Document:

Exhibit 10.15

 Exhibit 10.15 
 HYATT HOTEL 
 FRANCHISE AGREEMENT 
 between 
  
  
 and

 HYATT FRANCHISING, L.L.C. 
 DATED:                     , 200     

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	ARTICLE I	  	 GRANT OF FRANCHISE, TERM AND AREA OF PROTECTION
	  	1
			
	 1.1.
	  	Grant of Franchise and Guaranty	  	1
	 1.2.
	  	Term	  	1
	 1.3.
	  	Rights in Area of Protection During AOP Term	  	1
	 1.4.
	  	No Other Restrictions	  	2
			
	ARTICLE II	  	 DEVELOPMENT AND OPENING OF THE HOTEL
	  	3
			
	 2.1.
	  	Hotel Development – New Development	  	3
	 2.2.
	  	Hotel Development – Conversion of an Existing Facility	  	4
	 2.3.
	  	Pre-Opening Period and Technology System Installation	  	4
	 2.4.
	  	Opening the Hotel	  	5
	 2.5.
	  	Hyatt’s Role as an Advisor	  	5
	 2.6.
	  	Occupying the Site	  	6
			
	 ARTICLE III
	  	 TRAINING, GUIDANCE AND ASSISTANCE
	  	6
			
	 3.1.
	  	Orientation and Training	  	6
	 3.2.
	  	Pre-Opening Team	  	7
	 3.3.
	  	Manual	  	7
	 3.4.
	  	Centralized Services	  	8
	 3.5.
	  	General Guidance and Assistance	  	8
	 3.6.
	  	Other Arrangements and Delegation	  	8
	 3.7.
	  	Annual Conventions	  	8
			
	 ARTICLE IV
	  	 OPERATION OF THE HOTEL
	  	9
			
	 4.1.
	  	Centralized Services	  	9
	 4.2.
	  	Management of the Hotel	  	9
	 4.3.
	  	System Standards	  	10
	 4.4.
	  	Use and Sources of FF&E and Other Products and Services	  	11
	 4.5.
	  	CRS, GDS, ADS and Guest Room Rates	  	12
	 4.6.
	  	Food and Beverage Operations and Spa Operations	  	12
	 4.7.
	  	Upgrading the Hotel and CapEx Fund	  	13
	 4.8.
	  	Inspections/Compliance Assistance and Quality Assurance Program	  	13
	 4.9.
	  	Compliance With Laws	  	14
	 4.10.
	  	No Diverting Business	  	14
	 4.11.
	  	Data Privacy	  	14
	 4.12.
	  	No Brand Owners	  	14
			
	ARTICLE V	  	 ADVERTISING AND MARKETING
	  	15
			
	 5.1.
	  	Grand Opening Marketing	  	15
	 5.2.
	  	Participation in Advertising and Marketing	  	15

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 5.3.
	  	Approval of Marketing Programs	  	15
	 5.4.
	  	Websites	  	15
			
	ARTICLE VI	  	 FEES AND PAYMENTS
	  	16
			
	 6.1.
	  	Application Fee	  	16
	 6.2.
	  	Monthly Fees to Hyatt	  	16
	 6.3.
	  	Travel Agent Program and Reservation Fees	  	17
	 6.4.
	  	Late Fee and Late Payment Interest	  	17
	 6.5.
	  	Method of Payments	  	17
	 6.6.
	  	Application of Payments	  	17
	 6.7.
	  	Non-Refundability	  	17
			
	ARTICLE VII	  	 BOOKS AND RECORDS, AUDITS AND REPORTING
	  	17
			
	 7.1.
	  	Financial Reports	  	17
	 7.2.
	  	Notification	  	18
	 7.3.
	  	Preparation and Maintenance of Books and Records	  	18
	 7.4.
	  	Audit	  	18
	 7.5.
	  	Annual Financial Information	  	19
			
	ARTICLE VIII	  	 RELATIONSHIP OF THE PARTIES AND INDEMNIFICATION
	  	19
			
	 8.1.
	  	Relationship of the Parties	  	19
	 8.2.
	  	Franchisee’s Notices to Public Concerning Independent Status	  	19
	 8.3.
	  	Franchisee’s Indemnification of Hyatt	  	19
	 8.4.
	  	Hyatt’s Indemnification of Franchisee	  	21
			
	ARTICLE IX	  	 INSURANCE
	  	22
			
	ARTICLE X	  	 CONDEMNATION AND DAMAGE
	  	24
			
	 10.1.
	  	Condemnation	  	24
	 10.2.
	  	Damage	  	25
	 10.3.
	  	Extension of Term	  	26
			
	ARTICLE XI	  	 PROPRIETARY RIGHTS
	  	26
			
	 11.1.
	  	Ownership and Goodwill of Proprietary Marks, Copyrighted Materials, and Confidential Information	  	26
	 11.2.
	  	Limitations on Franchisee’s Use of Proprietary Marks	  	27
	 11.3.
	  	Notification of Infringements and Claims	  	27
	 11.4.
	  	Discontinuing Use of Proprietary Marks	  	27
	 11.5.
	  	Confidential Information	  	28
	 11.6.
	  	Innovations	  	29

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	ARTICLE XII	  	 TRANSFER
	  	29
			
	 12.1.
	  	Transfer by Hyatt	  	29
	 12.2.
	  	Transfer by Franchisee – Defined	  	29
	 12.3.
	  	Non-Control Transfers	  	30
	 12.4.
	  	Control Transfers	  	30
	 12.5.
	  	Permitted Transfers	  	32
	 12.6.
	  	Transfers of Equity Interest Upon Death	  	32
	 12.7.
	  	Registration of a Proposed Transfer of Equity Interests	  	32
	 12.8.
	  	Non-Waiver of Claims	  	33
			
	ARTICLE XIII	  	 SUCCESSOR FRANCHISE
	  	33
			
	 13.1.
	  	Right to a Successor Franchise Agreement	  	33
	 13.2.
	  	Grant of a Successor Franchise	  	34
	 13.3.
	  	Agreements/Releases	  	35
			
	ARTICLE XIV	  	 DISPUTE RESOLUTION
	  	35
			
	 14.1.
	  	Arbitration	  	35
	 14.2.
	  	Governing Law	  	37
	 14.3.
	  	Consent to Jurisdiction	  	37
	 14.4.
	  	Attorneys’ Fees	  	37
	 14.5.
	  	Waiver Of Punitive Damages And Jury Trial	  	38
	 14.6.
	  	Limitations of Claims	  	38
			
	ARTICLE XV	  	 DEFAULT AND TERMINATION
	  	38
			
	 15.1.
	  	Termination by Hyatt After Opportunity to Cure	  	38
	 15.2.
	  	Termination by Hyatt Without Opportunity to Cure	  	39
	 15.3.
	  	Suspension of Rights and Services	  	41
	 15.4.
	  	General Provisions Concerning Default and Termination	  	42
			
	ARTICLE XVI	  	 RIGHTS AND OBLIGATIONS UPON EXPIRATION OR TERMINATION
	  	42
			
	 16.1.
	  	De-Identification	  	42
	 16.2.
	  	Pay Amounts Owed	  	43
	 16.3.
	  	Contacting Customers	  	44
	 16.4.
	  	Centralized Services	  	44
	 16.5.
	  	Liquidated Damages	  	44
	 16.6.
	  	Survival	  	45
			
	ARTICLE XVII	  	 NOTICES
	  	45

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	ARTICLE XVIII	  	 GENERAL
	  	46
			
	 18.1.
	  	The Exercise of Hyatt’s Judgment	  	46
	 18.2.
	  	Severability and Interpretation	  	46
	 18.3.
	  	Waiver of Obligations and Force Majeure	  	47
	 18.4.
	  	Binding Effect	  	47
	 18.5.
	  	Entire Agreement and Construction	  	47
	 18.6.
	  	Hyatt’s Withholding of Consent	  	48
	 18.7.
	  	Cumulative Remedies	  	48
			
	ARTICLE XIX	  	 ACKNOWLEDGEMENTS
	  	48
			
	EXHIBITS	  		  	
		
	Exhibit A        –         Defined Terms	  	A-1
		
	Exhibit B        –         Area of Protection	  	B-1
		
	Exhibit C        –         Centralized Services	  	C-1
		
	Exhibit D        –         Right of First Offer for Strategic Markets	  	D-1

 GUARANTY AND ASSUMPTION OF OBLIGATIONS 
 PIP (if applicable) 
  

 iv 

 HYATT FRANCHISING, L.L.C. 
 FRANCHISE AGREEMENT 
 THIS FRANCHISE AGREEMENT
is made and entered into as of                     , 200     (this “Agreement”) by and between
                                        , a
                     (“Franchisee”) and HYATT FRANCHISING, L.L.C., a Delaware limited liability company (“Hyatt”).

 PRELIMINARY STATEMENT 
 Franchisee is the owner of, or has the right to occupy, certain real property located in
                     that is more particularly described on Exhibit B hereto (the “Site”). Hyatt has the exclusive right
to grant franchises for the establishment and operation of Franchise System Hotels (defined in Exhibit A). Hyatt and its Affiliates (defined in Exhibit A) have designed the Hotel System (defined in Exhibit A) so that the public
associates Franchise System Hotels with first-class, high quality standards. Before signing this Agreement, Franchisee has independently investigated and evaluated the risks of investing in the hotel industry generally and acquiring a franchise from
Hyatt specifically. Following Franchisee’s investigation and recognizing the benefits that Franchisee may derive from being identified with the Hotel System, Franchisee wishes to enter into this Agreement to obtain a franchise to use the Hotel
System to operate a Franchise System Hotel located at the Site. In addition to other terms defined in this Agreement, the initial capitalized terms shall have the meanings set forth on Exhibit A. 
 NOW, THEREFORE, Franchisee and Hyatt agree as follows: 
 ARTICLE I 
 GRANT OF FRANCHISE, TERM AND AREA OF PROTECTION

 1.1. Grant of Franchise and Guaranty. Hyatt grants Franchisee, and Franchisee accepts, the non-exclusive right and
obligation to use the Hotel System during the Term (defined below in Section 1.2) to build or convert and operate the Hotel at the Site under the Proprietary Marks in accordance with this Agreement’s terms. Franchisee’s right to
operate the Hotel as a Franchise System Hotel will cease upon termination or expiration of this Agreement. Franchisee also must ensure that each Controlling Owner, signs Hyatt’s required form of Guaranty and Assumption of Obligations. [Guaranty
to be discussed on a deal by deal basis]. 
 1.2. Term. The term of this Agreement (the “Term”) will
commence on the Effective Date and expire without notice effective twenty (20) years from the Opening Date, subject to its earlier termination as set forth in this Agreement. 
 1.3. Rights in Area of Protection During AOP Term. Subject to the one exception below, during the period beginning on the Effective
Date and ending              years after the Opening Date (the “AOP Term”), neither Hyatt nor any of its Affiliates will open and operate, or authorize any other party to
open and operate, any other Franchise System Hotels the physical premises of which are located within the Area of Protection. The one exception to this restriction is that, if Hyatt or any of its Affiliates acquire (whether through purchase, sale,

 
merger, consolidation, or other transaction) another chain, franchise system, group or portfolio of at least six (6) hotels, or acquire the right to operate or manage another chain,
franchise system, group or portfolio of at least six (6) hotels, one (1) or more of which hotels are located, or are under contract or construction to be located, in the Area of Protection (as Hyatt and its Affiliates have the right to
do), Hyatt and/or its Affiliates then will have the unrestricted right to convert, or cause to be converted, the acquired hotel(s) within the Area of Protection from its (or their) original trade identity to the Hotel System and then to operate, or
authorize any other party to operate, such hotel(s) as Franchise System Hotels using the Hotel System, even if one (1) or more of the other acquired hotels, whether operating within or outside the Area of Protection, are not converted to
Franchise System Hotels. 
 Franchisee acknowledges that its rights in the Area of Protection apply only during the AOP Term.
Following the AOP Term, Franchisee will have no territorial rights or protection whatsoever, whether within or outside the Area of Protection, and Hyatt and its Affiliates may open and operate, and authorize any other parties to open and operate,
other Franchise System Hotels the physical premises of which are located within the Area of Protection. 
 1.4. No Other
Restrictions. Except for the limited exclusivity provided above, there are no restrictions on Hyatt or its Affiliates; Franchisee’s rights under this Agreement are nonexclusive in all respects; the Hotel has no territorial protection
whatsoever; and Hyatt and its Affiliates have the right without any restrictions at all to engage in any and all activities Hyatt and they desire (including with respect to any and all types of lodging facilities), at any time and place, whether or
not using the Proprietary Marks or any aspect of the Hotel System, whether or not those activities compete with the Hotel, and whether or not Hyatt or its Affiliates start those activities themselves or purchase, merge with, acquire, or affiliate
with businesses that already engage in such activities. Hyatt and its Affiliates may engage in all activities not expressly prohibited in this Agreement. Hyatt and its Affiliates may use or benefit from, among other things, common hardware,
software, communications equipment and services, administrative systems, reservation systems, franchise application procedures, central purchasing, approved vendor lists, and personnel, and may provide some or all of those Centralized Services
specified on Exhibit C to other Hyatt-Affiliated Hotels and other hotels, lodging facilities and other businesses, even if they compete with the Hotel. Franchisee will have no right to pursue any claims, demands, or damages as a result of
these activities, whether under breach of contract, unfair competition, implied covenant of good faith and fair dealing, divided loyalty, or other theories, because Franchisee has expressly allowed Hyatt and its Affiliates to engage in all such
activities without restriction. 
 Franchisee acknowledges that Hyatt’s Affiliates currently operate other franchised and
non-franchised systems for lodging facilities (including full service and select service hotels, time-share or interval ownership facilities, vacation clubs and senior living facilities) that use different brand names, trademarks, and service marks,
including those with the “Hyatt” name as part of their brand name (such as, for example and without limitation, “Grand Hyatt” and “Park Hyatt”), some of which might operate and have facilities in the Area of Protection
during the AOP Term, that will compete directly with Franchisee. Except as expressly described in Section 1.3, none of those activities, even other uses of the “Hyatt” name, will constitute a violation of this Agreement. Only the
operation of a Franchise System Hotel the physical premises of which

  

 2 

 
are located within the Area of Protection during the AOP Term would constitute a violation of this Agreement, unless the one exception noted above applies. 
 ARTICLE II 
 DEVELOPMENT AND OPENING OF THE HOTEL 
 Franchisee acknowledges that every detail of the Hotel System is
important to Hyatt to develop and maintain the Hotel System’s standards and public image. Franchisee agrees to comply strictly with the Hotel System’s details, as set forth in the Manual or otherwise in writing. Franchisee must bear the
entire cost of developing and constructing the Hotel, including professional services, financing, insurance, licensing, contractors, permits, equipment, and furnishings. 
 2.1. Hotel Development – New Development. This Section 2.1 applies if Franchisee is constructing a new Hotel at the Site. 
 (a) Franchisee’s managing owner or senior operations officer shall attend at Franchisee’s expense a one (1)-day
orientation briefing at Hyatt’s headquarters in Chicago, Illinois to acquaint Franchisee with Hyatt’s building process and support structure within three (3) months after the Effective Date. 
 (b) Franchisee must prepare and submit to Hyatt for its approval within four (4) months after the Effective Date
preliminary plans for the Hotel, including site layout and outline specifications (the “Preliminary Plans”). The Preliminary Plans must comply with the Design Standards, Hotel System and System Standards. 
 (c) Franchisee must prepare and submit to Hyatt for its approval within six (6) months after the Effective Date complete
working drawings and specifications for the Hotel, with such detail and containing such information that Hyatt requires, covering the Hotel property; all structural, mechanical, electrical, plumbing, heating, ventilating, air conditioning and life
safety equipment and systems; major architectural features and systems, including site layout and outline specifications; and FF&E (the “Detailed Plans”). The Detailed Plans must comply with the Design Standards, Hotel System
and System Standards. 
 (d) Construction of the Hotel may not begin until Hyatt has approved the Detailed Plans
in writing. For purposes of this Agreement, construction of the Hotel is deemed to have begun upon pouring concrete for the Hotel’s foundation or finished slab. After Hyatt approves the Detailed Plans, Franchisee may not make any material
changes without Hyatt’s prior written consent, which Hyatt will not unreasonably withhold. If material changes in the Detailed Plans are required during the course of construction, Franchisee must notify Hyatt and seek Hyatt’s consent
immediately. 
 (e) Construction must begin within twelve (12) months after the Effective Date. Franchisee
shall notify Hyatt within (5) days after Franchisee commences construction. Construction shall continue uninterrupted (unless interrupted by Force Majeure) until the Hotel is completed. 
  

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 2.2. Hotel Development – Conversion of an Existing Facility. This
Section 2.2 applies if Franchisee is converting an existing hotel at the Site to a Franchise System Hotel. 
 (a) Franchisee agrees to renovate the Hotel in strict accordance with, and within the time frames set forth on, the attached PIP and in accordance with Franchisee’s Hotel renovation plans (the “Renovation Plans”). At
Hyatt’s request, Franchisee agrees to submit the proposed Renovation Plans to Hyatt for Hyatt’s approval and Hyatt will respond to Franchisee’s request to review the Renovation Plans within 30 days of receipt. The Renovation Plans
must comply with the attached PIP, the Hotel System and System Standards. If Hyatt requires Franchisee to submit the proposed Renovation Plans, renovations may not begin until Hyatt approves the Renovation Plans in writing. After Hyatt approves the
Renovation Plans, Franchisee may not make any material changes to them without Hyatt’s prior written consent, which Hyatt will not unreasonably withhold or delay. 
 (b) If this Agreement anticipates Franchisee’s conversion of an existing franchised or managed facility to a Franchise
System Hotel, then before any Proprietary Marks (including signage) are installed or displayed at the Site, and before Franchisee opens a Pre-Opening Sales Office or the Hotel is authorized to open as a Franchise System Hotel, Franchisee must submit
evidence reasonably satisfactory to Hyatt of the termination of Franchisee’s previous franchise or management agreement in accordance with applicable legal requirements. 
 2.3. Pre-Opening Period and Technology System Installation. 
 (a) During the Pre-Opening Period, Hyatt or one or more members of the Hyatt Group will provide those
certain Centralized Services to the Hotel as the Hyatt Group deems applicable. On or before the tenth (10th) day of each month during the Pre-Opening Period, Franchisee shall pay Hyatt the fees and other charges for the
applicable Centralized Services, including those applicable Centralized Services Charges, for the previous month. 
 (b) Approximately three (3) months before the Hotel’s planned Opening Date, depending on the Hotel’s development schedule, Hyatt or its Affiliate will arrange for the sale, license and installation of the Technology System.
Franchisee shall reimburse Hyatt and its Affiliates all costs and expenses that they incur in connection with the acquisition and installation of the Technology System, including Hyatt’s then current training fees, upon receiving Hyatt’s
(or its Affiliate’s) invoice. 
 (c) Promptly after the Technology System is installed at the Hotel,
Franchisee shall, subject to Hyatt’s approval and the other terms and conditions of this Agreement (including Franchisee’s compliance with the Hotel System, System Standards and applicable law), open and begin operating a Pre-Opening Sales
Office at the Site. The Pre-Opening Sales Office shall be staffed by Franchisee’s Director of Sales. Hyatt shall include the Hotel in the next National Directory published after the date upon which Franchisee begins operating the Pre-Opening
Sales Office. 
  

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 2.4. Opening the Hotel. 
 2.4.1 Opening Deadline and Extension. The Hotel must be ready to open for business (a) within twenty-four (24) months after
the Effective Date if Franchisee is constructing a new Hotel at the Site pursuant to Section 2.1, or (b) within six (6) months after the Effective Date (unless otherwise provided in the PIP) if Franchisee is converting an existing
hotel at the Site to a Franchise System Hotel pursuant to Section 2.2 (as applicable, the “Opening Deadline”). If Franchisee wants to request an extension of the Opening Deadline, Franchisee must submit a written request and a
Ten Thousand Dollar ($10,000) extension fee to Hyatt before the Opening Deadline. If Hyatt approves the extension, Hyatt will set a new Opening Deadline in consultation with Franchisee, and the extension fee will be non-refundable. If Hyatt denies
the extension, Hyatt will refund the extension fee. 
 2.4.2 Conditions for Opening. Franchisee must not open the Hotel
for business and begin operating the Hotel under the Proprietary Marks until: (a) Franchisee has properly developed and equipped the Hotel according to the Detailed Plans, Renovation Plans or PIP (as applicable), Design Standards, Hotel System
and System Standards and in compliance with all applicable laws, rules and regulations; (b) all pre-opening training for the Hotel’s personnel has been completed to Hyatt’s satisfaction; (c) all amounts then due to Hyatt and its
Affiliates have been paid; (d) Franchisee has obtained all required certificates of occupancy, licenses and permits to operate the Hotel; (e) Franchisee has given Hyatt copies of all insurance policies required under this Agreement, or
such other evidence of insurance coverage and payment of premiums as Hyatt requests; (f) Franchisee has submitted to Hyatt a written certification that the Hotel is in compliance with the approved Detailed Plans or Renovation Plans (as
applicable), was constructed in compliance with the PIP (if applicable), Design Standards, Hotel System and System Standards, and is in compliance with all applicable laws, together with other certifications from Franchisee’s architect and/or
other professionals pursuant to Section 2.5; and (g) Hyatt has conducted a final pre-opening inspection and given Franchisee its written authorization to open the Hotel. Within ten (10) days after the Hotel is ready to open for
business, Franchisee must ask Hyatt to conduct a final inspection, which Hyatt shall promptly conduct. Franchisee agrees to open the Hotel under the Proprietary Marks within ten (10) days after Hyatt’s authorization, which Hyatt will not
unreasonably withhold. Hyatt’s determination that Franchisee has met all of Hyatt’s pre-opening requirements will not constitute a representation or warranty, express or implied, that the Hotel complies with any laws or a waiver of
Franchisee’s non-compliance, or of Hyatt’s right to demand full compliance, with such pre-opening requirements. Franchisee shall indemnify Hyatt and its Affiliates for all costs and expenses that they incur directly or indirectly as a
result of Franchisee’s failure to open the Hotel on or before the anticipated Opening Date specified by Franchisee or the Opening Deadline, whichever is earlier, including any amounts that Hyatt or its Affiliates pay with respect to customers
whose reservations at the Hotel were cancelled due to Franchisee’s failure to open the Hotel by that date. 
 2.5.
Hyatt’s Role as an Advisor. Hyatt’s review and approval of the Preliminary Plans and Detailed Plans or the Renovation Plans (as applicable), providing construction, design, architectural, planning and/or other services in connection
with the Hotel (whether before or after signing this Agreement), and/or approval to open the Hotel are intended only to determine compliance with the PIP (if applicable), Design Standards, Hotel System and System Standards.

  

 5 

 
Hyatt will have no liability to Franchisee for the Hotel’s construction or renovation. It is Franchisee’s responsibility to make sure that the Hotel complies with Hyatt’s
requirements, the Americans with Disabilities Act and similar rules, other applicable ordinances, building codes, and permit requirements. Franchisee acknowledges that Hyatt acts only in an advisory capacity and is not responsible for the adequacy
or coordination of any plans or specifications, the integrity of any structures, compliance with applicable laws (including the Americans with Disabilities Act), any building code of any governmental authority, or any insurance requirement or for
obtaining necessary permits, all of which shall be Franchisee’s sole responsibility and risk. Franchisee shall give Hyatt a written certificate or opinion from Franchisee’s architect, licensed professional engineer, or recognized expert
consultant on the Americans with Disabilities Act stating that the Hotel conforms to the Design Standards and requirements of the Americans with Disabilities Act, related federal regulations, and all other applicable state and local laws,
regulations, and other requirements governing public accommodations for persons with disabilities. At Hyatt’s request, Franchisee must give Hyatt copies of all other certificates of architects, contractors, engineers, and designers and such
other similar verifications and information Hyatt reasonably requests. 
 2.6. Occupying the Site. Franchisee must
provide Hyatt copies of any lease for the Hotel’s premises (and any amendments thereto) upon Hyatt’s request. Franchisee acknowledges that Hyatt’s approval of the Site is not a guarantee or warranty, express or implied, of the success
or profitability of a Franchise System Hotel operated at that location. Hyatt’s approval indicates only that Hyatt believes that the Site meets its then acceptable criteria. 
 Franchisee must promptly send Hyatt a copy of any notice of default that Franchisee receives from any mortgagee, trustee under any deed of
trust, or ground lessor for the Hotel and, at Hyatt’s request, any additional information Hyatt reasonably requests concerning any alleged default or any subsequent action or proceeding in connection with any alleged default. At Hyatt’s
request, Franchisee must obtain from any ground lessor a comfort letter or other agreement that Hyatt specifies under which the ground lessor agrees to assume Franchisee’s obligations under this Agreement (subject to Hyatt’s rights under
Article XII) if the ground lease terminates. 
 ARTICLE III 
 TRAINING, GUIDANCE AND ASSISTANCE 
 3.1.
Orientation and Training. 
 3.1.1 Orientation. Within three (3) months after the Effective Date, the
Hotel’s proposed general manager must attend a two (2)-day orientation program at Hyatt’s principal business address. If Franchisee replaces the Hotel’s general manager during the Term, Franchisee must have his or her replacement
attend the orientation program within thirty (30) days (or such longer period that Hyatt periodically designates) after he or she assumes that position. Hyatt does not charge for the first session of this orientation program, but Franchisee
must pay Hyatt’s then current fee for any additional programs that the Hotel’s personnel attend. 
  

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 3.1.2 Initial Training Programs. Before opening the Hotel for business under the
Proprietary Marks, each member of Franchisee’s Core Management team and other Hotel personnel whom Hyatt specifies must attend and successfully complete Hyatt’s training programs and curriculum for his or her respective position. During
the Term, if Franchisee replaces any member of its Core Management team or any other individual whom Hyatt required to attend training, Franchisee must have his or her replacement attend and successfully complete the applicable training programs
that Hyatt reasonably specifies within thirty (30) days (or such longer period that Hyatt periodically designates) after they assume their positions. Hyatt will designate the dates, locations, and duration of all training. Franchisee must pay
Hyatt’s then current fee for any programs that the Hotel’s personnel attend. 
 3.1.3 Supplemental and Optional
Training and Meetings. Hyatt may, at such times and places as it deems best, require the Hotel’s general manager, director of sales, director of food and beverage and/or rooms director to participate in regional and national meetings and
other training programs that Hyatt periodically specifies for Franchise System Hotel personnel. Hyatt also may, at its option, offer various optional training programs from time to time during the Term. Supplemental and optional training may be
conducted by, and tuition and other fees may be payable to, Hyatt, its Affiliates, or third parties that Hyatt designates. 
 3.1.4 Training Expenses. Franchisee is responsible for all costs of transportation, meals, lodging, salaries, and other compensation for Hotel personnel incurred in connection with training. If Hyatt holds any training for Franchisee
at the Hotel, Franchisee must provide free lodging for Hyatt’s representatives. 
 3.2. Pre-Opening Team. Hyatt will
send a pre-opening team consisting of appropriate size (in Hyatt’s reasonable opinion) to the Hotel to assist with the Hotel’s opening and training Franchisee’s staff with aspects of day-to-day operations, including laundry, customer
service, food and beverage, and front desk operations. Franchisee must pay all travel and living expenses associated with this pre-opening team. The pre-opening team will arrive at or before the Hotel’s grand opening and stay for the period
that Hyatt and Franchisee mutually agreed upon in good faith. 
 3.3. Manual. Hyatt shall provide Franchisee access to
the Manual during the Term. Franchisee must comply with the terms of the Manual, as Hyatt periodically modifies it (other than any personnel and security-related policies and procedures, which are for Franchisee’s optional use). The Manual may
include audiotapes, videotapes, compact disks, computer software, other electronic media, and/or written materials. It contains System Standards and information on Franchisee’s other obligations under this Agreement. Hyatt may modify the Manual
periodically to reflect changes in System Standards. Franchisee agrees to keep its copy of the Manual current and in a secure location at the Hotel. If there is a dispute over its contents, Hyatt’s master copy of the Manual controls. Franchisee
agrees that the Manual’s contents are part of the Confidential Information. 
 At Hyatt’s option, Hyatt may post some
or all of the Manual on a restricted website or extranet to which Franchisee will have access. If Hyatt does so, Franchisee agrees to monitor and access the website or extranet for any updates to the Manual, System Standards, or other aspects of the
Hotel System. Any passwords or other digital identifications necessary to access

  

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the Manual on a website or extranet will be deemed to be part of Confidential Information. Hyatt may require Franchisee to return a portion or the entire copy of the Manual given to Franchisee in
paper or other tangible form after Hyatt posts the Manual on a restricted website or extranet. 
 3.4. Centralized
Services. Except as provided elsewhere in this Agreement, Hyatt or one or more members of the Hyatt Group will provide to Franchisee those Centralized Services specified on Exhibit C, as amended by Hyatt for the Hotel System from time to
time. In addition, except as otherwise provided for herein, Franchisee’s Hotel shall be listed in the National Directory. 
 3.5. General Guidance and Assistance. During the Term, Hyatt may advise Franchisee from time to time regarding the Hotel’s operation based on Franchisee’s reports or Hyatt’s evaluations and inspections and may guide
Franchisee with respect to (a) System Standards that Franchise System Hotels use, (b) purchasing required and authorized FF&E and other items and arranging for their distribution to Franchisee, (c) advertising and marketing
materials and programs, (d) employee training, and (e) administrative, recordkeeping, and accounting procedures. Hyatt may guide Franchisee in the Manual; in bulletins or other written materials; by electronic media; by telephone
consultation; and/or at Hyatt’s headquarters or the Hotel. If Franchisee requests, and Hyatt agrees to provide, additional or special guidance, assistance, or training, Franchisee agrees to pay Hyatt’s then applicable charges, including
Hyatt’s personnel’s per diem charges and travel and living expenses. 
 3.6. Other Arrangements and Delegation.
Hyatt may arrange for development, marketing, operations, administration, technical, and support functions, facilities, services, and/or personnel with any other entity. Hyatt and its Affiliates may use any facilities, programs, services, and/or
personnel used in connection with the Hotel System in Hyatt’s and its Affiliates’ other business activities, even if these other business activities compete with the Hotel or the Hotel System. Franchisee agrees that Hyatt has the right to
delegate the performance of any portion or all of its obligations under this Agreement to third-party designees, whether these designees are its Affiliates, agents, or independent contractors with whom Hyatt contracts to perform these obligations.
If Hyatt does so, the third-party designees will be obligated to perform the delegated functions for Franchisee in compliance with this Agreement. 
 3.7. Annual Conventions. Hyatt may, at its option, hold an annual convention for Franchise System Hotels (the “Annual Convention”) at a location Hyatt designates. At Hyatt’s
option, the Annual Convention may be combined with an annual convention for some or all other Hyatt-Affiliated Hotels. Hyatt may require Franchisee’s general manager and other key Hotel personnel to attend the Annual Convention. Franchisee must
pay Hyatt’s then current attendance fee for each person from the Hotel who attends the Annual Convention. Franchisee also must pay all expenses that its attendees incur to attend the Annual Convention. 
  

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 ARTICLE IV 
 OPERATION OF THE HOTEL 
 4.1. Centralized
Services. Franchisee will participate in all Mandatory Services and related programs, and may (at Franchisee’s option) participate in any or all Non-Mandatory Services and related programs, in the manner that Hyatt periodically specifies.
Hyatt may, where it deems appropriate in its judgment, limit the scope of those Centralized Services provided to franchised Franchise System Hotels, including, by way of example and without limitation, by limiting the access that franchised
Franchise System Hotels have to certain customer and other proprietary information for Hyatt-Affiliated Hotels other than the Hotel. The Hyatt Group also may provide additional services to other Hyatt-Affiliated Hotels and to Franchise System Hotels
that Hyatt and its Affiliates own and/or operate which are not provided to franchised Franchise System Hotels. 
 4.2.
Management of the Hotel. Unless Hyatt approves in writing, Franchisee must at all times retain and exercise direct management control over all aspects of the Hotel’s business. Upon request by Franchisee, Hyatt will provide a list of
pre-approved management companies. Franchisee must have its employees and approved independent contractors satisfactorily complete all required orientation and training programs. Franchisee must hire and properly train all Core Management and have a
Core Management team in place at the Hotel at all times, as Franchisee is responsible for management of the Hotel’s business. Franchisee is solely responsible for hiring the Core Management personnel and determining the terms and conditions of
their employment, provided that Franchisee must: 
 (a) before engaging any general manager, submit to Hyatt the
identity and qualifications of the proposed general manager, including resume, work history, experience, references, background verifications and other information that Hyatt reasonably requests. Hyatt shall have the right to conduct an in-person
interview of the proposed general manager, and Franchisee shall reimburse Hyatt for all travel and other expenses relating thereto. Franchisee shall not engage any general manager unless he or she has been approved by Hyatt, which approval Hyatt
will not unreasonably withhold, condition or delay; and 
 (b) ensure that each other member of the Core
Management team has appropriate industry experience and is otherwise qualified to hold his or her position at the Hotel. The Core Management team must devote full time to their duties at the Hotel. 
 In addition, Franchisee may not enter into a Management Arrangement without Hyatt’s prior written consent, which Hyatt will not
unreasonably withhold, condition or delay. Any management company hired by Franchisee to operate the Hotel will be required to attend and satisfactorily complete required training programs, sign the documents Hyatt requires to protect the
Proprietary Marks, Copyrighted Materials, and Confidential Information, and agree to perform its management responsibilities in compliance with this Agreement. Nevertheless, Hyatt may refuse to approve a management company which is a Brand Owner or
that has an Affiliate which is a Brand Owner. Hyatt hereby approves Franchisee’s initial Management Arrangement with                      for
the Hotel’s management. Even after Hyatt approves a

  

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Management Arrangement, Hyatt may at its option revoke that approval, and upon delivery of written notice to Franchisee require Franchisee to terminate the Management Arrangement, if the
management company or any of its Affiliates at any time becomes a Brand Owner or to comply with this Agreement; provided that, if Hyatt revokes its approval, Franchisee will have thirty (30) days to retain a replacement Management Arrangement
meeting the requirements of this Agreement 
 4.3. System Standards. Subject to Article X, Franchisee must operate the
Hotel twenty-four (24) hours a day, every day, and use the Hotel premises solely for the business franchised under this Agreement. Franchisee must at all times ensure that the Hotel is operated in compliance with the Hotel System, the Manual
(other than any personnel and security-related policies and procedures contained in the Manual, which are for Franchisee’s optional use), and all other mandatory System Standards and other policies and procedures Hyatt periodically communicates
to Franchisee, as Hyatt may periodically modify them. System Standards may regulate, among other things: 
 (a)
Franchisee’s obligation to maintain the Hotel in first class condition and in a clean, safe, and orderly manner, including periodic cleaning, repainting and redecorating of the Hotel and repair and replacement of FF&E; 
 (b) the provision of efficient, courteous, competent, prompt, and high-quality service to the public; 
 (c) quality standards and the types of services, concessions, operating supplies, amenities and other items that Franchisee
may use, promote, or offer at the Hotel; 
 (d) Franchisee’s use of the Proprietary Marks and display,
style, location, and type of signage, as outlined in this Agreement, the Manual, and other written directives Hyatt periodically issues; 
 (e) directory and reservation service listings of the Hotel and methods for using required and authorized ADS and GDS; 
 (f) creating a favorable response to the name “Hyatt®” and the names of any brand extensions, other Proprietary Marks and brand-specific programs bearing the “Hyatt” name; 
 (g) honoring all nationally recognized credit cards and other payment mechanisms that Hyatt periodically designates and
entering into all necessary credit card and other agreements with the issuers of those cards and other applicable parties (which may, at Hyatt’s option, be a member of the Hyatt Group); 
 (h) complimentary and reduced-rate room policies applicable to all similarly situated Franchised System Hotels (subject to
Reasonable Deviations); 
 (i) mystery shopper programs, guest relations programs, and guest complaints and
resolution programs, including reimbursing dissatisfied guests for their costs of staying at the Hotel and participating in other guest satisfaction programs in the manner Hyatt periodically specifies; 
  

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 (j) delivering to Hyatt or otherwise providing Hyatt access to the names of
Hotel customers and guests and Franchisee’s sales and customer database; 
 (k) record retention policies
and programs; and 
 (l) participation in and compliance with the terms of all of Hyatt’s marketing,
reservation service, rate and room inventory management, advertising, cooperative advertising, guest frequency, discount or promotional, customer award, Internet, computer, training, and operating programs, including a property management system
that interfaces with the CRS or any other central reservation system Hyatt periodically adopts. Hyatt may periodically establish and/or coordinate these programs with third parties Hyatt designates. These third parties might (but need not) be
Hyatt’s Affiliates. Franchisee must sign and comply with any license, participation and other agreements Hyatt periodically specifies relating to these programs. 
 Because complete and detailed uniformity under many varying conditions might not be possible or practical, Franchisee acknowledges that Hyatt specifically reserves the right and privilege, as Hyatt deems
best, to vary System Standards for any Franchise System Hotel based upon the peculiarities of any condition or factors that Hyatt considers important to that hotel’s successful operation. Franchisee has no right to require Hyatt to grant
Franchisee a similar variation or accommodation. 
 Hyatt’s mandatory System Standards do not include any personnel or
security-related policies or procedures that Hyatt (at its option) makes available to Franchisee in the Manual or otherwise for Franchisee’s optional use. Franchisee will determine to what extent, if any, these optional policies and procedures
should apply to the Hotel’s operations. Franchisee acknowledges that Hyatt does not dictate or control labor or employment matters for franchisees and their employees and will not be responsible for the safety and security of Hotel employees or
patrons. 
 4.4. Use and Sources of FF&E and Other Products and Services. Franchisee must purchase or lease, install,
and maintain at the Hotel all FF&E that Hyatt periodically specifies for the Hotel System. Franchisee may not install at the Hotel, without Hyatt’s prior written consent, any FF&E or other items Hyatt has not previously approved.

 Franchisee may use at the Hotel only FF&E, supplies, and other goods and services that conform to the System Standards.
Hyatt may specify for the Franchise System Hotel network a particular model or brand of FF&E, supplies, and other goods and services that are available from only one manufacturer or supplier. Hyatt may specify that certain FF&E, supplies,
and other goods and services be purchased only from Hyatt or its Affiliates or sources that Hyatt designates or approves. Notwithstanding the foregoing, if Franchisee wishes to obtain any FF&E, supplies, or other goods and services for which
Hyatt has established standards or specifications from a source that Hyatt has not previously approved as meeting the System Standards, Franchisee must send Hyatt a written request with any information and samples Hyatt

  

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reasonably considers necessary to determine whether the item meets System Standards. Upon Hyatt’s request, Franchisee must reimburse Hyatt’s reasonable costs in reviewing
Franchisee’s request and evaluating the item and/or source. If Franchisee complies with Hyatt’s processes and procedures regarding approval of alternate or additional manufacturers or suppliers, Hyatt shall respond to Franchisee’s
request within a reasonable time period. Franchisee may not purchase any FF&E, supplies or other goods or services for the Hotel unless the purchase is from a source Hyatt designates or approves or Hyatt has approved in writing that the item
Franchisee proposed meets System Standards. Hyatt may modify the System Standards in this area as Hyatt deems best for the Hotel System. Hyatt reserves the right, at its option, to revoke its approval of certain sources or items if they fail to
continue to meet the System Standards. Hyatt may refuse any of Franchisee’s requests if Hyatt already has designated a particular source for, or model or brand of, FF&E, supplies or other goods or services that Hyatt (in its sole judgment)
determines to be critical to the Hotel System. Hyatt may make this decision as it deems best. Hyatt and its Affiliates have the right to receive payments from suppliers on account of their actual or prospective dealings with Franchise System
Hotels and to use all amounts that Hyatt and its Affiliates receive without restriction for any purposes they deem appropriate (unless they agree otherwise with the supplier). 
 4.5. CRS, GDS, ADS and Guest Room Rates. Franchisee must participate in, connect with, and use the CRS, GDS and ADS in the manner
Hyatt periodically designates for offering, booking, modifying, and communicating guest room reservations for the Hotel. Franchisee may only utilize the GDS and ADS that Hyatt periodically authorizes. Franchisee must honor and give first priority on
available rooms to all confirmed reservations that the CRS, GDS or ADS refers to the Hotel. The CRS and approved GDS and ADS are the only reservation systems or services that the Hotel may use for reservations. 
 Franchisee will establish the Hotel’s room rates and submit them to Hyatt promptly upon Hyatt’s request. Franchisee is solely
responsible for notifying the reservation center of any changes in the Hotel’s room rates. Franchisee may not charge any guest a rate for any reservation higher than the rate that the reservations center specifies to the guest at the time he or
she makes the reservation. Except for special event periods, Franchisee may not charge any rate exceeding the rate Franchisee submits in writing for sale by the CRS. Franchisee must comply with Hyatt’s “best price guarantee” and
related policies, as Hyatt periodically modifies them. 
 4.6. Food and Beverage Operations and Spa Operations.
Franchisee must operate all Food and Beverage Operations and Spa Operations (if the Hotel has Spa Operations) in full compliance with all applicable laws, rules and regulations and all applicable System Standards. Franchisee may not subcontract the
management of the Food and Beverage Operations to a third party, except in connection with a Management Arrangement applicable to all Hotel operations. However, Franchisee may lease space at the Hotel to one or more restaurant operators, and may
subcontract the management of the Spa Operations (if the Hotel has Spa Operations), provided that (a) Hyatt (in its sole judgment) approves of the operator, the restaurant or spa concept and the terms of the lease or other arrangement between
Franchisee and the operator; (b) the operator complies with all applicable System Standards; and (c) the restaurant or spa does not use the Proprietary Marks in any manner (unless Hyatt authorizes such use in writing). Franchisee
acknowledges that the Royalty Fee is based on Gross F&B Revenue, not on the lease payments or other revenues that Franchisee would receive from any restaurant operator. 
  

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 4.7. Upgrading the Hotel and CapEx Fund. Franchisee may not make any material changes
to the Hotel’s existing or planned construction, including any change in the number of guest rooms at the Hotel, without Hyatt’s prior written consent and complying with such conditions and procedures that Hyatt periodically establishes
for such changes. Franchisee must prepare and deliver to Hyatt each year, at least thirty (30) days before Franchisee’s fiscal year end, an annual capital expenditure plan and budget for the next fiscal year containing such information as
reasonably required by Hyatt. 
 Without limiting Hyatt’s rights and Franchisee’s obligations under Section 4.3,
Hyatt may require Franchisee at any time and from time to time during the Term to upgrade or renovate the Hotel, including by altering the Hotel’s appearance and/or replacing a material portion of improvements and/or FF&E, to comply with
then current building décor, appearance, and trade dress standards and other aspects of the Hotel System that Hyatt has established and requires for new similarly situated Franchise System Hotels (subject to Reasonable Deviations). This
upgrading or renovation may obligate Franchisee to invest additional capital in the Hotel and/or incur higher operating costs. Franchisee agrees to implement such upgrading and renovation, within the time period Hyatt requests, regardless of their
cost or the point during the Term when Hyatt requires Franchisee to do so, as if they were part of this Agreement as of the Effective Date, provided that all such upgrades and renovations apply uniformly to all similarly situated Franchise System
Hotels (subject to Reasonable Deviations). 
 In order to assist Franchisee in having funds available to make any necessary
capital expenditures at the Hotel and comply with its obligations under this Section 4.7 (but without limiting those obligations), Franchisee shall deposit into a separate account that Franchisee controls an amount equal to
     percent (    %) of the Hotel’s Gross Rooms Revenue each month. Upon Hyatt’s reasonable request, Franchisee will provide Hyatt information concerning the funds in that account. Franchisee shall
use such funds only for the purpose of making approved capital expenditures and complying with its upgrade and other obligations under this Section 4.7 (although such obligations may require Franchisee to spend more than the amount then in that
account). 
 4.8. Inspections/Compliance Assistance and Quality Assurance Program. Although Hyatt retains the right to
establish and periodically to modify System Standards for the Hotel System that Franchisee agrees to implement and maintain, and to modify the Hotel System as Hyatt deems best for Franchise System Hotels, Franchisee retains the right to control, and
responsibility for, the Hotel’s day-to-day management and operation and implementing and maintaining System Standards at the Hotel. Hyatt may inspect the Hotel at any reasonable time, with or without notice to Franchisee, to determine whether
Franchisee and the Hotel are complying with the Hotel System, System Standards, and other terms and conditions of this Agreement. Franchisee must permit Hyatt’s representatives to inspect or audit the Hotel at any reasonable time and give them
reasonable amounts of free lodging (subject to availability) during the inspection period. 
 The Hotel must participate in the
quality assurance and guest satisfaction programs that Hyatt develops and periodically modifies (the “Quality Assurance Program”). Franchisee must pay its allocable share of all fees and other costs associated with the Quality
Assurance Programs. As part of the Quality Assurance Program, Hyatt and/or its representatives and

  

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designees may evaluate whether the Hotel is complying with the Hotel System and System Standards. The primary means of operating the Quality Assurance Program will be evaluations conducted
through stays at Franchise System Hotels. If Hyatt determines that the Hotel is not complying with the Hotel System, System Standards, or any other terms and conditions of this Agreement and then instructs Franchisee to correct those deficiencies,
Hyatt may, without limiting its other rights or remedies under this Agreement, any other agreement or applicable law, charge Franchisee Two Thousand Five Hundred Dollars ($2,500) plus Hyatt’s out-of-pocket expenses for each follow-up or
re-evaluation visit until the deficiencies have been fully corrected. 
 4.9. Compliance With Laws. Franchisee must
strictly comply with all governmental requirements concerning the Hotel’s operation, including by (a) ensuring that the Hotel is at all times in full compliance with the Americans with Disabilities Act and similar rules; (b) paying
all taxes when due; (c) obtaining and maintaining trade or fictitious name registrations; (d) obtaining and maintaining all licenses and permits necessary to operate the Hotel, including the Food and Beverage Operations and Spa Operations
(if the Hotel has Spa Operations); and (e) obtaining and maintaining all licenses required to sell alcoholic beverages at the Hotel. Franchisee and its Owners agree to comply, and to assist Hyatt to the fullest extent possible in its efforts to
comply, with the Anti-Terrorism Laws. In connection with that compliance, Franchisee and its Owners certify, represent, and warrant as of the Effective Date that none of Franchisee’s property or interests is subject to being blocked under, and
that Franchisee and its Owners otherwise are not in violation of, any of the Anti-Terrorism Laws. Any violation of the Anti-Terrorism Laws by Franchisee or its Owners, or any blocking of Franchisee’s or its Owners’ assets under the
Anti-Terrorism Laws, shall constitute grounds for immediate termination of this Agreement, as provided in Section 15.2. 
 4.10. No Diverting Business. Franchisee must refer guests and customers, wherever reasonably possible, to Franchise System Hotels or other Hyatt-Affiliated Hotels, not use the Hotel or the Hotel System to promote a competing business
or other lodging facility, and not divert business from the Hotel to a competing business. 
 4.11. Data Privacy.
Franchisee agrees to fully comply with all policies and procedures regarding the collection, storage, use, processing and transfer of personal data (i.e., any data regarding an identifiable individual) that Hyatt or its Affiliate may
promulgate from time to time. Additionally, Franchisee agrees to execute any agreements or other documents, and to take any actions, that Hyatt or its Affiliate may require Franchisee and all similarly situated franchisees (subject to Reasonable
Deviations) to execute or take from time to time in furtherance of the implementation of any data privacy compliance program adopted by Hyatt. 
 4.12. No Brand Owners. Franchisee agrees that neither Franchisee nor any of its Affiliates or Owners at any time during the Term shall be or become a Brand Owner. 
  

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 ARTICLE V 
 ADVERTISING AND MARKETING 
 5.1. Grand Opening
Marketing. Franchisee must conduct a pre-opening marketing program for the Hotel according to Hyatt’s reasonable requirements. At least one hundred twenty (120) days before the Hotel’s grand opening, Franchisee must prepare and
submit to Hyatt for its reasonable approval a written pre-opening marketing program that satisfies Hyatt’s requirements and contemplates spending at least an amount equal to
                 ($    ) multiplied by the number of guest rooms at the Hotel. Franchisee must change the program as Hyatt specifies, in Hyatt’s
reasonable judgment, and implement the approved program. 
 5.2. Participation in Advertising and Marketing. Franchisee
acknowledges that promoting Franchise System Hotels as a single, international chain is an important part of the Hotel System. Franchisee must participate in and use, in the manner that Hyatt specifies, all advertising, marketing and promotional
activities, materials and programs that Hyatt periodically requires for the Hotel and any similarly situated Hotels in the Hotel System. 
 5.3. Approval of Marketing Programs. Subject to Hyatt’s requirements and at Franchisee’s own expense, Franchisee may conduct local and regional marketing and advertising programs.
Franchisee shall pay Hyatt the reasonable fees that Hyatt periodically establishes for optional advertising materials Franchisee orders from Hyatt for these programs. Franchisee must conduct its advertising in a dignified manner. 
 Before using them, Franchisee must submit to Hyatt for its prior approval all advertising, promotional, and public relations plans,
programs, and materials that Franchisee desires to use or in which Franchisee desires to participate, including any materials and uses of the Proprietary Marks in digital, electronic, computerized, or other form (whether on a Travel Services Website
or Franchisee Organization Website (each as defined in Section 5.4) or otherwise). If Franchisee does not receive written disapproval within fifteen (15) business days after Hyatt receives the materials, they are deemed to be approved.
Franchisee may not use any advertising, promotional, or public relations materials or engage in any programs that Hyatt has not approved or has disapproved and must discontinue using any previously-approved materials and engaging in any
previously-approved programs within the timeframe Hyatt specifies after Franchisee receives written notice from Hyatt. 
 5.4.
Websites. Franchisee may not develop, maintain or authorize any Website (other than a Hotel System Website) that either has the word “hyatt” or any similar word as part of its domain name or URL or that accepts reservations for the
Hotel (other than through an approved link to a Hotel System Website). Franchisee may, with Hyatt’s approval and subject to the conditions in Section 5.3 and this Section 5.4, authorize any Travel Services Website or Franchisee
Organization Website to list and promote the Hotel together with other hotels. A “Travel Services Website” is a Website operated by a third party (which is not an Affiliate of Franchisee) that promotes and sells travel-related
products and services for a number of hotel brands, including other Hyatt-Affiliated hotels. A “Franchisee Organization Website” is a Website that mentions the Hotel and other hotels in which Franchisee and its Affiliates have an
interest as part of Franchisee’s and its Affiliates’ portfolio of properties and that has a primary

  

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purpose of promoting the entire portfolio (rather than only promoting the Hotel). Franchisee shall submit to Hyatt for its approval all proposed uses of the Proprietary Marks, references to the
Hotel, links to a Hotel System Website, and other information concerning a Travel Services Website or Franchisee Organization Website as Hyatt periodically requests. Hyatt will not unreasonably withhold its approval of Franchisee’s use of a
Travel Services Website or Franchisee Organization Website. Hyatt may implement and periodically modify, and Franchisee must comply with, System Standards relating to any Travel Services Websites, Franchisee Organization Websites and other
electronic uses of the Proprietary Marks and may withdraw its approval of any Website that no longer meets Hyatt’s minimum standards. 
 ARTICLE VI 
 FEES AND PAYMENTS 
 6.1. Application Fee. Hyatt and Franchisee acknowledge that, before Hyatt and Franchisee signed this Agreement, Franchisee paid Hyatt
an application fee of $                    , representing the greater of (a) One Hundred Thousand Dollars ($100,000) or (b) Three Hundred
Dollars ($300) multiplied by the number of guest rooms at the Hotel (the “Application Fee”). The Application Fee was fully earned by Hyatt and non-refundable upon Hyatt’s approval of Franchisee’s franchise application
before Hyatt and Franchisee signed this Agreement. 
 In addition, if Hyatt and Franchisee agree to add additional guest rooms
to the Hotel during the Term, then Franchisee must pay Hyatt an additional Application Fee in an amount equal to Three Hundred Dollars ($300) multiplied by the number of additional guest rooms. When Franchisee requests Hyatt’s approval of
Franchisee’s plans to develop the additional guest rooms, Franchisee must pay Hyatt a non-refundable PIP fee of Five Thousand Dollars ($5,000). Hyatt will apply this PIP fee toward the additional Application Fee if Hyatt approves
Franchisee’s plans. If the PIP fee exceeds the additional Application Fee, Hyatt may keep the excess. The remaining portion of the additional Application Fee is due, fully earned by Hyatt, and non-refundable on the date Hyatt approves
Franchisee’s plans to develop the additional guest rooms. 
 6.2. Monthly Fees to Hyatt. On or
before the tenth (10th) day of each month beginning
with the month following the Opening Date, Franchisee shall pay Hyatt: 
 (a) a “Royalty Fee”
equal to six percent (6%) of the Hotel’s Gross Rooms Revenue accrued during the preceding month and three percent (3%) of the Hotel’s Gross F&B Revenue accrued during the preceding month; and 
 (b) the Centralized Services Charges for the previous month, calculated in the manner set forth on Exhibit C, as
amended by Hyatt from time to time. 
 In addition, on or before the tenth (10th) day of each month, Franchisee shall pay Hyatt all fees and
other amounts that Hyatt (or its Affiliates) then has paid or has agreed to pay on Franchisee’s behalf to any Providers. If any Provider assesses a single or group fee or other charge that covers all or a group of Franchise System Hotels or
other Hyatt-Affiliated Hotels to which that

  

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Provider provides products or services, Hyatt shall allocate that fee or other charge among the Hotel and other similarly situated participating hotels on a fair and equitable basis in
Hyatt’s reasonable judgment. The Providers may periodically increase the fees and other charges they impose. At Hyatt’s option, Franchisee must begin paying these fees and other charges directly to the applicable Provider(s). 

6.3. Travel Agent Program and Reservation Fees. Franchisee agrees to pay on a timely basis, as and when due: (a) applicable
commissions to travel agents and third party reservation service charges and otherwise participate in any Hotel System travel agent commission payment program, as Hyatt periodically modifies it; provided, that Hyatt will notify Franchisee of any
such modifications; and (b) all commissions and fees for reservations Franchisee accepts through any sources (including the Internet), whether processed through Hyatt, the CRS, or a third-party reservation system or billed directly to
Franchisee. Failure to pay any of these fees is a default under this Agreement. 
 6.4. Late Fee and Late Payment
Interest. Franchisee agrees to pay Hyatt a late fee of Two Hundred Twenty-Five Dollars ($225) for each required payment not made on or before its original due date and for each payment not honored by Franchisee’s financial institution. The
late fee is not interest or a penalty but compensates Hyatt for increased administrative and management costs due to Franchisee’s late payment. In addition, all amounts that Franchisee owes Hyatt that are more than seven (7) days late will
bear interest accruing as of their original due date at one and one-half percent (1.5%) per month or the highest commercial contract interest rate the law allows, whichever is less. Franchisee acknowledges that this Section is not Hyatt’s
agreement to accept any payments after they are due or Hyatt’s commitment to extend credit to, or otherwise finance Franchisee’s operation of, the Hotel. 
 6.5. Method of Payments. Franchisee must make all payments for Royalty Fees and other amounts due to Hyatt or any member of the Hyatt Group under this Agreement by wire transfer of immediately
available funds. Hyatt may periodically change the procedures for monthly payments by reasonable advance notice, including by instituting an automatic debit process. Franchisee must sign any authorizations or other documents that Hyatt reasonably
requires to implement such payment methods. 
 6.6. Application of Payments. Despite any designation Franchisee makes,
Hyatt may apply any of Franchisee’s payments to any of Franchisee’s past due indebtedness to Hyatt or its Affiliates. 
 6.7. Non-Refundability. Unless otherwise specified, all fees that Franchisee paid to Hyatt or its Affiliates before or simultaneously with the execution of this Agreement, or will pay to Hyatt or its Affiliates during the Term, are
non-refundable. 
 ARTICLE VII 
 BOOKS AND RECORDS, AUDITS AND REPORTING 
 7.1. Financial Reports. At
Hyatt’s request, Franchisee must prepare and deliver to Hyatt daily, monthly, quarterly, and annual operating statements, profit and loss statements,

  

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balance sheets, and other reports relating to the Hotel that Hyatt periodically requires, prepared in the form, by the methods, and within the timeframes that Hyatt specifies in the Manual. The
reports must contain all information Hyatt requires and be certified as accurate in the manner Hyatt requires. By the tenth (10th) day of each month, Franchisee agrees to prepare and send Hyatt a statement for the previous month, certified by
Franchisee’s chief financial or principal accounting officer, listing Gross Rooms Revenue, Gross F&B Revenue, other Hotel revenues, room occupancy rates, reservation data, the amounts currently due under Article VI, and other
information that Hyatt deems useful in connection with the Hotel System. The statement will be in the form and contain the detail Hyatt reasonably requests from time to time and may be used by Hyatt for all reasonable purposes. [additional reporting
requirements to be determined] 
 7.2. Notification. Franchisee must, upon Hyatt’s request or any change in the
Lender’s information, send Hyatt current information regarding the name, address, and telephone number of the Lender and the name and telephone number of Franchisee’s contact at the Lender. Franchisee also must notify Hyatt in writing
within ten (10) days after Franchisee receives information or documentation about any lawsuit, action, or proceeding, or the issuance of any injunction, award, or decree of any court, quasi-judicial body, or governmental agency, that might
adversely affect the Hotel, Franchisee’s ability to perform its obligations under this Agreement, or its financial condition. 
 7.3. Preparation and Maintenance of Books and Records. Franchisee agrees to: (a) prepare on a current basis in a form reasonably satisfactory to Hyatt, and preserve for at least three (3) years, complete and accurate
records concerning Gross Rooms Revenue, Gross F&B Revenue and all financial, operating, marketing, and other aspects of the Hotel; and (b) maintain an accounting system that fully and accurately reflects all financial aspects of the Hotel,
including books of account, tax returns, governmental reports, daily reports, profit and loss and cash flow statements, balance sheets, and complete quarterly and annual financial statements relating to the Hotel. Hyatt reserves the right to access
Franchisee’s computer system independently to obtain sales information, occupancy information, and other data and information relating to the Hotel. Franchisee must send Hyatt upon its reasonable request, in the form and format that Hyatt
reasonably requires, any financial information relating to the Hotel. 
 7.4. Audit. Hyatt may at any time during
Franchisee’s regular business hours, and without prior notice to Franchisee, examine Franchisee’s and the Hotel’s business, bookkeeping, and accounting records, sales and income tax records and returns, and other records’
provided, however, that Hyatt’s shall limit such examinations to once per year absence absent an event of default by Franchisee. Franchisee agrees to cooperate fully with Hyatt’s representatives and independent accountants in any
examination. If any examination discloses an understatement of the Hotel’s Gross Rooms Revenue or Gross F&B Revenue, Franchisee agrees to pay Hyatt, within fifteen (15) days after receiving the examination report, the Royalty Fees and
other fees due on the amount of the understatement, the late fee, and interest on the understated amounts from the date originally due until the date of payment. Furthermore, if an examination is necessary due to Franchisee’s failure to furnish
reports, supporting records, or other information as required, or to furnish these items on a timely basis, or if Hyatt’s examination reveals a Royalty Fee underpayment to Hyatt of three percent (3%) or more of the total amount owed during
any six (6)-month period, or that Franchisee willfully understated the Hotel’s Gross Rooms Revenue or Gross F&B Revenue, Franchisee agrees to reimburse Hyatt for the costs of

  

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the examination, including the charges of attorneys and independent accountants and the travel expenses, room and board, and compensation of Hyatt’s employees. These remedies are in addition
to Hyatt’s other remedies and rights under this Agreement and applicable law. 
 7.5. Annual Financial Information.
Within ninety (90) days after the end of Franchisee’s fiscal year, Franchisee must send Hyatt one or more of the following as Hyatt may request, certified by Franchisee’s chief financial or principal accounting officer to be true and
correct: (a) complete financial statements relating to the Hotel for that fiscal year (including a balance sheet, statement of operations and statement of cash flow) prepared in accordance with generally accepted accounting principles
consistently applied; (b) Franchisee’s income tax returns for the Hotel for that year; and (c) statements reflecting all Gross Rooms Revenue and Gross F&B Revenue and all sources and amounts of other Hotel revenue generated during
the year. At Hyatt’s reasonable request from time to time, Franchisee also agrees to provide Hyatt with those operating statistics for the Hotel that Hyatt specifies. Hyatt may require Franchisee to have audited financial statements prepared
annually during the Term. 
 ARTICLE VIII 
 RELATIONSHIP OF THE PARTIES AND INDEMNIFICATION 
 8.1. Relationship of
the Parties. Franchisee is an independent contractor. Neither Hyatt nor Franchisee is the legal representative or agent of, or has the power to obligate, the other for any purpose. The parties have a business relationship defined entirely by
this Agreement’s express provisions. No partnership, joint venture, affiliate, agency, fiduciary, or employment relationship is intended or created by this Agreement. Hyatt and Franchisee may not make any express or implied agreements,
warranties, guarantees, or representations, or incur any debt, in the name or on behalf of the other or represent that Hyatt’s and Franchisee’s relationship is other than franchisor and franchisee. Hyatt will not be obligated for any
damages to any person or property directly or indirectly arising out of the Hotel’s operation or the business Franchisee conducts under this Agreement. 
 8.2. Franchisee’s Notices to Public Concerning Independent Status. At Hyatt’s reasonable request from time to time, Franchisee must give notice in private and public rooms and on
advertisements, business forms, and stationery and other places, making clear to the public that Hyatt is not the Hotel’s owner or operator and is not accountable for events occurring at the Hotel. 
 8.3. Franchisee’s Indemnification of Hyatt. 
 8.3.1 Indemnification and Defense. In addition to Franchisee’s obligation under this Agreement to procure and maintain insurance, Franchisee agrees to indemnify, defend, and hold harmless
Hyatt, its Affiliates, and its and their respective owners, officers, directors, agents, employees, representatives, successors, and assigns (the “Hyatt Indemnified Parties”) against, and to reimburse any one or more of the Hyatt
Indemnified Parties for, any and all claims, obligations, and damages directly or indirectly arising out of, resulting from, or in connection with (a) the application Franchisee submitted to Hyatt for the rights granted under this Agreement;
(b) the construction, development, use, occupancy, or operation of the Hotel,

  

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including any claim or allegation relating to the Americans with Disabilities Act or any similar law concerning public accommodations for persons with disabilities; (c) any bodily injury,
personal injury, death, or property damage suffered by any Hotel guest, customer, visitor, or employee, including in connection with any Food and Beverage Operations or Spa Operations (if applicable); (d) claims alleging either intentional or
negligent conduct, acts, or omissions by Franchisee, any manager (or any of Franchisee’s or its contractors, agents, employees or representatives), or Hyatt or its Affiliates relating to the operation of the Hotel or the Hotel System, subject
to Sections 8.3.5 and 8.4.1; and (e) Franchisee’s breach of the terms and conditions of this Agreement. Each Hyatt Indemnified Party may defend any claim against it at Franchisee’s expense and agree to settlements or take any other
remedial, corrective, or other actions, provided that the Hyatt Indemnified Party will seek Franchisee’s advice and counsel, and keep Franchisee informed, with regard to any proposed or contemplated settlement. 
 8.3.2 Definition of Claims. For purposes of this Section 8.3 and Section 8.4, “claims” include all
obligations, damages (actual, consequential, or otherwise), and costs that any Indemnified Party reasonably incurs in defending any claim against it, including reasonable accountants’, arbitrators’, attorneys’, and expert witness
fees, costs of investigation and proof of facts, court costs, travel and living expenses, and other expenses of litigation, arbitration, or alternative dispute resolution, regardless of whether litigation, arbitration, or alternative dispute
resolution is commenced. 
 8.3.3 Survival and Mitigation. The obligations under this Section 8.3 will continue in
full force and effect subsequent to and notwithstanding this Agreement’s expiration or termination. A Hyatt Indemnified Party need not seek recovery from any insurer or other third party, or otherwise mitigate its losses and expenses, in order
to maintain and recover fully a claim against Franchisee under this Section. Franchisee agrees that a failure to pursue a recovery or mitigate a loss will not reduce or alter the amounts that a Hyatt Indemnified Party may recover from Franchisee
under this Section. 
 8.3.4 Separate Counsel and Settlement. If separate counsel is appropriate in Hyatt’s
reasonable opinion because of actual or potential conflicts of interest, Hyatt may retain attorneys and/or independently defend any claim, action, or alleged claim or action subject to indemnification under this Section at Franchisee’s sole
expense. No party may settle any claim or action that could have an adverse effect on Hyatt, its Affiliates, the Hotel System, or other franchisees without Hyatt’s prior approval. 
 8.3.5 Limitation on Indemnification. Franchisee has no obligation to indemnify under this Section 8.3 if a court of competent
jurisdiction makes a final decision not subject to further appeal that Hyatt, its Affiliate, or any of their respective employees directly engaged in willful misconduct or gross negligence or intentionally caused the property damage or bodily injury
that is the subject of the claim, so long as the claim is not asserted on the basis of theories of vicarious liability (including agency, apparent agency, or employment) or Hyatt’s failure to compel Franchisee to comply with this Agreement,
which are claims for which the Hyatt Indemnified Parties are entitled to indemnification under this Section 8.3. 
 8.3.6
Notice of Action. Franchisee shall notify Hyatt promptly (but not later than five (5) days following Franchisee’s receipt of notice) of any claim, action, or potential

  

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claim or action naming any Hyatt Indemnified Party as a defendant or potential defendant and shall include with such notification copies of all correspondence or court papers relating to the
claim or action in Franchisee’s possession. Franchisee’s obligation to indemnify the Hyatt Indemnified Parties shall not be limited in any way by reason of any insurance that any Hyatt Indemnified Party maintains; provided that any
insurance recovery actually paid to any Hyatt Indemnified Party shall reduce Franchisee’s indemnification obligation. 
 8.3.7 Right to Control Defense of Certain Actions. Without limiting Franchisee’s obligations under this Section 8.3, Hyatt (or its designee) has the right to defend and control the defense of any class action or other legal
action involving both the Hotel and any other Franchise System Hotel or Hyatt-Affiliated Hotel, regardless of whether Hyatt or any of the other Hyatt Indemnified Parties are named defendants in that action. Franchisee shall promptly reimburse
Hyatt for the Hotel’s proportionate share of all reasonable expenses that Hyatt incurs in connection with any action covered by this Section 8.3.7. Hyatt shall allocate those expenses equitably among the Hotel and all
other Franchise System Hotels and Hyatt-Affiliated hotels involved in the action in any manner that Hyatt reasonably determines. 
 8.4. Hyatt’s Indemnification of Franchisee. 
 8.4.1 Indemnification and Defense. Hyatt agrees to
indemnify and hold harmless Franchisee, its Affiliates, and its and their respective owners, officers, directors, agents, employees, representatives, successors, and assigns (the “Franchisee Indemnified Parties”) against, and to
reimburse any one or more of the Franchisee Indemnified Parties for, any and all claims, obligations, and damages directly or indirectly arising out of, resulting from, or in connection with (a) a final decision by a court of competent
jurisdiction not subject to further appeal that Hyatt, its Affiliate, or any of their respective employees directly engaged in willful misconduct or gross negligence or intentionally caused the property damage or bodily injury that is the subject of
the claim, so long as the claim is not asserted on the basis of theories of vicarious liability (including agency, apparent agency, or employment) or Hyatt’s failure to compel Franchisee to comply with this Agreement, which are claims for which
the Franchisee Indemnified Parties are not entitled to indemnification under this Section 8.4; and (b) any trademark infringement proceeding disputing Franchisee’s authorized use of any Proprietary Mark under this Agreement, provided
that Franchisee has timely notified Hyatt of, and complies with Hyatt’s directions in responding to, the proceeding. Hyatt shall defend the Franchisee Indemnified Parties in any claims covered by Subsection (b) at Hyatt’s cost and
expense. At Hyatt’s option, Hyatt and/or its Affiliate(s) may defend and control the defense of any other proceeding arising from or relating to the Proprietary Marks or Franchisee’s use of any Proprietary Mark under this Agreement.

 8.4.2 Survival and Mitigation. The obligations under this Section 8.4 will continue in full force and effect
subsequent to and notwithstanding this Agreement’s expiration or termination. A Franchisee Indemnified Party need not seek recovery from any insurer or other third party, or otherwise mitigate its losses and expenses, in order to maintain and
recover fully a claim against Hyatt under this Section. Hyatt agrees that a failure to pursue a recovery or mitigate a loss will not reduce or alter the amounts that a Franchisee Indemnified Party may recover from Hyatt under this Section.
Hyatt’s obligation to indemnify the Franchisee Indemnified Parties shall not be limited in any way by reason of any insurance that any

  

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Franchisee Indemnified Party maintains, provided that any insurance recovery actually paid to any Franchisee Indemnified Party shall reduce Hyatt’s indemnification obligation 
 ARTICLE IX 
 INSURANCE 
 At Franchisee’s expense, Franchisee must procure and at all times during the Term maintain
such insurance as may be required by the terms of any lease or mortgage on the premises where the Hotel is located, and in any event no less than the following: 
 (1) the following property insurance: 
 (a) Property insurance (or
builder’s risk insurance during any period of construction) on the Hotel building(s) and contents against loss or damage by fire, lightning, windstorm, and all other risks covered by the usual all-risk policy form, all in an amount not less
than ninety percent (90%) of the full replacement cost thereof and a waiver of co-insurance. Such policy shall also include coverage for landscape improvements and law and ordinance coverage in reasonable amounts. 
 (b) Boiler and machinery insurance against loss or damage caused by machinery breakdown or explosion of boilers or pressure
vessels to the extent applicable to the Hotel. 
 (c) Business interruption insurance covering loss of profits
and necessary continuing expenses, including Royalty Fees and other amounts due to Hyatt and its Affiliates under or in connection with this Agreement, for interruptions caused by any occurrence covered by the insurance referred to in subsections
(a) and (b) above and providing coverage for the actual loss sustained. 
 (d) If the Hotel is located
in whole or in part within an area identified by the Federal Flood Management Agency, flood insurance in a reasonable amount for a hotel of this type in the geographic area, to include business interruption for lost profits, continuing expenses, and
Royalty Fees and other amounts due to Hyatt and its Affiliates under or in connection with this Agreement. 
 (e)
If the Hotel is located in an “earthquake zone” as determined by the U.S. Geological Survey, earthquake insurance in a reasonable amount for a hotel of this type in the geographic area, to include business interruption for lost profits,
continuing expenses, and Royalty Fees and other amounts due to Hyatt and its Affiliates under or in connection with this Agreement. 
 (f) If the Hotel is located in a “Tier 1 or Tier 2 named windstorm zone” as determined by Franchisee’s insurance underwriters, named windstorm insurance in a reasonable amount for a hotel
of this type in the geographic area, to include business interruption for loss of profits and continuing expenses, including Royalty Fees and other amounts due to Hyatt and its Affiliates under or in connection with this Agreement. 
  

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 (g) If the Hotel is located in a “Tier 1 or Tier 2 terrorism zone”
as determined by Franchisee’s insurance underwriters, certified and non-certified terrorism insurance for the property, as long as it is not more than two (2) times Franchisee’s “all-risk” property premium. 
 (2) Workers’ Compensation insurance in statutory amounts on all Hotel employees and Employer’s Liability Insurance in amounts not
less than $1 million per accident/disease. 
 (3) Commercial General Liability Insurance for any claims or losses arising or
resulting from or pertaining to the Hotel or its operation, protecting Franchisee and Hyatt (and its Affiliates), with combined single limits of $2 million per each occurrence for bodily injury and property damage. If the general liability coverages
contain a general aggregate limit, such limit shall be not less than $2 million, and it shall apply in total to the Hotel only by specific endorsement. Such insurance shall be on an occurrence policy form and include premises and operations,
independent contractors, blanket contractual, products and completed operations, advertising injury, employees as additional insureds, broad form property damage, personal injury to include false arrest and molestation, incidental medical
malpractice, severability of interests, innkeeper’s and safe deposit box liability, and explosion, collapse and underground coverage during any construction. 
 (4) Liquor Liability for combined single limits of bodily injury and property damage of not less than $2 million each occurrence. 
 (5) Business Auto Liability, including owned, non-owned and hired vehicles for combined single limits of bodily injury and property damage
of not less than $2 million each occurrence. 
 (6) Umbrella Excess Liability on a following form basis in amounts not less than
$75 million if the Hotel has less than five hundred (500) rooms or $100 million if the Hotel has five hundred (500) rooms or more. Hyatt may require Franchisee to increase the amount of coverage if, in Hyatt’s reasonable judgment,
such an increase is warranted. 
 (7) Comprehensive crime insurance to include employee dishonesty coverage, loss inside the
premises, loss outside the premises, money orders and counterfeit paper currency, depositor’s forgery coverage and computer fraud. 
 (8) Such other insurance as may be customarily carried by other hotel operators on hotels similar to the Hotel. 
 The liability policies referenced in Sections (3) through (6) above in this Article shall be endorsed to include certified and non-certified terrorism insurance in an amount not less than the
limit(s) of each applicable policy. 
 Hyatt may periodically reasonably increase the amounts of coverage required under these
insurance policies and/or require different or additional insurance coverage at any time to reflect inflation, identification of new risks, changes in law or standards of liability, higher damage awards or other relevant changes in circumstances.
All insurance must by endorsement specifically name Hyatt and any Affiliates that Hyatt periodically designates (and Hyatt’s and

  

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those Hyatt-designated Affiliates’ employees and agents) as additional insureds. Any deductibles or self-insured retentions that Franchisee maintains (excluding deductibles for high hazard
risks in high hazard geological zones, such as earthquake, flood and named windstorm, which shall be as required by the insurance carrier) shall not exceed $25,000, or such higher amount as Hyatt (at its option) may approve in writing in advance.
Franchisee must purchase each policy from an insurance company licensed, authorized or registered to do business in the state where the Hotel is located. However, this licensing requirement shall not apply to those insurers providing Umbrella Excess
Liability above $2 million under Subsection (6) above. 
 All required insurance must be specifically endorsed to provide
that the coverages will be primary to any valid and collectible insurance available to any additional insureds and shall have a waiver of subrogation in favor of Hyatt. All policies must provide that they may not be canceled, non-renewed, or
materially changed without at least thirty (30) days’ prior written notice to Hyatt. Franchisee may satisfy its insurance obligations under blanket insurance policies that cover Franchisee’s and its Affiliates’ other properties
so long as such blanket insurance fulfills the requirements in this Agreement. 
 Franchisee must deliver to Hyatt a certificate
of insurance (or certified copy of such insurance policy if Hyatt requests) evidencing the coverages required above and setting forth the amount of any deductibles. Franchisee must deliver to Hyatt renewal certificates of insurance (or certified
copies of such insurance policy if Hyatt requests) not less than ten (10) days prior to their respective inception dates. Franchisee’s obligation to maintain insurance shall not relieve Franchisee of its obligations under Section 8.3.

 If Franchisee fails for any reason to procure or maintain the insurance required by this Agreement, Hyatt shall have the
right and authority (although without any obligation to do so) to immediately procure such insurance and to charge Franchisee the cost together with a reasonable fee for Hyatt’s expenses. 
 ARTICLE X 
 CONDEMNATION AND DAMAGE 

10.1. Condemnation. 
 10.1.1 Relocating the Hotel. Franchisee must promptly notify Hyatt of any proposed taking of any portion of the Hotel by eminent domain or condemnation. If Hyatt agrees that all or a substantial
portion of the Hotel is to be taken or condemned, then, upon Franchisee’s request, Hyatt may (but has no obligation to) allow Franchisee to relocate the Hotel to a new location within the Area of Protection that Franchisee selects (subject to
Hyatt’s approval) within twelve (12) months after the taking or condemnation. If Franchisee develops a new Franchise System Hotel at a new location within the Area of Protection that Hyatt approves (a “Relocated Hotel”),
and if Franchisee opens that Relocated Hotel according to Hyatt’s specifications and this Agreement’s other terms and conditions (including the applicable provisions of Article II) within twenty-four (24) months after closing the
Hotel, then the Relocated Hotel shall thereafter be deemed to be the Hotel franchised under this Agreement. 
  

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 10.1.2 Termination Upon Condemnation. If a taking or condemnation involving all or a
substantial portion of the Hotel occurs, and if following such taking or condemnation: 
 (a) Hyatt elects not to
allow Franchisee to develop a Relocated Hotel; 
 (b) Franchisee promptly notifies Hyatt that Franchisee will not
develop a Relocated Hotel; or 
 (c) Franchisee and Hyatt do not agree to a new location for a Relocated Hotel
within the twelve (12)-month period specified above, 
 then either party may terminate this Agreement immediately upon written notice to the
other. If this Agreement is terminated pursuant to this Section 10.1.2, and if Franchisee and its Owners sign Hyatt’s then current form of termination agreement and a general release, in a form reasonably satisfactory to Hyatt, of any and
all claims against Hyatt and its owners, Affiliates, officers, directors, employees and agents, then Franchisee shall not be required to pay liquidated damages pursuant to Section 16.5 at the time of termination. However, such termination
agreement shall provide that if Franchisee or any of its Affiliates begins construction on a new full service hotel at any location within the Area of Protection at any time during the twenty-four (24) month period following the effective date
of termination of this Agreement, then Franchisee or its Owners must pay Hyatt liquidated damages equal to One Thousand Dollars ($1,000) multiplied by the number of guest rooms in that new full service hotel. If Franchisee and its Owners fail to
sign such termination agreement and general release within a reasonable time after Hyatt delivers them to Franchisee, then Franchisee must pay Hyatt liquidated damages pursuant to Section 16.5 at the time of termination, in addition to
complying with its other post-termination obligations under this Agreement. 
 10.1.3 Termination for Failure to Develop
Relocated Hotel. If Hyatt and Franchisee agree to a new location for a Relocated Hotel pursuant to Section 10.1.1 but Franchisee fails to develop and open the Relocated Hotel according to this Agreement’s terms and conditions within
twenty-four (24) months after the Hotel’s closing, then Hyatt may terminate this Agreement immediately upon written notice to Franchisee and Franchisee must pay Hyatt liquidated damages equal to One Thousand Dollars ($1,000) multiplied by
the number of guest rooms at the Hotel, in addition to complying with its other post-termination obligations under this Agreement. 
 10.2. Damage. If the Hotel is damaged by fire or other casualty, Franchisee must notify Hyatt promptly. If the cost to repair the damage is less than or equal to the Damage Threshold (defined below), or if the cost to repair the
damage exceeds the Damage Threshold but Franchisee notifies Hyatt within a reasonable time after the casualty that it intends to repair the damage and operate the Hotel as a Franchise System Hotel, then Franchisee must repair the damage promptly
according to the System Standards and this Agreement’s other terms and conditions. The “Damage Threshold” means the greater of (i) thirty percent (30%) of the market value of the Hotel immediately prior to the time of
fire or other casualty, or (ii) the amount of insurance proceeds made available to Franchisee in connection with the fire or casualty. If the damage or repair requires Franchisee to close all or any portion of the Hotel, then Franchisee must
commence reconstruction as soon as practicable (but in any event within twelve

  

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(12) months) after closing the Hotel and reopen for continuous business operations as a Franchise System Hotel as soon as practicable (but in any event within twenty-four (24) months) after
closing the Hotel, but not without complying with this Agreement’s other terms and conditions (including the applicable provisions of Article II). 
 If the cost to repair the damage from a fire or other casualty exceeds the Damage Threshold and Franchisee either fails to notify Hyatt within a reasonable time after the casualty that it intends to
repair the damage and operate the Hotel as a Franchise System Hotel, or notifies Hyatt that Franchisee elects not to repair the damage and operate the Hotel as a Franchise System Hotel (including if Franchisee elects to repair the damage and re-open
a hotel at the Site under a name other than “Hyatt”), then Hyatt or Franchisee may terminate this Agreement and Franchisee must pay Hyatt liquidated damages pursuant to Section 16.5. However, if a hotel is not reopened at the Site
(either as a Franchise System Hotel or under any other brand) during the twenty-four (24)-month period after closing the Hotel, then the amount of liquidated damages payable pursuant to Section 16.5 shall not exceed the amount of any business
interruption insurance proceeds that Franchisee receives. Franchisee must provide Hyatt such documentation as Hyatt may reasonably request to calculate the Damage Threshold and the insurance proceeds Franchisee receives in connection with any fire
or other casualty. 
 10.3. Extension of Term. The Term will be extended for the period of time during which the Hotel is
closed due to fire or other casualty. Franchisee need not make any payments of Royalty Fees or Centralized Services Charges while the Hotel is closed by reason of condemnation or casualty unless Franchisee receives insurance proceeds compensating
Franchisee for lost Gross F&B Revenue and Gross Rooms Revenue. 
 ARTICLE XI 
 PROPRIETARY RIGHTS 
 11.1. Ownership and Goodwill of Proprietary Marks, Copyrighted Materials, and Confidential Information. Hyatt’s Affiliate has licensed the Proprietary Marks, Copyrighted Materials, and Confidential Information to Hyatt to use
and sublicense in franchising, developing, and operating Franchise System Hotels. Franchisee’s right to use the Proprietary Marks, Copyrighted Materials, and Confidential Information is derived only from this Agreement and is limited to
Franchisee’s operating the Hotel according to this Agreement and all System Standards that Hyatt prescribes during the Term. Franchisee’s unauthorized use of the Proprietary Marks, Copyrighted Materials, or Confidential Information is a
breach of this Agreement and infringes Hyatt’s and its Affiliate’s rights in them. Franchisee acknowledges and agrees that its use of the Proprietary Marks, Copyrighted Materials, and Confidential Information and any goodwill established
by that use are exclusively for Hyatt’s and its Affiliate’s benefit and that this Agreement does not confer any goodwill or other interests in the Proprietary Marks, Copyrighted Materials, and Confidential Information upon Franchisee
(other than the right to operate the Hotel under this Agreement). Franchisee may not at any time during or after the Term contest or assist any other person in contesting the validity, or Hyatt’s and its Affiliate’s ownership, of the
Proprietary Marks, Copyrighted Materials, or Confidential Information. 
  

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 11.2. Limitations on Franchisee’s Use of Proprietary Marks. Franchisee agrees to
use the Proprietary Marks as the Hotel’s sole identification, except that Franchisee must identify itself as the Hotel’s independent owner in the manner that Hyatt periodically specifies. Franchisee may not use any Proprietary Mark
(a) as part of any corporate or legal business name; (b) with any prefix, suffix, or other modifying words, terms, designs, or symbols (other than logos Hyatt licenses to Franchisee); (c) in providing or selling any unauthorized
services or products; (d) as part of any domain name, homepage, meta tags, keyword, electronic address, or otherwise in connection with a Website (unless Hyatt has approved such use in advance); or (e) in any other manner Hyatt has not
expressly authorized in writing. Franchisee (and, if applicable, any restaurant operators at the Hotel) may not use the Proprietary Marks in connection with any Hotel restaurant operations without Hyatt’s prior written consent, which it will
not unreasonably withhold, and complying with all System Standards relating thereto. If Hyatt discovers Franchisee’s unauthorized use of the Proprietary Marks, in addition to Hyatt’s other rights and remedies under this Agreement and
applicable law, Hyatt may require Franchisee to destroy (with no reimbursement from Hyatt) all offending items reflecting such unauthorized use. 
 Franchisee may not use any Proprietary Mark in advertising the transfer, sale, or other disposition of the Hotel or an ownership interest in Franchisee or any of its Owners without Hyatt’s prior
written consent, which Hyatt will not unreasonably withhold. Franchisee agrees to display the Proprietary Marks prominently as Hyatt prescribes at the Hotel and on forms, advertising, supplies, and other materials Hyatt periodically designates.
Franchisee agrees to give the notices of trade and service mark registrations that Hyatt specifies and to obtain any fictitious or assumed name registrations required under applicable law. 
 11.3. Notification of Infringements and Claims. Franchisee agrees to notify Hyatt promptly of any apparent infringement or challenge
to Franchisee’s use of any Proprietary Mark, Copyrighted Materials, or Confidential Information, and not to communicate with any person other than Hyatt, its Affiliates, and its and their attorneys, and Franchisee’s attorneys, regarding
any infringement, challenge, or claim. Hyatt and its Affiliates may take the action it and they deem appropriate (including no action) and control exclusively any litigation, U.S. Patent and Trademark Office proceeding, or other administrative
proceeding arising from any infringement, challenge, or claim or otherwise concerning any Proprietary Mark, Copyrighted Materials, or Confidential Information. Franchisee agrees to sign any documents and take any other reasonable actions that, in
the opinion of Hyatt’s and its Affiliates’ attorneys, are necessary or advisable to protect and maintain Hyatt’s and its Affiliates’ interests in any litigation or Patent and Trademark Office or other proceeding or otherwise to
protect and maintain Hyatt’s and its Affiliates’ interests in the Proprietary Marks, Copyrighted Materials, and Confidential Information. Hyatt or its Affiliate will reimburse Franchisee’s reasonable out-of-pocket costs for taking any
requested action. 
 11.4. Discontinuing Use of Proprietary Marks. If it becomes advisable at any time for Hyatt and/or
Franchisee to modify, discontinue using, and/or replace any Proprietary Mark and/or to use one or more additional, substitute, or replacement trade or service marks together with or in lieu of any previously-designated Proprietary Mark, Franchisee
agrees to comply with Hyatt’s directions within a reasonable time after receiving notice. Neither Hyatt nor its Affiliates will reimburse Franchisee for its expenses of changing the Hotel’s signs, for any loss of revenue

  

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due to any modified or discontinued Proprietary Mark, or for Franchisee’s expenses of promoting a modified or substitute trademark or service mark. 
 Hyatt’s rights in this Section 11.4 apply to any and all of the Proprietary Marks (and any portion of any Proprietary Mark) that
this Agreement authorizes Franchisee to use. Hyatt may exercise these rights at any time and for any reason, business or otherwise, Hyatt thinks best. Franchisee acknowledges both Hyatt’s right to take this action and Franchisee’s
obligation to comply with Hyatt’s directions. 
 11.5. Confidential Information. Hyatt and its Affiliates possess
(and will continue to develop and acquire) Confidential Information, some of which constitutes trade secrets under applicable law, relating to developing and operating Franchise System Hotels. Franchisee acknowledges and agrees that Franchisee will
not acquire any interest in Confidential Information, other than the right to use certain Confidential Information as Hyatt specifies while operating the Hotel during the Term, and that Confidential Information is proprietary, includes Hyatt’s
and its Affiliate’s trade secrets, and is disclosed to Franchisee only on the condition that Franchisee agrees, and Franchisee hereby does agree, that Franchisee: (a) will not use Confidential Information in any other business or capacity;
(b) will keep confidential each item deemed to be a part of Confidential Information, both during and after the Term (afterward for as long as the item is not generally known in the hotel industry); (c) will not make unauthorized copies of
any Confidential Information disclosed via electronic medium or in written or other tangible form; and (d) will adopt and implement reasonable procedures that Hyatt periodically specifies to prevent unauthorized use or disclosure of
Confidential Information. 
 All information that Hyatt or its Affiliates obtain from Franchisee or any other source about the
Hotel or its guests under this Agreement or any related agreement (including agreements relating to the CRS and other software systems that Hyatt or its Affiliates provide or require), or otherwise related to the Hotel, is part of Confidential
Information and Hyatt’s property. Franchisee acknowledges and agrees that Hyatt has the right, without prior notice to Franchisee, to access guest information in the Hotel’s computer systems and to use and allow others to use such guest
data and information in any manner that Hyatt deems appropriate (subject to applicable law). However, Franchisee may at any time during and after the Term use, to the extent lawful and at Franchisee’s own risk, any information and data stored
in the Hotel’s property management system database (subject to Section 4.11). 
 Confidential Information does not
include information, knowledge, or know-how that Franchisee can demonstrate lawfully came to its attention before Hyatt or its Affiliate provided it to Franchisee directly or indirectly; that, at the time Hyatt or its Affiliate disclosed it to
Franchisee, already had lawfully become generally known in the hotel industry through publication or communication by others (without violating an obligation to Hyatt or its Affiliate); or that, after Hyatt or its Affiliate disclose it to
Franchisee, lawfully becomes generally known in the hotel industry through publication or communication by others (without violating an obligation to Hyatt or its Affiliate). However, if Hyatt includes any matter in Confidential Information, anyone
who claims that it is not Confidential Information must prove that one of the exclusions provided in this paragraph is satisfied. 
  

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 11.6. Innovations. All inventions, innovations and discoveries relating to Franchise
System Hotels if based or relying upon any element of the Hotel System (collectively, “Innovations”), whether or not protectable intellectual property and whether created by or for Franchisee, its Affiliates or contractors, or its
or their employees, must be promptly disclosed to Hyatt and will be deemed to be Hyatt’s and its Affiliate’s sole and exclusive property, part of the Hotel System, and works made-for-hire for Hyatt and its Affiliate. However, Franchisee
may not use any Innovation in operating the Hotel or otherwise without Hyatt’s prior written consent. If any Innovation does not qualify as a “work made-for-hire” for Hyatt and its Affiliate, by this paragraph Franchisee assigns
ownership of that Innovation, and all related rights to that Innovation, to Hyatt and agrees to take whatever action (including signing assignment or other documents) that Hyatt requests to evidence its ownership or to help Hyatt obtain intellectual
property rights in the Innovation. 
 ARTICLE XII 
 TRANSFER 
 12.1. Transfer by Hyatt. Franchisee
acknowledges that Hyatt maintains a staff to manage and operate the Hotel System and that staff members can change as employees come and go. Franchisee represents that Franchisee has not signed this Agreement in reliance on any particular owner,
director, officer, or employee remaining with Hyatt in that capacity. Hyatt may change its ownership or form and/or assign this Agreement and any other agreement to a third party without restriction. After Hyatt’s assignment of this Agreement
to a third party who expressly assumes the obligations under this Agreement, Hyatt no longer will have any performance or other obligations under this Agreement. 
 12.2. Transfer by Franchisee – Defined. Franchisee understands and acknowledges that the rights and duties this Agreement creates are personal to Franchisee and its Controlling Owners and that
Hyatt has granted Franchisee the rights under this Agreement in reliance upon Hyatt’s perceptions of Franchisee’s and its Controlling Owners’ collective character, skill, aptitude, attitude, business ability, and financial capacity.
Accordingly, unless otherwise specified in this Article XII, neither this Agreement (or any interest in this Agreement), the Hotel or substantially all of its assets, nor any ownership interest in Franchisee or any Owner (if such Owner is a
legal entity) may be transferred without complying with the terms and conditions applicable to such transfer in this Article XII. A transfer of the Hotel’s ownership, possession, or control, or substantially all of its assets, may be made
only with a transfer of this Agreement. Any transfer without complying with the terms and conditions applicable to such transfer in this Article XII, including Hyatt’s approval (where such approval is required under this Agreement) is a
breach of this Agreement. 
 In this Agreement, the term “transfer” includes a voluntary, involuntary, direct,
or indirect assignment, sale, gift, or other disposition of any interest in this Agreement; Franchisee; the Hotel or substantially all of its assets; any of Franchisee’s Owners (if such Owner is a legal entity); or any right to receive all or a
portion of the Hotel’s, Franchisee’s, or any Owner’s profits or losses. An assignment, sale, gift, or other disposition includes the following events: (a) transfer of ownership of capital stock, a partnership or membership
interest, or another form of ownership interest; (b) merger or consolidation or issuance of additional securities or other

  

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forms of ownership interest; (c) any sale of a security convertible to an ownership interest; (d) transfer in a divorce, insolvency, or entity dissolution proceeding or otherwise by
operation of law; (e) transfer by will, declaration of or transfer in trust, or under the laws of intestate succession; or (f) pledge of this Agreement (to someone other than Hyatt) or of an ownership interest in Franchisee or one of its
Owners as security, foreclosure upon the Hotel, or Franchisee’s transfer, surrender, or loss of the Hotel’s possession, control, or management. 
 12.3. Non-Control Transfers. If Franchisee is substantially complying with this Agreement, then, subject to the other provisions of this Article XII, Franchisee and/or any of its Owners may
consummate any Non-Control Transfers, without seeking or receiving Hyatt’s consent, if: 
 (a) neither the
proposed transferee nor any of its direct and indirect owners (if the transferee is a legal entity) is a Brand Owner; 
 (b) Franchisee notifies Hyatt at least ten (10) days before the transfer’s effective date; and 
 (c) such transfer does not, whether in one transaction or a series of related transactions (regardless of the time period over which these transfers take place), result in the transfer or creation of a direct or indirect Controlling
Ownership Interest in Franchisee. 
 12.4. Control Transfers. Franchisee must notify Hyatt in writing reasonably in
advance of Franchisee’s listing the Hotel for sale and promptly send Hyatt all information that Hyatt reasonably requests regarding any proposed sale. If Franchisee is substantially complying with this Agreement, then, subject to the other
provisions of this Article XII, Hyatt will approve a Control Transfer if all of the following conditions are met before or concurrently with the effective date of the Control Transfer: 
 (a) the transferee and each of its direct and indirect Controlling Owners (if the transferee is a legal entity) has, in
Hyatt’s judgment, the necessary business experience, aptitude, and financial resources to operate the Hotel and meets Hyatt’s then applicable standards for Franchise System Hotel franchisees. The proposed transferee must submit to Hyatt a
complete application for a new franchise agreement (the “Change of Ownership Application”), accompanied by payment of Fifty Thousand Dollars ($50,000) (although no such fee is due if the transfer is to the spouse, child, parent, or
sibling of the Owner(s) or from one Owner to another). If Hyatt does not approve the Change of Ownership Application, Hyatt will refund any application fee paid, less Seven Thousand Five Hundred Dollars ($7,500) for processing costs. 
 Hyatt will process the Change of Ownership Application according to its then current procedures, including review of criteria
and requirements regarding upgrading the Hotel, credit, background investigations, operations ability and capacity, prior business dealings, market feasibility, guarantees, and other factors concerning the proposed transferee(s) (and, if applicable,
its direct and indirect owner(s)) that Hyatt deems

  

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relevant. Hyatt has sixty (60) days from its receipt of the completed and signed Change of Ownership Application to consent or withhold its consent to the proposed transfer; 
 (b) Franchisee has paid all Royalty Fees, fees for Centralized Services, and other amounts owed to Hyatt, its Affiliates, and
third party vendors; has submitted all required reports and statements; and has not violated any material provision of this Agreement or any other agreement with Hyatt or its Affiliate during both the sixty (60)-day period before Franchisee
requested Hyatt’s consent to the transfer and the period between Franchisee’s request and the effective date of the transfer; 
 (c) the transferee’s general manager and other Core Management personnel that Hyatt specifies, if different from Franchisee’s general manager and Core Management personnel, satisfactorily
complete Hyatt’s required training programs; 
 (d) the transferee shall (if the transfer is of this
Agreement), or Franchisee and its Owners shall (if the transfer is of a Controlling Ownership Interest in Franchisee or one of its Controlling Owners), sign Hyatt’s then current form of franchise agreement and related documents (including
guarantees and assumptions of obligations), any and all of the provisions of which may differ materially from any and all of those contained in this Agreement, including the Royalty Fee and fees for Mandatory Services and Non-Mandatory Services, and
the term of which franchise agreement will be equal to the remaining unexpired portion of the Term; 
 (e)
Franchisee (and its transferring Owners) sign Hyatt’s then current form of termination agreement and a general release, in a form reasonably satisfactory to Hyatt, of any and all claims against Hyatt and its owners, Affiliates, officers,
directors, employees, and agents; 
 (f) Franchisee signs all documents Hyatt requests evidencing
Franchisee’s agreement to remain liable for all obligations to Hyatt and its Affiliates existing before the effective date of the transfer except to the extent such obligations (including guaranties and assumptions of liabilities) are expressly
assumed by the transferee; and 
 (g) Franchisee (if Franchisee will no longer operate the Hotel) and its
transferring Owners will not directly or indirectly at any time or in any manner identify itself or themselves in any business as a current or former Franchise System Hotel or as one of Hyatt’s franchisees; use any Proprietary Mark, any
colorable imitation of a Proprietary Mark, or other indicia of a Franchise System Hotel in any manner or for any purpose; or utilize for any purpose any trade name, trade or service mark, or other commercial symbol that suggests or indicates a
connection or association with Hyatt or its Affiliates. 
 Hyatt may review all information regarding the Hotel that Franchisee gives the
proposed transferee, correct any information that Hyatt believes is inaccurate, and give the transferee copies of any reports that Franchisee has given Hyatt or Hyatt has made regarding the Hotel. 
  

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 12.5. Permitted Transfers. Notwithstanding Section 12.4: 
 (a) Franchisee may mortgage the Hotel (but not this Agreement) to a lender that finances Franchisee’s acquisition,
development, and/or operation of the Hotel without having to obtain Hyatt’s prior written approval and without complying with the other terms and conditions of Section 12.4. However, unless otherwise provided in any comfort letter or other
agreement with the lender, any such mortgage or security interest shall be subject to all the terms and conditions of Section 12.4. Franchisee shall pay Hyatt its then current comfort letter fee for each comfort letter that Hyatt negotiates
relating to the Hotel. 
 (b) Any Owner who is an individual may, without Hyatt’s prior written consent and
without complying with the other terms and conditions of Section 12.4, transfer his or her interest in Franchisee (or Franchisee’s Owner) to a trust or other entity that he or she establishes for estate planning purposes, as long as he or
she is a trustee of, or otherwise controls the exercise of the rights in Franchisee (or Franchisee’s Owner) held by, the trust or other entity, continues to comply with and ensures the trust’s or other entity’s compliance with the
applicable provisions of this Agreement (if such Owner is a Guarantor), and notifies Hyatt in writing of the transfer at least ten (10) days prior to its anticipated effective date. Dissolution of or transfers from any trust or other entity
described in this Section 12.5(b) are subject to all applicable terms and conditions of Section 12.3 or 12.4. 
 12.6.
Transfers of Equity Interest Upon Death. Upon the death or mental incompetency of a person with a Controlling Ownership Interest in Franchisee or one of its Controlling Owners, that person’s executor, administrator, or personal
representative (“Representative”) must, within three (3) months after the date of death or mental incompetency, transfer the Owner’s interest in Franchisee or the Controlling Owner to a third party, subject to Hyatt’s
approval and the conditions set forth in Section 12.4. In the case of a transfer by devise or inheritance, if the heirs or beneficiaries cannot meet the conditions of Section 12.4 within this three (3)-month period, the Representative will
have six (6) months from the date of death or mental incompetency to dispose of the interest, subject to Hyatt’s approval and the conditions set forth in Section 12.4. Hyatt may terminate this Agreement if this required transfer fails
to occur within the required timeframe. 
 12.7. Registration of a Proposed Transfer of Equity Interests. All materials
required by federal or state law for the sale of any interest in Franchisee or its Affiliates, including any materials to be used in an offering exempt from registration under federal or state securities laws, must be submitted to Hyatt for review
before their distribution to prospective investors or filing with any government agency. No such offering may imply or state (by use of the Proprietary Marks or otherwise) that Hyatt is participating as an underwriter, issuer, or Franchisee’s
representative, suggest that Hyatt endorses Franchisee’s offering or agrees with any financial projections, or otherwise contain any information about Hyatt, this Agreement, Hyatt’s relationship with Franchisee or the Hotel System that
Hyatt disapproves. Hyatt’s review and approval of the materials will not in any way be Hyatt’s endorsement of the offering or representation that Franchisee has complied or is complying with applicable laws. Hyatt’s approval will mean
only that Hyatt believes the references in the offering materials to Hyatt, this

  

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Agreement, Hyatt’s relationship with Franchisee and the Hotel System, and the use in the offering materials of the Proprietary Marks, are acceptable to Hyatt. Franchisee must pay Hyatt a
non-refundable fee equal to Five Thousand Dollars ($5,000) to review each proposed offering. Hyatt may require changes to Franchisee’s offering materials for the purposes specified above and has the right to request and receive a full
indemnification from all participants in the offering before issuing Hyatt’s consent. 
 12.8. Non-Waiver of Claims.
Hyatt’s consent to a transfer is not a representation of the fairness of the terms of any contract between Franchisee (or its Owners) and the transferee, a guarantee of the Hotel’s or transferee’s prospects of success, or a waiver of
any claims Hyatt has against Franchisee (or its Owners) or of Hyatt’s right to demand the transferee’s full compliance with this Agreement. 
 ARTICLE XIII 
 SUCCESSOR FRANCHISE 
 13.1. Right to a Successor Franchise Agreement. When this Agreement expires: 
 (a) if Franchisee (and each Guarantor) has substantially complied with this Agreement during its Term; 
 (b) if Franchisee and its Owners then meet Hyatt’s then applicable standards for franchisees and owners of franchisees
of Franchise System Hotels; 
 (c) if Franchisee received passing Quality Assurance Scores (as defined in the
Manual) on all evaluations conducted during the preceding three (3)-year period; 
 (d) if Franchisee (and each
Guarantor) is, both on the date Franchisee gives Hyatt written notice of Franchisee’s election to acquire a successor franchise (as provided below) and on the date on which the term of the successor franchise commences, in full compliance with
this Agreement and all System Standards; and 
 (e) provided that (i) Franchisee maintains possession of and
agrees (regardless of cost) to renovate, remodel, and/or expand the Hotel (which may include structural alterations), add or replace improvements and FF&E, and otherwise modify the Hotel as Hyatt requires to comply with the Hotel System and
System Standards then applicable for similarly situated Franchise System Hotels (subject to Reasonable Deviations), or (ii) at Franchisee’s option, Franchisee secures a substitute site that Hyatt approves and constructs and develops that
site according to the Hotel System and System Standards then applicable for similarly situated Franchise System Hotels (subject to Reasonable Deviations), 
 Hyatt will offer Franchisee the right to enter into a successor franchise agreement to operate the Hotel as a Franchise System Hotel for a term commencing immediately upon the expiration of this Agreement
and expiring ten (10) years from that date (the “Successor Franchise Right”). Franchisee agrees to sign the franchise agreement Hyatt then uses to grant franchises for Franchise System Hotels (modified as necessary to reflect
the fact that it is for a successor

  

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franchise and that there will be no further renewal or successor franchise rights), which may contain provisions that differ materially from any and all of those contained in this Agreement,
except that Hyatt will not charge a successor franchise fee. 
 If Franchisee (and each Guarantor) is not, both on the date
Franchisee gives Hyatt written notice of Franchisee’s election to exercise the Successor Franchise Right and on the date on which the term of the successor franchise agreement is scheduled to commence, in full compliance with this Agreement and
all System Standards, Franchisee acknowledges that Hyatt need not enter into a successor franchise agreement with Franchisee, whether or not Hyatt had, or chose to exercise, the right to terminate this Agreement during its Term. 
 13.2. Grant of a Successor Franchise. Franchisee agrees to give Hyatt written notice of Franchisee’s election to exercise the
Successor Franchise Right no more than twenty-one (21) months, and no less than eighteen (18) months, before this Agreement expires. Simultaneously with submitting its notice to exercise the Successor Franchise Right, Franchisee
shall pay Hyatt its then current PIP fee, which is non-refundable. Hyatt agrees to give Franchisee written notice (“Hyatt’s Notice”), not more than ninety (90) days after Hyatt receives Franchisee’s notice, of
Hyatt’s decision: 
 (a) to enter into a successor franchise agreement with Franchisee (subject to the other
terms and conditions of this Article XIII); 
 (b) to enter into a successor franchise agreement with
Franchisee on the condition that Franchisee corrects existing deficiencies of the Hotel or in Franchisee’s operation of the Hotel (subject to the other terms and conditions of this Article XIII); or 
 (c) not to enter into a successor franchise agreement with Franchisee based on Hyatt’s determination that Franchisee and
its Guarantors have not satisfied any one or more of the conditions in Section 13.1. 
 If applicable, Hyatt’s Notice will:

 (i) describe the renovation, remodeling, expansion, improvements, and/or modifications required to bring the
Hotel into compliance with the Hotel System and System Standards then applicable for similarly situated new Franchise System Hotels (subject to Reasonable Deviations), which must be completed to Hyatt’s satisfaction at least three
(3) months before the Term expires; and 
 (ii) state the actions Franchisee must take to correct operating
deficiencies and the time period in which Franchisee must correct these deficiencies. 
 If Hyatt elects not to enter into a
successor franchise agreement with Franchisee, Hyatt’s Notice will describe the reasons for its decision. If Hyatt elects to enter into a successor franchise agreement with Franchisee, Franchisee’s effective exercise of the Successor
Franchise Right is subject to Franchisee’s full compliance with all of the terms and conditions of this Agreement through the date of its expiration, in addition to Franchisee’s compliance with the obligations described in Hyatt’s
Notice. 
  

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 If Hyatt’s Notice states that Franchisee must cure certain deficiencies of the Hotel or
its operation as a condition to Hyatt’s entering into a successor franchise agreement with Franchisee, Hyatt will give Franchisee written notice of Hyatt’s decision not to enter into a successor franchise agreement with Franchisee, based
upon Franchisee’s failure to cure those deficiencies, at least ninety (90) days before this Agreement expires. However, Hyatt need not give Franchisee this ninety (90) days’ notice if Hyatt decides not to enter into a successor
franchise agreement with Franchisee due to Franchisee’s breach of this Agreement during the ninety (90)-day period before it expires. If Hyatt fails to give Franchisee: 
 (1) notice of deficiencies in the Hotel, or in Franchisee’s operation of the Hotel, within ninety (90) days after
Hyatt receives Franchisee’s timely election to exercise the Successor Franchise Right (if Hyatt elects to enter into a successor franchise agreement with Franchisee under subparagraphs (b) and (ii) above); or 
 (2) notice of Hyatt’s decision not to enter into a successor franchise agreement with Franchisee at least ninety
(90) days before this Agreement expires, if this notice is required, 
 Hyatt may unilaterally extend the Term for the time period
necessary to give Franchisee either reasonable time to correct deficiencies or the ninety (90) days’ notice of Hyatt’s refusal to grant a successor franchise. If Franchisee fails to notify Hyatt of Franchisee’s election to enter
into a successor franchise agreement within the prescribed time period, Hyatt will deem this to be Franchisee’s decision not to exercise the Successor Franchise Right or enter into a successor franchise agreement with Hyatt. 
 13.3. Agreements/Releases. If Franchisee satisfies all of the other conditions for a successor franchise agreement, Franchisee and
its Owners (as applicable) agree to sign the form of franchise agreement and any ancillary agreements Hyatt then customarily uses in granting franchises for Franchise System Hotels (modified as necessary to reflect the fact that it is for a
successor franchise and that there will be no further renewal or successor franchise rights), which may contain provisions that differ materially from any and all of those contained in this Agreement, except that Hyatt will not charge a successor
franchise fee. Franchisee and its Owners further agree to sign general releases, in a form satisfactory to Hyatt, of any and all claims against Hyatt and its owners, Affiliates, officers, directors, employees, agents, successors, and assigns. Hyatt
will consider Franchisee’s or its Owners’ failure to sign these agreements and releases and to deliver them to Hyatt for acceptance and execution within thirty (30) days after their delivery to Franchisee to be an election not to
enter into a successor franchise agreement. 
 ARTICLE XIV 
 DISPUTE RESOLUTION 
 14.1. Arbitration. All
controversies, disputes, or claims between Hyatt (and/or its Affiliates and its and their respective owners, officers, directors, agents, and/or employees), and Franchisee (and/or its Affiliates and Guarantors and its and their respective owners,
officers, directors, agents and/or employees) arising out of or related to: 
 (a) this Agreement or any other
agreement between Franchisee and Hyatt or any of its Affiliates; 
  

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 (b) Hyatt’s (or any of its Affiliates’) relationship with
Franchisee; 
 (c) the scope or validity of this Agreement or any other agreement between Franchisee and Hyatt or
any of its Affiliates, or any provision of any of those agreements (including the validity and scope of the arbitration obligation under this Section 14.1, which Hyatt and Franchisee acknowledge is to be determined by an arbitrator, not a
court); or 
 (d) any aspect of the Hotel System or any System Standard 
 must be submitted for binding arbitration to the American Arbitration Association (the “AAA”). The arbitration proceedings will be
conducted by one (1) arbitrator and, except as this Section otherwise provides, according to the AAA’s then current commercial arbitration rules. The arbitrator must be a licensed attorney, have hotel industry experience, and be listed on
the AAA’s National Roster of Neutrals (or such other equivalent replacement roster of experienced arbitrators that the AAA designates). All proceedings will be conducted at a suitable location chosen by the arbitrator that is within ten
(10) miles of Hyatt’s then current principal business address. All matters relating to arbitration will be governed by the Federal Arbitration Act (9 U.S.C. Sections 1 et seq.) and not by any state arbitration law.

 The arbitrator has the right to award any relief that he or she deems proper, including money damages (with interest on
unpaid amounts from the date due), specific performance, injunctive relief, and attorneys’ fees and costs, provided that the arbitrator may not declare any Proprietary Mark generic or otherwise invalid or, except as expressly provided in
Section 14.5 below, award any punitive, exemplary, or treble or other forms of multiple damages against either party (Hyatt and Franchisee hereby waiving to the fullest extent permitted by law, except as expressly provided in Section 14.5
below, any right to or claim for any punitive, exemplary, and treble and other forms of multiple damages against the other). The award of the arbitrator shall be conclusive and binding upon all parties hereto and judgment upon the award may be
entered in any court of competent jurisdiction. 
 Hyatt and Franchisee agree to be bound by the provisions of any limitation on
the period of time in which claims must be brought under applicable law or this Agreement, whichever expires earlier. Hyatt and Franchisee further agree that, in any arbitration proceeding, each must submit or file any claim that would constitute a
compulsory counterclaim (as defined by the Federal Rules of Civil Procedure) within the same proceeding as the claim to which it relates. Any claim that is not submitted or filed as required is forever barred. The arbitrator may not consider any
settlement discussions or offers that might have been made by either Franchisee or Hyatt. 
 Hyatt and Franchisee agree that
arbitration will be conducted on an individual, not a class-wide, basis; that only Hyatt (and/or its Affiliates and its and their respective owners, officers, directors, agents, and/or employees, as applicable) and Franchisee (and/or its Guarantors
and Affiliates and its and their respective owners, officers, directors, agents and/or

  

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employees, as applicable) may be the parties to any arbitration proceedings described in this Section; and that an arbitration proceeding between Hyatt (and/or its Affiliates and its and their
respective owners, officers, directors, agents, and/or employees) and Franchisee (and/or its Guarantors and Affiliates and its and their respective owners, officers, directors, agents and/or employees) may not be consolidated with any other
arbitration proceeding between Hyatt and any other person. Notwithstanding the foregoing or anything to the contrary in this Section or Section 18.2, if any court or arbitrator determines that all or any part of the preceding sentence is
unenforceable with respect to a dispute that otherwise would be subject to arbitration under this Section 14.1, then all parties agree that this arbitration clause shall not apply to that dispute and that such dispute shall be resolved in a
judicial proceeding in accordance with this Article XIV (excluding this Section 14.1). 
 Despite Hyatt’s and
Franchisee’s agreement to arbitrate, Hyatt and Franchisee each have the right in a proper case to seek temporary restraining orders and temporary or preliminary injunctive relief from a court of competent jurisdiction; provided, however, that
Hyatt and Franchisee must contemporaneously submit the dispute for arbitration on the merits as provided in this Article XIV. The provisions of this Article are intended to benefit and bind certain third party non-signatories and will continue
in full force and effect subsequent to and notwithstanding this Agreement’s expiration or termination. 
 14.2.
Governing Law. All matters relating to arbitration will be governed by the Federal Arbitration Act (9 U.S.C. Sections 1 et seq.). Except to the extent governed by the Federal Arbitration Act, the United States
Trademark Act of 1946 (Lanham Act, 15 U.S.C. Sections 1051 et seq.) or other federal law, this Agreement, the franchise, and all claims arising from the relationship between Hyatt (and/or any of its Affiliates) and Franchisee will
be governed by the laws of the State of             , without regard to its conflict of laws rules, except that any             
law regulating the offer or sale of franchises, business opportunities, or similar interests, or governing the relationship between a franchisor and a franchisee or any similar relationship, will not apply unless its jurisdictional requirements are
met independently without reference to this Section. 
 14.3. Consent to Jurisdiction. Subject to the parties’
arbitration obligations and the provisions below, Franchisee and its Owners agree that all actions arising under this Agreement or otherwise as a result of the relationship between Franchisee and Hyatt (and/or any of its Affiliates) must be
commenced in the state or federal court of             , and Franchisee (and each Owner) irrevocably submits to the jurisdiction of those courts and waives any objection Franchisee (or the
Owner) might have to either the jurisdiction of or venue in those courts. Nonetheless, Franchisee and its Owners agree that Hyatt may enforce this Agreement and any arbitration orders and awards in the courts of the state or states in which
Franchisee (or any of its Owners) is domiciled or the Hotel is located. 
 14.4. Attorneys’ Fees. If either party
initiates a formal legal proceeding under or relating to this Agreement, the non-prevailing party in that proceeding (as determined by the judge or arbitrator, as applicable) must reimburse the prevailing party for all of the prevailing party’s
costs and expenses that it incurs, including reasonable accounting, attorneys’, arbitrators’, and related fees. 
  

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 14.5. Waiver Of Punitive Damages And Jury Trial. EXCEPT FOR THE INDEMNIFICATION
OBLIGATIONS FOR THIRD PARTY CLAIMS UNDER SECTIONS 8.3 AND 8.4, AND EXCEPT FOR PUNITIVE, EXEMPLARY, AND TREBLE AND OTHER FORMS OF MULTIPLE DAMAGES AVAILABLE TO EITHER PARTY UNDER FEDERAL LAW, HYATT AND FRANCHISEE (AND FRANCHISEE’S OWNERS)
WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO OR CLAIM FOR ANY PUNITIVE, EXEMPLARY, AND TREBLE AND OTHER FORMS OF MULTIPLE DAMAGES AGAINST THE OTHER AND AGREE THAT, IN THE EVENT OF A DISPUTE BETWEEN HYATT AND FRANCHISEE (AND/OR
FRANCHISEE’S OWNERS), THE PARTY MAKING A CLAIM WILL BE LIMITED TO EQUITABLE RELIEF AND TO RECOVERY OF ANY ACTUAL DAMAGES IT SUSTAINS. 
 SUBJECT TO THE PARTIES’ ARBITRATION OBLIGATIONS, HYATT AND FRANCHISEE (AND FRANCHISEE’S OWNERS) IRREVOCABLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM, WHETHER AT LAW OR IN
EQUITY, BROUGHT BY EITHER HYATT OR FRANCHISEE. 
 14.6. Limitations of Claims. EXCEPT FOR CLAIMS ARISING FROM
FRANCHISEE’S NON-PAYMENT OR UNDERPAYMENT OF AMOUNTS FRANCHISEE OWES HYATT OR ANY OF ITS AFFILIATES, ANY AND ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR HYATT’S (OR ANY OF ITS AFFILIATES’) RELATIONSHIP WITH FRANCHISEE
WILL BE BARRED UNLESS A LEGAL PROCEEDING (IN THE REQUIRED OR PERMITTED FORUM) IS COMMENCED WITHIN EIGHTEEN (18) MONTHS FROM THE DATE ON WHICH THE PARTY ASSERTING THE CLAIM KNEW OR SHOULD HAVE KNOWN OF THE FACTS GIVING RISE TO THE CLAIMS.

 ARTICLE XV 
 DEFAULT AND TERMINATION 
 15.1. Termination by Hyatt After Opportunity
to Cure. Hyatt has the right to terminate this Agreement, effective on the date stated in Hyatt’s written notice (or the earliest date permitted by applicable law), if: 
 (a) Franchisee fails to pay Hyatt or any of its Affiliates any fees or other amounts due under this Agreement or any other
agreement between Franchisee and Hyatt or any of its Affiliates and does not cure that default within ten (10) days after delivery of Hyatt’s written notice of default to Franchisee; 
 (b) Franchisee fails to pay when due any financial obligation to a Provider and does not cure that default within thirty
(30) days after delivery of Hyatt’s written notice of default to Franchisee; 
 (c) Franchisee fails to
begin or continue the construction or renovation of the Hotel in accordance with the timeline set forth in Article II, or fails to open the Hotel on or before the Opening Deadline (as extended pursuant to Section 2.4.1, if applicable), and

  

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does not cure that default within thirty (30) days after delivery of Hyatt’s written notice of default to Franchisee; provided, however, such default shall not constitute grounds for
termination of this Agreement if Franchisee shall have commenced the cure of such default within such thirty (30)-day period and thereafter diligently prosecutes such cure to completion, provided the same is cured within ninety (90) days after
delivery of Hyatt’s original written notice of default to Franchisee; 
 (d) Franchisee fails to comply
with any other provision of this Agreement, the Manual, any aspect of the Hotel System or any System Standard and does not cure that default within thirty (30) days after delivery of Hyatt’s written notice of default to Franchisee;
provided, however, such default shall not constitute grounds for termination of this Agreement if Franchisee shall have commenced the cure of such default within such thirty (30)-day period and thereafter diligently prosecutes such cure to
completion, provided the same is cured within ninety (90) days after delivery of Hyatt’s original written notice of default to Franchisee; 
 (e) Franchisee fails to comply with any other agreement with Hyatt or its Affiliates relating to the Hotel and does not cure that default within thirty (30) days (or such shorter time period that the
other agreement specifies for curing that default) after delivery of Hyatt’s written notice of default to Franchisee; provided, however, such default shall not constitute grounds for termination of this Agreement if Franchisee shall have
commenced the cure of such default within such thirty (30)-day period and thereafter diligently prosecutes such cure to completion, provided the same is cured within ninety (90) days after delivery of Hyatt’s original written notice of
default to Franchisee; 
 (f) Franchisee does not buy, maintain, or send Hyatt evidence of required insurance
coverage and does not cure that default within ten (10) days after delivery of Hyatt’s written notice of default to Franchisee. 
 15.2. Termination by Hyatt Without Opportunity to Cure. Hyatt may terminate this Agreement immediately, without giving Franchisee an opportunity to cure the default, effective upon delivery of
written notice to Franchisee (or such later date as required by law), if: 
 (a) Franchisee or any Guarantor
admits its inability to pay its debts as they become due or makes a general assignment for the benefit of creditors; suffers an action to dissolve or liquidate Franchisee or any Guarantor; commences or consents to any case, proceeding, or action
seeking reorganization, arrangement, adjustment, liquidation, dissolution, or composition of debts under any law relating to bankruptcy, insolvency, reorganization, or relief of debtors; suffers an appointment of a receiver, trustee, custodian, or
other official for any portion of its property; takes any corporate or other action to authorize any of the actions set forth above in this Section 15.2(a); has any case, proceeding, or other action commenced against it as debtor seeking an
order for relief, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization, or relief of debtors, or seeking appointment of a
receiver, trustee, custodian, or other official for it or any portion of its property, and such case, proceeding, or other action results in

  

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an order for relief against it that is not fully stayed within seven (7) business days after being entered or remains un-dismissed for forty-five (45) days; has an attachment of Fifty
Thousand Dollars ($50,000) or more on all or any part of the Hotel or any of its assets that remains for at least ninety (90) days; or fails, within sixty (60) days after the entry of a final judgment against it in any amount exceeding One
Hundred Thousand Dollars ($100,000), to discharge, vacate, or reverse the judgment, to stay its execution, or, if appealed, to discharge the judgment within thirty (30) days after a final adverse decision in the appeal; 
 (b) Franchisee for any reason except as otherwise provided in this Agreement ceases constructing and/or operating the Hotel
at the Site under the Proprietary Marks, or loses possession or the right to possess all or a significant part of the Hotel, or fails to identify the Hotel to the public as a Franchise System Hotel; 
 (c) Franchisee or any of its Affiliates contests in any court or proceeding all or any portion of Hyatt’s or its
Affiliate’s ownership of the Hotel System or the validity of any Proprietary Mark, Copyrighted Materials, or Confidential Information or registers or attempts to register any Proprietary Mark or a derivative thereof; 
 (d) Franchisee (or any of its Owners) makes a transfer in violation of Article XII; 
 (e) Franchisee fails to identify the Hotel to the public as a Franchise System Hotel or discontinues operating the Hotel as a
Franchise System Hotel, and it is not unreasonable for Hyatt under the facts and circumstances to conclude that Franchisee does not intend to continue to operate the Hotel under the Proprietary Marks; 
 (f) Franchisee or any of its Controlling Owners or Guarantors is, or is discovered to have been, convicted of a felony or
enters or is discovered to have entered a plea of no contest to a felony that is likely, in Hyatt’s reasonable opinion, to reflect adversely upon Hyatt, the Hotel System, or the Proprietary Marks, including any violation of laws or regulations
relating to discrimination, equal employment, or equal opportunity; 
 (g) Franchisee knowingly maintains false
books and records of account or knowingly submits false or misleading reports or information to Hyatt or its Affiliate, including any information Franchisee provides or fails to provide on its franchise application; 
 (h) Franchisee (or any of its Owners) knowingly makes any unauthorized use or disclosure of any part of the Manual or any
other Confidential Information; 
 (i) Hyatt determines that a serious threat or danger to public health or
safety results from the construction, maintenance, or operation of the Hotel, such that an immediate shutdown of the Hotel or construction site is necessary to avoid a substantial liability or loss of goodwill to the Hotel System and Franchisee
fails or refuses to close the Hotel and use commercially reasonable best efforts to immediately take such steps as are necessary to remove or remediate the threat or danger; 
  

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 (j) Hyatt exercises its right to terminate this Agreement pursuant to
Section 10.1 or 10.2; 
 (k) Franchisee violates any law, ordinance, or regulation that is likely, in
Hyatt’s reasonable opinion, to reflect adversely upon Hyatt, the Hotel System, or the Proprietary Marks, and does not begin to cure the violation immediately after receiving notice from Hyatt or any other party and to complete the cure as soon
as is reasonably practicable or within the timeframe allowed by law, whichever is shorter; 
 (l) Franchisee
(1) fails on three (3) or more separate occasions within any twelve (12) consecutive month period to comply with this Agreement, whether the failures relate to the same or different obligations under this Agreement and whether or not
Franchisee corrects the failures after Hyatt’s delivery of notice to Franchisee; or (2) fails on two (2) or more separate occasions within any six (6) consecutive month period to comply with the same obligation under this
Agreement, whether or not Franchisee corrects the failures after Hyatt’s delivery of notice to Franchisee; 
 (m) Franchisee fails to pay when due any federal or state income, service, sales, or other taxes due on the Hotel’s operation and does not cure that default within thirty (30) days after delivery of Hyatt’s written notice of
default to Franchisee and such failure is likely, in Hyatt’s reasonable opinion, to reflect adversely upon Hyatt, the Hotel System, or the Proprietary Marks,, unless Franchisee is in good faith contesting its liability for those taxes or has
received an extension from the applicable government agency of the time within which to make such payments; or 
 (n) Franchisee’s or any of its Owners’ assets, property, or interests are blocked under any Anti-Terrorism Law or Franchisee or any of its Owners otherwise violate any Anti-Terrorism Law. 
 15.3. Suspension of Rights and Services. Franchisee acknowledges that, upon Franchisee’s failure to remedy any default specified
in any written notice issued to Franchisee under Section 15.1 (following any cure period specified for such default in Section 15.1) or Section 15.2, Hyatt has the right, until Franchisee remedies such default to Hyatt’s
satisfaction, to (a) suspend Franchisee’s right to use, and Franchisee’s access to, the CRS and/or other Centralized Services; (b) remove the Hotel from Hyatt’s advertising publications and programs and/or the National
Directory; (c) suspend or terminate any temporary or other fee reductions to which Hyatt might have agreed in this Agreement or any amendment(s) to this Agreement; and/or (d) refuse to provide any operational support that this Agreement
otherwise requires. If Hyatt suspends Franchisee from the CRS, Hyatt has the right to divert reservations previously made for the Hotel to other Franchise System Hotels or Hyatt-Affiliated Hotels. Hyatt will exercise its right to suspend
Franchisee’s rights only after Franchisee’s cure period (if any) under the written notice of default has expired. If Hyatt exercises its right to suspend Franchisee’s access to the CRS or other Centralized Services, such suspension
will last no more than six (6) months, after which time Hyatt shall either reinstate Franchisee’s access or terminate this Agreement. Hyatt’s exercise of this right will not constitute an actual or constructive termination of this
Agreement nor be Hyatt’s sole and exclusive remedy for Franchisee’s default. If Hyatt exercises its right not to terminate this Agreement but to implement any remedies in this

  

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Section 15.3, Hyatt may at any time after the appropriate cure period under the written notice has lapsed (if any) terminate this Agreement without giving Franchisee any additional
corrective or cure period. During any suspension period, Franchisee must continue to pay all fees and other amounts due under, and otherwise comply with, this Agreement and all related agreements. Hyatt’s election to suspend Franchisee’s
rights as provided above will not be a waiver by Hyatt of any breach of this Agreement. If Hyatt rescinds any suspension of Franchisee’s rights, Franchisee will not be entitled to any compensation, including repayment, reimbursement, refunds,
or offsets, for any fees, charges, expenses, or losses Franchisee might have incurred due to Hyatt’s exercise of any suspension right provided above. 
 15.4. General Provisions Concerning Default and Termination. In any arbitration or other proceeding in which the validity of Hyatt’s or Franchisee’s termination of this Agreement or
Hyatt’s refusal to enter into a successor franchise agreement is contested, Hyatt and Franchisee may cite and rely upon all of the other’s (and any Guarantor’s) defaults or violations of this Agreement, not only the defaults or
violations referenced in any written notice. No notice of termination or refusal to enter into a successor franchise agreement will relieve either Hyatt or Franchisee of its obligations that survive termination of this Agreement, including its
de-identification, indemnification, and liquidated damages payment obligations. Franchisee agrees that Hyatt has the right and authority (but not the obligation) to notify Franchisee’s Lender and any or all of Franchisee’s Owners,
creditors and/or suppliers if Franchisee is in default under, or Hyatt has terminated, this Agreement. 
 ARTICLE XVI 

 RIGHTS AND OBLIGATIONS UPON EXPIRATION OR TERMINATION 
 16.1. De-Identification. Beginning on the date upon which this Agreement terminates or expires, Franchisee must immediately cease
using the Hotel System and begin to de-identify the Hotel by taking whatever action Hyatt deems necessary to ensure that the Hotel no longer is identified as a hotel within the Hotel System. Franchisee agrees to take the following steps, among other
actions, to de-identify the Hotel: 
 (a) return to Hyatt the Manual, all other Copyrighted Materials, and all
materials containing Confidential Information or bearing any of the Proprietary Marks and cease using all such items; 
 (b) remove all items identifying the Hotel System, including all elements of the trade dress and other distinctive features, devices, and/or items associated with the Hotel System, such as (for example) FF&E that is uniquely identified
with a Franchise System Hotel or a Hyatt-Affiliated Hotel, interior signage, lobby signage, door identifier signage, directional signage, phone face plates, memo pads, pens, cups, glasses, signage on the back of guest room doors, and all other
signage bearing one or more of the Proprietary Marks. With respect to the Hotel’s exterior signage, Franchisee must (i) immediately schedule the permanent removal of all exterior signage bearing any of the Proprietary Marks and give Hyatt
written evidence of that schedule, (ii) immediately cover all exterior signage in a professional manner, and (iii) permanently remove all exterior signage within thirty (30) days after this Agreement expires or terminates. In

  

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addition, Franchisee must make at its expense such specific additional changes that Hyatt reasonably requests to de-identify the Hotel; 
 (c) change the Hotel’s telephone listing and immediately stop answering the telephone in any way that would lead a
current or prospective customer, vendor, or other person to believe that the Hotel still is associated with the Hotel System or Hyatt; 
 (d) stop all uses of the Proprietary Marks on any Franchisee Organization Website and require all third-party Websites to remove any references that directly or indirectly associate the Hotel with the
Proprietary Marks; 
 (e) cancel all fictitious, assumed, or other business name registrations relating to
Franchisee’s use of the Proprietary Marks; and 
 (f) permit Hyatt’s representatives to enter the Hotel
on no less than twenty four (24) hours’ prior notice to conduct inspections on a periodic basis until de-identification is completed to Hyatt’s satisfaction. 
 Beginning on the date upon which this Agreement terminates or expires and continuing until de-identification is completed to Hyatt’s satisfaction, Franchisee must maintain a conspicuous sign at the
registration desk in a form that Hyatt specifies stating that the Hotel no longer is associated with the Hotel System. Franchisee and its Affiliates may not, without Hyatt’s permission, represent to former Hotel customers, prospective customers
or the public, or otherwise hold itself out to the public as a former franchisee of Hyatt’s or as the former operator of a Franchise System Hotel, except in the limited case of informing investors, prospective investors, or lenders that
Franchisee has general experience in operating a Franchise System Hotel. Franchisee acknowledges that the de-identification process is intended to alert the public immediately that the Hotel is not affiliated with the Hotel System. Subject to the
terms of Subsection (b) above with respect to exterior signage, Franchisee shall complete all de-identification obligations under this Section 16.1 to Hyatt’s satisfaction, and provide a written certification to Hyatt indicating such
completion, on or before the date which is fifteen (15) days after this Agreement terminates or expires. 
 If Franchisee
fails to comply strictly with all of the de-identification provisions in this Section 16.1, Franchisee agrees to: (i) pay Hyatt a royalty fee of Five Thousand Dollars ($5,000) per day until de-identification is completed to Hyatt’s
satisfaction; and (ii) permit Hyatt’s representatives to enter the Hotel to complete the de-identification process at Franchisee’s expense. Franchisee agrees to pay all of Hyatt’s costs and expenses of enforcing these
de-identification provisions, including all attorneys’ fees and costs. Nothing in this Section or this Agreement limits Hyatt’s rights or remedies at law or in equity if Franchisee does not complete the de-identification procedures as
provided above, including Hyatt’s right to seek and obtain an injunction to remove or cause to be removed, at Franchisee’s sole cost and expense, all signage from the Hotel. 
 16.2. Pay Amounts Owed. Unless otherwise provided in this Agreement, within five (5) days after the termination or expiration of
this Agreement, Franchisee must pay all amounts owed to Hyatt and its Affiliates under this Agreement or any other agreement. 
  

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 16.3. Contacting Customers. Upon this Agreement’s termination or expiration for
any reason, Hyatt has the right to contact those individuals or entities who have reserved rooms with Franchisee through the CRS, and any other Hotel customers, and inform them that Franchisee’s lodging facility no longer is part of the Hotel
System. Hyatt also has the right to inform those individuals, entities and customers of other Franchise System Hotels and other Hyatt-Affiliated Hotels that are proximately located to Franchisee’s lodging facility in case they prefer to change
their reservations so that they can stay at a Hyatt-Affiliated Hotel. Hyatt’s exercise of these rights will not constitute an interference with Franchisee’s contractual or business relationship. Franchisee acknowledges that the individuals
and entities that made reservations with Franchisee’s lodging facility when it was a Hotel under this Agreement constitute Hyatt’s customers. 
 16.4. Centralized Services. Beginning on the date that this Agreement terminates or expires, Hyatt and its Affiliates shall stop providing Centralized Services to the Hotel. 
 16.5. Liquidated Damages. Franchisee acknowledges and confirms that Hyatt will suffer substantial damages as a result of the
termination of this Agreement. Some of those damages include lost Royalty Fees, lost market penetration and goodwill, loss of Hotel System representation in the Hotel’s market area, confusion of national accounts and individual customers,
disadvantage in competing for national accounts and other types of bookings for Franchise System Hotels, lost opportunity costs, and expenses that Hyatt will incur in developing another franchise in the Hotel’s market area (collectively,
“Brand Damages”). Hyatt and Franchisee acknowledge that Brand Damages are difficult to estimate accurately and proof of Brand Damages would be burdensome and costly, although such damages are real and meaningful to Hyatt. Therefore,
upon termination of this Agreement before the Term expires for any reason (subject to Article X), Franchisee agrees to pay Hyatt, within fifteen (15) days after the date of such termination, liquidated damages in a lump sum as calculated
below. 
 (a) If this Agreement contemplates Franchisee’s constructing a new Hotel at the Site pursuant to
Section 2.1 and construction of the Hotel had not yet begun (as described in Subsection 2.1(d)) as of the effective date of termination, then the liquidated damages are One Thousand Dollars ($1,000) multiplied by the number of approved
guest rooms at the Hotel. However, if construction begins on a hotel or other lodging facility at the Site (whether or not Franchisee then owns or controls the Site), within one (1) year after the effective date of termination, then Franchisee
must pay Hyatt, within thirty (30) days after Hyatt’s notice to Franchisee, the difference between the liquidated damages calculated under Subsection 16.5(b) below and the liquidated damages that Franchisee already paid to Hyatt.

 (b) Subject to Subsection 16.5(a), if this Agreement terminates before the third anniversary of the
Opening Date, the liquidated damages are the product of (i)(A) six percent (6%) times the average daily revenue per available guest room for all Franchise System Hotels in the United States (including those that Hyatt and its Affiliates
own, manage, and franchise) for the previous twelve (12) full calendar months, plus (B) three percent (3%) times the average daily food and beverage revenue per available guest room for all Franchise System Hotels in the United States
(including those that Hyatt and its Affiliates own, manage, and franchise) for the previous twelve (12) full

  

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calendar months; times (ii) one thousand eight hundred twenty-five (1,825) days; times (iii) the number of guest rooms at the Hotel. 
 (c) If this Agreement terminates on or after the third anniversary of the Opening Date, the liquidated damages are the
product of (i) the average monthly Royalty Fees that Franchisee owed Hyatt during the twelve (12) full calendar month period before the month of termination, without regard for any provision in this Agreement or any amendment(s) to this
Agreement deferring or reducing any portion of those fees, times (ii) sixty (60) or the number of months remaining in this Agreement’s term, whichever is less. 
 Notwithstanding the foregoing, if this Agreement is terminated because of a Consequential Termination, then the liquidated damages are one
hundred fifty percent (150%) of the amount calculated in (a), (b) or (c) above (as applicable). 
 Franchisee
agrees that the liquidated damages calculated under this Section 16.5 represent the best estimate of Hyatt’s Brand Damages arising from any termination of this Agreement before the Term expires. Franchisee’s payment of the liquidated
damages to Hyatt will not be considered a penalty but, rather, a reasonable estimate of fair compensation to Hyatt for the Brand Damages Hyatt will incur because this Agreement did not continue for the Term’s full length. Franchisee
acknowledges that Franchisee’s payment of liquidated damages is full compensation to Hyatt only for the Brand Damages resulting from the early termination of this Agreement and is in addition to, and not in lieu of, Franchisee’s
obligations to pay other amounts due to Hyatt under this Agreement as of the date of termination and to comply strictly with the de-identification procedures of Section 16.1 and Franchisee’s other post-termination obligations. If any valid
law or regulation governing this Agreement limits Franchisee’s obligation to pay, and Hyatt’s right to receive, the liquidated damages for which Franchisee is obligated under this Section 16.5, Franchisee shall be liable to Hyatt for
any and all Brand Damages Hyatt incurs, now or in the future, as a result of Franchisee’s breach of this Agreement. 
 16.6. Survival. The following provisions of this Agreement shall survive termination or expiration of this Agreement regardless of the circumstances: Sections 6.4, 7.4, 8.1, 8.3, 8.4, 10.1.2 (last three (3) sentence),
10.1.3, 10.2 (last paragraph), 11.1, 11.5, 11.6, and 15.4 and Articles IX, XIV, XVI, XVII and XVIII. Additionally, all of Franchisee’s covenants, obligations, and agreements that by their terms or by implication are to be performed after
the termination or expiration of the Term shall survive such termination or expiration. 
 ARTICLE XVII 
 NOTICES 
 All written notices, reports, and payments permitted or required to be delivered by this Agreement or the Manual will be deemed to be delivered: (a) at the time delivered by hand; (b) at the time delivered via computer
transmission if the sender has confirmation of a successful transmission, and, in the case of the Royalty Fees and other amounts due, at the time Hyatt actually receives payment via electronic funds transfer; (c) one (1) business day after
transmission by facsimile or other electronic system if the sender has confirmation of successful

  

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transmission; (d) one (1) business day after being placed in the hands of a nationally recognized commercial courier service for next business day delivery; or (e) three
(3) business days after placement in the United States Mail by Certified Mail, Return Receipt Requested, postage prepaid. Any notice to Hyatt must be sent to the address specified below, although Hyatt may change this address for notice by
giving Franchisee thirty (30) days’ prior notice by any of the means specified in subparagraphs (a) through (e) above. Any notice that Hyatt sends Franchisee may be sent to the one (1) person identified below, even if
Franchisee has multiple Owners, at the address specified below. Franchisee may change the person and/or address for notice only by giving Hyatt thirty (30) days’ prior notice by any of the means specified in subparagraphs (a) through
(e) above. 
  

									
	Hyatt:	  	 Hyatt Franchising, L.L.C.
 71
South Wacker Drive
 Chicago, Illinois 60606
 Attention: Senior Vice President
	  	Franchisee :	  	ENTITYNAMECAPS
 PCADDRESS1
 PCADDRESS2
 Attention: PCNAME
	  	

 Any required payment or report that Hyatt does not actually receive during regular
business hours on the date due (or postmarked by postal authorities at least two (2) business days before then) will be deemed delinquent. Notices delivered via the means specified above will be deemed delivered as of the times specified above
whether or not Franchisee accepts delivery. 
 ARTICLE XVIII 
 GENERAL 
 18.1. The Exercise of Hyatt’s
Judgment. Hyatt has the right to develop, operate, and change the Hotel System and System Standards in any manner not specifically prohibited by this Agreement in the best interests of the Hotel System, in Hyatt’s judgment. Whenever Hyatt
has reserved in this Agreement a right to take or to withhold an action, or to grant or decline to grant Franchisee the right to take or omit an action, Hyatt may, except as otherwise specifically provided in this Agreement, make its decision or
exercise its rights based on information readily available to it and its judgment of what is in the best interests of Hyatt and its Affiliates, Franchise System Hotel franchisees generally, or the Hotel System at the time its decision is made,
without regard to whether Hyatt could have made other reasonable or even arguably preferable alternative decisions or whether its decision promotes Hyatt’s (or its Affiliates’) financial or other individual interest. 
 18.2. Severability and Interpretation. Except as expressly provided to the contrary in this Agreement (including in
Section 14.1), each section, subsection, paragraph, term, and provision of this Agreement is severable, and if, for any reason, any part is held to be invalid or contrary to or in conflict with any applicable present or future law or regulation
in a final, unappealable ruling issued by any court, agency, or tribunal with competent jurisdiction, that ruling will not impair the operation of, or otherwise affect, any other portions of this Agreement, which will continue to have full force and
effect and bind the parties. If any applicable and binding law or rule of any jurisdiction requires more notice than this Agreement requires of this Agreement’s termination or of Hyatt’s refusal to offer Franchisee the Successor Franchise
Right, or some other action that this Agreement does not require, or if, under any applicable and

  

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binding law or rule of any jurisdiction, any provision of this Agreement or any System Standard is invalid, unenforceable, or unlawful, the notice and/or other action required by the law or rule
will be substituted for the comparable provisions of this Agreement, and Hyatt may modify the invalid or unenforceable provision or System Standard to the extent required to be valid and enforceable or delete the unlawful provision in its entirety.
Franchisee agrees to be bound by any promise or covenant imposing the maximum duty the law permits that is subsumed within any provision of this Agreement, as though it were separately articulated in and made a part of this Agreement. 
 18.3. Waiver of Obligations and Force Majeure. Hyatt and Franchisee may by written instrument unilaterally waive or reduce any
obligation of or restriction upon the other under this Agreement, effective upon delivery of written notice to the other or another effective date stated in the notice of waiver. Any waiver granted will be without prejudice to any other rights Hyatt
or Franchisee have, will be subject to continuing review, and may be revoked at any time and for any reason effective upon delivery of ten (10) days’ prior written notice. 
 Hyatt and Franchisee will not waive or impair any right, power, or option this Agreement reserves (including Hyatt’s right to demand
compliance with every term, condition, and covenant or to declare any breach to be a default and to terminate this Agreement before the Term expires) because of any custom or practice that varies from this Agreement’s terms; Hyatt’s or
Franchisee’s failure, refusal, or neglect to exercise any right under this Agreement or to insist upon the other’s compliance with this Agreement, including any System Standard; Hyatt’s waiver of or failure to exercise any right,
power, or option, whether of the same, similar, or different nature, with other Franchise System Hotels; the existence of franchise agreements for other Franchise System Hotels that contain provisions differing from those contained in this
Agreement; or Hyatt’s acceptance of any payments due from Franchisee after any breach of this Agreement. No special or restrictive legend or endorsement on any check or similar item given to either party will be a waiver, compromise,
settlement, or accord and satisfaction. The receiving party is authorized to remove any legend or endorsement, and they will have no effect. 
 Neither Hyatt nor Franchisee will be liable for loss or damage or be in breach of this Agreement, including Franchisee’s obligations to develop and open the Hotel under Article II, if
Hyatt’s or Franchisee’s failure to perform their respective obligations results from Force Majeure. Any delay resulting from Force Majeure will extend performance accordingly or excuse performance, in whole or in part, as may be
reasonable, except that Force Majeure will not excuse payments of amounts owed at the time of the occurrence or payment of Royalty Fees or other payments due afterward. 
 18.4. Binding Effect. This Agreement is valid when signed by Franchisee and signed and accepted by Hyatt at its office in Chicago, Illinois. 
 18.5. Entire Agreement and Construction. This Agreement is binding upon Hyatt and Franchisee and their respective executors,
administrators, heirs, beneficiaries, permitted assigns, and successors in interest. Subject to Hyatt’s right to modify the Manual, the Hotel System, System Standards, and those Centralized Services, and allocation of costs for those services,
on Exhibit C, from time to time, this Agreement may not be modified except by a written agreement signed by both Hyatt’s and Franchisee’s duly-authorized officers. The Preliminary Statement

  

 47 

 
and Exhibits, and the attached PIP (if applicable), are a part of this Agreement which, together with System Standards contained in the Manual (which may be periodically modified, as provided in
this Agreement), constitutes Hyatt’s and Franchisee’s entire agreement, and there are no other oral or written understandings or agreements between Hyatt and Franchisee, and no oral or written representations by Hyatt, relating to the
subject matter of this Agreement, the franchise relationship, or the Hotel (any understandings or agreements reached, or any representations made, before this Agreement are superseded by this Agreement). Franchisee may not rely on any alleged oral
or written understandings, agreements, or representations not contained in this Agreement. Notwithstanding the foregoing, nothing in this Agreement shall disclaim or require Franchisee to waive reliance on any representation that Hyatt made in the
most recent franchise disclosure document (including its exhibits and amendments) that Hyatt delivered to Franchisee or its representative. 
 Any policies that Hyatt adopts and implements from time to time to guide Hyatt in its decision-making are subject to change, are not a part of this Agreement, and are not binding on Hyatt. Except as
expressly provided in this Agreement, nothing in this Agreement is intended or deemed to confer any rights or remedies upon any person or legal entity not a party to this Agreement. 
 References in this Agreement to “Hyatt” with respect to all of Hyatt’s rights and all of Franchisee’s obligations to
Hyatt under this Agreement include any of Hyatt’s Affiliates, and its and their successors and assigns, with whom Franchisee deals. The headings in this Agreement are for convenience only and will not control or affect the meaning or
construction of any provision. Time is of the essence in this Agreement, and all provisions of this Agreement shall be so interpreted. 
 18.6. Hyatt’s Withholding of Consent. Except where this Agreement expressly obligates Hyatt reasonably to approve or not unreasonably to withhold its approval of any of Franchisee’s actions or requests, Hyatt has the
absolute right to refuse any request Franchisee makes or to withhold its approval of any of Franchisee’s proposed, initiated, or completed actions that require its approval. However, Hyatt may withhold its consent, whenever and wherever
otherwise required, if Franchisee is in default under this Agreement. 
 18.7. Cumulative Remedies. Hyatt’s and
Franchisee’s rights under this Agreement are cumulative, and their exercise or enforcement of any right or remedy under this Agreement will not preclude their exercise or enforcement of any other right or remedy that they are entitled by law to
enforce. 
 ARTICLE XIX 
 ACKNOWLEDGEMENTS 
 To induce Hyatt to sign this Agreement and grant
Franchisee the rights under this Agreement, Franchisee represents, warrants and acknowledges: 
 (a) That
Franchisee has independently investigated the Franchise System Hotel franchise opportunity, including the current and potential market conditions and

  

 48 

 
competitive factors and risks, and recognizes that, like any other business, the nature of a Franchise System Hotel’s business will evolve and change over time. 
 (b) That an investment in a Franchise System Hotel involves business risks that could result in the loss of a significant
portion or all of Franchisee’s investment. 
 (c) That Franchisee’s business abilities and efforts are
vital to its success. 
 (d) That retaining customers for the Hotel will require a high level of customer service
and strict adherence to the Hotel System and System Standards, and that Franchisee is committed to maintaining the System Standards. 
 (e) That Franchisee has not received from Hyatt, and is not relying upon, and that Hyatt expressly disclaims making, any representation, warranty or guaranty, express or implied, as to the actual or
potential volume, sales, income or profits of the Hotel or any other Franchise System Hotel. 
 (f) That any
information Franchisee has acquired from other Franchise System Hotel owners, including information regarding their sales, profits or cash flows, is not information obtained from Hyatt, and Hyatt makes no representation about that information’s
accuracy. 
 (g) That Franchisee has no knowledge of any representations made about the Franchise System Hotel
franchise opportunity by Hyatt, its Affiliates or any of their respective officers, directors, owners or agents that are contrary to the statements made in Hyatt’s Franchise Disclosure Document or to the terms and conditions of this Agreement.

 (h) That in all of their dealings with Franchisee, Hyatt’s officers, directors, employees and agents act
only in a representative, and not in an individual, capacity and that business dealings between Franchisee and them as a result of this Agreement are only between Franchisee and Hyatt. 
 (i) That it is relying solely on Hyatt, and not on any Affiliate of Hyatt, with regard to Hyatt’s financial obligations
under this Agreement, and no employee or other person speaking on behalf of, or otherwise representing, Hyatt has made any statement or promise to the effect that Hyatt’s Affiliates guarantee Hyatt’s performance or financially back Hyatt.

 (j) That Franchisee has represented to Hyatt, to induce Hyatt’s entering into this Agreement, that all
statements Franchisee has made and all materials (including ownership information and descriptions of Franchisee’s and/or its Affiliates’ ownership structure(s)) it has given Hyatt in acquiring the rights under this Agreement are accurate
and complete and that Franchisee has made no misrepresentations or material omissions in obtaining those rights. 
 (k) That none of Franchisee’s Affiliates or Owners is a Brand Owner. 
  

 49 

 (l) That Franchisee has read this Agreement and Hyatt’s Franchise
Disclosure Document and understands and accepts that the terms and covenants in this Agreement are reasonable and necessary for Hyatt to maintain its high standards of quality and service, and to protect and preserve the goodwill of the Proprietary
Marks. 
 (m) That Franchisee has independently evaluated this opportunity, including by using its own business
professionals and advisors, and has relied solely upon those evaluations in deciding to enter into this Agreement. 
 (n) That Franchisee has been afforded an opportunity to ask any questions it has and to review any appropriate materials of interest to Franchisee concerning the Franchise System Hotel franchise opportunity. 
 (o) That Franchisee has been afforded an opportunity, and Hyatt has encouraged Franchisee, to have this Agreement and all
other agreements and materials that Hyatt has given or made available to Franchisee reviewed by an attorney and has either done so or intentionally chosen not to do so. 
 (p) That Franchisee has a net worth that is sufficient to make the investment in the Franchise System Hotel franchise
opportunity represented by this Agreement, and Franchisee will have sufficient funds to meet all of Franchisee’s obligations under this Agreement. 
 (q) That any statements, oral or written, by Hyatt or its agents before the execution of this Agreement were for informational purposes only and do not constitute any representation or warranty by Hyatt,
and Hyatt’s only representations, warranties, and obligations are those specifically set forth in this Agreement or in the most recent franchise disclosure document (including its exhibits and amendments) that Hyatt delivered to Franchisee or
its representative. Franchisee must not rely on, and the parties do not intend to be bound by, any statement or representation not contained in this Agreement or such disclosure document. 
 [Signature page follows] 
  

 50 

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the dates set forth by
their signatures, to be effective as of the Effective Date (regardless of the dates of the parties’ signatures). 
  

			
	FRANCHISEE:
	
	ENTITYNAMECAPS
		
	By:	 	  

		 	SIGNEENAME
		 	SIGNEETITLE
		
	Date:	 	  

		
	Attest:	 	  

	
	FRANCHISOR:
	
	HYATT FRANCHISING, L.L.C.
		
	By:	 	  

		 	Senior Vice President
		
	Date:	 	  

		
	Attest:	 	  

  

 51 

 EXHIBIT A 
 to the 
 HYATT FRANCHISING, L.L.C. FRANCHISE AGREEMENT 
 DEFINED TERMS 
 In addition to any other terms defined in this Agreement, the following terms shall have the respective meanings as indicated below. 
 “ADS” means the alternative distribution systems that Hyatt may periodically authorize or require for Franchisee’s
Hotel and other similarly situated Franchise System Hotels (subject to Reasonable Deviations). 
 “Affiliate”
means, with respect to a party, any person or entity directly or indirectly owned or controlled by, under common control with, or owning or controlling, such party. For purposes of this definition, “control” means the power to
direct or cause the direction of management and policies. 
 “Anti-Terrorism Laws” mean Executive Order 13224
issued by the President of the United States, the USA PATRIOT Act, and all other present and future federal, state, and local laws, ordinances, regulations, policies, lists, and other requirements of any governmental authority addressing or in any
way relating to terrorist acts and acts of war. 
 “Area of Protection” means the geographic area described in
Exhibit B. 
 “Brand Owner” means any entity that is a franchisor or owner, or is affiliated with or
manages hotels exclusively for the franchisor or owner, of a hotel concept that has at least five (5) hotels operating under that concept’s trade name and that, in Hyatt’s reasonable opinion, competes with Franchise System Hotels.

 “Chain Services” is defined in Exhibit C. 
 “Centralized Services” is defined in Exhibit C. 
 “Centralized Services Costs” is defined in Exhibit C. 
 “Centralized Services Charges” is defined in Exhibit C. 
 “Confidential Information” means (a) site selection criteria; (b) the substance, design, and construction of
Franchise System Hotels and the Design Standards; (c) training and operations materials and manuals, including the Manual; (d) methods, formats, specifications, standards, systems, procedures, sales and marketing techniques, knowledge, and
experience used in developing and operating Franchise System Hotels; (e) marketing and advertising programs for Franchise System Hotels; (f) information regarding the Hotel’s guests; (g) knowledge of specifications for and
suppliers of FF&E and other products and supplies that are uniquely identified with Franchise System Hotels or other Hyatt-Affiliated Hotels; (h) any part of the Technology System and other computer software or other technology that is
proprietary to Hyatt,

  

 A-1 

 
its Affiliates or the Hotel System, including digital passwords and identifications and any source code of, and data, reports, and other printed materials generated by, the software or other
technology; (i) knowledge of the operating results and financial performance of Franchise System Hotels other than the Hotel; and (j) graphic designs and related intellectual property. 
 “Consequential Termination” means a termination of this Agreement if (a) such termination involves a transfer of the
Hotel or its assets, or a Controlling Ownership Interest in Franchisee or its Controlling Owner, to a Competitor; (b) there are three (3) or more franchise agreements for Franchise System Hotels (including this Agreement) with Franchisee
or its Affiliates that Hyatt terminates because of Franchisee’s (or its Affiliate’s) default or Franchisee (or its Affiliate) terminates in breach of the agreement; For purposes of this definition, a “Competitor” is any
entity that owns, franchises and/or manages, or is an affiliate of any entity that owns, franchises and/or manages, a full-service (i.e., typically offers to hotel guests three (3) meals per day) hotel brand, trade name or service mark
for a system of at least four (4) hotels with an average daily room rate for all or substantially all of the hotels in the U.S. during the then most recent full calendar year that is at least sixty percent (60%) of the average daily room
rate for Franchise System Hotels. 
 “Control Transfer” means any transfer (as defined in Section 12.2) of
(a) this Agreement (or any interest in this Agreement), (b) the Hotel or all or substantially all of its assets, (c) a Controlling Ownership Interest in Franchisee, whether in one transaction or a series of related transactions
(regardless of the time period over which these transfers take place), or (d) a Controlling Ownership Interest in any Controlling Owner (if such Owner is a legal entity), whether in one transaction or a series of related transactions
(regardless of the time period over which these transfers take place). 
 “Controlling Owner” means an
individual or legal entity holding a direct or indirect Controlling Ownership Interest in Franchisee. 
 “Controlling
Ownership Interest” in a legal entity means, whether directly or indirectly, either (a) the record or beneficial ownership of, or right to control, fifty percent (50%) or more of equity ownership of the entity, or (b) the
effective control of the power to direct or cause the direction of that entity’s management and policies, including a general partnership interest (with respect to an entity that is a partnership) and a manager or managing member interest (with
respect to an entity that is a limited liability company), or the power to appoint or remove any such party. In the case of (a) or (b), the determination of whether a “Controlling Ownership Interest” exists is made both immediately
before and immediately after a proposed transfer. 
 “Copyrighted Materials” means all copyrightable materials
that Hyatt or its Affiliates periodically develop and Hyatt periodically designates for use in connection with the Hotel System, including the Manual, videotapes, CDs/DVDs, marketing materials (including advertising, promotional, and public
relations materials), architectural drawings (including the Design Standards and all architectural plans, designs, and layouts such as, without limitation, site, floor, plumbing, lobby, electrical, and landscape plans), building designs, and
business and marketing plans, whether or not registered with the U.S. Copyright Office. 
  

 A-2 

 “Core Management” means the general manager, rooms director, director of
sales, engineering director, director of food and beverage, director of catering, and controller for the Hotel. 
 “CRS” means the central reservations system and related services for Franchise System Hotels, as Hyatt may periodically modify it. 
 “Design Standards” means the standards that Hyatt prescribes for the Hotel System, as in effect on the Effective Date, detailing certain design criteria to be incorporated into the design
and layout of the Hotel, as Hyatt determines them in its sole discretion. 
 “Effective Date” means the date
listed on page one of this Agreement, regardless of the date upon which Hyatt and Franchisee sign this Agreement. 
 “Excluded Costs” is defined in Exhibit C. 
 “FF&E” means all fixtures;
equipment; furnishings; furniture; telephone systems; communications systems; facsimile machines; copiers; signs; the Technology System and other property management, revenue management, in-room entertainment, and other computer and technology
systems; and other similar items that Hyatt periodically specifies for the Hotel System. 
 “Food and Beverage
Operations” means all food and beverage operations for Hotel guests and patrons consisting of: (a) restaurant, dining, bar, lounge, and retail food and beverage services; (b) banquet, meeting, event, catering (including outside
catering), and room services; and (c) all other food, beverage and related services at the Hotel. 
 “Force
Majeure” means (a) compliance with the orders, requests or recommendations of any federal, state, or municipal government, unless such order, request or recommendation arises because of Hyatt’s or Franchisee’s failure to
comply with any applicable law, regulation or ordinance; (b) fire, flood, accident, hurricane, or other calamity or act of God; (c) strikes, embargoes, war, civil disturbance, acts of terrorism or similar events; or (d) any other
similar event or cause. 
 “Franchise System Hotels” means a hotel or resort using the Hotel System and
principally identified by either the “HYATT REGENCY®” name or the name “HYATT®” without a Sub-brand Name, whether operated by Hyatt, its Affiliate, or a franchisee or licensee. An example of a hotel that is principally
identified by the name “HYATT®” without a Sub-brand Name would be “Hyatt Arlington” or another hotel principally identified by the name “Hyatt” together with a geographic identifier specific to that hotel. However,
a timeshare or vacation club resort or lodging facility that operates under the name “Hyatt” is not a Franchise System Hotel. 
 “GDS” means the global distribution systems that Hyatt periodically authorizes or requires for Franchisee’s Hotel and other similarly situated Franchise System Hotels (subject to
Reasonable Deviations). Some current GDS are Sabre, Apollo and Worldspan. 
  

 A-3 

 “Gross F&B Revenue” means all gross revenues (including gratuities and
service charges) attributable to or payable for Food and Beverage Operations, whether payable to Franchisee or any other party (including any restaurant operator leasing space at the Hotel) operating any Food and Beverage Operations, including all
cash, check, barter, credit, debit, and other transactions, whether or not collected, and excluding any taxes that Franchisee or any other party collects and transmits to the appropriate taxing authority. If Franchisee receives any proceeds from any
business interruption insurance applicable to the Food and Beverage Operations, then there shall be added to Gross F&B Revenue an amount equal to the imputed gross revenues that the insurer used to calculate those proceeds. Gross F&B Revenue
shall be accounted for in accordance with the Uniform System of Accounts. If any other party (including any restaurant operator leasing space at the Hotel) operates any Food and Beverage Operations, then Franchisee acknowledges and agrees that the
Gross F&B Revenue reflects amounts payable to such party, not the amounts that such party pays to Franchisee. 
 “Gross Rooms Revenue” means all gross revenues attributable to or payable for the rental of Hotel guest rooms, including guaranteed no-show revenue and cancellation fees and all cash, check, barter, credit, debit, and other
transactions, whether or not collected, at the actual rates charged, reduced by guest room rebates and overcharges (but only if originally included in Gross Rooms Revenue) and excluding any sales or room taxes Franchisee collects and transmits to
the appropriate taxing authority. If Franchisee receives any proceeds from any business interruption insurance applicable to loss of revenue due to the non-availability of guest rooms, there shall be added to Gross Rooms Revenue an amount equal to
the imputed gross revenue that the insurer used to calculate those proceeds. Gross Rooms Revenue shall be accounted for in accordance with the Uniform System of Accounts. 
 “Guarantor” means each individual or entity who from time to time guarantees Franchisee’s obligations under this Agreement. 
 “Hotel” means the Franchise System Hotel located at the Site that Franchisee will operate pursuant to this Agreement. The
Hotel includes all structures, facilities, appurtenances, FF&E, entrances, exits, and parking areas located on the Site or any other real property that Hyatt approves for Hotel expansion, signage, or other facilities. 
 “Hotel System” means the concept and system associated with the establishment and operation of Franchise System Hotels, as
Hyatt periodically modifies it. The Hotel System now includes: (a) the Proprietary Marks; (b) all Copyrighted Materials; (c) all Confidential Information; (d) the Design Standards; (e) the CRS; (f) the required or
authorized GDS and ADS; (g) the National Directory; (h) management, personnel, and operational training programs, materials, and procedures; (i) System Standards described in the Manual or in other written or electronic
communications; (j) marketing, advertising, and promotional programs; and (k) Mandatory Services and Non-Mandatory Services. 
 “Hotel System Website” means a Website that Hyatt or one or more members of the Hyatt Group develops, maintains and/or authorizes for all or substantially all of the Franchise System Hotel network (and, at Hyatt’s
option, other Hyatt-Affiliated Hotels). The National Directory may be part of the Hotel System Website. 
  

 A-4 

 “Hyatt-Affiliated Hotels” means the Franchise System Hotels and other
hotels that from time to time are owned and/or operated by Hyatt, its Affiliates, or its or their franchisees or licensees under the name “Hyatt” or another brand owned by the Hyatt Group, whether with or without another Sub-brand Name,
including Andaz hotels, Grand Hyatt hotels, Park Hyatt hotels, Hyatt Place hotels and Hyatt Summerfield Suites hotels. 
 “Hyatt Group” means Hyatt and any of its Affiliates who from time to time provide goods or services to Franchisee and/or other Participating Hotels. 
 “Include” and “including,” whenever used in this Agreement, whether capitalized or not, will mean
“including, by way of example, but without limitation.” 
 “Lender” means the financial institution,
if any, that provided or is providing the financing for Franchisee’s acquisition, development, and/or operation of the Hotel. 
 “Management Arrangement” means any lease, management agreement, or other similar arrangement with any independent entity for all or a part of the Hotel’s operation. 
 “Mandatory Services” is defined on Exhibit C. 
 “Manual” means Hyatt’s confidential manuals, as amended from time to time. 
 “National Directory” means the national directory of Franchise System Hotels, which, at Hyatt’s option, also may be
associated with any other hotel brand or other business that Hyatt or its Affiliates own, operate, franchise, license or manage, and may (at Hyatt’s option) be in written, electronic and/or another form that Hyatt periodically specifies.

 “Non-Controlling Owner” means any Owner which is not a Controlling Owner. 
 “Non-Control Transfer” means any transfer (as defined in Section 12.2) of (a) a non-Controlling Ownership
Interest in Franchisee, (b) a non-Controlling Ownership Interest in any Controlling Owner (if such Owner is a legal entity), or (c) a Controlling Ownership Interest or non-Controlling Ownership Interest in any Non-Controlling Owner (if
such Owner is a legal entity). 
 “Opening Date” means the date upon which Franchisee first opens the Hotel for
business under the “Hyatt®” or “Hyatt® Regency” name (as applicable). 
 “Non-Mandatory
Services” is defined on Exhibit C. 
 “Owner” means any person holding a direct or
indirect ownership interest (whether of record, beneficially, or otherwise) or voting rights in Franchisee, including any person who has a direct or indirect interest in Franchisee, this Agreement, the franchise, or the Hotel and any person who has
any other legal or equitable interest, or the power to vest in himself or herself any legal or equitable interest, in their revenue, profits, rights, or assets. 
 “Participating Hotel” is defined on Exhibit C. 
  

 A-5 

 “PIP” means Property Improvement Plan. 
 “Pre-Opening Period” means the period beginning on the date upon which Hyatt or its Affiliate begins offering the
Hotel’s rooms to guests and ending on the Opening Date. 
 “Pre-Opening Sales Office” means a temporary or
permanent sales office at the Site to solicit and accept reservations during the Pre-Opening Period for stays after the Opening Date. 
 “Proprietary Marks” means the trade names, trademarks, and service marks “Hyatt®” or “Hyatt Regency®” (as applicable) and such other trade names, trademarks, service marks, logos, slogans, trade
dress, domain names, and other designations of source and origin (including all derivatives of the foregoing) that Hyatt or its Affiliate periodically develops and Hyatt periodically designates for use in connection with the Hotel System.

 “Providers” means providers of products or services for the Hotel. 
 “Reasonable Business Judgment” means that Hyatt’s action or inaction has a business basis that is intended to benefit
the Franchise System Hotel franchise network or the profitability of the network, including Hyatt and its Affiliates, regardless of whether some individual hotels may be unfavorably affected; or to increase the value of the Proprietary Marks; or to
increase or enhance overall hotel guest or franchisee or owner satisfaction; or to minimize possible brand inconsistencies or customer confusion. 
 “Reasonable Deviations” means that, if the market area or unique circumstances of a Franchise System Hotel warrant, then, in Hyatt’s Reasonable Business Judgment, Hyatt may apply an
aspect of the Hotel System, System Standard, requirement, fee or other term or condition to the Hotel in a manner which differs from the manner in which that aspect of the Hotel System, requirement, fee or other term or condition applies to one or
more other similarly situated Franchise System Hotels. 
 “Spa Operations” means all spa and related operations
and services for Hotel guests and patrons, consisting of all therapy, massage and other treatments, salon services and other spa-related services, if applicable for the Hotel. 
 “Sub-brand Name” means a sub-brand that is used, together with the name “Hyatt®,” as the name by which four
(4) or more hotels that are owned, operated, managed, franchised or licensed by Hyatt or its Affiliates are principally identified. As an example and without limitation, “Park Hyatt,” “Grand Hyatt,” “Hyatt Place”
and “Hyatt Summerfield Suites” are Sub-brand names. 
 “System Standards” means standards,
specifications, procedures, and rules for operations, marketing, construction, equipment, furnishings, and quality assurance that Hyatt implements and may periodically modify for Franchise System Hotels. 
 “Technology System” means certain computer systems, sales and marketing systems, communications equipment and
related equipment and supplies that Hyatt or its Affiliate requires for use in similarly situated Franchise System Hotels.  
  

 A-6 

 “Uniform System of Accounts” means the Uniform System of Accounts for the
Lodging Industry, Tenth Edition, as published by the Educational Institute of the American Hotel and Motel Association, 2006, or a later edition that Hyatt approves. 
 “Website” means any web page, website, other online or Internet presence or other electronic medium. 
  

 A-7 

 EXHIBIT B 
 to the 
 HYATT FRANCHISING, L.L.C. FRANCHISE AGREEMENT 
 THE HOTEL AND AREA OF PROTECTION 
  

			
	Site of the Hotel:	  	HOTELADDRESS1
		  	HOTELADDRESS2
	Hotel name:	  	
	Number of Approved Guest Rooms	  	                     Rooms

 The “Area of Protection” is defined as
                                        . The
Area of Protection is depicted on the map attached below. However, if there is an inconsistency between the language in this Exhibit B and the attached map, the language in this Exhibit B shall control. 
 [Insert map here] 
  

			
	FRANCHISEE:
	
	ENTITYNAMECAPS
		
	By:	 	  

		 	SIGNEENAME
		 	SIGNEETITLE
		
	Date:	 	  

		
	Attest:	 	  

	
	FRANCHISOR:
	
	HYATT FRANCHISING, L.L.C.
		
	By:	 	  

		 	Senior Vice President
		
	Date:	 	  

		
	Attest:	 	  

  

 B-1 

 EXHIBIT C 
 to the 
 HYATT FRANCHISING, L.L.C. FRANCHISE AGREEMENT 
 CENTRALIZED SERVICES 
 One or more members of the Hyatt Group currently provide certain Centralized Services (defined below) to the Hotel, other Franchise System Hotels and other Hyatt-Affiliated Hotels. “Centralized
Services” means those services generally made available by the Hyatt Group from time to time on a central, regional, or other shared or group basis (whether in whole or in part) to Franchise System Hotels and other Hyatt-Affiliated Hotels
that the Hyatt Group reasonably determines shall be provided such services. Centralized Services include all of the Mandatory Services and Non-Mandatory Services (each defined below), and also include some other services, programs and benefits that
are provided to Hyatt-Affiliated Hotels but are not provided to Franchise System Hotels. 
 Hyatt may from time to time add to,
delete from, and otherwise modify these Centralized Services, the scope of and manner of providing Centralized Services, and the method of allocating costs for Centralized Services among Participating Hotels, including by providing Franchisee a
revised version of this Exhibit C. “Participating Hotels” means those Franchise System Hotels and other Hyatt-Affiliated Hotels that participate in the applicable program or benefit provided as part of Centralized
Services. 
  

	 	A.	Mandatory Services. 

 The following are the mandatory Centralized Services that one or members of the Hyatt Group currently provides to Franchise System Hotels and some or all other Hyatt-Affiliated Hotels (the “Mandatory Services”). Franchisee
currently must acquire all Mandatory Services only from members of the Hyatt Group or other parties whom Hyatt periodically specifies. 
 1. Chain Services. The Hyatt Group provides the following group benefits, services and facilities to Participating Hotels: (i) convention, business and sales promotion services (including the maintenance and staffing of the
Hyatt Group’s corporate office world wide sales force, national sales forces and regional sales offices located in various parts of the United States and the world); (ii) chain-wide marketing, advertising and public relations services;
(iii) the CRS and other related centralized reservations services; (iv) the frequent guest program of the Hyatt Group (including the Hyatt Gold Passport program); and (v) control services for, among others, food and beverage, rooms,
accounting, engineering, risk and human resource departments, some or all of which may, from time to time, be provided from a shared services center (the services listed in this subsection (v) are collectively called “Control
Services”). 
 2. Hyatt Gold Passport®. “Gold Passport” means the frequent guest incentive
program known as Hyatt Gold Passport®, as the Hyatt Group maintains and periodically modifies the program. Each participating Franchise System Hotel, Grand Hyatt hotel, Park Hyatt hotel, Hyatt International hotel, Hyatt Place hotel, and Hyatt
Summerfield Suites hotel currently

  

 C-1 

 
is assessed four percent (4%) of the eligible published room rate and eligible incidental charges (excluding applicable taxes) if the Gold Passport member chooses points for the stay.

 3. Mandatory Search Engine Marketing. “Search Engine Marketing” means the purchase, from search
engine providers such as GoogleTM or Yahoo!®, of key words and related practices (e.g., paying for listing placement) for featured positions of brand, hotel or other marketing messages in response to relevant on-line searches. The
Hyatt Group purchases key words that relate to: Hyatt-Affiliated Hotel brands, geographic sets of hotels and individual hotels, and other combinations of hotels (e.g. resorts and spas) and other marketing purposes (e.g. promotional
programs). 
 Search Engine Marketing costs and methods of cost allocation are divided into three categories. 
  

	 	•	 	 Search Engine Marketing for the “Hyatt” brand is funded as part of Centralized Services Costs (defined below). 

 

	 	•	 	 Search Engine Marketing relating to the Hyatt-Affiliated Hotel business segments (e.g., Park Hyatts, Grand Hyatts, resorts, spas, geographic
locations and other subsets of Hyatt-Affiliated Hotels) are funded through cost allocation to the Participating Hotels as provided below. 

  

	 	•	 	 Search Engine Marketing relating to individual hotels are funded by the individual hotel, but may be acquired by Participating Hotels as a
Non-Mandatory Service (defined below) as further described in Section B.8 below. 

 The cost of such Search
Engine Marketing activities for Hyatt-Affiliated Hotel business segments will be allocated to the Participating Hotels in the year in which the reservation is made. The cost allocation to each Participating Hotel for business segment Search Engine
Marketing is in proportion to the amount of gross room reservations revenue (without regard to cancellations) produced at each hotel by the particular Search Engine Marketing activity in relation to the volume thereof for all other Participating
Hotels within the applicable business segment. 
 4. Mandatory Technology Services. The Hyatt Group provides mandatory
technology services to Participating Hotels for automated management systems including property management, revenue management, point-of-sale, sales and marketing, catering and convention services, telecommunications, local and wide area networks,
electronic mail, central databases and reporting, reservations, group business services, transient business automation systems, budgeting and financial reporting systems, human resources systems, and spa systems. Hyatt requires the installation of
standard applications and technology for these systems in the Hotel. 
 The Hyatt Group has an internal technology staff
(“Hyatt IT”) responsible for architecture, program management, business innovation, application development, and support services. In addition, Hyatt IT oversees technology services, including software and hardware support,
maintenance, deployment, installation and related services provided to Franchise System Hotels and certain other Hyatt-Affiliated Hotels through technology agreements with

  

 C-2 

 
providers including Computer Sciences Corporation (“CSC”). CSC is a Fortune 500 publicly traded company formed in 1959 that is not part of the Hyatt Group. The Hyatt Group also
utilizes other unaffiliated vendors to provide technology services to Franchise System Hotels and certain other Hyatt-Affiliated Hotels such as, for example, I.B.M., AT&T, Logicalis, DB Technology, Hewlett Packard, Lanyon, NCR and Patni Systems.

 Each Participating Hotel pays for the costs of the technology systems in use at that hotel. For each such system, the Hyatt
Group allocates the annual costs of technology services on the same basis to all Participating Hotels using that particular technology system (e.g., the number of personal computers in the hotel in relation to the number of personal computers
in all Participating Hotels, or the number of point-of-sale servers in the hotel in relation to the number of point-of-sale servers in all such Participating Hotels, or, with respect to group service automation, the number of rooms occupied by
groups at the hotel in relation to the total number of rooms occupied by groups at all such Participating Hotels, or, with respect to the costs of transient business automation systems, the number of rooms occupied by transient guests at the hotel
in relation to the total number of rooms occupied by transient guests in all such Participating Hotels, or, with respect to the costs of electronic mail, the number of electronic mail addresses at the hotel in relation to the number of electronic
mail addresses in all such Participating Hotels, or on actual usage based on a combination of the foregoing), in each case without mark-up or profit to the Hyatt Group. Costs associated with certain technology personnel employed by the Hyatt Group
are similarly allocated. 
 One of the specific applications supported by these technology services is the Wide Area Network
(WAN), a private communication network among Franchise System Hotels and certain other Hyatt-Affiliated Hotels, the central reservations center, the Hyatt Group’s corporate office, divisional offices and other important points of contact within
the Hyatt chain. Among other things, the WAN permits the central reservations center to transmit reservations to the applicable hotel, provides hotel access to the Hyatt Group’s applications and databases, and allows the Hyatt Group to gather,
process and use information from each hotel and the central reservations center for, among other things, sales purposes and various financial and other analyses. The WAN also is the delivery mechanism utilized for the Hyatt Group’s electronic
mail system. To connect to the WAN, a hotel must deploy an MPLS circuit provided by AT&T, with AT&T providing the required router. In operating the WAN, the Hyatt Group incurs expenses including telephone support from customer service
employees of CSC for hardware and communications, telephone line charges, circuit costs and certain other third party costs. From time to time, as new equipment is added to the WAN, the cost of leasing the equipment, or an amortization of the
equipment cost (depending on whether the equipment is leased or purchased), is charged to each Participating Hotel connected to the WAN as part of the operating costs of the system. Each Participating Hotel connected to the WAN pays its share of
these network operating charges, without profit or mark-up, based on the number of hotels connected to the WAN. Participating Hotels are invoiced directly from AT&T for their MPLS circuits. 
 5. Other Reservations Services. In addition to the central reservations center, the costs of which are allocated to each
Participating Hotel as part of the Centralized Services Costs (defined below), global distribution systems (principally airline reservations systems such as Sabre, Apollo, and Worldspan) accept reservations for Participating Hotels and confirm the
reservations with the Hyatt Group through the central reservations center. These supplemental

  

 C-3 

 
reservations systems charge the Hyatt Group a reservations fee or similar charge, currently averaging approximately $5.25 per reservation, which the Hyatt Group passes on to the hotel receiving
the reservation at cost without mark-up or profit to the Hyatt Group. 
 The Hyatt Group enters into agreements with third
parties to process reservations centrally for individuals within group blocks, either electronically or via phone. Such reservations would ordinarily be directed to each individual Participating Hotel to process manually. The electronic costs are
either paid by the hotel directly or passed through to the hotel without markup. When these reservations are confirmed over the phone through the central reservations office, a fee of approximately $5.25 per reservation is charged to the hotel.

 6. Mandatory Contracts. The Hyatt Group from time to time negotiates contracts (“Mandatory
Contracts”) with vendors or providers of services that necessitate mandatory participation by all Franchise System Hotels (such as credit card acceptance agreements, music license agreements and certain telecommunications agreements) or by
certain Franchise System Hotels (e.g. hotels in a certain business segment). While the Hyatt Group currently does not receive any fees, rebates or commissions under, or with respect to, these Mandatory Contracts, certain of the Mandatory
Contracts may provide for promotional or other allowances that are then allocated among Participating Hotels as the Hyatt Group determines (or as required by the vendor or supplier in question) or utilized for promotional activities benefiting all
or substantially all Participating Hotels. 
 7. Airline Miles. If a guest chooses to receive airline miles as a result
of his or her stay, the Participating Hotel is charged the actual cost of those miles charged to the Hyatt Group by the respective airline partner, and the guest will then not be entitled to Gold Passport points. 
 8. Other Corporate Services. The Hyatt Group provides a number of other corporate services and programs for the benefit of
Participating Hotels for which reimbursement is made on a cost recovery basis, including taxes, if applicable. These services and programs include group sales promotional programs and events sponsored by two (2) or more Participating Hotels,
property evaluations, quality assurance manuals, security services, certain training programs and other various services. Costs are allocated among hotels that receive these services or participate in these programs pursuant to program-specific
allocation formulas that the Hyatt Group develops. To illustrate, sales events are billed back to Participating Hotels according to three distinct formulae: (1) for events such as trade shows where customers are not readily identifiable, hotels
are billed back based on the number of hotels attending (participation method); (2) for customer-only events where customers are readily identifiable, hotels are billed back based on revenue production by each hotel from customers attending the
event (production method); or (3) for other events, and most frequently used, hotels are billed back using a hybrid allocation calculated using fifty percent (50%) of the participation method and fifty percent (50%) of the production
method. Training and other corporate meetings are billed back to Participating Hotels based on attendance. 
  

	 	B.	Non-Mandatory Services. 

 The following are the Centralized Services that one or more members of the Hyatt Group currently provides to Franchise System Hotels and some or all other Hyatt-Affiliated Hotels and

  

 C-4 

 
which are not Mandatory Services (the “Non-Mandatory Services”). Hyatt currently does not require Franchise System Hotels to acquire Non-Mandatory Services from the Hyatt Group.

 1. FF&E Purchasing Services. Rosemont Project Management, L.L.C. offers purchasing services to Franchise System
Hotels and certain other Hyatt-Affiliated Hotels for the purchase of furniture, fixtures and equipment which, together with renovation-related services, are typically subject to a separate contract and fee structure (which includes a profit
component). Each Franchise System Hotel may determine whether and the extent to which to use the foregoing purchasing services. 
 2. Purchasing Services. The Hyatt Group makes various goods and services available to Franchise System Hotels and certain other Hyatt-Affiliated Hotels through a centralized purchasing program currently administered by Avendra, LLC
(“Avendra”), a procurement services company in which Hyatt’s Affiliate has a minority ownership interest. Other than sponsorship funds from Avendra vendors used to defray meeting costs otherwise allocable to Participating
Hotels, the Hyatt Group receives no fees, commissions or other remuneration in connection with such purchasing services. 
 Under the terms of the Hyatt Group’s current Procurement Services Agreement with Avendra effective January 1, 2007 (currently set to expire December 31, 2011), Avendra is entitled to charge a specified fee on purchases made
by Franchise System Hotels and certain other Hyatt-Affiliated Hotels through its programs, typically based on a percentage of the actual cost of the goods or services being purchased. All unrestricted allowances, fees or commissions made available
by vendors or distributors on purchases made by a hotel, after payment of Avendra’s fee on those purchases, are returned to that hotel. 
 Individual Franchise System Hotels determine whether, and the extent to which, to use Avendra’s services (other than as stated under Mandatory Contracts above), although it would be impracticable to
purchase certain products, such as bathroom amenities, made specifically for Hyatt-Affiliated Hotels elsewhere. The Hyatt Group’s corporate personnel provide on-going oversight of the Hyatt Group’s customer relationship with Avendra. The
cost of providing this oversight is allocated among Franchise System Hotels and certain other Hyatt-Affiliated Hotels in a manner determined by the Hyatt Group without premium, profit or mark up to the Hyatt Group. 
 Any distributions by Avendra to a Hyatt’s Affiliate on account of that Affiliate’s minority equity interest, including
distributions attributable to the sale of all or any portion of its investment in Avendra, net of taxes and related administrative expenses, will be used for the benefit of all Hyatt-Affiliated Hotels as determined by the Hyatt Group. 
 3. Remote Call Forwarding. The Hyatt Group currently offers Franchise System Hotels and certain other Hyatt-Affiliated Hotels the
option of forwarding reservations calls received at a hotel to the centralized reservations center when on-site personnel are unavailable to process potential reservations. The cost of remote call forwarding is charged on a per-call basis, which
currently is approximately $2.00 per call, to all Participating Hotels. Each Franchise System Hotel may determine whether to elect to use such remote call forwarding services. 
  

 C-5 

 4. Other Corporate Services. The Hyatt Group corporate office may provide temporary
employees to fill vacancies or provide additional staffing to Franchise System Hotels and certain other Hyatt-Affiliated Hotels. The Participating Hotel is charged for the actual cost of these employees. 
 5. Other Related Party Transactions. Apart from the services described above, Franchise System Hotels and certain other
Hyatt-Affiliated Hotels routinely engage in a number of transactions with other Hyatt-Affiliated Hotels. For example, an individual hotel may engage in transactions with other Hyatt-Affiliated Hotels whereby the hotel is billed by another
Hyatt-Affiliated Hotel or, conversely, bills another Hyatt-Affiliated Hotel, for reasons such as staff utilization (e.g., during periods of high demand). 
 6. Technology Services. The Hyatt Group provides some technology systems and services as Non-Mandatory Services, including certain point of sale systems, report automation, call accounting,
e-mail/blackberry systems, FIT sales, and some telecommunication services. 
 7. Coordinated Marketing Programs. The
Hyatt Group conducts certain joint marketing programs on behalf of a hotel together with one or more, but less than all, other Franchise System Hotels or other Hyatt-Affiliated Hotels. These programs are designed to serve a common business need for
a subset of hotels (e.g., resort hotels or commercial hotels). The Hyatt Group’s Corporate Marketing Department, in consultation with and subject to the approval of each hotel’s general manager, annually determines the hotel’s
participation in specific marketing programs based on the hotel’s business needs. In all cases, a hotel is allocated its prorata share of each coordinated marketing program in which it participates, based on each hotel’s business mix and
associated rooms revenues relative to the other hotels participating in such program. 
 8. Optional Search Engine
Marketing. The Hyatt Group conducts Search Engine Marketing relating to individual Franchise System Hotels as Non-Mandatory Services. Individual hotels pay the costs for Search Engine Marketing that relates only to those individual hotels. 

  

	 	C.	Centralized Services Costs and Centralized Services Charges 

 The Hotel will be charged for its equitably allocable share of Centralized Services Costs attributable to the Centralized Services in which the Hotel participates (or is obligated to participate) in
accordance with this Section C. The Hotel’s Centralized Services Charges will be determined on the same basis as such amounts are determined for similarly-situated Franchise System Hotels that are Participating Hotels for the applicable
Centralized Service, subject to Reasonable Deviations. Hyatt may, from time to time in its reasonable discretion, change the method of allocating Centralized Services Costs among Participating Hotels, provided that the method of allocation shall at
all times be determined on a reasonable, equitable and non-discriminatory basis. 
 1. Centralized Services Costs.
“Centralized Service Costs” means, with respect to any of the Centralized Services in which the Hotel participates (or is required to participate), all costs actually incurred or properly accrued by any member of Hyatt Group during
the period of

  

 C-6 

 
determination in respect of the provision of such Centralized Services, including (v) any costs or expenses payable to third party vendors or employees of any member of the Hyatt Group
(including support personnel) directly engaged in the rendition of such Centralized Services, (w) occupancy costs, (x) costs of equipment leases and capital improvements, (y) administrative expenses allocable to such services, and
(z) allocation of related carrying costs. In any case in which employees of the Hyatt Group devote less than all of their time to the provision of the applicable Centralized Services, employee costs shall be allocated in a reasonable manner
determined in good faith by the Hyatt Group to reflect the portion of time devoted by such employees to such Centralized Services. Other shared costs such as occupancy costs, utilities, and the like relating only partially to Centralized Services
shall likewise be allocated by the Hyatt Group to Centralized Services Costs on a fair and reasonable basis as determined in good faith by the Hyatt Group so as to reflect, as nearly as reasonably possible, the portion of such costs fairly and
reasonably attributable to the provision of Centralized Services. Any such allocation of shared personnel or other costs made by the Hyatt Group in good faith and with the intention of fairly allocating such costs shall be binding on the parties
hereto. Centralized Services Costs shall include the actual costs incurred by the Hyatt Group and shall not be subject to any mark up, premium or profit on any Mandatory Services, but may include a profit or mark up component on Non-Mandatory
Services as described above or as determined by the Hyatt Group. To the extent that any member of the Hyatt Group receives (i) a fee or cost reimbursement from any third party, hotel, or hotel chain (including any hotel that is not a Franchise
System Hotel or other Hyatt-Affiliated Hotel) in consideration of the provision of one or more of the Centralized Services to such third party, hotel or hotel chain, or (ii) any rebates, commissions or discounts from vendors or service
providers whose costs are included as part of Centralized Services Costs, such amounts so received (including any profit element) will be offset against Centralized Services Costs. There shall likewise be credited against Centralized Services Costs
with respect to any period any amounts that any member of the Hyatt Group is entitled to be paid in respect of Centralized Services furnished during such period to hotels participating in Centralized Services that (because they are under
construction or are otherwise being prepared for opening), are not included (or, if partially included, to the extent not so included) in the group of hotels among which Centralized Services Costs are then being allocated. 
 Centralized Services Costs for Control Services shall not include any amounts for the Hyatt Group’s overhead in providing headquarters
support to the Hotel’s management team or supervision over the management of any regional or shared services offices. 
 2.
Centralized Services Charges. “Centralized Services Charges” means the amounts that the Hyatt Group charges the Hotel for that Hotel’s equitably allocable share of the Centralized Services Costs attributable to the
Centralized Services in which the Hotel participates (or is obligated to participate) as described above in this Exhibit C or periodically determined by the Hyatt Group. 
  

 C-7 

 EXHIBIT D 
 to the 
 HYATT FRANCHISING, L.L.C. FRANCHISE AGREEMENT 
 INTENTIONALLY OMITTED 
  

 D-1 

 GUARANTY AND ASSUMPTION OF OBLIGATIONS 
 THIS GUARANTY AND ASSUMPTION OF OBLIGATIONS is given this          day of
                    , 200    , by
                   
  
  
  
  
                                        
                                         
                                         
                                         
                                         
 . 
 In consideration of, and as an inducement to, the execution of that certain Franchise Agreement (the
“Agreement”) on this date by Hyatt Franchising, L.L.C. (“Hyatt”), each of the undersigned personally and unconditionally (a) guarantees to Hyatt and its successors and assigns, for the term of the Agreement
(including extensions) and afterward as provided in the Agreement, that
                                        
(“Franchisee”) will punctually pay and perform each and every undertaking, agreement, and covenant set forth in the Agreement (including any amendments or modifications of the Agreement) and (b) agrees to be personally bound
by, and personally liable for the breach of, each and every provision in the Agreement (including, without limitation, any amendments or modifications of the Agreement), both monetary obligations and obligations to take or refrain from taking
specific actions or to engage or refrain from engaging in specific activities, including the confidentiality, transfer, and arbitration requirements. 
 Each of the undersigned acknowledges that he, she or it is either an owner (whether direct or indirect) of Franchisee or otherwise has a direct or indirect relationship with Franchisee or its affiliates,,
that he, she or it will benefit significantly from Hyatt’s entering into the Agreement with Franchisee, and that Hyatt will not enter into the Agreement unless the each of the undersigned agrees to sign and comply with the terms of this
Guaranty. 
 Each of the undersigned consents and agrees that: (1) his, her or its direct and immediate liability under
this Guaranty will be joint and several, both with Franchisee and among other guarantors; (2) he, she or it will render any payment or performance required under the Agreement upon demand if Franchisee fails or refuses punctually to do so;
(3) this liability will not be contingent or conditioned upon Hyatt’s pursuit of any remedies against Franchisee or any other person; (4) this liability will not be diminished, relieved, or otherwise affected by any extension of time,
credit, or other indulgence that Hyatt may from time to time grant to Franchisee or any other person, including, without limitation, the acceptance of any partial payment or performance or the compromise or release of any claims (including the
release of other guarantors), none of which will in any way modify or amend this Guaranty, which will be continuing and irrevocable during and after the term of the Agreement (including extensions) for so long as any performance is or might be owed
under the Agreement by Franchisee or any of its guarantors and for so long as Hyatt has any cause of action against Franchisee or any of its guarantors; and (5) this Guaranty will continue in full force and effect for (and as to) any extension
or modification of the Agreement and despite the transfer of any direct or indirect interest in the Agreement or Franchisee, and each of the undersigned waives notice of any and all renewals, extensions, modifications, amendments, or transfers.

 Each of the undersigned waives: (i) all rights to payments and claims for reimbursement or subrogation that any of the
undersigned may have against Franchisee arising as a result of the

 
undersigned’s execution of and performance under this Guaranty; and (ii) acceptance and notice of acceptance by Hyatt of his, her or its undertakings under this Guaranty, notice of
demand for payment of any indebtedness or non-performance of any obligations hereby guaranteed, protest and notice of default to any party with respect to the indebtedness or nonperformance of any obligations hereby guaranteed, and any other notices
to which he, she or it may be entitled. The undersigned expressly acknowledge that the obligations hereunder survive the termination of the Agreement. 
 If Hyatt is required to enforce this Guaranty in a judicial or arbitration proceeding and prevails in such proceeding, Hyatt shall be entitled to reimbursement of Hyatt’s costs and expenses,
including, but not limited to, reasonable accountants’, attorneys’, attorneys’ assistants’, arbitrators’, and expert witness fees, costs of investigation and proof of facts, court costs, other litigation expenses, and travel
and living expenses, whether incurred prior to, in preparation for, or in contemplation of the filing of any such proceeding. If Hyatt is required to engage legal counsel in connection with any failure by the undersigned to comply with this
Guaranty, the undersigned shall reimburse Hyatt for any of the above-listed costs and expenses Hyatt incurs even if Hyatt does not commence a judicial or arbitration proceeding. 
 IN WITNESS WHEREOF, each of the undersigned has affixed his, her or its signature on the same day and year as the Agreement was
executed. 
  

							
	GUARANTOR(S)	 		  	 PERCENTAGE OF OWNERSHIP
 IN FRANCHISEE

				
	  
	 		  	  
	 	%
	  
	 		  	  
	 	%
	  
	 		  	  
	 	%
	  
	 		  	  
	 	%
	  
	 		  	  
	 	%

  

 2Exhibit 10.16

 Exhibit 10.16 
 HOTEL MANAGEMENT AGREEMENT 
 [NAME OF HOTEL] 

 between 
 [NAME OF OWNER] 
 and 
 HYATT CORPORATION, 
 a Delaware corporation 
 DATED:
                    , 2009 (the “Effective Date”) 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	
	[to be updated]
		
	ARTICLE I Definitions; Term; [Performance Test]	  	1
			
	 1.1
	    	Definitions	  	1
			
	 1.2
	    	Term of Agreement	  	1
			
	 1.3
	    	Performance Test	  	3
		
	ARTICLE II Appointment of Operator	  	8
			
	 2.1
	    	Grant of Authority	  	8
			
	 2.2
	    	Standard of Operation	  	9
			
	 2.3
	    	Nature of Relationship; Limitation of Fiduciary Duty	  	9
			
	 2.4
	    	Scope of Authority	  	10
			
	 2.5
	    	Limitations on Operator’s Authority	  	14
			
	 2.6
	    	Limitations on Operator’s Duties	  	17
			
	 2.7
	    	Other Properties of Operator and its Affiliates	  	18
			
	 2.8
	    	Use of Affiliates	  	19
			
	 2.9
	    	Irrevocability of Contract	  	19
			
	 2.10
	    	Eligible Independent Contractor	  	20
		
	ARTICLE III [Construction/Conversion] of Hotel	  	19
			
	 3.1
	    	Owner’s Obligation	  	21
		
	ARTICLE IV Operation of Hotel	  	21
			
	 4.1
	    	Annual Plan	  	21
			
	 4.2
	    	Legal Requirements	  	27
			
	 4.3
	    	Maintenance, Repairs, Alterations and Reserves	  	28
			
	 4.4
	    	Hotel Employees	  	30
			
	 4.5
	    	Centralized Services	  	31
			
	 4.6
	    	Purchasing	  	32
			
	 4.7
	    	Operating Accounts	  	34
			
	 4.8
	    	Books and Records; Reporting	  	35
		
	ARTICLE V Trade Names and Other Intellectual Property	  	39
			
	 5.1
	    	Name of Hotel	  	39
			
	 5.2
	    	Ownership of Intellectual Property	  	39
			
	 5.3
	    	Owner Marketing	  	40

  

					
	©2009 Hyatt Corporation	 	-i-	 	

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page
	ARTICLE VI Payments to Operator	  	43
			
	 6.1
	    	Management Fees	  	43
			
	 6.2
	    	Centralized Services Charges	  	44
			
	 6.3
	    	Reimbursements	  	44
			
	 6.4
	    	Interest on Overdue Sums	  	46
			
	 6.5
	    	Tax on Reimbursements	  	46
		
	ARTICLE VII Insurance	  	46
			
	 7.1
	    	Property Insurance	  	46
			
	 7.2
	    	Operational Insurance	  	47
			
	 7.3
	    	Payment of Fees and Expenses	  	48
			
	 7.4
	    	Application of Business Interruption Insurance Proceeds	  	48
			
	 7.5
	    	Payment of Other Operating Expenses	  	49
			
	 7.6
	    	Cost and Expense	  	49
			
	 7.7
	    	Policies and Endorsements	  	49
			
	 7.8
	    	Insurance Claims	  	50
		
	ARTICLE VIII Damage and Condemnation	  	50
			
	 8.1
	    	Damage to or Destruction of the Hotel	  	50
			
	 8.2
	    	Condemnation	  	52
		
	ARTICLE IX Assignment	  	53
			
	 9.1
	    	Assignment by Operator	  	53
			
	 9.2
	    	Sale by Owner	  	54
		
	ARTICLE X Financing	  	56
			
	 10.1
	    	Owner Financing	  	56
			
	 10.2
	    	Advance Notice of Financing or Ground Lease	  	57
		
	ARTICLE XI Default	  	58
			
	 11.1
	    	Defaults	  	58
			
	 11.2
	    	Curing Defaults	  	59
			
	 11.3
	    	Remedies	  	59
		
	ARTICLE XII Termination and Transition	  	61
			
	 12.1
	    	Inability to Operate in Accordance with Hotel Standard	  	61

  

					
	©2009 Hyatt Corporation	 	-ii-	 	

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page
	 12.2
	    	Transition of Management	  	61
		
	ARTICLE XIII Indemnification	  	67
			
	 13.1
	    	Indemnification of Operator	  	67
			
	 13.2
	    	Indemnification of Owner	  	68
			
	 13.3
	    	Survival	  	68
		
	ARTICLE XIV Dispute Resolution	  	68
			
	 14.1
	    	Alternative Dispute Resolution	  	68
			
	 14.2
	    	Mediation	  	69
			
	 14.3
	    	Arbitration	  	69
			
	 14.4
	    	Litigation	  	73
			
	 14.5
	    	Prevailing Party’s Expenses	  	73
			
	 14.6
	    	Third-Party Litigation	  	74
			
	 14.7
	    	Expert Determination	  	74
		
	ARTICLE XV Representations, Warranties and Covenants	  	75
			
	 15.1
	    	Representations of Owner	  	75
			
	 15.2
	    	Representations of Operator	  	76
			
	 15.3
	    	No Representation Regarding Forecasts	  	76
			
	 15.4
	    	Quiet Enjoyment	  	77
			
	 15.5
	    	Condo-Hotel; Fractional Ownership	  	77
			
	 15.6
	    	Financing and Sales	  	77
			
	 15.7
	    	Gaming Regulations	  	78
		
	ARTICLE XVI General	  	79
			
	 16.1
	    	Interpretation	  	79
			
	 16.2
	    	Approvals	  	79
			
	 16.3
	    	Force Majeure	  	80
			
	 16.4
	    	Estoppel Certificates	  	81
			
	 16.5
	    	Notices	  	81
			
	 16.6
	    	Third Party Beneficiaries	  	82
			
	 16.7
	    	Counterparts	  	82
			
	 16.8
	    	Entire Agreement	  	83
			
	 16.9
	    	Severability	  	83

  

					
	©2009 Hyatt Corporation	 	-iii-	 	

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page
	 16.10
	    	Amendments	  	83
			
	 16.11
	    	Successors and Assigns	  	83
			
	 16.12
	    	Governing Law	  	83
			
	 16.13
	    	Survival and Continuation	  	83
			
	 16.14
	    	Confidentiality	  	84
			
	 16.15
	    	Further Assurances	  	85
			
	 16.16
	    	Intentionally Omitted	  	85
			
	 16.17
	    	Trade Area Restriction and Competing Facilities	  	85
		
	 EXHIBIT A Legal Description of Site
	  	1
		
	 EXHIBIT B Definitions
	  	1
		
	 EXHIBIT C Certificate of Authority
	  	1
		
	 EXHIBIT D Form of Non-Disturbance Agreement
	  	1
		
	 EXHIBIT E Area of Protection
	  	2

  

					
	©2009 Hyatt Corporation	 	-iv-	 	

 HOTEL MANAGEMENT AGREEMENT 
 [NAME OF HOTEL] 
 THIS HOTEL MANAGEMENT
AGREEMENT (this “Agreement”) is made and entered into as of the Effective Date indicated on the cover page of this Agreement, by and between
[                                        ,
a                     ] (“Owner”), and HYATT CORPORATION, a Delaware corporation (“Operator”).

 PRELIMINARY STATEMENT 
 Owner is the owner of certain real property located in [City, State] that is more particularly described on the attached Exhibit A (the “Site”), on which [is
located/Owner proposes to construct and develop] a hotel having the following facilities and amenities:                      (the
“Hotel”). Owner now desires to retain Operator to manage and operate the Hotel under the “                    ”
brand and to perform the related services herein described, upon the terms and conditions herein set forth. Operator desires to manage and operate the Hotel on behalf of Owner as herein provided. [ for use in new hotels or conversions only:
Concurrently with the execution and delivery hereof, Owner and Operator are entering into the “Pre-Opening Agreement” (hereinafter defined) setting forth certain technical assistance and pre-opening services to be rendered by Operator
during the “Pre-Opening Period” (hereinafter defined).] 
 NOW, THEREFORE, Owner and Operator hereby agree as
follows: 
 ARTICLE I 
 Definitions; Term; [Performance Test] 
 1.1 Definitions. 

 Unless the context otherwise specifies or requires, all capitalized terms used in this Agreement shall have the meanings
assigned to such terms in Exhibit B attached hereto and by this reference incorporated herein. 
 1.2 Term of
Agreement. 
 (a) Initial Term. This Agreement shall be effective on and as of
the Effective Date; however, the initial operating term of this Agreement (the “Initial Term” and together with any Renewal Term, the “Term”) shall commence on the Opening Date and shall continue until
11:59 p.m. (local time at the Hotel) on December 31 of the year in which the twenty (20th)

  

					
	©2009 Hyatt Corporation	 		 	

 
anniversary of the Opening Date shall occur, unless this Agreement shall be sooner terminated as herein provided. [revise as necessary for properties operating under Hyatt flag currently]

 (b) Renewal Terms. Unless this Agreement has previously been terminated pursuant to its express terms,
Operator shall have the right and option, in its discretion, to extend the Term for two (2) renewal terms of ten (10) years each (each such option as it applies to each such renewal term being herein referred to as a “Renewal
Option” and each such term resulting from exercise of a Renewal Option being herein referred to as a “Renewal Term”), which shall commence upon the expiration of the Initial Term, or expiration of the immediately preceding
Renewal Term, as the case may be, provided that (i) Operator shall deliver notice to Owner of its election to exercise the Renewal Option not later than twelve (12) calendar months prior to the expiration of the then applicable Initial
Term or Renewal Term, as the case may be, of its election not to exercise such Renewal Option, it being understood that Operator will be deemed to have elected to exercise the Renewal Option if it fails to deliver notice of its election not to do
so; (ii) on the date of exercise of the Renewal Option, Operator shall not be a Defaulting Party hereunder with respect to any Default or Event of Default for which Owner has provided written notice to Operator and as to which Owner has a right
of termination hereunder that has not previously been cured by Operator (or, if such Default is not capable of being cured within the time limits provided, that Operator has not commenced with reasonable diligence to cure, as provided in
Section 11.2) or waived by Owner. No further confirmation of any Renewal Term shall be necessary; however, upon the request of either Party, the Parties shall execute and deliver to Operator a supplement to this Agreement for the purpose of
evidencing the fact that the applicable Renewal Term has become effective. 
 If Operator shall have exercised
its Renewal Option, and Owner reasonably believes any one or more of the preceding conditions shall not have been satisfied, any disagreement between Owner and Operator with respect thereto which Owner and Operator are unable to resolve between
themselves shall be resolved by arbitration conducted in accordance with the provisions of this Agreement and, during the pendency of any such arbitration, Operator shall continue to manage and operate the Hotel pursuant to the provisions hereof as
though the Renewal Option shall have been properly exercised, and, if the arbitration award shall determine that Operator does not have the right to exercise the Renewal Option, this Agreement, and the Term and Operator’s management and
operation of the Hotel hereunder shall terminate sixty (60) days after the entry of any such award. Each Renewal Term shall be on the same terms and conditions as the Initial Term. 
  

					
	©2009 Hyatt Corporation	 	2	 	

 1.3 Performance Test . 
 (a) Definitions. For purposes of this Section 1.3 (or any other section of this Agreement which makes reference
to the definitions contained in this Section 1.3) the following terms shall have the meanings indicated below: 
 “Achieved RevPAR” shall mean, for the Fiscal Year in question, the product of (i) the average daily occupancy rate for the Hotel or Comparable Hotels, as applicable, multiplied by (ii) the average daily
room rate achieved by such Hotel or Comparable Hotels, as applicable, for such Fiscal Year. The Achieved RevPAR for the Hotel shall be calculated in the manner prescribed by the Information Source, regardless of how calculated by Operator for Hotel
reporting purposes, provided that any the data submitted by the Hotel to the Information Source which is included by the Information Source shall be deducted in the calculation. 
 “Comparable Hotels” shall mean the following hotels: [insert comparable hotels ]. If any one or more
of the preceding hotels (or any one or more of the substitutes therefor which may have been made in accordance with the provisions hereof) shall no longer be comparable to the Hotel, either Owner or Operator shall so notify the other party and a
substitute for the hotel identified as no longer comparable shall be made by agreement of the parties. For purposes hereof, a hotel shall no longer be comparable to the Hotel if (i) the hotel in question is no longer in operation, or its
operations have been substantially curtailed from its operations as of the date hereof (or as of the date a substitute is added as a Comparable Hotel) whether by virtue of the occurrence of a Force Majeure Cause or for any other reason; or
(ii) the quality of the hotel, either physically or operationally, shall have substantially diminished as generally recognized by the traveling public whether as a result of a change of brand or otherwise. If any hotel is determined no longer
to be generally comparable to the Hotel, it shall be deleted from the list of Comparable Hotels, and a substitute shall be added to the list of Comparable Hotels so long as the substitute hotel meets the following criteria: (a) the proposed
substitute hotel shall have been opened for business for a period of not less than three (3) full years and has, during such period, reported its Achieved RevPAR to the Information Source; and (b) is a hotel in the same Business Segment
and generally comparable in size, facilities and the level of quality, both physically and

  

					
	©2009 Hyatt Corporation	 	3	 	

 
operationally, to the Hotel. All matters pertaining to whether any of the Comparable Hotels shall no longer be comparable, and the identification of any hotels to be substituted as herein
provided, shall be determined by agreement of the parties. In the event the parties are unable to agree on one or more of the matters relevant for purposes hereof, either party shall have the right, by notice to the other party, to submit any of the
matters to dispute resolution by an Expert in accordance with applicable provisions of Article XIV hereof, and pending the outcome of any such dispute resolution, no change shall be made to the then applicable list of Comparable Hotels. 

“GOP Deficiency” shall mean, for the Fiscal Year in question, an amount equal to the amount, if
any, by which the Hotel GOP is less than the amount of Hotel GOP required to meet the GOP Test. 
 “GOP Test” shall mean one of the following: (i) if the annual average occupancy rate for the Hotel for such Fiscal Year is [            ]percent
(    %) or higher, the Hotel GOP is not less than [            ]percent (    %) of Gross Receipts for such Fiscal Year, (ii) if the annual
average occupancy rate for the Hotel for such Fiscal Year is between [            ] percent (    %-    %) the Hotel GOP is not less than
[            ]percent (    %) of Gross Receipts for such Fiscal Year, or (iii) if the annual average occupancy rate for the Hotel for such Fiscal Year is below
[            ] percent (    %) the Hotel GOP is not less than [            ] percent
(    %) of Gross Receipts for such Fiscal Year. If either of the RevPAR Test or the GOP Test is met for any applicable Fiscal Year, then the Performance Test shall have been deemed passed for such Fiscal Year, and the other
provisions of this Section 1.3 shall not be applicable. 
 “Hotel GOP” shall
mean the Gross Operating Profit for the Hotel for each Fiscal Year in question determined in accordance with the Uniform System. 
 “Information Source” shall be Smith Travel Research Inc. In the event Smith Travel Research Inc. shall no longer be in existence or is unable or unwilling to provide the required
information, and thereafter Owner and Operator cannot agree upon an alternative Information Source within thirty (30) days from the date on which Owner shall request information regarding the Achieved RevPAR for the Comparable Hotels, then
Owner shall select any two (2) of Price Waterhouse Coopers & Co., KPMG Peat Marwick & Co. or PFK Consulting, and deliver written notice to Operator of the two firms so selected within forty (40) days after the date on
which Owner requested information on the Achieved RevPAR for the Comparable Hotels, and the

  

					
	©2009 Hyatt Corporation	 	4	 	

 
Information Source shall then be either of the firms so selected by Owner as shall be designated by Operator in writing to Owner (or, if Operator shall fail to designate one of said firms within
ten (10) days after receipt of the aforesaid written notice from Owner, the firm so selected by Owner). If Owner shall fail to deliver written notice to Operator of the two (2) firms so selected within said forty (40) day period, then
Operator may select any one of the firms listed above as the Information Source and designate such firm by written notice to Owner. 
 “Performance Test” shall be deemed to have been met for any Fiscal Year if, for such Fiscal Year, either the GOP Test or Revpar Test is satisfied. 
 “Revpar Test” shall mean the Achieved RevPAR for the Hotel is equal to or greater than the Yield
Index Performance Standard. 
 “Termination Effective Date” shall mean the date upon
which any termination of this Agreement occurs pursuant to this Section 1.3. 
 “Yield Index
Performance Standard” shall be [                    (    %)] of the numerical average (weighted by number of guest
rooms) of the Achieved RevPAR for the Comparable Hotels. 
 (b) Owner shall have the right to terminate this
Agreement if for any two (2) consecutive Fiscal Years (the first of which shall be no sooner than the fifth (5th) full Fiscal Year following the Opening Date) (such consecutive Fiscal Years being herein referred to as the
“Performance Period”), the Performance Test has not been met, and is not cured by Operator pursuant to this Section 1.3. Notwithstanding the preceding sentence, any Fiscal Year in which the operation of the Hotel is materially
and adversely affected by one or more of the following: (i) Force Majeure Causes or damage to or destruction of the Hotel, (ii) a taking of all or a part of the Hotel by eminent domain, condemnation or similar proceeding,
(iii) failure by Owner to provide sufficient working capital funds as required hereunder and for which Operator has declared a Default, (iv) a Refurbishing Program or Major Project, or (v) if there are less than four (4) hotels
in the Comparable Hotels pursuant to this Section 1.3, ((i) through (v) hereinafter referred to as an “Intervening Event” or collectively as the “Intervening Events”), shall be disregarded for all
purposes hereof and shall not be included for consecutive year purposes. For avoidance of doubt, the exception contemplated by the preceding sentence is illustrated by the following example: assume that the Hotel failed the Performance Test in the
sixth (6th) full Fiscal

  

					
	©2009 Hyatt Corporation	 	5	 	

 
Year, a Refurbishing Program was undertaken in the seventh (7th) full Fiscal Year, and the Hotel failed the Performance Test in the eighth (8th) full Fiscal Year; since the seventh
(7th) full Fiscal Year is disregarded for all purposes, the Performance Test has been failed for the Performance Period. 
 (c) Owner shall have sixty (60) days after the later to occur of (i) receipt of the Certified Financial Statements for the second of the consecutive Fiscal Years in which Owner believes there
has been a failure of the Performance Test, and (ii) receipt from Operator of the report required under Section 1.3(d) below of the Information Source as to the Achieved RevPAR for the Comparable Hotels for such Fiscal Years, in which to
give written notice (a “Performance Termination Notice”) to Operator of Owner’s irrevocable intention to terminate this Agreement. If such Performance Termination Notice is not received by Operator within the aforesaid sixty
(60) days, Owner’s right to terminate this Agreement pursuant to this Section 1.3 shall lapse until such time as the conditions set forth in the first sentence of Section 1.3(b) shall again be satisfied (which, in such case,
shall not include the second of the two consecutive years just ended as the first year of the next period). 
 (d) After the same is available following the end of each Fiscal Year, Operator shall furnish Owner a report from the Information Source setting forth the Achieved RevPAR for the Comparable Hotels and the Hotel for the preceding Fiscal
Year. 
 (e) If Owner, having a right to do so, delivers a timely Performance Termination
Notice in accordance with the foregoing, Operator shall thereafter have the right to “cure” the Performance Test failure and extinguish Owner’s right to terminate this Agreement by delivering written notice to Owner on or before the
thirtieth (30th) day following receipt of the
Performance Termination Notice of Operator’s irrevocable intention to “cure” and by paying to Owner (on or before the sixtieth (60th) day following receipt of the Performance Termination Notice) in cash an amount equal to the greater of the GOP
Deficiency for the first or second of the two (2) Fiscal Years of the Performance Period. Nothing herein contained shall be deemed to obligate Operator to “cure” any Performance Test failure and the failure to “cure” the
same shall not be deemed an Event of Default by Operator under this Agreement. If Operator has “cured” such Performance Test failure, both of the consecutive Fiscal Years in which the Performance Test has not been met shall, for all
purposes, be deemed Fiscal Years in which the Performance Test was met and neither of the two (2) years used in such Performance Test shall be used in any other Performance

  

					
	©2009 Hyatt Corporation	 	6	 	

 
Period. The payment of GOP Deficiency shall be final and non-refundable, except in the event of an objection by either party to the Certified Financial Statements for the applicable Fiscal Years,
in which case the provisions of subsection (g) below, regarding an objection to the Certified Financial Statements, shall apply. Notwithstanding the foregoing, in no event shall Operator be entitled to “cure” a Performance Test
failure on more than two (2) separate occasions during the Initial Term or more than once during a Renewal Term. 
 (f) If Owner properly and timely exercises its right to terminate in accordance with the provisions of this Section 1.3, and Operator does not “cure” as above provided, then, subject to the provisions of Section 16.13,
all of the rights and obligations of the parties hereto shall terminate, without further act or notice of either of the parties, on the Termination Effective Date specified in a written notice from Owner to Operator, which date shall in no event be
sooner than ninety (90) days following Owner’s delivery of the Performance Termination Notice, nor later than six (6) months thereafter. 
 On or prior to the Termination Effective Date as herein provided, Owner shall pay to Operator (i) all Basic Fees earned up to and including the date of termination; (ii) an estimate, as
reasonably determined by Operator and Owner, of the amount of Incentive Fees accrued for the Fiscal Year in which such termination occurs up to and including the Termination Effective Date; and (iii) an estimate, as reasonably determined by
Operator and Owner of all other amounts due to Operator up to and including the Termination Effective Date. 
 (g) Subsequent to any termination pursuant to this Section 1.3, but in no event later than ninety (90) days after the end of the Fiscal Year in which such Termination Effective Date shall occur, Owner shall deliver to Operator
Certified Financial Statements for such Fiscal Year up to the Termination Effective Date together with the calculation of the amount of Incentive Fee, if any, earned for such Fiscal Year to the Termination Effective Date (calculated on the basis of
a per diem proration of the Hurdle Amount to the Termination Effective Date). The Certified Financial Statements shall be final and binding on the parties unless either party, within one hundred and twenty (120) days after the delivery thereof,
objects thereto by written notice to the other party as prescribed in Section 4.8. Once resolved, there shall be a settlement between the parties of any such amounts in relation to amounts previously paid to Operator. 
  

					
	©2009 Hyatt Corporation	 	7	 	

 ARTICLE II 
 Appointment of Operator 
 2.1 Grant of
Authority. 
 (a) Owner hereby appoints Operator as its sole and exclusive agent to supervise, direct,
control, manage and operate the Hotel (including all of its facilities and amenities) for the Term, subject to, and in accordance with, the Hotel Standard and the terms of this Agreement. Operator hereby accepts said appointment and agrees that it
shall supervise, direct, control, manage and operate the Hotel during the Term, subject to, and in accordance with the Hotel Standard and the terms of this Agreement. 
 (b) In furtherance of the foregoing grant of authority, Owner agrees that it will not unduly or unreasonably interfere with
the exercise by Operator of its managerial rights and authority hereunder, and agrees specifically that it will not seek to direct or control any Hotel Employees, appoint others to solicit or accept Hotel reservations or itself accept Hotel
reservations, conduct separate advertising or market programs for the Hotel, appoint other parties to conduct any portion of Hotel operations, or otherwise seek to exert direct supervision, control or management of Hotel operations, all subject,
however, to Owner’s rights as expressly set forth in this Agreement. 
 (c) To enable Operator to respond
efficiently to requests it may receive from third parties to provide evidence of its authority to operate the Hotel, without unnecessarily disclosing the terms and provisions of this Agreement, Owner shall, concurrently with the execution and
delivery of this Agreement, execute and deliver a certificate of authority (“Certificate of Authority”), substantially in the form of the attached Exhibit C, confirming Operator’s authority to operate the Hotel.
Notwithstanding the execution by Owner of the Certificate of Authority, Owner and Operator acknowledge and agree that (i) nothing in the Certificate of Authority shall be deemed to modify this Agreement or to expand or limit the rights or
obligations of either party as set forth herein; (ii) the provisions of this Agreement shall prevail over any other contrary provisions of the Certificate of Authority; and (iii) upon the expiration or termination of this Agreement, the
Certificate of Authority shall expire and be of no further force or effect, and Operator shall no longer make use of the Certificate of Authority for any purpose whatsoever. 
  

					
	©2009 Hyatt Corporation	 	8	 	

 2.2 Standard of Operation. 
 In the performance of its duties and obligations hereunder, (i) Operator will use that degree of skill, care and diligence as is
customary and usual of operators of first-class hotels in the United States, subject in all cases to the Hotel Standard and the express provisions of this Agreement and (ii) Operator agrees that it shall at all times manage and operate the
Hotel for the account and benefit of Owner in a business-like and efficient manner, and in accordance with all terms of this Agreement, offering an appropriate level of quality of guest amenities and services consistent with the Hotel Standard and
consistent with the purpose and intention of maximizing the long-term profitability of the Hotel subject in all respects to the terms of this Agreement. Owner will at all times permit the Hotel to be operated in accordance with the Hotel Standard,
free from interference or disturbance from Owner or its agents, subject in all cases to the express provisions of this Agreement. 
 2.3 Nature of Relationship; Limitation of Fiduciary Duty. 
 The relationship between Owner and Operator
shall be that of principal and agent. Nothing in this Agreement shall be deemed or construed to render Owner and Operator partners, joint venturers, landlord/tenant or any other relationship. The scope of Operator’s authority and duty as
Owner’s agent with respect to the operation of the Hotel are as set forth in this Agreement, and Owner and Operator both acknowledge and agree that the terms of this Agreement and the duties and responsibilities of each party as set forth
herein are intended to satisfy any fiduciary or other common law duties that may exist as a result of the relationship between the parties, including, without limitation, all duties of loyalty, good faith, fair dealing or full disclosure that may be
deemed to exist under common law principles of agency or otherwise. Accordingly, to the extent there is any inconsistency between the common law duties and responsibilities of principals and agents and the provisions of this Agreement, the
provisions of this Agreement shall prevail, it being the intention of the parties that (a) this Agreement shall be interpreted in accordance with general principles of contract interpretation without regard to the common law principles of
agency (except as expressly provided for in this Agreement), (b) any liability between the parties shall be based solely on principles of contract law and the express provisions of this Agreement, and (c) this Section 2.3 constitutes
a knowing and intentional waiver by Owner of any duties or responsibilities (including common law fiduciary duties) owed by an agent to its principal, and a waiver by Operator of any obligations of a principal to its agent, to the extent the same
are inconsistent with, or would have the effect of modifying, limiting or restricting, the express provisions of this

  

					
	©2009 Hyatt Corporation	 	9	 	

 
Agreement. Neither Operator nor Owner shall have liability for punitive damages or for consequential damages to the other in respect of a breach of fiduciary duties or otherwise arising out of
this Agreement. 
 2.4 Scope of Authority. 
 Owner’s grant of authority to Operator in Section 2.1 is intended to afford to Operator the sole and exclusive right and full
authority, as Owner’s agent, to direct, manage and control all aspects of the promotion, marketing, management and operation of the Hotel (and its constituent facilities and amenities) in a manner consistent with the Hotel Standard, as Operator
in its reasonable discretion deems advisable, subject only to the express provisions and limitations set forth in this Agreement (including Section 2.5 below). Without limiting the generality of the foregoing, Operator shall have the power and
authority, on behalf of Owner, to: 
 (a) open the Hotel for business, and cause the Opening Date to occur, as
soon as such opening is warranted in the reasonable opinion of Operator and can be effected without compromise to the Hotel Standard; provided, however, in no event shall the Opening Date occur prior to the date on which occupancy by guests is
legally permissible, nor later than the date on which the construction, furnishing and equipping of the Hotel (including all guest rooms, public areas and amenities) has been completed in accordance with approved plans and specifications;

 (b) establish rates for hotel usage including room rates for individuals and groups, charges for room service,
food and beverage and for use of recreational, entertainment or other guest facilities or amenities at the Hotel; it being understood and agreed that the Hotel’s general manager shall have the right, in his/her discretion, to grant discounted
or complimentary rooms, food, beverage or other hotel services when he/she reasonably deems the same to be in the best business interests of the Hotel, consistent with Operator’s standard policies and procedures in effect from time to time, and
generally in accordance with industry standards regarding the same; 
 (c) subject to the provisions hereof,
establish labor policies and terms of employment (including wage rates and fringe benefits and other items comprising Employee Costs) and arrange for and oversee the hiring, promotion, discharge, supervision and training of all Hotel Employees;

 (d) as agent of Owner, subject to any limitations as provided in Section 2.5, negotiate, enter into and
enforce the rights of Owner under, leases, licenses or concession

  

					
	©2009 Hyatt Corporation	 	10	 	

 
agreements with respect to the Hotel, and provide for the benefit of all tenants, licensees or concessionaires those Hotel services required to be provided by Owner as landlord thereunder.
Without limiting the generality of the foregoing, Operator shall use commercially reasonable efforts to collect all rents from tenants, licensees and concessionaires and shall deposit the same in the Operating Accounts; 
 (e) as agent of Owner, subject to any limitation as provided in Section 2.5 and Section 4.4, negotiate, enter into
and enforce the rights of Owner under, such other reasonable contracts (including, without limitation, maintenance and service contracts, utility agreements, labor or employment contracts and collective bargaining agreements) as may be reasonably
necessary or advisable in connection with the operation of the Hotel. 
 (f) establish and maintain a sound
system of accounting and record keeping, in accordance with Section 4.8, and consistent with prudent business practices and generally accepted accounting principles, with adequate systems of internal accounting controls; 
 (g) develop and implement an appropriate records management and retention system, and retention policies, providing for the
maintenance, storage and destruction of Hotel records as required by applicable provisions of law, and as are reasonably consistent with prudent business practices; 
 (h) use reasonable efforts to maintain the Hotel in good condition and repair throughout the Term including all portions of
the Building, Building Systems, FFE and Operating Equipment, all in accordance with maintenance programs established by Operator from time to time. In connection with the foregoing, subject to any limitation as provided in Section 2.5, Operator
shall arrange for, supervise and manage all maintenance and service contracts reasonably necessary for the maintenance and protection of the Hotel, and its various parts, including, without limitation, elevator maintenance, extermination services,
trash removal, fuel supply and utility services, any of which may be provided through a Purchasing Company contract, or other contract with other third parties; and shall coordinate and provide general oversight (as opposed to project management,
unless otherwise separately agreed upon between the Parties) for the installation of FFE and in connection with Building construction or replacement work; 
  

					
	©2009 Hyatt Corporation	 	11	 	

 (i) pay all bills and invoices for the Hotel’s operations other than
Debt Service and real estate and personal property taxes; provided, however, that Owner, or Operator, with Owner’s approval) shall have the right, but not the obligation, upon prior notice to the other, to contest any real estate taxes or other
impositions relating to the Hotel by appropriate proceedings conducted in good faith and with due diligence, the cost of which shall be an Operating Expense and paid from the Operating Accounts but shall not be included in the calculation of GOP for
the purpose of determining whether Hyatt has met the Performance Test and whether an Incentive Fee is due pursuant to the terms of this Agreement; 
 (j) adopt and implement appropriate credit policies and procedures, including, without limitation, policies regarding the acceptance of credit cards, but Operator shall in no event be deemed a guarantor
of the credit of any guest, group, patron, travel agent or credit card company; 
 (k) collect (to the extent
reasonably collectible), account for and remit promptly to proper governmental authorities all applicable excise, sales and use taxes or similar governmental charges collected by the Hotel directly from patrons or guests such as gross receipts,
admission, cabaret, use or occupancy taxes, or similar or equivalent taxes (except that portion thereof, if any, which is required to be collected, or whose collection has been assumed, by a third party electronic distribution intermediary such as,
for example, Expedia.com); 
 (l) procure on behalf of Owner all necessary inventories of food, beverages and
other consumables, and Operating Equipment; 
 (m) plan, prepare and supervise all aspects of promotion and
publicity relating to the Hotel (alone and as part of the Operator Hotel Group), including such marketing, advertising, sales, public relations and promotional programs or campaigns for the benefit of the Hotel as Operator reasonably determines to
be necessary or appropriate, and including (to the extent Operator deems advisable) participation in airline frequent traveler programs; 
 (n) subject to Section 2.5, from time to time as deemed necessary by Operator, consult with legal counsel regarding matters pertaining to the operation of the Hotel; 
 (o) subject to Section 2.5, institute, prosecute, defend, or settle (in Operator’s name or in the name of the Hotel
or Owner, as appropriate), legal actions and proceedings relating to

  

					
	©2009 Hyatt Corporation	 	12	 	

 
the operation (as distinct from the ownership) of the Hotel in the ordinary course, including actions or proceedings required to collect charges, rent or other income for the Hotel, to dispossess
guests, tenants or other persons in possession therefrom, or to cancel or terminate any lease, license or concession agreement, and Owner shall cooperate with Operator in connection therewith, it being acknowledged and agreed that (i) Operator
shall promptly notify Owner of legal disputes for which a summons, complaint, or other correspondence from an attorney has been received, and shall promptly forward notice of any such claims to the appropriate insurer, (ii) Owner shall be
notified promptly and have the right to participate in any proceedings involving union disputes or collective bargaining or lawsuits in which Owner is named as a defendant, and (iii) notwithstanding anything to the contrary contained in this
Agreement, Operator shall have the right to appoint counsel, defend, and control any and all legal actions or proceedings which involve more than one hotel in the Operator Hotel Group, or which relate to policies, procedures or business practices of
Operator or its Affiliates (it being further acknowledged and agreed that costs relating to actions or proceedings against Operator relating to the Hotel together with one or more other hotels in the Operator Hotel Group, shall be allocated on a
fair and reasonable basis among the Hotel and such other hotels to which such proceedings may relate); 
 (p)
take such actions as Operator shall reasonably determine to be necessary to comply with applicable Legal Requirements (to the extent within Operator’s reasonable control to do so); at the specific request of Owner from time to time, cooperate,
in all reasonable respects, with Owner (at Owner’s costs and expense and not as an Operating Expense), and any actual or prospective purchaser, underwriter, Lender, Successor Manager or other Person in connection with any actual or proposed
sale, investment, offering, debt placement or financing of or related to the Hotel. Operator agrees to prepare lists and schedules (such as inventories) and other information relating to the Hotel, to the extent regularly maintained or compiled in
Operator’s normal business operations, or if the requested information is reasonably available to Operator, as may be requested by a prospective purchaser, underwriter, Lender, Successor Manager or other Person; provided, however, that in no
case shall Operator be required to release to any third party any confidential information related to employees of the Hotel or Operator’s Proprietary Materials or by reason of such cooperation incur any underwriting liability; 
 (q) keep Owner informed and advised of all material, financial and other matters (including, without limitation, any
casualty) concerning the Hotel and the operation thereof of

  

					
	©2009 Hyatt Corporation	 	13	 	

 
which Operator has actual knowledge and cause Key Personnel to be available as often as Owner may reasonably request to consult with Owner concerning the business of the Hotel; 
 (r) notify Owner, in writing, promptly upon receipt by Operator of actual knowledge thereof, of the filing of any liens
against the Hotel and cooperate with Owner, in all reasonable respects, at Owner’s expense, in contesting, compromising, or otherwise causing the discharge, of any such liens; and 
 (s) take such other actions as Operator reasonably determines to be appropriate to operate the Hotel to the Hotel Standard.

 2.5 Limitations on Operator’s Authority. 
 Notwithstanding any contrary provision of this Agreement, Operator shall not have the authority to take any of the following actions without
the prior consent of Owner not to be unreasonably withheld, conditioned or delayed (which shall be deemed to have been given if the matter in question is specifically contemplated in an approved Annual Plan): 
 (a) enter into any equipment lease, contract or other arrangement (or series of related contracts or arrangements) if
(A) the expenditures thereunder would, or are reasonably anticipated to, exceed Two Hundred Fifty Thousand and 00/100 US Dollars (US$250,000.00) (subject to CPI adjustment) in the aggregate, or (B) if the non-cancelable term of such
equipment lease, contract or other arrangement is in excess of one (1) year without penalty). Owner’s consent shall not be required with respect to (i) individual employment or compensation arrangements so long as the same (other than
fringe benefit programs) do not involve a non-cancelable term in excess of one (1) year; (ii) Centralized Services Charges; (iii) expenditures from the Capital Fund but not in excess of the amounts that may be made by Operator without
Owner approval as expressly provided in Section 4.1(b); (iv) expenditures incident to the booking of rooms, food and beverage and other Hotel business entered into in the ordinary course of business and performing Hotel obligations under
any such booking arrangements (provided that a contract or arrangement that shall account for more than an average of [seventy-five (75)] or more rooms per night for a period of [twelve (12)] months or more at a rate per night of less than [Two
Hundred Dollars ($200)] (subject to CPI adjustment) shall require Owner’s prior approval, which shall not be unreasonably withheld, conditioned or delayed); or (v) contracts or expenditures reasonably required in order to protect life,
health, safety or property in cases of emergency; 
  

					
	©2009 Hyatt Corporation	 	14	 	

 (b) settle (i) any property insurance claims that exceed Five Hundred
Thousand and 00/100 Dollars ($500,000), and (ii) any condemnation awards regardless of amount. Operator shall have the right to settle all other property insurance claims; 
 (c) institute (as opposed to the defend) any legal or equitable proceedings with respect to the Hotel, including the
selection of counsel, excluding, however, (i) routine collection litigation; (ii) litigation involving matters covered (subject to applicable deductions) by insurance (including subrogation claims); and (iii) other matters involving
ordinary day-to-day operations of the Hotel wherein the amount in controversy is less than Two Hundred Fifty Thousand Dollars ($250,000) (subject to CPI adjustment), all such excluded matters (including the selection of counsel with respect thereto)
to be within the operating authority of Operator; provided, however, that Owner shall have the right to approve the engagement of and selection of legal counsel if the cost of such engagement is likely (as determined at the time of the engagement)
to exceed One Hundred Thousand Dollars ($100,000) (excluding, however, counsel retained by an insurance company with respect to an insurance claim). Operator shall not, without the prior consent of Owner, institute, defend or settle any legal or
equitable proceeding with respect to the Hotel, including the selection of counsel, where such proceeding relates specifically to the Site, Building, or Building Systems, as opposed to the operation of the Hotel (such as, for example, but without
limitation, claims under Title III of the Americans With Disabilities Act, environmental claims not arising from Hotel operations, and Building compliance with zoning and building laws), it being acknowledged and understood that any such legal or
equitable proceeding shall be conducted by Owner, with counsel of its choice, and may be paid out of the Operating Accounts to the extent there is sufficient working capital and shall not be included in the calculation of GOP for the purpose of
determining whether Hyatt has met the Performance Test and whether an Incentive Fee is due pursuant to the terms of this Agreement. The costs relating to activities or proceedings against Operator directly relating to the Hotel together with one or
more other Brand Hotels shall (subject to the limitations set forth in the preceding sentence) be allocated on a fair and reasonable basis among the Hotel and such other Brand Hotels to which such proceedings relate; 
  

					
	©2009 Hyatt Corporation	 	15	 	

 (d) purchase goods, supplies or services from itself of any Affiliate, or
enter into any other transaction with an Affiliate of Operator wherein any portion of the cost thereof will be paid or reimbursed by the Hotel, except as permitted under Sections 2.4, 2.5, 2.8, 4.5 or Section 4.6; provided, however, that Owner
acknowledges that, (i) in light of the varied nature and scope of investments by or on behalf of the Pritzker Family, there may be situations where a company in which the Pritzker Family holds an interest does business, directly or indirectly,
with Operator or the Hotel without the knowledge of such interest by Operator’s management, and (ii) any such transactions entered into in the ordinary course of business will not be deemed a violation of the provisions of this Section;
provided, that, where such affiliations are actually known by the Hotel it will notify Owner in connection with the Annual Plan. 
 (e) acquire on behalf of Owner any land or interest therein; 
 (f)
finance, refinance, mortgage, place any liens upon or otherwise encumber the Hotel or any portion thereof or interest therein; 
 (g) enter into any collective bargaining agreements except as provided for herein. Notwithstanding anything to the contrary contained herein, Operator will negotiate, on behalf of the Hotel with any labor
union lawfully entitled to represent its employees at the Hotel, or any collective bargaining unit comprising Hotel employees. Operator shall keep Owner fully informed as to the progress of any negotiations and any agreements that are reached and
shall consult with Owner during the course of any negotiations with such labor union as to terms (including but not limited to wages, benefits and job descriptions) reasonably acceptable to Owner. Any collective bargaining agreement or labor
contract resulting therefrom shall first be approved by Owner, which approval shall not be unreasonably withheld, conditioned or delayed. In that connection, Owner understands and agrees that its approval rights shall be disclosed to the bargaining
representative, and, Owner further agrees (i) Owner will not withhold, condition or delay its approval to any collective bargaining agreement if the result thereof, in the reasonable opinion of counsel for Operator, is to create a substantial
risk of violation of Legal Requirements or an existing contractual obligations on the part of Operator; and (ii) in addition to any other indemnification obligations of Owner herein contained, Owner shall indemnify, defend and hold Operator,
its officers, directors, employees and agents, completely free and harmless of and from any and all manner of liability, claim, cost or expense which may be incurred by Operator by reason of any failure of the part of Owner to approve a

  

					
	©2009 Hyatt Corporation	 	16	 	

 
collective bargaining agreement, submitted to Owner for approval and such approval shall have been withheld, conditioned or delayed by Owner. Operator shall use commercially reasonable efforts to
settle and compromise all controversies and disputes arising under any labor union contract affecting the employees of the Hotel upon such terms and conditions as Operator reasonably deems to be in the Hotel’s best interests, provided no
settlement or compromise for any dispute wherein the amount in controversy is in excess of One Hundred Thousand Dollars ($100,000) shall be binding on Owner unless Owner shall have approved the same in writing; 
 (h) enter into any leases for space in the Hotel for space in excess of
             square feet or having an annual rental obligation in excess of $            ; 
 (i) sell, transfer or otherwise dispose of all or any portion of the Hotel except for dispositions of food, beverages and
merchandise, and dispositions of surplus or obsolete FFE, to the extent the same are in the ordinary course of Hotel business; or 
 (j) take any other action which, under the terms of this Agreement, is prohibited or requires the approval of Owner. 
 2.6 Limitations on Operator’s Duties. 
 (a) In
no event shall Operator be deemed in breach of its duties under this Agreement, or otherwise at law or in equity, solely by reason of (i) the failure of the financial performance of the Hotel to meet Owner expectations or income projections or
other matters included in the Annual Plan, (ii) the institution of litigation or the entry of judgments against Owner or the Hotel with respect to the Hotel operations, or (iii) any other acts or omissions not otherwise constituting a
breach of this Agreement, it being the intention and agreement of the parties that Operator’s sole obligation hereunder shall be to act in conformity with the standard of skill, care and diligence referred to in Section 2.2, in conformity
with the Hotel Standard, and otherwise in conformity with the express terms of this Agreement. 
 (b) Owner and
Operator agree that in each instance in this Agreement where Operator is required or entitled to review or approve plans, specifications, budgets and/or financings, no such review or approval shall imply or be deemed to constitute an opinion by
Operator, nor impose upon Operator any responsibility for the design or construction of Building elements including, but not limited to, structural integrity, life/safety requirements, adequacy of

  

					
	©2009 Hyatt Corporation	 	17	 	

 
budgets and/or financing or the compliance with environmental laws, it being acknowledged that any such reviews and approvals by Operator are for the sole and exclusive benefit of Operator (and
may be waived by Operator if it so chooses) and may not be relied upon by any other Person. 
 (c)
Notwithstanding any contrary provision of this Agreement, Operator shall be excused from its obligations to operate the Hotel in conformity with the Hotel Standard and from its other obligations under this Agreement, to the extent and whenever
Operator’s compliance with such obligations is prevented or restricted by (i) the occurrence of a Force Majeure Cause, (ii) any limitation or restriction in this Agreement on Operator’s authority or ability to expend funds,
(iii) an insufficiency of funds available to Operator in the Operating Accounts or Capital Fund, or (iv) any breach by Owner of its obligations under this Agreement for which Operator has declared a Default. 
 2.7 Other Properties of Operator and its Affiliates. 
 Owner acknowledges that Operator and its Affiliates own, operate and license (and will continue to own, operate and license) other hotels,
including other Brand Hotels, some of which may compete with the Hotel. Owner further acknowledges that: (a) it has selected Operator to operate the Hotel in substantial part because of Operator’s and its Affiliates’ operation of a
chain of first-class hotels, resorts and other lodging facilities, and the benefits that derive from including the Hotel as part of the Brand Hotels, specifically, and the Operator Hotel Group, generally; (b) it has determined, on an overall
basis, that the benefits of operation as part of the Operator Hotel Group are substantial notwithstanding that not all hotels within the Operator Hotel Group will benefit equally by inclusion therein; and (c) in certain respects all hotels
compete with all other hotels and conflicts may, from time to time, arise between the Hotel and other hotels (including other Brand Hotels) within the Operator Hotel Group. Operator agrees that it shall use commercially reasonable efforts to
minimize conflicts among the hotels within the Operator Hotel Group, and will in all events proceed, both in its ownership, operation and licensing of the Hotel and in the ownership, operation and licensing of other hotels within the Operator Hotel
Group, in a good faith manner reasonably intended to serve the overall best interests, on a long term basis, of all hotels (including the Hotel) within the Operator Hotel Group. 
  

					
	©2009 Hyatt Corporation	 	18	 	

 2.8 Use of Affiliates. 
 In fulfilling its obligations under this Agreement, Operator may from time to time use the services of one or more of its Affiliates. If an
Affiliate of Operator performs services that Operator is required to provide under this Agreement, Operator shall be ultimately responsible to Owner for the Affiliate’s performance, and Owner shall not pay more for the Affiliate’s services
and expenses than Operator would have been entitled to receive under this Agreement had Operator performed the said services. 
 2.9 Irrevocability of Contract. 
 Owner and Operator each acknowledge (a) that they are entering
into this Agreement in reliance on the long term nature of this Agreement, and (b) that the rights, duties, powers and authority of each of the parties hereto, are intended to be non-terminable throughout the Term, except in accordance with the
express provisions of this Agreement or, where appropriate, as a remedy for the occurrence of any Event of Default. It is agreed that neither party will achieve the benefits intended to be achieved if either party has any continuing right or power
to terminate this Agreement, or the agency hereby created, except in accordance with the express provisions of this Agreement. Accordingly, both Owner and Operator, as a substantial inducement to the other to enter into this Agreement, as an
inducement to Operator to invest the skill, time, expertise and customer relationships necessary to achieve the long term benefits herein contemplated, and as an inducement to Owner to ensure the full and unrestrained best efforts of Operator in the
management and operation of the Hotel in accordance with the provisions of this Agreement, hereby irrevocably waive and relinquish any right, power or authority existing at law or in equity, including, without limitation, any such right, power or
authority referred to in Robert E. Woolley v. Embassy Suites, Inc., 227 Cal. App. 3d 1520 (1990), Pacific Landmark Hotel, Ltd. v. Marriott Hotels, Inc. et al., 19 Cal. App. 4th 615 (1993) and their progeny, to terminate this
Agreement or Operator’s authority hereunder, except in accordance with the express provisions of this Agreement. The parties further hereby acknowledge that any breach of the provisions of this Section 2.9, by either party will cause
irreparable and permanent damage to the other party, not fully or substantially compensable by money damages and, therefore, that the continuation of the Term may be enforced by specific performance or other appropriate equitable remedies.

  

					
	©2009 Hyatt Corporation	 	19	 	

 2.10 Eligible Independent Contractor. 
 It is intended that Operator shall qualify as an “eligible independent contractor” as defined in Section 856(d)(9) of the
Internal Revenue Code of 1986, as amended. To that end: 
 (a) During the Term, Operator shall not knowingly or
intentionally permit wagering activities to be conducted at or in connection with the Hotel by any Person who is legally authorized to conduct the same. The provisions of the preceding sentence shall not apply to wagering activities conducted by
guests or patrons of the Hotel as part of lawful charitable or other similar fund raising activities at the Hotel. 
 (b) During the Term, Operator shall not knowingly or intentionally own, directly or indirectly (within the meaning of Section 856(d)(5) of the Code), more than 35% of the shares of Chesapeake Lodging Trust (“Chesapeake”);

 (c) During the Term, Operator will not knowingly or intentionally permit more than 35% of the total combined
voting power of Operator’s outstanding stock to be owned, directly or indirectly, by one or more persons owning 35% or more of the outstanding stock of Chesapeake; and 
 (d) Operator represents and warrants that Operator (or a person who is a “related person” within the meaning of
Section 856(d)(9)(F) of the Code (a “Related Person”) with respect to the Operator) is, as of the date hereof, actively engaged in the trade or business of operating “qualified lodging facilities” (as defined in
Section 856(9)(D) of the Code) for one or more Persons who are not Related Persons with respect to Owner (“Unrelated Persons”). 
 Notwithstanding the foregoing, no breach of the foregoing provisions shall be deemed a Default or an Event of Default by Operator, but Owner shall be entitled, as its sole and exclusive remedy, to
terminate this Agreement for breach thereof by notice in writing delivered to Operator at any time within six (6) months of Owner’s receipt of actual knowledge of the breach thereof (without payment of fee or other consideration to
Operator by reason thereof) which termination shall be effective on the date selected by Owner in its notice to Operator but no sooner than thirty (30) nor more than one hundred eighty (180) days after the date hereof. Furthermore, the
provisions of this Section 2.10 are included in this Agreement solely for the benefit of Chesapeake, an Affiliate of Owner, which is a real estate investment trust subject to the provisions of Section 856 of the Code. This
Section 2.10, therefore, shall be of no force or effect, and shall not apply, at any time during the Term as Owner, or any Affiliate of Owner (or

  

					
	©2009 Hyatt Corporation	 	20	 	

 
their successors and assigns as permitted hereunder), are no longer subject to the provisions of said Section 856 of the Code (or any successor provision thereto of similar import).

 ARTICLE III 
 [Construction/Conversion] of Hotel 
 3.1 Owner’s Obligation.

 Owner shall provide or obtain all financial and other resources necessary to complete the [conversion/development,
PIP, construction and opening] of the Hotel, in accordance with this Agreement and the Pre-Opening Agreement. Without limiting the generality of the foregoing, Owner shall ensure that, as of the Opening Date, there are adequate funds in the
Operating Accounts and in house banks, as reasonably approved by Operator, and Operator shall ensure that, as of the Opening Date, all necessary inventories of food, beverages and operating supplies are on hand subject to Owner’s
obligation to provide sufficient working capital for all such items. Operator shall not be required to provide any funds for the [conversion/development, PIP, construction and opening] of the Hotel]. Upon Operator’s written
acknowledgement of completion of the [conversion/development, PIP, construction and opening], as of the date thereof, the Hotel shall be deemed in compliance with the Hotel Standard, provided that if Operator’s acknowledgement of completion is
requested by written notice from Owner and Operator fails to respond to such request within thirty (30) days of express or written receipt or acknowledgement thereof, then Operator shall be deemed to have acknowledged such completion.

 ARTICLE IV 
 Operation of Hotel 
 4.1 Annual Plan. 
 (a) Preparation and Submission. No later than November 1 of each Fiscal Year during the Term, Operator
will prepare and submit to Owner for the following calendar year (i) a forecasted budget of the Hotel’s operations, including forecasts of revenues and Operating Expenses and the assumptions underlying the same; (ii) a proposed
marketing plan; and (iii) a proposed budget of Capital Expenditures (for this purpose, inclusive of additions to and replacements of FFE). Such information and forecasts shall be supplemented with such additional detail as Owner may reasonably
request. Accompanying each proposed Annual Plan shall be an updated list of Mandatory Contracts. The materials described in clauses (i) and (ii) above are herein collectively referred to as the “Operating Budget”, the
budget referred to in

  

					
	©2009 Hyatt Corporation	 	21	 	

 
clause (iii) above is herein referred to as the “Capital Budget” and the Operating Budget and Capital Budget are collectively referred to as the “Annual
Plan”. The Annual Plan shall be prepared in accordance with Operator’s standard internal planning and budgeting procedures on Operator’s standard formats. 
 Owner agrees that it shall promptly review all Operating Budgets and Capital Budgets submitted to it, and Operator agrees
that it shall provide Owner with such additional and supplemental information with respect thereto as shall be reasonably requested by Owner and which may be prepared or compiled without unreasonable delay, expense or interruption of normal
operations. In addition to the Operating Budget and Capital Budget for the ensuing year, Operator shall provide, for the information of Owner and not as part of the Annual Plan, a plan for Capital Expenditures (including any Refurbishing Program),
for the next five (5) Fiscal Years subsequent to the Fiscal Year which is the subject of the proposed Annual Plan. Promptly after submission of the Annual Plan, representatives of Owner and Operator shall meet at such location as may be
mutually agreed and at a mutually convenient time to discuss, and attempt in good faith to agree upon, the Annual Plan as provided below. 
 (b) Operating Budget. All items of expenditure contained in the Operating Budget shall be subject to approval of Owner, with the exception of the following: (i) costs associated with contracts
or arrangements Operator has made on a Centralized Services basis and other chain-wide, regional or Business Segment basis in accordance with Operator’s authority under, and subject to the terms of, this Agreement, including, without
limitation, Mandatory Contracts; (ii) Employee Costs, including the targets applicable to and the potential costs of bonuses; (iii) items (such as room rates, menu or banquet prices, and the like) affecting the estimate of Hotel revenues;
or (iv) other expenditures required to be made under the express provisions of this Agreement, including, without limitation, expenditures for Management Fees, Centralized Services Charges and Centralized Services Costs (except to the extent
Owner has opted out of non-mandatory Centralized Services), provided that Centralized Services Charges shall be included in Operating Expenses in accordance with the provisions of this Agreement, and Centralized Service Charges are assessed to the
Hotel on the basis set forth in this Agreement on the same basis (although not necessarily in the same overall dollar amount) as such charges are assessed to other similarly situated Brand Hotels. Owner shall not withhold its approval for any
expenditures which are reasonably necessary, in nature or amount, to enable the Hotel to continue operating in accordance with the Hotel Standard. 
  

					
	©2009 Hyatt Corporation	 	22	 	

 Subject to the foregoing, Operator shall take into consideration the views
and suggestions of Owner regarding all aspects of the Operating Budget and both Owner and Operator shall attempt, in good faith, to reach a mutually satisfactory agreement, and thereupon to incorporate any such agreements into the Operating Budget.
Within thirty (30) days’ of receipt of the Operating Budget, Owner shall have the right to suggest changes in the proposed Operating Budget which it considers reasonably necessary to achieve the objectives of near-term and long-term
maximization of Hotel profits, subject in all respects to the Hotel Standard. Operator shall take into consideration the views and suggestions of Owner regarding all aspects of the Operating Budget and both Owner and Operator shall attempt, in good
faith, to reach a mutually satisfactory agreement, and thereupon to incorporate any such agreements into the Operating Budget, giving regard to the Parties’ objectives described in Section 2.2. To the extent Operator disagrees with
Owner’s suggestions and comments, Operator shall provide written explanations for its disagreements. Promptly following the foregoing discussions and explanations, Operator shall submit a revised Operating Budget for further comment and
discussion in the manner set forth above. 
 Thereafter, the parties shall continue to discuss the Operating
Budget until such time as both Operator and Owner shall have reached agreement on all items comprising the Operating Budget for which Owner has approval rights hereunder. If the parties cannot agree on an Operating Budget within ninety
(90) days after the commencement of the Fiscal Year to which such Operating Budget is intended to relate, each of Owner and Operator shall thereafter have the right to submit the issue of the disputed items in the Operating Budget to Expert
determination as provided in Article XIV. The Expert’s determination pursuant to Article XIV as to the disputed items of the Operating Budget shall be final and binding on both Owner and Operator. 
 Until such time as the parties have agreed on all line items of the proposed Operating Budget for which Owner has approval
rights hereunder, Operator shall have the right to operate the Hotel in accordance with an Operating Budget comprised of those line items which do not require Owner approval hereunder, those line items that have theretofore been agreed upon by Owner
and Operator and, only with respect to those line items not yet approved by Owner (and for which Owner has approval rights hereunder), the standards of operation and operating policies in effect during the preceding calendar year. Once the Operating
Budget has been approved by Owner and Operator, Operator agrees that it shall use commercially reasonable efforts to operate

  

					
	©2009 Hyatt Corporation	 	23	 	

 
the Hotel in a manner consistent with the approved Operating Budget both as relates to estimates of dollar amounts of expenditures, and the operating assumptions underlying the same. 

Notwithstanding anything to the contrary in this Section 4.1, Owner and Operator both acknowledge that the forecasts
of revenues and estimated expenses contained in the Operating Budget represent Operator’s best estimate of the same for the following calendar year and not in any way a guarantee of actual results. Actual revenues and expenses can vary from
forecasts and estimates for reasons beyond the reasonable control of Operator including, without limitation, the following: (i) the volume of business and the levels of hotel occupancy; (ii) the mix of business (that is, the relationship
of food and beverage revenues to other hotel related revenues and the relationship of group business to individual travel business); (iii) prevailing wage rates and the effects of collective bargaining agreements; (iv) inflation;
(v) utility rates, insurance premiums and tax increases; (vi) unanticipated and extraordinary repair and maintenance expenses; (vii) the need to meet competitive market conditions; and (viii) other similar causes. Owner
acknowledges that so long as Operator adheres to its covenant to use commercially reasonable and diligent efforts to operate the Hotel in a manner consistent with the approved Operating Budget and Annual Plan, Operator shall have no liability to
Owner, and shall not otherwise be deemed in default hereunder, if actual operating results vary from the Operating Budget. 
 If at any time during the year Operator anticipates that revenues shall be materially less or expenditures shall be materially more than those forecasted in the Operating Budget, Operator shall, at the
request of Owner at any time, provide its opinion regarding the reason for such deviation in writing, and upon Owner’s request shall meet in person with Owner and its designees to confer on the subject. Operator shall further submit, on a
monthly basis, updated cash flow forecasts during the Fiscal Year for the remainder of the then current Fiscal Year; provided, however, in no event shall the need for any such re-forecasting of the Annual Plan, or any portion of it, be deemed a
default by Operator hereunder. In addition to the foregoing, Operator and Owner shall confer on ways and means of addressing revenue shortfalls, or reducing expenditures, in response to reduced levels of business, and on other appropriate business
or marketing measures. Operator shall consider in good faith any suggestions made by Owner and shall implement the same if, in the judgment of Operator, such suggestions are responsive to business conditions and reasonably likely to have a favorable
affect on business performance, can be implemented without adversely affecting contractual arrangements or business relationships, and are consistent with the Hotel Standard. 
  

					
	©2009 Hyatt Corporation	 	24	 	

 (c) Capital Budget Approval. 
 (1) In connection with any Capital Budget, if Operator anticipates that a Major Project shall be required, it shall
specifically highlight such Major Project, and shall state whether, in Operator’s reasonable opinion, such Major Project will adversely affect the results of operations of the Hotel for the Fiscal Year in question. Furthermore, if Operator
reasonably believes that any portion of the Capital Budget shall be used to pay for purchases of FFE to be made through Rosemont, Operator shall include a specific estimate of the amount of fees or other costs to be paid to Rosemont. 
 (2) Subject to the limitations set forth in Section 4.1(c)(4), all items of expenditure contained in the Capital Budget
shall be subject to Owner’s approval; provided, however, Owner agrees that, Owner shall approve all Capital Budgets or relevant portions thereof that are reasonably necessary in order to enable the Hotel to meet the Hotel Standard. If Owner
does not approve a proposed Capital Budget, or any line items or specific Capital Expenditure projects within a proposed Capital Budget, within thirty (30) days after delivery of the same to Owner, then such Capital Budget, or such line item(s)
or Capital Expenditure projects not specifically approved by Owner, as the case may be, shall be deemed disapproved. In such event, Owner and Operator shall meet and confer in good faith in an effort to reconcile differences and reach consensus
during the thirty (30) day period thereafter. 
 (3) If, by the end of the sixty (60) day period
following Operator’s submission of the Capital Budget to Owner, Owner has yet to approve a Capital Budget or a specific Capital Expenditure project, or any portion thereof, Operator shall notify Owner in writing of any such unapproved Capital
Expenditure(s) Operator reasonably deems necessary for the Hotel to meet the Hotel Standard (collectively, the “Disputed Capital Expenditures”). If Owner does not agree to include the Disputed Capital Expenditures in the approved
Capital Budget, or as an approved Capital Expenditure project, within thirty (30) days after delivery of Operator’s notice, then Operator shall have the right to submit the issue of whether the Disputed Capital Expenditures are necessary
to enable the Hotel to meet the Hotel Standard to an Expert as provided in Article XIV. The Expert may, at the request of either party, also determine the expected sufficiency of the Capital Fund. The Expert’s determination pursuant to Article
XIV as to the Disputed Capital Expenditures shall be final and binding on both Owner and Operator. 
  

					
	©2009 Hyatt Corporation	 	25	 	

 (4) Operator shall not incur Capital Expenditures that are in excess of
those required or permitted under the approved Capital Budget except for the following: (i) expenditures for the replacement of or additions to FFE (other than expenditures relating to Refurbishing Programs approved by Owner) from funds then on
deposit or to be deposited in the Capital Fund which do not exceed                      Thousand Dollars
($                    ) (subject to CPI adjustment) for any single expenditure, or
                     Thousand Dollars
($                    ) (subject to CPI adjustment) in the aggregate in any calendar year (and provided that such expenditures shall not thereby
cause the Capital Fund to lack sufficient funds to pay for previously approved items contemplated in the Capital Budget); (ii) expenditures, including Capital Expenditures, which Operator reasonably deems necessary to minimize personal injury
and property damage in cases of casualty or other emergency, or which Operator deems reasonably necessary in order to comply with applicable Legal Requirements, provided notice of expenditures made in reliance on this clause (ii) shall promptly
(no later than 24 hours after such event) be provided to Owner, or (iii) expenditures from funds on deposit in the Capital Fund which are reasonably necessary to enable the Hotel to meet the Hotel Standard in effect at the time the expenditure
is made. 
 Each Capital Budget shall be applicable only for the Fiscal Year to which it relates. Authorization
for Capital Expenditures that have not been made by the end of the Fiscal Year for which approval is given shall lapse at the end of such year; provided, however, any Capital Expenditure that has been authorized and committed to prior to the end of
any Fiscal Year may be paid in a subsequent Fiscal Year when payment thereof becomes due. A Capital Expenditure shall be deemed to have been committed to in a particular Fiscal Year if purchase orders have been placed, or goods have been received,
but not yet invoiced, or, if invoiced, have not been paid, prior to the end of such Fiscal Year. 
 If, at the
time Operator submits the proposed Annual Plan as well as the projections for the ensuing five (5) Fiscal Years with respect to the Capital Budget, Operator anticipates that funds for Capital Expenditures in excess of those which will be
available in the Capital Fund will be required for the Hotel during any of such years, it shall so state in its Annual Plan including an estimate of the amounts, if any, which are anticipated. In addition, if the proposed Capital Budget anticipates
any project which represents an upgrade in any of the facilities in the Hotel, Operator shall so state in connection with the Capital Budget and explain the purpose of the upgrade and whether it is necessary. 
  

					
	©2009 Hyatt Corporation	 	26	 	

 (d) Operation in Accordance with Annual Plan. Operator agrees that it
shall use commercially reasonable efforts to operate the Hotel in a manner consistent with the approved Annual Plan; however, Owner and Operator both acknowledge that the forecasts of revenues and estimated expenses contained in any Annual Plan
represent Operator’s good faith estimate of the same for the relevant Fiscal Year and are not in any way a guarantee of actual results. Actual revenues and expenses can vary from forecasts and estimates for reasons beyond the reasonable control
of Operator including, without limitation, the following: (i) the volume of business and the levels of hotel occupancy; (ii) the mix of business (that is, the relationship of food and beverage revenues to other hotel related revenues and
the relationship of group business to individual travel business); (iii) prevailing wage rates and the effects of collective bargaining agreements; (iv) inflation; (v) utility rates, insurance premiums and tax increases;
(vi) unanticipated and extraordinary repair and maintenance expenses; (vii) the need to meet competitive market conditions; (viii) major market downturns, and (ix) other similar causes. 
 4.2 Legal Requirements. 
 Owner shall take such actions as are necessary to cause the Hotel to have met all then-applicable Legal Requirements for operation in accordance with the Hotel Standard as of the Opening Date, including,
without limitation, the procurement of all liquor and other licenses required to permit lawful operation as of the Opening Date. Following the Opening Date, Operator shall maintain in Owner’s name or in Operator’s name, as determined and
agreed by Owner and Operator, or both, as may be required by Legal Requirements, all licenses or permits required for the ongoing operation of the Hotel and its related facilities (exclusive of permits, such as certificates of occupancy, relating to
the development or construction of the Hotel, which shall continue to be the responsibility of Owner), and Operator shall use commercially reasonable efforts to operate the Hotel in compliance with all Legal Requirements including the rules,
regulations or orders of any agency or instrumentality establishing life safety or fire safety standards applicable to the Hotel. Owner and Operator shall cooperate with each other in all reasonable respects as may be necessary or advisable to
permit the Hotel to be operated in compliance with Legal Requirements, including, without limitation, preparation and execution of required applications for operational licenses and permits, execution of necessary consents, providing necessary
information regarding Owner, Operator or the Hotel, as applicable, and submitting to requirements of local police and governmental officials regarding specialized licenses such as liquor licenses. With respect to any licenses or permits that are not
proprietary to Operator, Owner reserves the right at any time, without cost or expense to Operator, to implement a transfer of any such license or permit into the

  

					
	©2009 Hyatt Corporation	 	27	 	

 
name of Owner or Successor Manager so long as such transfer shall not adversely affect Hotel operations or the right or ability of Operator to manage and operate the Hotel substantially in
accordance with its operations prior to such transfer. 
 4.3 Maintenance, Repairs, Alterations and Reserves. 

 (a) Subject to the provisions of Section 4.1 relating to the Annual Plan, Operator shall from time to
time conduct such ordinary course repair and maintenance work and replacements of FFE as may be required to maintain the Hotel in accordance with the Hotel Standard. 
 (b) Neither Owner nor Operator shall, without the prior written consent of the other party, (x) modify or alter the
Hotel if such modifications or alterations have the effect of (i) changing the Hotel room count; (ii) reducing or eliminating restaurants, banquet or meeting space, health or exercise facilities, parking or other Hotel facilities, or
(iii) compromising the Hotel Standard; or (y) undertake any Refurbishing Program at the Hotel. Each of Owner and Operator shall have the right to condition its approval of any of the foregoing on its review and approval of plans and
specifications and project schedules for the foregoing. Once any of the foregoing projects are mutually approved by Owner and Operator, Owner shall be responsible for arranging for the performance of such alterations and improvements, in conformity
with the approved plans and specifications and in accordance with a schedule and in a manner approved by Operator, so as to minimize, to the extent feasible, the interference of such work with the operation of the Hotel. 
 During the Term, with respect to any Fiscal Year, in the event the Hotel undergoes any Refurbishing Program, expansion or
similar renovation (“Major Project”), Owner shall enter into a separate agreement with Operator or its Affiliates pursuant to which (1) Operator or its Affiliates shall be retained to provide technical consultative services for
the planning, design and construction associated with the Major Project for an agreed fee, and (2) such Major Project shall be required to meet the then applicable Hotel Standard (as specifically set forth in such separate agreement). To
minimize disruption to the Hotel and its operations, any Major Project to be undertaken shall require the approval of Operator in terms of timing, scope, planning, and any other matters affecting Hotel operations. Any and all costs associated with
the Major Project (including any fees payable to Operator and it Affiliates) shall be paid for by Owner, at its expense, and not be a charge against Hotel operations. 
  

					
	©2009 Hyatt Corporation	 	28	 	

 (c) Operator shall establish and maintain an account of
a type and with an institution approved by Owner (the “Capital Fund”) intended to cover the cost of (i) additions to and replacements of FFE; (ii) payments under Capital Leases for FFE replacements or additions after the
Opening Date pursuant to Capital Leases approved by Operator and Owner; (iii) routine maintenance, routine repairs and minor alterations that are reasonably necessary in Operator’s opinion and are normally classified as “capital
expenditures” under the Uniform System; and (iv) other Capital Expenditures approved by Operator and Owner to be covered by the Capital Fund, either pursuant to a Capital Budget or otherwise, and for no other purpose. Operator shall have
the right to withdraw funds from the Capital Fund for the payment of any of the foregoing amounts that Operator is otherwise authorized to expend in accordance with this Agreement. During the Term, Operator shall transfer into the Capital Fund from
the Operating Accounts, on a monthly basis, an amount equal to three percent (3%) of the Gross Receipts for each calendar month through and including the end of the first (1st) Fiscal Year hereunder; four percent (4%) of the Gross Receipts for each calendar month thereafter
through the end of the second (2nd) Fiscal Year
hereunder; and five percent (5%) for each Fiscal Year thereafter through the end of the term. All interest earned on funds on deposit from time to time in the Capital Fund shall remain in, and become part of, the Capital Fund. All funds at any
time on deposit in the Capital Fund shall be the property of Owner, and shall be returned to the full control of Owner upon the expiration or earlier termination of this Agreement, it being understood and agreed, however, that during the Term the
Capital Fund shall constitute one of the Operating Accounts and be subject to all of the terms applicable thereto as set forth in Section 4.7 below. 
 (d) In the event Operator determines in its reasonable judgment that the balance in the Capital Fund for the forthcoming Fiscal Year will not be sufficient to maintain the Hotel in accordance with the
Hotel Standard, Operator shall so notify Owner, and at the request of Owner at any time, explain or comment on the reason for such insufficiency in writing and upon Owner’s request shall meet in person with Owner and its designees to confer on
the subject. Owner shall have thirty (30) days after receipt of such notification (or if Owner requests an explanation or meeting, thirty (30) days after the later of (i) Owner’s receipt of Operator’s explanation or
(ii) the date of such meeting) to approve Operator’s request for additional funding. Owner shall not withhold its approval with respect to funding that, in Operator’s business judgment, is required to maintain the Hotel Standard and
keep the Hotel in a competitive operating condition. Owner shall have thirty (30) days from receipt of Operator’s notice (or if

  

					
	©2009 Hyatt Corporation	 	29	 	

 
Owner requests an explanation or meeting, thirty (30) days after the later of (i) Owner’s receipt of Operator’s explanation or (ii) the date of such meeting) to provide a
written explanation of its disapproval. The parties will attempt in good faith to resolve Owner’s objections within thirty (30) days of Operator’s receipt of Owner’s objections. If the parties are unable thereafter to resolve any
disputes between them with respect to the Capital Fund within thirty (30) days after delivery by Owner of its objections, either party shall have the right to cause such dispute to be resolved by Expert determination conducted in accordance
with the provisions of Article XIV below; provided that the Expert’s decision shall be limited to determining whether the funding is reasonably required to ensure the Hotel meets the Hotel Standard. If Owner does not provide notice of
disapproval within the thirty (30) day time period, such items shall be deemed conclusively approved. 
 (e)
With respect to funding for undisputed items or for those items that the Expert determined were necessary or if Owner fails to promptly provide the notice set forth in Section 4.3(d) above, Owner shall promptly provide such funds during the
Fiscal Year in question. If Owner fails to provide such funding within fifteen (15) days following request therefor, Operator shall be entitled to claim an Event of Default under Section 11.1(b) of this Agreement. 
 4.4 Hotel Employees. 
 Subject to the limitations set forth herein, Operator shall have the sole and exclusive right and authority to direct Hotel Employees, and to select, hire, supervise, promote, demote, transfer in or
transfer out, discipline, suspend or terminate Hotel Employees. Any written employment agreements with any Key Personnel which purport to bind Owner shall have Owner’s prior written approval, but no agreement which merely fixes compensation,
benefits and other terms and conditions of employment, but does not otherwise assure employment, shall be deemed an employment agreement for purposes hereof. All Hotel Employees shall be employed by Operator or (at Operator’s election) an
Affiliate of Operator, as agent for Owner; however, all Employee Costs shall be the sole responsibility of Owner and may be paid by Operator from the Operating Accounts. Unless the amount thereof has been deducted in computing the amount of
reimbursement to Operator for Employee Costs, Operator shall remit to Owner, by deposit in the Operating Accounts, the full amount of the net benefit of any tax credits received by Operator by reason of employment at the Hotel after deduction of any
costs incurred in applying for or claiming said tax credits. If the Operating Accounts are insufficient to pay any Employee Costs as and when they are payable, Owner shall be obligated to fund such deficiency in accordance with the

  

					
	©2009 Hyatt Corporation	 	30	 	

 
procedures set forth in Section 4.7(b). To the extent not otherwise prohibited by Legal Requirements, upon request of Owner from time to time, Operator shall make available, for inspection
by Owner, copies of all employee policies and procedures, including copies of employee manuals and handbooks in effect at the Hotel. Operator also shall make available, upon request of Owner from time to time, Hotel Employee job classifications,
number of Hotel Employees in each job classification, job descriptions (if applicable), pay scales and benefits provided to each job classification to the extent not otherwise prohibited by Legal Requirements and subject in all cases to employee
confidentiality rights and protection of Operator’s Proprietary Materials. 
 Operator and not Owner shall be responsible
for the supervision of all Hotel personnel and other employees of Operator, and for administering their remuneration, taxes, withholding, insurance and Social Security. Operator shall not employ, nor be required to employ, any employee who is not
permitted to work in the United States pursuant to applicable immigration laws. In connection with the employment of personnel, if, and to the extent, specifically requested by Owner in writing, and subject to compliance with applicable Legal
Requirements, Operator shall implement and maintain criminal record screening procedures in accordance with Operator’s policies, the cost of which shall be a Operating Expense. 
 Operator shall consult with Owner in advance of the hiring of the general manager, director of sales and marketing and controller (the
“Key Personnel”) and Operator’s selection of the Key Personnel shall be subject to Owner’s reasonable approval; provided that (a) Owner shall be deemed to have approved any Key Personnel candidate selected by Operator
if Owner has not notified Operator in writing of Owner’s disapproval of such candidate within ten (10) days following Operator’s request for such approval (which shall be accompanied by a written summary of such candidate’s
professional experience and qualifications) and (b) Owner may not reject more than three (3) candidates for any Key Personnel position. In the event that Owner rejects three (3) such candidates proposed by Operator for any position,
Operator may hire any such persons in its sole discretion, including, without limitation, those candidates that Owner has previously rejected. 
 4.5 Centralized Services. 
 (a) Throughout the Term,
Operator shall make available to and for the benefit of the Hotel the full range of Centralized Services made generally available by Operator to other Brand Hotels from time to time (as such Centralized Services are added, deleted or altered by
Operator from time to time). The Hotel’s participation in all such Centralized Services shall be mandatory

  

					
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except with respect to those Centralized Services (if any) that Operator, from time to time at its election, designates as “non-mandatory”. 
 (b) The Hotel shall be charged for its equitably allocable share of the Centralized Services Costs attributable to the
Centralized Services in which the Hotel participates (or is obligated to participate) without duplication of other charges to the Hotel; the amounts so charged (the “Centralized Services Charges”) shall be determined on the same
basis as such amounts are determined for substantially all other Brand Hotels that participate in such Centralized Services without mark-up, except as may be required by law and payable by the Hotel as an Operating Expense. Centralized Services
Charges shall be fair and reasonable (as determined by Operator, in its reasonable discretion, with respect to the costs of individual items or services to similarly situated Brand Hotels). The method of allocation of the Centralized Services Costs
among participating Brand Hotels may change from time to time at the reasonable discretion of Operator, provided that such method of allocation shall at all times be determined on a reasonable, equitable and non-discriminatory basis. 
 (c) A current list of all Centralized Services (including their designation as “mandatory” and
“non-mandatory”) and of the applicable Centralized Services Charges payable by the Hotel with respect to such Centralized Services, shall be provided to Owner prior to each Fiscal Year as part of the Annual Plan for such Fiscal Year.

 4.6 Purchasing. 
 (a) During the Term, Operator shall arrange for the purchase of all Operating Equipment, consumables and inventories, services and replacements of and additions to FFE, subject to and in compliance with
the provisions of this Agreement with the objective of securing competitive prices for purchased goods and services consistent with Operator’s standards of quality and service. At Operator’s discretion, such purchases may be made either
directly from vendors and suppliers or through the services of one or more Purchasing Companies. Moreover, Operator may, in its discretion (subject to the following provisions of this Section 4.6) elect to purchase the items described therein
under Chain Contracts, provided that the prices and terms of the goods and services purchased under such Chain Contracts are competitive with the prices and terms of goods and services of equal quality available from others. In determining whether
such prices and terms are competitive, they will be compared to the prices and terms that would be offered by reputable and qualified unrelated third parties on an arm’s length basis for similar

  

					
	©2009 Hyatt Corporation	 	32	 	

 
goods and/or services (and, for purposes of such comparison, the goods and/or services being purchased may be grouped in reasonable categories, rather than being compared item by item). Owner
understands and acknowledges that Operator or its Affiliates may hold investments in one or more of the vendors, suppliers or Purchasing Companies from which goods or services are provided to the Hotel (under Chain Contracts or otherwise) and that
Operator or its Affiliates may receive certain payments, fees, commissions or reimbursements from such vendors, suppliers or Purchasing Companies. Operator shall disclose any such investments, affiliations or payments to Owner from time to time,
typically on an annual basis in connection with the delivery of the Annual Plan, subject to the proviso described in Section 2.5(d) above with respect to Pritzker Family investments. 
 (b) Notwithstanding the foregoing, upon at least thirty (30) days’ prior written notice to Operator, Owner may
request Operator’s reasonable approval to opt out of participating in any one or more particular Chain Contracts or from purchasing goods or services through any one or more particular vendors, suppliers or Purchasing Companies, provided that
(i) Owner can demonstrate to Operator that (x) the cost to the Hotel of purchasing from other sources the goods or services that would otherwise be purchased under the applicable Chain Contracts or through the applicable vendors, suppliers
or Purchasing Companies would be no greater than the cost of purchasing such goods or services under the Chain Contracts or through the applicable vendors, suppliers or Purchasing Companies, as the case may be, and (y) the purchase of such
goods or services from other sources would not result in compromise to the Hotel Standard, to the quality or price of the goods or services to be provided, or to the availability or reliability of the goods or services in question, (ii) in the
case of Brand Standard Items to be purchased for the Hotel, the goods to be purchased from other sources are identical (in manufacturer, specifications and brand) to those that would have been purchased under the Chain Contracts, and
(iii) doing so does not cause Operator to violate the terms of any Chain Contracts. Operator shall maintain a current list of Brand Standard Items, which list shall be provided to Owner from time to time, typically on an annual basis in
connection with the delivery of the Annual Plan. In entering into Mandatory Contracts, Operator shall conduct business only with Persons which it reasonably believes to be reputable and reliable, and shall endeavor to obtain price, quality, delivery
and other terms that are competitive in the marketplace and are appropriate to the needs of the Hotel. 
  

					
	©2009 Hyatt Corporation	 	33	 	

 4.7 Operating Accounts. 
 (a) Operator shall establish one or more bank accounts into which all funds received from the management and operation of the
Hotel and all Owner contributions to Hotel working capital, shall be deposited and from which Operator shall pay Hotel costs and expenses for the Hotel (the “Operating Accounts”), and shall also maintain sufficient sums on hand at
the Hotel in house banks and petty cash funds to meet cash needs of Hotel operations. All monies received by Operator from the operation of the Hotel, as well as all working capital provided by Owner, pursuant to Section 4.7(b) or otherwise,
shall be deposited in the Operating Accounts. All Operating Accounts shall be maintained in the name of Operator, as agent for Owner, in a bank or banks designated by Operator, and all funds deposited therein shall be the sole property of Owner but
shall be under the control of Operator, as Owner’s agent, subject to the provisions of this Agreement. Operator shall establish reasonable controls intended to ensure accurate reporting, safety and security of all transactions involving the
Operating Accounts. Unless due to Operator’s Grossly Negligent Acts or Willful Misconduct, any loss suffered in an Operating Account, or in any investment of funds into any such account, shall be borne by Owner, and Operator shall have no
liability or responsibility therefor. 
 (b) Except as otherwise specifically provided in this Agreement, Owner
shall, at all times during the Term, cause sufficient working capital funds to be on hand in the Operating Accounts to permit (i) the timely payment of all current liabilities of the Hotel (including, without limitation, Management Fees, and
each installment thereof, insurance premiums, and all other amounts at any time payable to Operator hereunder), and all other items entering into the calculation of Adjusted Profit (other than property taxes and Debt Service), (ii) the
uninterrupted and efficient operation of the Hotel at all times during the Term, and (iii) the performance by Operator of its other obligations hereunder. If at any time Operator determines that there are not sufficient working capital funds
available in the Operating Accounts to satisfy the requirements enumerated above, Operator shall notify Owner of the existence and amount of the shortfall (a “Funds Request”) and, within fifteen (15) days following the delivery
of the Funds Request, Owner shall deposit into the Operating Accounts the funds requested by Operator in the Funds Request. 
 (c) Operator shall pay out of the Operating Accounts, to the extent of funds available therein from time to time, all costs and expenses incurred in connection with the operation of the

  

					
	©2009 Hyatt Corporation	 	34	 	

 
Hotel (other than property taxes and Debt Service, which shall be the responsibility of Owner), and all other amounts required or permitted to be paid by Operator in the performance of its duties
and obligations hereunder. Checks or other documents of withdrawal drawn upon the Operating Accounts shall be signed exclusively by representatives of Operator or Hotel Employees designated by Operator, as agent for Owner. All persons drawing on
such accounts shall be bonded or insured. Owner may grant security interests in the Operating Accounts to secure the obligations of Owner to Lenders, but only where such Lenders have agreed in a Creditor Non-Disturbance Agreement, substantially in
the form attached hereto as Exhibit D, that all such security interests shall be subject to the rights, power and authority of Operator under this Agreement so as to ensure the uninterrupted operation of the Hotel and the payment of all costs
and expenses of its operation (including amounts due to Operator hereunder) whenever arising. 
 (d)
Contemporaneously with furnishing the monthly statement for each calendar month pursuant to Section 4.8(b)(1) below (and after withdrawal of the Management Fee and other amounts due to Operator hereunder and the amounts required to be deposited
to the Capital Fund) Operator shall remit to Owner out of the Operating Accounts the amount (“Owner’s Remittance Amount”) by which the total funds then in the Operating Accounts (other than the Capital Fund) exceed the amount,
as reasonably determined by Operator, of working capital to be maintained in the Operating Accounts in accordance with Section 4.7(b). Each remittance of Owner’s Remittance Amount shall be made to Owner at Owner’s address then in
effect for receipt of notices hereunder, or at such other place as Owner may, from time to time, designate in a written notice to Operator. 
 4.8 Books and Records; Reporting. 
 (a) Financial
Records. Operator shall keep complete and accurate books of account and other records reflecting the financial results of the operation of the Hotel (the “Financial Records”). The Financial Records shall relate solely to Hotel
operations and shall not include (i) records of ownership expenses (such as, for example, but without limitation, Debt Service and costs of preparation of Owner tax returns); (ii) fixed asset accounting; and (iii) other records
pertaining solely to Owner and its operations separate from Hotel operations. Such Financial Records shall, at all times, be kept in all material respects in accordance with generally accepted accounting principles except to the extent of any
inconsistencies with the Uniform System, in which case they will be kept in conformance with the Uniform System. Owner acknowledges

  

					
	©2009 Hyatt Corporation	 	35	 	

 
that Operator does not maintain, as part of the Financial Records, any fixed asset accounts, and further acknowledges that Operator does not maintain inventories of fixed assets (including,
without limitation, FFE), or conduct interim inventory counts or perpetual inventory records with respect to other items of personal property. The Financial Records shall be deemed proprietary to both Operator and Owner, and each shall have the
non-exclusive right to use the same both in connection with the ownership and operation of the Hotel, and otherwise. The Financial Records shall be made available in the place where they are kept for inspection and copying by Owner and by
representatives of Owner at all reasonable times upon reasonable advance notice to Operator, provided such inspections shall be carried out in a manner that will minimize disruption to Hotel operations or Operator’s shared services offices, as
applicable. Financial Records shall be maintained by Operator pursuant to Operator’s records retention programs and policies in effect from time to time, a copy of which shall be made available to Owner upon request. Notwithstanding the
foregoing, during the Term, prior to any destruction or disposition of Hotel books and records, Operator shall notify Owner thereof in writing and shall (i) not destroy or dispose of the same for a period of thirty (30) days following
delivery of such notice; and (ii) shall, if directed by Owner in writing within the aforesaid period of thirty (30) days, in lieu of destroying or disposing of the same, deliver the same to Owner or as Owner may otherwise direct. Operator
agrees that Owner and authorized representatives may inspect any sales, use, occupancy, lodger’s or other tax returns or reports, and accompanying schedules and data, required to be filed for the Hotel with any governmental agencies.

 (b) Reports. Throughout the Term (and also after expiration or earlier termination of the Term as to
any period ending prior to the expiration or earlier termination thereof), Operator shall deliver to Owner the following financial statements and reports (all of which shall conform to the Financial Records): 
 (1) Monthly, within fifteen (15) days following the end of each calendar month, (x) a report on the results of
operations of the Hotel showing, in reasonable detail, Gross Receipts (by department) for such month and for the fiscal period then ended, Adjusted Profit for such month and for the fiscal period then ended, and the amount of Basic Fee and Incentive
Fee earned and accrued for the fiscal period then ended, (y) an accounting with respect to the Capital Fund showing the amount deposited therein during the fiscal period then ended, the amounts withdrawn therefrom during such period, and a
statement, in reasonable detail, showing the purpose or purposes for which such withdrawals were made; and (z) a comparison of the results of

  

					
	©2009 Hyatt Corporation	 	36	 	

 
operations for the Hotel for the fiscal period then ended with the Operating Budget and with the comparable period in the prior Fiscal Year. The monthly report shall include, either as part of
the report or by supplemental schedule, sufficient information from which Owner can determine, for the period in question (i) the reimbursements paid to Operator pursuant to Section 6.3, (ii) the amount of Centralized Services Costs
paid by the Hotel, and (iii) the amount paid to Operator for Centralized Services Charges. 
 (2) Annually,
within ninety (90) days following the end of the Fiscal Year, (i) audited financial statements (the “Annual Financial Statements”) of the Financial Records of the Hotel for the preceding Fiscal Year, (ii) disclosure,
in the Annual Financial Statements, in reasonable detail of all Management Fees, Centralized Services Charges, and any other material amounts paid or payable to Operator or its Affiliates with respect to the preceding Fiscal Year, and
(iii) concurrently with the delivery of the Annual Financial Statements, a statement of Capital Expenditures made for such Fiscal Year and a comparison thereof with the approved Capital Budget. 
 (c) Meetings. Operator agrees that it shall meet with Owner, and representatives of Owner, from time to time at the
request of Owner to discuss any of the matters set forth in any of the financial or other reports delivered pursuant to this Section 4.8, or otherwise to discuss matters pertaining to the operation of the Hotel. Such meetings shall be conducted
between Owner and the Hotel’s general manager, or other relevant members of the executive staff of the Hotel; provided, however, at the request of Owner, Operator’s senior vice president of field operations having jurisdiction over the
Hotel shall be available (not more frequently, however, than quarterly) to attend any such meetings. 
 (d)
Audits. (i) Owner may cause an audit of the Financial Records of the Hotel to be performed by a firm of independent certified public accountants of recognized national standing in the hotel industry (“Accountants”)
selected by Owner; provided, however, that Owner shall notify Operator of its intent to require such an audit for the subject Fiscal Year and the identity of the Accountants to be retained no later than forty-five (45) days following receipt of
the Annual Financial Statements. The auditor so selected shall conduct the audit, prepare the audited Annual Financial Statements for preceding Fiscal Year, and issue the report thereon no later than May 31of each Fiscal Year. The cost of the
audit shall be an Operating Expense for the current Fiscal Year. In connection with such audit, Operator shall make available to the

  

					
	©2009 Hyatt Corporation	 	37	 	

 
Accountants all financial books and records of the Hotel that may be requested by the Accountants and shall otherwise cooperate in all reasonable respects in connection with the performance of
the audit. The audit shall be conducted in accordance with generally accepted auditing standards. Any information regarding management of the Hotel obtained by Owner as a result of the audit shall be maintained as confidential information.

 (ii) In the event that Owner elects to have an audit performed in accordance with (i) above, the audited
Annual Financial Statements issued in accordance therewith all information contained therein, shall be binding and conclusive on the parties hereto, without further right to review, protest, object or appeal, unless within sixty (60) days
following the delivery of such audited Annual Financial Statements, either party shall deliver to the other party notice of its objection thereto setting forth in reasonable detail the nature of such objection (“Objection Notice”).

 (iii) In the event Owner does not elect to have an audit performed in accordance with (i) above or
audited Annual Financial Statements are not issued by May 31, the Annual Financial Statements delivered pursuant to (b)(2) above and all information contained therein, shall be binding and conclusive on the parties hereto, without further right
to review, protest, object or appeal, unless within sixty (60) days following the delivery of such Annual Financial Statements, or within sixty (60) days of May 31 (in the event that Owner has elected to have an audit done pursuant to
this subparagraph (d) and the audited Annual Financial Statements have not been delivered by May 31), either party shall deliver to the other party an Objection Notice with respect to the Annual Financial Statements. 
 (iv) If the parties are unable thereafter to resolve any such timely noticed objections (pursuant to either (b) or
(c) above) within thirty (30) days of receipt by either party of the Objection Notice, either party shall have the right to cause such objection to be resolved by dispute resolution, conducted in accordance with the provisions of Article
XII below. In the event that neither party submits such objection to dispute resolution as provided herein within sixty (60) days of the Objection Notice, then the Annual Financial Statements or the audited Annual Financial Statements, as the
case may be, and all information contained therein, shall be binding and conclusive on the parties hereto, without further right to review, protest, object or appeal. 
  

					
	©2009 Hyatt Corporation	 	38	 	

 (e) Unless Owner has provided Operator notice, as described in subparagraph
(d) above, of its intent to cause an audit of the Financial Records of the Hotel to be performed, the Annual Financial Statements delivered pursuant to subsection (2) above, and all information contained therein, shall be binding and
conclusive on the parties hereto, without further right to review, protest, object or appeal, unless, within sixty (60) days following the delivery thereof, either party shall deliver to the other party notice of its objection thereto setting
forth in reasonable detail the nature of such objection (“Objection Notice”). If the parties are unable thereafter to resolve any such timely noticed objections within thirty (30) days of receipt by either party of the Objection
Notice, either party shall have the right to cause such objection to be resolved by dispute resolution, conducted in accordance with the provisions of Article XIV below. In the event that neither party submits such objection to dispute resolution as
provided herein within sixty (60) days of the Objection Notice, then the Annual Financial Statements delivered pursuant to subsection (2) above, and all information contained therein, shall be binding and conclusive on the parties hereto,
without further right to review, protest, object or appeal. 
 ARTICLE V 
 Trade Names and Other Intellectual Property 
 5.1 Name of Hotel. 
 During the Term, the Hotel shall at all times be
identified by the name [“                    ”]. The name of the Hotel may be changed from time to time with the mutual approval of
both Operator and Owner, but only to a name that conforms to Operator’s then-applicable naming protocol and includes the Brand name. If Operator changes any Protected Names or Protected Marks, Owner shall be obligated to (and Operator may)
implement measures adopting such changes at the Hotel only if such changes are being implemented at not less than fifty percent (50%) of Brand Hotels. 
 5.2 Ownership of Intellectual Property. 
 Operator shall employ for
the benefit of the Hotel the Protected Names and Protected Marks, to the extent reasonably applicable to the Hotel, as determined by Operator in its sole discretion, without payment of additional compensation or fee to Operator. Owner acknowledges
that each of the Protected Names and Protected Marks, when used either alone or in conjunction with any other word or words, or any other marks, are the exclusive property of Operator, and Owner acknowledges that

  

					
	©2009 Hyatt Corporation	 	39	 	

 
Operator alone has the exclusive right to determine the form of presentation of the Protected Names and the Protected Marks in conjunction with the operation of the Hotel, including the
marketing, promotion, advertising and management thereof, for the sales or marketing of any goods or services, or on any Hotel signage. Owner hereby covenants and agrees (and shall require any transferee, assignee or successor to agree) that without
Operator’s consent (which may be granted, conditioned or withheld in Operator’s sole discretion unless otherwise contemplated in this Agreement), Owner shall not use any of the Protected Names or Protected Marks, either alone or in
conjunction with any other word or words, or in conjunction with any other logos, trademarks, trade names or other marks, in connection with the use or marketing or operation of the Hotel, in the name of Owner or any Affiliate of Owner or otherwise
(other than the mere textual presentation of the name of the Hotel or as provided in Section 5.3 or the linkage agreement referred to therein). Furthermore, Owner agrees that no right or remedy of Owner for any Default of Operator hereunder nor
the delivery of possession of the Hotel to Owner upon expiration or earlier termination of the Term, nor any other provision of this Agreement, shall confer upon Owner, or any transferee, assignee or successor of Owner, or any Person claiming by or
through Owner, the right to use any of the Protected Names or Protected Marks, either alone or in conjunction with any other word or words or in conjunction with any other logos, trademarks, trade names or other marks, in connection with the use or
operation of the Hotel or otherwise except as may be provided in Article XII of this Agreement. In the event of any breach of this covenant by Owner, Operator shall be entitled to damages, to relief by injunction, and to all other available legal
rights or remedies. The provisions of this Section 5.2 shall survive the expiration or earlier termination of this Agreement. 
 5.3 Owner Marketing. 
 (a) All marketing for the Hotel shall be conducted by Operator.

 (b) Owner may not develop, maintain or authorize any Website that either has the word “hyatt” or any
similar word as part of its domain name or URL or that accepts reservations for the Hotel (other than through an approved link to a Hotel System Website). Owner may, with Operator’s approval and subject to the conditions in Section
    , establish an “Owner Organization Website.” Owner shall submit to Operator for its approval all proposed uses of the Protected Marks and Protected Names, references to the Hotel, and other information
concerning Owner Organization Website as Operator periodically requests. Operator will not unreasonably withhold its approval of Owner’s use of a Owner Organization Website. Operator may implement and periodically modify, and Owner must comply
with, the Hotel Standard relating to

  

					
	©2009 Hyatt Corporation	 	40	 	

 
any Owner Organization Websites and other electronic uses of the Protected Marks and Protected Names and may withdraw its approval of any Website that no longer meets Operator’s minimum
standards. 
 Anything in this Agreement to the contrary notwithstanding, including, without limitation,
Section 5.1 hereof, Owner shall have the right to include within any Owner Organization Websites a direct link connecting such websites to either the Operator reservations website, or to the specific page at the Operator website in which
bookings can be made for the Hotel. If Owner elects to implement such linkage to the Operator website, the same shall be subject to the following terms and conditions: 
 (i) The linkage arrangements shall be subject to reasonable approval by Operator for the purpose of ensuring that the
linkages are maintained in a manner that does not adversely affect either the security of the Operator website or the integrity of its systems. Among other things, such linkages must conform to Operator technical specifications and policies in
effect from time to time regarding, among other things, connectivity, security, privacy, database applications, graphic design and website functionality. Operator will advise Owner on request of all such specifications and policies which would
adversely affect the exercise of Owner’s rights under this Section 5.3(b). 
 (ii) Owner shall have the
right to terminate any linkage to the Operator website at any time at its discretion and at Owner’s cost, and, after termination thereof, to elect thereafter (but in any event during the Term), at its discretion, to reinstate such linkage at
Owner’s cost on the terms and conditions herein set forth. 
 (iv) All linkage arrangements, and all right
of Owner to link to the Hyatt website, shall terminate, without further act or notice of either Owner or Hyatt, concurrently with the expiration or earlier termination of this Agreement, and both parties agree to take all action reasonably necessary
(and each consents to any actions taken by the other which may be reasonably necessary) to terminate the links at such time. 
 (v) Any information of a technical nature regarding the Operator website furnished to Owner in order to enable the linkage herein contemplated shall, for all purposes hereof, be deemed Proprietary
Materials of Operator. 
  

					
	©2009 Hyatt Corporation	 	41	 	

 (vi) Prior to implementing any linkage, Owner shall advise Operator’s
Vice President of Marketing-Electronic Distribution and provide him/her with such reasonable information as he/she shall request to review compliance with the requirements of this Section 5.3(b). 
 (vii) If it shall at any time be determined by Operator, in its sole discretion, that the maintenance of the linkage
compromises the security of the Operator website, or in any manner impedes, impairs or interferes with the operation, security or functionality of the Operator systems, Operator shall notify Owner thereof, and Owner shall take such measures as may
be reasonably necessary (with the cooperation and assistance of Operator) to rectify the situation. 
 (viii) All
costs or expenses incurred in connection with creating or maintaining the link shall be an Owner Expense. Any costs incurred in connection with investor and employee newsletters and communications, and in connection with annual reports, shall be
paid by Owner and shall not be an Operating Expense. 
 (ix) All reservations booked as a result of the linkage
shall be booked through the Operator reservation system and shall be subject to terms and policies (such as rates, cancellation policy, deposit policy and the like) applicable to other Hotel bookings made through the Operator website. 
 (x) Neither Owner nor any other party maintaining linkages pursuant to clause (c) below shall be entitled to, and shall
not receive, any commission, fee or other compensation for any reservations booked as a result of any website maintained by Owner or such third party, or, if any fee shall be so payable, it shall be paid by Owner and shall not be an Operating
Expense. 
 (xi) Any data collected or compiled by Owner (or any third party contemplated by clause
(c) below) shall be kept in strict compliance with applicable privacy laws and Owner shall indemnify, defend and hold Operator, and its officers, directors, employees and Affiliates, free and harmless from any loss, cost, liability or expense
suffered or incurred by Operator by reason of any breach or violation by Owner or its Affiliates (or by any such third party) of applicable privacy laws as a consequence of Owner’s activity under this Section 5.3. 
  

					
	©2009 Hyatt Corporation	 	42	 	

 (c) Owner and Operator acknowledge that electronic marketing, both currently
and anticipated for the future, is and increasingly will become a major marketing outlet in the hotel industry and for the Hotel. Operator maintains a number of such programs currently and anticipates other programs as technology advances in the
future. Accordingly, as part of each marketing plan submitted as part of the Annual Plan, Owner and Operator shall discuss, among other things, electronic marketing programs, and Operator will include the anticipated costs thereof as part of the
Operating Budget. 
 ARTICLE VI 
 Payments to Operator 
 6.1 Management Fees. 
 (a) Amount of Fees. For the services to be rendered by Operator under this Agreement, Owner shall pay Management Fees
to Operator consisting of the Basic Fee and the Incentive Fee as follows: 
 (1) A basic fee (the “Basic
Fee”) equal to three percent (3%) of the Gross Receipts for each Fiscal Year; plus 
 (2) An
incentive fee (the “Incentive Fee”) equal to twenty percent (20%) of the amount by which Adjusted Profit, if any, for each Fiscal Year exceeds the Hurdle Amount. 
 Except for the Management Fees and reimbursements to Operator (all as herein expressly provided), Operator shall not be entitled to any fees
or other form of remuneration or compensation for any services provided to Owner for the benefit of the Hotel. 
 (b) Monthly Installments. With respect to any Fiscal Year and each calendar month included therein, the Basic Fee and the Incentive Fee shall each be payable in monthly installments equal to the amount of the Basic Fee or Incentive
Fee, as applicable, calculated (in the manner described in Section 6.1(a) above) for the Cumulative Period in respect of such calendar month, less the aggregate amount of the tentative monthly installments having theretofore been paid for such
Fiscal Year on account of the Basic Fee or Incentive Fee, as applicable. Operator may pay each such monthly installment to itself by withdrawing the same from the Operating Accounts at any time after Operator shall furnish to Owner the unaudited
financial statement for such calendar month pursuant to Section 4.8(b)(1) hereof. 
  

					
	©2009 Hyatt Corporation	 	43	 	

 (c) Year-End Reconciliation. If for any Fiscal Year, the aggregate
amount of the tentative monthly installments paid to Operator on account of the Basic Fee and Incentive Fee shall be more or less than the Management Fee payable for such Fiscal Year based upon the final determination of Gross Receipts and Adjusted
Profit for such Fiscal Year as reflected in the Annual Financial Statement for such Fiscal Year prepared in accordance with Section 4.8, then, by way of year end adjustment, within fifteen (15) days after the delivery of such Annual
Financial Statement to Owner, Operator shall pay into the Operating Accounts the amount of such overpayment or withdraw from the Operating Accounts the amount of any such underpayment and provide written notice thereof to Owner promptly thereafter.

 6.2 Centralized Services Charges. 
 In addition to the Management Fees and all other amounts required to be paid to Operator under this Agreement, Owner shall pay to Operator the Centralized Services Charges. The Centralized Services
Charges shall be paid to Operator on a monthly basis, by Operator’s withdrawing the same from the Operating Accounts on scheduled dates during such month when such amounts are generally payable to Operator by other Brand Hotels, which
withdrawals shall be equitable and reasonable as determined by Operator, in the exercise of its reasonable discretion, on the basis of the cost of individual items or services to similarly situated Brand Hotels. If any final accounting of the
Centralized Services Charges results in additional amounts due to Operator, Operator may reimburse itself, as an Operating Expense, at any time after delivery to Owner of the Centralized Services Costs audit, for the additional amount due Operator,
and if Owner has overpaid, as disclosed by the Centralized Services Costs audit, Owner shall be entitled, at Operator’s option, either to a credit against the next installment of Centralized Services Charges due hereunder or a payment from
Operator, to be deposited in the Operating Accounts, in the amount of the overpayment (or, if this Agreement shall have previously terminated or the Term expired, Operator shall refund the difference to Owner in cash). 
 6.3 Reimbursements. 
 In addition to the Management Fees, Centralized Services Charges and any other amounts required to be paid to Operator in accordance with the express provisions of this Agreement, Owner shall reimburse
Operator as follows: (i) for any Employee Costs paid directly by Operator or its Affiliates with respect to Hotel Employees for their services at or responsibilities for the Hotel; (ii) out-of-pocket expenses incurred by Operator in
providing technical assistance services to Owner in connection

  

					
	©2009 Hyatt Corporation	 	44	 	

 
with any Refurbishing Program; (iii) travel and other reasonable out-of-pocket expenses of Operator personnel when assigned to temporary full-time duty at the Hotel (for the period of such
assignment); (iv) travel and other reasonable out-of-pocket expenses of Operator’s Corporate Personnel when traveling for the benefit of the Hotel (equitably allocated when such travel is also for purposes other than the direct benefit of
the Hotel); (v) relocation costs for managerial employees transferred to the Hotel; (vi) insurance premiums for coverage maintained by Operator with respect to the Hotel pursuant to Sections 7.1 and 7.2; and (vii) all third party
costs and expenses incurred by Operator, including, without limitation, reasonable attorneys’ fees in connection with any cooperation or assistance from Operator requested by Owner (such as, for example, but without limitation, execution of
consents, agreements or other documents) relating to any sale, transfer, leasing or financing of the Hotel by Owner. Reimbursements for any such costs shall be made on a periodic basis as costs are incurred and may be paid by withdrawal by Operator
of the required amounts from the Operating Accounts, or, at Operator’s election, by set off against amounts otherwise payable to Owner hereunder. The reimbursements provided for in this Section 6.3 shall include only direct out-of-pocket
expenses and not any general overhead, and shall be allocated to the Hotel on a direct pass through basis, without mark up or profit, and after deduction for any portions thereof properly allocated to any other hotel within the Operator Hotel Group.
Notwithstanding the foregoing, if any of the Key Personnel is transferred by Operator to another Hyatt-branded hotel within twenty-four (24) months of his/her commencement of employment at the Hotel, or in the event any other managerial
employee is transferred by Operator to another Hyatt-branded hotel within eighteen (18) months of his/her commencement of employment at the Hotel, relocation costs in connection with the transfer of a replacement managerial employee shall be
paid by Operator, and shall not be an Operating Expense; provided, however, that (i) the provisions of this clause shall not apply to relocation expenses for replacement of Key Personnel or other managerial employees required as a result of the
death, resignation or termination of employment with Operator of the former Key Personnel or managerial employee who is being replaced or a transfer of Key Personnel or managerial employee initiated as a result of Owner’s request that a Hotel
employee be transferred or removed from service at the Hotel; and (ii) in the case of any transferred managerial employee, other than Key Personnel, within the aforesaid period of eighteen (18) months, only a prorata portion of the
relocation costs for his/her replacement shall be borne by Operator, such portion being a prorated amount of the total relocation costs for such replacement based on the actual tenure of employment at the Hotel of the person transferred in relation
to the full eighteen (18) month period, with the balance being an Operating Expense. The Hotel shall not be the focus of training for Hotel Employees in manner or quantity that distinguishes the Hotel from other Brand Hotels. 
  

					
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 6.4 Interest on Overdue Sums. 
 If either party shall fail to pay, when due, any sum payable to the other hereunder, the Defaulting Party shall, without notice to or demand
upon it, be liable to the other party for the payment of such sum together with interest thereon at the rate of (a) “Prime Rate” plus 3% per annum or (b) the maximum rate of interest allowed by law, whichever shall be less,
from the date when such sum shall become due to the date of actual payment. For the purposes hereof, “Prime Rate” shall mean the rate per annum published from time to time in the Wall Street Journal as the prevailing prime
rate of interest. 
 6.5 Tax on Reimbursements. 
 Whenever any reimbursement due Operator under Section 6.3 or any other provision of this Agreement shall be subject to a gross receipts
or similar tax under applicable law, Owner shall remit reimbursement to Operator, together with such tax payable thereon, so that Operator shall receive such reimbursement net of any taxes or similar charges. Any payments made by Owner in this
connection shall be paid from the Operating Accounts to the extent there is sufficient working capital to pay such amounts and be deducted in computing Adjusted Profit for the period incurred (provided that any interest due on such sums pursuant to
Section 6.4 shall be an Owner expense and shall not an Operating Expense). At Owner’s request, Operator will resist, by appropriate proceedings, any liability for any tax which is the subject of the foregoing indemnification, in which case
all expenses (including, without limitation, reasonable attorneys fees) incurred by Operator in resisting or defending itself against such liability shall be deemed an Operating Expense payable from the Operating Accounts. 
 ARTICLE VII 
 Insurance 
 7.1 Property Insurance. 
 Operator shall procure and maintain, on behalf of itself Owner and the Hotel, the following “Property Insurance” coverages with
respect to the Hotel with financially responsible insurance companies selected by Operator having an A.M. Best rating of A- or better, the cost of which shall be Owner’s expense and paid or reimbursed to Operator upon notice and delivery of an
invoice, advice, document or other demand from Operator to Owner: 
 (a) All Risk Property insurance in an amount
equal to the full replacement cost of the Hotel, to include the perils of flood, named windstorm, and earthquake (if the Hotel is in a zone

  

					
	©2009 Hyatt Corporation	 	46	 	

 
warranting such coverages). If flood, earthquake and windstorm are not obtainable for replacement cost, a reasonable amount must be carried relative to other hotels of similar value and type
located in the Hotel’s market area. 
 (b) Boiler and machinery coverage, in amounts reasonably acceptable
to Operator. 
 (c) Business interruption insurance for all risk perils (including flood, named windstorm, and
earthquake to the extent applicable as reasonably determined by Operator) covering at least one (1) years’ loss of profits and necessary continuing expenses for interruption of the Hotel. If business interruption is not obtainable, a
reasonable amount must be carried relative to other hotels of similar value and type located in the Hotel’s market area. Such coverage may be maintained by Operator either in separate policies of insurance or as part of Operator’s property
and boiler and machinery coverage. 
 7.2 Operational Insurance. 
 Operator shall procure and maintain, on behalf of itself, Owner and the Hotel, the following “Operational Insurance” coverages with
respect to the Hotel with financially responsible insurance companies selected by Operator having an A.M. Best rating of A- or better and licensed and authorized to do business in the jurisdiction in which the Hotel is located the cost of which
shall be an Operating Expense which shall be paid or reimbursed to Operator out of the Operating Accounts: 
 (a)
Comprehensive public liability insurance, to include excess liability coverage, against claims for bodily injury, death or property damage occurring on, in or about the Hotel or in conjunction with the operations of the Hotel, and automobile
liability insurance on vehicles operated in conjunction with the operation of the Hotel (whether owned, rented or leased in Owner’s name or Operator’s name). 
 (b) Workers’ compensation insurance covering the Hotel Employees, to include employer’s liability, in compliance
with or at a minimum not less than the statutory amount as required under applicable provisions of law. 
 (c)
Crime insurance including (i) employee dishonesty coverage, covering Operator’s employees in job classifications normally bonded or insured in other Operator Hotels or as otherwise required by law, (ii) loss inside the premises
coverage, (iii) loss outside the

  

					
	©2009 Hyatt Corporation	 	47	 	

 
premises coverage, (iv) money orders and counterfeit paper currency coverage, (v) depositor’s forgery coverage, and (vi) computer fraud. 
 (d) Employment practices liability insurance, relative to the Hotel Employees, covering employment discrimination, harassment
and wrongful discharge actions. 
 (e) Such other insurance in amounts as is customary for hotel properties
similarly situated and which Operator considers advisable for protection against claims, liabilities and losses arising out of or in connection with the operation of the Hotel. 
 7.3 Payment of Fees and Expenses. 
 If the Hotel suffers damage or loss that results in an interruption in the operations of the Hotel, Owner shall nevertheless be obligated to pay to Operator all amounts that would be due to Operator under
this Agreement had such damage or loss not occurred, including the Management Fees, the Centralized Services Charges and all reimbursable expenses, and shall deposit to the Capital Fund the amounts which would have been deposited therein, for the
period of the business interruption. In the event of such a business interruption, the Management Fees and deposits to the Capital Fund shall be calculated based on projections of the Gross Receipts and Adjusted Profit that would have been generated
had the loss or damage not occurred. The projections regarding Gross Receipts and Adjusted Profit shall be derived from then-accepted practices in the Hotel and insurance industries for such matters, with due consideration given to the approved
Annual Plan for the Fiscal Year in which the loss occurred and any financial projections for the Hotel most recently prepared by Owner or Operator prior to the loss or damage. 
 7.4 Application of Business Interruption Insurance Proceeds. 
 If the business of the Hotel is interrupted by any event or peril covered by business interruption insurance, the proceeds of any such
insurance, less any portion thereof that may be payable to a Lender to cover payments of regularly scheduled Debt Service, shall be deposited in the Operating Account(s) and utilized by Operator in the same manner as funds generated from the
operation of the Hotel are utilized by it in accordance with the terms of this Agreement, including payment of the Management Fees, the Centralized Services Charges, reimbursables due to Operator, other Operating Expenses, and deposits to the
Capital Fund. Owner’s obligation for the Management Fees, the Centralized Services Charges and all reimbursable expenses, and for deposits to the Capital Fund in

  

					
	©2009 Hyatt Corporation	 	48	 	

 
connection with such interruption shall be fully satisfied by, and Operator shall seek payment of such obligations solely from, the proceeds available under the business interruption insurance
maintained by Operator. 
 7.5 Payment of Other Operating Expenses. 
 If the Hotel suffers damage or loss that results in an interruption in the operation of the Hotel, Owner shall nevertheless be obligated to
pay all expenses of operating and maintaining the Hotel (at the level that is reasonably determined by Operator to be practicable given the damage or loss that has occurred) regardless of whether there are available to Owner any business
interruption insurance proceeds to cover such amounts, and Owner shall be responsible for depositing all amounts necessary for the operation and maintenance of the Hotel in the Operating Account(s) in accordance with Section 4.7(b) during the
period of the business interruption. 
 7.6 Cost and Expense. 
 Premiums on policies covering more than one (1) policy year shall be charged pro rata over the applicable period of the policies and
allocated to the appropriate policy year. Any reasonable reserves, losses, costs, damages or expenses which are not fully insured, or which fall within deductible limits, shall be treated as a cost of insurance and shall be deducted in computing
Adjusted Profit except for Capital Expenditures incurred for repair or reconstruction of the Hotel, or any part thereof, following a casualty occurrence. Where legally permitted to do so, Operator may elect to self-insure its worker’s
compensation coverage and to charge to the Hotel (and reimburse itself) for a reasonable reserve for such coverage. Owner may procure and maintain such other insurance in amounts as Owner considers advisable for protection against property damage,
claims, liabilities and losses arising out of or in connection with the Hotel. 
 All insurance coverage is a mandatory
Centralized Service and the premiums therefore shall be included in the Centralized Services Charges. Although premiums allocated to the Hotel for inclusion in Operator coverage shall be determined on an equitable allocation basis, there is no
assurance, representation or warranty that there may not be an element of profit to Operator. 
 7.7 Policies and
Endorsements. 
 Where permitted, all insurance provided under this Article VII shall name Operator, any Affiliate
that Operator may designate, Owner, each member or partner of Owner, and each Lender and

  

					
	©2009 Hyatt Corporation	 	49	 	

 
Ground Lessor as additional insureds on all liability policies and as loss payee on all property and crime policies, as their interests may appear. Specifically, without limitation, any policies
providing for business interruption insurance shall name Operator as loss payee with respect to the Management Fees, Centralized Services Charges and reimbursable expenses. If either Operator or Owner retains contractors to perform work at or with
respect to the Hotel under contracts requiring the contractor to provide insurance coverage for the benefit of the contracting party, all such insurance shall name both Operator and Owner as additional insureds, and any contractor indemnification
provisions in any such contracts shall be provided for the benefit of both Operator and Owner. The party procuring such insurance shall deliver to the other party certificates of insurance. To the extent reasonably obtainable, all policies of
insurance required to be obtained under this Article VII shall have attached thereto an endorsement that such policy shall not be cancelled or materially changed without at least thirty (30) days prior notice to Owner, Operator, the Lenders or
any additional insureds. 
 7.8 Insurance Claims. 
 Operator shall, on behalf of Owner, promptly investigate all accidents on or about the Hotel made known to Operator, and report the same
promptly to the appropriate insurance carrier. Upon request from time to time by Owner, Operator shall make a full report to Owner as to all material claims for damages relating to the ownership, operation and maintenance of the Hotel, and as to any
damage or destruction to the Hotel and the estimated cost thereof, as such matters become known to Operator, and shall prepare any and all reports and furnish any and all information required by any insurance company in connection therewith to the
extent such information is within the knowledge or possession of Operator. 
 ARTICLE VIII 
 Damage and Condemnation 
 8.1 Damage to or Destruction of the Hotel. 
 (a) If
the Hotel is damaged by a Minor Casualty, Operator shall process the loss claim with the applicable insurance carriers, including settling such claim, and to arrange to have the damaged portion of the Hotel replaced or repaired. In fulfilling these
obligations, Operator shall perform in accordance with Operator’s reasonable business judgment and Owner’s consent shall not be required. Owner shall promptly execute any documents that are reasonably necessary to process the claim with
the insurance carriers, as well as any contract with contractors or suppliers. 
  

					
	©2009 Hyatt Corporation	 	50	 	

 (b) If the Hotel is damaged or destroyed by a Total Casualty, or if the
Hotel is damaged or destroyed to such an extent that the estimated time for repair or restoration thereof, in the reasonable opinion of Owner, shall exceed eighteen (18) months from the commencement of such repair or restoration, or the damage
or destruction shall occur at any time within the last three (3) years of the then applicable Term (taking into account any remaining Renewal Options) and if, in connection with any of the foregoing, Owner elects not to rebuild or restore the
Hotel, then either party shall be entitled to elect to terminate this Agreement by notice to the other party given at any time within ninety (90) days after the occurrence of such damage or destruction. If there shall be any dispute between
Owner and Operator as to whether Owner’s estimate of the cost of restoration, the full replacement cost of the Hotel, or the estimated time for repair or restoration is reasonable under the circumstances, the said dispute shall be submitted to
arbitration conducted in accordance with the provisions of Article XIV. 
 (b) If the Hotel or any material
portion thereof shall be damaged to a greater extent than a Minor Casualty, but less than a Total Casualty, or if the Hotel is damaged by a Total Casualty and the parties have elected not to terminate the Agreement pursuant to Section 8.1(b)
above, Owner shall, with due diligence, repair, rebuild or replace the same substantially to its condition prior to such damage or destruction. If Owner fails to undertake such work within one hundred eighty (180) days after the fire or other
casualty (or such later date on which such insurance proceeds shall have been received), or shall fail to complete such work diligently, within eighteen (18) months following the fire or other casualty (or such longer time period as may be
agreed between Owner and Operator), Operator may, at its option, terminate this Agreement immediately upon notice to Owner. 
 (c) If one of the parties terminates this Agreement pursuant to subsection (b) above and, at any time within three (3) years following any such termination, Owner nevertheless commences repair
or restoration or rebuilding of a first-class hotel meeting the Hotel Standard on, or in the vicinity of, the Site, or anywhere else utilizing the proceeds of insurance from such damage or destruction, Operator shall have the right (but not the
obligation), exercisable at any time within ninety (90) days after Operator has actual knowledge of the commencement of such repair, restoration or rebuilding, to elect to manage and operate the rebuilt, repaired or restored hotel in accordance
with the provisions of this Agreement from the opening date of the rebuilt, repaired or restored hotel and for the unexpired Term (including available Renewal Terms) remaining as of the date of the damage or destruction event which resulted in
Owner’s termination hereof. 
  

					
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 8.2 Condemnation. 
 (a) If the whole of the Hotel, or such portion thereof as shall render the remaining portion of the Hotel unsuitable for use
as a hotel conforming to the Hotel Standard, shall be taken or condemned in any eminent domain, condemnation, compulsory acquisition, expropriation or like proceeding (including conveyances or transfers in lieu thereof) by any competent authority
for any public or quasi-public use or purpose, Owner or Operator may terminate this Agreement upon ninety (90) days’ notice to the other party. Operator shall have the right to institute or intervene in any available legal or similar
proceedings to determine fair compensation for such taking or condemnation for the purpose of representing Operator’s compensable interest in any award for such taking or condemnation arising from this Agreement and Operator’s right of
quiet enjoyment hereunder. Any award made to Owner that does not recognize the separate compensable interest of Operator shall be apportioned between the parties in consideration of all relevant factors. If the Parties cannot agree upon such
apportionment within ninety (90) days after the amount of the award payable to Owner has been determined by settlement or a final judicial determination, either Party may submit the dispute for resolution in accordance with Article XIV.

 (b) If the portion of the Hotel remaining after any taking or condemnation described above is suitable for use
as a hotel meeting the Hotel Standard, this Agreement shall not terminate, but Owner shall, at its expense, repair any damage to the Hotel, or any part thereof, so as to render the Hotel a complete and satisfactory architectural and operational unit
meeting the Hotel Standard, and in such event, Owner shall retain the balance (if any) of the award received for such taking or condemnation, after deduction of the cost of repair or restoration. 
 (c) If there is a taking or condemnation of all or part of the Hotel for temporary use not in excess of two (2) years,
this Agreement shall remain in full force and effect. Owner shall commence restoration, repairs and alterations promptly after the termination or the taking or condemnation for temporary use and shall complete the same with diligence. All awards or
other proceeds on account of the taking shall be treated as Gross Receipts of the Hotel. This Agreement shall then continue in effect for the balance of the Term (including Renewal Terms, if any) remaining after the initial date of such taking.

  

					
	©2009 Hyatt Corporation	 	52	 	

 ARTICLE IX 
 Assignment 
 9.1 Assignment by Operator.

 (a) Except as expressly provided below, Operator shall not sell, assign, pledge, encumber, hypothecate,
transfer or otherwise dispose of (collectively, “Transfer”), in whole or in part, any of its rights or interests hereunder, or enter into any agreement with any Person, other than an Affiliate of Operator as provided and subject to the
provision of this Section 9.1, delegating any of Operator’s duties or responsibilities hereunder (other than routine maintenance and service contracts entered into in the usual and ordinary course of business) but may, without Owner’s
consent, assign or grant security interests in or to its right to receive Management Fees hereunder as security for any monetary obligations of Operator. It is understood and agreed that any consent granted by Owner to any such Transfer shall not
create any obligation on the part of Owner to grant further consents. Notwithstanding the foregoing, Operator may, without the consent of Owner, Transfer its rights under this Agreement in whole, but not in part, to any Affiliate of Operator, or to
any Person that may become an Affiliate as a result of a related and substantially concurrent transaction, or to any successor or assign of Operator which may result from any merger, consolidation or reorganization, or to a Person which shall
acquire all or substantially all of the business and assets of Operator relating to the Brand Hotels, subject, in each such case, to compliance by Operator with each of the following terms and conditions: 
 (1) The transferee, whether an Affiliate or a third party, shall, as of the effective date of the proposed Transfer, have the
full right, power and authority to enter into this Agreement and to fulfill the obligations of Operator hereunder. 
 (2) Not later than the effective date of any such Transfer, the transferee (whether or not an Affiliate of Operator) shall be entitled to use in connection with the operation of the Hotel the Brand and such other Protected Names and
Protected Marks as are in use at the Hotel immediately prior to such transfer, and shall have available to it the operating systems and other resources needed for the continued management and operation of the Hotel as a Brand Hotel, including,
without limitation, the benefit of services that are designed to approximate the Centralized Services available to the Hotel immediately prior to such Transfer and any cost or expense incident to such Transfer, including increased Operating Expenses
as a direct result thereof, shall not be borne by the Hotel or by Owner. 
  

					
	©2009 Hyatt Corporation	 	53	 	

 (3) The transferee shall have executed a written instrument, a certified
copy of which shall be delivered to Owner not later than twenty (20) days following the effective date of any such Transfer, expressly assuming and agreeing to pay, perform and discharge all of the liabilities and obligations of Operator
hereunder, including, without limitation, any such liabilities or obligations arising or accruing prior to, on or after the effective date of any such Transfer. 
 (b) No delegation by Operator of any part of its operating duties and responsibilities hereunder to an Affiliate of Operator,
and no change in the party or parties directly or indirectly in control of Operator or Affiliates of Operator, shall be deemed an assignment of this Agreement. 
 (c) Upon satisfaction and discharge of the conditions described above in connection with any Transfer, Operator shall be
relieved of any liability or obligation hereunder arising after the date of such assignment, except in the case of an assignment to an Affiliate in which case Operator shall remain liable hereunder for so long as such assignee shall remain an
Affiliate of Operator. 
 (d) It is understood and agreed that any disposition by Operator of a Controlling
Interest in any Affiliate to which it has previously assigned this Agreement, shall be deemed a Transfer requiring the prior written consent of Owner as herein required unless all conditions hereinabove set forth to such Transfer shall have been
complied with and satisfied in connection with such disposition (other than an express assumption agreement). 
 9.2
Assignment by Owner. 
 (a) In addition to any permitted collateral assignments to Lenders pursuant to
Article X, Owner shall have the right to assign all of its rights and interests in this Agreement to any Person in connection with a sale or transfer of the Hotel (including, without limitation, any lease of the Hotel substantially in its
entirety), and to issue or permit the transfer of any Ownership Interest to any Person, without the prior written consent of Operator; provided, however, Owner shall not sell, assign or transfer the Hotel, or interest therein or issue or permit the
transfer of any Ownership Interest to any Person (i) engaged, directly or indirectly, as a substantial part of its business, in the management, licensing or operation (as opposed to the mere ownership) of at least
                    (    ) hotels in the United States as a “brand”; (ii) who does not

  

					
	©2009 Hyatt Corporation	 	54	 	

 
have the financial capacity to perform the obligations of Owner under this Agreement; (iii) who would be considered by regulators in the gaming industry to be unsuitable business associates
of Operator or its Affiliates or would in any way jeopardize the Hotel’s liquor licenses; (iv) who fails or refuses to execute the assumption document referred to in the next succeeding sentence, if so required; or (v) who fails or
refuses to provide disclosure information reasonably requested by Operator sufficient to assess the business reputation of such Person. 
 (b) Upon any assignment hereof in connection with a sale or other transfer of the Hotel, Owner shall be relieved of its duties, obligations and liabilities hereunder arising after such assignment so long
as the assignee shall expressly assume in writing all such duties, obligations and liabilities (including, without limitation, those arising or relating to events occurring prior to any such assignment) and shall agree to be bound by this Agreement
as evidenced by a written instrument executed by such assignee in favor of Operator in form and substance reasonably satisfactory to Operator and such assignee and thereupon Owner shall be released from its liabilities and obligations hereunder
arising after the date of such assignment to the extent such liabilities have been expressly assumed by the assignee. Owner and/or any Ownership Participant desiring to effect an assignment of a Controlling Interest in Owner shall give Operator not
less than thirty (30) days advance notice of its intention to do so, which notice shall identify in reasonable detail the direct and indirect controlling owners of the proposed purchaser and shall be accompanied by the latest available audited
and unaudited financial statements of the proposed purchaser and its direct or indirect beneficial owner of the Controlling Interest. The transfer or conveyance of the Hotel to any then Affiliate of Owner, or to any Person that may become an
Affiliate as a result of a related and substantially concurrent transaction, or to any successor or assign of Owner which may result from any merger, consolidation or reorganization, or to a Person which shall acquire all or substantially all of the
business and assets of Owner, shall not be considered a sale or transfer under this Section 9.2, but the transferee or successor shall be obligated in connection therewith to assume the obligations of Owner hereunder, as above provided, in the
case of a Transfer. 
 (c) In the case of any Ground Lease relating to the Hotel, whether to or from an Affiliate
of the then Owner or Ownership Participant or otherwise, (i) the lessee shall become the “Owner” hereunder and shall assume all of the liabilities and obligations of Owner herein set forth; (ii) the lessor shall execute a Lessor
Non-Disturbance Agreement as described in

  

					
	©2009 Hyatt Corporation	 	55	 	

 
Section 10.1(c), and (iii) if the lessee is an Affiliate of Owner, the lessor shall not be relieved of any of the liabilities or obligations of Owner hereunder. 
 ARTICLE X 
 Financing 
 10.1 Owner Financing. 
 (a) Operator acknowledges that Owner shall be permitted to encumber the Hotel by financing the construction, development,
furnishing and equipping of the Hotel pursuant to a mortgage, deed of trust, or security document encumbering the Hotel and/or the Site (a “Mortgage”) throughout the Term through equity and/or debt financing, all of which shall be subject
to the following requirements: 
 (1) The Mortgage is from an Institutional Lender; 
 (2) As of the date of the financing, the proposed ratio of the total aggregate Adjusted Profit to the annual debt service for
all Mortgages encumbering the Hotel and the Site, including the proposed Mortgage, is projected to equal or exceed one and two-tenths to one (1.2:1) for the twelve (12) calendar months immediately following the date of the financing; one
and twenty five one hundredths to one (1.25:1) for the twelve (12) calendar months immediately following the first anniversary of the financing; and one and thirty five one hundredths to one (1.35:1) for the twelve (12) calendar
thereafter; and 
 (3) The Person providing financing is not a Person to whom or to which Owner would be
prohibited from assigning its interest in this Agreement pursuant to Section 9.3. 
 (b) Owner shall obtain
from each Lender a “Creditor Non-Disturbance Agreement” reasonably acceptable to Operator, Owner and Lender, pursuant to which the Lender shall agree, for itself any successor-in-interest to Lender with respect to the debt financing
in question, that if any “Foreclosure Purchaser” shall acquire title to the Hotel, the Foreclosure Purchaser shall accept an attornment from Operator, and agree that the rights, interests, privileges, authority and power of Operator
hereunder shall in no event be disturbed by the Foreclosure Purchaser, and that this Agreement shall continue in full force and effect for all the rest and remainder of the Term subject only to termination in accordance with its terms or in
connection with the exercise of any available right or remedy hereunder. Operator agrees that a

  

					
	©2009 Hyatt Corporation	 	56	 	

 
Creditor Non-Disturbance Agreement in form substantially similar to the form attached to this Agreement as Exhibit D would satisfy the foregoing requirements. 
 The provisions of this Section 10.1 shall be independent of any other provisions of this Agreement. For purposes hereof,
a “Foreclosure Purchaser” shall mean (i) Lender, any Affiliate of Lender, or any party designated by Lender to take title to the Hotel, (ii) any successor in interest to Lender under any of the instruments or documents
evidencing or securing the financing in question, (iii) any purchaser at a foreclosure sale, (iv) any purchaser of the Hotel acquiring title to the Hotel in connection with the exercise of any remedies (or in lieu of the exercise thereof)
by a Lender, or its successor in interest, (v) purchaser from a Lender who shall have acquired the Hotel following acquisition thereof by Lender pursuant to foreclosure proceedings or pursuant to any acts or proceedings in lieu of foreclosure,
(vi) any trustee in bankruptcy or Owner in its capacity as debtor-in-possession under bankruptcy, insolvency or reorganization laws, and (vi) any party acquiring the Hotel pursuant to a plan or reorganization or liquidation of Owner
pursuant to applicable bankruptcy, insolvency or reorganization laws. 
 (b) Ground Lease. No Ground Lease
shall be entered into with respect to the Hotel, nor shall any Ground Lease be in effect regarding the Site, including, without limitation, any Ground Lease between Owner and any Affiliate of Owner, unless the Ground Lessor shall theretofore or
concurrently therewith or herewith have entered into a “Lessor Non-Disturbance Agreement” with Operator, whereby, upon a termination of the said Ground Lease during the Term, Operator shall attorn to the Ground Lessor with respect
to this Agreement, and the Ground Lessor shall agree, for itself and any successor-in-interest under the Ground Lease, to accept such attornment, to assume the obligations of Owner hereunder, and to not disturb or otherwise interfere with
Operator’s rights, authority or privileges hereunder except in the case of an Event of Default by Operator or otherwise in accordance with the express provisions of this Agreement. 
 10.2 Advance Notice of Financing or Ground Lease. 
 Not less than five (5) business days prior to the signing of any financing documents or Ground Lease, Owner shall inform and furnish
Operator with the identity of the proposed Lender or Ground Lessor, as applicable, and Operator shall have the right, but not the obligation, to inform the proposed Lender or Ground Lessor of the legal relationship between Owner and Operator and its
Affiliates and that neither Operator nor its Affiliates make any warranties or representations in connection

  

					
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with any information provided to such Lender or Ground Lessor by Owner, and to inform the proposed Lender or Ground Lessor of the requirements of this Article X. 
 ARTICLE XI 
 Default 
 11.1 Defaults. 
 The occurrence of any one or more of the following events which continues for more than the period of grace (if any) provided below shall
constitute an “Event of Default” by the party in respect of which such event occurs, and such party shall be deemed a “Defaulting Party” with respect thereto and in “Default” under this Agreement:

 (a) If Owner shall fail to provide funds to be deposited in the Operating Accounts in response to a Funds
Request in accordance with, and within the time required under, Section 4.7(b) hereof. 
 (b) If Owner or
Operator shall fail to keep, observe or perform any other material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Owner or Operator, as applicable, and such default shall continue for a period of thirty
(30) days after notice thereof by the Non-Defaulting Party to the Defaulting Party. 
 (c) If Owner or
Operator shall apply for or consent to the appointment of a receiver, trustee or liquidator for Owner or Operator, as applicable, or for all or a substantial part of its assets, or shall file a voluntary petition in bankruptcy, admit in writing its
inability to pay its debts as they come due, make a general assignment for the benefit of creditors, file a petition or answer seeking reorganization or arrangement with creditors or liquidators or to take advantage of any insolvency proceeding, or
if any order, judgment or decree shall be entered by any court of competent jurisdiction on the application of a creditor adjudicating Owner or Operator, as applicable, a bankrupt or insolvent or approving a petition seeking reorganization or
liquidation of Owner or Operator, as applicable, or appointing a receiver, trustee or liquidator for Owner or Operator, as applicable, or for all or a substantial portion of its assets, and such judgment, order or decree shall continue unstayed and
in effect for any period of ninety (90) consecutive days. 
 (d) If any required licenses for the sale of
alcoholic beverages are at any time suspended, terminated or revoked by reason of the unlicensability of Owner or Operator (as

  

					
	©2009 Hyatt Corporation	 	58	 	

 
opposed to the effect of any general legislation or governmental act prohibiting the sale of alcoholic beverages in general or by the class of businesses of which the Hotel is a part) and such
suspension, termination or revocation shall continue for a period of sixty (60) consecutive days. 
 11.2 Curing
Defaults. 
 No event which is curable but which, by the nature of such event, is not susceptible, with the exercise of
diligence, of being cured within the applicable grace period, shall constitute an Event of Default so long as the Defaulting Party has commenced to cure such default within such grace period and proceeds thereafter with due diligence and in good
faith to cure the same. Failure to commence or proceed with reasonable diligence to cure such default until completion shall terminate any right to additional time to cure. In no event shall additional time to cure apply in cases where the Event of
Default in question may be cured on a timely basis by the payment of money in the amount due. 
 11.3 Remedies. 

 (a) Upon the occurrence of an Event of Default by either party, the “Non-Defaulting Party”
(that is, the party not in Default hereunder with respect to the event in question) shall have, and may exercise against the Defaulting Party, such rights and remedies as may be available to the Non-Defaulting Party at law or in equity, including,
without limitation, actions for specific performance or damages; provided, however, neither party shall have the right to terminate this Agreement by reason of the occurrence of an Event of Default of the other party hereunder unless (x) the
Event of Default in question represents intentional misconduct, reckless behavior or repeated Events of Default of a similar nature by the Defaulting Party; or (y) remedies at law are inadequate to redress such Event of Default; or
(z) termination is provided for under any of the express provisions of this Agreement. Whenever termination of this Agreement is an available remedy, the same may be exercised by notice to the Defaulting Party and this Agreement shall terminate
on the date set forth in such notice, which date shall in no event be sooner than ten (10) days nor later than thirty (30) days, after the delivery thereof. The right of termination set forth in the preceding sentence, if available, shall
be in addition to, and not in lieu of, any other rights or remedies provided hereunder or at law or in equity by reason of the occurrence of any such Event of Default, it being understood and agreed that the exercise of

  

					
	©2009 Hyatt Corporation	 	59	 	

 
the remedy of termination shall not constitute an election of remedies and shall be without prejudice to any such other rights or remedies otherwise available to the Non-Defaulting Party.

 (b) In addition to the rights set forth in Section 11.3(a) above, upon the occurrence of a monetary
Default by either party, the Non-Defaulting Party shall accrue interest at an annual rate equal to the Prime Rate plus three (3) percentage points from and after the date on which the Default occurred. Upon the occurrence of a monetary default
by Owner, Operator shall have the right (without affecting Operator’s other remedies under this Agreement) to withdraw the amount plus interest pursuant to this Section 11.3(b) owed to Operator or any other Operator Affiliate by Owner from
distributions otherwise payable to Owner pursuant to this Agreement. 
 (c) The rights granted in this
Section 11.3 shall not be in lieu of, but shall be in addition to, any and all rights and remedies available to the Non-Defaulting Party (including, without limitation, injunctive relief and damages) by reason of the applicable provisions of
law or equity. 
 (d) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT OR AT LAW, IN ANY ACTION OR
PROCEEDING BETWEEN THE PARTIES (INCLUDING, WITHOUT LIMITATION, ANY ARBITRATION PROCEEDING) ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT OR IN ANY MANNER PERTAINING TO THE HOTEL OR TO THE RELATIONSHIP OF THE PARTIES HEREUNDER, EACH PARTY HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES AND RELEASES ANY RIGHT, POWER OR PRIVILEGE EITHER MAY HAVE TO CLAIM OR RECEIVE FROM THE OTHER PARTY HERETO ANY PUNITIVE OR EXEMPLARY DAMAGES, EACH PARTY ACKNOWLEDGING AND AGREEING THAT THE REMEDIES HEREIN
PROVIDED, AND OTHER REMEDIES AT LAW AND IN EQUITY, WILL IN ALL CIRCUMSTANCES BE ADEQUATE. THE FOREGOING WAIVER AND RELEASE SHALL APPLY IN ALL ACTIONS OR PROCEEDINGS BETWEEN THE PARTIES AND FOR ALL CAUSES OF ACTION OR THEORIES OF LIABILITY, WHETHER
FOR BREACH OF THIS AGREEMENT OR FOR VIOLATION OF ANY OTHER DUTY OWING BY EITHER PARTY TO THE OTHER WHICH MAY IN ANY WAY RELATE TO OPERATOR’S MANAGEMENT OR OPERATION OF THE HOTEL. BOTH PARTIES FURTHER ACKNOWLEDGE THAT THEY ARE EXPERIENCED IN

  

					
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NEGOTIATING AGREEMENTS OF THIS SORT, HAVE HAD THE ADVICE OF COUNSEL IN CONNECTION HEREWITH, AND HAVE BEEN ADVISED AS TO, AND FULLY UNDERSTAND, THE NATURE OF THE WAIVERS HEREIN CONTAINED.

 ARTICLE XII 
 Termination and Transition 
 12.1 Inability to Operate in Accordance
with Hotel Standard. 
 Without limiting Operator’s right to enforce Owner’s obligation to permit the Hotel to
be operated in accordance with the Hotel Standard (and without limiting any other remedy available to Operator for Owner’s non-compliance with such obligation), if the Annual Plan approved by Owner for any Fiscal Year, or the funds actually
made available by Owner to Operator from time to time, are insufficient to permit Operator to operate and maintain the Hotel in accordance with the Hotel Standard, then Operator shall have the right to terminate this Agreement by providing written
notice of such termination to Owner within ninety (90) days following Operator’s determination that the Hotel is not, or cannot be, operated and maintained in accordance with the Hotel Standard as provided herein. Any such termination
shall be effective ninety (90) days following delivery of such written notice. 
 12.2 Transition of Management.

 Upon expiration or earlier termination of this Agreement (whether pursuant to this Article XII, or based upon an
Event of Default by a party or otherwise), Operator and Owner will cooperate with each other and with an Successor Manager to effect an orderly transition of management functions from Operator to Owner, or to any Successor Manager designated by
Owner and if such termination is an early termination prior to the expiration of the Term, notwithstanding the effective date of termination, Operator and Owner shall reasonably agree on the terms of an extension of no more ninety (90) days
thereafter so long as any costs incurred by Operator in connection therewith shall be reimbursed to Operator promptly upon request therefor. The provisions of this Section 12.2 shall govern with respect to specific matters relating to the
transition of management of the Hotel. 
 (a) Employment Matters. 
 (1) Because the Hotel Employees will be employees of Operator (or an Affiliate of Operator), the termination of this
Agreement will result in a termination of their employment with Operator (or such Affiliate), although Owner acknowledges that Operator shall

  

					
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have the right (but shall not be obligated) to make offers of employment to any Hotel Employees for employment at other hotels within the Operator Hotel Group and Operator acknowledges that Owner
or Successor Manager shall have the right to make offers of employment to any management personnel then employed at the Hotel for continuing employment at the Hotel following written confirmation from Operator that Operator does not intend to
continue such personnel’s employment with Operator. In the event, in connection with the termination of this Agreement, WARN Act notices are required, Operator shall be obligated to deliver such notices unless Owner requests otherwise.

 (2) Except to the extent any applicable insurance maintained with respect to the Hotel shall reimburse
Operator for its loss, Owner shall be responsible for, shall reimburse Operator for, and shall indemnify, defend and hold Operator, and each of Operator’s shareholders, officers, directors, employees and agents, completely free and harmless of
and from any and all costs, expenses, claims, liabilities, loss or damages of any kind or nature that result or could result from the termination of the employment of the Hotel Employees by Operator or its Affiliate (notwithstanding any continuation
of their employment at the Hotel as employees of Owner or a Successor Manager). The foregoing reimbursement and indemnity obligation includes, without limitation, all accrued payroll, accrued benefits such as vacation pay and sick days and all other
Employee Costs or other employment liabilities (including severance obligations) accruing up to and including the date of termination or incurred as a result of such termination, any multi-employer withdrawal liability, obligations under
then-existing or subsequently negotiated collective bargaining agreements, and any liabilities or obligations under WARN and other requirements applicable to severance or termination of employment. The foregoing provisions of Section 12.2,
shall not limit, impair or otherwise prejudice the rights of Owner to collect or recover damages by reason of the occurrence of any Event of Default by Operator hereunder. 
 (b) Insurance. The Hotel’s inclusion in Operator’s chain-wide policies of insurance and, if applicable,
Operator’s self-insurance program will be terminated as of the effective date of termination of this Agreement, and Operator shall have the right to reimburse itself for such premiums which may have accrued to the date of termination by
withdrawing the appropriate amount thereof from the Operating Accounts. If Owner’s pro rata share of premiums under the chain-wide policies of insurance shall have been paid in advance, Operator shall reimburse Owner for the unused portion of
such insurance premiums. Owner consents to the termination of

  

					
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the insurance program with respect to the Hotel as of the effective date of termination of this Agreement and agrees that Operator shall have no further obligation, after the effective date of
such termination, to provide or obtain any insurance coverage for the benefit of Owner or the Hotel thereafter. If the Hotel has participated in Operator’s self-insured worker’s compensation, or other self-insured programs, Owner shall
remain liable for the payment of deductible amounts under such programs for claims attributable to events occurring on or prior to the expiration or earlier termination hereof. 
 (c) Receivables. Operator will reasonably cooperate with Owner, at Owner’s sole cost and expense, in the
collection of any receivables outstanding as of the expiration or earlier termination of this Agreement, and will remit to Owner any amounts collected directly by Operator after the effective date of termination which relate to such receivables.

 (d) Proprietary Interests. After termination of this Agreement, neither Owner, nor any Person acting on
behalf of Owner, shall directly or indirectly hold itself or the Hotel out to the public as being or remaining (or otherwise associated with) a Brand Hotel or a member of the Operator Hotel Group or in any way affiliated with Operator. Accordingly,
the following provisions shall apply as of the termination of this Agreement: 
 (1) Owner shall cease using all
Proprietary Materials, all such Proprietary Materials being the sole property of Operator which may be removed by Operator (without any payment or other reimbursement) as of the effective date of termination of this Agreement, and Owner shall no
longer be entitled to use any thereof. 
 (2) Owner shall cease the use and display of the Protected Names and
the Protected Marks, except that Owner shall have the right to continue to use any consumable inventory, Operating Equipment and supplies bearing the Protected Names or any of the Protected Marks for a period not in excess of thirty (30) days
following the date of termination or until supplies thereof on hand as of the termination date shall be exhausted, whichever shall first occur, but shall have no right to reorder any quantities of such items. All signs, displays and other materials
in or on the Hotel bearing any of the Protected Names or Protected Marks will be removed, or covered over, by Owner as its expense. Notwithstanding the foregoing, Operator shall have the right (but not the obligation), as of the date of termination
of this Agreement, to purchase (x) any items of Operating Equipment, consumables or supplies bearing the Protected

  

					
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Names or any of the Protected Marks (other than those also bearing the name of the Hotel) which are in reserve storage or are contained in unopened containers, at a price equal to the acquisition
cost thereof to Owner, and (y) any other items bearing the Protected Names or any Protected Mark at a reasonable price to be agreed upon between Owner and Operator; provided that, except for a termination at the expiration of the Term,
Operator’s right to purchase under this sentence shall not extend to that quantity of items reasonably necessary for the operation of the Hotel in the ordinary course of business until such items can be replaced using commercially reasonable
diligence to procure replacement items, this proviso, however, to be subject to the above provisions of this Section 12.2 limiting the time during which Owner may continue to use items bearing the Protected Names and Protected Marks. In
connection with the purchase of any such items, Operator shall have the obligation, at its expense, to pay for and remove the same from the Hotel not later than fourteen (14) days after the effective date of termination. Without in any way
limiting the generality of the foregoing, on the termination date, Owner shall remove at its expense, or otherwise cover or obliterate, all interior and exterior signs and graphics bearing the Protected Names or any Protected Mark so as not to be
visible to the public. 
 (3) Although the removal of any software programs shall be coordinated with the
installation of replacement systems, Operator shall have no obligation to allow the proprietary software to remain in the Hotel beyond the termination of this Agreement; Upon request, Operator will provide Owner with a written list of operating and
accounting systems software actually installed in the Hotel by or for Operator, and, if requested by Owner and subject to limitations in Section 12.2(e) regarding assignment of Chain Contracts, Operator will request and use commercially
reasonable efforts, without cost to Operator, to obtain extensions of any such operating or accounting software systems licensing agreements for up to ninety (90) days following termination of this Agreement, with any costs related thereto
being Owner’s expense. To the extent necessary for an orderly transition of management functions, both a hard copy and, if feasible, an electronic copy of guest information relating to their patronage of the Hotel for the period through the
termination of this Agreement shall be given to Owner (except for such information which may have previously been discarded in accordance with applicable records retention policies). Operator shall use commercially reasonable efforts to facilitate
the orderly electronic transfer of all non-proprietary records and information pertaining to the Hotel and to Owner’s or Successor Manager’s systems, with any costs relating thereto being an Operating Expense, but not otherwise at
Operator’s cost or expense. Non-proprietary information on guests,

  

					
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patrons or groups relating to the Hotel may be used by Operator and Owner, and their Affiliates, on a non-exclusive basis in the conduct of their respective businesses (both during and after the
Term), including, but not limited to, use by Operator in connection with guest loyalty programs. 
 (e)
Service Contracts and Leases. Owner acknowledges that Operator may not have the ability to transfer to Owner the continuing benefits of Chain Contracts, or any contract with a Purchasing Company, upon termination of this Agreement. Owner
agrees that such contracts, leases and service agreements will not be assigned, transferred or continued after such date, and Operator may, therefore, remove the Hotel from any such contracts applicable to the Hotel, as of the effective date of
termination of this Agreement. Any other leases or contracts entered into by Operator as agent for Owner shall remain the liability and obligation of Owner, in accordance with the terms of this Agreement, and Owner shall indemnify Operator for any
liabilities arising thereunder. To the extent Operator has leased any computer equipment or communications equipment for use at the Hotel in accordance with the provisions of this Agreement pursuant to chain-wide programs for the acquisition or
leasing thereof, Owner shall have the right, at its option, either to request that any such lease be transferred to Owner (to the extent the same are transferable without the consent of third parties) or that Operator seek to buy out the equipment
covered by any such lease, the cost of which shall be borne solely by Owner. Any such lease transfer or buy-out shall be subject to the approval of the third party owners of such equipment. If not assignable or if the same cannot be bought out,
Operator shall remove all such equipment from the Hotel at any time on or after the effective date of termination of this Agreement but in no event later than fourteen (14) days thereafter. 
 (f) Bookings. Following the termination of this Agreement, Owner agrees that it shall, and shall cause any Successor
Manager to, honor all bookings for future reservations or use of Hotel rooms or facilities which may have been accepted or entered into by Operator on or at any time prior to the termination of this Agreement, in accordance with the terms of such
bookings as accepted by Operator (including, without limitation, bookings made in good faith by Operator for employee complimentary rooms, Gold Passport® reservations and bookings pursuant to outstanding gift certificates or Operator promotional
programs). Operator shall, on the effective date of termination, provide Owner with a complete list of all such bookings, the terms applicable thereto, and the amount of advance deposits (if any) received with respect to each such booking. Owner
will assume and fully indemnify Operator with respect to any advance deposits theretofore received by Operator, on behalf of the Hotel. 
  

					
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 (g) Notification of Customers. With respect to any guests or patrons
having or seeking to make reservations at the Hotel for a date after the expected date of termination or expiration, Operator may inform such guests or parties that the Hotel will not be a Operator Hotel during all or part of their expected stay, or
on their expected event date, and, if requested by the guest, may state that Operator operates other hotels in the area, naming such hotels. 
 (h) Licenses and Permits. All transferable licenses or permits relating to the Hotel which have been obtained in the name of Operator shall be transferred and assigned to Owner or the Successor
Manager and Operator shall provide Owner with a complete listing of all permits and licenses (whether or not transferable and whether in Operator’s name or in the name of Owner) as soon as reasonably practicable prior to the effective date of
termination so as to permit Owner or Successor Manager sufficient time to apply for new licenses or permits or to effect transfer to Owner’s name or the name of Successor Manager. With respect to any non-transferable licenses or permits,
Operator agrees that it shall cooperate reasonably with Owner and Successor Manager in obtaining new licenses or permits, and, in connection therewith, shall surrender or agree to surrender corresponding licenses or permits to the extent applicable
solely to the Hotel which are then carried in Operator’s name. The foregoing shall be without fee or other compensation to Operator other than reimbursement of Operator’s reasonable costs incurred in connection therewith. 
 (i) Operating Accounts. All funds in the Operating Accounts which are in excess of minimum amounts necessary to keep
such accounts open, plus the amount of then outstanding checks, drafts, or orders of withdrawal or other items drawn against the Operating Accounts, and net of any amounts payable or reimbursable to Operator hereunder, shall be remitted to Owner as
of the effective date of expiration or termination. Operating Accounts shall remain open for a period of one (1) year after expiration or termination in order to enable clearance of outstanding items. After such one (1) year period,
Operator will cooperate with Owner to close all such Operating Accounts and transfer any remaining funds to Owner. 
 Provided Owner shall provide access to books and records of the Hotel, to the Hotel premises and to Hotel employees, Operator shall prepare and deliver to Owner, within sixty (60) days following the effective date of expiration or
termination, an accounting as described in Section 4.8(b), which accounting shall be in final form to the extent practicable, the cost of which shall be an Operating Expense. Operator shall continue to cooperate with Owner and be

  

					
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available, and make any books and records available to the extent necessary, in order for Owner and the accountants to prepare the Annual Financial Statements for the applicable Fiscal Year in
accordance with Section 4.8(b). In connection with the preparation of reports and accountings required of Operator hereunder, Owner agrees to grant to Operator continued access to the books of the Hotel for such purpose. Costs incurred in
preparing reports and accountings by Operator shall be an Operating Expense. 
 (j) Accounts Payable.
Accounts payable of the Hotel remaining unpaid as of the effective date of expiration or termination shall be assumed by Owner and paid as and when due. For this purpose, the term “accounts payable” shall include, without limitation,
liabilities accrued as of such date, but not yet billed, together with any amounts required to be paid to Operator hereunder. In addition, if any items of FFE have been ordered prior to expiration or termination hereof in accordance with the
provisions of this Agreement, Owner shall pay all required charges therefor, whether or not shipped or received at the Hotel prior to such date. Owner shall indemnify and hold Operator harmless from any cost or liability relating to the foregoing.
After the effective date of expiration or termination, Operator will consult with Owner at Owner’s request (without fee but with no obligation to incur costs unless Owner reimburses such costs) regarding any accounts payable, including with
respect to any disputes which may arise between Owner and the account creditor. 
 (k) Telephone Number.
Owner may continue to use the telephone number of the Hotel as in effect prior to the expiration or earlier termination of this Agreement as the telephone number of the Hotel for a period of three (3) months after expiration or earlier
termination hereof, after which Owner shall cease to use the same. 
 ARTICLE XIII 
 Indemnification 
 13.1 Indemnification of Operator. 
 Owner shall indemnify, defend and hold Operator (and its officers,
directors, shareholders, agents, employees and Affiliates) free and harmless of and from any and all damages, liability, cost, claim or expense, including, without limitation, reasonable attorneys fees and expenses, arising out of or in any way
related to the Hotel or to the performance by Operator of its duties hereunder or to the termination of this Agreement and the resulting transition of management of the Hotel and of the

  

					
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employment of Hotel Employees, except to the extent such damages, liabilities, costs, claims or expenses arise out of or are attributable to Operator’s Grossly Negligent Acts or Willful
Misconduct; provided, however, Owner shall have no liability hereunder to the extent Operator is reimbursed for its loss from the proceeds of insurance maintained in accordance with the provisions of Article VII, and, with respect to such
coverage, Operator agrees that it will, in good faith, pursue its available insurance recoveries prior to making demand on Owner for indemnity. 
 13.2 Indemnification of Owner. 
 Operator shall indemnify, defend and
hold Owner (its partners, and their respective partners, members, shareholders, officers, directors, agents, employees and Affiliates) free and harmless of and from any and all damages, liabilities, costs, claims or expenses, including, without
limitation, attorneys fees and expenses arising out of or in any way relating to Operator’s Grossly Negligent Acts or Willful Misconduct; ; provided, however, Operator shall have no liability hereunder to the extent Owner is reimbursed for its
loss from the proceeds of insurance, and, with respect to such coverage, Owner agrees that it will, in good faith, pursue its available insurance recoveries prior to making demand on Operator for indemnity. Amounts paid by Operator in fulfillment of
its indemnification obligations under this Section 13.2, shall not be deemed an expense of the operation of the Hotel and shall not be deducted in computing Gross Operating Profit, it being understood and agreed that such amounts shall be borne
and paid for solely by Operator. 
 13.3 Survival. 
 The provisions of this Article XIII shall survive the expiration or earlier termination of this Agreement. 
 ARTICLE XIV 
 Dispute Resolution 
 14.1 Alternative Dispute Resolution. 
 Subject to Sections 14.4 and 14.6, the Parties agree for themselves and their respective Affiliates, and each of their respective
shareholders, trustees, beneficiaries, directors, officers, employees or agents, that all controversies, disputes, or claims between the Parties arising from or relating to this Agreement (collectively, “Disputes”) shall be subject
to, and resolved in accordance with, this

  

					
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Article XIV. (For the purposes of this Article XIV, the term “Party” shall refer to each of the Persons referenced in this Section 14.1). 
 14.2 Mediation. 
 (a) If either Party gives notice to the other Party of the existence of a Dispute, then, commencing within five (5) days after the date of such notice, the Parties shall, through their senior
business representatives and (if they so desire) counsel, negotiate in good faith for a period of at least twenty (20) days in an effort to resolve the Dispute. 
 (b) If the Parties are unable to resolve the Dispute within such twenty (20) day period, either Party may then submit
the Dispute to non-binding mediation under the then applicable rules and jurisdiction of the American Arbitration Association (“AAA”), in which event, the Parties shall participate in at least ten (10) hours of mediation within the
thirty (30) day period after such Dispute has been submitted for mediation. The fees and costs of such mediation shall be borne equally by the Parties. 
 (c) If the Dispute remains unresolved at the conclusion of such mediation, either Party may then submit the Dispute to
arbitration in accordance with Section 14.3. 
 14.3 Arbitration. 
 (a) Subject to Section 14.4 and 14.6, all Disputes that have not been resolved through negotiation or mediation pursuant
to Section 14.2 shall be submitted to final and binding arbitration administered by the AAA. If the AAA no longer exists or is unable to administer the arbitration of the Dispute in accordance with this Article XIV, and the Parties cannot
agree on the identity of a substitute arbitration service provider within ten (10) days after notice by the complaining Party, then such Party shall petition a             court of
competent jurisdiction to identify a substitute arbitration service provider, who will administer the dispute resolution process in accordance with this Article XIV. The arbitration proceedings shall be held in
            . 
 The arbitration shall be governed
exclusively by the United States Arbitration Act or any successor law, without reference to any state arbitration statutes. In any such arbitration proceeding, each Party shall submit or file any claim that would constitute a compulsory counterclaim
(as defined by Rule 13 of the Federal Rules of Civil Procedure) within the same proceeding as the claim to which it relates. Any such claim that is not submitted or filed

  

					
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in such proceeding shall be barred. The arbitrator may not consider any settlement discussions or offers that might have been made by either Owner or Operator. 
 (b) The arbitration proceedings will be conducted by one (1) arbitrator and, except as this Section otherwise provides,
according to the AAA’s then current commercial arbitration rules. The arbitrator must be chosen from a proposed list of at least thirty (30) arbitrators who are licensed attorneys and retired civil law judges each with no less than ten
(10) years of judicial experience, and who are listed on the AAA’s National Roster of Neutrals (or such other equivalent replacement roster of experienced arbitrators that the AAA designates). All proceedings will be conducted at a
suitable location chosen by the arbitrator that is within ten (10) miles of Operator’s then current principal business address. All matters relating to arbitration will be governed by the Federal Arbitration Act (9 U.S.C. Sections 1
et seq.) and not by any state arbitration law. 
 The arbitrator has the right to award any relief
that he or she deems proper, including money damages (with interest on unpaid amounts from the date due), specific performance, injunctive relief, and attorneys’ fees and costs, provided that the arbitrator may not declare any Proprietary Mark
generic or otherwise invalid or award any punitive, exemplary, or treble or other forms of multiple damages against either party. The award of the arbitrator shall be conclusive and binding upon all parties hereto and judgment upon the award may be
entered in any court of competent jurisdiction. 
 (c) Operator and Owner agree that arbitration will be
conducted on an individual, not a class-wide, basis; that only Operator (and/or its Affiliates and its and their respective owners, officers, directors, agents, and/or employees, as applicable) and Owner (and/or its Affiliates and its and their
respective owners, officers, directors, agents and/or employees, as applicable) may be the parties to any arbitration proceedings described in this Section 14.3; and that an arbitration proceeding between Operator (and/or its Affiliates and its
and their respective owners, officers, directors, agents, and/or employees) and Owner (and/or its Affiliates and its and their respective owners, officers, directors, agents and/or employees) may not be consolidated with any other arbitration
proceeding between Operator and any other person. Notwithstanding the foregoing or anything to the contrary in this Section 14.3, if any court or arbitrator determines that all or any part of the preceding sentence is unenforceable with respect
to a dispute that otherwise would be subject to arbitration under this Section, then all parties agree that this arbitration clause shall not apply to that dispute and that such dispute shall be resolved in a judicial proceeding in accordance with
this Article XIV. 
  

					
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 (d) Despite Operator’s and Owner’s agreement to arbitrate,
Operator and Owner each have the right in a proper case to seek temporary restraining orders and temporary or preliminary injunctive relief from a court of competent jurisdiction; provided, however, that Operator and Owner must contemporaneously
submit the dispute for arbitration on the merits as provided in this Article XIV. 
 (e) The Parties agree that
the award of the arbitrator shall be binding upon Operator and Owner, and that judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction. 
 (f) No arbitrator shall (i) then be in the employ of any Person which, at the time of such arbitration, shall be a hotel
operator or hotel management company, or (ii) have ever been in the employ of Owner or Operator. 
 (g)
THE ARBITRATOR SHALL HAVE NO AUTHORITY TO AWARD ANY PUNITIVE OR EXEMPLARY DAMAGES OR TO VARY OR IGNORE THE TERMS OF THIS AGREEMENT, AND SHALL BE BOUND BY CONTROLLING LAW. THE ARBITRATOR’S FAILURE TO APPLY CONTROLLING LAW OR ENTRY OF A
DECISION THAT IS NOT BASED ON SUBSTANTIAL EVIDENCE IN THE RECORD SHALL BE GROUNDS FOR MODIFYING OR VACATING AN ARBITRATION DECISION. 
 (h) Disputes Less than $500,000. 
 For any arbitration pursuant to which
either party seeks an award for money damages in an amount less than Five Hundred Thousand and 00/100 US Dollars (US$500,000.00), the following provisions shall apply: 
 (1) Except as otherwise directed by the arbitrators, the Parties shall (i) produce relevant documents and information to
each other as if Rule 34 of the Federal Rules of Civil Procedure applied to the arbitration proceeding. On a date set by the arbitrator, but in no event more than thirty (30) days after the arbitrator is selected, the

  

					
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Parties shall exchange document requests. The Parties may schedule up to three (3) depositions, which shall be noticed and taken in a manner consistent with the Federal Rules of Civil
Procedure as if those Rules applied to the arbitration proceeding. Any such discovery shall be completed within sixty (60) days following the selection of the arbitrator. 
 (2) On a date set by the arbitrator, but in no event more than thirty (30) days after the depositions are complete, the
Parties shall deliver to the arbitrator and each other a written statement of their respective positions with respect to the Dispute(s) at issue and their reasons in support thereof. Within fourteen (14) days thereafter, the Parties may submit
to the arbitrator and, if so, deliver to each other, a written response to the other Party’s statement. 
 (3) Unless requested by the arbitrator, no hearing shall be required in connection with any arbitration, and the arbitrator may elect to base his or her award on the written material submitted by the Parties; provided, however, that the
Parties shall submit to hearings, and be prepared to present testimony, if so requested by the arbitrator. 
 (4)
Following receipt of the written materials from each Party provided for in subparagraph (2) above, and following any hearing held in connection with such arbitration, the arbitrator shall render his or her award; provided, however, that if more
than one Dispute is submitted to the same arbitrator for resolution, each such Dispute shall be deemed a separate arbitration for purposes of this subparagraph and shall be subject to a separate award by the arbitrator. 
 (f) Disputes of $500,000 or More. 
 Any arbitration pursuant to which either Party is seeking an award for money damages equal to or in excess of Five Hundred Thousand and 00/100 US Dollars (US$500,000.00), shall be conducted pursuant to
the Commercial Dispute Procedures of the AAA; provided, however, that, in all events, the parties shall (i) produce relevant documents and information to each other as if Rule 34 of the Federal Rules of Civil Procedure applied to the
arbitration proceeding, and (ii) be entitled to take at least three (3) depositions, which shall be noticed and taken in a manner consistent with the Federal Rules of Civil Procedure as if those Rules applied to the arbitration proceeding.
The arbitrator shall follow the Federal Rules of Evidence in making any evidentiary rulings. 
  

					
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 14.4 Litigation. 
 Notwithstanding anything to the contrary in this Article XIV, the Parties shall have the right to immediately commence litigation or
other legal proceedings without seeking alternative dispute resolution with respect to any claims (a) by Operator relating to the Protected Names or Protected Marks, (b) relating to emergency or injunctive relief, or (c) relating to
enforcement of the dispute resolution provisions of this Agreement. In furtherance of the foregoing, each Party acknowledges and agrees that (x) a Party shall have the right to seek to obtain injunctive relief without bond, but upon notice
required under applicable Legal Requirements (an “Enjoining Party”); and (y) such injunctive relief shall be in addition to such further and other relief as may be available to an Enjoining Party or its Affiliates at law or in
equity. Any action by either Party described in this Section 14.4 shall be brought in a court for                      or a court of the United
States located in                     . The Parties consent to the jurisdiction of such courts and waive any right to have such action transferred
from such courts on the grounds of improper venue or inconvenient forum. The Parties also waive trial by jury in the event of any such action, and the Parties agree that service of process for purposes of any such action need not be personally
served or served within the                     , but may be served with the same effect as if the Party were served within the
            , by notice in the manner prescribed for notices under this Agreement pursuant to Section 16.5 below. 
 14.5 Prevailing Party’s Expenses. 
 The prevailing Party in any arbitration, litigation or other legal action or proceeding arising out of or related to this Agreement shall be entitled to recover from the losing Party all reasonable fees,
costs and expenses incurred by the prevailing Party in connection with such arbitration, litigation or other legal action or proceeding (including any appeals and actions to enforce any arbitration awards and court judgments), including reasonable
fees, expenses and disbursements for attorneys, experts and other third parties engaged in connection therewith and its share of arbitrator fees and costs. If a Party prevails on some, but not all, of its claims, such Party shall be entitled to
recover an equitable amount of such fees, expenses and disbursements, as determined by the applicable arbitrator or court. All amounts recovered by the prevailing Party under this Section 14.5 shall be separate from, and in addition to, any
other amount included in any arbitration award or judgment rendered in favor of such Party. 
  

					
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 14.6 Third-Party Litigation. 
 This Article XIV shall not apply in the event that a third party has commenced litigation against one or more Parties outside of
                     (“Third Party Action”) and a defendant Party in the Third Party Action files a cross-complaint or third-party
complaint against another Party that arises out of the same facts or transactions at issue in the Third Party Action. 
 14.7
Expert Determination. 
 Where this Agreement calls for a matter to be referred to an Expert for determination, the
following provisions shall apply: 
 (a) The use of the Expert shall be the exclusive remedy of the parties and
neither party shall attempt to adjudicate any dispute in any other forum. The decision of the Expert shall be final and binding on the parties and shall not be capable of challenge, whether by arbitration, in court or otherwise; 
 (b) Each party shall be entitled to make written submissions to the Expert, and if a party makes any submission it shall also
provide a copy to the other party and the other party shall have the right to comment on such submission. The parties shall make available to the Expert all books and records relating to the issue in dispute and shall render to the Expert any
assistance requested of the parties. The costs of the Expert and the proceedings shall be borne as directed by the Expert unless otherwise provided for herein. The Expert may direct that such costs be treated as Operating Expenses; 
 (c) The Expert shall make its decision with respect to the matter referred for determination by applying the Hotel Standard;
and 
 (d) The terms of engagement of the Expert shall include an obligation on the part of the Expert to:
(i) notify the parties in writing of his decision within thirty (30) days from the date on which the Expert has been selected (or such other period as the parties may agree or as set forth herein); and (ii) establish a timetable for
the making of submissions and replies. 
  

					
	©2009 Hyatt Corporation	 	74	 	

 ARTICLE XV 
 Representations, Warranties and Covenants 
 15.1
Representations of Owner. 
 Owner represents and warrants to Operator as of the Effective Date as follows:

 (a) Owner is an entity duly organized and in good standing in its jurisdiction of organization as set forth on
the first page hereof, and authorized to do business in the state in which the Hotel is located, and has all necessary authority and approvals to enter into this Agreement and perform its obligations hereunder. 
 (b) This Agreement constitutes a valid and binding obligation of Owner and does not and will not violate or conflict with any
of the organizational or governing documents of Owner or any Legal Requirements to which Owner is subject, or the Hotel or any substantial portion of Owner’s assets is bound or affected. 
 (c) There are no legal proceedings pending, or, to Owner’s actual knowledge, threatened, against Owner that might result
in any inability of Owner to perform its obligations pursuant to this Agreement. 
 (d) Owner has engaged no
broker, agency or finder in connection with this transaction. 
 (e) Owner is the sole owner of the fee title to
the Site and the Hotel, free and clear of any encumbrances that would have a material adverse effect on Operator’s ability to operate the Hotel in accordance with this Agreement. 
 (f) To Owner’s knowledge, (i) no hazardous or toxic materials, substances or wastes are or have been manufactured,
generated, processed, used, handled, stored, disposed, released or discharged at, on, in, over, under or from the Hotel, the Site or the real property adjacent to the Hotel, (ii) there are no soil, water, air, mineral, chemical or environmental
conditions or contamination at, on, in, over, under or from the Hotel, the Site or real property adjacent to the Hotel that does, or with the passage of time will, require any remediation, abatement, removal, clean up, monitoring or other corrective
action, or notice or reporting to any governmental authority or employees or patrons of the Hotel, pose any threat to the health and safety of the employees or patrons of the Hotel or the environmental or natural resources in general, or

  

					
	©2009 Hyatt Corporation	 	75	 	

 
otherwise require, based on Legal Requirements or standards of prudent ownership, any remediation, abatement, removal, clean up, monitoring or other corrective action, (iii) there exists no
identifiable threat of the contamination of the Site by release of hazardous or toxic materials, substances or wastes or otherwise from existing sources adjacent to the Hotel, and (iv) there are no underground storage tanks at the Site.

 15.2 Representations of Operator. 
 Operator represents and warrants to Owner as of the Effective Date as follows: 
 (a) Operator is an entity duly organized and in good standing in its jurisdiction of organization as set forth on the first page hereof, and authorized to do business in the state in which the Hotel is
located, and has all necessary authority and approvals to enter into this Agreement and perform its obligations hereunder. 
 (b) This Agreement constitutes a valid and binding obligation of Operator and does not and will not violate or conflict with any of the organizational or governing documents of Operator or any Legal
Requirements to which Operator is subject, or any substantial portion of Owner’s assets is bound or affected. 
 (c) There are no legal proceedings pending, or, to Operator’s actual knowledge, threatened, against Operator that might result in any inability of Operator to perform its obligations pursuant to this Agreement. 
 (d) Operator has engaged no broker, agency or finder in connection with this transaction. 
 (e) No third party has made any claim of rights or interests in the Brand (or against the Protected Names and Protected Marks
associated therewith) that would prevent the use of the Brand or such associated Protected Names and Protected Marks in connection with the operation of the Hotel as a Brand Hotel as contemplated by this Agreement. 
 15.3 No Representation Regarding Forecasts. 
 In entering into this Agreement, Operator and Owner acknowledge that neither Owner nor Operator has made any representation to the other regarding forecasted earnings, the probability of future success or
any other similar matter respecting the Hotel and that Operator and Owner understand

  

					
	©2009 Hyatt Corporation	 	76	 	

 
that no guarantee is made to the other as to any amount of income to be received by Operator or Owner or as to the future financial success of the Hotel. 
 15.4 Quiet Enjoyment. 
 Owner covenants that throughout the Term, Owner shall have a valid and subsisting interest in the Hotel sufficient at all times to enable Operator to perform its duties and obligations hereunder in
accordance with the provisions of this Agreement. Without limiting the generality of the foregoing, Owner covenants and agrees, for the benefit of Operator, that so long as Operator shall not be in Default hereunder, Operator shall be entitled to
operate the Hotel for the Term, and Owner shall, at no expense to Operator, undertake and prosecute all appropriate actions, judicial or otherwise, to protect the title of Owner in the Hotel and Operator’s rights with respect to the Operating
Accounts so as to enable Operator to operate the Hotel in accordance with the provisions of this Agreement on an uninterrupted basis. 
 15.5 Condo-Hotel; Fractional Ownership. 
 Owner shall not subdivide the Hotel; including, without
limitation, creation of a so-called “condo-hotel”, nor shall Owner subject the Hotel or any portion thereof or interest therein (or permit the same to be subjected) to a strata or condominium ownership or similar regime, or to any
timeshare or fractional ownership regime, in each case without Operator’s consent, which may be granted or withheld in Operator’s sole discretion and which may be conditioned upon Owner and Operator having reached agreement on the terms
pursuant to which Operator would (a) license the use of the Brand in connection with the sale of any interests in the Hotel and/or (b) provide management services to any such project. 
 15.6 Financing and Sales. 
 Any financing, sale (whether issuance of securities or otherwise) or issuance of indebtedness of any nature by Owner or any Person controlling Owner, shall be offered and sold only in compliance with all
applicable Legal Requirements, including, without limitation, federal and state securities laws, and only upon disclosure to all purchasers, lenders and offerees that (a) neither Operator nor any of its Affiliates, officers, directors, agents
or employees is an issuer or underwriter of the transaction, and that (b) Operator and said Affiliates, officers, directors, agents and employees have not assumed and shall not have any liability arising out of or related to the transaction,
including, without

  

					
	©2009 Hyatt Corporation	 	77	 	

 
limitation, any liability or responsibility for any financial statements, projections or other financial information, or descriptions of Owner or the Hotel, contained in any prospectus or similar
written or oral communication. Operator shall have the right to approve any description of Operator, or any description of this Agreement, any depiction of the Protected Names and Protected Marks, any disclaimer language regarding subsections
(a) and (b) above, or Owner’s relationship with Operator hereunder which may be contained in any prospectus or other communication and Owner shall furnish copies of all such materials to Operator for such purpose not less than
fourteen (14) days prior to the delivery thereof to any prospective lender or purchaser. 
 15.7 Gaming
Regulations. 
 Operator or its Affiliates (including certain Pritzker Family related companies) are, or may from time to
time be, engaged, in the United States and foreign countries, in the ownership and operation of gaming facilities which require Operator and its Affiliates to comply with gaming regulations and to conduct periodic gaming compliance reviews. On
request, Owner shall use commercially reasonable efforts to (a) provide Operator any information regarding Owner and its Affiliates and Ownership Participants as Operator reasonably believes is necessary to complete its compliance review, and
(b) will use reasonable good faith efforts to obtain such information from actual or potential Lenders and Ground Lessors. In addition, if, at any time during the Term, or during the Pre-Opening Period, either Operator or any of its Affiliates
(including any Pritzker Family related companies) receives notice from any gaming regulatory authority requesting information regarding Owner or any Ownership Participant, Owner agrees that it shall, and shall cause said Ownership Participant to,
provide such information to Operator promptly and with due diligence. If Owner has concerns regarding the request, Owner may advise Operator setting forth the nature of its concerns, and Operator shall use its diligent efforts to enable Owner, or
any of its Ownership Participants, to meet with relevant regulatory authorities to discuss any concerns relating to Owner, or any Ownership Participant, which any regulatory authority may have, and to work with that authority towards a solution to
any such concerns or issues; provided, however, that (i) Operator shall have no obligations under this sentence if its action may adversely affect the issuance, renewal or continuing effectiveness of any gaming license; (ii) any costs
incurred by Owner, or its Ownership Participants, shall not constitute Operating Expenses; and (iii) in no event shall any proposed agreement between Owner or its Ownership Participants and any gaming authority (x) contain any obligations
binding on Operator or its Affiliates (including any Pritzker Family related company), (y) condition or otherwise limit the granting, renewal or continuing effectiveness of any gaming license held by Operator or its Affiliates (including any
Pritzker Family related company), or (z) otherwise

  

					
	©2009 Hyatt Corporation	 	78	 	

 
adversely affect or limit the rights and obligations of Operator hereunder, without, in each case, the written approval of Operator. In the event any gaming regulator shall determine that any
gaming license applied for or held by Operator or its Affiliates (including any Pritzker Family related company) is subject to denial, revocation, non-renewal or the imposition of burdensome terms or conditions by reason of Operator’s
association with Owner or any Ownership Participant, or any Lender or Ground Lessor, Operator shall have the right, exercisable by written notice to Owner, to terminate this Agreement (and, if applicable, the Pre-Opening Agreement), and all the
rights and obligations of the parties hereunder (and, if applicable, under the Pre-Opening Agreement), such termination to be effective upon the date (not sooner than ninety (90) days nor later than one hundred eighty (180) days after
delivery of said notice) set forth in the notice from Operator to Owner. 
 ARTICLE XVI 
 General 
 16.1 Interpretation. 
 (a) All references in this Agreement to particular sections or
articles shall, unless expressly otherwise provided or unless the context otherwise requires, be deemed to refer to the specific sections or articles in this Agreement. In addition, the words “hereof”, “herein”,
“hereunder” and words of similar import refer to this Agreement as a whole and not to any particular section or article. 
 (b) The Article and Section headings contained herein are for convenience of reference only and are not intended to define, limit or describe the scope or intent of any provision of this Agreement.

 (c) All pronouns and variations thereof used herein shall, regardless of the pronoun actually used, be deemed
to refer to the masculine, feminine, neuter, singular or plural as the identity of the Person may, in the context in which such pronoun is used, require. 
 (d) Time is of the essence of this Agreement and every portion hereof. 
 16.2
Approvals. 
 Unless otherwise expressly provided in this Agreement, whenever the approval or consent of either party
to this Agreement is requested with respect to any matter, such approval or consent shall not be unreasonably withheld or delayed. If a party shall desire the approval or consent of the other

  

					
	©2009 Hyatt Corporation	 	79	 	

 
party hereto to any matter, such party may give notice to such other party that it requests such approval, specifying in reasonable detail the matter as to which such approval is requested. If
such other party shall not approve such matter in writing within thirty (30) days after receipt of such notice or such longer period as may be specifically provided for herein, such other party shall be deemed to have approved or consented to
the matter referred to in such notice. 
 16.3 Force Majeure. 
 The obligations of either party to perform under this Agreement within specified times (other than the payment of money) shall be extended
for a period of time equivalent to the period of delay caused by Force Majeure. If, at any time during the Term, Operator is unable to perform its obligations under this Agreement due to Force Majeure, or if it becomes necessary, in Operator’s
or Owner’s reasonable opinion, to cease operation of the Hotel in order to protect the Hotel and/or the health, safety and welfare of the guests and/or employees of the Hotel due to the occurrence of a Force Majeure Cause, or to curtail or
substantially modify Hotel operations to resulting changes in business conditions, Operator or Owner, after good faith consultation with the other, may close and cease or partially cease, or curtail or substantially modify, operation of all or any
part of the Hotel as necessary based on the occurrence of the Force Majeure Cause, reopening and recommencing operation of the Hotel when Operator deems that the reopening and recommencement of operations may be done pursuant to applicable Legal
Requirements and without jeopardy to the Hotel, its guests or Hotel employees, or Operator’s reputation as an operator of first-class hotels. 
 Within sixty (60) days after learning about the occurrence of any event that constitutes a Force Majeure Cause, or, if applicable, of the impact of an event which can reasonably be expected to have a
material adverse affect on the financial performance of the Hotel and would therefore constitute a Force Majeure Cause, the party learning thereof shall give the other party written notice setting forth a description of the Force Majeure Cause or
potential Force Majeure Cause and its cause (to the extent known to such party), and a description of the condition delaying the performance of such party’s obligations. In the case of Operator, such notice shall include a statement as to
whether Operator anticipates that the provisions of Section 1.3(b) shall be applicable. Thereafter, as soon as reasonably practicable, said party shall also inform the other party of the expected duration of such Force Majeure Cause, or the
expected duration of its impact on Hotel operations as well as the potential impact on performance of said party’s obligations under this Agreement, all to the extent known or reasonably

  

					
	©2009 Hyatt Corporation	 	80	 	

 
estimable. The party whose performance hereunder is adversely affected by a Force Majeure Cause shall confer with the other party regarding the conditions caused by the Force Majeure Cause, the
affected party’s plans with respect thereto, and shall provide any information concerning the foregoing as may be reasonably requested by the other party. 
 16.4 Estoppel Certificates. 
 On request from time to time Operator
shall execute and deliver to Owner or any Lender or Ground Lessor, within thirty (30) days following Operator’s receipt of written request therefor, a certificate in a form reasonably satisfactory to Operator: (a) certifying that this
Agreement has not been modified and is in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and specifying the modifications); (b) stating whether, to the actual knowledge of the
general manager and controller of the Hotel, any Default by Owner exists, and if so, specifying each Default of which the general manager or controller may have knowledge and that said persons know of no act, event or omission that, with the giving
of notice or the passage of time, or both, could become a default by Owner; and (c) providing any additional information reasonably requested by Owner or a Lender, and agreeable to Operator; provided, however, that in no event shall Operator be
required to agree to any waivers with respect to the Agreement or other agreements in effect between the parties. The Parties acknowledge that the estoppel shall not constitute an amendment, modification or waiver of any term or condition of this
Agreement, or any right or remedy of Operator hereunder with respect to any claims that are not known by Operator as of the date of such estoppel certificate. On similar notice or request from Operator, Owner, any Lender (with respect to any
mortgage on the Hotel), or any Ground Lessor (with respect to any Ground Lease) shall execute and deliver to Operator a similar certificate. In the event of any conflict between the estoppel certificate and this Agreement, the terms of this
Agreement shall prevail. 
 16.5 Notices. 
 All notices or other communications hereunder shall be in writing and shall be deemed duly delivered (a) upon personal delivery thereof
to, and actual receipt by, the other party; (b) upon electronic facsimile transmission to the other party, at its fax number as set forth below, provided such delivery is followed by an original of the notice delivered to the other party by
overnight delivery or United States postal service delivery and provided the facsimile copy sent by the sender provides an automatic notation confirming the delivery thereof; (c) on the next business day following delivery by the sender to a
recognized and reliable air freight delivery service; or (d) three (3) business days following

  

					
	©2009 Hyatt Corporation	 	81	 	

 
deposit in the United States mails. All notices delivered hereunder shall be pre-paid by the sending party and shall be addressed to the parties as follows: 
  

													
	If to Owner:	  		 	  
	 		 	
		  		 	  
	 		 	
		  		 	  
	 		 	
							
		  		 	Fax No.:	  	  
	 		 		 	
						
		  		 	With a copy to:	 		 		 	
				
		  	  
	 		 	
		  	  
	 		 	
		  	  
	 		 	
							
		  		 	Fax No.:	  	  
	 		 		 	
						
	If to Operator:	  		 	 Hyatt Center
 71
South Wacker Drive
 12th Floor
 Chicago, Illinois 60606
 Attention: General Counsel
 Fax No.: 312.780.5282
	 		 		 	

 Either party hereto shall have the right to change its address for notice or its fax
number, or the identity of Persons (not more than two (2) in number) entitled to receive copies of any such notices, by delivery in the manner hereinabove provided of an appropriate notice to the other party setting forth the new address or the
new fax number, or the identity of the additional or replacement Persons entitled to receive copies, or any one or more thereof. 
 16.6 Third Party Beneficiaries. 
 None of the rights or obligations hereunder of either party shall run
to, or be enforceable by, or be deemed to have been made for the benefit of, any party other than the parties to this Agreement and their respective successors and assigns in accordance with the provisions of this Agreement. 
 16.7 Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which when taken together shall constitute a single instrument. 
  

					
	©2009 Hyatt Corporation	 	82	 	

 16.8 Entire Agreement. 
 This Agreement, the Pre-Opening Agreement, and the exhibits to this Agreement and the Pre-Opening Agreement constitute the entire
understanding and agreement of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and writings between the parties. 
 16.9 Severability. 
 If any term or provision of any Article or
Section of this Agreement, or the application thereof to any persons or circumstances, shall to any extent or for any reason be invalid or unenforceable, the remainder of this Agreement and the application of such term or provision to persons or
circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of any Article or Section of this Agreement shall be valid and enforced to the fullest extent
permitted by law. 
 16.10 Amendments. 
 This Agreement may be changed or modified only by an agreement in writing signed by the parties hereto, and no oral understandings shall be
binding as between the parties. 
 16.11 Successors and Assigns. 
 Subject to the express provisions of Article X above, this Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto, and their respective successors and assigns. 
 16.12 Governing Law. 
 This Agreement is made pursuant to and shall be construed and interpreted in accordance with, the laws of
                    . Subject to the provisions of Article XIV, any litigation between the parties relating to matters pertaining to the Hotel shall
be brought only in federal or state courts having jurisdiction over the parties and the subject matter of the dispute, located in
                    . 
 16.13 Survival and Continuation. 
 Notwithstanding the termination of the Term or Operator’s
management of the Hotel in accordance with this Agreement, all terms, provisions and obligations of either party contained herein which, by the express terms of this Agreement, survive the expiration or termination hereof, or which, in

  

					
	©2009 Hyatt Corporation	 	83	 	

 
order to give them effect and accomplish their intent and purpose, need to survive such termination (including, without limitation, the provisions of Article XIII hereof), shall survive and
continue until they have been fully satisfied or performed. 
 16.14 Confidentiality. 
 (a) All information regarding the Hotel or Owner not otherwise in the public domain by publication or otherwise shall, except
as otherwise herein expressly permitted or provided, be received and maintained by Operator in a confidential manner and shall not be disclosed to any third party without the prior written consent of Owner or otherwise in accordance with the express
provisions of this Agreement. Owner agrees that it will hold strictly confidential and not disclose (i) any information relating to Operator and its operating procedures and policies including, without limitation, all Proprietary Materials,
(ii) any of the terms or provisions of this Agreement, except with prior written consent of Operator and except pursuant to court order or otherwise required by law, or to potential Lenders or equity investors or potential purchasers with whom
Owner is engaged in good faith negotiations relating to the Hotel, or to Owner’s lawyers, accountants or other similar consultants or professionals on an “as needed” basis in connection with matters pertaining to the Hotel, and with a
clear and conspicuous identification of such information as confidential, and (iii) all information regarding Hotel operations (including, without limitation, financial results of operations, statistical data, pricing information, occupancy
data including room rate information, bookings pace, customer or group information, and other such data and information), except for disclosures permitted by the preceding clause (ii). 
 (b) Notwithstanding the foregoing (but subject in all respects to applicable Legal Requirements), nothing contained herein
shall be deemed to prohibit Operator from disclosing any such information to (i) reputable statistical computation firms who agree not to disclose the identity of the Hotel with respect to such confidential information; or (ii) other
Persons when such disclosure is deemed reasonably necessary by Operator in order to perform its obligations hereunder; (iii) other Persons in accordance with lawful standard industry information sharing arrangements; (iv) financing sources
and prospective purchasers of Operator, or its assets, or of the Hotel, who have executed a confidentiality agreement; or (v) gaming regulators as may be required pursuant to Section 15.7. 
 (c) The provisions of this Section 16.14 shall survive the expiration or earlier termination of this Agreement for any
reason. 
  

					
	©2009 Hyatt Corporation	 	84	 	

 16.15 Further Assurances. 
 Each party hereto shall execute and deliver all such other appropriate supplemental agreements and other instruments and take such action as
may be necessary to make this Agreement fully and legally effective, binding and enforceable as between the parties hereto and as against third parties. 
 16.16 Intentionally Omitted. 
 16.17 Trade Area Restriction and
Competing Facilities. 
 (a) Subject to the further provisions of this Section 16.17(a), during the
Restricted Period, neither Operator nor any of its Affiliates shall open and operate, or authorize any other party to open and operate any Brand Hotel (other than the Hotel) the physical premises of which are located within the Area of Protection.
The foregoing restriction shall not apply to: 
 (1) any hotel (including other hotels within the Operator Hotel
Group) other than a Brand Hotel; or 
 (2) any timeshare or vacation ownership resort or any fractional ownership
or whole-ownership residential property, or 
 (3) any Brand Hotel located within the Area of Protection as of
the Effective Date, or any substitution, replacement or expansion of such existing Brand Hotel that does not increase the number of guest rooms in such Brand Hotel by more than thirty percent (30%) of the number of guest rooms existing in such Brand
Hotel as of the Effective Date. 
 (b) Notwithstanding the general restriction described in the first sentence of
Section 16.17(a), if at any time during the Term Operator or any of its Affiliates acquire, or acquire the right to operate or manage (whether through purchase, sale, merger, consolidation, or other transaction), another chain, franchise
system, group or portfolio of at least four (4) hotels, one (1) or more of which hotels are located in the Area of Protection, Operator or its Affiliates may then convert, or cause to be converted, one or more of the acquired hotels within
the Area of Protection from its (or their) original trade identity to Brand Hotels and then to operate, or authorize any other party to operate, such hotel or hotels as Brand Hotels. For avoidance of doubt, and as more fully set out in
Section 16.17(a), Owner acknowledges and agrees that any

  

					
	©2009 Hyatt Corporation	 	85	 	

 
ownership, operation or licensing of Brand Hotels (or any other hotels or other properties) outside of the Area of Protection is completely unrestricted. 
 (c) Owner hereby consents to the ownership, operation and licensing by Operator and its Affiliates of other Brand Hotels
(with the exception of the area inside the Area of Protection for the duration of the Restricted Period except as otherwise set forth in Section 16.7(a)(1), (2) or (3)) outside of the Area of Protection and other non-Brand hotels
within the Operator Hotel Group (including the addition of other hotels and hotel brands to the Operator Hotel Group), wherever located, and even if they may be deemed competitive with the Hotel, and Owner agrees that Operator shall not be
prohibited or restricted from doing so, except as expressly provided in this Section 16.17. 
 (d)
Notwithstanding the restriction described herein, the provisions of this Section 16.17 shall be conditioned upon, and shall be of no force and effect if the milestones as described in Section 12.1 (a), (b), (c), (d) of (e) are
not met. 
 [Signatures on following page] 
  

					
	©2009 Hyatt Corporation	 	86	 	

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

			
	OWNER:
		
	By:	 	  

	Its	 	  

	
	OPERATOR:
	
	HYATT CORPORATION, a Delaware corporation
		
	By:	 	  

	Its	 	  

  

					
	©2009 Hyatt Corporation	 		 	

 EXHIBIT A 
 Legal Description of Site 
  

					
	©2009 Hyatt Corporation	 		 	

 EXHIBIT B 
 Definitions 
 Except as herein expressly provided, and in addition to any other
definitions herein contained, the following terms shall have the respective meanings as indicated below: 
 “Accountants” shall have the meaning set forth in Section 4.8(b). 
 “Adjusted
Profit” shall mean, for any relevant period, an amount, not less than zero, equal to the excess (if any) of (x) Gross Operating Profit for such period over (y) the sum of the following amounts (but only to the extent that such
amounts are not otherwise deducted in computing Gross Operating Profit): 
  

	 	(a)	An amount equal to the aggregate deposits to the Capital Fund made under Section 4.3(c) for such period; 

  

	 	(b)	The cost of insurance maintained by Owner and Operator in accordance with the provisions of this Agreement and allocable to such period in accordance with generally
accepted accounting principles, together with the cost of insurance (if any) maintained by Owner with respect to the Hotel for such periods, subject to the limitations set forth in Article VII; 

  

	 	(d)	All real and personal property taxes for such period (less refunds, offsets or credits thereof, and interest thereon, if any, received during the period in question)
and allocable to such period in accordance with generally accepted accounting principles, including, without limitation, costs of contesting the same, but not in excess of the savings achieved by such contest; 

  

	 	(e)	The Basic Fee earned for such period (but not the Incentive Fee); and 

  

	 	(f)	All other amounts deductible in the calculation of Adjusted Profit in respect of such period under the express terms of this Agreement. 

 In no event shall any Capital Lease payments, any Capital Expenditures in excess of deposits to the Capital Fund, or any expenditures made
from funds on deposit in the Capital Fund, or from the proceeds of insurance recoveries or condemnation awards, be deducted in computing Adjusted Profit. 
 “Affiliate” shall mean, with respect to any Person, any other person, firm, corporation, limited liability company, partnership, association, trust or other entity which, directly
or indirectly, controls, is controlled by, or is under common control with, the subject entity. For purposes hereof, the term “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such entity, either alone or in combination with any one or more Persons. Accordingly (and without limiting the generality of the preceding provisions), a corporation shall be deemed under the “control” of
another

  

					
	©2009 Hyatt Corporation	 		 	

 
corporation, if a majority of the directors of said corporation also comprise a majority of the directors of the other corporation. Persons who are Affiliates of each other are sometimes herein
referred to as being “Affiliated”. 
 “Agreement” shall mean this Hotel Management
Agreement and any amendments hereafter entered into between the parties. 
 “Annual Plan” shall have the
meaning set forth in Section 4.1. 
 “Annual Financial Statements” shall have the meaning set forth
in Section 4.8(b)(2). 
 [“Area of Protection” shall have the meaning set forth in
Section 16.17.] 
 “Basic Fee” shall have the meaning set forth in Section 6.1. 
 “Brand” shall mean
[                    ]. 
 “Brand Hotels” shall mean all hotels and resorts in the United States, Canada, and the islands of the Caribbean that are owned, managed, franchised or operated by Operator or its Affiliates under the Brand. No hotel
shall be deemed a “Brand Hotel” solely by virtue of the fact that (i) it has the name “Hyatt” (or any other trade name of Operator) as part of its name or it refers to its affiliation with Operator or its Affiliates, such as
“a Hyatt-affiliated hotel”, “a member of the Hyatt group of hotels”, “one of the family of Hyatt hotels”, “by Hyatt”, or similar such references, or (ii) it participates in the central reservations system
or other Centralized Services offered by Operator or its Affiliates. Hotels operated by Hyatt International Corporation and its subsidiaries will not be considered Brand Hotels. 
 “Brand Standard Items” shall mean any specific (in terms of brand, specifications or otherwise) items of inventory,
FFE, Operating Equipment or supplies, which are determined by Operator to be mandatory for all Brand Hotels or hotels within the Operator Hotel Group if deemed an appropriate point of comparison by Operator. 
 “Building(s)” shall mean all buildings and other permanent improvements constructed on the Site which shall include,
without limitation, all buildings and other improvements in which are located guest rooms and suites, parking, restaurants, lounges, and health and recreational facilities, and shall also include those hotel amenities and facilities which are
permanent improvements to the Site such as swimming pools, tennis courts, and the like. 
 “Building
Systems” shall mean any structural, mechanical, electrical, plumbing, heating, ventilating, air conditioning and life safety equipment and systems; major architectural features or systems such as water features, curtain walls and roofs;
major laundry appliances; major kitchen appliances; elevators and escalators; pumps, filters and other pool equipment; water features and other similar systems and items of equipment installed in or upon, and affixed to, the Building, whether or not
the same may be movable and whether or not removal thereof would cause damage to the Building or the Site, excluding, however, any items of FFE. 
 “Business Day” or “business day” means days other than (i) Saturdays and Sundays, (ii) days which are federal, state or municipal holidays in
                        . 
  

					
	©2009 Hyatt Corporation	 	B-2	 	

 “Business Segment” applied to the Hotel shall mean that segment or
segments of the hotel industry or the traveling public of which the Hotel shall be a part for operational or marketing purposes, as reasonably determined by Operator. The Hotel may be included in more than one Business Segment. A Business Segment
may be identified on a customer basis (such as, for example, frequent individual business travelers), a geographical basis, on a target business basis (such as, resorts, convention hotels, or suburban hotels), or on a combination of the above or
other factors. 
 “Capital Budget” shall have the meaning set forth in Section 4.1. 
 “Capital Expenditures” shall mean any costs or expenses actually incurred after the Opening Date (excluding costs of
initial construction, furnishing, equipping and opening of the Hotel) with respect to the Hotel that are properly categorized as capital in nature under generally accepted accounting principles. 
 “Capital Fund” shall have the meaning set forth in Section 4.3(c). 
 “Capital Lease” shall mean any lease of FFE equipment or other items of personal property used or proposed to be used
in connection with the operation of the Hotel and which, under generally accepted accounting principles, is classified as a “capital lease”. Owner shall provide Operator with such information (including, without limitation, a copy of the
lease in question) as shall be relevant for purposes of determining whether said lease is properly classified as a capital lease under generally accepted accounting principles. 
 “Centralized Services” shall mean those services generally made available by Operator, or Affiliates of Operator,
from time to time during the Term on a central, regional or other shared or group basis in whole or in part to Brand Hotels and such other hotels operated or licensed by Operator or its Affiliates that Operator reasonably determines shall be
provided such services. Centralized Services may include, by way of example, (i) convention, business and sales promotion services (including the maintenance and staffing of Operator’s corporate office world wide sales force, national
sales forces and regional sales offices located in various parts of the United States and the world), (ii) chain-wide marketing, advertising and public relations services, (iii) centralized reservations services, (iv) the frequent
guest program of Operator and its Affiliates, (iv) technology and other services and (v) control services for, among others, food and beverage, rooms, accounting, engineering, risk and human resource departments, some or all of which may,
from time to time, be provided from a shared services center; provided, however, such control services shall not include any amounts for Operator’s overhead in providing headquarters supervision over the management of the Hotel or over the
management of any regional or shared services offices. The scope of, and manner of providing, the Centralized Services is subject to modification (including addition and deletion of services) from time to time during the Term. 
 “Centralized Services Charges” shall have the meaning set forth in Section 4.5(b). 
 “Centralized Services Costs” shall mean, with respect to any of the Centralized Services in which the Hotel
participates (or is required to participate), all costs actually incurred or properly accrued by Operator or by any of its Affiliates during the period of determination in respect of the provision of such Centralized Services other than the costs of
operational departmental supervision and control services, including (v) any costs or expenses payable to third party

  

					
	©2009 Hyatt Corporation	 	B-3	 	

 
vendors or employees of Operator or its Affiliates (including support personnel) directly engaged in the rendition of such Centralized Services, (w) occupancy costs, (x) costs of
equipment leases and capital improvements, (y) administrative expenses allocable to such services, and (z) allocation of related carrying costs. In any case in which employees of Operator or any Operator Affiliate devote less than all of
their time to the provision of the applicable Centralized Services, employee costs shall be allocated in a reasonable manner determined in good faith by Operator to reflect the portion of time devoted by such employees to such Centralized Services.
Other shared costs such as occupancy costs, utilities, and the like relating only partially to Centralized Services shall likewise be allocated by Operator to Centralized Services Costs on a fair and reasonable basis as determined in good faith by
Operator so as to reflect, as nearly as reasonably possible, the portion of such costs fairly and reasonably attributable to the provision of Centralized Services. Any such allocation of shared personnel or other costs made by Operator in good faith
and with the intention of fairly allocating such costs, shall be binding on the parties hereto. Centralized Services Costs shall include only the actual costs incurred by Operator, and shall not be subject to any mark up, premium or profit.
Moreover, to the extent that Operator or any Affiliate of Operator receives (i) a fee or cost reimbursement from any third party, hotel, or hotel chain (including any hotel from the Operator Hotel Group other than Brand Hotels) in consideration
of the provision of one or more of the Centralized Services to such third party, hotel or hotel chain, or (ii) any rebates, commissions or discounts from vendors or service providers whose costs are included as part of Centralized Services
Costs, such amounts so received (including any profit element) will be offset against Centralized Services Costs. There shall likewise be credited against Centralized Services Costs with respect to any period any amounts that Operator or any of its
Affiliates are entitled to be paid in respect of Centralized Services furnished during such period to hotels participating in Centralized Services that (because they are under construction or are otherwise being prepared for opening), are not
included (or, if partially included, to the extent not so included) in the group of hotels among which Centralized Services Costs are then being allocated. 
 “Certificate of Authority” shall have the meaning set forth in Section 2.1(c). 
 “Chain Contracts” shall mean those contracts entered into by Operator from time to time with third party vendors of goods or services that are intended by Operator to be available
for use at all Brand Hotels or Brand Hotels within a particular Business Segment. 
 “Controlling
Interest” in a legal entity means, whether directly or indirectly, either (a) the record or beneficial ownership of, or right to control, fifty percent (50%) or more of the equity ownership of the entity, or (b) the
effective control of the power to direct or cause the direction of that entity’s management and policies, including a general partnership interest (with respect to an entity that is a partnership) and a manager or managing member interest (with
respect to an entity that is a limited liability company), or the power to appoint or remove any such party. In the case of (a) or (b), the determination of whether a “Controlling Interest” exists is made both immediately before and
immediately after a proposed transfer. 
 “Corporate Personnel” shall mean any personnel from the
corporate offices of Operator and its Affiliates who perform activities in connection with the services provided by Operator under this Agreement. 
 “CPI” shall mean the Consumer Price Index for United States City Averages for All Urban Consumers, All Items, published from time to time by the United States Bureau of Labor
Statistics (1982-84 = 100). If the CPI is discontinued or is unavailable or is substantially revised,

  

					
	©2009 Hyatt Corporation	 	B-4	 	

 
a comparable index agreeable to Owner and Operator reflecting the changes in the cost of living or the purchasing power of the consumer dollar, published by any governmental agency or recognized
authority shall be used in place thereof. Unless otherwise provided, any CPI adjustment shall reflect CPI changes from the end of the CPI reporting period next preceding the Opening Date to the end of the CPI reporting period next preceding the
effective date of any such adjustment. 
 “Cumulative Period” in connection with the calculation of
Management Fees for any month shall mean the period from the beginning of the Fiscal Year in question to the end of the month for which the calculation is being made. 
 “Debt Service” shall mean both (i) the amount of principal and interest required to be paid under any indebtedness of Owner at any time during the Term secured by a mortgage
or other similar lien on the Hotel, or any part thereof or interest therein, and (ii) the amount of rent required to be paid under any Ground Lease. 
 “Default”, “Event of Default” and “Defaulting Party” shall all have the meanings set forth in Section 11.1. 
 “Disputes” shall have the meaning set forth in Section 14.1. 
 “Effective Date” shall have the meaning set forth on the cover page. 
 “Employee Costs” shall mean the aggregate compensation, including, without limitation, salary, fringe benefits,
incentive compensation, bonuses, employee performance and service awards, and other such amounts paid or payable to Hotel employees, and other employee related costs such as payroll taxes and COBRA expenses less the net benefit of any tax credits
(after deduction for any costs incurred in applying for or claiming said tax credits) received by Operator during the applicable period in question by reason of employment at the Hotel. The term “fringe benefits” shall include,
without limitation, the cost of pension or profit sharing plans, workers’ compensation benefits, group life and accident and health insurance or equivalent benefits, and similar benefits available to Hotel employees by virtue of their
employment. 
 “Expert” shall mean an independent, nationally recognized hotel consulting firm or
individual who is qualified to resolve the issue in question, and who is appointed in each instance by agreement of the parties or, failing agreement, each party shall select one (1) such nationally recognized consulting firm or individual and
the two (2) respective firms and/or individuals so selected shall select another such nationally recognized consulting firm or individual to be the Expert. Each party agrees that it shall not appoint an individual as an Expert hereunder if the
individual who will perform the duties of the Expert (without regard to the firm he/she is affiliated with or employed by) is, as of the date of appointment or within six (6) months prior to such date, employed by such party or its Affiliates,
either directly or as a consultant, in connection with any other matter. In the event that either party calls for an Expert determination pursuant to the terms hereof, the parties shall have ten (10) days from the date of such request to agree
upon an Expert and, if they fail to agree, each party shall have an additional ten (10) days to make its respective selection of a firm or individual, and within ten (10) days of such respective selections, the two (2) respective
firms and/or individuals so selected shall select another such nationally recognized consulting firm or individual to be the Expert. If either party fails to make its respective selection of a firm or individual within the ten (10) day period
provided for above, then the other party’s selection shall be the Expert. Also, if the two (2) respective firms and/or

  

					
	©2009 Hyatt Corporation	 	B-5	 	

 
individuals so selected shall fail to select a third nationally recognized consulting firm or individual to be the Expert, then such Expert shall be appointed by the American Arbitration
Association and shall be a qualified person having at least ten (10) years recent professional experience as to the subject matter in question. 
 “FFE” shall mean all fixtures, furniture, furnishings and equipment located at the Hotel, together with all replacements therefor and additions thereto, but shall not include
Operating Equipment. 
 “Financial Records” shall have the meaning set forth in Section 4.8(a).

 “Fiscal Year” shall mean the calendar year except that the first Fiscal Year hereunder shall commence
on the Opening Date and shall continue until the following December 31, and the last Fiscal Year hereunder shall end on the date of the expiration or earlier termination of this Agreement. 
 “Force Majeure” or “Force Majeure Cause” shall mean any one or more events or circumstances
of material consequence beyond the reasonable control of the party whose performance is affected thereby that, alone or in combination, materially and adversely affects the operation of the Hotel whether or not such events or circumstances occur
geographically in a location remote from the Hotel, including, without limitation, casualties, war, invasion, insurrection, acts of terrorism, sabotage, failure of transportation, outbreak of disease, inability to procure or general shortage of
labor, equipment, facilities, materials or supplies in the open market, actions of labor unions, and governmental actions (but excluding causes which can be controlled by the reasonable expenditure of money in accordance with usual business
practices). Changes in market conditions, without another event or circumstance affecting the Hotel as enumerated above, shall not be a Force Majeure Cause. 
 “Foreclosure Purchaser” shall have the meaning set forth in Section 10.1(b). 
 “Funds Request” shall have the meaning set forth in Section 4.7(b). 
 “Gross Operating Profit” or “GOP” for any period shall mean the excess (if any) of (a) Gross Receipts for such period over (b) Operating Expenses
for such period, calculated in accordance with the Uniform System. 
 “Gross Receipts” for any period
shall mean all revenues and income of any kind derived, directly or indirectly, from the operation of the Hotel during such period, including all revenues derived from the sale during such period of rooms, food and beverages, spa services, and rents
or fees payable by tenants or other service providers for such period (but not the gross receipts of such sub-tenants or service providers). Without limiting the generality of the foregoing, it is the intention of the parties that the term
“Gross Receipts” shall mean all amounts properly accounted for as Total Revenue for Total Operated Departments in accordance with, and as defined in, the Uniform System. Notwithstanding the foregoing, there shall be excluded in
determining Gross Receipts for any period the sum of (i) any sales, excise or occupancy taxes actually collected during such period in accordance with Legal Requirements from guests or patrons of the Hotel and either remitted, or required to be
remitted, to appropriate taxing authorities; (ii) amounts collected from guests or patrons of the Hotel on behalf of Hotel tenants and other third parties; (iii) interest earned on funds held in Operating Accounts (if any);
(iv) insurance proceeds, condemnation proceeds, financing or refinancing proceeds and the proceeds of sale of any real or personal property comprising part of the Hotel (as distinguished from the

  

					
	©2009 Hyatt Corporation	 	B-6	 	

 
sale of merchandise, food and beverage and other consumer goods or services), (v) any “cure” payment made pursuant to Section 1.3(e); (vi) amounts paid either to Operator
or the Hotel in reimbursement for expenses either reimbursed or reimbursable to Operator or to the Hotel by third parties; (vii) proceeds from the sale of FFE. Gross Receipts shall in all events include only amounts actually paid or payable to
the Hotel (in cash or services), and shall not include, except as otherwise herein expressly provided, the value of any Hotel goods or services in excess of actual amounts paid (in cash or services) provided by the Hotel on a complimentary or
discounted basis. 
 “Ground Lease” shall mean any lease to Owner of the Site, or the Site together with
the Building, Building Systems and/or other real or personal property, or any part or parts thereof or interests therein, regardless of its term. 
 “Ground Lessor” shall mean the landlord or lessor under a Ground Lease. 
 “Hotel” shall mean the Site, the Building(s), the Building Systems, the FFE and the Operating Equipment, together with all other items of real and personal property at any time
used in connection with the operation of the foregoing, collectively. 
 “Hotel Employees” shall mean all
individuals employed at or for the direct benefit of the Hotel, to perform services in the name of the Hotel. For avoidance of doubt, Operator’s Corporate Personnel are not Hotel Employees. 
 “Hotel Standard” as applied to any aspect of the construction, operation, maintenance, repair, furnishing, equipping
or refurbishment of the Hotel, shall mean a collective reference to (a) a standard of service and quality that (x) would generally be considered to be “first class” and (y) is equal to or better than the level of service and
quality prevailing from time to time at the Brand Hotels, and (b) the operational standards, policies and programs generally applicable to the Brand Hotels. 
 “Hurdle Amount” shall mean annual an amount equal to eleven percent (11%) of Owner’s Invested Capital as of the last day of any Fiscal Year. For any Fiscal Year consisting of
less than twelve (12) full calendar months, the Hurdle Amount shall be prorated on a per diem basis on the actual number of days in such Fiscal Year in relation to 365 days in a full Fiscal Year. 
 “Incentive Fee” shall have the meaning set forth in Section 6.1. 
 “Institutional Lender” shall mean a foreign or domestic commercial bank, trust company, savings bank, savings and
loan association, life insurance company, real estate investment trust, pension trust, pension plan or pension fund, a public or privately-held fund engaged in real estate and/or corporate lending, or any other financial institution commonly known
as an institutional lender (or any Affiliate thereof) having a minimum paid-up capital (or net assets in the case of a pension fund) of One Hundred Million and 00/100 US Dollars (US$100,000,000.00) (as adjusted by the CPI Index). Institutional
Lender shall also include any institution that manages the securitization of debt secured by a mortgage, deed of trust or security document encumbering the Hotel (a “Mortgage”), or to an entity which issues, or guarantees, securities
backed (directly or indirectly) by, among other things, a Mortgage over the Hotel (a “Relevant Transferee”), or an entity which borrows funds from a Relevant Transferee, or to a society incorporated under the Building Societies Act of
1986, both of which shall not be subject to the minimum paid-up capital requirements (or net assets, respectively) of One Hundred Million and 00/100 US Dollars (US$100,000,000.00). 
  

					
	©2009 Hyatt Corporation	 	B-7	 	

 “Key Personnel” shall have the meaning set forth in
Section 4.4. 
 “Legal Requirements” shall mean any provision of law, including, without limitation,
any statute, ordinance, regulation, rule, award or order of any governmental agency or tribunal having jurisdiction over the Hotel or its operations. 
 “Lender(s)” shall mean any Person, including any Person Affiliated with Owner or any Ownership Participant, providing debt financing secured by the Hotel or by the Ownership
Interests of any Ownership Participant, or for the development, construction, furnishing, equipping or operation of the Hotel, or to refinance any financing obtained for any of the foregoing purposes, and any of its successors or assigns and, in the
context of Lender as a Foreclosure Purchaser, any Affiliate of Lender. 
 “Mandatory Contracts” shall
mean those Chain Contracts which, by the terms of such contracts, are, or by reasonable determination by Operator should be, regarded as standard for all Brand Hotels or all Brand Hotels within a Business Segment, and therefore in which
participation therein by Brand Hotels, or those Brand Hotels within the applicable Business Segment, is mandatory. 
 “Major Project” shall have the meaning set forth in Section 4.3 (b). 
 “Management Fees” shall mean the Basic Fee and the Incentive Fee, collectively and without distinction between them. 
 “Minor Casualty” shall mean damage to the Hotel resulting from a fire or other casualty to such an extent that the total cost of repairs or restoration as reasonably estimated by
Operator would not exceed thirty percent (30%) of the full replacement cost (excluding land, excavations, footings and foundations) of the Hotel. 
 “Non-Defaulting Party” shall have the meaning set forth in Section 11.3. 
 “Non-Disturbance Agreement” shall mean either the “Creditor Non-Disturbance Agreement” or the “Lessor Non-Disturbance Agreement” referred to in
Section 10.1, without distinction between them. 
 “Opening Date” shall mean the date on which the
Hotel shall first open for business to the public, as determined pursuant to Section 2.4(a) and the Pre-Opening Agreement. 
 “Operating Accounts” shall have the meaning set forth in Section 4.7(a). 
 “Operating Budget” shall have the meaning set forth in Section 4.1. 
 “Operating Equipment” shall mean linens, china, glassware, silverware, uniforms and the like, excluding FFE. 
 “Operating Expenses” for any period shall mean all ordinary and necessary operating and maintenance expenses of the Hotel incurred for such period, as determined in accordance with
the Uniform System, without regard to any revisions or future editions thereof, or otherwise provided

  

					
	©2009 Hyatt Corporation	 	B-8	 	

 
for in this Agreement, including, without limitation, Employee Costs, Centralized Services Charges, expenses reimbursable to Operator hereunder, utility costs, costs of maintenance and repair,
and costs and expenses for marketing, advertising and promotion of the Hotel, but expressly excluding the following: (i) Management Fees; (ii) taxes (other than employment taxes included in Employee Costs); (iii) insurance premiums
paid for any insurance policies maintained with respect to the Hotel; (iv) deposits to or expenditures from the Capital Fund; (v) costs for the rental of real or personal property (except, with respect to personal property, rentals
incurred directly in connection with revenue generating activities); (vi) any depreciation and amortization of capital assets; (vii) costs for the administration of Owner (including any board or shareholder meetings) or Owner’s
personnel, including salaries, wages, employee benefits and reimbursements of Owner’s directors, officers, employees or agents; and (viii) fees and costs for professional services, including the fees and expenses of attorneys, accountants
and appraisers, incurred directly or indirectly in connection with any category of expense that is not itself an Operating Expense. 
 “Operator Hotel Group” shall mean all hotels and resorts owned, operated or licensed by Operator or its Affiliates under the Brand or under any other brand or identification. 
 “Operator’s Grossly Negligent Acts or Willful Misconduct” shall mean any acts or omissions constituting criminal
violations, gross negligence, willful misconduct or fraud committed by Operator, its Affiliates or the Corporate Personnel, in the performance of Operator’s duties under this Agreement. The acts or omissions (including criminal violations,
grossly negligent, willful or fraudulent acts or omissions) of Hotel employees shall not be imputed to Operator, or be deemed to constitute Operator’s Grossly Negligent Acts or Willful Misconduct, unless such acts or omissions resulted from the
criminal violations, gross negligence or willful misconduct of the Corporate Personnel in hiring or supervising such Hotel employees. 
 “Owner Organization Website” is a Website that mentions the Hotel and other hotels in which Owner and its Affiliates have an interest as part of Owner’s and its Affiliates’ portfolio of properties and that has a
primary purpose of promoting the entire portfolio (rather than only promoting the Hotel). 
 “Owner’s Remittance
Amount” shall have the meaning set forth in Section 4.7(d). 
 “Owner’s Invested
Capital” shall mean the amount that equals (i) $             plus (ii) Owner-funded Capital Expenditures for the Hotel in excess of amounts on deposit or to be
deposited in the Capital Fund, or from the proceeds of casualty insurance or condemnation, less the net sale proceeds from the sale of any portion of the Hotel (but not the sale proceeds for the sale of the Hotel to a successor Owner hereunder).

 “Ownership Interest” shall mean the interest, direct or indirect, in Owner owned by any Ownership
Participant. 
 “Ownership Participant” shall mean any shareholder, partner or member of Owner or other
Person holding an ownership interest, direct or indirect, in Owner. 
 “Party” shall have the meaning set
forth in Section 14.1. 
  

					
	©2009 Hyatt Corporation	 	B-9	 	

 “Person” shall mean an individual, corporation, partnership, limited
liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Pre-Opening Agreement” shall mean the Technical Services and Pre-Opening Agreement being executed and delivered, concurrently herewith, between Owner and Operator, setting forth
the technical assistance and pre-opening services to be provided by Operator in connection with the Hotel. 
 “Pre-Opening Period” shall mean the period from the Effective Date to, but not including, the Opening Date. 
 “Prime Rate” shall have the meaning set forth in Section 6.4. 
 “Pritzker Family” shall mean (i) all natural and adoptive lineal descendants of Nicholas J. Pritzker, deceased, and their current and former spouses; (ii) all trusts for the benefit of any Person described
in clause (i) and the trustees of such trusts in their capacities as such; (iii) all legal representatives of any Person or trusts described in clauses (i) or (ii); and (iv) all partnerships, corporations, limited liability
companies or other entities controlled by or under common control with any Person, trust or other entity described in clauses (i), (ii) or (iii). “Control” for purposes of this definition shall mean the ability to direct or otherwise
significantly affect the major policies, activities or actions of any Person. 
 “Proprietary
Materials” shall mean (i) all software from time to time owned by, or leased or licensed on an exclusive basis to, Operator or Operator’s Affiliates (including, without limitation, revisions or enhancements to otherwise
commercially available software) together with related source and object codes, (ii) the Protected Names and Protected Marks and all depictions thereof, either graphic or verbal, (iii) copyrighted materials, (iv) operating handbooks
(including employee manuals, training materials, user manuals, and maintenance procedures, (v) operating policies and procedures, (vi) reporting and budgeting formats, (vii) Operator promotional materials, (viii) recipes,
(ix) Gold Passport® members and member information, (x) customer information and customer contact
lists for guests, patrons and groups patronizing other Operator Hotels (whether or not also patrons of the Hotel) with respect to their business at other Operator Hotels or at non-Brand Hotels, other than the information and lists specific to this
Hotel, (xi) data and information on potential guests or groups, not otherwise guests or groups patronizing the Hotel, (xii) financial records of Operator and its Affiliates (except as otherwise herein expressly provided),
(xiii) information relating to other Operator Hotels or non-Brand Hotels, other than those portions specific to this Hotel, (xiv) room rates and other charges at hotels other than the Hotel, (xv) business leads, booking proposals and
tentative bookings not yet confirmed, and (xvi) information which Operator reasonably determines may not be disclosed by Operator or its Affiliates under applicable privacy or identity theft laws. Information and data on guests, patrons or
groups relating to their use of Hotel facilities shall be deemed proprietary to both Operator and Owner, and each shall have the non-exclusive right to use the same both in connection with the ownership and operation of the Hotel, and otherwise.
Information on guests and patrons of the Hotel, including all individual transient and group guest histories of the Hotel, to the extent relating to their stays at the Hotel, shall not be exclusively proprietary to Hyatt. In addition, none of the
following shall be deemed proprietary to Hyatt (nor, with respect to clause (ii), to Owner): (i) any records, including correspondence, memos, notes, contracts and booking arrangements relating to bookings, whether group or individual, for use
of Hotel facilities after the effective date of expiration or earlier termination of this Agreement; or (ii) information regarding group

  

					
	©2009 Hyatt Corporation	 	B-10	 	

 
business at the Hotel prior to the effective date of expiration or earlier termination of this Agreement, such information being the name and address of guests, the dates of stay, and contact
information with respect to such guests and the group or groups of which such guests were a part. 
 “Protected
Marks” shall mean those logos, trademarks, trade names, copyrights, service marks and other intellectual property owned by Operator or its Affiliates (or otherwise used by Operator in the operation of Operator Hotels), whether or not
used in connection with the operation of the Hotel during the Pre-Opening Period or the Term. 
 “Protected Names” shall mean the names “Hyatt” and [“Regency”] and any other name that includes the word “Hyatt” (such as, for example and without limitation, “Hyatt Regency”
or “Grand Hyatt” or “Park Hyatt”) either alone or in conjunction with another word or words or any other name used in the operation of Brand Hotels or other hotels within the Operator Hotel Group, including, without limitation,
“Gold Passport®.” 
 “Purchasing Company” shall mean any company or companies designated by Operator from time to time, which may or may not be a Operator Affiliate, to provide purchasing services to
Operator Hotels as described in Section 4.6. 
 “Refurbishing Program” shall mean (i) any
program for replacement of or additions to a major portion of FFE as part of a program to renovate a block of not less than twenty-five (25) guest rooms and suites; (ii) any program of replacement of carpeting, furnishings, fixtures or
wall coverings in twenty-five percent (25%) or more of the Hotel public space, such as lobbies, guest room corridors, restaurants, banquet and meeting rooms and pre-function areas; or (iii) any material change in theme of any Hotel
restaurant or bar that is reasonably anticipated to have a material adverse impact on Hotel performance. Refurbishing Programs exclude expansions of the Hotel. 
 “Restricted Period” shall mean the period of time commencing on the Opening Date and expiring on the date which is the earlier to occur of the following:
(i) (            ) (        ) years following the Opening Date and
(ii) (                ) 
 “Site” shall have the meaning set forth in the Preliminary Statement. 
 “Successor
Manager” shall mean any Person (including Owner or any Affiliate of Owner) designated by Owner as the manager and operator of the Hotel to succeed Operator upon expiration or earlier termination of this Agreement. 
 “Term” shall have the meaning set forth in Section 1.2. 
 “Total Casualty” shall mean damage to the Hotel resulting from a fire or other casualty to such an extent that the
cost of repairs or restoration as reasonably estimated by Operator exceeds fifty percent (50%) of the full replacement cost (excluding land, excavations, footings and foundations) of the Hotel 
 “Uniform System” shall mean, at any time, the then-current edition of the “Uniform System of Accounts for the
Lodging Industry”, as adopted by the Hotel Lodging Association of New York City, Inc., and the American Hotel & Lodging Association, as the same may be modified, amended, supplemented or superseded by any subsequent editions or
revisions thereto. 
  

					
	©2009 Hyatt Corporation	 	B-11	 	

 “WARN” or “WARN Act” shall mean the United
States Worker Adjustment Retraining and Notification Act, together with any state and local laws, ordinances or regulations of similar import applicable to the Hotel, all as the same may have heretofore, or may hereafter, be amended. 
 “Website” means any web page, website, other online or Internet presence or other electronic medium. 
  

					
	©2009 Hyatt Corporation	 	B-12	 	

 EXHIBIT C 
 Certificate of Authority 
 The undersigned (“Owner”) is the owner of the
Hotel located in                     ,
                                , at
                                , and commonly known as “[HOTEL NAME]” (the
“Hotel”). 
 Owner and Operator Corporation (“Operator”) have entered into a certain Hotel Management Agreement, dated as of
                     (the “Management Agreement”). 
 This will acknowledge, to all to whom this Certificate of Authority becomes known, that, pursuant to the Management Agreement, Owner, for itself and on behalf of its successors in interest and assigns
with respect to the Hotel, has appointed Operator as the exclusive agent of Owner, with full power and authority, to manage and operate the Hotel for the benefit of Owner, and, in that connection, to take all action incidental thereto in its own
name, or in the name of Owner. 
 All persons to whom this Certificate of Authority may be issued shall be fully protected in relying hereon and
on Operator’s authority to manage and operate the Hotel and to take all action incident thereto, absent actual knowledge of said third party (i) of any revocation, expiration or termination of the Management; or (ii) limitation of
Operator’s authority. 
  

			
	Dated:	 	  

  

			
	OWNER:
	
	  

		
	By:	 	  

	Its:	 	  

  

					
	©2009 Hyatt Corporation	 		 	

 EXHIBIT D 
 Form of Non-Disturbance Agreement 
  

					
	©2009 Hyatt Corporation	 		 	

 EXHIBIT E 
 Area of Protection 
  

					
	©2009 Hyatt Corporation

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