Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this 8th day of August 2016, by and between Walter Investment Management Corp., a Maryland corporation (the “Company”), and Anthony Renzi (the “Executive”). 

W I T N E S S E T H : 

WHEREAS, the Company desires to employ Executive and to enter into this Agreement embodying the terms of such employment, and Executive
desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement. 
 NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows: 

Section 1. Definitions. Capitalized terms not otherwise defined in this Agreement shall have the meaning set forth on
Appendix A, attached hereto. 
 Section 2. Acceptance and Term of Employment. 

The Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. The term of
employment shall commence on a date reasonably agreed upon by the Company and Executive, which date shall be as soon as reasonably practicable but in no event later than November 15, 2016 (such actual date, the “Commencement
Date”) and end on the first anniversary of the Commencement Date (the “Initial Term”), subject to earlier termination as provided in Section 7 hereof. The Initial Term shall automatically be extended for successive one
(1)-year periods (each such period, a “Renewal Term” and, together with the Initial Term, the “Term of Employment”) unless the Company or Executive provides written notice of non-renewal of the Term of Employment to
the other no later than ninety (90) days prior to the expiration of the then-current Renewal Term, subject to earlier termination as provided in Section 7 hereof. Unless the parties hereto otherwise agree in writing, continuation of
Executive’s employment with the Company beyond the expiration of the Term of Employment shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement, and Executive’s employment may
thereafter be terminated at will by either Executive or the Company; provided that the Non-Interference Agreement shall survive any termination of this Agreement or Executive’s termination of employment hereunder. Notwithstanding the
foregoing, Executive’s employment with the Company is contingent upon and subject to satisfactory completion of a (i) background check and (ii) drug screen. 

 Section 3. Position, Duties, and Responsibilities; Place of Performance. 

(a) Position, Duties, and Responsibilities. During the Term of Employment, Executive shall be employed and serve as the Chief Executive
Officer and President of the Company (together with such other position or positions consistent with Executive’s title as the Board shall specify from time to time), reporting directly to the Board, and shall have such duties and
responsibilities commensurate with such title. Executive also agrees to serve as an officer and/or director of the Company or any other member of the Company Group, in each case without additional compensation. 

(b) Performance. Executive shall devote Executive’s full business time, attention, skill, and best efforts to the performance of
Executive’s duties under this Agreement and shall not engage in any other business, profession or occupation, for compensation or otherwise, during the Term of Employment, including, without limitation, any activity that (x) conflicts with
the interests of the Company or any other member of the Company Group, (y) interferes with the proper and efficient performance of Executive’s duties for the Company, or (z) interferes with Executive’s exercise of judgment in the
Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or their equivalents
in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing Executive’s personal investments and affairs;
provided, however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the performance of Executive’s duties and
responsibilities hereunder. 
 (c) Principal Place of Employment. Executive’s principal place of employment shall be 1100
Virginia Drive, Fort Washington, Pennsylvania 19034, although Executive understands and agrees that Executive may be required to travel from time to time for business reasons. 

Section 4. Compensation.  

During the Term of Employment, Executive shall be entitled to the following compensation: 

(a) Base Salary. Executive shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the
Company, as they may change from time to time, of not less than $500,000. Executive’s Base Salary shall be subject to annual review and increase (but not decrease) by the Compensation Committee. 

(b) Annual Bonus. 

(i) Executive shall be eligible for an annual incentive bonus award determined by the Compensation Committee in respect of each
fiscal year during the Term of Employment (the “Annual Bonus”). 

  
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 (ii) In respect of the 2016 fiscal year (that is, from the Commencement Date
through December 31, 2016), Executive shall be entitled to receive an Annual Bonus of $1,750,000 (which amount will be paid in full and will not be pro-rated), subject to the terms and conditions set forth in Section 4(b)(iv). 

(iii) In respect of each full fiscal year during the Term of Employment commencing with the 2017 fiscal year, Executive shall
be eligible to receive an Annual Bonus in an amount to be determined by the Compensation Committee, with the actual Annual Bonus, if any, in respect of any such fiscal year payable based upon the level of achievement of annual Company and individual
performance objectives for such fiscal year, as determined by the Compensation Committee and communicated to Executive. The Annual Bonus, if any, shall otherwise be subject to the terms and conditions of the annual bonus plan adopted by the Board or
the Compensation Committee, if any, under which bonuses are generally payable to senior executive officers of the Company, as in effect from time to time. 

(iv) The Annual Bonus, if any, shall be paid to Executive at the same time as annual bonuses are generally payable to other
senior executive officers of the Company subject to Executive’s continuous employment through the applicable payment date. 
 (c)
Long-Term Incentive Plan. In addition to Executive’s Base Salary and Annual Bonus, if any, Executive will be eligible to participate in the Company’s long-term incentive plan in a manner consistent with other senior executive
officers of the Company. In respect of the fiscal year 2017 grant cycle under such plan, subject to Executive’s continued employment through the grant date, Executive shall receive an award (which may be in the form of equity, equity-related
instruments and/or cash, or some combination thereof) with an economic value equal to $1,000,000 on such terms and conditions as established by the Compensation Committee. In subsequent grant cycles, Executive will be eligible to receive a long-term
incentive award in an amount to be determined by the Compensation Committee and in the form and subject to the terms and conditions established by the Compensation Committee. 

(d) Signing Cash Bonus. In connection with the commencement of Executive’s employment hereunder, the Company agrees to pay to
Executive a signing bonus equal to $2,500,000 (the “Signing Bonus”), payable in a lump sum cash payment on the first payroll date immediately following the Commencement Date, subject to Executive’s continued employment through
the actual payment date. Notwithstanding the foregoing, in the event Executive’s employment is terminated by Executive without Good Reason or by the Company for Cause, in each case, prior to or on the first anniversary of the Commencement Date,
Executive shall be required to repay to the Company, within sixty (60) days following such termination date, an amount equal to the product of (A) the Signing Bonus and (B) a fraction, the numerator of which is 365 less the
number of full days of Executive’s employment with the Company between the Commencement Date through and including the date of such termination of employment, and the denominator of which is 365. 

(e) Signing Equity-Based/Long-Term Restricted Cash Awards. In addition, in connection with the commencement of Executive’s
employment hereunder, within a reasonable 

  
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period of time following the Commencement Date, not to exceed thirty (30) days thereafter, the Company shall grant to Executive (i) a number of restricted stock units, with an economic
value determined as of the Commencement Date equal to $600,000, which, subject to Executive’s continued employment, will vest ratably on the first, second and third anniversaries of the Commencement Date (the “RSU Award”), and
(ii) a long-term restricted cash award, with an aggregate value equal to $600,000, which, subject to Executive’s continued employment, will vest ratably on the first, second and third anniversaries of the Commencement Date (the
“LTC Award” and, together with the RSU Award, the “Signing Awards”). The Signing Awards shall otherwise be subject to substantially similar terms and conditions as those of the Company’s standard forms of RSU
Award agreement and LTC Award agreement, applicable to other current senior executive officers of the Company, that Executive shall be required to execute in connection with such grants. 

Section 5. Employee Benefits.  

During the Term of Employment, Executive shall be entitled to participate in health, insurance, retirement, and other benefits provided
generally to similarly situated employees of the Company in accordance with the terms and conditions of such plans. Executive shall also be entitled to such paid holidays consistent with the Company’s standard policies or as the Compensation
Committee may approve. The Company does not track paid time off for employees who hold titles of Senior Vice President and above, and such employees are instead expected to manage their time out of the office professionally and appropriately.
Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time without providing Executive notice, and the right to do so is expressly reserved. 

Section 6. Reimbursement of Business Expenses. 

Executive is authorized to incur reasonable business expenses in carrying out Executive’s duties and responsibilities under this
Agreement, and the Company shall promptly reimburse Executive for all such reasonable business expenses, subject to documentation and in accordance with the Company’s policy, as in effect from time to time. 

Section 7. Termination of Employment. 

(a) General. The Term of Employment shall terminate upon the earliest to occur of (i) Executive’s death, (ii) a
termination by reason of a Disability, (iii) a termination by the Company with or without Cause, (iv) a termination by Executive with or without Good Reason, and (v) non-renewal of the Term of Employment by the Company or by Executive
in accordance with Section 2 above. Upon any termination of Executive’s employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and
all directorships, committee memberships, and any other positions Executive holds with the Company or any other member of the Company Group. Notwithstanding anything herein to the contrary, the payment (or commencement of a series of payments)
hereunder of any nonqualified deferred compensation (within the meaning of Section 409A of the Code) upon a termination of employment shall be delayed until such time as Executive has also undergone a “separation from service” as
defined 

  
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in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as of the date of Executive’s termination of employment hereunder) shall be paid (or
commence to be paid) to Executive on the schedule set forth in this Section 7 as if Executive had undergone such termination of employment (under the same circumstances) on the date of Executive’s ultimate “separation from
service.” 
 (b) Termination Due to Death or Disability. Executive’s employment shall terminate automatically upon
Executive’s death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of written notice of such termination. Upon
Executive’s death or in the event that Executive’s employment is terminated due to Disability, Executive or Executive’s estate or beneficiaries, as the case may be, shall be entitled to: 

(i) The Accrued Obligations; 

(ii) Any earned but unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such
termination (the “Unpaid Prior Bonus”), which amount shall be paid at such time annual bonuses are paid to other senior executive officers of the Company, but in no event later than the date that is
2 1⁄2 months following the last day of the fiscal year in which such termination occurred; 

(iii) The vesting of the Signing Awards to the extent such Signing Awards are not already vested, notwithstanding the
provisions of Section 4(e) which condition vesting on Executive’s continued employment; and 
 (iv) Subject to
satisfaction of the applicable performance objectives applicable for the fiscal year in which such termination occurs, an amount equal to (A) the Annual Bonus, if any, that Executive would otherwise have been entitled to receive in respect of
such fiscal year, assuming no such termination occurred, multiplied by (B) a fraction, the numerator of which is the number of days elapsed from the commencement of such fiscal year through the date of such termination and the denominator of
which is 365 (the “Pro Rata Bonus”), which amount, if any, shall be paid at such time annual bonuses are paid to other senior executive officers of the Company, but in no event later than the date that is 2 1⁄2 months following the last day of the fiscal year in which such termination occurred. 

Following Executive’s death or a termination of Executive’s employment by reason of a Disability, except as set forth in this
Section 7(b), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 (c)
Termination by the Company for Cause. 
 (i) The Company may terminate Executive’s employment at any time for
Cause, effective upon delivery to Executive of written notice of such termination, which notice shall set forth with reasonable specificity the factual basis for the event or circumstance giving rise to Cause; provided, however, that
with respect to any Cause termination relying on clause (iii), (iv), (v), or (vi) of the definition of Cause, to the extent 

  
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that such act(s) or failure(s) to act are curable, Executive shall be given not less than twenty (20) days’ (or, solely with respect to clause (vi), five (5) days’) written
notice by the Board of the Company’s intention to terminate Executive’s employment for Cause, such notice to state in detail the particular act(s) or failure(s) to act that constitute the grounds on which the proposed termination for Cause
is based, and such termination shall be effective at the expiration of such twenty (20)- or five (5)- day notice period, as applicable, unless Executive has fully cured such act(s) or failure(s) to act that give rise to Cause during such period.

 (ii) In the event that the Company terminates Executive’s employment for Cause, Executive shall be entitled only to
the Accrued Obligations. Following such termination of Executive’s employment for Cause, except as set forth in this Section 7(c)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 (d) Termination by the Company without Cause or Due to Non-Renewal of the Term of Employment by the Company. The Company may
terminate Executive’s employment (x) at any time without Cause (other than due to death or Disability), effective immediately upon delivery to Executive of written notice of such termination, or (y) due to non-renewal of the Term of
Employment in accordance with Section 2 hereof. In the event that Executive’s employment is terminated by the Company without Cause (other than due to death or Disability) or due to non-renewal of the Term of Employment by the Company, in
each case, Executive shall be entitled to: 
 (i) The Accrued Obligations; 

(ii) Any Unpaid Prior Bonus, which amount, if any, shall be paid at such time annual bonuses are paid to other senior executive
officers of the Company, but in no event later than the date that is 2 1⁄2 months following the last day of the fiscal year in which such termination occurred;

 (iii) Subject to satisfaction of the applicable performance objectives applicable for the fiscal year in which such
termination occurs, the Pro Rata Bonus, which amount, if any, shall be paid at such time annual bonuses are paid to other senior executive officers of the Company, but in no event later than the date that is
2 1⁄2 months following the last day of the fiscal year in which such termination occurred; 

(iv) An amount equal to one and one-half (1.5) times the sum of (A) Executive’s Base Salary, plus
(B) Executive’s target Annual Bonus in respect of the fiscal year in which the termination date occurs, as in effect on the termination date, such amount to be paid in substantially equal payments during the Severance Term, and payable in
accordance with the Company’s regular payroll practices; 
 (v) The vesting of the Signing Awards to the extent such
Signing Awards are not already vested, notwithstanding the provisions of Section 4(e) which condition vesting on Executive’s continued employment; and 

  
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 (vi) Subject to Executive’s election of COBRA continuation coverage under
the Company’s group health and dental plans, payment, on the first regularly scheduled payroll date of each month during the Severance Term, of an amount equal to the monthly COBRA premium cost for Executive and Executive’s dependents;
provided, that the payments described in this clause (vi) shall cease earlier than the expiration of the Severance Term in the event that Executive becomes eligible to receive any health and dental benefits as a result of subsequent employment
or service during the Severance Term. 
 Notwithstanding the foregoing, the payments and benefits described in clauses (ii), (iii), (iv), (v) and
(vi) above shall immediately terminate, and the Company shall have no further obligations to Executive with respect thereto, in the event that Executive breaches any provision of the Non-Interference Agreement. Following such termination of
Executive’s employment by the Company without Cause or due to non-renewal of the Term of Employment by the Company, except as set forth in this Section 7(d), Executive shall have no further rights to any compensation or any other benefits
under this Agreement. For the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination of employment by the Company without Cause or due to non-renewal of the Term of Employment by the Company shall be receipt of the
Severance Benefits. 
 (e) Termination by Executive with Good Reason. Executive may terminate Executive’s employment with Good
Reason by providing the Company thirty (30) days’ prior written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within sixty
(60) days of the occurrence of such event. During such thirty (30)-day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be effective upon the ninetieth (90th) day following the date Executive provided written notice to the Company, unless otherwise agreed by Executive and the Company, and Executive shall be entitled to the same payments and benefits
as provided in Section 7(d) hereof for a termination by the Company without Cause (other than due to death or Disability), subject to the same conditions on payment and benefits as described in Section 7(d) hereof. Following such
termination of Executive’s employment by Executive with Good Reason, except as set forth in this Section 7(e), Executive shall have no further rights to any compensation or any other benefits under this Agreement. For the avoidance of
doubt, Executive’s sole and exclusive remedy upon a termination of employment with Good Reason shall be receipt of the Severance Benefits. 

(f) Termination by Executive without Good Reason or Due to Non-Renewal of the Term of Employment by Executive. Executive may terminate
Executive’s employment by providing the Company (i) in the case of a termination by Executive without Good Reason, thirty (30) days’ prior written notice of such termination, or (ii) in the case of a termination due to
non-renewal of the Term of Employment by Executive, at least ninety (90) days’ prior written notice of such termination in accordance with Section 2 hereof. In the event of a termination of employment by Executive under this
Section 7(f), Executive shall be entitled only to the Accrued Obligations. In the event of termination of Executive’s employment under this Section 7(f), the Company may, in its sole and absolute discretion, by written notice
accelerate such date of termination without changing the characterization of such termination as a termination by 

  
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Executive without Good Reason or a termination due to non-renewal of the Term of Employment by Executive so long as the Company pays Executive the amount and benefits (in accordance with the
terms of the applicable plans, as in effect from time to time) Executive would have received during the applicable notice period. Following such termination of Executive’s employment by Executive without Good Reason or due to non-renewal of the
Term of Employment by Executive, except as set forth in this Section 7(f), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(g) Release. Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to
subsection (d), (e) or (f) of this Section 7 (other than the Accrued Obligations) (collectively, the “Severance Benefits”) shall be conditioned upon Executive’s execution, delivery to the Company, and
non-revocation of the Release of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date of Executive’s termination of employment hereunder. If Executive fails to
execute the Release of Claims in such a timely manner so as to permit any revocation period to expire prior to the end of such sixty (60)-day period, or timely revokes Executive’s acceptance of such release following its execution, Executive
shall not be entitled to any of the Severance Benefits. Further, to the extent that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Code, any payment of any amount or
provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th) day following the date of Executive’s termination of employment hereunder, but for the condition on
executing the Release of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth (60th) day, after which any remaining Severance
Benefits shall thereafter be provided to Executive according to the applicable schedule set forth herein. 
 Section 8.
Non-Interference Agreement.  
 As a condition of, and prior to commencement of, Executive’s employment with the Company,
Executive shall have executed and delivered to the Company the Non-Interference Agreement. 

Section 9. Representations and Warranties of Executive.  

Executive represents and warrants to the Company that— 

(a) Executive is entering into this Agreement voluntarily and that Executive’s employment hereunder and compliance with the terms and
conditions hereof will not conflict with or result in the breach by Executive of any agreement to which Executive is a party or by which Executive may be bound; 

(b) Executive has not violated, and in connection with Executive’s employment with the Company will not violate, any non-solicitation,
non-competition, or other similar covenant or agreement with any Person by which Executive is or may be bound; and 

  
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 (c) in connection with Executive’s employment with the Company, Executive will not use any
confidential or proprietary information Executive may have obtained in connection with employment or service with any prior service recipient. 

Section 10. Indemnification. 

To the maximum extent permitted under applicable law, and in addition to any other indemnification to which Executive may be entitled under
state statute or any articles of incorporation, by-laws, resolution, or agreement (but without duplication of payments with respect to indemnified amounts), the Company hereby agrees to hold harmless and indemnify Executive to the full extent
allowed under applicable law, including, but not limited to, holding harmless and indemnifying Executive against any and all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by Executive in connection with any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (including an action by or in the right of the Company), to which Executive is, was, or at
any time becomes a party, or is threatened to be made a party, by reason of the fact that Executive is, was, or at any time becomes a director, officer, employee or agent of the Company, or is or was serving or at any time serves at the request of
the Company as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise. For purposes of clarity, under no circumstances shall the indemnification provided for in this Section 10
obligate the Company to indemnify Executive against any expenses (including attorneys’ fees), judgments, fines and/or amounts paid in settlement which relate to actions taken by Executive which were outside of or beyond the scope of
Executive’s employment with the Company or Executive’s position as a director of the Company or with respect to conduct by Executive that is determined by a court of competent jurisdiction to have been committed in bad faith or to have
been the result of active and deliberate dishonesty or with respect to which Executive received an improper personal benefit in money, property or services. 

Section 11. Taxes.  

The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment,
and social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice to Executive in connection with this Agreement and that Executive has been advised by the Company to seek
tax advice from Executive’s own tax advisors regarding this Agreement and payments that may be made to Executive pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Code to such
payments. 
 Section 12. Mitigation.  

Executive shall not be required to mitigate the amount of any payment provided pursuant to this Agreement by seeking other employment or
otherwise, and, except as provided in Section 7(d)(vi) hereof, the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Executive’s other employment or otherwise. 

  
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 Section 13. Additional Section 409A Provisions.  

Notwithstanding any provision in this Agreement to the contrary— 

(a) Any payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive’s employment
shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay Period”). On the first business day following the expiration of the Delay Period,
Executive shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment
schedule set forth herein. 
 (b) Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of
Section 409A of the Code. 
 (c) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this
Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable
year in which such expense was incurred by Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or
in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to
expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(d) While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes
under Section 409A of the Code, in no event whatsoever shall any member of the Company Group be liable for any additional tax, interest, or penalties that may be imposed on Executive as a result of Section 409A of the Code or any damages
for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A of the Code). 

Section 14. Successors and Assigns; No Third-Party Beneficiaries.  

(a) The Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this
Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person (other than another member of the Company Group, or its or their respective successors) without Executive’s prior written
consent (which shall not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets of the Company or any direct or indirect division or subsidiary
thereof to which Executive’s employment primarily relates, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets, division or subsidiary, as applicable, without Executive’s consent.

  
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 (b) Executive. Executive’s rights and obligations under this Agreement shall not be
transferable by Executive by assignment or otherwise, without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with
the terms of this Agreement to Executive’s devisee, legatee, or other designee, or if there be no such designee, to Executive’s estate. 

(c) No Third-Party Beneficiaries. Except as otherwise set forth in Section 7(b) or Section 14(b) hereof, nothing expressed or
referred to in this Agreement will be construed to give any Person other than the Company, the other members of the Company Group, and Executive any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision
of this Agreement. 
 Section 15. Waiver and Amendments.  

Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by
each of the parties hereto; provided, however, that any such waiver, alteration, amendment, or modification must be consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be
deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 

Section 16. Severability.  

If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of
competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that
comes closest to expressing the intention of the invalid or unenforceable term or provision hereof. 
 Section 17. Governing Law;
Waiver of Jury Trial. 
 THIS AGREEMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA
WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF. EACH PARTY TO THIS AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

Section 18. Notices. 

(a) Place of Delivery. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or
delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, that unless and until some other address be
so designated, all notices and communications by Executive to the Company 

  
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shall be mailed or delivered to the Company at its principal executive office, and all notices and communications by the Company to Executive may be given to Executive personally or may be mailed
to Executive at Executive’s last known address, as reflected in the Company’s records. 
 (b) Date of Delivery. Any notice
so addressed shall be deemed to be given (i) if delivered by hand, on the date of such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by
registered or certified mail, on the third business day after the date of such mailing. 
 Section 19. Section Headings.

 The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof. 

Section 20. Entire Agreement. 

This Agreement, together with any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding
the employment of Executive. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the subject matter of this Agreement. 

Section 21. Survival of Operative Sections. 

Upon any termination of Executive’s employment, the provisions of Section 7 through Section 21 of this Agreement (together with
any related definitions set forth on Appendix A hereto) shall survive to the extent necessary to give effect to the provisions thereof. 

Section 22. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. 

*        *        * 

[Signatures to appear on the following page.] 

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

	
	WALTER INVESTMENT MANAGEMENT CORP.
	
	 /s/ George M. Awad

	By: George M. Awad
	Title: Interim Chief Executive Officer and President
	
	EXECUTIVE
	
	 /s/ Anthony Renzi

	Anthony Renzi

 APPENDIX A 

Definitions 
 (a)
“Accrued Obligations” shall mean (i) all earned but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred prior to the termination date in
accordance with Section 6 hereof, and (iii) any vested and non-forfeitable benefits provided under the Company’s employee benefit plans upon a termination of employment, including rights with respect to Company equity (or equity
derivatives), in accordance with the terms contained therein. 
 (b) “Agreement” shall have the meaning set forth in the
preamble hereto. 
 (c) “Annual Bonus” shall have the meaning set forth in Section 4(b) hereof. 

(d) “Base Salary” shall mean the salary provided for in Section 4(a). 

(e) “Board” shall mean the Board of Directors of the Company. 

(f) “Cause” shall mean Executive’s (i) conviction of, or plea of guilty or nolo contendere to, a felony arising
from any act of fraud, embezzlement or willful dishonesty in relation to the business or affairs of the Company, (ii) conviction of, or plea of guilty or nolo contendere to, any other felony or any other criminal charge which is materially
injurious to the Company or its reputation or which compromises Executive’s ability to perform Executive’s job function and/or act as a representative of the Company, (iii) willful failure to attempt to substantially perform
Executive’s duties (other than any such failure resulting from Executive’s Disability), (iv) material violation of the Company’s written policies relating to sexual harassment or business conduct or of other material policies of
the Company, (v) material breach of this Agreement or breach of the Non-Interference Agreement, or (vi) failure to materially cooperate with, or impeding an investigation authorized by, the Board. For purposes of this definition, no act or
failure to act on Executive’s part shall be considered to constitute Cause if done, or omitted to be done, by Executive in good faith and with the reasonable belief that the action or omission was in the best interests of, or was not, in fact,
materially detrimental to, the Company or the Company Group. 
 (g) “Code” shall mean the Internal Revenue Code of 1986, as
amended, and the rules and regulations promulgated thereunder. 
 (h) “Commencement Date” shall have the meaning set forth
in the preamble hereto. 
 (i) “Company” shall have the meaning set forth in the preamble hereto. 

(j) “Company Group” shall mean the Company together with any of its direct or indirect subsidiaries. 

(k) “Compensation Committee” shall mean the Compensation and Human Resources Committee of the Board. 

 (l) “Delay Period” shall have the meaning set forth in Section 13 hereof.

 (m) “Disability” shall mean (i) Executive’s inability or failure to perform Executive’s duties hereunder
for a period of ninety (90) consecutive days, or a total of one hundred twenty (120) non-consecutive days during any twelve (12)-month period due to any physical or mental illness or impairment, or (ii) a determination by a medical
doctor chosen by the Company to the effect that Executive is substantially unable to perform Executive’s duties hereunder due to any physical or mental illness or impairment. 

(n) “Executive” shall have the meaning set forth in the preamble hereto. 

(o) “Good Reason” shall mean, without Executive’s consent, the occurrence of one or more of the following: (i) a
material failure of the Company to comply with the provisions of this Agreement, (ii) a material diminution in Executive’s position, duties, or responsibilities as set forth in Section 3 hereof, (iii) a reduction in
Executive’s then-existing Base Salary by more than 10%, (iv) a reduction in Executive’s Base Salary below $500,000, or (v) the forced relocation of Executive’s principal place of employment (as provided in Section 3(c)
hereof) more than fifty (50) miles from its current location. Executive acknowledges and agrees that Executive’s exclusive remedy in the event of any breach of this Agreement shall be to assert Good Reason pursuant to the terms and
conditions of Section 7(e) hereof. Notwithstanding the foregoing, during the Term of Employment, in the event that the Board reasonably believes that Executive may have engaged in conduct that could constitute Cause hereunder, the Board may, in
its sole and absolute discretion, suspend Executive from performing Executive’s duties hereunder, and in no event shall any such suspension constitute an event pursuant to which Executive may terminate employment with Good Reason or otherwise
constitute a breach hereunder; provided, that no such suspension shall alter the Company’s obligations under this Agreement during such period of suspension. 

(p) “Initial Term” shall have the meaning set forth in Section 2 hereof. 

(q) “LTC Award” shall have the meaning set forth in Section 4(e) hereof. 

(r) “Non-Interference Agreement” shall mean the Confidentiality, Non-Interference, and Invention Assignment Agreement
attached hereto as Exhibit A. 
 (s) “Person” shall mean any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity. 

(t) “Pro Rata Bonus” shall have the meaning set forth in Section 7(b) hereof. 

(u) “Release of Claims” shall mean the Release of Claims in such form as is reasonably required by the Company. 

(v) “Renewal Term” shall have the meaning set forth in Section 2 hereof. 

(w) “RSU Award” shall have the meaning set forth in Section 4(e) hereof. 

  
 -2- 

 (x) “Severance Benefits” shall have the meaning set forth in Section 7(g)
hereof. 
 (y) “Severance Term” shall mean the eighteen (18)-month period following Executive’s termination by the
Company without Cause (other than by reason of death or Disability), due to non-renewal of the Term of Employment by the Company, or by Executive with Good Reason. 

(z) “Signing Awards” shall have the meaning set forth in Section 4(e) hereof. 

(aa) “Signing Bonus” shall have the meaning set forth in Section 4(d) hereof. 

(bb) “Term of Employment” shall mean the period specified in Section 2 hereof. 

  
 -3- 

 Exhibit A 

CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION ASSIGNMENT AGREEMENT 

As a condition of my Employment Agreement (the “Employment Agreement”), dated August 8, 2016, with Walter Investment
Management Corp. (the “Company”), and in consideration of my continued employment with the Company and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the terms and conditions of this
Confidentiality, Non-Interference, and Invention Assignment Agreement (the “Non-Interference Agreement”): 

Section 1. Confidential Information. 

(a) Company Group Information. I acknowledge that, during the course of my employment, I will have access to information about the
Company and its direct and indirect subsidiaries (together with the Company, the “Company Group”) and that my employment with the Company shall bring me into close contact with confidential and proprietary information of the Company
Group. In recognition of the foregoing, I agree, at all times during the term of my employment with the Company and thereafter, to hold in confidence, and not to use, except for the benefit of the Company Group, or to disclose to any Person without
written authorization of the Company, any Confidential Information that I obtain or create. I further agree not to make copies of such Confidential Information except as authorized by the Company. I understand that “Confidential
Information” means information that the Company Group has or will develop, acquire, create, compile, discover, or own, that has value in or to the business of the Company Group that is not generally known and that the Company wishes to
maintain as confidential. I understand that Confidential Information includes, but is not limited to, any and all non-public information that relates to the actual or anticipated business and/or products, research, or development of the Company, or
to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product plans, or other information regarding the Company’s products or services and markets, customer lists, and customers (including,
but not limited to, customers of the Company on whom I called or with whom I may become acquainted during the term of my employment), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware
configuration information, marketing, finances, and other business information disclosed by the Company either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company property. I
acknowledge that the Company’s communication systems (such as email and voicemail) are maintained to assist in the conduct of the Company’s business and that such systems and data exchanged or stored thereon are Company property.
Notwithstanding the foregoing, Confidential Information shall not include any of the foregoing items that have become publicly and widely known through no unauthorized disclosure by me or others who were under confidentiality obligations as to the
item or items involved. 
 (b) Former Employer Information. I represent that my performance of all of the terms of this
Non-Interference Agreement as an employee of the Company Group has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by me in confidence or trust prior or subsequent to the
commencement of my employment with the Company, and I will not disclose to any member of the Company Group, or induce any member of the Company Group to use, any developments, or confidential or proprietary information or material I may have
obtained in connection with employment with any prior employer in violation of a confidentiality agreement, nondisclosure agreement, or similar agreement with such prior employer. 

(c) Permitted Disclosure. Nothing in this Non-Interference Agreement shall prohibit or impede me from communicating, cooperating or
filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or
regulation, or otherwise making 

 
disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications and
disclosures are consistent with applicable law. I understand and acknowledge that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in
confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. I understand and acknowledge further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual
and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Notwithstanding the foregoing, under
no circumstance will I be authorized to disclose any information covered by attorney-client privilege or attorney work product of any member of the Company Group without prior written consent of Company’s General Counsel or other officer
designated by the Company. 
 Section 2. Developments. 

I agree that all inventions, improvements, trade secrets, reports, manuals, computer programs, systems, tapes and other ideas and materials
developed or invented by me during the period of my employment with any member of the Company Group, either solely or in collaboration with others, which relate to the actual or anticipated business or research of any member of the Company Group,
which result from or are suggested by any work I may do for any member of the Company Group, or which result from use of the Company Group’s premises or any member of the Company Group’s or its customers’ property, (collectively, the
“Developments”) shall be the sole and exclusive property of the Company. I hereby assign to the Company my entire right and interest in any such Developments and will hereafter execute any documents in connection therewith that the
Company may reasonably request. 
 Section 3. Returning Company Group Documents. 

I agree that, at the time of termination of my employment with the Company for any reason, I will deliver to the Company (and will not keep in
my possession, recreate, or deliver to anyone else) any and all Confidential Information and all other documents, materials, information, and property developed by me pursuant to my employment or otherwise belonging to the Company. I agree further
that any property situated on the Company’s premises and owned by the Company (or any other member of the Company Group), including disks and other storage media, filing cabinets, and other work areas, is subject to inspection by personnel of
any member of the Company Group at any time with or without notice. 
 Section 4. Restrictions on Interfering. 

(a) Non-Competition. During the period of my employment with the Company (the “Employment Period”) and the
Post-Termination Restricted Period, I shall not, directly or indirectly, individually or on behalf of any Person, engage in any Competitive Activities within the United States of America or any other jurisdiction in which any member of the Company
Group engages in business, derives a material portion of its revenues or has demonstrable plans to commence business activities in. 
 (b)
Non-Interference. During the Employment Period and the Post-Termination Restricted Period, I shall not, directly or indirectly, for my own account or for the account of any other Person, engage in Interfering Activities. 

(c) Definitions. For purposes of this Non-Interference Agreement: 

  
 -2- 

 (i) “Business Relation” shall mean any current or prospective client, customer,
licensee, supplier, or other business relation of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6)-month period, in each case, with whom I transacted business or whose
identity became known to me in connection with my relationship with, or employment by, the Company. 
 (ii) “Competitive
Activities” shall mean any business activities related to the residential real estate mortgage servicing or originations business, and any other business activity that is materially competitive with the then current or demonstrably planned
business activities of the Company Group. 
 (iii) “Interfering Activities” shall mean (A) encouraging, soliciting,
enticing, or inducing, or in any manner attempting to encourage, solicit, entice, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person’s employment or services (or in
the case of a consultant, materially reducing such services) with the Company Group, without the prior written consent of the Company Group; (B) hiring any individual who was employed by the Company Group within the six (6)-month period prior
to the date of such hiring; or (C) encouraging, calling upon, soliciting, writing, directing, diverting, influencing, accepting or inducing, or in any manner attempting to encourage, call upon, solicit, write, direct, divert, influence, accept,
or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group. 

(iv) “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity. 

(v) “Post-Termination Restricted Period” shall mean the period commencing on the date of the termination of the Employment
Period for any reason and ending on the date that is eighteen (18) months following such date of termination. 
 (d)
Non-Disparagement. 
 (i) I agree that during the Employment Period, and at all times thereafter, I will not make any disparaging or
defamatory comments regarding any member of the Company Group or their respective current or former directors, officers, or employees in any respect or make any comments concerning any aspect of my relationship with any member of the Company Group
or any conduct or events which precipitated any termination of my employment from any member of the Company Group. However, my obligations under this subparagraph (d)(i) shall not prevent me from testifying or responding truthfully to any request
for discovery or testimony in any judicial or quasi-judicial proceeding or any governmental inquiry, investigation or other proceeding. 

(ii) The Company agrees that during the Employment Period, and at all times thereafter, the Company will instruct its directors and executive
officers not to make any disparaging or defamatory comments regarding me in any respect or to make any comments concerning any aspect of the Company’s relationship with me or any conduct or events which precipitated any termination of my
employment from any member of the Company Group. However, the obligations under this subparagraph (d)(ii) shall not prevent the Company or any of its directors or executive officers from testifying or responding truthfully to any request for
discovery or testimony in any judicial or quasi-judicial proceeding or any governmental inquiry, investigation or other proceeding. 

  
 -3- 

 Section 5. Reasonableness of Restrictions. 

I acknowledge and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders me
special and unique within the Company’s industry, and that I will have the opportunity to develop substantial relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners
of the Company Group during the course of and as a result of my employment with the Company. In light of the foregoing, I recognize and acknowledge that the restrictions and limitations set forth in this Non-Interference Agreement are reasonable and
valid in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets of the Company Group. I further acknowledge that the restrictions and limitations set forth in this agreement will
not materially interfere with my ability to earn a living following the termination of my employment with the Company and that my ability to earn a livelihood without violating such restrictions is a material condition to my employment with the
Company. 
 Section 6. Independence; Severability; Blue Pencil. 

Each of the rights enumerated in this Non-Interference Agreement shall be independent of the others and shall be in addition to and not in
lieu of any other rights and remedies available to the Company Group at law or in equity. If any of the provisions of this agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not
affect the remainder of this Non-Interference Agreement, which shall be given full effect without regard to the invalid portions. If any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such
provisions or the area or scope covered thereby, I agree that the court making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area
permissible by law, and in its reduced form said provision shall then be enforceable. 
 Section 7. Injunctive Relief.

 I expressly acknowledge that any breach or threatened breach of any of the terms and/or conditions set forth in this Non-Interference
Agreement may result in substantial, continuing, and irreparable injury to the members of the Company Group. Therefore, I hereby agree that, in addition to any other remedy that may be available to the Company, any member of the Company Group has
the right to seek injunctive relief, specific performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Non-Interference Agreement. Notwithstanding any other
provision to the contrary, I acknowledge and agree that the Post-Termination Restricted Period shall be tolled during any period of violation of any of the covenants in paragraph 4 hereof. 

Section 8. Cooperation. 

I agree that, following any termination of my employment, I will continue to provide reasonable cooperation to the Company and/or any other
member of the Company Group and its or their respective counsel in connection with any investigation, administrative proceeding, or litigation relating to any matter that occurred during my employment in which I was involved or of which I have
knowledge. As a condition of such cooperation, the Company shall reimburse me for reasonable out-of-pocket expenses incurred at the request of the Company with respect to my compliance with this paragraph. I also agree that, in the event I am
subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding, or otherwise), that in any way relates to my employment by the Company and/or any
other 

  
 -4- 

 
member of the Company Group, I will give prompt notice of such request to the Company and will make no disclosure until the Company and/or the other member of the Company Group has had a
reasonable opportunity to contest the right of the requesting person or entity to such disclosure. 
 Section 9. General
Provisions.  
 (a) Governing Law; Waiver of Jury Trial. THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF
THIS NON-INTERFERENCE AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE UNITED STATES OF AMERICA AND THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICT OF LAWS. EACH PARTY TO THIS NON-INTERFERENCE AGREEMENT ALSO
HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS NON-INTERFERENCE AGREEMENT. 

(b) Entire Agreement. This Non-Interference Agreement sets forth the entire agreement and understanding between the Company and me
relating to the subject matter herein and merges all prior discussions between us. No modification or amendment to this Non-Interference Agreement, nor any waiver of any rights under this Non-Interference Agreement, will be effective unless in
writing signed by the party to be charged. Any subsequent change or changes in my duties, obligations, rights, or compensation will not affect the validity or scope of this Non-Interference Agreement. 

(c) No Right of Continued Employment. I acknowledge and agree that nothing contained herein shall be construed as granting me any right
to continued employment by the Company, and the right of the Company to terminate my employment at any time and for any reason, with or without cause, is specifically reserved. 

(d) Successors and Assigns. This Non-Interference Agreement will be binding upon my heirs, executors, administrators, and other legal
representatives and will be for the benefit of the Company, its successors, and its assigns. I expressly acknowledge and agree that this Non-Interference Agreement may be assigned by the Company without my consent to any other member of the Company
Group as well as any purchaser of all or substantially all of the assets or stock of the Company, whether by purchase, merger, or other similar corporate transaction, provided that the license granted pursuant to Section 2(a) may be assigned to
any third party by the Company without my consent. 
 (e) Survival. The provisions of this Non-Interference Agreement shall survive
the termination of my employment with the Company and/or the assignment of this Non-Interference Agreement by the Company to any successor in interest or other assignee. 

*        *        * 

  
 -5- 

 I, Anthony Renzi, have executed this Confidentiality, Non-Interference, and Invention Assignment
agreement on the respective date set forth below: 
  

							
	Date:    8/5/16    	 		 	 /s/ Anthony Renzi
	 	
		 		 	Anthony Renzi	 	
				
		 		 	FOR SECTION 4(d)(ii) ONLY:	 	
				
		 		 	WALTER INVESTMENT MANAGEMENT CORP.	 	
				
	Date:                                     
       	 		 	  
	 	
		 		 	By:	 	
		 		 	Title:	 	

 [Signature Page to Non-Interference Agreement]soho-ex1054_514.htm

EXHIBIT 10.54

 

AGREEMENT FOR SALE AND PURCHASE OF PROPERTY

This Agreement for Sale and Purchase of Property (the “Agreement”) is dated April 29, 2016 (the “Effective Date”) by and between HAMPTON HOTEL ASSOCIATES LLC, a Delaware limited liability company, (“Seller”); and THREE CAPITAL HOTELS, INC., a Virginia corporation (“Buyer”); and AJITKUMAR B. PATEL (“Guarantor”).

RECITALS:

A.Seller owns and operates the Crowne Plaza Marina Hotel of Hampton (the “Hotel”) located at 700 and 702 Settlers Landing Road, Hampton, Virginia.

B.Seller desires to sell to Buyer and Buyer desires to purchase from Seller, on the following terms and conditions and for the price herein set forth, the Hotel and all related assets used in the operation of the Hotel.

Article I.
DEFINED TERMS

	
 1.1
	
Definitions.  As used herein, the following terms shall have the following meanings:

	
 
	
(a)
	
“Additional Deposit” means the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) paid by Buyer in accordance with Section 3.2.  

	
 
	
(b)
	
“Agreement” has the meaning set forth in the opening paragraph.

	
 
	
(c)
	
“Bill of Sale” shall mean the bill of sale conveying title to the Personal Property to Buyer.

	
 
	
(d)
	
“Business Day” shall mean any day on which business is conducted by national banking institutions in Hampton, Virginia.

	
 
	
(e)
	
“Closing” shall mean the consummation of the transactions contemplated in this Agreement.

	
 
	
(f)
	
“Closing Date” shall mean the date which is not more than thirty (30) days after the Feasibility Date, unless extended by Buyer pursuant to Section 5.1.

	
 
	
(g)
	
“Closing Extension Deposit” shall mean the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) held by the Escrow Agent if paid by Buyer in accordance with Section 5.1.

	
 
	
(h)
	
“City” shall mean the City of Hampton, Virginia.

	
 
	
(i)
	
“Contract” shall mean any service, maintenance, supply, management, operating, or employment contract or other agreement, however termed, written or oral, affecting the use, ownership, management, maintenance, or operation of all or any part of the Property as listed on Schedule 1.1(i).

1

 

 

	
 
	
(j)
	
“Deed” shall mean the special warranty deed conveying fee title to the Real Property to Buyer, duly executed by Seller and acknowledged and in proper form for recordation. 

	
 
	
(k)
	
“Deposit” shall mean the amount from time to time held by Escrow Agent as Buyer’s earnest money deposit paid in accordance with:  (i) Section 3.2 (Initial Deposit and Additional Deposit) and (ii) Buyer’s Closing Extension Deposit, if paid in accordance with Section 5.1. The Deposit shall be paid in accordance with Section 3.2 and Section 5.1, respectively, and shall be increased to the extent that interest accrues thereon.  All accrued interest shall belong to Buyer up to and through the Feasibility Date.  Thereafter the Deposit, with interest, shall belong to Seller, subject to the provisions set forth herein concerning the disposition of the Deposit, and provided that such Deposit and interest thereon shall be credited against the Purchase Price at Closing. 

	
 
	
(l)
	
“Due Diligence Reports” shall mean all reports, documents, studies, analyses, and other written information obtained by Buyer with respect to the Property, including results of physical inspections, engineering studies, engineering drawings and specifications, surveys, Hazardous Materials Reports, soil tests, site plans, feasibility studies, market studies, architectural plans, specifications and drawings, title reports, permits, approvals and authorizations (whether obtained from governmental authorities or third parties); and all other work product generated by or for Buyer in connection with the Property.

	
 
	
(m)
	
“Effective Date” has the meaning set forth in the opening paragraph of this Agreement.

	
 
	
(n)
	
“Escrow Agent” shall mean Willcox & Savage, P.C., 440 Monticello Avenue, Suite 2200, Norfolk, Virginia  23510.

	
 
	
(o)
	
“Feasibility Date” shall mean 5:00 PM EDT on the date that is forty-five (45) days after the Effective Date.

	
 
	
(p)
	
“Franchise Agreement” shall mean the following agreement in customary form and substance: (i) that certain franchise agreement by and between Buyer and InterContinental Hotels Group PLC for the operation of the Hotel as a Crowne Plaza Hotel and Resort franchise.

	
 
	
(q)
	
“Hazardous Materials” shall mean any toxic, radioactive, caustic or otherwise hazardous substance, including petroleum, its derivatives, by-products and other hydrocarbons, or any substance having any constituent elements displaying any of the foregoing characteristics.  The term “Hazardous Materials” includes, without limitation, any substance regulated under any and all federal, state and local statutes, laws (including case law), regulations, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions, whether now or hereafter in effect, relating to human health, the environment or to emissions, 

2

 

 

	
 
		
discharges or releases of pollutants, contaminants, toxic substances, hazardous substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, Hazardous Materials or wastes or the clean-up or other remediation thereof. 

	
 
	
(r)
	
“Hazardous Materials Reports” shall mean any and all studies, reports, analyses, information, or other written records regarding the presence of Hazardous Materials at, on, in, under or relating to the Land.

	
 
	
(s)
	
“Hotel” has the meaning set forth in the Recitals.

	
 
	
(t)
	
“Initial Deposit” shall mean the amount of One Hundred Thousand and No/100 Dollars paid by Buyer in accordance with Section 3.2.

	
 
	
(u)
	
“Intangibles” shall mean all trademarks, trade names, service marks, franchises, domain names, website and other intangible rights, owned or licensed and used or held for use by Seller as of the date of this Agreement.

	
 
	
(v)
	
“Land” shall mean that certain parcel of real property located in the City as more particularly described on EXHIBIT A, attached hereto and made a part hereof.

	
 
	
(w)
	
“Leases” shall mean all leases and/or occupancy rights (other than occupancy rights of Hotel guests) with respect to the Real Property as listed on Schedule 1.1(w).

	
 
	
(x)
	
“Personal Property” shall mean (i) all tangible personal property and fixtures owned by Seller and located on or attached to the Real Property as more specifically described on the attached Schedule 1.1(x), including, without limitation, Supply Inventories, (ii) Seller’s interest in all transferable licenses or permits with respect to the Real Property and the Hotel, (iii) Seller’s interest in all transferable Contracts relating to the ownership or operation of the Real Property and the Hotel (iv) Seller’s interest in all transferable warranties or guaranties relating to the Real Property and the Hotel, and (v) Intangibles.  Personal Property does not include property owned by others such as hotel guests, Tenants under Leases or parties to Contracts.  Personal Property shall not include insurance policies, utility deposits, bank accounts, cash on hand, cash equivalents or cash on deposit.

	
 
	
(y)
	
“Property” shall mean, collectively, the Real Property and the Personal Property not excluded from this Agreement.

	
 
	
(z)
	
“Real Property” shall mean the Land together with Seller’s interest in the buildings and other improvements and fixtures located on the Land.

	
 
	
(aa)
	
“Security Deposits” shall mean the security deposits, if any, in Seller’s possession with respect to the Leases and which have not been forfeited by Tenants before 

3

 

 

	
 
		
Closing.  Security Deposits shall not include any security deposits, whether or not provided for in the Leases, that were paid to Seller’s predecessor(s) in interest to the Property and that were not delivered to Seller and are not in Seller’s possession. 

	
 
	
(bb)
	
“Seller Group” shall mean Seller and its past, present, and future officers, directors, shareholders, agents, representatives, successors, and assigns and their respective heirs, successors, and assigns.

	
 
	
(cc)
	
“Seller’s Knowledge” shall mean the knowledge, information and belief of Seller based upon the knowledge, information and belief of its officers, directors, employees and agents.

	
 
	
(dd)
	
“Supply Inventories” shall mean all of Seller’s right, title, and interest in and to all china, glassware, silverware, cutlery, linens, uniforms, works of art, materials and supplies existing as of the Closing Date and used in connection with the operation of the Real Property and the Hotel, including (i) reserve stocks of operating supplies not in use, (ii) engineering supplies, (iii) guest supplies, (iv) housekeeping supplies and (v) office supplies.  Supply Inventories shall mean only such items as exist on the Closing Date and shall not include any such items owned by hotel guests, Tenants, or other third parties. 

	
 
	
(ee)
	
“Tenants” shall mean those persons or entities holding rights of tenants under the Leases.

	
 
	
(ff)
	
“Title Commitment” shall mean the commitment for the issuance of an owner’s title insurance policy to be issued by the Title Company in favor of Buyer in the full amount of the Purchase Price and obtained by Buyer pursuant to Section 4.1.

	
 
	
(gg)
	
“Title Company” shall mean a nationally recognized title insurance company selected by Buyer to issue the Title Commitment and the owner’s title insurance policy to Buyer in accordance with the terms hereof.

	
 
	
(hh)
	
“VDEQ” shall mean the Virginia Department of Environmental Quality.

	
 1.2
	
Other Defined Terms.  Other capitalized terms contained in this Agreement shall have the meanings ascribed to them herein.

Article II.
INSPECTION

	
 2.1
	
Information Regarding Property.  Seller has or will provide to Buyer within ten (10) Business Days of the Effective Date the documents and information on attached Schedule 2.1 pertaining to the Property, all of which Buyer agrees shall be used only for conducting due diligence hereunder and kept confidential except to the extent such information must be shared with third parties such as Buyer’s title insurance company, engineers, surveyors, etc. in furtherance of its due diligence investigations.  

4

 

 

	
 2.2
	
Buyer’s Inspection Rights.   

	
 
	
(a)
	
Buyer shall have until the Feasibility Date to determine whether the Property is acceptable to Buyer with respect to any and all matters that Buyer desires to investigate including, but not limited to, title, survey, financing, physical, electrical, mechanical and environmental matters and zoning.  

	
 
	
(b)
	
If Buyer finds the Property to be unacceptable and elects not to proceed with the transaction contemplated hereby, Buyer shall give, on or before the Feasibility Date, written notice of termination to Seller.  If Buyer shall give written notice of termination to Seller before the Feasibility Date, this Agreement shall be terminated.  Upon such termination the Deposit shall be returned to Buyer within two (2) Business Days and neither party shall have any further rights or obligations hereunder, except, however, that Buyer shall remain obligated with respect to the indemnities and obligations contained in Sections 2.4 and 2.5 and any other provisions that expressly survive termination or expiration of this Agreement.  

	
 
	
(c)
	
If Buyer fails to give written notice of termination to Seller on or before the Feasibility Date, Buyer shall be deemed to have found the Property acceptable in all respects and this Agreement shall remain in full force and effect and the Deposit shall be applied as provided in this Agreement. 

	
 
	
(d)
	
Seller shall thereafter convey to Buyer at Closing (i) fee simple title to the Real Property by the Deed, free and clear of all liens and encumbrances and (ii) the Personal Property by the Bill of Sale, free and clear of all liens and encumbrances, both in accordance with the provisions of this Agreement.

	
 2.3
	
Access and Liability Insurance.  Buyer and Buyer’s agents and contractors shall be entitled to enter the Property at all reasonable times as agreed on by Buyer and Seller in advance, which agreement shall not be unreasonably withheld or delayed, but only for the purpose of conducting tests and making site inspections and investigations during this Agreement.  Buyer shall give Seller not less than forty-eight hours’ advance notice of any proposed entry so that Seller’s general manager can be present during the exercise of any such right of entry.  In exercising any such right of entry, Buyer agrees that Buyer and Buyer’s agents and contractors shall conduct all communications relating to the Property through Buyer’s general manager and shall not contact or communicate with other employees of Seller.  In doing so, however, Buyer agrees not to cause any damage or make any physical changes to the Property or interfere with the rights of Tenants or others who may have a legal right to use or occupy the Property.  Under no circumstances shall the right of entry granted herein be interpreted as delivery of possession of the Property before Closing.  Buyer shall maintain at all times during its entry on the Property, comprehensive general liability insurance with limits of not less than One Million Dollars combined single limit, bodily injury, death and property damage insurance per occurrence and provide to Seller proof thereof.

5

 

 

	
 2.4
	
Indemnification.  Buyer shall protect, defend, indemnify, save and hold harmless Seller Group against any and all claims, demands, fines, suits, actions, proceedings, orders, decrees, judgments, damage or liability (including reasonable attorneys’ fees incurred by Seller with respect thereto) of any kind or nature, by or in favor of anyone whomsoever, resulting from, arising from, or occasioned in whole or in part by any act or omission by Buyer, its agents, contractors, employees, representatives or invitees in, on, or at the Property before Closing from Buyer’s inspection, examination and inquiry of or on the Property; provided, however, that Buyer shall not have any duty to protect, defend, indemnify, save and hold harmless Seller Group from any such claims, demands, fines, suits, actions, proceedings, orders, decrees, judgments, damage or liability that arise from the gross negligence or willful misconduct of Seller Group.   

	
 2.5
	
Buyer’s Obligations with Respect to Inspections.  Buyer shall restore the Property to its original condition promptly after Buyer’s factual, physical and legal examinations and inspections of the Property.  Buyer shall promptly pay for all inspections and Due Diligence Reports on the rendering of statements therefor.  Buyer shall not suffer or permit the filing of any liens against the Property and if any such liens are filed, Buyer shall promptly cause them to be released or otherwise eliminated from being a lien on the Property.  If the transaction contemplated by this Agreement is not closed for any reason whatsoever, Buyer shall remain obligated with respect to the indemnities and other obligations contained in Sections 2.4 and 2.5 of this Agreement.  

Article III.
PURCHASE PRICE AND TERMS OF PAYMENT; CLOSING ADJUSTMENTS

	
 3.1
	
Purchase Price.  The total purchase price (“Purchase Price”) of the Property shall be Five Million Eight Hundred Thousand and No/100 Dollars ($5,800,000.00).  The parties agree to allocate the Purchase Price, and report such allocation on their tax returns, in accordance with Internal Revenue Code §1060 as set forth on Schedule 3.1.

	
 3.2
	
Payment of Purchase Price.  The Purchase Price shall be paid as follows:

	
 
	
(a)
	
Deposit (Initial Deposit and Additional Deposit, if Applicable).  Upon execution of this Agreement, Buyer, within two Business Days of the Effective Date, shall deliver in escrow to the Escrow Agent the Initial Deposit by cashier’s check or by wire transfer. The Initial Deposit is consideration for the rights granted to Buyer to purchase the Property and shall be deemed non-refundable after the Feasibility Date, unless notice is given in accordance with Section 2.2 or following Seller default.  Provided that Buyer executes all necessary forms required by the Escrow Agent, the Deposit shall be held in an interest-bearing account with a federally insured banking institution.  Any interest accrued thereon shall become a part of the Deposit to be applied or disposed of in the same manner as the Deposit.  If Buyer does not terminate this Agreement on or before the Feasibility Date, Buyer shall deliver in escrow to the Escrow Agent the Additional Deposit which shall become part of the Deposit upon delivery, shall be non-refundable, and shall be held by the Escrow Agent in accordance with the provisions of this Agreement.  

6

 

 

	
 
		
At the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Deposit, and the Deposit shall be delivered to Seller.   

	
 
	
(b)
	
Payment at Closing.  The balance of the Purchase Price, shall be paid by Buyer by wire transfer at the time of Closing. 

	
 3.3
	
Prorations; Adjustments; Closing Costs.  The following adjustments and prorations shall be computed as of the Closing Date and the Purchase Price shall be adjusted at Closing to reflect such prorations.  All items of revenue, cost and expense of the Property with respect to the period before the Closing Date shall be for the account of Seller.  All items of revenue, cost and expense of the Property with respect to the period on and after the Closing Date shall be for the account of Buyer.  All prorations shall be based on a 30-day month.  Buyer acknowledges that it shall be solely responsible for liabilities expressly assumed by Buyer in this Agreement and any expense related to the Hotel and Leases, and to Contracts, if any, assumed by Buyer with respect to the period on and after the Closing Date (the “Assumed Liabilities”) and shall also be entitled to all revenues with respect to the period on and after the Closing Date specifically excluding revenues related to lodging the night before the Closing Date, which shall be the property of Seller. 

	
 
	
(a)
	
Payables.  Seller shall pay on or before the Closing Date all of Seller’s accounts payable incurred in the ordinary course of business in connection with the ownership and operation of the Hotel including, but not limited to, amounts payable to vendors and other trade payables, amounts payable under the Contracts (collectively, the “Payables”) attributable to Seller’s ownership and operation of the Property before the Closing Date except those Payables that are not due and payable as of the Closing Date (the “Outstanding Payables”) which Seller and Buyer agree to prorate as of the Closing Date.  Seller agrees that between the Effective Date and the Closing Date all payables shall be paid and discharged in the ordinary course of business.  Any Payables as of the Closing Date relating to the operation of the Hotel before the Closing Date and not discovered until after the Closing Date but in no event more than ninety (90) days after the Closing Date, shall be paid by Seller at such time as they are discovered or due as the case may be, and Buyer shall have no responsibility therefor.  

	
 
	
(b)
	
Cash, Accounts Receivable.

	
 
	
(i)
	
Seller shall receive a credit for any and all cash in the cash registers, vaults, safes, (other than that belonging to guests) and/or “petty cash boxes” or similar cash receptacles as of the Closing Date that is transferred to Buyer.

	
 
	
(ii)
	
All of Seller’s accounts receivable incurred in the ordinary course of business in connection with the ownership and operation of the Hotel, including net amounts subject to collection from credit card operations and other trade receivables as of the Closing Date and relating to periods before the Closing Date, except lodging the night before the Closing Date, are called the “Accounts Receivable.”  All Accounts Receivable shall 

7

 

 

	
 
		
remain the property of Seller.  Seller shall use its best efforts to collect all Accounts Receivable before the Closing Date.  Seller shall deliver to Buyer on the Closing Date a list of all uncollected Accounts Receivable balances originating before the Closing Date and owed to Seller from Tenants, guests or patrons of the Hotel as Schedule 3.3(b)(ii).  Seller shall use its best efforts to cause the Accounts Receivable to be paid directly to Seller after the Closing.  If, after the Closing, any Accounts Receivable are nevertheless paid to Buyer, such Accounts Receivable will remain the property of Seller, and Buyer shall forward such Accounts Receivable to Seller within five (5) days of receipt thereof.  If Buyer fails to forward such receivables within such five-day period, Buyer shall pay Seller a late fee equal to 10% of the amount received.  Buyer shall cooperate with Seller in connection with the collection of the Accounts Receivable and shall provide Seller with reasonable access to Buyer’s books and records with regard to any Accounts Receivable collected by Buyer. 

	
 
	
(c)
	
Deposits and Rents.  All collected rents, deposits and other payments from Tenants under the Leases (excluding Advance Booking Deposits which are addressed in Section 3.3(j) below) that have been delivered to Seller shall be prorated between Seller and Buyer as of the Closing Date.  The balance remaining from any security deposits or prepaid rent held by Seller after deductions previously made by Seller shall be transferred to Buyer.  If any rent or other payments under the Leases are in arrears as of the Closing Date (“Delinquent Rents”), the amount of any such Delinquent Rents that are attributable to any period before the Closing Date shall be paid by Buyer to Seller after the Closing if received by Buyer.  Buyer shall use commercially reasonable efforts to attempt to collect on Seller’s account any such amounts.  Buyer shall be entitled to deduct from any payments received by Buyer from any Tenants who owe Delinquent Rents (i) first, Buyer’s reasonable costs of collection incurred with respect to such payments (including reasonable attorneys’ fees); (ii) second, rents due for the month in which such payment is received by Buyer; and (iii) third, rents from such Tenant attributable to any period after the Closing Date that are past due on the date of receipt.  Notwithstanding the foregoing, percentage rents, if any, under the Leases shall be equitably prorated as agreed by Seller and Buyer.  

	
 
	
(d)
	
Taxes and Assessments.  Taxes and assessments for the year of Closing shall be prorated as of the Closing Date if the amount of such taxes is known at the time of Closing.  If such amount cannot be then ascertained, proration shall be based on the amount of the taxes for the preceding year.  If any tax proration shall be based on the amount of taxes for the year preceding the year of Closing, such taxes, at the request of either party, shall be re-prorated and adjusted between the parties as soon as reasonably practicable after the tax bills for the year of Closing are received.  Public liens, if any, certified or for which the work has been substantially completed on the date of Closing shall be paid by Seller and any other such liens shall be assumed by Buyer. 

	
 
	
(e)
	
[Intentionally deleted.]  

8

 

 

	
 
	
(f)
	
Fuel, Water and Utility Charges.  Fuel, water and utility charges shall be estimated, adjusted and apportioned on the basis of the last meter reading as of the Closing Date.  If there are meters on the Real Property, Seller shall furnish readings to date not more than three (3) days before the Closing Date, and the unread meter charges, if any, based thereon for the intervening time shall be apportioned on the basis of such last reading.  Readings will be secured for all utilities as close as practicable to the Closing Date. 

	
 
	
(g)
	
Sewer and Stormwater Charges.  Sewer and stormwater charges, if any, shall be estimated, adjusted and apportioned as per custom as of the Closing Date.

	
 
	
(h)
	
Income and Deposits.  Income from telephone, vending machines and other coin-operated devices on the Real Property, if any, shall be adjusted and apportioned as of the Closing Date.  Deposits, if any, made by Seller, the manager of the hotel on behalf of Seller, or any predecessor in title as security under any utility or public service contract shall be credited to Seller to the extent that the same remains on deposit and is verified by the holder thereof for the benefit, and in the name of, Buyer.  If such deposits cannot remain on deposit for the benefit of Buyer, Buyer shall place new deposits with the utility company(ies) and the existing deposits shall be released to Seller. 

	
 
	
(i)
	
Fees for Licenses and Permits.  Fees paid or payable, if any, for licenses and permits shall be adjusted and apportioned as of the Closing Date to the extent such licenses and permits are assumed by Buyer.

	
 
	
(j)
	
Advance Booking Deposits.  Deposits in connection with advance bookings for future occupancy or use, after the Closing Date, of hotel rooms, suites, banquet and meeting rooms, and convention or restaurant facilities in the Hotel by any person, organization or group, are herein called “Advance Booking Deposits” and shall be revised and re-certified by Seller as of the Closing Date.  The aggregate amount of deposits in connection with the Advance Booking Deposits and any other deposits, advances or advance payments in connection with the operation of the Hotel shall be credited to Buyer. 

	
 
	
(k)
	
Contracts.  All prepayments made under any continuing Contracts affecting the Real Property, if any, shall be adjusted and apportioned as of the Closing Date to the extent such agreements are assumed by Buyer which assumption, if any, shall be in Buyer’s sole discretion.

	
 
	
(l)
	
Other Customary Prorations.  All other verifiable charges and fees customarily prorated and adjusted in similar transactions shall be adjusted and apportioned as of the Closing Date.  If accurate prorations and other adjustments cannot be made at Closing because current bills or statements are not obtainable (as, for example, utility bills), the parties shall prorate on the best available information or as otherwise provided herein.

9

 

 

	
 
	
(m)
	
Intent of Prorations Provisions.  The intent of the prorations and adjustments provided for herein is that Seller shall bear all expenses of operation of the Real Property and shall receive all income therefrom accruing before the Closing Date, and Buyer shall bear all expenses of operation and receive all income therefrom accruing on and after the Closing Date, excluding room rents for the night’s lodging incurred before the Closing Date.  Notwithstanding anything to the contrary set forth herein, with respect to meeting or function room revenues, it is specifically agreed that revenues allocable to the night commencing immediately before the Closing Date shall be for the account of Seller and revenues for meeting or function rooms commencing with the night of the Closing Date shall be for the account of Buyer. 

	
 3.4
	
Costs and Expenses.  Buyer shall pay all documentary stamp taxes, recording taxes and other transfer taxes on the Deed, all costs of recording and the title insurance premium for the owner’s title insurance policy to be obtained by Buyer and the costs of any of Buyer’s lender requirements, if any.  Seller shall pay the cost of preparation of all documents required under Section 5.2, and the Virginia Grantor’s Tax and any other taxes or fees to be paid by or on behalf of the grantor under Virginia law.  Attorneys’ fees, consulting fees, and other due diligence expenses shall be borne by the party incurring such expense.  

Article IV.
TITLE: SURVEY

	
 4.1
	
Evidence of and Encumbrances on Title.  As soon as is reasonably practicable, Buyer shall obtain the Title Commitment and promptly deliver a copy thereof to Seller.  Buyer may file written objections to exceptions contained in the Title Commitment on or before the Feasibility Date, provided, however, that the following shall be deemed “Acceptable Encumbrances” and Buyer shall not have the right to object to Acceptable Encumbrances:

	
 
	
(a)
	
Real property taxes and assessments for the year in which the sale and purchase shall be closed, which shall be prorated as provided for herein;

	
 
	
(b)
	
The standard printed exceptions contained in owner’s title insurance policies; and

	
 
	
(c)
	
Any matters which are approved in writing by Buyer or deemed approved by Buyer in accordance with this Agreement.

If Buyer timely and properly files a written objection to any such item other than an Acceptable Encumbrance, then Seller shall have the option to use reasonable diligence to remove, discharge, or correct such liens, encumbrances or objections and the obligation to pay sums of an ascertainable amount and shall have a period of thirty (30) days after receipt of notice thereof in which to do so (and if necessary the Closing Date may be extended by Seller, but in no event past sixty (60) days following the Feasibility Date, except as mutually agreed by the parties in writing).  Seller shall not in any event be obligated to litigate any matter in order to remove, discharge or correct any lien, encumbrance or objection.  If Seller is unwilling or unable to remove or discharge such other liens, encumbrances or objections within such period, and notifies Buyer in writing of its decision, then Buyer, at its option, shall notify Seller within five 

10

 

 

(5) Business Days of its decision to either terminate this Agreement or accept title in its then existing condition without reduction of the Purchase Price.  If Buyer shall elect to terminate this Agreement, the Deposit shall be refunded to Buyer within two (2) Business Days, this Agreement shall terminate, and thereafter neither Seller nor Buyer shall have any further rights or obligations hereunder except that Buyer shall remain obligated with respect to the provisions of Sections 2.4 and 2.5 hereof.  If Buyer fails to give written notice of objection to Seller on or before the Feasibility Date, all matters reflected on the Title Commitment shall be deemed to be Acceptable Encumbrances and this Agreement shall remain in full force and effect and Buyer shall be obligated to complete the transaction as required by this Agreement.

Article V.
CLOSING

	
 5.1
	
Time and Place.  Closing shall take place at 10:00 A.M. on the Closing Date; provided, however, that pursuant to Section 4.1 Seller, at Seller’s option, may extend the Closing Date for purposes of curing objections to the status of title that were timely and properly raised by Buyer. Buyer may extend the Closing Date an additional thirty (30) days by giving written notice to Seller on or before the Closing Date and by delivering to the Escrow Agent in escrow the Closing Extension Deposit by cashier’s check or by wire transfer, which Closing Extension Deposit shall thereupon become part of the Deposit and held by the Escrow Agent as part of the Deposit in accordance with the provisions of this Agreement.  Closing shall be held at the Hotel, or at such other place as the Buyer and Seller may mutually agree.  Failure to close as set forth above shall constitute a breach hereunder.

	
 5.2
	
Seller’s Deliveries.  At Closing, Seller shall deliver or cause to be delivered to Buyer the following items (executed on behalf of the appropriate entities and by the appropriate individuals, where applicable):

	
 
	
(a)
	
The Deed in the form of attached Exhibit B;

	
 
	
(b)
	
A Seller’s Affidavit related to the Real Property in a form as is reasonably required by Buyer’s attorney or the Title Company;

	
 
	
(c)
	
A Bill of Sale with respect to the Personal Property, licenses and permits, in the form of attached Exhibit C;

	
 
	
(d)
	
An Assignment and Assumption Agreement (“Assignment and Assumption Agreement”), in the form of attached Exhibit D;

	
 
	
(e)
	
Form letter reasonably satisfactory to Buyer’s attorney executed by Seller to advise all Tenants under Leases and all contractors under Contracts of the sale to Buyer;

	
 
	
(f)
	
Unforfeited Security Deposits in Seller’s possession, if any, shall be transferred to Buyer unless credited to Buyer against the Purchase Price;

11

 

 

	
 
	
(g)
	
Closing Statement (“Closing Statement”) reflecting all financial aspects of the transaction; 

	
 
	
(h)
	
All keys and security codes in Seller’s actual possession with respect to the Property;

	
 
	
(i)
	
Duly adopted resolutions or a consent in writing of Seller authorizing Seller to consummate the transaction contemplated hereby and to perform all of Seller’s obligations hereunder;

	
 
	
(j)
	
Certificate of Good Standing from the State of Delaware showing Seller as duly organized, validly existing and in good standing under the laws of the State of Delaware as a Delaware limited liability company;

	
 
	
(k)
	
Incumbency Certificate as to the existing managers of Seller;

	
 
	
(l)
	
A Certificate recertifying the representations, warranties and covenants of Seller contained herein as of the Closing Date;

	
 
	
(m)
	
A list of Outstanding Payables; and

	
 
	
(n)
	
Such other usual and customary documentation or deliveries as may be reasonably requested by Buyer.

	
 5.3
	
Buyer’s Deliveries.  At Closing, Buyer shall deliver or cause to be delivered to Seller the following items (executed on behalf of the appropriate entities and by the appropriate individuals, where applicable):

	
 
	
(a)
	
Cash to close in the amount required by Article III, together with any other amounts as required herein, by wire transfer to Seller’s account;

	
 
	
(b)
	
Assignment and Assumption Agreement;

	
 
	
(c)
	
Closing Statement;

 

	
 
	
(d)
	
A Certificate recertifying the representations, warranties and covenants of Buyer contained herein as of the Closing Date;

	
 
	
(e)
	
Duly adopted resolutions or consent in writing of Buyer authorizing Buyer to consummate the transaction contemplated hereby and to perform all of Buyer’s obligations hereunder;

	
 
	
(f)
	
Incumbency Certificate as to the existing officers and directors of Buyer;

	
 
	
(g)
	
The Franchise Agreement (if applicable); and

	
 
	
(h)
	
Such other usual and customary documentation or deliveries as may be reasonably requested by Seller.

12

 

 

	
 5.4
	
Possession.  Possession of the Property shall be surrendered to Buyer at Closing.   

	
 5.5
	
Contingencies.  Notwithstanding anything to the contrary contained herein, Buyer’s and Seller’s obligation to proceed to Closing is specifically contingent on Seller and Buyer, respectively, having performed all obligations required to be performed by each such party under this Agreement on or before the Closing Date.

Article VI.
LICENSES AND PERMITS

	
 6.1
	
Licenses and Permits.

	
 
	
(a)
	
Buyer acknowledges that it is the responsibility of Buyer to obtain the approval of the applicable governmental authorities for issuance of such licenses and permits as shall be necessary or desirable in Buyer’s opinion to operate the Hotel.  Buyer shall file any and all applications and supporting documents with the appropriate governmental agencies, at Buyer’s cost, and expense.  Seller agrees to cooperate with Buyer (but without cost to Seller) in the filing of such applications, to the extent such cooperation may be required by governmental agencies issuing or approving the licenses and permits.

	
 
	
(b)
	
Buyer hereby assumes the risk of failing to obtain any licenses and permits relating to the Hotel, and the refusal of any governmental authority to grant said licenses and permits shall not give Buyer any rights, remedies or causes of action against Seller for damages, for termination of this Agreement or any other relief whatsoever.

Article VII.
SELLER’S AND BUYER’S CONTINUING COVENANTS

	
 7.1
	
Seller’s Pre-Closing Covenants. Seller covenants and agrees that between the Effective Date and the Closing Date, Seller shall: 

	
 
	
(a)
	
continue to operate the Hotel substantially in accordance with Seller’s past practices; 

	
 
	
(b)
	
not intentionally terminate, breach or amend, without Buyer’s prior written consent, any existing Leases, licenses and permits or Contracts except that termination will be permitted in the event of default by the other party or, in the case of Contracts, if replaced by a comparable Contract; 

	
 
	
(c)
	
not intentionally injure or damage the business reputation of the Hotel or divert business therefrom; 

	
 
	
(d)
	
not intentionally damage the Real Property;

	
 
	
(e)
	
maintain the insurance coverage that is presently in effect; and

13

 

 

	
 
	
(f)
	
maintain food, beverage, inventory and supply levels that are currently maintained. 

	
 7.2
	
Seller’s Post-Closing Covenants.  Seller covenants and agrees that after Closing, Seller shall remain responsible for performing ongoing monitoring obligations of Seller with respect to the Oil Spill identified in Section 8.2(f) below in accordance with VDEQ requirements until the VDEQ no longer requires groundwater monitoring to be performed with respect to the Oil Spill.

	
 7.3
	
Buyer’s Covenants. 

	
 
	
(a)
	
Buyer covenants and agrees that, within fifteen (15) days of the Effective Date, Buyer, at its cost and expense, will apply for a franchise to operate the Hotel as a Crowne Plaza Hotel and Resort.  In the alternative, if Buyer does not desire to operate the Hotel as a Crowne Plaza Hotel or if Buyer is not awarded a new franchise, Buyer, at its cost and expense, will take all necessary actions and steps to terminate the current Crowne Plaza franchise for the Hotel and to de-identify the Property as a Crowne Plaza Hotel.

	
 
	
(b)
	
Buyer covenants and agrees that Buyer will provide Seller access to the Property for the purpose of performing ongoing groundwater monitoring obligations of Seller as required by the VDEQ with respect to the Oil Spill identified in Section 8.2(f) below and storing at the Property any equipment reasonably required in connection with the performance of such ongoing groundwater monitoring obligations but that Seller will not have any responsibility for any environmental matters that arise from the Property and the operation of the Hotel after Closing.

Article VIII.
BUYER’S  AND SELLER’S REPRESENTATIONS AND WARRANTIES

	
 8.1
	
Buyer’s Representations and Warranties. Buyer represents and warrants to Seller that: 

	
 
	
(a)
	
Buyer has the full right, power and authority to purchase the Property from Seller as provided in this Agreement and to carry out Buyer’s obligations hereunder; 

	
 
	
(b)
	
all requisite action necessary to authorize Buyer to enter into this Agreement and to carry out Buyer’s obligations has been obtained; 

	
 
	
(c)
	
this Agreement has been duly authorized, executed and delivered by Buyer; 

	
 
	
(d)
	
the execution of this Agreement and the Closing to occur hereunder do not and will not violate any contract, covenant or other agreement to which Buyer may be a party or by which Buyer may be bound; and 

	
 
	
(e)
	
Buyer is a Virginia corporation duly incorporated, validly existing and in good standing under the laws of the Commonwealth of Virginia.

14

 

 

	
 8.2
	
Seller’s Representations and Warranties. Seller represents and warrants that:  

	
 
	
(a)
	
Seller has the full right, power and authority to sell the Property to Buyer as provided in this Agreement and to carry out Seller’s obligations hereunder; 

	
 
	
(b)
	
all requisite action necessary to authorize Seller to enter into this Agreement and to carry out Seller’s obligations has been obtained; 

	
 
	
(c)
	
this Agreement has been duly authorized, executed and delivered by Seller; 

	
 
	
(d)
	
the execution of this Agreement and the Closing to occur hereunder do not and will not violate any contract, covenant or other agreement to which Seller may be a party or by which Seller may be bound. 

	
 
	
(e)
	
Seller is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware, duly qualified to transact business in the Commonwealth of Virginia, and has all requisite power and authority to own its interests in the Property and to operate the Hotel, and to carry on its business as now being conducted.

	
 
	
(f)
	
Seller, to Seller’s Knowledge, has not received any written or oral notification from any governmental authority concerning the Property for any violation of federal, state, county or municipal laws, ordinances or regulations, expressly including any violations concerning health, fire, building, sanitation, safety code violations, zoning, Hazardous Materials or any other environmental problems.  Seller agrees to forward to Buyer copies of any notices described in the preceding sentence immediately on receipt by Seller.  To Seller’s Knowledge, Seller is not in violation of any governmental laws, ordinances, rules, and regulations applicable to the use and occupation of the Property, including, without limitation, health, fire, sanitation and safety codes.  To Seller’s Knowledge, Seller is not in violation of the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §§ 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq., the Toxic Substances Control Act, 15 U.S.C. §§ 2601 et seq., or any modifications or amendments thereto, or applicable state law and other federal, state and local laws and the regulations implementing such laws now in force relating to hazardous waste disposal and/or toxic substances (the above laws are collectively referred to as “Environmental Laws”).  Seller represents and warrants that it has disclosed to Buyer all pending or threatened litigation known to Seller and orders, rulings, notices, permits or investigations known to Seller regarding Hazardous Materials, as such terms are defined in applicable Environmental Laws.  

Without limiting the generality of the foregoing, Seller will provide information to Buyer with regard to a small diesel fuel oil spill (the “Oil Spill”) from an underground storage tank that occurred at the Property in December 2010, the successful clean-up effort made by Seller in connection therewith, 

15

 

 

communications between Seller and the VDEQ with respect thereto, and the ongoing monitoring activities of Seller in connection therewith.

	
 
	
(g)
	
To Seller’s Knowledge, Seller has not received any written or oral notification of a breach of any Contracts, any licenses and permits or any Lease and there are no defaults or conditions which with the passage of time or the giving of notice would constitute defaults thereunder.  There are no persons with a right to use or occupy the Property other than the tenants under the Leases and the guests of the Hotel.  Each of the Contracts, licenses and permits and Leases being assumed by Buyer are in full force and effect and have not been amended, modified or supplemented in any way that is not expressly disclosed to the Buyer in writing.

	
 
	
(h)
	
To Seller’s Knowledge, there are no actual or threatened conditions or circumstances which would adversely affect the current use of the Property, or Seller’s ability to use the Property to operate the Hotel.  

	
 
	
(i)
	
To Seller’s Knowledge, the Real Property is not subject to special assessment levies or any roll back taxes.

	
 
	
(j)
	
Seller has not made any commitment to any governmental or quasi-governmental authority, or to any third person to dedicate or grant any portion of the Real Property for roads, easements, rights of way, park lands, or other public or private purposes, or to grant any restrictions, or to incur any other expense or obligation relating to the Real Property.

	
 
	
(k)
	
There are no currently effective employment agreements, collective bargaining agreements, or pensions, retirement or profit sharing plans, with or covering any of the employees of the Hotel, except as set forth on Schedule 8.2(k).

	
 
	
(l)
	
To Seller’s Knowledge, there are no unrecorded easements that adversely affect the use and operation of the Real Property as a Hotel.  Prior to the Closing Date, Seller will not grant any easement that will affect title to the Real Property or Seller’s right to transfer its property interest hereunder.

	
 
	
(m)
	
There are no other agreements, written or oral, other than the Contracts, licenses, permits and Leases, which affect the use or operations of the Hotel.

	
 
	
(n)
	
To Seller’s Knowledge, Seller has not received any notice from any insurance company that has issued a policy with respect to the Hotel or from any board of fire underwriters (or other body exercising similar functions) claiming any defects or deficiencies or requesting the performance of any repairs, alterations, or other work to the Property, which, if not corrected, would result in termination of insurance coverage.

	
 
	
(o)
	
To Seller’s Knowledge, there are no pending suits, litigation, or administrative proceedings relating to Seller, or to the Hotel, including, without limitation, pending labor grievances or arbitrations or suits.

16

 

 

	
 
	
(p)
	
All tangible Personal Property is in good working order. 

Article IX.
ASSIGNMENT AND GUARANTY

The reputation, experience, and financial status of Ajitkumar B. Patel (“Patel”) constitute a material inducement and a substantial part of the consideration for sale of the Property by Seller to Buyer.  Seller has consented to the formation and organization of Buyer by Patel for the purpose of acquiring the Hotel, but neither Patel nor Buyer may assign this Agreement, nor may any of Buyer’s rights hereunder be transferred in any manner to any person or entity, without Seller’s specific prior written consent.  As a further inducement to Seller, Patel agrees to unconditionally guaranty the obligations of Buyer under this Agreement and in connection with the purchase of the Hotel.

Article X.
BROKERAGE

Buyer and Seller represent and warrant to Seller and Buyer, respectively, that each has not contacted or entered into any agreement with any real estate broker, agent, finder, or any other party in connection with this transaction, and that neither has taken any action which would result in any real estate broker’s finder’s, or other fees or commissions being due or payable to any other party with respect to this transaction other than Mumford Company with respect to Seller (the “Disclosed Broker”).  Each party hereby indemnifies, protects, defends and agrees to hold the other party harmless from any loss, liability, damage, cost, or expense (including, but not limited to, reasonable attorneys’ fees) resulting to the other party from a breach of the representation and warranty made by such party herein.  Seller shall be solely responsible for payment of the brokerage commission to the Disclosed Broker, and Buyer shall have no liability therefor.

Article XI.
DEFAULT

	
 11.1
	
Buyer’s Default.  If Buyer shall fail to close the transaction contemplated hereby as and when required or if Buyer shall otherwise be in default of its obligations hereunder before Closing, the Deposit shall be paid over to Seller as agreed as liquidated damages, it being acknowledged by Buyer and Seller that in such event Seller will suffer substantial damages but such damages are incapable of exact ascertainment.  After payment to Seller of the Deposit, neither Seller nor Buyer shall have any further rights or obligations hereunder except that Buyer shall remain obligated pursuant to Sections 2.4 and 2.5 and any other provisions of this Agreement that expressly survive termination or expiration of this Agreement.  If subsequent to Closing, Buyer shall fail to comply with its obligations contained herein which survive Closing, Seller, in addition to any rights and remedies provided herein, shall be entitled to any and all remedies available at law or in equity.

	
 11.2
	
Seller’s Default.  If this transaction shall not be closed because of default of Seller, Buyer shall be entitled to an immediate and full refund of the Deposit to Buyer on demand, and shall be entitled to pursue specific performance.  In the event that specific performance is 

17

 

 

		
obtained by Buyer, Buyer and Seller shall close on the terms herein contained.  If subsequent to Closing, Seller shall fail to comply with its obligations contained herein which survive Closing, Buyer, in addition to any rights and remedies provided herein, shall be entitled to pursue all rights and remedies at law or in equity. 

Article XII.
INDEMNIFICATION

	
 12.1
	
Survival.  The covenants and agreements of the parties (including, without limitation, the covenants and agreements of the parties set forth in this Article XII) contained in this Agreement shall survive the Closing.  The representations and warranties of the parties contained in this Agreement or in any certificate or other writing delivered pursuant to this Agreement shall survive the Closing until the expiration of twelve (12) months after the Closing Date.  Notwithstanding the preceding sentence, any representation or warranty in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentence, if notice of the inaccuracy of such representation or warranty giving rise to such right of indemnity shall have been given to the party against whom such indemnity may be sought before such time, and such period of survival shall continue until the indemnification claim related to such inaccuracy of such representation or warranty shall have been finally resolved pursuant to this Article XII.  

	
 12.2
	
Indemnification by Buyer.  Buyer agrees to indemnify and hold harmless the Seller Group from and against any and all losses, claims, demands, damages, costs and expenses of whatsoever kind or nature including reasonable attorneys’ fees related to or arising as a result of (i) the Assumed Liabilities and Buyer’s ownership or operation of the Hotel and the Property after Closing, (ii) any misrepresentation or breach of any warranty made by Buyer in this Agreement or (iii) any breach of any covenant or agreement made or to be performed by Buyer pursuant to this Agreement (collectively, the “Deficiencies”).

	
 12.3
	
Indemnification by Seller.  Seller agrees to indemnify and hold harmless Buyer from and against any and all losses, claims, demands, damages, costs, and expenses of whatsoever kind or nature including reasonable attorney’s fees related to or arising as a result of (i) liabilities of Seller other than the Assumed Liabilities, (ii) any misrepresentation or breach of any warranty made by Seller in this Agreement or (iii) any breach of any covenant or agreement made or to be performed by Seller pursuant to this Agreement (collectively, the “Deficiencies”).  In addition, Seller agrees to indemnify and hold harmless Buyer from and against any and all losses, claims, demands, damages, costs, and expenses of whatsoever kind or nature including reasonable attorney’s fees related to or arising as a result of the performance by Seller and its contractors of the ongoing groundwater monitoring described in Section 7.2 above.

	
 12.4
	
Limitation on Deficiencies.  Notwithstanding any other provision of this Agreement (a) no party shall have any obligation to indemnify the other party from and against any Deficiencies resulting from, arising out of, relating to, in the nature of, or caused by the breach (or alleged breach) of any representation or warranty until such party has suffered 

18

 

 

		
Deficiencies by reason of all such breaches (or alleged breaches) in excess of a $5,000.00 aggregate deductible (at which point such party will be obligated to indemnify the other party from and against all further Deficiencies) and (b) there will be a $250,000.00 aggregate ceiling on the obligation of a party to indemnify the other party from and against Deficiencies resulting from the breach of any warranties or representations by a party.  The provisions of this Section shall not apply to the Closing pro rations made pursuant to Section 3.3. 

Article XIII.
MISCELLANEOUS

	
 13.1
	
Risk of Loss.  Seller agrees to give Buyer prompt notice of any fire or other casualty affecting the Property or of any actual or threatened (to the extent that Seller has current actual knowledge thereof) taking or condemnation of all or any portion of the Property.  If before Closing, there shall occur:

	
 
	
(a)
	
damage to the Property caused by fire or other casualty if damaged to the extent of more than thirty percent (30%) of the Purchase Price and, in connection therewith, Seller shall repair such damage and the Closing Date shall be extended by one day for each day it takes Seller to make such repair, not to exceed sixty (60) days; or

	
 
	
(b)
	
the taking or condemnation of all or any portion of the Property; which would materially interfere with the present use of such Property as determined by Buyer in its reasonable business discretion;

then, in such event, Buyer shall have the right to terminate this Agreement by written notice thereof delivered to Seller within ten (10) days after Buyer has received notice from Seller.  If Buyer does not so timely elect to terminate this Agreement, then the Closing shall take place as provided herein and there shall be assigned to Buyer at the Closing all interest of Seller in and to any insurance proceeds or condemnation awards payable to Seller on account of that event, less sums which Seller incurs before the Closing to repair any of the damage. Notwithstanding the foregoing provisions, if damage to the Property caused by fire or other casualty is thirty percent (30%) of the Purchase Price or less, and, in connection therewith, Seller shall repair such damage and the Closing Date shall be extended by one day for each day it takes Seller to make such repair, not to exceed sixty (60) days, then Buyer shall be obligated to proceed to close on the purchase of the Property.

	
 13.2
	
Construction.  The terms “Seller” and “Buyer” whenever used in this Agreement shall include the permitted assigns of the respective parties hereto.  Whenever used, the singular number shall include the plural and the plural the singular, and the use of any gender shall include all genders.  The term “including” as used herein shall in all instances mean “including, but not limited to.”  The headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the interpretation of this Agreement.  This Agreement and any related instruments shall not be construed more strictly against one party than against the other by virtue of the fact 

19

 

 

		
that initial drafts may have been prepared by counsel for one of the parties, it being recognized that this Agreement and any related instruments are the product of extensive negotiations between the parties. 

	
 13.3
	
Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which will constitute the same agreement.

	
 13.4
	
Severability and Waiver.  Invalidation of any one section or provision of this Agreement by judgment or court order shall in no way affect any other section or provision.  Failure of any party to this Agreement to insist on the full performance of any of its provisions by the other party (or parties) shall not constitute a waiver of such performance unless the party failing to insist on full performance of the provision declares in writing signed by it that it is waiving such performance.  A waiver of any breach under this Agreement by any party, unless otherwise expressly declared in writing, shall not be a continuing waiver or waiver of any subsequent breach of the same or other provision of this Agreement.  

	
 13.5
	
Governing Law; Venue.  The laws of the Commonwealth of Virginia (without regard to conflicts of law) shall govern the validity, construction, enforcement and interpretation of this Agreement.  On any litigation arising out of or under this Agreement and/or out of Buyer’s ownership, operation of or other activities on the Property, the prevailing party shall be entitled to collect from the non-prevailing party reasonable attorneys’ fees and costs.  Buyer and Seller hereby submit to the jurisdiction of the United States District Court for the Eastern District of Virginia, Norfolk Division, as the exclusive jurisdiction and venue for any suit or other proceeding brought in connection with or arising out of this Agreement.  

	
 13.6
	
Further Assurances.  In addition to the acts and deeds recited in this Agreement and contemplated to be performed, executed, and/or delivered under this Agreement, Seller and Buyer agree to perform, execute and/or deliver or cause to be delivered, executed and/or delivered at Closing or after Closing all further acts, deeds, and assurances reasonably necessary to consummate the transactions contemplated hereby.

20

 

 

	
 13.7
	
Notices.  All notices, demands, requests, and other communications required or permitted hereunder shall be in writing.  All such notices, demands, requests and other communications (and copies thereof) shall be deemed to be delivered: (a) if sent by messenger, on receipt or refusal to the party to whom the notice is directed; (b) on receipt or refusal if sent by overnight courier, with request for next Business Day delivery; or (c) on receipt or refusal after deposit in a regularly maintained receptacle for the United States mail, registered or certified, return receipt requested, postage prepaid, addressed as follows (or to such other address as the parties may specify by notice given pursuant to this section): 

 

			
	
To Seller:
	
 
	
Hampton Hotel Associates LLC

	
 
	
 
	
410 West Francis Street

	
 
	
 
	
Williamsburg, VA 23188

	
 
	
 
	
Attn: David R. Folsom, President and Chief Operating Officer

	
 
	
 
	
 

	
With a copy to:
	
 
	
Willcox & Savage, PC.

	
 
	
 
	
440 Monticello Avenue

	
 
	
 
	
Suite 2200

	
 
	
 
	
Norfolk, VA 23510

	
 
	
 
	
Attn: Stephen W. Brewer, Esq.

	
 
	
 
	
 

	
To Buyer:
	
 
	
Three Capital Hotels, Inc.

	
 
	
 
	
c/o Ajitkumar B. Patel

	
 
	
 
	
9 Top Cat Trail

	
 
	
 
	
Sylva, NC 28779

	
 
	
 
	
 

	
With a copy to:
	
 
	
Raymond H. Suttle, Jr.

	
 
	
 
	
JONES, BLECHMAN, WOLTZ & KELLY, P.C.

	
 
	
 
	
701 Town Center Drive, Suite 800

	
 
	
 
	
Newport News, VA  23606

 

	
 13.8
	
Subordination.  This Agreement is subordinate to any financing now or hereafter granted or assumed by Seller with respect to the Property.  

	
 13.9
	
Entire Agreement and Amendment.  This Agreement contains the entire understanding between Buyer and Seller with respect to the subject matter hereof.  Neither this Agreement nor any provision hereof may be modified, amended, changed, waived, discharged or terminated orally.  Any such action may occur only by an instrument in writing signed by the party against whom enforcement of the modification, change, waiver, discharge or termination is sought.

	
 13.10
	
Recording.  This Agreement shall not be recorded and Buyer agrees that recording same by Buyer constitutes a default by Buyer.

	
 13.11
	
Exhibits.  The Exhibits referenced in and attached to this Agreement are incorporated in, and made a part of, this Agreement for all purposes.  

21

 

 

	
 13.12
	
Calculation of Dates.  If the final day of any period or any date of performance under this Agreement falls on a date which is not a Business Day, then the final day of the period or the date of performance, as applicable, shall be extended to the next day which is a Business Day. 

	
 13.13
	
No Third Party Beneficiary.  This Agreement is solely between Seller and Buyer and no other party shall be entitled to rely on any provision hereof for any purpose whatsoever.

	
 13.14
	
Backup Contract(s).  Buyer understands that Seller may actively negotiate with other parties and may enter into back up contracts for the sale of the Property.  The backup contracts will be subject and subordinate to this Agreement so long as this Agreement is in full force and effect and Buyer is not in default hereunder.

	
 13.15
	
Limitation on Liability.  Buyer expressly agrees that the obligations and liabilities of Seller under this Agreement and any document referenced herein shall not constitute personal obligations of the officers, directors, employees, agents, trustees, partners, members, representatives, stockholders or other principals and representatives of Seller.  The limitations of liability contained in this paragraph shall apply equally and inure to the benefit of Seller’s present and future officers, directors, trustees, shareholders, agents and employees, and their respective heirs, successors 

	
 13.16
	
WAIVER OF JURY TRIAL.  THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE, TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT AND ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH OR RELATED HERETO, OR ANY COURSE OR CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER PARTY.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS TRANSACTION.

	
 13.17
	
Confidentiality.  Seller and Buyer each covenant that (i) prior to Closing it shall not issue any press release or public statement (a “Release”) with respect to the transactions contemplated by this Agreement without the prior consent of the other, and (ii) after Closing, any Release issued by Seller or Buyer shall be subject to the review and approval of the other (which approval shall not be unreasonably withheld).  If Seller or Buyer is required by law to issue a Release, such party shall, at least two (2) Business Days prior to the issuance of the same, deliver a copy of the proposed Release to the other for review. Notwithstanding the foregoing however, Buyer shall have the right to issue and file such documents as are required by federal and state securities laws and regulations.

22

 

 

	
 13.18
	
Exhibits and Schedules. 

 

			
	
EXHIBIT A
	
-
	
Legal Description of the Land

	
EXHIBIT B
	
-
	
Special Warranty Deed

	
EXHIBIT C
	
-
	
Bill of Sale

	
EXHIBIT D
	
-
	
Assignment and Assumption Agreement

	
 
	
 
	
 

	
Schedule 1.1(i)
	
-
	
Contracts

	
Schedule 1.1(w)
	
-
	
Leases

	
Schedule 1.1(x)
	
-
	
Personal Property

	
Schedule 2.1
	
-
	
Seller Due Diligence Information and Reports

	
Schedule 3.1
	
-
	
Purchase Price Allocation

	
Schedule 3.3(b)(ii)
	
-
	
Uncollected Accounts Receivable Balances

	
Schedule 8.2(k)
	
-
	
Employment Agreements

 

23

 

 

IN WITNESS WHEREOF, Buyer and Seller have duly executed this Agreement for Sale and Purchase of Property on the date first set forth above.

 

	
SELLER:
	
 

	
 
	
 
	
 
	
 

	
HAMPTON HOTEL ASSOCIATES LLC,
	
 

	
a Delaware limited liability company
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
/s/ David R. Folsom
	
 
	
 

	
 
	
Manager
	
 

	
 
	
 
	
 

	
[SEAL]
	
 

	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
BUYER:
	
 

	
 
	
 
	
 
	
 

	
THREE CAPITAL HOTELS, INC.,
	
 

	
a Virginia corporation
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ Ajitkumar B. Patel
	
 
	
 

	
 
	
Name:
	
Ajitkumar B. Patel
	
 

	
 
	
Title:
	
President
	
 

	
 
	
 
	
 
	
 

	
[SEAL]
	
 

	
 
	
 
	
 
	
 

	
GUARANTOR:
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
/s/ Ajitkumar B. Patel
	
(SEAL)
	
 

	
Ajitkumar B. Patel
	
 

 

 

 

24

 

 

EXHIBIT A
LEGAL DESCRIPTION

 

Parcel 1

Beginning at a point in the southern right-of-way line of Settlers Landing Road, said point of beginning being distant N 73°59'56" E, 280.91' from the intersection of the said southern right-of-way line of Settler's Landing Road with the eastern right-of-way line of South King Street; thence from the point of beginning along the southern right-of-way line of Settler's Landing Road the following courses, N 73°59'56" E, 239.91'; N 73°58'33" E, 78.88'; N 72°58'47" E, 30.66'; S 16°00'04" E, 6.00'; N 73°59'56" E, 6.00'; N 16°00'04" W, 6.00'; N 72°08'21" E, 77.04'; S 16°00'04" E, 6.00'; N 73°59'56" E, 6.00'; N 16°00'04 W, 6.00'; N 73°59'56" E, 9.34'; S 16°00'04" E, 1.00'; N 72°01'48" E, 80.63'; S 16°00'04" E, 5.00'; N 72°58'02" E, 96.10'; N 73°59'56" E, 20.75' to a point at its intersection with the western line of the property now or formerly belonging to City of Hampton and duly recorded in the Clerk's Office of the Circuit Court of the City of Hampton, Virginia, in Deed Book 559 at page 823; thence along the said western line of City of Hampton the following courses, S 55°51'09" E, 29.42' to a point; thence N 72°34'05" E, 6.05' to a point; thence S 55°09'55" E, 22.14'; thence S 50°56'18" W, 13.07' to a point; thence S 53°18'03" E, 37.34' to a point at its intersection with the northeast face of a new concrete bulkhead located on northwest side of the Hampton River; thence along the said northeast face of the new concrete bulkhead the following courses, S 37°39'04" W, 72.82'; S 41°03'36" W, 224.21'; S 74°19'04" W, 244.75'; S 75°02'59" W, 218.03' to a point at its intersection with the western face of a new concrete bulkhead; thence turning and going along the said western face of a new concrete bulkhead the following courses, N 14°54'15" W, 142.22'; S 74°00'03" W, 6.43'; N 14°27'05" W, 8.51' to a point at its intersection with the southern line of Parcel 4‐A as shown on a map recorded in the Clerk's Office of the Circuit Court in the City of Hampton, Virginia in Deed Book 350 at Page 716; thence along said southern line of Parcel 4‐A, N 74°53'01" E, 3.26' to a point at its intersection with the eastern line of the aforementioned Parcel 4‐A; thence along the said eastern line, N 5°33'36" W, 83.29' to a point at its intersection with the southern line of Settler's Landing Road, the point of beginning.

The above-described parcel contains 146,232 square feet or 3.357 acres.

LESS, SAVE AND EXCEPT that portion of the property conveyed to the City of Hampton, Virginia, by deed dated July 1, 1986, and duly recorded in the Clerk's Office in Deed Book 958, at Page 1410.

TOGETHER WITH all and singular, the buildings and improvements thereon, rights and privileges, tenements, hereditaments, easements and appurtenances unto the said land belonging or in anywise appertaining.

25

 

 

SUBJECT TO the easements as contained in that certain Deed dated November 14, 1985, and duly recorded in the Clerk's Office in Deed Book 744, at page 158.

Parcel 2

Beginning at a point in the southern right-of-way line of Settlers Landing Road, said point of beginning being N 73°59'56" E, 280.91 feet from the intersection of the eastern right-of-way line of South King Street and said southern right-of-way line of Settlers Landing Road; thence continuing along said southern right-of-way line of Settlers Landing Road N 73°59'56" E, 28.58 feet to a point; thence S 05°56'58" E, 36.63 feet to a point; thence S 15°45'27" E, 55.21 feet to a point; thence N 74°03'31" E, 9.75 feet to a point; thence S 16°02'27" E, 130.49 feet to a point; thence N 73°58'39" E, 263.36 feet to a point; thence N 16°08'25" W, 99.49 feet to a point; thence N 74°07'12" E, 4.93 feet to a point; thence N 16°08'00" W, 92.61 feet to a point on a curve to the left having a radius of 9.64 feet, thence along said curve to the left an arc length of 15.12 feet to a point; thence S 74°00'25" W, 61.40 feet to a point; thence S 32°20'47" W, 8.34 feet to a point; thence S 73°58'29" W, 122.76 feet to a point on a curve to the right having a radius of 17.61 feet, thence along said curve to the right an arc length of 27.43 feet to a point; thence N 16°48'39" W, 8.19 feet to a point at its intersection with aforementioned southern right-of-way line of Settlers Landing Road; thence along said southern right-of-way line the following courses: N 73°59'56" E, 158.05 feet; N 73°58'33" E, 78.88 feet; N 72°58'47"E, 30.66 feet; S 16°00'04" E, 6.00 feet; N 73°59'56" E, 6.00 feet; N 16°00'04" W, 6.00 feet; N 72°08'21" E, 77.04 feet; S 16°00'04" W, 6.00 feet; N 73°59'56" E, 6.00 feet; N 16°00'04" W, 6.00 feet; N 73°59'56" E, 9.34 feet; S 16°00'04" E 1.00 foot; N 72°01'48" E, 80.63 feet; S 16°00'04" E, 5.00 feet to a point; thence leaving said southern right-of-way line S 70°57'56" W, 39.80 feet to a point; thence S 62°27'48" W, 55.94 feet to a point; thence S 03°35'25" W, 56.64 feet to a point; thence S 41°02'41" W, 81.71 feet to a point; thence S 16°03'11" E, 110.29 feet to a point; thence N 73°55'09" E, 99.06 feet to a point; thence N 41°10'22" E, 204.63 feet to a point; thence N 20°02'58" E, 16.53 feet to a point; thence N 40°59'42" E, 61.00 feet to a point; thence N 16°14'08" W, 12.65 feet to a point at its intersection with the western line of a City of Hampton parcel as recorded in the Clerk's Office of the Circuit Court in the City of Hampton, Virginia, in Deed Book 559, at Page 823; thence along said western line S 53°18'03" E, 27.18 feet to a point at its intersection with the eastern face of a bulkhead; thence along said face of bulkhead the following courses:  S 37°39'04" W, 72.82 feet; S 41°03'36" W, 224.21 feet; S 74°19'04" W, 244.75 feet; S 75°02'59" W, 218.03 feet; N 14°54'15" W, 142.22 feet; S 74°00'03" W, 6.43 feet; N 14°27'05" W, 8.51 feet to a point at the terminus of said bulkhead; thence N 74°53'01" E, 3.26 feet to a point; thence N 05°33'36" W, 83.29 feet to a point at its intersection with said southern right-of-way line of Settlers Landing Road, the point of beginning.

The above-described parcel contains 43,429 square feet, or 0.9970 acres, which parcel is shown on that certain plat entitled “Plat Showing Easement to be Dedicated to City of Hampton Located on Settlers Landing Road, Hampton, 

26

 

 

Virginia" which plat is dated November 16, 1988, and prepared by Baldwin and Gregg, Engineers, Planners, Surveyors, Norfolk, Virginia, a copy of which is recorded in the Clerk’s Office of the Circuit Court of the City of Hampton, Virginia in Deed Book 958, at page 1410.

Together with all improvements, rights and privileges, the tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining.

Less and except that portion of property known as:  RPC No. 13002100 and described as follows:

Beginning at a point on the southern line of City of Hampton property as described in Deed Book 559 at Page 823 at its eastern most point; said point being on the southern face of the concrete bulkhead as shown on a map prepared by Baldwin & Gregg, Ltd. Entitled “PROPERTY SPLIT OF PROPERTY OF THE CITY OF HAMPTON LOCATED ON SETTLERS LANDING ROAD”; thence in a southerly and westerly direction south 37° 39' 04" west, 72.82 feet to a point; thence south 41° 03' 36" west, 224.21 feet to a point; thence south 74° 19' 04" west, 244.75 feet to a point; thence south 75° 02' 59" west, 218.03 feet to a point; thence north 14° 54' 15" west, 142.22 feet to a point; thence south 74° 00' 03" west, 6.43 feet; thence north 14° 27' 05" west, 8.51 feet to a point; thence north 74° 53' 01" east, 3.26 feet to a point; thence south 14° 27' 05" east, 5.15 feet to a point; thence north 74° 00' 03" east, 8.44 feet to a point; thence south 14° 54' 15" east, 140.40 feet to a point; thence north 74° 50’ 02" east, 290.95 feet to a point; thence north 74° 18' 04" east, 78.96 feet to a point; thence north 74° 19' 04" east, 87.74 feet to a point; thence north 41° 03' 36" east, 220.97 feet to a point; thence north 37° 39' 04" east, 72.62 feet to a point at its intersection with the aforementioned southern line of the City of Hampton property; thence along said southern line south 53° 18' 03" east, 4.30 feet to the point of beginning.

The above described parcel contains 4,589 +/- square feet or 0.1053 +/- acres, more or less.

 

 

27

 

 

EXHIBIT B

 

Prepared by:

 

Stephen W. Brewer
Willcox & Savage, P.C.
440 Monticello Avenue

Suite 2200

Norfolk, Virginia  23510

VSB No.:  17218

 

 

Parcel Identification No(s).:    _____________________

 

 

special WARRANTY DEED

 

THIS DEED is made as of the ___ day of ___________, 2016, by and between, HAMPTON HOTEL ASSOCIATES LLC, a Delaware limited liability company, a grantor for indexing purposes (the “Grantor”); and THREE CAPITAL HOTELS, INC, a Virginia corporation, a grantee for indexing purposes (the “Grantee”), with an address of ___________________________________.

 

WITNESSETH:

 

THAT FOR and in consideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor hereby grants, bargains, sells, assigns, transfers and conveys with SPECIAL WARRANTY unto Grantee the real property more particularly described as follows:

 

SEE EXHIBIT A attached hereto.

 

This conveyance is made expressly subject to the covenants, conditions, restrictions, easements and reservations contained in duly recorded deeds, plats and other instruments constituting constructive notice in the chain of title to the property hereby conveyed that have not expired by time limitations contained therein or otherwise become ineffective.

 

 

 

 

 

[Signature Page Follows on Next Page]

 

 

 

 

28

 

 

WITNESS the following signature and seal as of the day and year first above written.

 

	
HAMPTON HOTEL ASSOCIATES LLC,
	
 

	
a Delaware limited liability company
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
Manager
	
 

	
 
	
 

	
[SEAL]
	
 

 

COMMONWEALTH OF VIRGINIA

CITY OF __________, TO WIT:

 

The foregoing instrument was acknowledged before me this ________ day of ___________, 2016, by _______________, Manager of Hampton Hotel Associates LLC, a Delaware limited liability company, on behalf of the company.

 

	
 
	
 
	
 

	
 
	
Notary Public
	
 

	
My Commission Expires:
	
 

	
 
	
 

	
Notary Registration No.:
	
 

 

29

 

 

EXHIBIT A

Legal Description

 

 

30

 

 

EXHIBIT C

 

BILL OF SALE

 

KNOW ALL MEN BY THESE PRESENTS THAT HAMPTON HOTEL ASSOCIATES LLC, a Delaware limited liability company (“Assignor”), for a consideration of One Dollar ($1.00) , cash in hand paid, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby sells, assigns, transfers and delivers unto THREE CAPITAL HOTELS, INC., a Virginia corporation (“Assignee”) all of Assignor’s right, title and interest in the personal property, owned by Assignor and located on or used in connection with that real property and improvements located at and commonly known as Crowne Plaza Marina Hotel of Hampton (the “Property”) as of the close of business on the ___ day of _________, 2016, including, but not limited to, the following:

 

	
 
	
(1)
	
all equipment, fixtures, furniture, furnishings, supplies and other personal property of every description, if any, owned by Assignor and located in or on, or attached to, or used in connection with the Property (the “Tangible Personal Property”);
	
 

 

	
 
	
(2)
	
all of Assignor’s right, title and interest in, all contract rights related to the Property or the Tangible Personal Property, including, without limitation, the Assignor’s interest in the following:  maintenance, construction, commission, architectural, engineering, parking, supply or service contracts, warranties, guarantees and other agreements related to the Property or the Tangible Personal Property that will remain in existence after the date hereof (collectively, the “Service Contracts”);
	
 

 

	
 
	
(3)
	
all of Assignor’s right, title and interest in, to and under any licenses, certificates of occupancy, permits and approvals issued by any governmental authority and relating to the Property, the Tangible Personal Property or Service Contracts (the “Permits”); 
	
 

 

	
 
	
(4)
	
all of  Assignor’s right, title and interest in and to any transferable warranties or guaranties relating to the Property; and
	
 

 

	
 
	
(5)
	
all of Assignor’s right, title and interest, if any, in and to all other intangible rights, titles, interests, privileges and appurtenances owned by Assignor and related to or used exclusively in connection with the ownership, use or operation of the Property (the “Intangible Personal Property” and, with the Tangible Personal Property, the Service Contracts and the Permits, the “Personal Property”).
	
 

 

TO HAVE AND TO HOLD, all and singular, the Personal Property hereby sold, assigned, and transferred to Assignee, its successors and assigns to and for its own use and benefit.

 

31

 

 

Assignor hereby confirms and affirms to Assignee the representations and warranties relating to the Personal Property as contained in that certain Agreement For Sale and Purchase of Property between Assignor and Assignee dated as of April __, 2016.

 

This Bill of Sale shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia without regard to principles of conflicts of laws.

 

IN WITNESS WHEREOF, the Assignor has caused these presents to be executed, sealed and delivered effective as of the ________ day of _________, 2016.

 

	
Assignor:
	
 

	
 
	
 

	
HAMPTON HOTEL ASSOCIATES LLC,
	
 

	
a Delaware limited liability company
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
 
	
Manager
	
 

	
 
	
 

	
[SEAL]
	
 

 

 

32

 

 

EXHIBIT D

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”) is entered into this ___ day of ___________, 2016 (the “Effective Date”) by and between HAMPTON HOTEL ASSOCIATES LLC, a Delaware limited liability company (the “Assignor”) and THREE CAPITAL HOTELS, INC., a Virginia corporation (the “Assignee”).

recitals:

pursuant to that certain agreement for sale and purchase of property, dated April __, 2016 (the “sale agreement”) between assignor and assignee, assignor has transferred and conveyed that real property and improvements located at and commonly known as Crowne Plaza marina hotel of hampton (the “real property”) to assignee.

Assignor is the landlord under those certain Leases described on Exhibit A attached hereto and incorporated herein (as amended, the “Leases”).

Assignor desires to assign all of its right, title and interest in and to the Leases and all security deposits required to be paid pursuant to the Leases to Assignee, and Assignee desires to accept and assume the same from Assignor on the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each of the parties hereto, Assignor and Assignee do hereby agree as follows:

1.Assignment and Assumption.  Assignor hereby assigns, conveys, transfers, grants and sets over unto Assignee, its successors and assigns, as of the Effective Date, all of Assignor’s right, title and interest in and to the Leases.  Assignee hereby accepts the foregoing assignment. 

2.Security Deposits. Assignor hereby assigns conveys, transfers, grants and sets over unto Assignee, its successors and assigns, as of the Effective Date, all of Assignor’s right, title and interest in any security or other deposits required to be paid pursuant to the terms of the Leases.

3.Indemnification.  

(a)Assignor hereby agrees to indemnify, defend and hold harmless Assignee from and against any and all liability, loss, damage and expense, including without limitation reasonable attorneys’ fees, which Assignee may or shall incur under the Leases by reason of any failure of the Assignor to have complied with or to have fully performed, before the Effective Date, all obligations on its part to have been performed, complied with or discharged under any of the terms and conditions contained in the Leases which were to be performed before the Effective Date.

33

 

 

(b)Assignee hereby agrees to indemnify, defend and hold harmless Assignor from and against any and all liability, loss, damage and expense, including without limitation reasonable attorneys’ fees, which Assignor may or shall incur under the Leases by reason of any failure of Assignee to have complied with or to have fully performed, on or after the Effective Date, all obligations on its part to have been performed, complied with or discharged under any of the terms and conditions contained in the Leases which were to be performed on or after the Effective Date. 

4.Miscellaneous.  The terms and conditions of this Assignment shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns.  This Assignment may be executed in multiple counterparts, each of which shall be deemed an original Assignment, but all of which, taken together, shall constitute one and the same Assignment, binding on the parties hereto.  The signature of any party hereto to any counterpart hereof shall be deemed a signature to, and may be appended to, any other counterpart hereof.  This Assignment shall be governed by the laws of the Commonwealth of Virginia, without regard to principles of conflicts of laws.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed as of the Effective Date.

[Signatures Appear on Following Page]

34

 

 

 

	
ASSIGNOR:
	
 

	
 
	
 

	
HAMPTON HOTEL ASSOCIATES LLC,
	
 

	
a Delaware limited liability company
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
 
	
Manager
	
 

	
 
	
 

	
[SEAL]
	
 

 

COMMONWEALTH OF VIRGINIA

CITY OF __________, TO WIT:

 

The foregoing instrument was acknowledged before me this ________ day of ___________, 2016, by _______________, Manager of Hampton Hotel Associates LLC, a Delaware limited liability company, on behalf of the company.

 

	
 
	
 
	
 

	
 
	
Notary Public
	
 

	
My Commission Expires:
	
 

	
 
	
 

	
Notary Registration No.:  
	
 

 

	
ASSIGNEE:
	
 

	
 
	
 

	
THREE CAPITAL HOTELS, INC.,
	
 

	
a Virginia corporation
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Title:
	
 
	
 

	
 
	
 

	
[SEAL]
	
 

 

COMMONWEALTH OF VIRGINIA

CITY OF __________, TO WIT:

 

The foregoing instrument was acknowledged before me this ____ day of ___________, 2016, by _________________________, as ______________ of Three Capital Hotels, Inc., a Virginia corporation, on behalf of the corporation.

 

	
 
	
 
	
 

	
 
	
Notary Public
	
 

		
	
My Commission Expires:
	
 

	
 
	
 

	
Notary Registration No.:
	
 

 

35

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