the Loan Documents, the Guaranteed Obligations or the security and collateral therefor, whether or not such
action or omission prejudices Guarantors or increases the likelihood that Guarantors will be required to pay the Guaranteed Obligations
pursuant to the terms hereof, it being the unambiguous and unequivocal intention of Guarantors that such Guarantors shall be obligated
to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever,
whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, which obligation shall be
deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations.

 

    	 	-9-	Guaranty of Recourse Obligations

     

    

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce Lender to
enter into the Loan Documents and to extend credit to Borrower, each Guarantor represents and warrants to Lender as follows:

 

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

 

Section
3.2       Familiarity and Reliance. Each Guarantor is familiar with, and has independently
reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral
intended to be created as security for the payment of the Note or Guaranteed Obligations; however, such Guarantor is not relying
on such financial condition or the collateral as an inducement to enter into this Guaranty.

 

Section
3.3       No Representation By Lender. Neither Lender nor any other party has made
any representation, warranty or statement to any Guarantor in order to induce such Guarantor to execute this Guaranty.

 

Section
3.4       Each Guarantor’s Financial Condition. As of the date hereof, and after
giving effect to this Guaranty and the contingent obligation evidenced hereby, each Guarantor (a) is and intends to remain
solvent, (b) has and intends to have assets which, fairly valued, exceed its obligations, liabilities (including contingent
liabilities) and debts, and (c) has and intends to have property and assets sufficient to satisfy and repay its obligations
and liabilities, including the Guaranteed Obligations.

 

Section
3.5      Legality. The execution, delivery and performance by each Guarantor of this
Guaranty and the consummation of the transactions contemplated hereunder do not and will not contravene or conflict with any law,
statute or regulation whatsoever to which such Guarantor is subject, or constitute a default (or an event which, with notice or
lapse of time or both, would constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien, contract,
agreement or other instrument to which such Guarantor is a party or which may be applicable to such Guarantor. This Guaranty is
a legal and binding obligation of each Guarantor and is enforceable against such Guarantor in accordance with its terms, except
as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights.

 

    	 	-10-	Guaranty of Recourse Obligations

     

    

 

Section
3.6        No Plan Assets. Neither
Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of either Guarantor constitutes or will, during any period
when the Loan remains outstanding, constitute “plan assets” of one or more such plans within the meaning of 29
C.F.R. Section 2510.3-101. In addition, (a) neither Guarantor is a “governmental plan” within the meaning of
Section 3(32) of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating investments
of, or fiduciary obligations with respect to, governmental plans. As of the date hereof, neither any of the Guarantors, nor
any member of a “controlled group of corporations” (within the meaning of Section 414 of the Code) maintains,
sponsors or contributes to a “defined benefit plan” (within the meaning of Section 3(35) of ERISA) or a
“multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section
3.7      ERISA. Neither Guarantor shall engage
in any transaction, other than a transaction contemplated hereunder, which would cause any obligation, or action taken or to
be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Loan Agreement or the other Loan
Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section
3.8      Survival. All representations and warranties made by each Guarantor herein
shall survive the execution hereof.

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1       Subordination of All Guarantor Claims. As used herein, the term “Guarantor
Claims” shall mean all debts and liabilities of Borrower to any one or both of the
Guarantors, whether such debts and liabilities now exist or are hereafter incurred or arise, and whether the obligations of Borrower
thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts
or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor
such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which they have been,
or may hereafter be, acquired by the applicable Guarantor or Guarantors. The Guarantor Claims shall include, without limitation,
all rights and claims of any one or both of the Guarantors against Borrower (arising as a result of subrogation or otherwise) as
a result of payment of all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. So long as any portion
of the Obligations or the Guaranteed Obligations remain outstanding, no Guarantor shall receive or collect, directly or indirectly,
from Borrower or any other Person obligated to Lender any amount upon the Guarantor Claims.

 

Section
4.2       Claims in Bankruptcy. In the event of any receivership, bankruptcy, reorganization,
arrangement, debtor’s relief or other insolvency proceeding involving any Guarantor as a debtor, Lender shall have the right
to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee
or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns
such dividends and payments to Lender. Should Lender receive, for application against the Guaranteed Obligations, any dividend
or payment which is otherwise payable to any Guarantor and which, as between Borrower and any one or both of the Guarantors, shall
constitute a credit against the Guarantor Claims, then, upon payment to Lender in full of the Guaranteed Obligations or, if earlier,
upon consummation of a Permitted Direct Assumption in accordance with Section 7.1 of the Loan Agreement, such Guarantor
shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed
toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed
Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.

 

    	 	-11-	Guaranty of Recourse Obligations

     

    

 

Section
4.3       Payments Held in Trust. Notwithstanding anything to the contrary contained
in this Guaranty, in the event that any Guarantor should receive any funds, payments, claims and/or distributions which are prohibited
by this Guaranty, such Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims
and/or distributions so received and not previously paid to Lender, and agrees that it shall have absolutely no dominion over the
amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions
promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.

 

Section
4.4       Liens Subordinate. Each Guarantor agrees that any liens, security interests,
judgment liens, charges or other encumbrances upon the assets of Borrower securing payment of the Guarantor Claims shall be and
remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s
assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or Lender
presently exist or are hereafter created or attach. Without the prior written consent of Lender, so long as both (a) any portion
of the Debt shall be outstanding and (b) a Permitted Direct Assumption shall not have been consummated in accordance with the Loan
Agreement, then no Guarantor shall (i) exercise or enforce any creditor’s rights it may have against Borrower, or (ii) foreclose,
repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without
limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency
proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances
on the assets of Borrower held by any Guarantor. 

 

ARTICLE
5 

COVENANTS

 

Section
5.1       Definitions. As used in this Article 5, the following terms shall have the
respective meanings set forth below:

 

(a)       “GAAP”
shall mean generally accepted accounting principles, consistently applied.

 

(b)       “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date, including Uncalled Commitments,
and for the purposes of determining Net Worth adding accumulated depreciation and amortization to the value of such assets (without
regard to the Properties or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in
accordance with GAAP, exclusive of any liability under the Loan Documents, the Mortgage Loan Documents, and, for avoidance of doubt,
treating the arrangements with Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC and W2007 Equity Inns Senior
Mezz, LLC as equity and not debt.

 

    	 	-12-	Guaranty of Recourse Obligations

     

    

 

Section
5.2       Covenants. Until all of the Obligations and the Guaranteed Obligations have
been paid in full or, if earlier, the occurrence of any of the events described in Section 1.10(b)-(e) that limits or releases
Guarantor’s liability from and after any such events, Guarantors shall maintain an aggregate Net Worth of not less than $250,000,000
(exclusive of its direct or indirect interest in the Collateral and Property and excluding accumulated depreciation and amortization)
and $500,000,000 (inclusive of its direct or indirect interest in the Collateral and Property, but excluding accumulated depreciation
and amortization) (the “Net Worth Threshold”).

 

Section
5.3       Prohibited Transactions. Each Guarantor shall not, at any time while a default
in the payment of the Guaranteed Obligations has occurred and is continuing, either (i) enter into or effectuate any transaction
with any Affiliate of Guarantor that would reduce any Guarantor’s Net Worth below the Net Worth Threshold (including the
payment of any dividend or distribution to a shareholder, or the redemption, retirement, purchase or other acquisition for consideration
of any stock or other ownership interest in such Guarantor) or (ii) sell, pledge, mortgage or otherwise transfer to any Affiliate
of Guarantor any of such Guarantor’s assets, or any interest therein that would reduce any Guarantor’s Net Worth below
the Net Worth Threshold.

 

Section
5.4       Financial Statements. Parent Guarantor shall deliver to Lender:

 

(a)       within
120 days after the end of each Fiscal Year of Parent Guarantor’s operations, audited consolidated financial statements of
Parent Guarantor, certified by an Independent Accountant in accordance with GAAP, covering the Properties on a combined basis with
all other properties of the consolidated group for such Fiscal Year, including a consolidated balance sheet as of the end of such
Fiscal Year and a consolidated statement of operations, which shall be accompanied by an Officer’s Certificate in the form
required pursuant to Section 4.9.2(a) of the Loan Agreement (it being acknowledged that a copy of the annual audit report filed
by the Parent Guarantor with the Securities and Exchange Commission shall satisfy the foregoing requirements);

 

(b)       within
90 days after the end of each fiscal quarter of Parent Guarantor, consolidated financial statements, together with a certificate
of the Parent Guarantor and the OP Guarantor certifying that, to the best of signer’s knowledge, such quarterly financial
statements fairly present the financial condition and results of the operations of such Guarantor in a manner consistent with GAAP
(subject to year-end adjustments) (it being acknowledged that a copy of the quarterly financial report filed by the Parent Guarantor
with the Securities and Exchange Commission shall satisfy the foregoing requirements); and

 

(c)       10
Business Days after request by Lender, such other financial information with respect to Parent Guarantor as Lender may reasonably
request.

 

    	 	-13-	Guaranty of Recourse Obligations

     

    

 

ARTICLE
6 

MISCELLANEOUS

 

Section
6.1       Waiver. No failure to exercise, and no delay in exercising, on the part
of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right. The rights of Lender hereunder shall be in addition to all
other rights provided by law. No modification or waiver of any provision of this Guaranty, nor any consent to any departure therefrom,
shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved.
No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other
instances without such notice or demand.

 

Section
6.2       Notices. All notices, demands, requests, consents, approvals or other communications
(any of the foregoing, a “Notice”) required, permitted or desired to
be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or by registered or certified
mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier, addressed to the party
to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance
with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three (3) days after the date
such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day (otherwise on
the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise
on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case addressed
to the parties as follows:

 

	If to Lender:	
        Morgan Stanley Mortgage Capital Holdings LLC

        1585 Broadway, 25th Floor

        New York, New York 10036

        Attention: George Kok

 

	and to:	
        Citigroup Global Markets Realty Corp.

        388 Greenwich Street

        6th Floor

        New York, New York 10013

        Attention: Ana Rosu Marmann

        Facsimile No.: (646) 328-2938

 

	and to:	
        Deutsche Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, NY 10005

        Attention: General Counsel

        Facsimile No. (646) 736-5721

 

    	 	-14-	Guaranty of Recourse Obligations

     

    

 

	and to:	
        Deutsche Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, NY 10005

        Attention: Robert W. Pettinato, Jr.

        Facsimile No. (212) 797-4489

 

	and to:	
        Goldman Sachs Mortgage Company

        200 West Street

        New York, New York 10282

        Attention: General Counsel

        Email: joe.osborne@gs.com

 

	and to:	
        Goldman Sachs Mortgage Company

        200 West Street

        New York, New York 10282

        Attention: J. Theodore Borter and Miriam Wheeler

        Email: ted.borter@gs.com and miriam.wheeler@gs.com

 

	and to:	
        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Thomas N. Cassino

        Facsimile No.: (212) 834-6029

 

	with a copy to:	
        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Nancy Alto

        Facsimile No.: (917) 546-2564

 

	and to:	
        Cadwalader, Wickersham & Taft LLP

        227 West Trade Street, Suite 2400

        Charlotte, NC 28202

        Attention: Holly M. Chamberlain

        Facsimile No.: (704) 348-5200

        E-mail: holly.chamberlain@cwt.com

 

	If to Guarantors:	
        c/o Hospitality Investors Trust, Inc.,

        3950 University Drive

        Fairfax, Virginia 22030

        Attention: General Counsel

 

	with a copy to:	
        Cleary Gottlieb Steen & Hamilton LLP

        One Liberty Plaza

        New York, New York 10006

        Attention: Michael Weinberger, Esq.

        Facsimile No. (212) 693-9649

 

    	 	-15-	Guaranty of Recourse Obligations

     

    

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.

 

Section
6.3      Governing Law; Jurisdiction; Service of Process. (a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK,
AND MADE BY EACH GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE
STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR
THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b) ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST LENDER OR ANY GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY, AT LENDER’S OPTION,
BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, AND EACH GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH GUARANTOR DOES HEREBY DESIGNATE AND APPOINT:

 

CORPORATION
SERVICE COMPANY

1180
AVENUE OF THE AMERICAS, SUITE 210

NEW
YORK, NY 10036-84011

 

    	 	-16-	Guaranty of Recourse Obligations

     

    

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.
EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY
TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT
AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT
DESIGNATED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT
CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT
THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION.

 

Section
6.4      Invalid Provisions. If any provision of this Guaranty
is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such
provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force
and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty,
unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions
of the parties as expressed herein.

 

Section
6.5      Amendments. This Guaranty may be amended only by an instrument in writing
executed by the party(ies) against whom such amendment is sought to be enforced.

 

Section
6.6       Parties Bound; Assignment. This Guaranty shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives.
Lender shall have the right to assign or transfer its rights under this Guaranty in connection with any assignment of the Loan
and the Loan Documents. Any assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this
Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations under this Guaranty without the prior
written consent of Lender, and any attempted assignment without such consent shall be null and void.

 

Section
6.7      Headings. Section headings are for convenience of reference only and shall
in no way affect the interpretation of this Guaranty.

 

    	 	-17-	Guaranty of Recourse Obligations

     

    

 

Section
6.8      Recitals. The recitals and introductory paragraphs hereof are a part hereof,
form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein.

 

Section
6.9       Counterparts. To facilitate execution, this Guaranty may be executed in
as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party,
or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively
constitute a single instrument. It shall not be necessary in making proof of this Guaranty to produce or account for more than
a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to
any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter
attached to another counterpart identical thereto except having attached to it additional signature pages.

 

Section
6.10     Rights and Remedies. If any Guarantor becomes liable for any indebtedness
owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner
impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may
ever have against Guarantor. The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or
in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.

 

Section
6.11     Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTORS AND LENDER WITH RESPECT TO GUARANTORS’
GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND LENDER AS A FINAL AND
COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTORS AND LENDER, NO COURSE OF PERFORMANCE,
NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE
OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN
GUARANTORS AND LENDER.

 

Section
6.12     Waiver of Right To Trial By Jury. EACH GUARANTOR AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY
OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW
OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE PLEDGE AGREEMENT, THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY EACH GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH
THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

    	 	-18-	Guaranty of Recourse Obligations

     

    

 

Section
6.13     Cooperation. Each Guarantor acknowledges that Lender and its successors
and assigns may (i) sell this Guaranty, the Note and the other Loan Documents to one or more investors as a whole loan, (ii) participate
the Loan secured by this Guaranty to one or more investors, (iii) deposit this Guaranty, the Note and the other Loan Documents
with a trust, which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or (iv) otherwise
sell the Loan or one or more interests therein to investors (the transactions referred to in clauses (i) through (iv) are hereinafter
each referred to as “Secondary Market Transaction”). Subject to the
terms, conditions and limitations set forth in the Loan Agreement, each Guarantor shall at no cost to any Guarantor, cooperate
with Lender in effecting any such Secondary Market Transaction, shall cooperate to implement all requirements imposed by any of
the Rating Agencies involved in any Secondary Market Transaction and shall provide (or cause Borrower to provide) such information
and materials as may be required or necessary pursuant to Article 9 of the Loan Agreement (on and subject to the same terms and
conditions of such Article 9.

 

Section
6.14     Reinstatement in Certain Circumstances. If at any time any payment of the
principal of or interest under the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be
otherwise restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, Guarantors’ obligations
hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

Section
6.15     Exculpation of Certain Persons. Notwithstanding anything to the contrary
contained in this Guaranty or any other Loan Document, no direct or indirect shareholder, partner, member, principal, Affiliate
(other than Borrower), employee, officer, trustee, director, agent or other representative of a Guarantor and/or of any of its
Affiliates (each, a “Related Party”) shall have any personal liability
for, nor be joined as party to, any action with respect to payment, performance or discharge of any covenants, obligations, or
undertakings of any Guarantor under this Guaranty, and by acceptance hereof, Lender for itself and its successors and assigns irrevocably
waives any and all right to sue for, seek or demand any such damages, money judgment, deficiency judgment or personal judgment
against any Related Party under or by reason of or in connection with this Guaranty; except that any Related Party that is a party
to any Loan Document or any other separate written guaranty, indemnity or other agreement given by such Related Party in connection
with the Loan shall remain fully liable therefor and the foregoing provisions shall not operate to limit or impair the liabilities
and obligations of such Related Parties or the rights and remedies of the Lender thereunder.

 

Section
6.16     Gender; Number; General Definitions. Unless the context clearly indicates
a contrary intent or unless otherwise specifically provided herein, (a) words used in this Guaranty may be used interchangeably
in the singular or plural form, (b) any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms, (c) the word “Borrower” shall mean “Borrower and
any subsequent owner or owners of the Collateral or any part thereof or interest therein”, (d) the word “Lender”
shall mean “Lender and any subsequent holder of the Note”, (e) the word “Note”
shall mean “the Note and any other evidence of indebtedness secured by the Loan Agreement”, (f) the word “Collateral”
shall include any portion of the collateral pledged for the Loan and any interest therein, and (g) the phrases “attorneys’
fees”, “legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and
law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels,
incurred or paid by Lender in protecting its interest in the Collateral and/or in enforcing its rights hereunder.

 

    	 	-19-	Guaranty of Recourse Obligations

     

    

 

Section
6.17     Joint and Several. The obligations of each Guarantor hereunder are joint
and several.

 

Section
6.18    Certain Tennessee State Specific Provisions. Section 1.9 of this Guaranty
is hereby amended by incorporating the following new language thereto: 

 

In
addition, Guarantor waives (a) all Tennessee statutory defenses, including, without limitation, the rights and benefits of (i)
T.C.A. § 47-12-101 (notice requiring creditor to sue – creditors inaction) and (ii) T.C.A. § 47-3-118(f) (action
to enforce obligation of a party to pay must be commenced within six (6) years after due date), and (b) all common law defenses
to suretyship and impairment of collateral.

 

Section
6.19     Certain California State Specific Provisions. In the event of any inconsistencies
between the other terms and conditions of this Agreement and this Section 6.18, the terms and conditions of this 6.18 shall
control and be binding. In the event that (and only in the event that) any court of competent jurisdiction determines that, notwithstanding
the terms and provisions of Section 5.3 hereof, the laws of the State of California shall govern in any respect the interpretation
or enforcement of all or any portion of this Guaranty, then the following terms and provisions of this Section 6.18 shall apply:

 

(a)       Modifications
to Loan and Loan Documents. Guarantor agrees that Lender may do any of the following without affecting the enforceability of
this Guaranty or the other Loan Documents: (A) take or release additional security for any obligation in connection with the
Loan Documents; (B) discharge or release (by judicial or nonjudicial foreclosure, acceptance of a deed in lieu of foreclosure
or otherwise) any Person or Persons liable under the Loan Documents; (C) accept or make compositions or other arrangements
or file or refrain from filing a claim in any bankruptcy proceeding of Borrower or any guarantor of Borrower’s obligations
under the Loan Documents or any pledgor of collateral for any Person’s obligations to Lender; and (D) credit payments
in such manner and order of priority to principal, interest or other obligations as Lender may determine in accordance with the
terms of the Loan Documents.

 

(b)       Waivers.

 

(i)       Guarantor
agrees that Lender’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability
of any of the Loan Documents. Guarantor waives all benefits and defenses it may have under California Civil Code Section 2810
and agrees that Lender’s rights under this Guaranty shall be enforceable even if Borrower had no liability at the time of
execution of the Loan Documents or later ceases to be liable.

 

    	 	-20-	Guaranty of Recourse Obligations

     

    

 

(ii)       Guarantor
waives all benefits and defenses it may have under California Civil Code Section 2809 and agrees that Lender’s rights
under the Loan Documents will remain enforceable even if the amount secured by the Loan Documents is larger in amount and more
burdensome than that for which Borrower is responsible. The enforceability of the Guaranty against Guarantor shall continue until
all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way by any impairment
or any diminution or loss of value of any security or collateral for Borrower’s obligations under the Loan Documents, from
whatever cause, the failure of any security interest in any such security or collateral or any disability or other defense of Borrower
or any guarantor of Borrower’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s
obligations to Lender or any other Person in connection with the Loan.

 

(iii)       Guarantor
waives all benefits and defenses it may have under California Civil Code Sections 2845, 2849 and 2850 (subject to Section 1.10
of this Guaranty), including, without limitation, the right to require Lender to (i) proceed against Borrower or any guarantor
of Borrower’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s obligations to
Lender or any other Person in connection with the Loan, (ii) proceed against or exhaust any other security or collateral Lender
may hold, or (iii) pursue any other right or remedy for Borrower’s benefit, and agree that Lender may exercise its rights
under this Guaranty or may foreclose against the Property without taking any action against Borrower or any guarantor of Borrower’s
obligations under the Loan Documents, any pledgor of collateral for any Person’s obligations to Lender or any other Person
in connection with the Loan, and without proceeding against or exhausting any security or collateral Lender holds.

 

(iv)       Guarantor,
as a guarantor or surety, waives diligence and all demands, protests, presentments and notices of protest, dishonor, nonpayment
and acceptance of the Loan Documents.

 

(v)       Guarantor
waives all rights and defenses that are or may become available to the guarantor or other surety by reason of California Civil
Code Sections 2787 to 2855, inclusive, subject to Section 1.10 of this Guaranty.

 

(c)       Guarantor
Informed of Borrower’s Condition. Guarantor acknowledges that it has had an opportunity to review the Loan Documents,
the value of the security under the Loan Documents and the financial condition of Borrower and the ability of Borrower to satisfy
its obligations to Lender. Guarantor agrees to keep itself fully informed of all aspects of the financial condition of Borrower
and of the performance of Borrower to Lender and agrees that Lender has no duty to disclose to Guarantor any information pertaining
to Borrower or any security for the obligations of Borrower under the Loan Documents.

 

(d)       Subrogation.
Guarantor waives its rights under California Civil Code Sections 2847, 2848 and 2849 to the extent not inconsistent with Section 1.10
of this Guaranty.

 

    	 	-21-	Guaranty of Recourse Obligations

     

    

 

Section
6.20     Certain Texas State Specific Provisions. Guarantor hereby expressly waives:
(i) any right to revoke this Guaranty with respect to the Guaranteed Obligations; (ii) any right to require Lender to do any of
the following before Guarantor is obligated to pay or perform the Guaranteed Obligations or before Lender may proceed against Guarantor:
(A) sue or exhaust remedies against Borrower or any other Person liable for the Guaranteed Obligations or any portion thereof;
(B) sue on an accrued right of action in respect of any of the Guaranteed Obligations or bring any other action, exercise any other
right, or exhaust any other remedy; or (C) enforce rights against Borrower’s assets or the collateral pledged by Borrower
to secure the Guaranteed Obligations; (iii) any right relating to the timing, manner or conduct of Lender’s enforcement of
rights against Borrower’s assets or the collateral pledged by Borrower to secure the Guaranteed Obligations; (iv) if Guarantor
and Borrower (or any other Person) have each pledged assets to secure the Guaranteed Obligations, any right to require Lender to
proceed first against collateral pledged by Borrower (or any other Person) before proceeding against the collateral pledged by
Guarantor; (v) other than as provided for in this Guaranty or the Loan Documents, promptness, diligence, notice of any Event of
Default, notice of nonpayment or nonperformance, notice of acceleration or intent to accelerate, demand for payment (although Lender
may, but shall have no obligation to, make demand for payment), acceptance or notice of acceptance of this Guaranty, presentment,
notice of protest, notice of dishonor, notice of the incurring by Borrower of additional indebtedness, notice of any suit or other
action by Lender against Borrower or any other Person, any notice to any Person liable for the obligation which is the subject
of the suit or action, and all other notices and demands with respect to the Guaranteed Obligations and this Guaranty; and (vi)
each of the foregoing rights or defenses, regardless of whether they arise under (A) Rule 31 of the Texas Rules of Civil Procedure,
(B) Section 17.001 of the Texas Civil Practice and Remedies Code, (C) Chapter 34 of the Texas Business and Commerce Code, or (D)
any other statute or law, common law, in equity, under contract or otherwise, or under any amendments, recodifications, supplements
or any successor statute or law of or to any such statute or law; and (vii) subject to Section 10.1 of the Loan Agreement, any
and all rights under Sections 51.003, 51.004 and 51.005 of the Texas Property Code, and under any amendments, recodifications,
supplements or any successor statute or law of or to any such statute or law.

 

Section
6.21     Certain Connecticut State Specific Provisions. To induce Lender to enter
into the commercial loan transaction evidenced by the Loan Agreement and other Loan Documents, Guarantor agrees that this is a
“commercial transaction” as defined in Section 52-278(a) of the Connecticut General Statutes, as amended, and Guarantor
waives any rights to notice and a hearing under Sections 52-278a to 52-278n of the Connecticut General Statutes, as amended, and
authorizes Lender’s attorney to issue a writ for a prejudgment remedy, including, but not limited to, garnishment, attachment,
foreign attachment and replevin, without securing a court order.

 

Section
6.22    Certain New Mexico State Specific Provisions. To the extent, if at all,
N.M. Stat. Ann. § 56-7-1 is applicable to any indemnification provisions in this Guaranty, any agreement to indemnify any
indemnitee in this Guaranty is limited by the provisions of such statute.

 

[NO FURTHER TEXT
ON THIS PAGE.]

 

    	 	-22-	Guaranty of Recourse Obligations

     

    

 

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

 

Waiver of Appraisal
Rights. The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment
is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.
The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any
deficiency owing in connection with the transaction. THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL
RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE
OF THE MORTGAGED PROPERTY.

 

THE UNDERSIGNED ACKNOWLEDGES
AND AFFIRMS THAT IT RECEIVED WRITTEN NOTIFICATION BEFORE THE TRANSACTION THAT A WAIVER OF APPRAISAL RIGHTS WAS REQUIRED IN ACCORDANCE
WITH THE PROVISIONS OF S.C. CODE ANN. SECTION 29-3-680.

 

	 	GUARANTORS:
	 	 
	 	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary
	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC., a
    Maryland corporation
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary

 

    	 	Signature Page	Guaranty of Recourse Obligations

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]