Document:

EX-10.8

 Exhibit 10.8 

 
  

 
 PLEDGE AND SECURITY AGREEMENT
(MEZZANINE A LOAN) 
 Dated as of May 14, 2013 
 among 
 THE ENTITIES SET FORTH ON SCHEDULE A ANNEXED HERETO, individually or
collectively, 
 as the context requires, as Pledgor 
 and 
 CITIGROUP GLOBAL MARKETS REALTY CORP., and 

BANK OF AMERICA, N.A., each a Co-Lender and collectively, Lender 

 
  

 

 PLEDGE AND SECURITY AGREEMENT (MEZZANINE A LOAN) 

PLEDGE AND SECURITY AGREEMENT (MEZZANINE A LOAN) (this “Agreement”), dated as of
May 14, 2013, made by THE ENTITIES SET FORTH ON SCHEDULE A ANNEXED HERETO, each with an address at c/o Blackstone Real Estate Advisors VII L.P., 345 Park Avenue, New York, New York 10154 (individually or collectively, as the context
requires, “Pledgor”), in favor of CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 19th Floor, New York, New York 10013 (“CGMRC”) and BANK OF AMERICA, N.A., a national banking
association, having an address at One Bryant Park, New York, New York 10026 (“BofA”); together with CGMRC and each of their successors and assigns, each, a “Co-Lender” and, collectively,
“Lender”). 
 RECITALS 
 WHEREAS, Citigroup Global Markets Realty Corp., a New York corporation, having an address at 388 Greenwich Street, 19th Floor, New York, New York 10013, and Bank of America, N.A., a national
banking association, having an address at One Bryant Park, New York, New York 10036 (together with their successors and assigns, collectively, “Mortgage Lender”) are making a mortgage loan (the “Mortgage Loan”) to
the entities listed on Schedule B attached hereto (with their successors and assigns, each a “Mortgage Borrower” and, collectively, “Mortgage Borrowers”) pursuant to that certain Loan Agreement among Mortgage
Borrower, Mortgage Lender and BRE Select Hotels Operating LLC, dated of even date herewith (as amended, supplemented or otherwise modified from time to time, the “Mortgage Loan Agreement”), which Mortgage Loan is evidenced by that
certain Note (as defined in the Mortgage Loan Agreement) and secured by, among other things, the liens and security interests of certain mortgages and deeds of trust, each of even date herewith (as the same may hereafter be amended, modified,
restated, renewed or replaced, collectively, the “Security Instruments”) on, among other things, the real property and other collateral as more fully described in the Security Instruments; 

WHEREAS, Borrower (as defined herein) has requested that Lender make a mezzanine loan to Borrower (the “Loan”)
evidenced by the Note (as defined herein); 
 WHEREAS, PA Holdings (as defined herein) will directly benefit from
the making of the Loan by Lender to Borrower; 
 WHEREAS, each Pledgor is the legal and beneficial owner of the issued
and outstanding limited liability company interests in those limited liability companies and the issued and outstanding partnership interests in those limited partnerships set forth on Schedule C attached hereto set forth opposite the
applicable Pledgor’s name thereon; and 
 WHEREAS, it is a condition precedent to the obligation of Lender to make
the Loan to Borrower under the Loan Agreement, that Borrower and PA Holdings shall have executed and delivered this Agreement to Lender to secure Borrower’s obligations and liabilities under the Loan Agreement. 

 NOW, THEREFORE, in consideration of the premises and to induce Lender to make its
loan under the Loan Agreement, Pledgor hereby agrees with Lender as follows: 
 1. Defined Terms. As used in this
Agreement, the following terms have the meanings set forth in or incorporated by reference below: 

“Agreement” means this Pledge and Security Agreement (Mezzanine A Loan), as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “Article 8 Matter” has the meaning ascribed to such
term in Section 19(b) hereof. 
 “Borrower” means, collectively, BRE Select Hotels Mezz 1A LLC, a
Delaware limited liability company and BRE Select Hotels Mezz 1B LLC, a Delaware limited liability company. 
 “Cash
Management Agreement” has the meaning ascribed to such term in the Loan Agreement. 
 “Code” means the
Uniform Commercial Code from time to time in effect in the State of New York or, as the context may require, the State of Delaware, or, as the context may require, in effect in the State or States in which any Collateral is located. 

“Collateral” means the Pledged Collateral and all Proceeds thereof. 

“Debt” has the meaning ascribed to such term in the Loan Agreement. 

“Issuer” has the meaning ascribed to such term in Section 6(b) hereof. 

“Lender” has the meaning ascribed to such term in the introductory paragraph. 

“Loan” has the meaning ascribed to such term in the Recitals. 

“Loan Agreement” means that certain Mezzanine A Loan Agreement of even date herewith between Pledgor and Lender as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Loan
Documents” means the Note, the Loan Agreement, this Agreement, the Cash Management Agreement, the UCC-1 Financing Statements and the other documents and instruments entered into in connection with the Loan. 

“Mortgage Borrower” and “Mortgage Borrowers” each has the meaning ascribed to such term in the
Recitals. 

  
 2 

 “Mortgage Lender” has the meaning ascribed to such term in the Recitals.

 “Mortgage Loan” has the meaning ascribed to such term in the Recitals. 

“Mortgage Loan Agreement” has the meaning ascribed to such term in the Recitals. 

“Note” has the meaning ascribed to such term in the Loan Agreement. 

“PA Holdings” means BRE Select Hotels PA Holdings LLC, a Delaware limited liability company. 

“Pledged Collateral” has the meaning ascribed to such term in Section 2 of this Agreement. 

“Pledged Securities” means the limited liability company interests, shares of stock and partnership interests, as
applicable, of Pledgor in Issuer listed on Schedule C hereto, together with all certificates evidencing ownership of such interests, and all claims, powers, privileges, benefits, remedies, voting rights, options or rights of any nature
whatsoever which currently exist or may be issued or granted by Issuer to Pledgor while this Agreement is in effect. 

“Pledgor” has the meaning ascribed to such term in the introductory paragraph. 

“Proceeds” means all “proceeds” as such term is defined in Section 9-102(a)(64) of the Code in effect in
the State of New York on the date hereof, and, in any event, shall include, without limitation, all dividends or other income from the Pledged Securities, collections thereon or distributions with respect thereto, and all of Pledgor’s right,
title and interest in all distributions, monies, fees and compensation payable with respect to the Pledged Securities, as well as (i) all contract rights, general intangibles, claims, powers, privileges, benefits and remedies of Pledgor
relating to the foregoing and (ii) all cash or non-cash proceeds of any of the foregoing. 
 “Security
Instruments” has the meaning ascribed to such term in the Recitals. 
 “Special Damages” has the
meaning ascribed to such term in Section 18(j) hereof. 
 Terms used herein but not otherwise defined herein shall have the
respective meanings ascribed to them in the Loan Agreement. 
 (i) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section, subsection, schedule and exhibit references are to this
Agreement unless otherwise specified. 
 (ii) The word “including” when used in this Agreement shall be deemed to be
followed by the words “but not limited to.” 

  
 3 

 2. Pledge; Grant of Security Interest. Each Pledgor hereby pledges and grants
to Lender, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Debt, a first priority security interest in all of Pledgor’s right, title and
interest to and under, in each case, whether now owned or existing, or hereafter acquired or arising in the following (collectively, the “Pledged Collateral”): 

(a) all Pledged Securities; 
 (b) all securities, security certificates, moneys or property representing the Pledged Securities, or representing dividends or interest on any of the Pledged Securities, or representing a distribution in
respect of the Pledged Securities, or resulting from a split-up, revision, reclassification or other like change of the Pledged Securities or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the
holders of, or otherwise in respect of, the Pledged Securities; 
 (c) all right, title and interest of Pledgor in, to and under
any policy of insurance payable by reason of loss or damage to the Pledged Securities and any other Collateral; 
 (d) all
“accounts”, “general intangibles”, “instruments” and “investment property” (in each case as defined in the Code) constituting or relating to the foregoing; and 

(e) all Proceeds of any of the foregoing property of Pledgor (including, without limitation, any proceeds of insurance thereon, all
“accounts”, “general intangibles”, “instruments” and “investment property”, in each case as defined in the Code, constituting or relating to the foregoing). 

3. Certificates. Concurrently with the execution and delivery of this Agreement, Pledgor shall deliver to Lender
each original certificate evidencing the Pledged Securities (which certificates shall constitute “security certificates” (as defined in the Code)), together with an undated limited liability company membership, stock or limited partnership
power covering each such certificate duly executed in blank. 
 4. Representations and Warranties. Each
Pledgor represents and warrants as of the date hereof that: 
 (a) no authorization, consent of or notice to any other Person
(including, without limitation, any member, owner, partner or creditor of Pledgor and/or Issuer) that has not been obtained, is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement including,
without limitation, the assignment and transfer by Pledgor of any of the Pledged Collateral to Lender or the subsequent transfer thereof by Lender pursuant to the terms hereof; 

(b) all of the certificates representing the Pledged Securities have been duly and validly issued and are fully paid and nonassessable;

  
 4 

 (c) the Pledged Securities in each case constitute all the issued and outstanding limited
liability company, limited partnership interests and shares of stock, as the case may be, in the Issuer; 
 (d) Each Pledgor is
the record and beneficial owner of, and has good title to, the related Pledged Securities set forth on Schedule C attached hereto opposite the name of such Pledgor in each case free and clear of any and all Liens or options in favor of, or
claims of, any other Person, except the Lien created by this Agreement, and the Pledged Securities have not previously been assigned, sold, transferred, pledged or encumbered (except pursuant to this Agreement); 

(e) upon delivery to Lender of the limited liability company, stock and limited partnership certificates, as applicable, evidencing the
Pledged Securities and the filing of UCC-1s, to the extent required by law, the Lien granted pursuant to this Agreement will constitute a valid, perfected first priority Lien on the Pledged Securities, enforceable as such against all creditors of
Pledgor and any Persons purporting to purchase any Pledged Securities from Pledgor, free from any adverse claim; 
 (f) upon the
filing of the UCC-1 financing statements referred to in Section 12 of this Agreement with the Delaware Secretary of State, the Lien granted pursuant to this Agreement will constitute a valid, perfected, first priority Lien on the
Collateral (other than the Pledged Securities and related Proceeds) in such jurisdictions, enforceable as such against all creditors of Pledgor and any Persons purporting to purchase any such other Collateral from Pledgor; 

(g) the principal place of business and chief executive office of Pledgor is located at c/o Blackstone Real Estate Advisors VII L.P., 345
Park Avenue, New York, New York 10154; 
 (h) the exact name of each Pledgor is, and at all times has been, as set forth on
Schedule A to this Agreement, except that PA Holdings is formerly known as “Apple Six Hospitality LLC”; 
 (i)
each Pledgor is, and at all times has been, organized exclusively under the laws of the State of Delaware, except that PA Holdings was previously organized under the laws of the State of Virginia; 

(j) there currently exist no certificates, instruments or writings representing the Pledged Securities other than the certificates
delivered to Lender and to the extent that in the future there exist any such certificates, instruments or writings, Pledgor shall deliver all such certificates, instruments or writings to Lender together with the undated limited liability company
membership powers, stock powers and limited partnership powers executed in blank; and 

  
 5 

 (k) The Pledged Securities (i) are “securities” (within the meaning of
Sections 8-102(a)(15) and 8-103 of the Code), (ii) are “financial assets” (within the meaning of Section 8-102(a)(9) of the Code) and (iii) are not credited to a “securities account” (within the meaning of
Section 8-501(a) of the Code). The operating agreements of each Issuer and the certificates evidencing the Pledged Securities each states that the Pledged Securities are “securities” as such term is defined in Article 8 of the UCC as
in effect in the State of Delaware. 
 5. Covenants. Each Pledgor covenants and agrees with Lender that,
from and after the date of this Agreement until the Debt (exclusive of any indemnification or other obligations which are expressly stated in any of the Loan Documents to survive satisfaction of the Note) is paid in full: 

(a) If Pledgor shall, as a result of its ownership of the Pledged Securities, become entitled to receive or shall receive any limited
liability company interest certificate, stock certificate or limited partnership interest certificate, as applicable (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification,
increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any of the Pledged Securities, or otherwise in
respect thereof, such Pledgor shall accept the same as Lender’s agent, hold the same in trust for Lender and deliver the same forthwith to Lender in the exact form received, duly endorsed by such Pledgor to Lender, if required, together with an
undated limited liability company power, stock power or limited partnership power, as applicable, covering such certificate duly executed in blank and with, if Lender so requests, signature guaranteed, to be held by Lender hereunder as additional
security for the Debt. Any sums paid upon or in respect of the Pledged Securities upon the liquidation or dissolution of any Issuer shall be paid over to Lender to be held by it hereunder as additional security for the Debt and distributed in
accordance with the provisions of the Loan Agreement and the Cash Management Agreement, and in case any distribution of capital shall be made on or in respect of the Pledged Securities or any property shall be distributed upon or with respect to the
Pledged Securities pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall be delivered to Lender to be held by it, subject to the terms hereof
and the provisions of the Loan Agreement, as additional security for the Debt and distributed in accordance with the provisions of the Loan Agreement and the Cash Management Agreement. If any sums of money or property so paid or distributed in
respect of the Pledged Securities shall be received by any Pledgor, such Pledgor shall deliver the same forthwith to Lender and, until such money or property is paid or delivered to Lender, hold such money or property in trust for Lender, segregated
from other funds of Pledgor, as additional security for the Debt. 
 (b) Without the prior written consent of Lender, Pledgor
shall not, directly or indirectly (i) except as expressly permitted in the Loan Agreement, vote to enable, or take any other action to permit any Issuer to issue any additional limited liability company, partnership interests or shares of
stock, as applicable, or to issue any other securities convertible into or granting the right to purchase or exchange for any limited liability company, partnership interests 

  
 6 

 
or shares of stock, as applicable, in any Issuer, (ii) except as permitted by the Loan Agreement, sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect
to, the Collateral, or (iii) create, incur, authorize or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral, or any interest therein, except for the Lien provided for by this
Agreement. Pledgor will not create, incur or permit to exist, will defend, at its sole cost and expense, the Collateral against, and will take all such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the
Liens created hereby, and will defend, at its sole cost and expense, the right, title and interest of Lender in, to and under the Collateral against the claims and demands of all Persons whomsoever. 

(c) At any time and from time to time, upon the written request of Lender, and at the sole expense of Pledgor, Pledgor shall promptly and
duly give, execute, deliver, file and/or record such further instruments and documents and take such further actions as Lender may reasonably request for the purposes of obtaining, creating, perfecting, validating or preserving the full benefits of
this Agreement and of the rights and powers herein granted including, without limitation, filing UCC financing or continuation statements, provided that the amount of the Debt or the obligations of Pledgor hereunder shall not be increased thereby.
Pledgor hereby authorizes Lender to file any such financing statement or continuation statement without the signature of Pledgor to the extent permitted by law. If any amount payable under or in connection with any of the Collateral shall be or
become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Lender, duly endorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this
Agreement. 
 (d) Pledgor will furnish to Lender from time to time statements and schedules further identifying and describing
the Pledged Securities and such other reports in connection with the Pledged Securities as Lender may reasonably request, all in reasonable detail. 
 (e) Except as expressly permitted in the Loan Agreement, Pledgor will not, unless (i) it shall have given fifteen (15) days’ prior written notice to such effect to Lender and (ii) all
action reasonably necessary to protect and perfect the Liens and security interests intended to be created hereunder with respect to the Pledged Securities shall have been taken, (A) change the location of its chief executive office or
principal place of business from that specified in Section 4(g) hereof, or (B) change its name, identity or corporate organization, or (C) reorganize or reincorporate under the laws of another jurisdiction. 

(f) Borrower shall pay, and save Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying,
any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement excluding any income or franchise
taxes imposed on Lender. 
 (g) The Pledged Securities (i) shall continue to be “securities” (within the meaning
of Sections 8-102(a)(15) and 8-103 of the Code), (ii) shall continue to be “financial assets” (within the meaning of Section 8-102(a)(9) of the Code) and (iii) shall not be credited to

  
 7 

 
a “securities account” (within the meaning of Section 8-501(a) of the Code). The operating agreements of each Issuer and the certificates evidencing the Pledged Securities each
shall at all times state that the Pledged Securities are “securities” as such term is defined in Article 8 of the UCC as is in effect in the State of Delaware. 
 6. Certain Understandings of Parties; Control of Pledged Collateral; Registration of Pledge, Etc. 
 (a) The parties acknowledge and agree that all of the Pledged Securities are “certificated”, are “securities” governed by Article 8 of the Code and, during the term of this Agreement,
the Pledged Securities are and will be deemed securities and certificated securities under Article 8 and Article 9 of the Code, including without limitation, Section 8-103(c) of the Code. Pledgor covenants and agrees that (A) the Pledged
Securities are not and will not be dealt in or traded on securities exchanges or securities markets and (B) the Pledged Securities are not and will not be investment company securities within the meaning of Section 8-103 of the Code, and
(C) the Pledged Securities constitute “certificated securities” within the meaning of Section 8-102(a)(14) of the Code. 
 (b) Notwithstanding the foregoing, to better assure the perfection of the security interest of Lender in the Pledged Securities concurrently with the execution and delivery of this Agreement, and
subsequently from time to time upon Lender’s written request following Lender’s transfer of all or any portion of the Loan, Pledgor shall send written instructions in the form of Exhibit A hereto to the issuer thereof (each, an
“Issuer”), and shall cause the Issuer to, and the Issuer shall, deliver to Lender the Confirmation Statement and Instruction Agreement in the form of Exhibit B hereto pursuant to which the Issuer will confirm that it has
registered the pledge effected by this Agreement on its books and agrees to comply with the instructions of Lender in respect of the Pledged Securities without further consent of Pledgor or any other Person. Notwithstanding anything in this
paragraph, neither the written instructions nor the Confirmation Statement and Instruction Agreement shall be construed as expanding the rights of Lender to give instructions with respect to the Pledged Collateral beyond such rights set forth in
this Agreement. 
 (c) Concurrently with the execution and delivery of this Agreement, Pledgor shall deliver to Lender all of
the certificates evidencing the Pledged Securities, together with the undated limited liability company membership powers, stock powers and limited partnership powers, as applicable, executed in blank with, if Lender so requests, signature
guaranteed. 
 7. Cash Dividends; Voting Rights. Subject to Section 8 (relating to the
application of distributions to pay the Debt) and the provisions of the Loan Agreement and the Cash Management Agreement, and unless an Event of Default shall have occurred and be continuing, Pledgor shall be permitted to receive all limited
liability company, stock and limited partnership interest distributions or cash dividends, as applicable, paid in the normal course of business of the Issuers and to exercise all voting and limited liability company, partnership interests and shares
of stock, as applicable, with respect to the Pledged Securities, provided that no vote shall be cast or right exercised or other action taken which, in Lender’s reasonable judgment, would impair the Collateral or which would be inconsistent
with or result in any violation of any provision of the Loan Agreement, the Note, this Agreement or any other Loan Documents. 

  
 8 

 8. Rights of Lender. 

(a) If an Event of Default shall occur and be continuing, Lender shall have the right to receive any and all income, cash dividends,
distributions, proceeds or other property received or paid in respect of the Pledged Securities and the other Collateral and make application thereof to the Debt, in such order as Lender, in its sole discretion, may elect, in accordance with the
Loan Documents. If an Event of Default shall occur and be continuing, then all such Pledged Securities at Lender’s option, shall be registered in the name of Lender or its nominee (if not already so registered), and Lender or its nominee may
thereafter exercise (i) all voting, and limited liability company, partnership interests and shares of stock and other rights, as applicable, of Pledgor pertaining to the Pledged Securities, including, without limitation, all rights to control
the Issuers (including the right to remove and/or replace directors and managers) pursuant to and in accordance with such voting and beneficial interests and other rights of Pledgor or as set forth in the organizational documents of the Pledged
Securities and (ii) any and all rights of conversion, exchange, and subscription and any other rights, privileges or options pertaining to such Pledged Securities as if it were the absolute owner thereof (including, without limitation, the
right to exchange at its discretion any and all of the Pledged Securities upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of any Issuer, or upon the exercise by Pledgor or
Lender of any right, privilege or option pertaining to such Pledged Securities, and in connection therewith, the right to deposit and deliver any and all of the Pledged Securities with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Lender shall have no duty to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing. 
 (b) The rights of Lender under this Agreement shall not be
conditioned or contingent upon the pursuit by Lender of any right or remedy against Pledgor or against any other Person which may be or become liable in respect of all or any part of the Debt or against any other security therefor, guarantee thereof
or right of offset with respect thereto. Lender shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it be under any obligation to sell or otherwise dispose
of any Collateral upon the request of Pledgor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. 
 (c) Upon satisfaction in full of the Debt and payment of all amounts owed on the Note, Lender’s rights under this Agreement shall automatically terminate and Lender, at Pledgor’s cost and
expense, shall execute and deliver to Pledgor, or shall authorize Pledgor to file, UCC 3 termination statements or similar documents and agreements to terminate all of Lender’s rights under this Agreement and all other Loan Documents and upon
request, Lender shall deliver the certificates evidencing the Pledged Securities and any limited liability powers, limited partnership powers or stock powers, as applicable, to Pledgor. 

  
 9 

 (d) Pledgor also authorizes Lender, at any time and from time to time, to execute, in
connection with the sale provided for in Sections 9 or 10 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral. 
 (e) The powers conferred on Lender hereunder are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon Lender to exercise any such powers. Lender shall be
accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or Lenders shall be responsible to Pledgor for any act or failure to act hereunder,
except for its or their gross negligence or willful misconduct. 
 (f) If Pledgor fails to perform or comply with any of its
agreements contained herein and Lender, as provided for by the terms of this Agreement, shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, the expenses of Lender incurred in connection with such
performance or compliance, together with interest at the Default Rate if such expenses are not paid on demand, shall be payable by Borrower to Lender on demand and shall constitute obligations secured hereby. 

9. Remedies. If an Event of Default shall occur and be continuing, Lender may, in addition to all other rights and
remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Debt: 
 (a) exercise all rights and remedies of a secured party under the Code (whether or not said Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and
remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to the maximum extent permitted by law, to exercise all
voting, consensual and other powers of ownership pertaining to the Collateral as if Lender were the sole and absolute owner thereof (and Pledgor agrees to take all such action as may be appropriate to give effect to such right); 

(b) make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of
payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral; and 
 (c) in its
discretion, in its name or in the name of Pledgor or otherwise, demand, sue for, collect, direct payment of or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under
no obligation to do so. 
 Without limiting the generality of the foregoing, Lender, upon the occurrence and during the
continuance of an Event of Default, without demand of performance or other demand, 

  
 10 

 
presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below or otherwise required hereby) to or upon Pledgor, Issuers or any other Person (all
and each of which demands, presentments, protests, advertisements and notices, or other defenses, are hereby waived to the extent permitted under applicable law), may in such circumstances forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public
or private sale or sales, in the over-the-counter market, at any exchange, broker’s board or office of Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best in its sole discretion,
for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the right, without notice or publication, to adjourn any public or private sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for such sale, and any such sale may be made at any time or place to which the same may be adjourned without further notice. Lender shall have the right upon any such public sale or sales, and, to the extent permitted by
law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption of Pledgor, which right or equity of redemption is hereby waived or released. Lender shall apply any
Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or
safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Lender hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Debt, in
such order as Lender may elect, and only after such application and after the payment by Lender of any other amount required by any provision of law, including, without limitation, Sections 9-610 and 9-615 of the Code, shall Lender be required to
account for the surplus, if any, to Pledgor. To the extent permitted by applicable law, Pledgor waives all claims, damages and demands it may acquire against Lender arising out of the exercise by Lender of any of its rights hereunder, except for any
claims, damages and demands it may have against Lender arising from the willful misconduct or gross negligence of Lender or its affiliates, or any agents or employees of the foregoing. If any notice of a proposed sale or other disposition of
Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. 
 The rights, powers, privileges and remedies of Lender under this Agreement are cumulative and shall be in addition to all rights, powers, privileges and remedies available to Lender at law or in equity.
All such rights, powers and remedies shall be cumulative and may be exercised successively or concurrently without impairing the rights of Lender hereunder. 
 10. Private Sales. (a) Pledgor recognizes that Lender may be unable to effect a public sale of any or all of the Pledged Securities, by reason of certain prohibitions contained in the
Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to
acquire such securities for their 

  
 11 

 
own account for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less
favorable to Lender than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale.
Lender shall be under no obligation to delay a sale of any of the Pledged Securities for the period of time necessary to permit Issuer or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under
applicable state securities laws, even if Issuers or Pledgor would agree to do so. 
 (b) Pledgor further shall use its best
efforts to do or cause to be done all such other acts as may be reasonably necessary to make any sale or sales of all or any portion of the Pledged Securities pursuant to this Section 10 valid and binding and in compliance with any and
all other requirements of applicable law. Pledgor further agrees that a breach of any of the covenants contained in this Section 10 will cause irreparable injury to Lender, that Lender has no adequate remedy at law in respect of such
breach and, as a consequence, that each and every covenant contained in this Section 10 shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Loan Agreement. 
 (c) Lender shall not incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted in a commercially reasonable manner, it being agreed that some or all
of the Collateral is or may be of one or more types that threaten to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims against Lender arising by reason of the fact that the price at
which any of the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the Debt, even if Lender accepts the first offer received and does
not offer any Collateral to more than one offeree, provided that Lender has acted in a commercially reasonable manner in conducting such private sale. 
 (d) The Code states that the Lender is able to purchase the Pledged Securities only if they are sold at a public sale. Lender has advised Pledgor that Securities and Exchange Commission staff personnel
have issued various No-Action Letters describing procedures which, in the view of the Securities and Exchange Commission staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the Code, yet
not public for purposes of Section 4(2) of the Securities Act of 1933. The Code permits Pledgor to agree on the standards for determining whether Lender has complied with its obligations under Article 9. Pursuant to the Code, Pledgor
specifically agrees (x) that it shall not raise any objection to Lender’s purchase of the Pledged Securities (through bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted in conformity with the principles
set forth in the No-Action Letters (i) shall be considered to be a “public” sale for purposes of the Code; (ii) will be considered commercially reasonable notwithstanding that the Lender has not registered or sought

  
 12 

 
to register the Pledged Securities under the Securities Laws, even if Pledgor or Issuer agrees to pay all costs of the registration process; and (iii) shall be considered to be commercially
reasonable notwithstanding that the Lender purchases the Pledged Securities at such a sale. 
 (e) Pledgor agrees that Lender
shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Pledged Securities sold by Lender pursuant to this Agreement. Lender, may, in its sole discretion, among other things, accept the first
offer received, or decide to approach or not to approach any potential purchasers. Without in any way limiting Lender’s right to conduct a foreclosure sale in any manner which is considered commercially reasonable, Pledgor hereby agrees that
any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale and hereby irrevocably waives any right to contest any such sale: 

(i) Lender conducts the foreclosure sale in the State of New York, 

(ii) The foreclosure sale is conducted in accordance with the laws of the State of New York, 

(iii) Not more than ten (10) days before, and not less than five (5) days in advance of the foreclosure sale,
Lender notifies Pledgor at the address set forth herein of the time and place of such foreclosure sale, 
 (iv)
The foreclosure sale is conducted by an auctioneer licensed in the State of New York and is conducted in front of the New York Supreme Court located in New York City or such other New York State Court having jurisdiction over the Collateral on any
Business Day between the hours of 9 a.m. and 5 p.m., 
 (v) The notice of the date, time and location of the
foreclosure sale is published in the New York Times or Wall Street Journal (or if the New York Times and Wall Street Journal are no longer publishing, such other newspaper widely circulated in New York, New York) for seven (7) consecutive days
prior to the date of the foreclosure sale, and 
 (vi) Lender sends notification of the foreclosure sale to all
secured parties identified as a result of a search of the UCC financings statements in the filing offices located in the State of Delaware conducted not later than twenty (20) days and not earlier than thirty (30) days before such
notification date. 
 11. Limitation on Duties Regarding Collateral. Lender’s sole duty with respect
to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as Lender deals with similar securities and property for its
own account. Neither Lender nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of Pledgor or otherwise. 

  
 13 

 12. Financing Statements; Other Documents. Pledgor hereby authorizes
Lender to file UCC-1 financing statements with respect to the Collateral, including, without limitation, one or more financing statements describing the collateral covered thereby as “all assets or personal property of the debtor” or words
of similar effect. Pledgor agrees to deliver any other document or instrument which Lender may reasonably request with respect to the Collateral for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and
powers herein granted. Without limiting the generality of the foregoing, each Pledgor hereby authorizes the filing of financing statements (and amendments of financing statements and continuation statements) that name the Pledgor as debtor and the
Lender as secured party and that cover all personal property or all assets of the Pledgor. Each Pledgor also hereby ratifies the filing of any such financing statements (or amendments of financing statements or continuation statements) that were
filed prior to the execution hereof. 
 13. Attorney-in-Fact. Without limiting any rights or powers
granted by this Agreement to Lender, upon the occurrence and during the continuance of an Event of Default, Lender is hereby appointed, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of each
Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which Lender may deem necessary or advisable during the continuance of an Event of Default to accomplish the purposes hereof
including, without limitation: 
 (a) to ask, demand, collect, sue for, recover, compromise, receive and give acquittance
and receipts for moneys due and to become due under or in respect of any of the Collateral; 
 (b) to receive, endorse and
collect any drafts or other instruments, documents and chattel paper in connection with clause (a) above; 
 (c) to file
any claims or take any action or institute any proceedings that the Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Lender, with respect to any of the Collateral; and

 (d) to execute, in connection with the sale provided for in Sections 9 or 10, any endorsement, assignments, or other
instruments of conveyance or transfer with respect to the Collateral. 
 If so requested by Lender, each Pledgor shall ratify
and confirm any such sale or transfer by executing and delivering to Lender at Pledgor’s expense all proper deeds, bills of sale, instruments of assignment, conveyance of transfer and releases as may be designated in any such request. Following
the repayment of the Debt, Lender shall execute such documentation as is reasonable and customary to evidence the termination of the power to act as attorney-in-fact for Pledgor. 

14. Additional Covenants of Pledgor Relating to Affirmative Covenants of Issuers. Each Pledgor covenants and agrees with
Lender that, from and after the date of this 

  
 14 

 
Agreement until the Debt (exclusive of any indemnification or other obligations which are expressly stated in any of the Loan Documents to survive satisfaction of the Note) is paid in full,
(i) such Pledgor shall take and shall cause each Issuer to take any and all actions either necessary or reasonably requested by Lender to ensure complete compliance with Section 5.1 of the Mortgage Loan Agreement, (ii) each Issuer
shall take such actions as are required by or to comply with the terms of the Mortgage Loan Documents, in each case, applicable to it, and shall not take any actions that violate any such documents, and (iii) the Issuers shall not apply amounts
disbursed to the Issuers pursuant to the requirements of the Mortgage Loan in a manner contrary to the requirements of the Mortgage Loan Documents. 
 15. Additional Covenants of Pledgor Relating to Negative Covenants of Issuers. Each Pledgor covenants and agrees with Lender that, from and after the date of this Agreement until the Debt
(exclusive of any indemnification or other obligations which are expressly stated in any of the Loan Documents to survive satisfaction of the Note) is paid in full, such Pledgor shall take and shall cause each Issuer to take any action to ensure
compliance with Section 5.2 of the Mortgage Loan Agreement. 
 16. Non-Recourse. The provisions of
Section 9.4 of the Loan Agreement are hereby incorporated by reference into this Agreement as to the liability of Pledgor hereunder to the same extent and with the same force as if fully set forth herein. 

17. Intentionally Omitted. 
 18. Miscellaneous. 
 (a) Severability. Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 (b) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation
hereof. 
 (c) No Waiver; Cumulative Remedies. Lender shall not by any act (except by a written instrument
pursuant to Section 18(d)), delay, indulge, omit or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or in any breach of any of the terms and conditions hereof. No failure to exercise,
nor any delay in exercising, on the part of Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Lender would otherwise have on any future occasion.
The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights, remedies, powers or privileges provided by law. 

  
 15 

 (d) Waivers and Amendments; Successors and Assigns. None of the terms or
provisions of this Agreement may be waived, amended, or otherwise modified except by a written instrument executed by the party against which enforcement of such waiver, amendment, or modification is sought. This Agreement shall be binding upon and
shall inure to the benefit of Pledgor and the respective permitted successors and assigns of Pledgor and shall inure to the benefit of Lender and its successors and assigns; provided no Pledgor shall have any right to assign its rights hereunder,
and any attempted assignment by a Pledgor shall be null and void. The rights of Lender under this Agreement shall automatically be transferred to any permitted transferee to which Lender transfers the Note and Loan Agreement. 

(e) Notices. All notices, consents, approvals and requests required or permitted hereunder shall be delivered in accordance
with Section 10.6 of the Loan Agreement and the following: 
  

			
	If to Pledgor:	  	 c/o Blackstone Real Estate Advisors VII L.P.
 345 Park Avenue
 New York, New York 10154
 Attention: William J. Stein and Judy Turchin
 Facsimile No.:
(212) 583-5849

		
	with a copy to:	  	 Simpson Thacher & Bartlett LLP
 425 Lexington Avenue
 New York, New York 10017

Attention: Gregory J. Ressa, Esq.
 Facsimile No.:
(212) 455-2502

 (f) Governing Law. 

(i) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY PLEDGOR AND ACCEPTED BY LENDER IN THE
STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE SECURED HEREBY WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL
RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO 

  
 16 

 
THE FULLEST EXTENT PERMITTED BY LAW, PLEDGOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS
AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

(ii) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT
MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND PLEDGOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND PLEDGOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. PLEDGOR DOES HEREBY DESIGNATE AND APPOINT:

 Corporation Service Company 
 80 State Street 
 Albany, New York 12207 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO PLEDGOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN
EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON PLEDGOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. PLEDGOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY
TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH
A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

  
 17 

 (g) Agents. Lender may employ agents and attorneys-in-fact in connection
herewith and shall not be responsible for their actions except for the gross negligence or willful misconduct of any such agents or attorneys-in-fact selected by it in good faith. 

(h) Irrevocable Authorization and Instruction to Issuers. Pledgor hereby authorizes and instructs each Issuer and any
servicer of the Loan to comply with any instruction received by it from Lender in writing that (i) states that an Event of Default has occurred and is continuing and (ii) is otherwise in accordance with the terms of this Agreement, without
any other or further instructions from Pledgor, and Pledgor agrees that each Issuer and any servicer shall be fully protected in so complying. 
 (i) Counterparts. This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute one and the same instrument. 

(j) WAIVER OF JURY TRIAL, DAMAGES, JURISDICTION. PLEDGOR AND LENDER EACH HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY
TRIAL ON ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY DEALINGS BETWEEN PLEDGOR AND LENDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND
ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. PLEDGOR AND
LENDER EACH ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO LENDER TO ENTER INTO A BUSINESS RELATIONSHIP WITH PLEDGOR. PLEDGOR REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH WAIVER IS
KNOWINGLY AND VOLUNTARILY GIVEN FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED, EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, REPLACEMENTS,
REAFFIRMATIONS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, OR ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT. 
 WITH RESPECT TO ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, PLEDGOR SHALL AND HEREBY DOES
SUBMIT TO THE NON EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK (AND ANY APPELLATE COURTS TAKING

  
 18 

 
APPEALS THEREFROM). PLEDGOR HEREBY WAIVES AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, (A) THAT IT IS NOT SUBJECT TO
SUCH JURISDICTION OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN THOSE COURTS OR THAT THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY NOT BE ENFORCED IN OR BY THOSE COURTS OR THAT IT IS EXEMPT OR IMMUNE
FROM EXECUTION, (B) THAT THE ACTION, SUIT OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR (C) THAT THE VENUE OF THE ACTION, SUIT OR PROCEEDING IS IMPROPER. IN THE EVENT ANY SUCH ACTION, SUIT, PROCEEDING OR LITIGATION IS COMMENCED,
PLEDGOR AGREES THAT SERVICE OF PROCESS MAY BE MADE, AND PERSONAL JURISDICTION OVER PLEDGOR OBTAINED, BY SERVICE OF A COPY OF THE SUMMONS, COMPLAINT AND OTHER PLEADINGS REQUIRED TO COMMENCE SUCH LITIGATION UPON PLEDGOR AT THE ADDRESS OF PLEDGOR AND
TO THE ATTENTION OF SUCH PERSON AS SET FORTH IN THIS SECTION 18. 
 No claim may be made by Pledgor against
Lender, its affiliates and its respective directors, officers, employees, or attorneys for any special, indirect or consequential damages (“Special Damages”) in respect of any breach or wrongful conduct (whether the claim therefor
is based on contract, tort or duty imposed by law) in connection with, arising out of, or in any way related to the transactions contemplated or relationship established by this Agreement or the other Loan Documents, or any act, omission or event
occurring in connection herewith or therewith; and to the fullest extent permitted by law Pledgor hereby waives, releases and agrees not to sue upon any such claim for Special Damages, whether or not accrued and whether or not known or suspected to
exist in its favor. 
 (k) Acknowledgment and Consent. Pledgor shall cause each Issuer to execute and
deliver to Lender an Acknowledgment and Consent with respect to this Agreement in the form of Exhibit C attached hereto, respectively, in connection with the execution and delivery of this Agreement. 

(l) Joint and Several Liability. If Pledgor consists of one or more person or party, the obligations and liabilities of
each such person or party hereunder shall be joint and several. 
 19. Irrevocable Proxy. (a) Solely
with respect to Article 8 Matters (hereinafter defined), Pledgor hereby irrevocably grants and appoints Lender, from the date of this Agreement until the termination of this Agreement in accordance with its terms, as Pledgor’s true and lawful
proxy, for and in Pledgor’s name, place and stead to vote the Pledged Securities, whether directly or indirectly, beneficially or of record, now owned or hereafter acquired, with respect to Article 8 Matters. The proxy granted and appointed in
this Section 19(a) shall include the right to sign Pledgor’s name to any consent, certificate or other document relating to an Article 8 Matter and the Pledged Securities that applicable law may permit or require, to cause 

  
 19 

 
the Pledged Securities to be voted in accordance with the preceding sentence. Pledgor hereby represents and warrants that there are no other proxies and powers of attorney with respect to an
Article 8 Matter and the Pledged Securities that Pledgor may have granted or appointed. Other than as permitted herein or in the Loan Agreement, Pledgor will not give a subsequent proxy or power of attorney or enter into any other voting agreement
with respect to the Pledged Securities with respect to any Article 8 Matter and any attempt to do so with respect to an Article 8 Matter shall be void and of no effect. 
 (b) As used herein, “Article 8 Matter” means any action, decision, determination or election by Issuers or their member(s) that its membership interests or other equity interests, or any
of them, cease to be, a “security” as defined in and governed by Article 8 of the Code, and all other matters directly related to any such action, decision, determination or election. 

(c) The proxies and powers granted by Pledgor pursuant to this Agreement are coupled with an interest and are given to secure the
performance of the Pledgor’s obligations. 
 [SIGNATURES COMMENCE ON THE FOLLOWING PAGE] 

  
 20 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized officers as of the date set forth above. 
  

					
	PLEDGOR:
	
	BRE SELECT HOTELS MEZZ 1A LLC, a Delaware limited liability company
		
	By:	 	 /s/ Brian Kim

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS MEZZ 1B LLC, a Delaware limited liability company
		
	By:	 	 /s/ Brian Kim

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS PA HOLDINGS LLC, a Delaware limited liability company
		
	By:	 	 /s/ Brian Kim

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

 
					
	LENDER:
	
	CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation
		
	By:	 	 /s/ Harry Kramer

		 	Name:	 	Harry Kramer
		 	Title:	 	Authorized Signatory
	
	BANK OF AMERICA, N.A., a national banking association
		
	By:	 	 /s/ Steven Wasser

		 	Name:	 	Steven Wasser
		 	Title:	 	Managing Director

 SCHEDULE A 
 PLEDGOR 
  

	(i)	BRE Select Hotels Mezz 1A LLC; 

  

	(ii)	BRE Select Hotels Mezz 1B LLC; and 

  

	(iii)	BRE Select Hotels PA Holdings LLC. 

  
 Schedule A-1

 SCHEDULE B 
 MORTGAGE BORROWERS 
  

	(iv)	BRE Select Hotels Clearwater LLC; 

  

	(v)	BRE Select Hotels NC L.P.; 

  

	(vi)	BRE Select Hotels Properties LLC; 

  

	(vii)	BRE Select Hotels Redmond LLC; 

  

	(viii)	BRE Select Hotels Tuscaloosa LLC; 

  

	(ix)	BRE Select Hotels TX L.P.; and 

  

	(x)	BRE Select Hotels AZ LLC. 

  
 Schedule B-1

 SCHEDULE C 

To Pledge Agreement 
 DESCRIPTION OF PLEDGED SECURITIES 
  

									
	 Owner
	  	 Issuer
	  	
Limited Liability
Company Interests or
Partnership Interests
	  	Percentage
of Interests	 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels NC GP LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels NC L.P.
	  	Partnership interests	  	 	99.9	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels Tuscaloosa LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels Redmond LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels Clearwater LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels Properties LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels AZ LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1B LLC
	  	 BRE Select Hotels TX L.P.
	  	Partnership interests	  	 	99.9	% 
				
	 BRE Select Hotels Mezz 1B LLC
	  	 BRE Select Hotels TX GP LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels PA Holdings LLC
	  	 BRE Select Hotels PA LLC
	  	Limited liability company interests	  	 	100	% 
				
	 BRE Select Hotels Mezz 1A LLC
	  	 BRE Select Hotels PA Holdings LLC
	  	Limited liability company interests	  	 	100	% 

  
 Schedule C-1

 EXHIBIT A 

FORM OF INSTRUCTION TO REGISTER PLEDGE FOR ISSUER 
 [            ], 2013 
 To:
[                    ] 

In accordance with the requirements of that certain Pledge and Security Agreement (Mezzanine A Loan), dated as the date hereof (as
amended, supplemented or otherwise modified from time to time, the “Pledge Agreement”), between CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, and BANK OF AMERICA, N.A., a national banking association
(together with their successors and assigns, each, a “Co-Lender” and, collectively, “Lender”) and BRE SELECT HOTELS MEZZ 1A LLC, BRE SELECT HOTELS MEZZ 1B LLC and BRE SELECT HOTELS PA HOLDINGS LLC,
each a Delaware limited liability company (individually or collectively, as the context requires, the “Pledgor”) (defined terms used herein as therein defined), you are hereby instructed, notwithstanding your and our understanding
that the limited liability company interests, partnership interests and shares of stock described below are a “security” under the Uniform Commercial Code, as a precaution in the event that such interest was nevertheless held not to be a
security and to better assure the perfection of the security interest of Lender in such interests, to register the pledge of the following interests in the name of Lender as follows: 

The 100% limited liability company interests or partnership interests of the undersigned in the applicable Issuers (each, an
“Issuer” and collectively, the “Issuers”) as listed on Schedule C to the Pledge Agreement including without limitation all of the following property now owned or at any time hereafter acquired by Pledgor or in which
Pledgor now has or at any time in the future may acquire any right, title or interest: 
 (a) all additional
limited liability company or partnership interests or shares of stock of, or other equity interests in, the Issuers and options, warrants, and other rights hereafter acquired by Pledgor in respect of such limited liability company interests,
partnership interests, shares of stock or other equity interests, as applicable (whether in connection with any capital increase, recapitalization, reclassification, or reorganization of the Issuers or otherwise) (all such limited liability company
interests, partnership interests, shares of stock and other equity interests, including those described on Schedule C to the Pledge Agreement, and all such options, warrants and other rights being hereinafter collectively referred to as the
“Pledged Securities”); 
 (b) all certificates, instruments, or other writings representing or
evidencing the Pledged Securities, and all accounts and general intangibles arising out of, or in connection with, the Pledged Securities; 

  
 Exhibit A

 (c) any and all moneys or property due and to become due to Pledgor nor or in the future in
respect of the Pledged Securities, or to which Pledgor may now or in the future be entitled to in its capacity as a member of each of the Issuers, whether by way of a dividend, distribution, return of capital, or otherwise; 

(d) all other claims which Pledgor now has or may in the future acquire in its capacity as a member of each of the Issuers against the
Issuer and its property; 
 (e) all rights of Pledgor under the operating agreements of the Issuers (and all other agreements,
if any, to which Pledgor is a party from time to time which relate to its ownership of the Pledged Securities), including, without limitation, all voting and consent rights of Pledgor arising thereunder or otherwise in connection with Pledgor’s
ownership of the Pledged Securities; and 
 (f) to the extent not otherwise included, all Proceeds of any or all of the
foregoing. 
 You are hereby further authorized and instructed to execute and deliver to Lender a Confirmation Statement and
Instruction Agreement, substantially in the form of Exhibit B to the Pledge Agreement and, to the extent provided more fully therein, to comply with the instructions of Lender in respect of the Pledged Collateral without further consent of, or
notice to, the undersigned. Notwithstanding anything in this paragraph, this instruction shall not be construed as expanding the rights of Lender to give instructions with respect to the Pledged Collateral beyond such rights set forth in the Pledge
Agreement. 
  

					
	Very truly yours,
	
	BRE SELECT HOTELS MEZZ 1A LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS MEZZ 1B LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

  
 Exhibit A

 
					
	BRE SELECT HOTELS PA HOLDINGS LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

  
 Exhibit A

 
			
	LENDER:
	
	CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation
		
	By:	 	  

		 	Name:
		 	Title:
	
	BANK OF AMERICA, N.A., a national banking association
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A

 EXHIBIT B 

FORM OF CONFIRMATION STATEMENT AND INSTRUCTION AGREEMENT FOR ISSUER 

[            ], 2013 

 

			
	To:	 	[                    ]
		 	[                    ]
		 	[                    ]

 Pursuant to the requirements of that certain Pledge and Security Agreement (Mezzanine A Loan)
dated the date hereof (as amended, supplements or otherwise modified from time to time, the “Pledge Agreement”), between CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, and BANK OF AMERICA, N.A., a
national banking association (together with their successors and assigns, each, a “Co-Lender” and, collectively, “Lender”), and BRE SELECT HOTELS MEZZ 1A LLC, a Delaware limited liability company, and BRE
SELECT HOTELS MEZZ 1B LLC, a Delaware limited liability company (individually or collectively, as the context requires, the “Pledgor”) (defined terms used herein as therein defined), this Confirmation Statement and Instruction
Agreement relates to those limited liability company and partnership interests and shares of stock (the “Pledged Securities”), as further described on Schedule C to the Pledge Agreement, issued by those limited liability companies
and limited partnerships listed on Schedule C to the Pledge Agreement (each, an “Issuer” and collectively, the “Issuers”). 
 The Pledged Securities are not (i) “investment company securities” (within the meaning of Section 8-103 of the Code) or (ii) dealt in or traded on securities exchanges or in
securities markets. 
 The Pledged Securities are “securities” (within the meaning of Sections 8-102(a)(15) and 8-103
of the Code), and therefore, for purposes of perfecting the security interest of Lender therein, the Issuers agree as follows: 

On the date hereof: (i) the registered owner of 100% of the limited liability company interests of BRE Select Hotels NC GP LLC is
BRE Select Hotels Mezz 1A LLC; (ii) the registered owner of 99.9% of the limited partnership interests of BRE Select Hotels NC L.P. is BRE Select Hotels Mezz 1A LLC; (iii) the registered owner of 100% of the limited liability company
interests of BRE Select Hotels Tuscaloosa LLC is BRE Select Hotels Mezz 1A LLC; (iv) the registered owner of 100% of the limited liability company interests of BRE Select Hotels Redmond LLC is BRE Select Hotels Mezz 1A LLC; (v) the
registered owner of 100.0% of the limited liability company interests of BRE Select Hotels Clearwater LLC is BRE Select Hotels Mezz 1A LLC; (vi) the registered owner of 100% of the limited liability company interests of BRE Select Hotels
Properties LLC is BRE Select Hotels Mezz 1A LLC; (vii) the registered owner of 100% of limited liability company interests of BRE Select Hotels AZ LLC is BRE 

  
 Exhibit B

 
Select Hotels Mezz 1A LLC; (viii) the registered owner of 99.9% of the limited partnership interests of BRE Select Hotels TX L.P. is BRE Select Hotels Mezz 1B LLC; (ix) the registered
owner of 100% of the limited liability company interests of BRE Select Hotels TX GP LLC is BRE Select Hotels Mezz 1B LLC; (x) the registered owner of 100% of the limited liability company interests of BRE Select Hotels PA LLC is BRE Select
Hotels PA Holdings LLC; and (xi) the registered owner of 100% of the limited liability company interests of BRE Select Hotels PA Holdings LLC is BRE Select Hotels Mezz 1A LLC. 

The registered pledgee of the Pledged Securities is: 

CITIGROUP GLOBAL MARKETS REALTY CORP. 

Taxpayer I.D. Number:
[                    ] 
 BANK OF AMERICA, N.A. 
 Taxpayer I.D. Number:
[                    ] 

There are no liens of the undersigned on the Pledged Securities or any adverse claims thereto for which the Issuers have a duty under
Section 8-403 of the Code other than the liens of Lender. The Issuers have by book-entry registered the Pledged Securities in the name of the registered pledgee on or before
[            ], 2013. No other pledge is currently registered on the books and records of the Issuer with respect to the Pledged Securities. 

Until the Debt is paid in full, the Issuers agree to: (i) comply with the instructions of Lender sent in accordance with
Section 17(h) of the Pledge Agreement, without any further consent from Pledgor or any other Person, in respect of the Pledged Securities; and (ii) disregard any request made by Pledgor or any other Person which contravenes such
instructions of Lender with respect to the Pledged Securities. Notwithstanding anything in this paragraph, this Confirmation Statement and Instruction Agreement shall not be construed as expanding the rights of Lender to give instructions with
respect to the Pledged Securities beyond such rights set forth in the Pledge Agreement. 
 Dated:
[            ], 2013 
 [Signatures follow on the next Page]

  
 Exhibit B

 
					
	Very truly yours,
	
	BRE SELECT HOTELS PROPERTIES LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS TUSCALOOSA LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS REDMOND LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS AZ LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

  
 Exhibit B

 
							
	BRE SELECT HOTELS TX L.P., a Delaware limited partnership
		
	By:	 	BRE Select Hotels TX GP LLC, a Delaware limited liability company, its general partner
			
		 	By:	 	  

		 		 	Name:	 	Brian Kim
		 		 	Title:	 	Managing Director and Vice President

 
							
	
	BRE SELECT HOTELS TX GP LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

 
							
	
	BRE SELECT HOTELS NC L.P., a Delaware limited partnership
		
	By:	 	BRE Select Hotels NC GP LLC, a Delaware limited liability company, its general partner
			
		 	By:	 	  

		 		 	Name:	 	Brian Kim
		 		 	Title:	 	Managing Director and Vice President

 
							
	
	BRE SELECT HOTELS NC GP LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

  
 Exhibit B

 
					
	BRE SELECT HOTELS CLEARWATER LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS PA LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS PA HOLDINGS LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

 [Signatures continue on next Page] 

  
 Exhibit B

			
	ACKNOWLEDGED AND AGREED:
	
	 CITIGROUP GLOBAL MARKETS REALTY CORP.,
 a New York corporation

			
		
	By:	 	  

		 	Name:
		 	Title:
	
	 BANK OF AMERICA, N.A.,
 a national banking association

		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit B

 EXHIBIT C 

FORM OF ACKNOWLEDGMENT AND CONSENT 
 Issuer hereby acknowledges receipt of a copy of the Pledge and Security Agreement (Mezzanine A Loan) (the “Pledge Agreement”) dated as of
[            ], 2013 made by BRE Select Hotels Mezz 1A, LLC, a Delaware limited liability company, BRE Select Hotels Mezz 1B LLC, a Delaware limited liability company, and BRE Select Hotels
PA Holdings LLC, a Delaware limited liability company (individually or collectively, as the context requires, the “Pledgor”) in favor of CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, and BANK OF AMERICA,
N.A., a national banking association, and agrees that Pledgor is bound thereby. Issuer agrees to notify Lender promptly in writing of the occurrence of any of the events described in Section 5(a) of the Pledge Agreement. 

Dated as of [            ], 2013 

 

					
	ISSUER:
	
	BRE SELECT HOTELS PROPERTIES LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS TUSCALOOSA LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS REDMOND LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

  
 Exhibit C

 
							
	BRE SELECT HOTELS AZ LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS TX L.P., a Delaware limited partnership
		
	By:	 	BRE Select Hotels TX GP LLC, a Delaware limited liability company, its general partner
			
		 	By:	 	  

		 		 	Name:	 	Brian Kim
		 		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS TX GP LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS NC L.P., a Delaware limited partnership
		
	By:	 	BRE Select Hotels NC GP LLC, a Delaware limited liability company, its general partner
			
		 	By:	 	  

		 		 	Name:	 	Brian Kim
		 		 	Title:	 	Managing Director and Vice President

  
 Exhibit C

 
					
	BRE SELECT HOTELS NC GP LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS CLEARWATER LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS PA LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President
	
	BRE SELECT HOTELS PA HOLDINGS LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Brian Kim
		 	Title:	 	Managing Director and Vice President

  
 Exhibit CEX-10.9

 Exhibit 10.9 
 GUARANTY AGREEMENT 
 (Mezzanine A) 

THIS GUARANTY AGREEMENT (the “Guaranty”) is executed as of May 14, 2013 by BRE SELECT HOTELS CORP, a
Delaware corporation, having its principal place of business at c/o Blackstone Real Estate Advisors VII L.P., 345 Park Avenue, New York, New York 10154 (together with its successors and permitted assigns, referred to as
“Guarantor”), for the benefit of CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 19th Floor, New York, New York 10013, and BANK OF AMERICA, N.A., a
national banking association, having an address at One Bryant Park, New York, New York 10036 (together with their respective successors and assigns, each, a “Co-Lender” and, collectively, “Lender”). 

W I T N E S S E T H: 
 WHEREAS, Citigroup Global Markets Realty Corp. and Bank of America, N.A. (together with their respective successors and assigns, collectively, “Mortgage Lender”) have made a loan
(the “Mortgage Loan”) to each of the entities set forth on Schedule I attached hereto (each individually, a “Mortgage Borrower”, and collectively, the “Mortgage Borrowers”), which Mortgage
Loan is evidenced by that certain Mortgage Loan Agreement, of even date herewith, among Mortgage Borrower, BRE Select Hotels Operating LLC, a Delaware limited liability company, and Mortgage Lender (as the same may hereafter be amended, modified,
restated, renewed or replaced, the “Mortgage Loan Agreement”) and that certain Mortgage Note (as defined in the Loan Agreement); 
 WHEREAS, Lender has made a loan (the “Loan”) to each of the entities set forth on Schedule II attached hereto (collectively, “Borrower”), which Loan is
evidenced by that certain Mezzanine A Loan Agreement, of even date herewith, among Borrower and Lender (as the same may hereafter be amended, modified, restated, renewed or replaced, the “Loan Agreement”) and that certain Note (as
defined in the Loan Agreement), and secured by, among other things, that certain Pledge and Security Agreement (Mezzanine A Loan) of even date herewith, by Borrower and BRE Select Hotels PA Holdings LLC, a Delaware limited liability company, in
favor of Lender (as the same may hereafter be amended, modified, restated, renewed or replaced, the “Pledge Agreement”) and further evidenced, secured or governed by other instruments and documents executed in connection with the
Loan (together with the Note, the Loan Agreement and Pledge Agreement, the “Loan Documents”); 

WHEREAS, Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally
guarantees payment and performance to Lender of the Guaranteed Obligations (as herein defined); and 
 WHEREAS, Guarantor
is the owner of a direct or indirect interest in Borrower and each other Loan Party and Guarantor will directly benefit from Lender’s making of the Loan to Borrower. 

 NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower, and to
extend such additional credit as Lender may from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as
follows: 
 ARTICLE I  
 NATURE AND SCOPE OF GUARANTY 
 1.1. Guaranty of Obligation.
Subject to the terms and conditions hereof, Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment and performance (either directly or through one or more of its Affiliates or other Persons)
of the Guaranteed Obligations as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the
Guaranteed Obligations as a primary obligor. 
 1.2. Definition of Guaranteed Obligations. As used herein, the
term “Guaranteed Obligations” means all obligations and liabilities of Borrower and any other Loan Party for which Borrower and any other Loan Party is personally liable pursuant to Section 9.4 of the Loan Agreement, in
each case, to the extent of the liability of Borrower and any other Loan Party thereunder. For the avoidance of doubt, Guarantor shall have no obligations under this Guaranty or otherwise with respect to the Guaranteed Obligations arising out of
acts or omissions occurring after the date of (1) a Transfer resulting from the exercise of Lender’s rights under the Loan Documents (but only as to the portion of the Collateral subject to such Transfer), or Mortgage Lender’s or
Mezzanine B Lender’s rights under any Mortgage Loan Documents or Mezzanine B Loan Documents, as applicable, or (2) the consummation of any remedial or enforcement action by (A) Lender under the Loan Documents of or with respect to the
Collateral for the Loan (but only as to the portion of the Collateral subject to such enforcement or remedial action) or (B) any holder of the Mortgage Loan or Mezzanine B Loan under the Mortgage Loan Documents or Mezzanine B Loan Documents, as
applicable, of or with respect to the collateral for such Mortgage Loan or Mezzanine B Loan, as applicable, including, without limitation, any foreclosure, deed-in-lieu or assignment in lieu of foreclosure or any other exercise by Lender, Mortgage
Lender or Mezzanine B Lender of its rights under any applicable Loan Document, Mortgage Loan Document or Mezzanine B Loan Document, including, without limitation, any right to vote any Pledged Securities or any right to replace officers and
directors of any Person (collectively, a “Foreclosure”). For the avoidance of doubt, in no event shall Guarantor be released from any obligations or liabilities (known or unknown) in existence on or prior to such Foreclosure or
caused by Guarantor or any of its Affiliates, and such Guaranteed Obligations shall remain in full force and effect. 
 1.3.
Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect
to any 

  
 -2-

 
Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor’s death (in which event this Guaranty shall be
binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of
Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the Note or any part thereof and shall not be discharged by the assignment or negotiation of all or part of the
Note. 
 1.4. Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and
obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Guarantor, Borrower, any other Loan Party or any other party, against Lender or
against payment or performance of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

1.5. Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid or performed when
due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of
acceleration of the maturity, or any other notice whatsoever, perform and pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may be
made at any time coincident with or after the time for payment and performance of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall
be deemed made, given and received in accordance with the notice provisions hereof. 
 1.6. No Duty To Pursue
Others. It shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (a) institute suit or exhaust its
remedies against Borrower, any other Loan Party or others liable on the Loan or the Guaranteed Obligations or any other Person, (b) enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan,
(c) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations, (d) join Borrower, any other Loan Party or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty,
(e) exhaust any remedies available to Lender against any collateral which shall ever have been given to secure the Loan, or (f) resort to any other means of obtaining payment and performance of the Guaranteed Obligations. Lender shall not
be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations. 
 1.7.
Waivers. Guarantor agrees to the provisions of the Loan Documents, and hereby waives notice of, and any rights of consent to, (a) any loans or advances made by Lender 

  
 -3-

 
to Borrower, (b) acceptance of this Guaranty, (c) any amendment or extension of the Note, the Pledge Agreement, the Loan Agreement or of any other Loan Documents, (d) the execution
and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Loan Documents or in connection with the Property, the Mortgage Loan
Collateral and/or the Collateral, (e) the occurrence of any breach by Borrower or any other Loan Party or an Event of Default, (f) except as expressly provided in the Loan Documents, Lender’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, or this Guaranty (g) except as expressly provided in the Loan Documents, sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (h) except
as expressly provided in the Loan Documents, protest, proof of non-payment or default by Borrower or any other Loan Party, (i) any other action at any time taken or omitted by Lender, and, generally, except as expressly provided herein or in
the other Loan Documents, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby
guaranteed, (j) any limitation of liability or recourse in any other Loan Document or arising under any law; (k) any claim or defense that this Guaranty was made without consideration or is not supported by adequate consideration,
(l) except as expressly provided in Section 1.2 hereof, whether express or by operation of law; any partial release of the liability of Guarantor hereunder, or if one or more other guaranties are now or hereafter obtained by Lender
covering all or any part of the Guaranteed Obligations, any complete or partial release of any one or more of such guarantors under any such other guaranty, or any complete or partial release or settlement of Borrower or any other party liable,
directly or indirectly, for the payment or performance of any or all of the Guaranteed Obligations; (m) the making of advances by Lender to protect its interest in the Collateral, preserve the value of the Collateral or for the purpose of
performing any term or covenant contained in any of the Loan Documents; or (n) the existence of any claim, counterclaim, set-off, recoupment, reduction or defense based upon any claim or other right that Guarantor may at any time have against
Borrower, Lender, or any other Person, whether or not arising in connection with this Guaranty, the Note, the Loan Agreement, or any other Loan Document. 
 1.8. Payment of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, within ten (10) Business Days after
demand by Lender, pay Lender all reasonable out-of-pocket costs and expenses (including court costs and reasonable third-party attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder.
The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations. 

1.9. Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other
debtor relief law, or any judgment, order or decision thereunder, Lender must rescind or restore any payment, or any part thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge
from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and this Guaranty shall remain in full force and effect. It is the intention of Borrower, each other Loan Party and Guarantor that Guarantor’s obligations
hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 

  
 -4-

 1.10. Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding
anything to the contrary contained in this Guaranty, until the Debt is paid in full, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in
equity (including, without limitation, any law subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other Loan Party liable for
payment and performance of any or all of the Guaranteed Obligations for any payment or performance made by Guarantor under or in connection with this Guaranty or otherwise. 
 1.11. Borrower. The term “Borrower” as used herein shall include any new or successor corporation, association, partnership (general or limited), joint venture, trust or
other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or any interest in Borrower. The term “Loan Party” as used herein shall include any new or
successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of any Loan Party or any
interest in such Loan Party. 
 ARTICLE II 
 EVENTS AND CIRCUMSTANCES NOT REDUCING 
 OR DISCHARGING GUARANTOR’S
OBLIGATIONS 
 Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s obligations
under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or other rights (including without limitation rights to notice) which Guarantor
might otherwise have as a result of or in connection with any of the following: 
 2.1. Modifications. Any
renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Pledge Agreement, the Loan Agreement, the other Loan Documents, or any other document, instrument, contract or
understanding between Borrower and Lender, or any other parties, pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action. 
 2.2. Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower, any other Loan Party or any Guarantor. 

2.3. Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation,
disability, dissolution or lack of power of Borrower, any other Loan Party, Guarantor or any other party at any time liable for the payment 

  
 -5-

 
and performance of all or part of the Guaranteed Obligations; or any dissolution of Borrower, any other Loan Party or Guarantor, or any sale, lease or transfer of any or all of the assets of
Borrower, any other Loan Party or Guarantor, or any changes in the shareholders, partners or members of Borrower, any other Loan Party or Guarantor; or any reorganization of Borrower, any other Loan Party or Guarantor. 

2.4. Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the
Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (a) the Guaranteed Obligations, or any part thereof, exceeds the
amount permitted by law, (b) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (c) the officers or representatives executing the Note, the Pledge Agreement, the Loan Agreement or the other Loan Documents or
otherwise creating the Guaranteed Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable usury laws, (e) Borrower has valid defenses, claims or offsets (whether at law, in equity or by agreement)
which render the Guaranteed Obligations wholly or partially uncollectible from Borrower other than payments on the Loan made by Borrower, (f) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and
performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or
unenforceable, or (g) the Note, the Pledge Agreement, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon
regardless of whether Borrower, any other Loan Party or any other person be found not liable on the Guaranteed Obligations or any part thereof for any reason. 
 2.5. Release of Obligors. Any full or partial release of the liability of Borrower or any other Loan Party on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any
Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment and performance of the Guaranteed Obligations, or any part thereof, it being recognized,
acknowledged and agreed by Guarantor that Guarantor may be required to pay or perform the Guaranteed Obligations in full without assistance or support of any other party, and Guarantor has not been induced to enter into this Guaranty on the basis of
a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed Obligations, or that Lender will look to other parties to pay or perform the Guaranteed Obligations. 

2.6. Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of
payment, for all or any part of the Guaranteed Obligations. 
 2.7. Release of
Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, 

  
 -6-

 
unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed
Obligations. 
 2.8. Care and Diligence. The failure of Lender or any other party to exercise diligence or
reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including but not limited to any neglect, delay, omission, failure or refusal of Lender
(i) to take or prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security
therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 
 2.9. Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not
entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the collateral for the Guaranteed Obligations. 

2.10. Offset. The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender under this Guaranty
shall not be reduced, discharged or released because of or by reason of any existing or future right of offset, claim or defense of Borrower, any other Loan Party or Guarantor against Lender, or any other party, or against payment or performance of
the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise, other than payment or performance of the
Guaranteed Obligations. 
 2.11. Merger. The reorganization, merger or consolidation of Borrower or any other Loan
Party into or with any other Person. 
 2.12. Preference. Any payment by Borrower to Lender is held to constitute
a preference under bankruptcy laws, or for any reason Lender is required to refund such payment or pay such amount to Borrower or someone else. 
 2.13. Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations, or the security and collateral therefor,
whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay and perform the Guaranteed Obligations pursuant to the terms hereof. It is the unambiguous and unequivocal intention of
Guarantor that Guarantor shall be obligated to pay and perform the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 

  
 -7-

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 To induce Lender to enter into the Loan
Documents and extend credit to Borrower, Guarantor represents and warrants to Lender as of the date hereof as follows: 

3.1. Benefit. Guarantor is an Affiliate of Borrower and each other Loan Party, is the owner of a direct or indirect
interest in Borrower and each other Loan Party, and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 

3.2. Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the
financial condition of Borrower and each other Loan Party and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such
financial condition or the collateral as an inducement to enter into this Guaranty. 
 3.3. No Representation By
Lender. Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 
 3.4. Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent,
and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have property and assets sufficient to satisfy and repay its obligations and liabilities.

 3.5. Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of
the transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation to which Guarantor is subject or constitute a default (or an event which with notice or lapse of time or both would constitute a
default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a legal and
binding obligation of Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, general
equitable principles and a covenant of good faith and fair dealing. 
 3.6. Litigation. There is no litigation,
investigation or proceeding by or before any Governmental Authority now pending or, to the knowledge of Guarantor, threatened against 

  
 -8-

 
Guarantor (i) with respect to this Guaranty or the transactions contemplated hereby or (ii) which could reasonably be expected to have a Material Adverse Effect on the business,
operations or property or financial or other condition of Guarantor. 
 3.7. Survival. All representations and
warranties made by Guarantor herein shall survive the execution hereof. 
 3.8. No Plan Assets. Guarantor is not
an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of Guarantor constitutes or will, during any period when the Loan remains outstanding, constitute “plan
assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101 as modified by Section 3(42) of ERISA. In addition, (a) Guarantor is not a “governmental plan” within the meaning of
Section 3(32) of ERISA and (b) transactions by or with Guarantor are not subject to any state statute applicable to Guarantor regulating fiduciary obligations with respect to governmental plans which are substantially similar to the
provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect, which prohibit the transactions contemplated by this Guaranty. 
 3.9. ERISA. Assuming that no portion of the assets of any Lender constitutes “plan assets” of any “benefit plan investor” within the meaning of Section 3(42) of
ERISA, notwithstanding anything to the contrary in this Guaranty, Guarantor shall not knowingly (nor shall Guarantor be required hereunder to) engage in any transaction contemplated under this Guaranty, which would cause any obligation, or action
taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Pledge Agreement, the Loan Agreement or the other Loan Documents) to be a non-exempt prohibited transaction under ERISA. 

ARTICLE IV 

SUBORDINATION OF CERTAIN INDEBTEDNESS 
 4.1. Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of Borrower and each other Loan Party or
Principal to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower or any other Loan Party thereon be direct, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or
may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include without limitation all rights and claims of Guarantor against Borrower or any other Loan Party (arising as
a result of subrogation or otherwise) as a result of Guarantor’s payment or performance of all or a portion of the Guaranteed Obligations. During the continuance of an Event of Default, Guarantor shall not receive or collect, directly or
indirectly, from Borrower or any other Person any amount upon the Guarantor Claims. 

  
 -9-

 4.2. Claims in Bankruptcy. In the event of receivership, bankruptcy,
reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from
the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against the
Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims, then upon payment or performance to Lender in full of
the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation
shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims, provided, however, that Guarantor shall have no such subrogation rights
until repayment in full of the Debt. 
 4.3. Payments Held in Trust. In the event that, notwithstanding anything
to the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims or
distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor covenants promptly to pay the same to
Lender. 
 4.4. Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or
other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing
payment or performance of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not
(i) exercise or enforce any creditor’s right it may have against Borrower or any other Loan Party, (ii) create any Liens encumbering the Collateral, Borrower or any other Loan Party or any interest in either of the foregoing, other
than Permitted Encumbrances, or (iii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower or any other Loan Party held by
Guarantor. 

  
 -10-

 ARTICLE V 
 MISCELLANEOUS 
 5.1. Waiver. No failure to exercise, and no
delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of
Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall
extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 

5.2. Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and
shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal
Service, with proof of attempted delivery, or (c) telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a
written notice to the other parties hereto in the manner provided for in this Section 5.2): 
  

			
	If to Guarantor:	 	 c/o Blackstone Real Estate Advisors VII L.P.
 345 Park Avenue
 New York, New York 10154
 Attention: William J. Stein
 Facsimile No.: (212) 583-5202

		
	with a copy to:	 	 c/o Blackstone Real Estate Advisors VII L.P.
 345 Park Avenue
 New York, New York 10154
 Attention: Judy Turchin
 Facsimile No.: (646) 455-4218

		
		 	 Simpson, Thacher & Bartlett LLP
 425 Lexington Avenue
 New York, New York 10017

Attention: Gregory J. Ressa, Esq.
 Facsimile No.:
(212) 455-2502

		
	If to Lender:	 	 Citigroup Global Markets Realty Corp.
 388 Greenwich Street
 19th Floor
 New York, New York 10013
 Attention: Ana Rosu Marmann

Facsimile No.: (646) 328-2938

  
 -11-

			
	And to:	  	 Bank of America, N.A.
 Real
Estate Structured Finance - Servicing
 900 West Trade Street
 Suite 650
 NCI-026-06-01
 Charlotte, North Carolina 28255
 Attention: Servicing Manager.

Facsimile No.: (704) 317-4501

		
	With a copy to:	  	 Dechert LLP
 Cira
Centre
 2929 Arch Street
 Philadelphia,
Pennsylvania 19104
 Attention: David W. Forti, Esq.
 Facsimile No.: (215) 655-2647

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon
sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 
 5.3. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR DOES HEREBY DESIGNATE AND APPOINT: 
 The
Corporation Trust Company 
 80 State Street 

Albany, NY 12207 
 AS
ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW 

  
 -12-

 
YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. 
 5.4. Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such
provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in
full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic
understandings and intentions of the parties as expressed herein. 
 5.5. Amendments. This Guaranty may be amended
only by an instrument in writing executed by the parties hereto. 
 5.6. Parties Bound; Assignment; Joint and
Several. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written
consent of Lender, assign any of its rights, powers, duties or obligations hereunder. If Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint and several. 

5.7. Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of this
Guaranty. 
 5.8. Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis for
this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 
 5.9.
Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all
persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart
containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to
another counterpart identical thereto except having attached to it additional signature pages. 
 5.10. Rights and
Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, 

  
 -13-

 
such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against
Guarantor. The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

5.11. Other Defined Terms. Any capitalized term utilized herein shall have the meaning as specified in the Loan Agreement,
unless such term is otherwise specifically defined herein. 
 5.12. Entirety. THIS GUARANTY EMBODIES THE FINAL,
ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE
SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THIS GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS
BETWEEN GUARANTOR AND LENDER. 
 5.13. Waiver of Right To Trial By Jury. EACH OF GUARANTOR AND LENDER (BY
ITS ACCEPTANCE OF THIS GUARANTY) HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
GUARANTY, THE NOTE, THE LOAN AGREEMENT, THE PLEDGE AGREEMENT, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION HEREWITH OR THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY GUARANTOR AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF GUARANTOR AND LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS
PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY. 
 5.14. Intentionally
Omitted. 

  
 -14-

 5.15. Reinstatement in Certain Circumstances. If at any time any payment of
the principal of or interest under the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise then, upon
the restoration or return of such payments, Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment has been due but not made at such time. 

ARTICLE VI 

SPECIAL CALIFORNIA AND OTHER STATE LAW PROVISIONS 
 6.1. Modifications to Loan and Loan Documents. Guarantor agrees that Lender may do any of the following without affecting the enforceability of this Guaranty or the other Loan Documents:
(a) take or release additional security for any obligation in connection with the Loan Documents; (b) discharge or release (by judicial or nonjudicial foreclosure, acceptance of a deed in lieu of foreclosure or otherwise) any party or
parties liable under the Loan Documents; (c) accept or make compositions or other arrangements or file or refrain from filing a claim in any bankruptcy proceeding of Borrower or any other Loan Party, any guarantor of Borrower’s or other
Loan Party’s obligations under the Loan Documents or any pledgor of collateral for any Person’s obligations to Lender; and (d) credit payments in such manner and order of priority to principal, interest or other obligations as Lender
may determine. 
 6.2. Waivers. 
 (a) Guarantor agrees that Lender’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability of any of the Loan Documents. Guarantor waives all
benefits and defenses it may have under California Civil Code Section 2810 and agrees that Lender’s rights under this Guaranty shall be enforceable even if Borrower or any other Loan Party had no liability at the time of execution of the
Loan Documents or later ceases to be liable. 
 (b) Guarantor waives all benefits and defenses it may have under California
Civil Code Section 2809 and agrees that Lender’s rights under the Loan Documents will remain enforceable even if the amount secured by the Loan Documents is larger in amount and more burdensome than that for which Borrower or any other
Loan Party is responsible. The enforceability of the Guaranty against Guarantor shall continue until all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way by any impairment or any diminution or
loss of value of any security or collateral for Borrower’s and each other Loan Party’s obligations under the Loan Documents, from whatever cause, the failure of any security interest in any such security or collateral or any disability or
other defense of Borrower or any other Loan Party, any guarantor of Borrower’s or any other Loan Party’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s obligations to Lender or any other Person
in connection with the Loan. 

  
 -15-

 (c) Guarantor waives all benefits and defenses it may have under California Civil Code
Sections 2845, 2849 and 2850 (subject to Section 1.10 of this Guaranty), including, without limitation, the right to require Lender to (i) proceed against Borrower or any other Loan Party, any guarantor of Borrower’s or any
other Loan Party’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s obligations to Lender or any other Person in connection with the Loan, (ii) proceed against or exhaust any other security or
collateral Lender may hold, or (iii) pursue any other right or remedy for Borrower’s or any other Loan Party’s benefit, and agree that Lender may exercise its rights under this Guaranty or may foreclose against any of the Collateral
without taking any action against Borrower, any other Loan Party, any guarantor of Borrower’s obligations under the Loan Documents, any pledgor of collateral for any Person’s obligations to Lender or any other Person in connection with the
Loan, and without proceeding against or exhausting any security or collateral Lender holds. 
 (d) Guarantor waives any rights
or benefits it may have by reason of California Code of Civil Procedure Section 580a, or other applicable law, which could limit the amount which Lender could recover in a foreclosure of any of the Collateral to the difference between the
amount owing under the Loan Documents and the fair value of any such Collateral or interests sold at a nonjudicial foreclosure sale or sales of any other real property held by Lender as security for the obligations under the Loan Documents.

 (e) Guarantor, as a guarantor or surety, waives diligence and all demands, protests, presentments and notices of protest,
dishonor, nonpayment and acceptance of the Loan Documents. 
 (f) Guarantor waives all rights and defenses that are or may
become available to the guarantor or other surety by reason of California Civil Code Sections 2787 to 2855, inclusive, subject to Section 1.10 of this Guaranty. 
 (g) This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives: 
 (i) any and all rights to which Guarantor may otherwise have been entitled under any suretyship laws in effect from time to time, including any right or privilege, whether existing under statute, at law
or in equity, to require Lender to take prior recourse or proceedings against any collateral, security or Person whatsoever; 
 (ii) any rights of sovereign immunity and any other similar and/or related rights; and 
 (iii) any defenses (other than the defenses that the Guaranteed Obligations are not due and owing or have been fully paid and performed). 

(h) Guarantor further waives: (a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or
other person, or by reason of the cessation or limitation of the liability of Borrower and the other Loan Parties from any cause other than 

  
 -16-

 
full payment of all sums payable under the Note or any of the other Loan Documents; (b) any defense based upon any lack of authority of the officers, directors, partners or agents acting or
purporting to act on behalf of Borrower and the other Loan Parties or any principal of Borrower and the other Loan Parties or any defect in the formation of Borrower and the other Loan Parties or any principal of Borrower and the other Loan Parties;
(c) any defense based upon the application by Borrower and the other Loan Parties of the proceeds of the Loan for purposes other than the purposes represented by Borrower and the other Loan Parties to Lender or intended or understood by Lender
or Guarantor; (d) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (c) any defense based
upon Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute; (f) any defense based upon any borrowing or any grant of
a security interest under Section 364 of the Bankruptcy Code; and (g) the benefit of any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof. Guarantor agrees that the payment of all sums payable
under the Note or any of the other Loan Documents or any part thereof or other act which tolls any statute of limitations applicable to the Note or the other Loan Documents shall similarly operate to toll the statute of limitations applicable to
Guarantor’s liability hereunder. Without limiting the generality of the foregoing or any other provision hereof, Guarantor expressly waives for the benefit of Lender to the extent permitted by law any and all rights and defenses which might
otherwise be available to Guarantor under California Civil Code Sections 2899 and 3433 or any similar law of California or of any other state or of the United States. 
 (i) Guarantor hereby also waives and agrees not to assert or take advantage of any defense of Guarantor based upon Lender’s election of any remedy against Guarantor, Borrower and the other Loan
Parties or any of them, including, without limitation, the defense to enforcement of this Guaranty (the “Gradsky” defense based upon Union Bank v. Gradsky, 265 Cal. App. 2d 40 (1968) or subsequent cases) which, absent this
waiver, Guarantor would have by virtue of an election by Lender to conduct a non-judicial foreclosure sale of the Collateral, it being understood by Guarantor that any such non-judicial foreclosure sale will destroy, by operation of California Code
of Civil Procedure Section 580d, all rights of any party to a deficiency judgment against Borrower, and, as a consequence, will destroy all rights which Guarantor would otherwise have (including, without limitation, the right of subrogation,
the right of reimbursement, and the right of contribution) to proceed against Borrower and to recover any such amount, and that Lender could be otherwise estopped from pursuing Guarantor for a deficiency judgment after a non-judicial foreclosure
sale on the theory that a guarantor should be exonerated if a lender elects a remedy that eliminates the guarantor’s subrogation, reimbursement or contribution rights. 
 6.3. Guarantor Informed of Borrower’s Condition. Guarantor acknowledges that it has had an opportunity to review the Loan Documents, the value of the security for each of the other
entities comprising Borrower and each other Loan Party under the Loan Documents and the financial condition of each of the other entities comprising Borrower and each other Loan Party and the ability of such entity to satisfy its obligations to
Lender. 

  
 -17-

 
Guarantor agrees to keep itself fully informed of all aspects of the financial condition of Borrower and each other Loan Party and of the performance of Borrower and each other Loan Party to
Lender and agrees that Lender has no duty to disclose to Guarantor any information pertaining to Borrower or any other Loan Party or any security for the obligations of the other entities comprising Borrower under the Loan Documents. 

6.4. Waiver of Estoppel Defense. Upon Borrower’s default under the Loan Documents, Lender may elect to foreclose
nonjudicially on real property given by Borrower or others as security under the Loan Documents and, if such right has arisen, also to exercise its rights under this Guaranty. Guarantor acknowledges that its right to seek reimbursement from Borrower
or any other Loan Party for any amounts paid by it to Lender under this Guaranty will be eliminated if Lender elects to so foreclose on Guarantor’s property. Nevertheless, Guarantor waives any such right to reimbursement and agrees that a
nonjudicial foreclosure by Lender against any real property security owned by Guarantor or others will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Collateral. In order to further effectuate such
waiver, each Guarantor hereby agrees that it waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to any of the Collateral, has
destroyed its rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise. 
 6.5. Subrogation. Guarantor waives its rights under California Civil Code Sections 2847, 2848 and 2849 to the extent not inconsistent with Section 1.10 of this Guaranty.

 6.6. Confirmation of Waivers. In accordance with California Civil Code Section 2856(c), Guarantor, as
guarantor, hereby makes the following waivers: 
 (a) Guarantor waives all rights and defenses that Guarantor may have because
the Loan is secured by real property. This means, among other things: 
 (i) Lender may collect from Guarantor
without first foreclosing on any other real or personal property collateral pledged by Borrower or any other Person (each an “Other Obligor” and collectively, the “Other Obligors”). 

(ii) If Lender forecloses on any real property collateral pledged by any Other Obligor: 

(A) The amount of the Loan may be reduced only by the price for which the collateral is sold at the foreclosure sale, even
if the collateral is worth more than the sale price. 
 (B) Lender may collect from Guarantor even if Lender, by
foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from any Other Obligor. 

  
 -18-

 (b) This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may
have because the debtor’s debt is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedures.

 6.7. Judicial Reference Agreement; Referee; Costs. 

In the event that any action, proceeding and/or hearing on any matter whatsoever, including all issues of fact or law arising out of, or
in any way connected with, the Collateral, this Guaranty or any of the Loan Documents, or the enforcement of any remedy under any law, statute, or regulation (hereinafter, a “Controversy”), is to be tried in a court of Los Angeles
County, California and the jury trial waiver provisions set forth above are not permitted or otherwise applicable under then-prevailing law, then Guarantor agrees to the following provisions of this Section 6.7. 

(a) Controversies Subject to Judicial Reference; Conduct of Reference. 

(i) Each Controversy shall be determined by a consensual general judicial reference (the “Reference”)
pursuant to the provisions of California Code of Civil Procedures §§ 638 et. seq., as such statutes may be amended or modified from time to time. 
 (ii) Upon a written request, or upon an appropriate motion by either Lender or Guarantor, any pending action relating to any Controversy and every Controversy shall be heard by a single Referee who shall
then try all issues (including any and all questions of law and questions of fact relating thereto), and issue findings of fact and conclusions of law and report a statement of decision. The Referee’s statement of decision will constitute the
conclusive determination of Controversy. Lender and Guarantor agree that the Referee shall have the power to issue all legal and equitable relief appropriate under the circumstances before him/her. 

(iii) Lender and Guarantor shall promptly and diligently cooperate with one another and the Referee, and shall perform
such acts as may be necessary to obtain prompt and expeditious resolution of each Controversy in accordance with the terms of this Section 6.7. 
 (iv) Either Lender or Guarantor may file the Referee’s findings, conclusions and statement with the clerk or judge of any appropriate court, file a motion to confirm the Referee’s report and
have judgment entered thereon. If the report is deemed incomplete by such court, the Referee may be required to complete the report and resubmit it. 
 (v) Lender and Guarantor will each have such rights to assert such objections as are set forth in California Code of Civil Procedure §§ 638 et seq. 

(vi) All proceedings shall be closed to the public and confidential, and all records relating to the Reference shall be
permanently sealed when the order thereon becomes final. 

  
 -19-

 (b) Selection of Referee; Powers. 

(i) Lender and Guarantor shall select a single neutral referee (the “Referee”), who shall be a retired
judge or justice of the courts of the State of California, or a federal court judge, in each case, with at least ten years of judicial experience in civil matters. The Referee shall be appointed in accordance with California Code of Civil Procedure
§§ 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts). 
 (ii) If within ten (10) days after the request or motion for the Reference, Lender and Guarantor cannot agree upon a Referee, either Lender or Guarantor may request or move that the Referee be
appointed by the Presiding Judge of the Los Angeles County Superior Court or of the U.S. District Court for the Central District of California. The Referee shall determine all issues relating to the applicability, interpretation, legality and
enforceability of this Section 6.7. 
 (c) Provisional Remedies; Self-Help and Foreclosure. 

(i) No provision of this Section 6.7 shall limit the right of either Lender or Guarantor, as the case may be,
to (1) exercise such self-help remedies as might otherwise be available under applicable law, (2) initiate judicial or non-judicial foreclosure against any real or personal property collateral, (3) exercise any judicial or power of
sale rights, or (4) obtain or oppose provisional or ancillary remedies, including without limitation, injunctive relief, writs of possession, the appointment of a receiver, and/or additional or supplementary remedies from a court of competent
jurisdiction before, after or during the pendency of the Reference. 
 (ii) The exercise of, or opposition to,
any such remedy does not waive the right of Lender or Guarantor to the Reference pursuant to this Section 6.7. 

(d) Costs and Fees. 
 (i) Promptly following the selection of the Referee, Lender and Guarantor shall each advance equal portions of the estimated fees and costs of the Referee. 

(ii) In the statement of decision issued by the Referee, the Referee shall award costs, including reasonable
attorneys’ fees, to the prevailing party, if any, and may order the Referee’s fees to be paid or shared by Guarantor and/or Lender in such manner as the Referee deems just. 

  
 -20-

 6.8. If and to the extent that the laws of the State of Washington shall apply, then
Guarantor agrees to the following provisions of this Section 6.8. 
 (a) NOTICE REGARDING ORAL
COMMITMENTS: ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, MODIFY LOAN TERMS, OR FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 

(b) Time of the Essence. Time is of the essence in this Guaranty. 

(c) Unsecured. Notwithstanding anything contained herein to the contrary or in the Loan Agreement, this Guaranty is not secured by
the Pledge Agreement. 
 6.9. If and to the extent that the laws of the State of Oregon shall apply, then Guarantor
agrees to the following provisions of this Section 6.9. 
 (a) STATE SPECIFIC PROVISIONS. UNDER OREGON LAW,
MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY LENDER CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION
AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 6.10. If and to the extent that the laws of
the State of North Carolina shall apply, then Guarantor agrees to the following provisions of this Section 6.10. 

(a) Guarantor waives, to the fullest extent permitted by law, all rights granted by N.C. Gen. Stat. §§ 26-7 through 26-9,
inclusive, including, without limitation, all rights to require Lender to proceed against or exhaust any collateral held by Lender to secure the Loan. 
 6.11. If and to the extent that the laws of the State of Colorado shall apply, then Guarantor agrees to the following provisions of this Section 6.11. 

(a) Guarantor waives any rights which might otherwise exist under C.R.S. §§ 13-50-102 or 13-50-103 (or under any corresponding
or similar statute, future statute or rule of law) by reason of any release of fewer than all of the guarantors if there are multiple guarantors. 
 6.12. If and to the extent that the laws of the State of Arizona shall apply, then Guarantor agrees to the following provisions of this Section 6.12. 

(a) Guarantor waives any rights or benefits it may have which could limit the amount which Lender could recover in a foreclosure of any
of the Collateral to the difference between the amount owing under the Loan Documents and the fair value of such Collateral or interests sold at a nonjudicial foreclosure sale or sales of any other real property held by Lender as security for the
obligations under the Loan Documents. 

  
 -21-

 (b) Guarantor, as guarantor, hereby waives all rights and defenses that Guarantor may have
because the Loan is secured by real property. This means, among other things, that if Lender forecloses on any real property collateral pledged by any Other Obligor: 

(i) The amount of the Loan may be reduced only by the price for which the collateral is sold at the foreclosure sale, even
if the collateral is worth more than the sale price. 
 (ii) Lender may collect from Guarantor even if Lender, by
foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from any Other Obligor. 

6.13. If and to the extent that the laws of the State of Texas shall apply, then Guarantor agrees to the following provisions of
this Section 6.13. 
 (a) Guarantor hereby expressly waives: (i) any right to revoke this Guaranty with respect
to the Guaranteed Obligations; (ii) any right to require Lender to do any of the following before Guarantor is obligated to pay or perform the Guaranteed Obligations or before Lender may proceed against Guarantor: (A) sue or exhaust
remedies against Borrower or any other Person liable for the Guaranteed Obligations or any portion thereof; (B) sue on an accrued right of action in respect of any of the Guaranteed Obligations or bring any other action, exercise any other
right, or exhaust any other remedy; or (C) enforce rights against Borrower’s assets or the collateral pledged by Borrower to secure the Guaranteed Obligations; (iii) any right relating to the timing, manner or conduct of Lender’s
enforcement of rights against Borrower’s assets or the collateral pledged by Borrower to secure the Guaranteed Obligations; (iv) if Guarantor and Borrower (or any other Person) have each pledged assets to secure the Guaranteed Obligations,
any right to require Lender to proceed first against collateral pledged by Borrower (or any other Person) before proceeding against the collateral pledged by Guarantor; (v) promptness, diligence, notice of any Event of Default, notice of
nonpayment or nonperformance, notice of acceleration or intent to accelerate, demand for payment or performance (although Lender may, but shall have no obligation to, make demand for payment or performance), acceptance or notice of acceptance of
this Guaranty, presentment, notice of protest, notice of dishonor, notice of the incurring by Borrower of additional indebtedness, notice of any suit or other action by Lender against Borrower or any other Person, any notice to any Person liable for
the obligation which is the subject of the suit or action, and all other notices and demands with respect to the Guaranteed Obligations and this Guaranty; (vi) each of the foregoing rights or defenses, regardless of whether they arise under
(A) Rule 31 of the Texas Rules of Civil Procedure, (B) Section 17.001 of the Texas Civil Practice and Remedies Code, (C) Chapter 34 of the Texas Business and Commerce Code, or (D) any other statute or law, common law, in
equity, under contract or otherwise, or under any amendments, recodifications, supplements or any successor statute or law of or to any such statute or law; and (vii) any and all rights under Sections 51.003, 51.004 and 51.005 of the Texas
Property Code, and under any amendments, recodifications, supplements or any successor statute or law of or to any such statute or law. 

  
 -22-

 6.14. If and to the extent that the laws of the State of Georgia shall apply, then
Guarantor agrees to the following provisions of this Section 6.14. 
 (a) Guarantor waives any rights which might
otherwise exist under the provisions of Section 10-7-24 of O.C.G.A. or 11-3-601 O.C.G.A. 
 6.15. Hedging
Obligations. Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, swap contracts or the other documents relating to the Guaranteed Obligations, the Guaranteed Obligations of Guarantor shall
exclude any Excluded Hedging Obligations (defined below) with respect to Guarantor. As used herein, the term “Excluded Hedging Obligations” shall mean, with respect to Guarantor or any other guarantor, any rate cap, swap or other
hedging agreement or obligation (collectively, the “Hedging Obligations”) incurred after the date hereof, if, and to the extent that, all or a portion of this Guaranty or any other guaranty, or the grant under a Loan Document by
Guarantor or any other guarantor of a security interest to secure, such Hedging Obligation (or any Guaranty) is or becomes illegal under the Commodity Exchange Act (collectively, the “Commodity Exchange Act” (7 U.S.C. § 1 et
seq., as amended from time to time, and any successor statute) (or the application or official interpretation thereof) by virtue of Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act (determined after giving effect to this Guaranty and any and all guaranties of Guarantor’s Hedging Obligations by other Loan Parties) at the time this Guaranty of Guarantor or any other guaranty given by any other
guarantor, or grant by Guarantor or any other guarantor of a security interest, becomes effective with respect to such Hedging Obligation. 

  
 -23-

 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the day and year
first above written. 
  

					
	 BRE SELECT HOTELS CORP,
 a Delaware corporation

		
	By:	 	 /s/ Brian Kim

		 	Name:	 	Brian Kim
		 	Title:	 	Chief Financial Officer, Vice President and Managing Director

 [Signature Page to Guaranty (BRE Select Hotels Corp) (Mezz A)] 

 SCHEDULE I 

Mortgage Borrowers 
  

	1.	BRE Select Hotels Clearwater LLC; 

  

	2.	BRE Select Hotels NC L.P.; 

  

	3.	BRE Select Hotels Properties LLC; 

  

	4.	BRE Select Hotels Redmond LLC; 

  

	5.	BRE Select Hotels Tuscaloosa LLC; 

  

	6.	BRE Select Hotels TX L.P.; and 

  

	7.	BRE Select Hotels AZ LLC. 

 SCHEDULE II 

Borrowers 
  

	1.	BRE Select Hotels Mezz 1A LLC; and 

  

	2.	BRE Select Hotels Mezz 1B LLC.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]