Document:

Amendment No. 1 to the Amended and Restated Trust Agreement

 Exhibit 4.2 
 EXECUTION COPY 
 AMENDMENT NO. 1 
 TO THE 
 AMENDED AND RESTATED TRUST AGREEMENT 
 Amendment No. 1, dated as of April 24, 2007 (the “Amendment”), to the Amended and Restated Trust Agreement (the
“Agreement”) dated as of April 28, 2006, by and among NovaStar Certificates Financing Corporation, as depositor (the “Depositor”) and Wilmington Trust Company, as owner trustee (the “Owner
Trustee”). Capitalized terms used and not defined herein shall have the meaning set forth in the Agreement. 
 WHEREAS the parties
hereto have entered into the Agreement; 
 WHEREAS the parties hereto now wish to amend certain provisions in the Agreement pursuant to
Section 12.01 of the Agreement; and 
 WHEREAS the Owner Trustee shall not consent to this Amendment to the Agreement unless it shall
have first received an Opinion of Counsel, to the effect that this Amendment does not adversely affect in any material respects the interests of the Hedge Providers, or any Noteholder or Certificateholder and will not cause the Issuing Entity to be
subject to an entity-level tax for federal income tax purposes. 
 NOW, THEREFORE, in consideration of the promises and mutual agreements
contained herein, the parties hereto agree to amend the Agreement pursuant to Section 12.01 of the Agreement and restate certain provisions thereof as follows: 
 1. The Amendment. 
 (a) Section 4.09(a) is hereby amended by adding the following sentence to the
end of the section: 
 Provided, however, that in lieu of an Investment Letter covering clause (i) above, an Opinion of Counsel is
delivered to the Owner Trustee and the Certificate Registrar that (i) such transfer or exchange may be made pursuant to an exemption, describing the applicable exemption and the basis therefore, from the Securities Act or is being made pursuant
to the Securities Act and (ii) such transfer or exchange will not cause the Issuing Entity to become subject to the Investment Company Act of 1940. 
 (b) Section 4.09(a)(iii) is hereby amended by adding the following words to the end of the section after the word “LAWS” and before the period: 
 UNLESS AN OPINION OF COUNSEL IS DELIVERED TO THE OWNER TRUSTEE AND THE CERTIFICATE REGISTRAR THAT (I) SUCH TRANSFER OR EXCHANGE MAY BE MADE PURSUANT
TO AN EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS THEREFORE, FROM THE SECURITIES ACT OR IS BEING MADE PURSUANT TO THE 

 
SECURITIES ACT AND (II) SUCH TRANSFER OR EXCHANGE WILL NOT CAUSE THE ISSUING ENTITY TO BECOME SUBJECT TO THE INVESTMENT COMPANY ACT OF 1940. 

(c) Section 4.09(g) is hereby amended and restated in its entirety to read as follows: 
 No pledge or transfer of the Certificates shall be effective unless such pledge or transfer is (i) of a 100% Percentage Interest of all of the
Certificates, and (ii) (a) to a single beneficial owner that represents that it qualifies for taxation as a REIT or is a Qualified REIT Subsidiary or (b) accompanied by an Opinion of Counsel satisfactory to the Owner Trustee, which
Opinion of Counsel shall not, unless otherwise agreed, be an expense of the Issuing Entity, the Certificate Registrar, the Servicer, or the Sponsor, to the effect such pledge or transfer will not cause the Issuing Entity to be subject to an
entity-level tax for federal income tax purposes. 
 (d) The first paragraph of Exhibit A and the second paragraph of Exhibit E is hereby
amended to add the following words to the end of the second sentence after the word “LAWS” and before the period: 
 UNLESS AN
OPINION OF COUNSEL IS DELIVERED TO THE OWNER TRUSTEE AND THE CERTIFICATE REGISTRAR THAT (I) SUCH TRANSFER OR EXCHANGE MAY BE MADE PURSUANT TO AN EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS THEREFORE, FROM THE SECURITIES ACT OR
IS BEING MADE PURSUANT TO THE SECURITIES ACT AND (II) SUCH TRANSFER OR EXCHANGE WILL NOT CAUSE THE ISSUING ENTITY TO BECOME SUBJECT TO THE INVESTMENT COMPANY ACT OF 1940. 
 (e) Exhibit C is hereby amended by amending and restating in its entirety the paragraph numbered 3 to read as follows: 
 The Certificateholder understands that the Certificate has not been and will not be registered under the Securities Act and may be offered, sold, pledged
or otherwise transferred to a person whom the transferor reasonably believes is (A) a qualified institutional buyer (as defined in Rule 144A under the Securities Act) or (B) a Person involved in the organization or operation of the Issuing
Entity or an affiliate of such Person, (I) in a transaction pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or (II) exempt from the registration requirements of the Securities
Act and any such state securities laws and an Opinion of Counsel is delivered to the Owner Trustee and the Certificate Registrar that (i) such transfer or exchange may be made pursuant to an exemption, describing the applicable exemption and
the basis therefore, from the Securities Act or is being made pursuant to the Securities Act and (ii) such transfer or exchange will not cause the Issuing Entity to become subject to the Investment Company Act of 1940. The Certificateholder
understands that the Certificate bears a legend to the foregoing effect. 
  

 2 

 (f) The third to last paragraph of Exhibit A and the penultimate paragraph of Exhibit E is hereby amended
and restated in its entirety to read as follows: 
 No pledge or transfer of the Certificates shall be effective unless such pledge or
transfer is (i) of a 100% Percentage Interest of all the Certificates and (ii) either (a) to a beneficial owner that represents that it qualifies for taxation as a REIT or is a Qualified REIT Subsidiary or (b) accompanied by an
Opinion of Counsel satisfactory to the Owner Trustee, which Opinion of Counsel shall not, unless otherwise agreed, be an expense of the Issuing Entity, the Certificate Registrar, the Servicer, or the Sponsor, to the effect such pledge or transfer
will not cause the Issuing Entity to be subject to an entity-level tax for federal income tax purposes. 
 (g) Exhibit C is hereby amended by
adding brackets before the first word and after the last word of paragraphs 5 and 11 and by adding the following bracketed sentence to the end of paragraph 5: 
 [Only include if an Opinion of Counsel contemplated by Section 4.09(a) of the Trust Agreement is not being delivered.] 
 and by adding the following bracketed sentence to the end of paragraph 11: 
 [Only include if an Opinion of Counsel contemplated by
Section 4.09(g) of the Trust Agreement is not being delivered.] 
 2. Condition to effectiveness. As a condition to the
effectiveness of this Amendment, an Opinion of Counsel satisfying the requirements of Section 12.01 of the Agreement has been received by the Parties hereto. 
 3. Effect of Amendment. This Amendment to the Agreement shall be effective and the Agreement shall be deemed to be modified and amended in accordance herewith upon the occurrence of (a) the prior written
notice to the Rating Agencies of this Amendment pursuant to Section 12.01 of the Agreement and (b) the receipt by the Owner Trustee of an Opinion of Counsel that this Amendment does not adversely affect in any material respects the
interests of the Hedge Providers, or any Noteholder or Certificateholder and will not cause the Issuing Entity to be subject to an entity-level tax for federal income tax purposes. This Amendment, once effective, shall be effective as of the date
first set forth above. Notwithstanding the amendments to Exhibit A and Exhibit E, it will not be necessary to amend the presently outstanding Trust Certificate or Class C Certificate, it being understood that (i) the Certificateholder agreed to
such modification by signing this Amendment and (ii) all future Trust Certificates and Class C Certificates will include the language in Exhibit A and Exhibit E, respectively, as modified. The Depositor shall give prompt written notice to the
Certificateholders, Indenture Trustee, the Hedge Providers and each of the Rating Agencies of this Amendment pursuant to Section 12.01 of the Agreement. The respective rights, limitations, obligations, duties, liabilities and immunities of the
Depositor, the Owner Trustee, the Indenture Trustee, the Issuing Entity, the Hedge Providers, the Sponsor, the 

  

 3 

 
Servicer, the Custodian, the Co-Trustee, each of the Noteholders and the Certificateholders shall hereafter be determined, exercised and enforced subject in
all respects to such modifications and amendments, and all the terms and conditions of this Amendment shall be and be deemed to be part of the terms and conditions of the Agreement for any and all purposes. The Agreement, as amended hereby, is
hereby ratified and confirmed in all respects. 
 4. The Agreement in Full Force and Effect as Amended. Except as specifically amended
hereby, all the terms and conditions of the Agreement shall remain in full force and effect and, except as expressly provided herein, the effectiveness of this Amendment shall not operate as, or constitute a waiver or modification of, any right,
power or remedy of any party to the Agreement. All references to the Agreement in any other document or instrument shall be deemed to mean the Agreement as amended by this Amendment. 
 5. Counterparts. This Amendment may be executed by the Parties in several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement. This Amendment shall become effective when counterparts hereof executed on behalf of such Party shall have been received. 
 6. Governing Law. This Amendment shall be construed in accordance with and governed by the laws of the State of Delaware applicable to agreements
made and to be performed therein. 
 7. Limitation of Owner Trustee Liability. It is expressly understood and agreed by the parties
that (a) this document is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement,
(b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended
for the purpose for binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall Wilmington Trust Company be personally liable
for the payment of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Amendment or any other related
documents. 
  

 4 

 IN WITNESS WHEREOF, the Depositor and the Owner Trustee, have caused this Amendment to be duly executed
by their officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	NOVASTAR CERTIFICATES FINANCING
CORPORATION, as Depositor and, solely for
purposes of Section 3 hereof, as Certificateholder
		
	 By:
 Name:
 Title:
	 	 /s/ Matt Kaltenrieder
 Matt
Kaltenrieder
 Vice President

	
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity but solely as Owner Trustee under the Trust Agreement

		
	 By:
 Name:
 Title:
	 	 /s/ Jennifer A. Luce
 Jennifer A.
Luce
 Sr. Financial Services Officer

 [Signature Page for Amendment No. 1 to the Amended and Restated Trust Agreement 2006-1]

  

 5AGREEMENT OF PURCHASE & SALE DATED 04-APR-07

 Exhibit 10.53 
 AGREEMENT OF PURCHASE AND SALE 
 by and between 
 HAMPTON INNS, INC., 
 a Delaware
corporation 
 “Seller” 
 and 
 APPLE SEVEN HOSPITALITY OWNERSHIP, INC., 
 a Virginia corporation 
 “Purchaser” 
 for 
 Homewood Suites Memphis—Poplar

 5811 Poplar Avenue 
 Memphis, Tennessee 38119 

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 TABLE OF CONTENTS 
  

					
	1.	 	 AGREEMENT OF PURCHASE AND SALE
	  	4
			
	2.	 	 PURCHASE PRICE
	  	5
			
	3.	 	 PURCHASER’S INSPECTION RIGHTS/CONTINGENCY PERIOD
	  	6
			
	4.	 	 TITLE
	  	7
			
	5.	 	 CLOSING
	  	7
			
	6.	 	 MANAGEMENT AGREEMENT AND FRANCHISE LICENSE AGREEMENT
	  	8
			
	7.	 	 SELLER’S CLOSING DOCUMENTS
	  	9
			
	8.	 	 CONDITION PRECEDENT TO CLOSING
	  	9
			
	9.	 	 PURCHASER’S CLOSING ITEMS
	  	10
			
	10.	 	 PRORATIONS, CLOSING ADJUSTMENTS AND POST-CLOSING SETTLEMENT
	  	10
			
	11.	 	 SELLER’S REPRESENTATIONS AND WARRANTIES
	  	12
			
	12.	 	 PURCHASER’S REPRESENTATIONS AND WARRANTIES
	  	13
			
	13.	 	 CONDUCT OF HOTEL BUSINESS/LIQUOR LICENSES
	  	15
			
	14.	 	 EMPLOYEES
	  	16
			
	15.	 	 LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION
	  	17
			
	16.	 	 DEFAULT
	  	17
			
	17.	 	 MISCELLANEOUS
	  	18

  

 April 3, 2007 

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 ADDENDUM & EXHIBIT LIST 
  

			
	Exhibit A	 	Legal Description
	Exhibit B	 	Schedule of Contracts & Leases
	Exhibit C	 	Deed
	Exhibit D	 	Bill of Sale
	Exhibit E	 	Assignment of Intangible Property
	Exhibit F	 	Assignment and Assumption of Contracts
	Exhibit G	 	Non-Foreign Affidavit
	Exhibit H	 	Capital Expense Budget

  

 April 3, 2007 

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 SUMMARY OF BASIC PURCHASE AND SALE TERMS 
 This Summary is hereby incorporated into and made a part of the attached Agreement of Purchase and Sale (this Summary and the Agreement of Purchase and Sale to be known
collectively as this “Agreement”). Each reference in the Agreement of Purchase and Sale to any term of this Summary shall have the meaning as set forth in this Summary for such term. In the event of a conflict between the terms of this
Summary and the Agreement of Purchase and Sale, the terms of this Summary shall prevail. 
  

					
	 Effective Date
	  	April 4, 2007
		
	 Seller
	  	Hampton Inns, Inc., a Delaware corporation
		
	 Purchaser
	  	Apple Seven Hospitality Ownership, Inc., a Virginia corporation
		
	 Hotel
	  	Homewood Suites Memphis – Poplar, 5811 Poplar Avenue, Memphis, Tennessee, 38119, as more particularly described on Exhibit A, attached hereto
		
	 Purchase Price
	  	 $11,100,000
 plus or minus the adjustments
described in Section 10.

		
	 Initial Deposit
	  	$100,000
		
	 Additional Deposit
	  	$100,000
		
	 Contingency Expiration Date
	  	5:00 p.m. (PDT) on May 4, 2007
		
	 Closing Date
	  	May 17, 2007
		
	 Management Agreement
	  	Purchaser shall enter into a Management Agreement with Seller or an affiliate of Seller as provided in Section 6 of this Agreement
		
	 Franchise License Agreement
	  	Purchaser shall enter into a Franchise License Agreement with Seller or an affiliate of Seller as provided in Section 6 of this Agreement
		
	 Title Company
	  	Chicago Title Insurance Company
		
	 Escrow Holder
	  	Chicago Title Insurance Company
		
	 Cut-Off Time
	  	12:01 a.m. on the date the Closing occurs
		
	 Seller’s Broker
	  	Molinaro Koger
		
	 Purchaser’s Broker
	  	None
		  		  	

  

			
		  	April 3, 2007
		  	

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

					
	Seller’s Address	  	Promus Hotels, Inc.	  	With copies to:
		  	c/o Hilton Hotels Corporation	  	
		  	9336 Civic Center Drive	  	Hilton Hotels Corporation
		  	Beverly Hills, California 90210	  	9336 Civic Center Drive
		  	Telephone No. 310-205-4244	  	Beverly Hills, California 90210
		  	Facsimile No. 310-205-4092	  	Telephone No. 310-205-3606
		  	Attention: Dave Sherf	  	Facsimile No. 310-205-8611
		  		  	Attention: K. Allen Anderson, Esq.
			
		  		  	Landmark Law Group LLP
		  		  	10350 Santa Monica Boulevard
		  		  	Suite 295
		  		  	Los Angeles, CA 90025
		  		  	Telephone No. (310) 300-2300 x101
		  		  	Facsimile No.: (310)300-2310
		  		  	Attention: Gulwinder S. Singh, Esq.
			
	Purchaser’s Address	  	c/o Apple Seven Hospitality, Inc.	  	With copies to:
		  	814 East Main Street	  	
		  	Richmond, Virginia 23219	  	c/o Apple Seven Hospitality, Inc.
		  	Telephone No.: (804) 344-8121	  	814 East Main Street
		  	Facsimile No.: (804) 344-8129	  	Richmond, Virginia 23219
		  	Attention: Sam Reynolds	  	Attn: Legal Dept.
		  		  	Telephone No.: (804) 727-6338
		  		  	Facsimile No.: (804) 727-6349
			
	Title Company’s Address	  	Chicago Title Insurance Company	  	
		  	700 S. Flower Street	  	
		  	Suite 800	  	
		  	Los Angeles, CA 90017	  	
		  	Attention: Maggie G. Watson	  	
		  	Telephone No. 213 488-4337	  	
		  	Facsimile No. 213 488-4380	  	
		  	Email: maggie.watson@ctt.com	  	
		  	Title Order No. 2097597	  	
			
	Escrow Holder’s Address	  	Chicago Title Company	  	
		  	700 S. Flower Street	  	
		  	Suite 800	  	
		  	Los Angeles, CA 90017	  	
		  	Attention: Maurice A. Neri	  	
		  	Telephone No. 213.488.4354	  	
		  	Facsimile No. 213.612.4116	  	
		  	Email: maurice.neri@ctt.com	  	
		  	Escrow No. 601039328 – x81	  	

  

			
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

					
	Exhibits	  	The following Addendum and Exhibits are incorporated herein and made a part of this Agreement:
		
		  	Exhibit A — Legal Description
		  	Exhibit B — Schedule of Contracts & Leases
		  	Exhibit C — Deed
		  	Exhibit D — Bill of Sale
		  	Exhibit E — Assignment of Intangible Property
		  	Exhibit F — Assignment and Assumption of Contracts
		  	Exhibit G — Non-Foreign Person Affidavit
		  	Exhibit H — Capital Expense Budget
		  		  	

  

			
	LLG DOC 211439	  	April 3, 2007
	Page 3	  	

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 AGREEMENT OF PURCHASE AND SALE 
 This Agreement of Purchase and Sale (this “Agreement”) is entered into as of the Effective Date, by and between Seller and Purchaser. Seller and Purchaser hereby agree as follows: 
  

	1.	Agreement of Purchase and Sale. At the Closing, Seller and Purchaser agree to simultaneously effect and consummate all of the following interdependent transactions:

  

	 	(a)	Purchase and Sale of the Property. Subject to and upon the terms and conditions herein, Seller hereby agrees to sell to Purchaser, and Purchaser hereby agrees to purchase
from Seller: 

  

	 	(i)	All of Seller’s right, title and interest in that certain real property located at the address for the Hotel set forth in the Summary, more particularly described in
Exhibit A attached hereto (the “Land”); 

  

	 	(ii)	All of Seller’s right, title and interest in all improvements and fixtures situated on the Land (the “Improvements”), including the Hotel;

  

	 	(iii)	All of Seller’s right, title and interest in and to the land lying in the bed of any street or highway adjoining the Land and all other appurtenances to the Land and
Improvements, and all right, title and interest of Seller in and to any award made or to be made in lieu thereof and in and to any unpaid award for damages to the Land and Improvements by reason of change of grade of any street (the
“Appurtenances”); 

  

	 	(iv)	All of Seller’s right, title and interest in all tangible personal property, furniture, equipment and vehicles (the “Personal Property”) owned or leased by
Seller and located on or used in connection with the ownership, operation and management of the Hotel; 

  

	 	(v)	All opened and unopened inventory of food, beverages, operating supplies, operating equipment, merchandise and goods held for sale or for consumption in the ordinary course of
business of the Hotel (“Inventories”); 

  

	 	(vi)	To the extent assignable, all of Seller’s right, title and interest in all leases and contracts in effect with respect to the Hotel, including without limitation, those leases
and other contracts identified on Exhibit B attached hereto together with any other leases and contracts entered into after the date hereof and prior to Closing that replace existing contracts and that are on substantially the same
terms or are otherwise entered into in the ordinary course of business, consistent with past practices, as permitted by the terms of this Agreement (the “Contracts”), other than any Contracts that Seller or its affiliates have
entered into with respect to all its hotels or a particular flag or segment of hotels which are not assignable as to a particular hotel (“Unassignable Contracts”). The Unassignable Contracts have also been identified on
Exhibit B and have been provided to Purchaser as part of its Due Diligence Materials pursuant to Section 3(a) below because Purchaser may benefit from these Unassignable Contracts under the Management Agreement or
Franchise License Agreement with Seller or its affiliates pursuant to Section 6 below; and 

  

	 	(vii)	To the extent assignable, all of Seller’s right, title and interest in all rights, warranties, guaranties, approvals (governmental or otherwise), licenses, permits,
authorizations, entitlements, surveys, plans and specifications and other intangible rights relating to the construction, ownership, operation, use and management of the Real Property (as defined herein), including without limitation all operations
and businesses conducted on or from the Real Property (the “Intangible Property”), other than any non-assignable operational licenses and permits. 

 The Land, the Appurtenances and the Improvements are referred to collectively herein as the “Real Property”. The Real Property, the
Personal Property, the Contracts and the Intangible Property are referred to collectively herein as 
 the
“Property”. 
  

	 	(b)	 Excluded Property. The following assets and systems are not included in the Property and shall be retained by Seller (the “Excluded Assets”):
(i) OnQ (ii) System 21, (iii) CRS (Central Reservations System), (iv) Delphi Multi-Property Edition (“DMPE” sales system); (v) Peoplesoft (financials and human resources); (vi) Infinium (financials and
executive information system), (vii) ancillary systems accessed via Hilton Wide Area Network such as HIDB, HSMS and the Hilton Intranet; (viii) access to Hilton Wide Area Network and Hilton email addresses, (ix) any other proprietary
systems of Seller, (x) all proprietary customer lists and customer information related to Hilton branded properties other 

  

			
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	 
than customer lists, contact information and booking information, specifically related to the Hotel, including, without limitation, lists and information
related to future bookings, prospects, sales contacts and other solicitations, (xi) any item in use at the Hotel that would remain the property of Seller if Seller were merely third-party manager of the Hotel and not owner of the Hotel,
(xii) any computer hardware that is primarily dedicated to operating the foregoing systems other than standalone personal computers located at the Hotel used to access the systems, such as servers that operate DMPE, (xiii) any system or
other item related to any trade secret or proprietary business method of Seller, (xiv) all of Seller’s right, title and interest in the service marks, copyrights, trademarks, logos, insignia, emblems, symbols, designs, slogans,
distinguishing characteristics, trade names, domain names, and all other marks or characteristics associated or used with or in connection with “Hilton” or other brand name owned by Hilton Hotels Corporation or any affiliate of Hilton
Hotels Corporation (the “Hilton Trademarks”) and all of Seller’s right title and interest in the name “Homewood Suites”. After the Closing, Purchaser’s rights to utilize any Hilton Trademarks shall be governed by the
Management Agreement (defined below) or Franchise License Agreement (defined below). At Closing, Seller shall reasonably cooperate with Purchaser to extract Hotel-specific data from DMPE, Peoplesoft and future reservations from the reservations
system, and provide that data to Purchaser in such format as Purchaser reasonably requests. 

  

	2.	Purchase Price. The Purchase Price shall be paid to Seller by Purchaser as follows: 

  

	 	(a)	Initial Deposit. On the Effective Date, Purchaser shall deliver the Initial Deposit to the Escrow Holder by wire transfer or cashiers check. Should Purchaser fail to deliver
the Initial Deposit on the Effective Date, Seller shall have the right to immediately terminate this Agreement upon delivery of written notice to Purchaser. The Initial Deposit shall be held by Escrow Holder in an interest bearing bank account for
the benefit of the Purchaser. 

  

	 	(b)	Additional Deposit. On the Contingency Expiration Date, if Purchaser does not terminate this Agreement as provided herein, Purchaser shall deposit the Additional Deposit in
Escrow and the Initial Deposit and Additional Deposit shall be non-refundable except as a result of a default by Seller or failure of Purchaser’s Condition Precedent as provided in Section 8(b) below and shall be immediately released to
Seller without the need for any further instructions to Escrow Holder. The term “Deposit” shall refer to the Initial Deposit and the Additional Deposit and all interest earned thereon. If the transaction contemplated by this Agreement is
consummated, the Deposit shall be credited on Purchaser’s account against the Purchase Price. 

  

	 	(c)	Balance of the Purchase Price. Purchaser shall cause its Lender, if any, to deposit lender’s funds in Escrow at least one (1) day prior to the Closing Date
by wire transfer. The balance of the Purchase Price, as well as all sums sufficient to pay Purchaser’s costs, expenses and prorations as provided in this Agreement, after crediting (i) the Deposit and (ii) any other prorations and
other amounts to which Purchaser is entitled as a credit against the Purchase Price as provided in this Agreement, shall be deposited by Purchaser in Escrow by wire transfer or cashiers check sufficiently early to allow Seller to receive the
proceeds from the sale on the Closing Date. If Seller does not receive the proceeds from the sale on the Closing Date as a result of Purchaser’s failure to timely deposit the funds in Escrow, for purposes of the reconciliation provided for in
Section 10(r). the Closing Date shall be the date the Seller actually receives the proceeds from the sale and the prorations will be adjusted accordingly. If Seller does not receive the proceeds from the sale by one (1) day
after the Closing Date, Seller shall have the right to terminate this Agreement and retain the Deposit as liquidated damages in accordance with Section 16(a) of this Agreement. 

  

	 	(d)	Allocation. Seller and Purchaser may each allocate the Purchase Price, at such party’s discretion, for title insurance, tax and other reporting purposes, provided such
allocation is done in accordance with applicable laws, including Section 1060 of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder. 

  

	 	(e)	Termination. If Purchaser rejects the condition of the Property and properly terminates this Agreement prior to the Contingency Expiration Date, Escrow Holder shall return
the portion of the Deposit previously delivered to Escrow Holder to Purchaser, less one-half of any escrow cancellation fees and neither party shall have any further obligation under this Agreement other than Purchaser’s obligations under
Section 3. Except as otherwise expressly provided in this Agreement, in the event the purchase of the Property is not consummated for any reason other than (i) a default under this Agreement by Seller,
(ii) Purchaser’s disapproval of the Property pursuant to Section 3 prior to the Contingency Expiration Date, or (iii) failure of Purchaser’s Condition Precedent as provided in Section 8(b) below, then the
Deposit and all interest earned thereon shall be retained by Seller and shall constitute liquidated damages of Seller. 

  

			
	LLG DOC 211439	  	April 3, 2007
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	3.	Purchaser’s Inspection Rights/Contingency Period. 

  

	 	(a)	Receipt of Contracts and Documents. Seller shall make available to Purchaser for review at the Hotel or on a designated web site: (i) copies of those Contracts listed on
Exhibit B, and (ii) other documents reasonably requested by Purchaser to the extent such documents pertain to the Property and the business conducted thereon or relating thereto, are in Seller’s possession or control, are not
confidential, do not constitute Seller’s trade secrets and are not subject to attorney client privilege. If the items described in the immediately preceding sentence are not available on the designated web site; Seller shall send copies of such
items to Purchaser for Purchaser’s review. All Contracts that are assignable shall be assigned to Purchaser at the Closing. Purchaser’s failure to terminate this Agreement prior to the Contingency Expiration Date shall be deemed
Purchaser’s acceptance of all Contracts and Purchaser shall have no further right to disapprove any Contract. If any Contract requires the other party’s consent to assignment and such other party disapproves the assignment to Purchaser or
does not permit Seller to be released from the obligations under such Contract, the Seller shall pay all costs and expenses of terminating the subject contract. 

  

	 	(b)	Review and Termination. Purchaser shall have until the Contingency Expiration Date to review the materials provided by Seller (“Due Diligence Materials”) and
to conduct such other due diligence, studies, tests, and inspections of the Property (collectively, “Due Diligence Matters”) as Purchaser deems appropriate under the circumstances. Prior to the Contingency Expiration Date, Purchaser
may, in its sole and absolute discretion for any reason whatsoever, terminate this Agreement, after which Seller and Purchaser shall not have any further obligations pursuant to this Agreement except for those obligations which are expressly
provided to survive such termination. 

  

	 	(c)	Right of Entry. Prior to the Contingency Expiration Date, Purchaser and its agents and contractors shall have the right, at Purchaser’s sole cost and expense, to enter
onto the Hotel, or any other portion of the Real Property, at reasonable times and in a reasonable manner upon prior notice to the Seller for the purpose of making such tests, inspections, surveys or other inquiries as Purchaser deems necessary or
desirable in connection with this Agreement. However, in no event shall Purchaser be permitted to conduct any drilling or boring without the express written consent of Seller. In conducting its due diligence, Purchaser shall not directly contact any
governmental authorities that may have jurisdiction over the Property without Seller’s prior consent, which consent shall not be unreasonably withheld. Seller hereby gives such consent for Purchaser to contact the appropriate governmental
authority to obtain a customary zoning letter in connection with the Property. In obtaining such consent from Seller, Purchaser shall provide Seller prior written notice of the nature of the communication with the governmental agency and a
reasonable opportunity for Seller to participate in such communications or meetings. During any inspection of the Property, Purchaser shall not unreasonably disturb any tenants or occupants of the Hotel. In addition, as condition to any such entry,
Purchaser shall maintain liability insurance coverage applicable to such tests and inspections with coverage in an amount equal to Two Million Dollars ($2,000,000) per occurrence and provide Seller with certificates of such insurance naming Seller
as an additional insured prior to any entry, test or inspection. After making any such tests and inspections, Purchaser shall restore the Real Property to its condition prior to such tests and inspections. Purchaser hereby agrees to indemnify,
defend and hold Seller harmless from any loss, damage, cost or expense (including without limitation attorneys fees) incurred by Seller but caused by Purchaser or its agents or contractors in exercising its rights under this Section 3(c).
This indemnity shall survive the Closing or the termination of this Agreement. If Purchaser fails to terminate this Agreement prior to the Contingency Expiration Date, all Due Diligence Matters shall be deemed approved by Purchaser, and
Purchaser shall be deemed to have waived any and all contingencies with respect to such Due Diligence Matters, express or implied, to its obligation to purchase the Property. 

  

	 	(d)	Confidentiality. Purchaser agrees to protect and safeguard, and to instruct all other Qualified Persons (as defined below) to protect and safeguard, all information delivered
to Purchaser in connection with its inspection and review of the Property (“Confidential Information”) against unauthorized use, publication or disclosure. Confidential Information that is provided to Purchaser in written form will,
at Seller’s election, be destroyed or returned to Seller immediately upon Seller’s request. Purchaser acknowledges that Seller shall be entitled to exercise any and all remedies, in law or in equity, which Seller may have against Purchaser
for a breach of Purchaser’s obligations in this Section 3(d). Seller shall be entitled to recover its attorneys fees reasonably incurred in connection with enforcement of its rights hereunder. “Qualified Persons”
shall mean employees, agents, attorneys, accountants, lenders, investors or other consultants to whom it is necessary to show the Confidential Information for the purposes of completing Purchaser’s inspection and review. The provisions of this
Section 3(d) shall survive the termination of this Agreement. 

  

			
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	4.	Title. 

  

	 	(a)	PTR. Seller has made available to Purchaser and Purchaser acknowledges receipt of a standard coverage preliminary title report or commitment for the Property (the
“PTR”), together with legible copies (to the extent available) of all documents relating to the title exceptions referred to in such PTR. As used herein, the term “Permitted Exceptions” shall mean (i) those exceptions
to title of the Real Property as shown on the Approved Pro Forma (as defined below), excluding mortgage liens, mechanics liens and overdue tax liens which shall be removed by Seller on or before the Closing, (ii) the leases in effect at the
Property, and (iii) all title conditions created by Purchaser or resulting from the acts of Purchaser or its agents or representatives. The removal or elimination of any title exception reflected in the PTR shall be a matter solely between
Purchaser and Title Company. 

 On or before the Contingency Expiration Date, Purchaser will deliver to Seller a Pro Forma
Owner’s Policy of Title Insurance issued by the Title Company subject to the Permitted Exceptions (as defined below) and endorsements that the Title Company commits to issue upon Closing (“Approved Pro Forma”). After the
Contingency Expiration Date, Purchaser shall have no right to terminate or cancel this Agreement or delay the Close of Escrow in order to obtain the title endorsements that were not included in the Approved Pro Forma or to eliminate exceptions that
Purchaser may desire to eliminate that were included in the Approved Pro Forma. 
 Between the Contingency Expiration Date and the Closing
Date, Purchaser may notify Seller in writing (“New Objection Notice”) of objections to exceptions to title that were not disclosed by the PTR (or an update thereto received by Purchaser prior to the Contingency Expiration Date)
(“New Exceptions”), provided, however, Purchaser must notify Seller of each such objection within two (2) business days after receiving notice from the Title Company of the existence of such exception. If Purchaser timely gives
the New Objection Notice, then Seller will have three (3) business days after receipt of Purchaser’s New Objection Notice in which to advise Purchaser that (a) Seller will remove any objectionable exceptions on or before the Closing
Date (which removal may be by way of waiver or endorsement by the Title Company); or (b) Seller will not cause the exceptions to be removed. If Seller advises Purchaser that it will not cause the exceptions to be removed, Purchaser will have
two (2) business days from its receipt of Seller’s notice to elect to (a) proceed with the purchase and acquire the Property subject to such exceptions which for the purposes hereof, shall then be deemed to be Permitted Exception, or
(b) terminate this Agreement by written notice to Seller, in which case the Deposit shall be returned to Buyer, and all rights and obligations of the parties hereunder shall terminate and be of no further force or effect, except any rights and
obligations which are expressly stated to survive the termination of this Agreement. 
 Without limiting the generality of any other provision
hereof, Purchaser agrees to take title to the Land subject to all matters that could be ascertained by a reasonable inspection or survey of the Land, and all laws, rules and regulations governing the use and development of the Land at the Closing.

  

	 	(b)	Title Policy. Upon the Closing, Purchaser’s title to the Land, Appurtenances and Improvements shall be insured by an ALTA standard coverage owner’s policy of title
insurance showing title vested in Purchaser, subject to the Permitted Exceptions, and issued by the Title Company with aggregate liability in the amount of the Purchase Price, with such endorsements as Purchaser may reasonably request and which the
Title Company has agreed to provide to Purchaser prior to the Contingency Expiration Date (collectively, the “Title Policy”). Purchaser may elect to obtain an ALTA extended coverage owner’s policy, provided that Purchaser shall
pay for the additional premium associated with such extended coverage and that the issuance of such policy shall not delay the Closing. 

  

	5.	Closing. 

  

	 	(a)	Escrow. The parties have opened an escrow (the “Escrow”) with the Escrow Holder. This Agreement, together with such further instructions, if any, as
the parties shall provide to the Escrow Holder, shall constitute the escrow instructions to the Escrow Holder. If the parties give the Escrow Holder contradictory instructions, the Escrow Holder have the right at its election to file an action in
interpleader requiring the parties to answer and litigate their several claims and rights among themselves, and the Escrow Holder is authorized to deposit with the clerk of court all documents and funds held in this Escrow. In the event such action
is filed, the parties agree to pay the Escrow Holder’s cancellation charges and costs, expenses and reasonable attorney’s fees that the Escrow Holder is required to expend or incur in the interpleader action, the amount thereof to be fixed
and judgment therefor to be rendered by the court. Upon the filing of such an action, the Escrow Holder shall thereupon be fully released and discharged from all obligations to further perform any duties or obligations otherwise imposed by the terms
of Escrow. 

  

			
	LLG DOC 211439	  	April 3, 2007
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	(b)	Reportable Real Estate. The purchase and sale of the Property is the sale of “reportable real estate” within the meaning of U.S. Treasury Regulations
Section 1.6045-4 (the “Regulations”). The Escrow Holder is the “real estate reporting person” within the meaning of the Regulations and shall make all reports to the federal government as required by the Regulations.

  

	 	(c)	Timing of Closing. The purchase and sale and related transactions contemplated herein shall be consummated (the “Closing”) on or before the Closing Date. If
the Closing does not occur by the Closing Date, this Agreement shall terminate and neither party shall have any further liability or obligation hereunder; except that, (i) Purchaser and Seller shall each be responsible for one half of any title
or escrow cancellation fee; (ii) Purchaser shall remain obligated to observe the confidentiality provisions of Section 3(d); (iii) the Deposit shall be delivered as provided elsewhere in this Agreement; and
(iv) nothing herein contained is intended to relieve either party of liability arising as a result of a breach of this Agreement by such party. As used in this Agreement, the “Close of Escrow” means the earlier of (i) the
date and time that the Deed is recorded in the official recorder’s office of the county in which the Property is located or (ii) the date the Title Company issues the Title Policy to Purchaser pursuant to a GAP indemnity. Closing shall
occur through the Escrow with Escrow Holder in accordance with the general provisions of the usual form of escrow agreement used by Escrow Holder in similar transactions to the extent not inconsistent herewith (with such special provisions inserted
as may be required to conform to this Agreement). 

  

	 	(d)	Closing Costs. Seller shall pay the state transfer tax due in connection with the consummation of this transaction and fifty percent (50%) of the escrow charges of
Escrow Holder. Purchaser shall pay any state mortgage tax due in connection with the consummation of this transaction, the fees for recording the Deed, the premium for the Title Policy including the premium for the ALTA standard coverage
owner’s policy of title insurance covering the Land and Improvements and the cost differential of the premium for the ALTA extended coverage included in the Title Policy over the ALTA premium for the standard coverage owner’s policy, the
cost of any title endorsements, the cost of any lender title insurance policies or endorsements, the cost of any survey of the Land and Improvements commissioned by Seller and delivered to Purchaser in the course of Purchaser’s due diligence,
and fifty percent (50%) of all the charges of escrow charges of Escrow Holder. Each party shall bear the expense of its own counsel and other consultants. Any dosing cost not allocated herein shall be borne in the manner that is customary in
the county in which the Property is located. 

  

	6.	Management Agreement and Franchise License Agreement 

  

	 	(a)	Terms of Management Agreement. The Parties shall negotiate in good faith prior to the Contingency Expiration Date, the terms and conditions and form of a management agreement
(the “Management Agreement”) whereby Seller or its affiliate (“Manager”) shall manage the Hotel for Purchaser on terms agreed to by the parties. The form of Management Agreement shall be based on Seller’s
standard form of Management Agreement and shall be effective for a term of fifteen (15) years. If the Management Agreement is terminated for any reason prior to its natural expiration at the end of such fifteen (15) year term, the
Franchise License Agreement (defined below) will continue to be effective for the remainder of its term. 

  

	 	(b)	Terms of Franchise License Agreement. The Parties shall negotiate in good faith prior to the Contingency Expiration Date, the terms and condition and form of Franchise
License Agreement (the “Franchise License Agreement”) between Purchase and Seller or its affiliate (“Franchisor”) for the Hotel. The Franchise License Agreement shall be on the then most current form of Franchise
License Agreement as provided in the Uniform Franchise Offering Circular (“UFOC”) filed by Franchisor and shall be effective for a term of fifteen (15) years. Purchaser shall complete such forms and comply with the applications
procedures set forth in the UFOC. 

  

	 	(c)	 Failure to Timely Agree. If the parties have not agreed upon the form of Management Agreement and Franchise License Agreement by the Contingency Expiration
Date, then Seller, in its sole discretion, shall have the right to terminate this Agreement upon written notice to Purchaser at any time thereafter prior to the Closing Date until the parties reach agreement on the form of Management Agreement and
Franchise License Agreement. Upon such termination, Purchaser shall receive a refund of the Deposit less one-half (1/2) of the cancellation costs of Escrow and neither party shall have any obligation to the other under this Agreement other than
Purchaser’s obligations 

  

			
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	Page 8	  	

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	 
under Section 3. Seller acknowledges that Purchaser may lease the Hotel to a taxable REIT subsidiary of Purchaser (“REIT
Subsidiary”) from and after the Closing. Accordingly, the Management Agreement and the Franchise Agreement will most likely be negotiated by Purchaser on behalf of the REIT Subsidiary and Purchaser shall cause the REIT Subsidiary to enter
into the Franchise License Agreement and the Management Agreement with Manager and Franchisor, as applicable, at the Closing. 

  

	7.	Seller’s Closing Documents. Except as provided below, on or before Closing Date, Seller shall deliver or cause to be delivered to Purchaser or Escrow Holder, as
appropriate, the following (“Seller’s Closing Documents”), in form and substance reasonably acceptable to Purchaser: 

  

	 	(a)	Deed. One (1) original Deed in the form and content of Exhibit C attached hereto (the “Deed”) duly executed, with acknowledgment, by
Seller; 

  

	 	(b)	Bill of Sale. One (1) original of a Bill of Sale (the “Bill of Sale”) to the Personal Property, in the form and content of Exhibit D
attached hereto duly executed by Seller, conveying the Personal Property to Purchaser; 

  

	 	(c)	Intangible Property Assignment. Two (2) originals of an assignment of the Intangible Property (the “Intangible Property Assignment”), in the form and
content of Exhibit E attached hereto duly executed by Seller, conveying the Intangible Property to Purchaser; 

  

	 	(d)	Contract Assignment. Two (2) originals of an Assignment and Assumption of Contracts (the “Contract Assignment”) in the form attached hereto as
Exhibit F, and duly executed by Seller; 

  

	 	(e)	Non-Foreign Affidavit. One (1) original of a Non-Foreign Affidavit in the form attached hereto as Exhibit G, duly executed by Seller;

  

	 	(g)	Management Agreement. Two (2) originals of the Management Agreement, duly executed by Seller; and 

  

	 	(h)	Franchise License Agreement. Two (2) originals of the Franchise License Agreement, which shall be executed and delivered outside of Escrow to Purchaser by Franchisor
after Franchisor has received written confirmation from Escrow Holder that the Close of Escrow has occurred. 

  

	8.	Conditions Precedent to Closing. 

  

	 	(a)	Seller’s Conditions Precedent to Closing. Seller shall have no obligation to sell the Property unless the following additional conditions (“Seller’s
Conditions Precedent”) have been satisfied or waived in writing by Seller at or prior to the Closing Date: 

  

	 	(i)	Performance. Purchaser shall have timely performed, in all material respects, all of the obligations required to be performed by Purchaser by the terms of this Agreement; and

  

	 	(ii)	Deliveries. Purchaser shall have executed and delivered, or caused to be executed and delivered, the Purchaser’s Closing Items (as defined in Section 9
below). 

  

	 	(b)	Purchaser’s Conditions Precedent to Closing. Purchaser shall have no obligation to purchase the Property unless the following additional conditions
(“Purchaser’s Conditions Precedent”) have been satisfied or waived in writing by Purchaser at or prior to the Closing Date. In the event of the failure of any of the conditions set forth in this Section 8(b), which
condition is not waived in writing by Purchaser, Purchaser shall have the right at its option to terminate this Agreement by written notice to Seller, in which case the Deposit and any interest thereon shall be immediately returned to Purchaser and
each of the parties shall be relieved from further liability to the other, except with respect to those items which expressly survive the termination of this Agreement. 

  

	 	(i)	Performance. Seller shall have timely performed, in all material respects, all of the obligations required to be performed by Seller by the terms of this Agreement; and

  

	 	(ii)	Deliveries. Seller shall have executed and delivered, or caused to be executed and delivered, the Seller’s Closing Documents (as defined in Section 7).

  

	 	(iii)	Representations and Warranties. All of Seller’s representations and warranties contained in or made pursuant to this Agreement shall be true and correct in all material
respects as if made again on the Closing Date. 

  

			
	LLG DOC 211439	  	April 3, 2007
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	(iv)	Existing Management Agreements and Franchise Agreements. Seller shall terminate, at its sole cost and expense, any and all franchise agreements and management agreements
related to or otherwise affecting the Hotel (respectively, the “Existing Franchise Agreement” and the “Existing Management Agreement”). 

  

	 	(v)	Title Policy. Title Company shall be prepared to issue upon Closing a Title Policy in the form of the Approved Pro Forma with any New Exceptions in accordance with
Section 4(a) above. 

  

	9.	Purchaser’s Closing Items. Except as provided below, on or before the Closing Date, Purchaser shall deliver to Seller or Escrow Holder, as appropriate, the following
(“Purchaser’s Closing Items”), in form and substance reasonably acceptable to Seller: 

  

	 	(a)	Purchase Price. The Purchase Price, after crediting the Deposit; 

  

	 	(b)	Intangible Property Assignment. Two (2) originals of the Intangible Property Assignment duly executed by Purchaser; 

  

	 	(c)	Contract Assignment. Two (2) originals of the Contract Assignment duly executed by Purchaser; 

  

	 	(d)	Management Agreement. Two (2) originals of the Management Agreement, duly executed by Purchaser; and 

  

	 	(e)	Franchise License Agreement. Two (2) originals of the Franchise License Agreement, duly executed by Purchaser, which shall be delivered to Franchisor on or before the
Closing Date. 

  

	10.	Prorations, Closing Adjustments and Post-Closing Settlement. The following items shall be apportioned in respect of the Property in question between Purchaser and the Seller
on a per diem basis as of the Cut-Off Time (except as otherwise specified in this Section 10): 

  

	 	(a)	Taxes and Assessments. Real estate taxes and annual municipal or special district assessments and personal property or use taxes. 

  

	 	(b)	Rent. Rent paid to and received by the Seller under any leases at the Property. Any payments received by Purchaser after the Closing from a tenant under any leases on account
of rentals which are applicable to periods prior to the Closing and on account of sums which are attributable to expenses incurred by the lessor for periods of time prior to the Closing, shall be apportioned by Purchaser upon receipt and the portion
thereof attributable to periods or expenses prior to the Closing shall immediately be paid by Purchaser to the Seller. 

  

	 	(c)	Revenues. Guest, convention, room, food, beverage, and all other charges and revenues for services rendered and the operation of all departments of the Property, including,
but not limited to, advance payments under booking agreements for rooms, facilities and services of such Property and any other revenues shall be apportioned, as follows: (1) all food, room service and restaurant revenue as of the closing of
dinner service hours at each restaurant on the evening preceding the date the Closing occurs, and bar revenues as of 2:00 A.M. on the date the Closing occurs, shall be retained by the Seller and (2) the guest (tray) ledger for guests staying in
such Property as of 12:01 A.M. on the date the Closing occurs shall be counted and such room revenue and associated taxes, shall be retained by the Seller. Except as hereinabove provided, all revenues for the Property for days preceding the Closing
shall be attributed to the Seller and all revenues for the Property for the date the Closing occurs and days following the date the Closing occurs shall accrue to the benefit of Purchaser after Closing. 

  

	 	(d)	Accounts Receivable. Seller shall retain all of its interests in all the accounts receivable for the Hotel for the period prior to the Closing Date and shall have the right,
in its sole and absolute discretion, to handle the collection of such receivables. As an ongoing obligation that survives the Closing and is not limited by the one time reconciliation provided in Section 10(r) below, if Purchaser receives any
payment attributable to the period prior to the Closing, Purchaser shall immediately forward such amounts to Seller. 

  

	 	(e)	Accounts Payable. Purchaser shall receive a credit for those accounts payable that are for expenses attributable to periods prior to the Closing to the extent they have not
already been paid by Seller and Seller shall receive a credit for those accounts payable that are for expenses attributable to period after the Closing to the extent they have already been prepaid by Seller. Purchaser shall thereafter assume all
accounts payable for the Property. 

  

			
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	(f)	Operating Costs. All costs and expenses of operating the Property, and amounts paid or payable under the service contracts. All expenses that have been prepaid by Seller
shall be prorated as of the date the Closing occurs and Seller shall receive a credit at the Closing for the portion of such prepaid expenses applicable to periods following the date the Closing occurs. 

  

	 	(g)	Miscellaneous. Fees and expenses for music, entertainment, trade association dues, trade subscriptions, coin machine income, and washroom and checkroom income.

  

	 	(h)	No Tax Bill. If, on the date Closing occurs, bills for the real estate taxes imposed upon the Property for the tax year in which closing occurs have been issued but have not
been paid, the prorations shall be made on the basis thereof. If such bills shall not have been issued on the date Closing occurs, the amount of the taxes shall be reasonably and mutually ascertained by the Seller and Purchaser based upon the then
current assessment and anticipated tax rate, and the prorations shall be made on the basis of such estimate and in the event the taxes for the year in which the Closing occurs are more or less than such estimated amount, the Seller or Purchaser
shall promptly pay the amount necessary to adjust for the correct proration as soon as the actual tax amount becomes available. 

  

	 	(i)	Tenant Security Deposits. At Closing, Purchaser shall receive a credit against the Purchase Price for the Property in question in an amount equal to all cash security
deposits, if any, then held by or for the Seller under any leases at the Property. Purchaser will cause such amount to be maintained after Closing as a security deposit in accordance with the requirements of applicable law and the leases and shall
indemnify the Seller from all claims of tenants with respect thereto. 

  

	 	(j)	Utilities. The parties shall switch all utilities into Purchaser’s name as of the Closing so no prorations shall be necessary. 

  

	 	(k)	Sales Taxes. All sales, use and occupancy taxes, if any, due or to become due in connection with revenues received from the Property prior to the Closing will be paid by the
Seller. The Seller shall be entitled to receive any rebates or refunds with respect to any such taxes paid by such Seller prior to Closing. 

  

	 	(l)	Intentionally Deleted. 

  

	 	(m)	Cash. Ail cash in the Hotel’s various bank accounts at financial institutions as of the Cut-Off Time (“Outside Bank Accounts”) shall remain the Property
of Seller. Purchaser shall receive cash in house banks at the Hotel as of the Cut-Off Time (“House Banks”) and Seller shall receive a credit at the Closing for such amounts. 

  

	 	(n)	Cash Deposits. Seller shall receive a credit for all cash deposits of the Hotel as of the Closing, including deposits with utilities and providers of goods and services
(“Cash Deposits”). 

  

	 	(o)	Advanced Booking Deposit. At the Closing Seller shall provide Purchaser with a current list of Advance Bookings and Purchaser shall receive a credit and Seller a
corresponding debit in the amount of all Advanced Booking deposits paid to Seller and not earned with respect to the period prior to the Closing. 

  

	 	(p)	Employees. With respect to employee wages and benefits, the Seller shall be solely responsible for any liability for payment of employees’ wages, workers’
compensation claims, pension benefits due to or accrued to employees at the Property through the Cut-Off Time, together with F.I.C.A., unemployment and other taxes and benefits due with respect to the employment of such employees, other than earned
and accrued vacation and sick pay. From and after the Cut-Off Time, Purchaser shall assume all of the Seller’s liability and obligations with respect to accrued vacation and sick pay and shall indemnify the Seller from all claims of such
employees with respect to such vacation and sick pay. In connection therewith, Purchaser shall receive the Benefits Credit (as defined in Section 14(e)). Notwithstanding the foregoing, Purchaser is not assuming the Workers’
Compensation Insurance liability of Seller and Seller shall be solely responsible for adjustment and payment of all claims for compensation in connection with such insurance and shall retain any and all rebates, reimbursements or other payments due
from the insurer in connection with such policies. 

  

	 	(q)	 Ongoing Capital Expenditures. Seller has expended sums and intends to continue to expend the sums shown to perform the capital expense items on the Capital
Expense Budget attached hereto as Exhibit H (“Capital Expense Budget”). At the Close of Escrow, the total sum for all capital expense items on the Capital Expense Budget shall be prorated based on the Cut-Off Time to
arrive at an amount allocated to Seller’s period of ownership of the Hotel 

  

			
	LLG DOC 211439	  	April 3, 2007
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	 
(“Seller’s Allocated Capital Expense”) and the Purchaser’s period of ownership of the Hotel. As of the Close of Escrow, if Seller
has expended sums in excess of Seller’s Allocated Capital Expense, then Seller shall receive a credit for the difference between the sums expended by Seller and Seller’s Allocated Capital Expense. As of the Close of Escrow, if Seller has
expended less than Seller’s Allocated Capital Expense, then Purchaser shall receive a credit for the difference between the sums expended by Seller and Seller’s Allocated Capital Expense. 

  

	 	(r)	Reconciliation and Final Payment. A detailed closing statement shall be prepared at Closing for the Property setting forth the manner of computation of the aforesaid
proration adjustments. All prorations shall be made on the basis of a 360 day year and a 30 day month. The apportionments described herein at such Closing shall be based on the actual figures to the extent available. If any of the prorations cannot
be calculated based on actual figures, then they shall be calculated based on the Seller’s and Purchaser’s mutually agreed upon good faith estimates thereof. Seller and Purchaser shall cooperate in good faith and act reasonably after
Closing to make a final determination of the prorations required hereunder. Ninety (90) days following the Closing for the Property (or such other time as the parties may agree), there shall be a final one-time reconciliation of the proration
adjustments. 

 Purchaser shall have a representative available at the Hotel beginning at 10 p.m. on the night prior to the
Closing Date who will cooperate with Seller in calculating the apportionment discussed in this Section 10 and who will be authorized to sign the Pro-ration Schedule on behalf of Purchaser upon completion. 
  

	11.	Seller’s Representations and Warranties. Except for the limited representations and warranties set forth below, the Property is being sold to Purchaser in its
“As-Is” condition without any representations or warranties, express or implied. The term “Seller’s knowledge” and words or similar import as used herein shall mean the actual, current knowledge of any of Dave Sherf, and
Heinz Jakobi (General Manager of the Hotel), without any inquiry or investigation or duty to inquire or investigate and without regard to their imputed knowledge. Except for the representations and warranties contained in as otherwise provided
by this Agreement, Purchaser shall rely solely on its own investigation of the Property in making its decision of whether or not to purchase the Property. Seller hereby represents and warrants that the following statements are true and correct other
than as disclosed in the Due Diligence Materials: 

  

	 	(a)	Power and Authority of Seller. Seller is a corporation duly organized and existing in the State of Delaware and has the requisite right, power and authority to sell, convey
and transfer the Property to Purchaser, as provided herein, and to enter into and carry out the terms of this Agreement and the execution and delivery hereof and of all other instruments referred to herein. The individual executing this Agreement
has the authority to bind Seller to the terms and conditions hereof and thereof. All proceedings required to be taken by or on behalf of Seller to authorize it to make, deliver and carry out the terms of this Agreement have been duly and properly
taken. No further consent of any person or entity is required in connection with the execution and delivery of, or performance by, Seller of its obligations under this Agreement, except with respect to any consent which may be required in connection
with the assignment of any Contract. 

  

	 	(b)	Validity of Agreement. This Agreement executed by Seller constitutes, and all other documents required by this Agreement to be executed by Seller shall constitute when so
executed, the valid and binding obligation of Seller, enforceable against Seller in accordance with their respective terms. 

  

	 	(c)	Non-Foreign Status. Seller is not a “foreign person” as defined in Section 1445(f)(3) of the Internal Revenue Code. 

  

	 	(d)	Financial Statements. To the Seller’s Knowledge, all financial statements for the Hotel provided by the Seller to the Purchaser in connection with this transaction are
complete, true and accurate. 

  

	 	(e)	Compliance with Laws. To Seller’s knowledge (i) the Property, and each component and part thereof, is being operated in material compliance with all building,
zoning, environmental, health and insurance laws and regulations, and all other laws, ordinances, requirements, regulations, statutes, orders and similar directives affecting or having jurisdiction over the Property; and (ii) no uncured or
uncorrected notices of violation of governmental regulations relating to the Property has been issued to, served upon, received by or entered against Seller. To Seller’s knowledge, there are no proceedings, governmental administrative actions,
or judicial proceedings contemplated under any federal, state, or local laws regulating the discharge of Hazardous Substances, or hazardous or toxic materials or substances into the environment. 

  

			
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 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	(f)	Other Contracts. Seller has not entered into any other contracts for the sale or ground lease of the Property, or any portion thereof, nor are there any unwaived rights of
first refusal or options to purchase or ground lease the Property or any portion thereof. 

  

	 	(g)	Utilities. The Property has operating water supplies and sewage disposal systems and is served by public utilities providing electrical, gas and telephone service, all to
Seller’s Knowledge, with sufficient capacity to serve the Improvements as hotels. 

  

	 	(h)	Condemnation. To Seller’s knowledge, there is no pending condemnation, expropriation, eminent domain or similar proceeding affecting all or any portion of the Property,
and Seller has not received any written notice of any of the same and, to Seller’s Knowledge, no such proceeding is contemplated. 

  

	 	(i)	Insolvency; Bankruptcy. No attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings are
pending or, to the best of Seller’s knowledge, threatened against Seller, nor are any such proceedings contemplated by Seller. 

  

	 	(j)	Hazardous Substances. To Seller’s Knowledge, Seller has not during its ownership of the Property stored, produced, or disposed of any Hazardous Substance, including
asbestos, on the Property, other than such products normally used in the operations of the Hotels. 

 The representations and
warranties of Seller made in this Agreement shall not merge into any instrument or conveyance delivered at the Closing, but shall survive the Close of Escrow for a period of one (1) year. In the event Purchaser has actual knowledge of or
discovers before the Closing Date that a representation or warranty of Seller made herein is untrue or inaccurate, Purchaser may elect to terminate this Agreement for failure of a condition precedent but, whether or not Purchaser elects to terminate
this Agreement, it shall have no other right or claim against Seller as a result of such untrue or inaccurate representation or warranty. 
  

	12.	Purchaser’s Representations and Warranties and Acknowledgements and Agreements. Purchaser hereby warrants and represents to Seller that the following are true and
correct as of the date hereof and will be true and correct as of the Closing. Seller’s rights with respect to the following representations and warranties shall survive the Close of Escrow for a period of one (1) year.

  

	 	(a)	Power and Authority of Purchaser. Purchaser is a corporation duly organized and validly existing in good standing in the state of its incorporation and is authorized to do
business in the state in which the Hotel is located. Purchaser has the requisite right, power and authority to purchase the Property from Seller, as provided herein, and to enter into and carry out the terms of this Agreement and the execution and
delivery hereof and of all other instruments referred to herein. The performance by Purchaser of Purchaser’s obligations hereunder will not violate or constitute a default under the terms and provisions of any material agreement, document or
instrument to which Purchaser is a party or by which Purchaser is bound or affected. All proceedings required to be taken by or on behalf of Purchaser to authorize it to make, deliver and carry out the terms of this Agreement have been duly and
properly taken. No further consent of any person or entity is required in connection with the execution and delivery of, or performance by, Purchaser of its obligations under this Agreement. 

  

	 	(b)	Purchase As Is. 

  

	 	(i)	Books and Records. Prior to the Contingency Expiration Date, Purchaser will be afforded access to certain of the books and records of Seller relating to the operation of the
Hotel and to other information made available by Seller with respect thereto. Prior to the Closing, Seller has made no representations or warranties of any kind, including, without limitation, concerning the condition of the Property or the accuracy
or completeness of information provided to Purchaser by Seller. 

  

	 	(ii)	 Purchaser’s Own Investigation. Purchaser will have, as of the Contingency Expiration Date, conducted its own investigation of the Property; made all
inquiries, inspections, tests, audits, studies and analyses that it deems necessary or desirable in connection with purchasing the Property; and has approved the results of its investigation (including engineering and structural tests, economic
feasibility studies, soils and geological reports, reviews of books and records, financial statements, projections relating to the operation of the Hotel and other documents obtained or prepared by or for Purchaser in connection with its review).
Purchaser hereby acknowledges that it is relying solely on the representations and warranties of Seller set forth in Section 11 hereof and on its own inspections, tests, audits, studies and investigations conducted in connection
with, and on 

  

			
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Purchaser’s own judgment with respect to, its purchase of the Property. Purchaser acknowledges that no person has made, any representation, agreement,
statement, warranty, guarantee or promise regarding the Property or the transaction contemplated herein or the zoning, construction, physical condition or other status of the Property except as may be expressly set forth in this Agreement or any
amendment hereto. No representation, warranty, agreement, statement, guarantee or promise, if any, made by any person acting on behalf of Seller which is not contained in this Agreement, or any amendment hereto will be valid or binding on Seller.

  

	 	(iii)	AS IS CONDITION. PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS SPECIFICALLY PROVIDED IN SECTION 11 HEREIN, SELLER HAS NOT MADE, DOES NOT MAKE AND
SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR
WITH RESPECT TO THE PROPERTY OR ANY MATTER RELATED THERETO, INCLUDING, WITHOUT LIMITATION, THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, AND COMPLIANCE WITH ANY ENVIRONMENTAL
PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATION, ORDERS OR REQUIREMENTS. EXCEPT AS PROVIDED IN SECTION 11 OF THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE OF THE PROPERTY AS
PROVIDED FOR HEREIN IS MADE ON AN “AS IS” CONDITION AND BASIS WITH ALL FAULTS, AND THAT SELLER HAS NO OBLIGATIONS TO MAKE REPAIRS, REPLACEMENTS OR IMPROVEMENTS EXCEPT AS MAY OTHERWISE BE EXPRESSLY STATED HEREIN. 

BY INITIALING BELOW, THE PURCHASER ACKNOWLEDGES THAT (i) THIS SECTION 12(b)(iii) HAS BEEN READ AND FULLY UNDERSTOOD, (ii) THE
PURCHASER HAS HAD THE CHANCE TO ASK QUESTIONS OF ITS COUNSEL ABOUT ITS MEANING AND SIGNIFICANCE, AND (iii) THE PURCHASER HAS ACCEPTED AND AGREED TO THE TERMS SET FORTH IN THIS SECTION12(b)(iii). 
  

	
	 JK

	PURCHASER’S INITIALS

  

	 	(c)	Release. Except as expressly set forth herein, Purchaser and anyone claiming by, through or under Purchaser hereby waives its right to recover from and fully and irrevocably
releases Seller, its employees, officers, directors, representatives, agents, servants, attorneys, affiliates, parent, subsidiaries, successors and assigns, and all persons, firms, corporations and organizations in its behalf (“Released
Parties”) from any and all claims that it may now have or hereafter acquire against any of the Released Parties for any costs, loss, liability, damage, expenses, demand, action or cause of action arising from or related to any matters
affecting the Property, or any portion thereof. This release includes claims of which Purchaser is presently unaware or which Purchaser does not presently suspect to exist which, if known by Purchaser, would materially affect Purchaser’s
release to Seller. Without limiting the generality of the foregoing, Purchaser expressly waives any and all rights conferred upon it by any statute or rule of law which provides that a release does not extend to claims which the claimant does not
know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the released party, including, without limitation, any provisions similar to the following: “A
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 In this connection and to the extent permitted by law, Purchaser hereby agrees, represents and warrants, which representation
and warranty shall survive the Close of Escrow and not be merged with the Closing, that Purchaser realizes and acknowledges that factual matters now unknown to it may have given or may hereafter give rise to causes of action, claims, demands, debts,
controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Purchaser further agrees, represents and warrants, which representation and warranty shall survive the Close of Escrow and not be
merged with the Closing, that the waivers and releases herein have been negotiated and agreed upon in light of that realization and that Purchaser nevertheless hereby intends to release, discharge and acquit Seller from any such unknown causes of
action, claims, demands, debts, controversies, damages, costs, losses and expenses which might in any way be included as a material portion of the consideration given to Seller by Purchaser in exchange for Seller’s performance hereunder The
foregoing release shall not apply to any of the matters expressly contained in this Agreement. 
  

			
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 Purchase and Sale Agreement 
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 Seller and Purchaser have each initialed this Section 12(c) to further indicate
their awareness and acceptance of each and every provision hereof. 
  

			
	 DS
	    	 JK

	SELLER’S INITIALS	    	PURCHASER’S INITIALS

  

	 	(d)	Validity of Agreement. This Agreement executed by Purchaser constitutes, and all other documents required by this Agreement to be executed, by Purchaser shall so constitute
when so executed the valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with their respective terms. 

  

	13.	Conduct of Hotel Business/Liquor Licenses/Baggage/Safe Deposit Boxes. 

  

	 	(a)	Conduct of Hotel Business. During the period from the Effective Date until the earlier of (a) the Closing, or (b) the termination of this Agreement, Seller shall
operate the Property only in the ordinary course of business consistent with the past practice of Seller as follows: 

 (i)
Operate, manage and maintain the Property in accordance with the Homewood Suites by Hilton system standards as currently employed at the Property, including, without limitation, (A) using reasonable efforts to keep available the services of the
present employees at Property and to preserve its relations with guests, suppliers and other parties doing business with the Seller with respect to the Property, (B) accepting booking contracts for the use of the Property’s hotel
facilities on terms not less favorable that the terms typically arranged by Seller of the Effective Date and retaining such bookings to the extent in Seller’s reasonable control, and (C) maintaining the current level of advertising and
other promotional activities for the Property; 
 (ii) Keep, observe, and perform all its material obligations under any Contracts and all
other applicable contractual arrangements relating to the Property; 
 (iii) Keep merchandise, supplies and inventory adequately stocked,
consistent with the standard set forth in clause (i) above, including, without limitation, maintaining linens and bath towels at least at a 2-par level for all guest suites at the Property; 
 (iv) Not grant any bonus, free rent, rebate or other concession to any present or future tenant, without Purchaser’s prior written consent, which
shall not be unreasonably withheld, conditioned or delayed; 
 (v) Advise Purchaser promptly if it becomes aware that any representation or
warranty contained in this Agreement is not true and correct in any material respect; 
 (vi) Not sell or assign, or enter into any agreement
to sell or assign the Property or any portion thereof; 
 (vii) Use its commercially reasonable efforts not to allow any permit, license or
certificate currently in existence with respect to the operation, use, occupancy or maintenance of the Property to expire, be cancelled or otherwise terminated; 
 (viii) Not cancel any existing booking contracts for the use of the Property’s hotel facilities or new booking contracts obtained by Seller after the Effective Date to the extent in Seller’s reasonable
control; 
 (ix) Maintain insurance coverage for the Property consistent with past practice; and 
 (xi) Not, without the prior written consent or other due authorization or approval of Purchaser, make any modifications or alterations to the Property
other than in the ordinary course of business. 
  

	 	(b)	Liquor License. Purchaser acknowledges that neither Seller nor any of Seller’s affiliates hold liquor licenses with respect to the operation of the Property.

  

	 	(c)	 Guest Baggage. Any baggage or other property of departed guests held by Seller may be left at the Hotel for a period not to exceed ninety (90) days following
the Closing. At any time during such period, all such baggage or property will, at the option of Seller, be removed by Seller and disposed of by Seller or abandoned by Seller, in which case Purchaser shall dispose of such baggage in any manner
deemed appropriate by Purchaser. Seller shall indemnify, defend and hold Purchaser harmless from and against all claims, losses and liabilities in connection with the holding of such baggage or other property for such period and the disposal of same
by Seller. Purchaser shall indemnify, defend and hold Seller harmless from and against all claims, losses and liabilities in connection with 

  

			
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Purchaser’s disposal of such baggage. Purchaser shall indemnify, defend and hold Seller harmless from and against all claims, losses or liabilities with
respect to such baggage arising out of the acts or omissions of Purchaser after the Closing. Seller shall indemnify, defend and hold Purchaser harmless from and against all claims, losses or liabilities with respect to such baggage arising out of
the acts or omissions of Seller prior to the Closing. 

  

	 	(d)	Safe Deposit Boxes. Seller shall indemnify defend and hold Purchaser harmless from and against any liability or responsibility for any claims relating to items deposited in
safety deposit boxes prior to the Closing. Purchaser shall indemnify defend and hold Seller harmless from and against any liability or responsibility for items deposited in safety deposit boxes from and after the Closing. 

 

	14.	Employees. 

  

	 	(a)	Termination of Employees. Subject to the terms of the Management Agreement governing the employment of the Hotel employees, all employees at the Hotel shall continue to be
employed by Manager or its affiliate for the benefit of Purchaser pursuant to the Management Agreement. 

  

	 	(b)	No Delivery of Layoff Notice to Employees. The parties agree that no notices are required or shall be given under the Worker Adjustment and Retraining Act, 29 USC §2101
et seq., or any similar state or local law (collectively, “WARN Act”) and Purchaser shall indemnify, defend and hold Seller, Manager, and their successors, subsidiaries, and affiliated companies harmless from all liability under the
WARN Act resulting from Purchaser’s or its manager’s acts or omissions in connection with (a) the hiring, firing, offering to hire, or failure to hire any of the current employees at the Hotel; (b) Seller’s termination of
the employees at the Hotel by reason of the sale of the Property to Purchaser; (c) the failure of Purchaser to rehire in accordance with the terms of this Agreement; or (d) Purchaser’s direction to Manager, to the extent permitted by
the Management Agreement, to fire any employees. The provisions of this Section 14(b) shall survive the Closing. 

  

	 	(c)	Continuation of Employment. The parties acknowledge and agree that Seller shall cause Manager, effective upon the Closing, to continue to employ sufficient numbers of the
employees at the Property so as to not trigger any requirement for notice under the WARN Act. Effective upon the Closing, such employees shall remain employed in the same position, in full or part time status, and at not less than the hourly wage
rate currently being paid. 

  

	 	(d)	Firing of Manager’s Employees. Since pursuant to the Management Agreement, Manager or its affiliate will employ the employees of the Hotel, then Purchaser will not
direct Manager to fire employees in any manner that would trigger any requirement for notice under the WARN Act or otherwise violate applicable laws. 

  

	 	(e)	Benefits. Purchaser agrees to be responsible for, and to indemnify, defend and hold Seller harmless from, all costs and expenses of accrued and unpaid vacation and sick leave
for all employees including payroll taxes due in connection therewith; provided, however, that Purchaser shall receive a credit against the Purchase Price for the sum equal to the aggregate amount of all accrued and unpaid vacation and sick leave,
including payroll taxes due in connection therewith, for employees at the Property as of the Closing (“Benefits Credit”). The covenants and agreements contained in this Section 14(e) are not intended and shall not
confer any benefit or right on any person or entity other than the parties to this Agreement. Seller shall be and remain solely responsible for payment of any other payroll and employee benefits accrued in connection with employees at the Property
for any period prior to the Closing and shall indemnify, defend and hold Purchaser harmless therefrom. 

  

	 	(f)	Not a Successor. Nothing in this Agreement shall cause Purchaser to be deemed to be a successor to Seller with respect to any matter affecting the Property, including without
limitation, the employment of its employees. Seller shall remain solely liable for any and all claims arising from Seller’s use, occupancy or operation of, or employment or termination by Seller of employees at the Property through the Closing,
shall indemnify Purchaser for any and all such claims and shall reimburse Purchaser’s reasonable costs of the defense thereof. Purchaser shall remain solely liable for any and all claims arising from Purchaser’s use, occupancy or operation
of, or employment or termination by Purchaser of employees at the Property on and after the Closing, shall indemnify Seller for any and all such claims and shall reimburse Seller’s reasonable costs of the defense thereof. Nothing in this
Section 14(f) shall reduce, alter, waive, construe or otherwise affect (a) any agreement between any one of the parties, on the one hand, and any other party, on the other hand, pertaining to Seller’s or Purchaser’s
rights against and obligations to such other parties with respect to the Property, or (b) any right, remedy or defense at law, in equity or otherwise. 

  

			
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 Purchase and Sale Agreement 
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	 	(g)	Credit for Payment by Purchaser. Solely for the purposes of determining the reduction of Seller’s liability pursuant to 29 U.S.C. § 2104(a)(2), but for no other
purpose, Purchaser’s payment of wages, benefits and other compensation to employees at the Hotel during any period of time shall be deemed to have been paid by Seller also. 

  

	15.	Loss by Fire, Other Casualty or Condemnation. 

  

	 	(a)	Material Damage. In the event that, prior to the Closing, the Property is destroyed or materially damaged (as defined in Section 15(c) below) by casualty,
Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such casualty, either (i) to terminate this Agreement, in which case neither party shall have any further
rights or obligations hereunder except that Purchaser and Seller each shall be responsible for one-half of any title or escrow cancellation fee, and Purchaser shall remain obligated under Section 3, or (ii) to accept the
Property in its then condition and to proceed with the Closing with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, in which case Purchaser shall be entitled to receive an
assignment of all of Seller’s rights to any insurance proceeds payable by reason of such damage or destruction. If Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such
proceeds without Purchaser’s prior written consent. 

  

	 	(b)	Non-Material Damage. In the event that, prior to the Closing, there is any non-material damage to the Property caused by casualty, Seller shall elect either (i) to
repair or replace such damage prior to the Closing and Purchaser shall proceed with the Closing following completion of such repair or replacement, or (ii) to proceed to Closing without repair or replacement of the damage, in which case the
Purchase Price shall be reduced by the amount of any deductible for the applicable insurance coverage and Purchaser shall be entitled to receive an assignment of, and Seller shall assign, all of Seller’s rights to any insurance proceeds payable
by reason of such damage or destruction; provided, however, that any cost or expense incurred by Seller in connection with repairing or replacing such damage shall not be included in any closing or post-closing proration or adjustment of the
Purchase Price or otherwise credited to Seller’s benefit in connection with this transaction. 

  

	 	(c)	Definition of Material Damage. For purposes of this Section 15, damage to the Property shall be deemed to involve a material portion thereof if the
estimated cost of restoration or repair of such damage reasonably estimated by Seller shall exceed the greater of (i) One Million Dollars ($1,000,000) or (ii) ten percent (10%) of the Purchase Price. 

  

	 	(d)	Condemnation. In the event that, prior to the Closing, the entire Property, or any substantial portion thereof, is subject to a condemnation by a public authority, then
Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such taking, either (a) to terminate this Agreement and obtain a refund of the Deposit, in which case neither
party shall have any further rights or obligations hereunder, except that Purchaser and Seller shall each be responsible for one half of any title or Escrow cancellation fee and Purchaser shall remain obligated under Section 3, or
(b) to accept the Property in its then condition and proceed to close this transaction, and to receive an assignment of all of Seller’s rights to any condemnation awards payable by reason of such condemnation. If Purchaser elects to
proceed under clause (b) above, Seller shall not compromise, settle or adjust any claims to such awards without Purchaser’s prior written consent. Seller agrees to give Purchaser prompt notice of any threatened taking of the Property
promptly after Seller receives notice of the same. For the purposes of this Section 15(d) “substantial portion” shall mean any portion of the Property valued, in the reasonable estimate of Seller, at the greater of
(i) One Million Dollars ($1,000,000) or (ii) ten percent (10%) of the Purchase Price. 

 
  

	16.	Default. Except as otherwise provided in this Agreement, in the event of a default hereunder, the parties shall have all the rights available to them in law and equity,
except that: 

  

	 	(a)	 LIQUIDATED DAMAGES - DEPOSIT. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, IF PURCHASER HAS NOT TERMINATED THIS AGREEMENT PRIOR TO
THE CONTINGENCY EXPIRATION DATE AND IF THE SALE OF THE PROPERTY TO PURCHASER IS NOT CONSUMMATED AS A RESULT OF ANY REASON OTHER THAN SELLER’S DEFAULT UNDER THIS AGREEMENT OR FAILURE OF PURCHASER’S CONDITIONS PRECEDENT PURSUANT TO SECTION
8(B), SELLER SHALL BE ENTITLED TO RETAIN THE DEPOSIT AS SELLER’S LIQUIDATED DAMAGES. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICABLE AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUFFERED BY SELLER AS A RESULT OF PURCHASER’S
FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE EFFECTIVE DATE, THE LIQUIDATED DAMAGES PROVIDED FOR IN 

  

			
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 5811 Poplar Avenue, Memphis, TN 
  

 THIS SECTION REPRESENTS A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER WILL INCUR AS A RESULT OF
SUCH FAILURE, PROVIDED, HOWEVER, THAT THIS PROVISION SHALL NOT LIMIT SELLER’S RIGHTS TO RECEIVE REIMBURSEMENT FOR ATTORNEYS’ FEES, NOR WAIVE OR AFFECT SELLER’S RIGHTS AND PURCHASER’S INDEMNITY OBLIGATIONS UNDER OTHER SECTIONS OF
THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF ANY APPLICABLE STATUTE OR LAW, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. THE
PARTIES HAVE SET FORTH THEIR INITIALS BELOW TO INDICATE THEIR AGREEMENT WITH THE LIQUIDATED DAMAGES PROVISION CONTAINED IN THIS SECTION. 
  

			
	 DS
	    	 JK
  

	SELLER’S INITIALS	    	PURCHASER’S INITIALS

  

	 	(b)	Seller’s Breach Pre-Closing. If Seller shall have failed to perform in any material respect any of the covenants and agreements contained herein to be performed by
Seller within the time for performance as specified herein, Purchaser’s remedy shall be the termination of Purchaser’s obligations under this Agreement by written notice to Seller, in which case the Deposit shall be returned to the
Purchaser, and Seller shall be responsible for (i) any title or escrow cancellation fee, and (ii) the reasonable and documented out-of-pocket costs incurred by Purchaser in connection with this Agreement not to exceed $100,000. The
foregoing sentence notwithstanding, if Purchaser is ready, willing and able to purchase the Property on the Closing Date pursuant to this Agreement, and such ability is evidenced by the delivery of the Purchase Price to Escrow Holder, and Seller
refuses to convey title to the Property to Purchaser (except in the event of the failure of any of Seller’s Conditions Precedent), Purchaser may file an action for specific performance of this Agreement. 

  

	 	(c)	Purchaser Aware that Seller’s Representations Untrue. If Purchaser becomes aware that any of Seller’s representations and warranties contained herein are not
materially true and correct prior to the Closing then Purchaser’s sole remedy shall be to either (i) terminate this Agreement by written notice to Seller and Escrow Holder, in which event the Deposit shall be returned to Purchaser or
(ii) waive any and all claims directly or indirectly related to the representation and/or warranty and proceed to the Closing. 

  

	 	(d)	Post-Closing Claim by Purchaser. Any claim by Purchaser for any breach of any representation or warranty after the Close of Escrow, or any other claim for breach of this
Agreement shall be subject to the following: (i) no such claim shall be made until the damages from such claim are at least $1,000 in the aggregate, (ii) any such claim must be made within one (1) year of the Close of Escrow and
(iii) Purchaser shall be limited to its actual compensatory damages not to exceed $1,000,000 in the aggregate from all claims, but shall not be entitled to consequential or punitive damages. 

 17. Miscellaneous. 
  

	 	(a)	Waiver of Performance. Either party may waive the satisfaction or performance of any conditions or agreements in the Agreement which have been inserted for its own and
exclusive benefit, so long as the waiver is in writing (unless this Agreement provided for a non-written waiver) and specifies the waived condition or agreement and is delivered to the other party hereto and to the Escrow Holder.

  

	 	(b)	Section Headings. The section headings of this Agreement are for purposes of reference only and shall not be used 

 for limiting or interpreting the meaning of any section. 
  

	 	(c)	Notices. All notices under this Agreement shall be in writing and shall be effective upon actual receipt whether delivered by personal delivery, legible facsimile or
nationally recognized overnight courier (such as Federal Express or United Parcel Service) or sent by United States registered or certified mail, return receipt requested, postage prepaid, addressed to the respective parties addresses indicated in
the Summary. 

  

	 	(d)	Amendments. This Agreement may be amended only by written agreement signed by both of the parties hereto. 

  

	 	(e)	Time of the Essence. Time and each of the terms, covenants, conditions and contingencies of this Agreement are hereby expressly made of the essence. 

 

			
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	 	(f)	Counterparts. This Agreement may be executed in several counterparts and all such executed counterparts shall constitute one agreement, binding on all of the parties hereto,
notwithstanding that all of the parties hereto are not signatories to the original or to the same counterpart. 

  

	 	(g)	Governing Law. The validity, construction and operational effect of this Agreement shall be governed by the laws of the State of Tennessee. 

  

	 	(h)	Attorneys’ Fees and Costs. In any action between the parties hereto seeking the enforcement of any of the terms or provisions of this Agreement, or in connection with
the Property, the prevailing party in such action shall be awarded, in addition to damages, injunctive or other relief, its reasonable costs and expenses, not limited to taxable costs, and reasonable attorneys’ fees, charges and expenses.

  

	 	(i)	Prior Agreements. This Agreement supersedes any and all oral or written agreements between the parties hereto regarding the Property which are prior in time to this
Agreement. Neither Purchaser nor Seller shall be bound by any prior understanding, agreement, promise, representation or stipulation, express or implied, not specified herein. 

  

	 	(j)	Further Assurance. Purchaser and Seller agree to execute all documents and instruments reasonably required in order to consummate the purchase and sale herein contemplated.

  

	 	(k)	Successors and Assigns. 

  

	 	(i)	Purchaser shall have the right to assign all of its right, title and interest in, to and under this Agreement to any Affiliate of Purchaser but to no other person or entity (herein
“Person”) without the prior written consent of Seller, which consent shall not be unreasonably withheld, delayed or conditioned. As used herein with respect to Purchaser, the term “Affiliate” shall mean any other
Person who, directly or indirectly, is owned or controlled by or is under common control with Purchaser as well as any Person that owns or controls Purchaser, directly or indirectly. For purposes of this definition, “own” or
“ownership” means ownership by one Person of fifty-one percent (51%) or more of the voting stock of the controlled Person, in the case of a corporation, or, in the case of Persons other than corporations, entitlement of the
controlling Person, directly or indirectly, to receive fifty-one percent (51%) or more of the dividends, profits or similar economic benefit from the controlled Person; and “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of the controlled Person. No assignment made by Purchaser shall be of any force or effect whatsoever unless and until Purchaser shall have delivered to Seller,
at least ten (10) business days prior to the Closing Date (1) a notice of assignment, (2) a counterpart of such assignment, duly executed by Purchaser and the assignee, and (3) an assumption agreement with respect thereto in
favor of Seller, duly executed by Purchaser and the assignee. Notwithstanding anything to the contrary contained herein, no such assignment shall relieve the assigning party from its liability under this Agreement. Any assignment made in violation
hereof or which does not comply with the provisions hereof is and shall be null and void. 

  

	 	(i)	Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the parties hereto. 

  

	 	(l)	Possession. Seller shall deliver possession of the Property to Purchaser as of 12:01 a.m. on the date Closing is to occur, including all keys in Seller’s possession, all
books and records relating to the Property, and originals of documents delivered hereunder, such possession being subject only to the rights of tenants and guests in possession. 

  

	 	(m)	Severability. If any portion of this Agreement is held to be unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall remain in full force
and effect. 

 
  

	 	(n)	Broker’s Fees and Commissions. Except with respect to Seller’s Broker (the “Seller’s Broker”), Purchaser and Seller each represent and warrant
to the other than they have not entered into any agreement or taken any action which will result in any obligation to pay any brokerage, finder’s fee or similar commission in connection with the purchase and sale of the Property as herein
contemplated, and each agrees to indemnify, defend and hold the other harmless from and against any and all claims for brokerage commissions and fees or finder’s fees payable in connection with the sale of the Property or the transactions
covered and contemplated by this Agreement resulting from the act or omission of such indemnifying party. Seller’s Broker shall be compensated directly by Seller in accordance with a separate listing agreement between Seller and Seller’s
Broker. Nothing in this Agreement shall be construed to confer any third party benefit on any broker or any other person not a party hereto with respect to this Agreement. Each party represents and warrants to the other that it has not dealt with
any brokers, agents or others in connection with the transaction contemplated herein which would give rise to any claim for a sales commission, finder’s fee, or fee or commission of a similar kind or nature. 

  

			
	LLG DOC 211439	  	April 3, 2007
	Page 19	  	

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	(o)	Construction of Agreement. The language in all parts of this Agreement shall be in all cases construed simply according to its fair meaning and not strictly for or against
any of the parties hereto. When required by the context, whenever the singular number is used in this Agreement, the same shall include the plural, and the plural shall include the singular, the masculine gender shall include the feminine and neuter
genders, and vice versa. As used in this Agreement, the term “Seller” shall include the respective successors and assigns of Seller, and the term “Purchaser” shall include the successors and permitted assigns of
Purchaser. 

  

	 	(p)	Days. As used herein “days” shall refer to calendar days and not business days. However, should any expiration date, due date or other time period fall on a
Saturday, Sunday or holiday on which the New York Stock Exchange is closed for business for the entire day, such expiration date, due date or time period shall be extended to the next business day. 

  

	 	(q)	Announcements. Seller and Purchaser shall consult with each other with regard to all press releases and other announcements issued at or prior to the Closing concerning this
Agreement or the transactions contemplated hereby and, except as may be required by applicable laws or the applicable rules and regulations of any governmental agency or stock exchange, neither Seller nor Purchaser shall issue any such press release
or other such publicity prior to the Closing without the prior consent of the other party. 

  

	 	(r)	Exchange Cooperation. Either party shall be permitted to assign its obligations under this Agreement to an intermediary for the purpose of effectuating a tax-deferred
exchange or reverse tax deferred exchange of like kind property under IRS Code Section 1031 (“1031 Exchange”) and the regulations thereunder, so long as such assignment shall not (a) delay or extend the Closing Date, or
(b) require the other party to assume any additional obligations, incur any out-of-pocket expenses, or take title to any other property. Neither party shall be, in any way, responsible or liable for the tax or other consequences of the
tax-deferred exchange or reverse tax deferred exchange (or attempted tax-deferred exchange) effected by the other party. Each party shall reasonably cooperate with the other party to effectuate the other party’s 1031 Exchange, including, but
not limited to, executing an Acknowledgement of Assignment of Purchase Agreement. 

  

	 	(t)	No Effect Until Mutual Execution. The submission of this Agreement by Seller, its agent or representative for examination or execution by Purchaser does not constitute an
option or offer to sell the Property upon the terms and conditions contained herein or a reservation of the Property in favor of Purchaser, it being intended hereby that this Agreement shall only become effective upon the execution hereof by Seller
and Purchaser and delivery of a fully executed agreement to Purchaser and Escrow Holder. 

  

	 	(u)	Access to Financial Information. Purchaser’s representatives shall have access to, and Seller and its affiliates shall cooperate with Purchaser and furnish upon request,
all financial and other information relating to the Hotel’s operations to the extent reasonably necessary to enable Purchaser’s representatives to prepare audited financial statements in conformity with Regulation S-X of the Securities and
Exchange Commission (the “SEC”) and other applicable rules and regulations of the SEC and to enable them to prepare a registration statement, report or disclosure statement for filing with the SEC on behalf of Purchaser or
its affiliates, whether before or after Closing and regardless of whether such information is included in the records to be transferred to Purchaser hereunder. Notwithstanding anything to the contrary contained herein, Seller shall have no
obligation to provide any attorney-client privileged information, confidential information, trade secret, information related to the proprietary business method of Seller or other internal confidential documentation. Seller shall also provide to
Purchaser’s representative a signed representation letter in form and substance reasonably acceptable to Seller from Seller or Seller’s affiliate responsible for the Hotel’s management, reasonably sufficient to enable an independent
public accountant to render an opinion on the financial statements related to the Hotel. Purchaser will reimburse Seller for costs incurred by Seller to comply with the requirements of this Section 17(u). The provisions of this Section shall
survive Closing or termination of this Agreement. 

 [Signature Page Follows] 
  

			
	LLG DOC 211439	  	April 3, 2007
	Page 20	  	

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 IN WITNESS WHEREOF, Seller and Purchaser have executed this Agreement as of the date first above written. 

 

					
	 SELLER:
  

HAMPTON INNS, INC.,
 a Delaware corporation
	 	
			
	By:	 	 /s/ David A. Sherf
	 	
	Name:	 	 David A. Sherf
	 	
	Title:	 	 Senior Vice President
	 	
		
	PURCHASER:	 	
		
	 APPLE SEVEN HOSPITALITY OWNERSHIP, INC.,
 a Virginia corporation
	 	
			
	By:	 	 /s/ Justin Knight
	 	
	Name:	 	 Justin Knight
	 	
	Title:	 	 Senior Vice President
	 	

  

			
	LLG DOC 211439	  	April 3, 2007
	Page 21	  	

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT A 
 LEGAL DESCRIPTION 
  

					
	LLG DOC 211439	  	A-1	  	April 3, 2007

 “EXHIBIT A” 
 Beginning at a point, an iron pin set in the ground in the south sideline of westbound Poplar Avenue being also the northeast corner of Holiday Inn property and being also a distance of 215.92 feet south 72 degrees 25
minutes 59 seconds east from an iron pin found set in the ground at the intersection of the south sideline of westbound Poplar Avenue with east sideline of I-240 Exit (controlled access) being also the northwest corner of Holiday Inn property.
Thence proceed south 09 degrees 03 minutes 46 seconds west a distance of 595.42 feet measured (595.99 feet call) to a point, an iron pin set in the ground in the north line of I-240 Exit to eastbound Poplar Avenue. Thence continue with said north
line of I-240 Exit north 89 degrees 25 minutes 31 seconds east a distance of 41.79 feet to an iron pipe found set in the ground. Thence continue with said north line of I-240 Exit north 82 degrees 41 minutes 39 seconds east a distance of 196.75 feet
measured (196.60 feet call) to a point, an iron pipe found set in the ground. Thence continue along said north line of I-240 Exit north 70 degrees 02 minutes 52 seconds east a distance of 189.46 feet measured (188.55 feet call) to a point, a
disturbed iron pipe found set in the ground. Thence proceed north 03 degrees 37 minutes 39 seconds east a distance of 389.19 feet measured (389.64 feet call) to a point, an iron pin found set in the ground in the south sideline of westbound Poplar
Avenue. Thence proceed north 72 degrees 25 minutes 59 seconds west with the said south sideline of Poplar, a distance of 362.78 feet to a point, an iron pin set in the ground; the point of beginning. 

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT B 
 SCHEDULE OF CONTRACTS 
  

	 	1.	A Closer Look 

  

	 	2.	AAA Termite Control, Inc. 

  

	 	3.	Adsit Landscaping 

  

	 	4.	Central Defense Security 

  

	 	5.	Chem—Aqua 

  

	 	6.	Clear Mountain 

  

	 	7.	Complete Lighting 

  

	 	8.	Cummings Signs 

  

	 	9.	Dover Elevators 

  

	 	10.	Hilton internet 

  

	 	11.	HITS 

  

	 	12.	Homisco 

  

	 	13.	Kenexa 

  

	 	14.	Lodgenet Entertainment 

  

	 	15.	Mitel 

  

	 	16.	Muzak 

  

	 	17.	Nextel 

  

	 	18.	Peter Gibson 

  

	 	19.	Rubicon 

  

	 	20.	Signature 

  

	 	21.	Simplex Grinnell (Fire extinguisher Inspection) 

  

	 	22.	Simplex Grinnell (Fire alarm / sprinkler inspection) 

  

	 	23.	Simplex Grinnell (Fire Monitoring) 

  

	 	24.	Teminix Pest Control 

  

	 	25.	Tex-tron 

  

	 	26.	Total Solutions 

  

	 	27.	Tn Memphis/American Way (Colonial) 

  

	 	28.	U-Store it (Public Storage) 

  

	 	29.	Uniguest 

  

	 	30.	US Lec 

  

	 	31.	WasteManagement 

  

	 	32.	Xerox 

  

					
	LLG DOC 211439	  	B-1	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT C 
 Deed 
  

			
	 RECORDING REQUESTED BY
 AND WHEN RECORDED MAIL
 THIS DEED TO:
	 	 
	  	 	  
		 	(Space Above for Recorder’s Use Only)

 SPECIAL WARRANTY 
 THIS INDENTURE, made and entered into this      day of
                     200     , by and between
                    , a
                     [SELLER], party of the first part, and
                    , a
                     [PURCHASER] party of the second part. 
 WITNESSETH: That for the consideration of Ten Dollars ($10.00), cash in hand paid, and other good and valuable consideration, the receipt of which is hereby acknowledged, the party of the first part has
bargained and sold and does hereby bargain, sell, convey and confirm unto the party of the second part the real estate, situated and being in District No.     in the County of,
                     State of Tennessee, and within the      Ward of the City of Memphis, as more fully described
on Exhibit A attached hereto and incorporated herein by reference. 
 TO HAVE AND TO HOLD the aforesaid real estate, together with all
the appurtenances and hereditaments thereunto belonging or in any wise appertaining unto the said party of the second part, its successors and assigns in fee simple forever. 
 The party of the first part does hereby covenant with the party of the second part that it is lawfully seized in fee of the aforedescribed real estate;
that it has a good right to sell and convey the same; that the same is free and clear of all liens, charges and encumbrances, except, (i) restrictions of record, reservations, limitations, easements and conditions of record; (ii) zoning
and building ordinances, if any; (iii) taxes and general assessments, which are a lien but not due and payable and (iv) those shown on Exhibit B attached hereto and incorporated herein by reference; and that the title and quiet possession
thereto it will warrant and forever defend only against the lawful claims of all parties claiming by, through or under the party of the first part, but not further or otherwise. 
  

					
	LLG DOC 211439	  	C-1	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 WITNESS the signature of the party of the first part the day and year first
above written. 
  

			
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

					
	LLG DOC 211439	  	C-2	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 Exhibit A to Special Warranty Deed 
 Legal Description 
  

					
	LLG DOC 211439	  	C-3	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 Exhibit B to Special Warranty Deed 
  

					
	LLG DOC 211439	  	C-4	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 State of
California.                    ( 
 County of
                                ) 
 On                      before me,
                                        
                     personally appeared
                                        
                    , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(es) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
persons(s) acted, executed the instrument. 
  

	
	 WITNESS my hand and official seal.

	
	  

	Signature of Notary

  

					
	LLG DOC 211439	  	C-5	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 Value Affidavit 
 I hereby swear or affirm that, to the best of my knowledge, information, and belief, the actual consideration for this transfer or value of the real property and improvements transferred, whichever is greater is $
                    , which amount is equal to or greater than the amount which the real property and improvements would command at a fair and
voluntary sale. 
  

	
	Affiant
	
	  
 

 State of
California.                    ( 
 County of
                                 ) 
 On                      before me,
                                        
                     personally appeared
                                        
                    , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(es) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
persons(s) acted, executed the instrument. 
  

	
	 WITNESS my hand and official seal.

	
	  

	Signature of Notary

  

					
	LLG DOC 211439	  	C-6	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT D 
 BILL OF SALE 
 KNOW ALL MEN BY THESE PRESENTS, that [SELLING ENTITY], a
                     company whose address is c/o Hilton Hotels Corporation, World Headquarters, 9336 Civic Center Drive, Beverly Hills, CA
90210, Attention: General Counsel, (“Seller”), for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, lawful money of the United States, paid by [PURCHASING ENTITY], a
                    , whose address is
                     (“Purchaser”), the receipt whereof is hereby acknowledged, has granted, bargained, sold, transferred and
delivered, and by these presents does grant, bargain, sell, transfer and deliver unto Purchaser all Personal Property as defined in that certain Purchase and Sale Agreement dated
                     (“Purchase Agreement”) between Seller and Purchaser with respect to the Property as defined therein.

 TO HAVE AND TO HOLD the same unto Purchaser and its successors and assigns forever. 
 IN WITNESS WHEREOF, Seller has hereunto set its hand and seal by and through its duly authorized undersigned officer, this      day of
                    , 2005. 
  

			
	[SELLING ENTITY]
	a	 	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	LLG DOC 211439	  	D-1	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT E 
 ASSIGNMENT OF INTANGIBLE PROPERTY 
 THIS ASSIGNMENT AND ASSUMPTION OF INTANGIBLE PROPERTY
(“Assignment”) is made as of the      day of                     
20     by [SELLING ENTITY], a                      (“Assignor”), whose address is c/o
Hilton Hotel Corporation, World Headquarters, 9336 Civic Center Drive, Beverly Hills, California 90210, Attention: General Counsel, to [PURCHASING ENTITY], a
                     (“Assignee”), whose address is [PURCHASER ADDRESS]. 
 RECITALS 
  

	A.	Assignor as “Seller” and Assignee as “Purchaser” have entered into that certain Agreement of Purchase and Sale (the “Purchase Agreement”) dated
as of                     , pursuant to the terms of which Assignor shall sell to Assignee and Assignee shall purchase from Assignor certain
property, including the hotel (the “Hotel”) commonly known as “[HOTEL NAME]” located at [HOTEL ADDRESS], as more particularly described in the Purchase Agreement. 

  

	B.	Pursuant to the terms of the Purchase Agreement, Assignor desires to assign to Assignee, and Assignee desires to accept such assignment from Assignor, all the rights,
warranties, guaranties, business names, logos, agreements, utility contracts, approvals (governmental or otherwise), plans and specifications and other rights relating to the construction, ownership, operation and management of the Hotel, to the
extent they can be as assigned (the “Intangible Property”). 

 AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows:

  

	1.	Assignment and Assumption. Effective as of the date of this Assignment (the “Effective Date”), Assignor hereby grants, assigns, transfers and conveys to
Assignee, and Assignee hereby accepts from Assignor such grant, assignment, transfer and conveyance, all right, title and interest of Assignor in and to the Intangible Property. Assignee hereby assumes and agrees to perform and to be bound by all of
the terms, covenants, conditions and obligations of Assignor under the Intangible Property which arise on or after the Effective Date (“Post-Effective Date Obligations”). 

  

	2.	Assignee Indemnity. Assignee hereby agrees to protect, defend, indemnify and save and hold harmless Assignor from and against the Post Effective Date Obligations, and from
any and all claims and demands whatsoever which may be asserted against Assignor by reason of any alleged obligation or undertaking on Assignee’s part or failure of Assignee to perform or discharge any of the terms, covenants or agreements
contained in any of the Intangible Property, which claims or demands arise from events occurring on or after the Effective Date. 

  

	3.	Assignor Indemnity. Assignor hereby agrees to protect, defend, indemnify and save and hold harmless Assignee from and against any and all liability, loss, cost, damage or
expense (including attorneys’ fees, charges and expenses) which Assignee may incur under the Intangible Property and from and against any and all claims and demands whatsoever which may be asserted against Assignee, by reason of any alleged
obligation or undertaking on Assignor’s part or failure of Assignor to perform or discharge any of the terms, covenants or agreements contained in any of the Intangible Property which claims or demands arose from events occurring prior to the
Effective Date. 

  

	4.	Further Assurances. Each party agrees to execute such other and further instruments and documents as may be necessary or proper in order to consummate the transaction
contemplated by this Assignment. 

  

	5.	Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the respective successors and assigns of Assignor and Assignee.

  

	6.	 Attorneys’ Fees and Costs. If either party to this Assignment brings any action or suit against the other party to this 

  

					
	LLG DOC 211439	  	E-1	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	 	 
Assignment by reason of any breach of any covenant, condition, agreement or provision on the part of the other party set forth in this Assignment, the
prevailing party shall be entitled to recover from the other party all costs and expenses of the action or suit, including reasonable attorneys’ fees, charges and expenses, in addition to any other relief to which it may be entitled.

  

	7.	Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of [STATE IN WHICH HOTEL IS LOCATED].

  

	8.	Conflict with Purchase Agreement. This Assignment is intended to implement the terms and conditions of the Purchase Agreement. If any of the provisions hereof are in direct
conflict with the provisions of the Purchase Agreement, the Purchase Agreement shall control. 

  

	9.	Counterparts. This Assignment may be executed in several counterparts and all such executed counterparts shall constitute one Assignment, binding on all of the parties
hereto, notwithstanding that all of the parties hereto are not signatories to the original or to the same counterpart. 

 IN WITNESS WHEREOF,
Assignor and Assignee have executed and delivered this Assignment as of the day and year first above written. 
  

			
	ASSIGNOR
	
	[SELLING ENTITY]
	a	 	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	ASSIGNEE:
	
	[PURCHASING ENTITY],
	a	 	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	LLG DOC 211439	  	E-2	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT F 
 ASSIGNMENT AND ASSUMPTION OF CONTRACTS 
 THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS (“Assignment”)
is made as of the      day of                     , 20     by [SELLING ENTITY], a
                     (“Assignor”), whose address is c/o Hilton Hotels Corporation, World Headquarters, 9336 Civic Center
Drive, Beverly Hills, California 90210, Attention: General Counsel, to [PURCHASING ENTITY], a                     
(“Assignee”), whose address is [PURCHASER ADDRESS]. 
 RECITALS 
  

	A.	Assignor as “Seller” and Assignee as “Purchaser” have entered into that certain Agreement of Purchase and Sale (the “Purchase Agreement”) dated
as of [DATE OF AGREEMENT] pursuant to the terms of which Assignor shall sell to Assignee and Assignee shall purchase from Assignor certain property, including the hotel (the “Hotel”) commonly known as “[HOTEL
NAME]” located at [HOTEL ADDRESS], as more particularly described in the Purchase Agreement. 

  

	B.	Pursuant to the terms of the Purchase Agreement, Assignor desires to assign to Assignee, and Assignee desires to accept such assignment from Assignor, all the right, title and
interest of Assignor in and to those contracts (the “Contracts”) identified on Schedule 1, attached hereto and incorporated by reference herein. 

 AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Assignor and Assignee hereby agree as follows: 
  

	1.	Assignment and Assumption. Effective as of the date hereof (the “Effective Date”), Assignor hereby grants, assigns, transfers and conveys to Assignee, and
Assignee hereby accepts from Assignor such grant, assignment, transfer and conveyance, all right, title and interest of Assignor in and to the Contracts. Assignee hereby assumes and agrees to perform and to be bound by all of the terms, covenants,
conditions and obligations of Assignor under the Contracts which arise on or after the Effective Date (the “Post Effective Date Obligations”). 

  

	2.	Assignee Indemnity. Assignee hereby agrees to protect, defend, indemnify and save and hold harmless Assignor from and against the Post Effective Date Obligations and any and
all liability, loss, costs, damage or expense (including attorneys’ fees, charges and expenses) which Assignor may incur in connection with the Contracts arising from events occurring on or after the Effective Date, and from any and all claims
and demands whatsoever which may be asserted against Assignor by reason of any alleged obligation or undertaking on Assignee’s part or failure of Assignee to perform or discharge any of the terms, covenants or agreements contained in any of the
Contracts, which claims or demands arise from events occurring on or after the Effective Date. 

  

	3.	Assignor Indemnity. Assignor hereby agrees to protect, defend, indemnify and save and hold harmless Assignee from against any and all liability, loss, cost, damage or expense
(including attorneys’ fees, charges and expenses) which Assignee may incur under the Contracts and from and against any and all claims and demands whatsoever which may be asserted against Assignee, by reason of any alleged obligation or
undertaking on Assignor’s part or failure of Assignor to perform or discharge any of the terms, covenants or agreements contained in any of the Contracts which claims or demands arose from events occurring prior to the Effective Date.

  

					
	LLG DOC 211439	  	F-1	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

	4.	Further Assurances. Each party agrees to execute such other and further instruments and documents as may be necessary or proper in order to consummate the transaction
contemplated by this Assignment. 

  

	5.	Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the respective successors and assigns of Assignor and Assignee.

  

	6.	Attorneys’ Fees and Costs. If either party to this Assignment brings any action or suit against the other party to this Assignment by reason of any breach of any
covenant, condition, agreement or provision on the part of the other party set forth in this Assignment, the prevailing party shall be entitled to recover from the other party all costs and expenses of the action or suit, including reasonable
attorneys’ fees, charges and expenses, in addition to any other relief to which it may be entitled. 

  

	7.	Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of [STATE IN WHICH HOTEL IS LOCATED].

  

	8.	Conflict with Purchase Agreement. This Assignment is intended to implement the terms and conditions of the Purchase Agreement. If any of the provisions hereof are in direct
conflict with the provisions of the Purchase Agreement, the Purchase Agreement shall control. 

  

	9.	Counterparts. This Assignment may be executed in several counterparts and all such executed counterparts shall constitute one Assignment, binding on all of the parties
hereto, notwithstanding that all of the parties hereto are not signatories to the original or to the same counterpart. 

 IN WITNESS
WHEREOF, Assignor and Assignee have executed and delivered this Assignment as of the day and year first above written. 
  

			
	ASSIGNOR
	
	[SELLING ENTITY]
	a	 	  

  

			
	By:	 	 EXHIBIT - DO NOT SIGN

	Name:	 	  

	Title:	 	  

  

			
	ASSIGNEE:
	
	[PURCHASING ENTITY],
	a	 	  

  

			
	By:	 	 EXHIBIT - DO NOT SIGN

	Name:	 	  

	Title:	 	  

  

					
	LLG DOC 211439	  	F-2	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 SCHEDULE 1 TO ASSIGNMENT OF CONTRACTS 
 SCHEDULE OF CONTRACTS 
  

					
	LLG DOC 211439	  	F-3	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT G 
 NON-FOREIGN PERSON AFFIDAVIT 
 Under Section 1445 of the Internal Revenue Code of 1986, as amended (the
“U.S. Code”), a transferee of a United States real property interest must withhold tax if the transferor is a foreign person. To inform [PURCHASING ENTITY], a
                     , (the “Transferee”), that withholding of tax will not be required upon the transfer to Transferee by
[SELLING ENTITY], a                      (the “Transferor”), of that certain real property located in the State of
                     and commonly known as [ADDRESS AND NAME OF HOTEL] (the “Property”), the undersigned hereby
certifies the following on behalf of Transferor: 
  

	1.	Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are defined in the U.S. Code and the Income Tax Regulations
promulgated thereunder; and 

  

	2.	Transferor’s U.S. employer identification number is
                    . 

  

	3.	Transferor’s principal place of business address is
                                        .

 Transferor understands that this Certification may be disclosed to the Internal Revenue Service and that any false statement contained
herein could be punished by fine, imprisonment, or both. 
 Transferor understands that Transferee is relying on this Certificate in determining whether
withholding is or will be required in connection with the transfer of the Property by Transferor to Transferee, and that Transferee may face liabilities if any statement contained in this certificate is false. 
 Transferor hereby indemnifies Transferee, and agrees to hold Transferee harmless, from any liability or cost which such Transferee may incur as a result of: (i) the
Transferor’s failure to pay any U.S. Federal Income tax which Transferor is required to pay under applicable federal law or (ii) any false or misleading statement contained herein. Under penalties of perjury, I declare that I have examined
this Certification and to the best of my knowledge declare that I have authority to sign this document on behalf of Transferor. 
 Dated:
                    , 20     
  

			
	“TRANSFEROR”:
	
	[SELLING ENTITY]
	a	 	  

  

			
	By:	 	 EXHIBIT - DO NOT SIGN

	Name:	 	  

	Title:	 	  

  

					
	LLG DOC 211439	  	G-1	  	April 3, 2007

 Purchase and Sale Agreement 
 Homewood Suites Memphis – Poplar 
 5811 Poplar Avenue, Memphis, TN 
  

 EXHIBIT H 
 CAPITAL EXPENSE BUDGET 
 (Attached) 
  

					
	LLG DOC 211439	  	H-1	  	April 3, 2007

 Exhibit C-07 
 Hilton Hotels Corporation 
 Homewood Suites Memphis 
 Capital Budget For The Year Ending December 31, 2007 
 (Local Currency)

  

											
	 Project
 Number
	  	 Project
 Type
	  	 Description of Project
	  	 Furniture
 and
Equipment
	  	Revisions
and
Alterations	  	 Total
Capital
 Budget

	 07-01
	  	BRAND	  	Replace guestroom kitchen floors, and wall vinyl	  		  	120,266	  	120,266
	 07-02
	  	-	  	Replace carpeting, countertops, and cabinets in training center	  	24,083	  	12,035	  	36,118
	 07-03
	  	-	  	Replace guestroom bath tile	  		  	83,643	  	83,643
	 07-04
	  	-	  	Resurface pool deck	  		  	12,035	  	12,035
	 07-05
	  	-	  	Replace lodge carpet and business center countertops	  	24,070	  	6,018	  	30,088
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  		  	“Schedule A” Additions	  	106,210	  		  	106,210
		  		  	TOTAL NORMAL CAPITAL EXPENDITURES	  	154,363	  	233,997	  	388,360
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
	 Summary Mandated By Law:
	  		  	0	  	0	  	0
	 07-06
	  	-	  	Replace deteriorated siding on bldgs A & C. (Phase I of III, total cost $484,600).	  		  	204,595	  	204,595
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
	 Summary Structural:
	  		  	0	  	204,595	  	204,595
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
	 Summary Systems & Technology:
	  		  	0	  	0	  	0
		  		  	TOTAL EXTRAORDINARY PROJECTS	  	0	  	204,595	  	204,595
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  	-	  		  		  		  	0
		  		  	TOTAL SPECIAL PROJECTS	  	0	  	0	  	0
		  		  	GRAND TOTAL	  	154,363	  	438,592	  	592,955

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]