Document:

Exhibit 10.4

 

GUARANTY OF RECOURSE OBLIGATIONS

 

This GUARANTY OF
RECOURSE OBLIGATIONS (this “Guaranty”) is executed as of April 28, 2017, by HOSPITALITY
INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP Guarantor”),
and hOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (“Parent
Guarantor”), each having an office at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia
22030 (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German Bank authorized by the
New York Department of Financial Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together
with its successors and/or assigns, “DBNY”), CITIGROUP GLOBAL MARKETS REALTY CORP., a New York
corporation, have an address at 390 Greenwich Street, New York, New York 10013 (together with its successors and/or assigns, “Citi”),
and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America,
having an address at 383 Madison Avenue, New York, New York 10179 (together with its successors and assigns, “JPM”
and together with Citi and DBNY and each of their respective successors and/or assigns, collectively, “Lender”).

 

WITNESSETH:

 

A.           Pursuant
to (i) that certain Promissory Note A-1, dated of even date herewith, executed by THE ENTITIES LISTED ON SCHEDULE I (each,
an “Individual Borrower” and collectively, together with their respective permitted successors and assigns,
“Borrower”), each having its principal place of business at c/o Hospitality Investors Trust, Inc., 3950
University Drive, Fairfax, Virginia 22030, and payable to the order of DBNY in the original principal amount of $322,000,000.00
(as the same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from
time to time, “Note A-1”), (ii) that certain Promissory Note A-2, dated of even date herewith, executed
by Borrower and payable to the order of Citi in the original principal amount of $322,000,000.00 (as the same may hereafter be
amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from time to time, “Note
A-2”), and (iii) that certain Promissory Note A-3, dated of even date herewith, executed by Borrower and payable
to the order of JPM in the original principal amount of $161,000,000.00 (as the same may hereafter be amended, supplemented, restated,
split into multiple notes, increased, extended or consolidated from time to time, “Note A-3”, and together
with Note A-1 and Note A-2, collectively, the “Note”), Borrower has become indebted, and may from time
to time be further indebted, to Lender with respect to a loan (the “Loan”) which is made pursuant to
that certain Loan Agreement, dated of even date herewith, among Borrower, THE ENTITIES LISTED ON SCHEDULE II (each,
an “Individual Operating Lessee” and collectively, together with their respective permitted successors
and assigns, “Operating Lessee”) and Lender (as the same may be amended, modified, supplemented, replaced
or otherwise modified from time to time, the “Loan Agreement”). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

 

     

     

    

 

B.           Lender
is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees the payment
and performance to Lender of the Guaranteed Obligations (as herein defined).

 

C.           Guarantor
is the owner of direct or indirect interests in Borrower and Operating Lessee, and each Guarantor will directly benefit from Lender’s
making the Loan to Borrower.

 

NOW, THEREFORE, as
an inducement to Lender to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree
to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties do hereby agree as follows:

 

ARTICLE
1 

NATURE AND SCOPE OF GUARANTY

 

Section
1.1          Guaranty of Obligation.

 

(a)          Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and
assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally covenants
and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and
(ii) from and after the date that any Springing Recourse Event occurs, payment of all of the Obligations, subject to the BK
Cap in those instances where the BK Cap applies to the obligations of Borrower in respect of a Springing Recourse Event.

 

(c)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived any
right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim
for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing
to Lender in accordance with the Loan Documents.

 

Section
1.2          Nature of Guaranty.
This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This
Guaranty may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising
or created after any attempted revocation by any Guarantor and after (if such Guarantor is a natural person) such Guarantor’s
death (in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s legal representatives
and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of any Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced
by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of
the Note.

 

    	 	-2-	 
Guaranty of Recourse Obligations

     

    

 

Section
1.3          Guaranteed Obligations Not Reduced by Offset.
The Guaranteed Obligations and the liabilities and obligations of Guarantors to Lender hereunder shall not be reduced, discharged
or released because or by reason of any existing or future offset, claim or defense of Borrower or any Individual Borrower, Operating
Lessee or any other party against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense
arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section
1.4          Payment By Guarantors.
If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration
or otherwise, Guarantors shall, immediately upon demand by Lender and without presentment, protest, notice of protest, notice of
non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever,
pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address
as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the
Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed Obligations.
Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.

 

Section
1.5          No Duty To Pursue Others.
It shall not be necessary for Lender (and each Guarantor hereby waives any rights which such Guarantor may have to require Lender),
in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust its remedies against Borrower
or any Individual Borrower, Operating Lessee or others liable on the Loan or the Guaranteed Obligations or any other Person, including,
without limitation, any general partner of any of the foregoing which is a partnership, (ii) enforce Lender’s rights
against any collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s rights against any
other guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing which
is a partnership, (iv) join Borrower or any Individual Borrower, Operating Lessee or any others liable on the Guaranteed Obligations
in any action seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral which
shall ever have been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations,
including, to the extent California law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing
which may be available to Lender by virtue of California Civil Code Sections 2845, 2849, and 2850. Lender shall not be required
to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

Section
1.6          Waivers. Each
Guarantor acknowledges receipt of copies of the Loan Documents and hereby waives notice of (i) any loans or advances made
by Lender to Borrower or any Individual Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension
of the Note, any of the Mortgages, the Loan Agreement or any other Loan Document, (iv) the execution and delivery by Borrower
or any Individual Borrower, Operating Lessee and Lender of any other loan or credit agreement or of execution and delivery by Borrower
or any Individual Borrower of any promissory note or other document arising under the Loan Documents or in connection with any
Individual Property, (v) the occurrence of (A) any breach by Borrower or any Individual Borrower and/or Operating Lessee
of any of the terms or conditions of the Loan Agreement or any of the other Loan Documents, or (B) an Event of Default, (vi) Lender’s
transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii) the sale or foreclosure (or the posting
or advertising for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment
or default by Borrower or any Individual Borrower, or (ix) any other action at any time taken or omitted by Lender and, generally,
all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing,
securing or relating to any of the Guaranteed Obligations and/or the obligations hereby guaranteed.

 

    	 	-3-	 
Guaranty of Recourse Obligations

     

    

 

Section
1.7          Payment of Expenses.
In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately
upon demand by Lender, pay Lender all reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’
fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder. The covenant contained
in this Section shall survive the payment and performance of the Guaranteed Obligations.

 

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

 

Section
1.9         Waiver and Postponement of Subrogation, Reimbursement
and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, each
Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, for so long as both any portion of the
Debt shall be outstanding and a Permitted Direct Assumption shall not have been consummated in accordance with the Loan Agreement,
does hereby irrevocably waive and defer any and all rights it may now or hereafter have under any agreement, at law or in equity
(including, without limitation, any law subrogating Guarantors’ rights to the rights of Lender), to assert any claim against
or seek contribution, indemnification or any other form of reimbursement from any Individual Borrower or any other party liable
to Lender for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantors under or in connection
with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver shall only be in effect for so long as
any portion of the Debt shall be outstanding (or shall have been reinstated). 

 

    	 	-4-	 
Guaranty of Recourse Obligations

     

    

 

Section
1.10        Limitations on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, and any Person that either (or both) (a) is
in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”), or (b) is either
(1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any
Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the Guarantors directly
or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a Person
with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, thirty-five percent (35%)
or more of the direct or indirect voting equity interests in such Person, provided, however, that, notwithstanding
the foregoing, (I) no Person shall be deemed to be a Guarantor Affiliate to the extent Controlled by a Controlling Mezzanine Lender
(as defined below) in the exercise of its Direct Control Remedies (as defined below) or (y) in connection with or by virtue solely
of any direct or indirect interest in Transferee Borrower or Indirect Transferee and (II) in no event shall either Goldman Sachs
Mortgage Company or GS Commercial Real Estate LP be deemed a Guarantor Affiliate. Subject to clause (II) in the foregoing proviso,
and without limiting the foregoing, if a direct or indirect interest in a Mezzanine Loan is held by a Guarantor Affiliate, the
related Mezzanine Lender will be deemed a Guarantor Affiliate unless such Guarantor Affiliate is a Disabled Participant (as defined
below) and one or more other holders of substantial interests in such Mezzanine Loan that are not Guarantor Affiliates control
the administration of such Mezzanine Loan and the enforcement of the rights and remedies of such Mezzanine Lender. A Guarantor
Affiliate is a “Disabled Participant” with respect to a Mezzanine Loan if it has no right to exercise
any voting or other control rights with respect to such Mezzanine Loan (other than the right to approve amendments to the material
economic terms of such Mezzanine Loan).

 

(b)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Guarantor Affiliate of the direct ownership interests
in Borrower, the SPC Party or any Mezzanine Borrower pledged as collateral for a Mezzanine Loan pursuant to the Mezzanine Loan
Documents, any transfer in lieu of foreclosure of the equity pledged as collateral for any Mezzanine Loan to, on behalf of, or
for the benefit or account of any Mezzanine Lender that is not a Guarantor Affiliate (any such foreclosure or transfer-in-lieu
thereof, a “Mezzanine Divestment”), with the result that neither of the Guarantors nor any other
Guarantor Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no longer Controlled by either of
the Guarantors or any other Guarantor Affiliate) shall have Control of, Borrower or any Individual Borrower (each such Borrower,
a “Divested Borrower”), or

 

(ii)         (A)
any foreclosure (whether judicially or non-judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the benefit or account of Lender or (C) a receiver, trustee, liquidator, conservator
or other third-party appointed by, on behalf of or for the benefit or account of Lender taking control of any Individual Property
(any such foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”),
with the result, in any such case, that neither of the Guarantors nor any other Guarantor Affiliate shall have the power to direct
the management of, any one or more of the Properties thereby foreclosed, transferred or controlled (each such Property,
a “Divested Property”), then, in such cases, Guarantors shall not have any liability under the
Loan Documents for any Guaranteed Obligations arising from any circumstance, condition, action or event with respect to any such
Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment or Mezzanine Divestment, as applicable,
and not caused by the acts of either of the Guarantors or any other Guarantor Affiliate, or any Loan Party (excluding any Loan
Party who as a result of a Mezzanine Divestment is no longer Controlled by either of the Guarantors or any other Guarantor Affiliate);
provided that Guarantors shall remain liable hereunder for any Guaranteed Obligations to the extent arising from any action or
event occurring with respect to any such Divested Property or Divested Borrower prior to the date of the Mortgage Divestment or
Mezzanine Divestment, as applicable.

 

    	 	-5-	 
Guaranty of Recourse Obligations

     

    

 

(c)          In
the event that either a Permitted Direct Assumption or Permitted Indirect Assumption shall occur in accordance with Section
7.1 of the Loan Agreement and Lender receives in connection therewith a replacement guaranty and replacement environmental
indemnity (collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Guarantors from liability for any Guaranteed Obligations arising from any circumstance, condition, action or event first occurring
after the effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the
extent the same is not caused by either of the Guarantors or any Guarantor Affiliate (it being understood that circumstances, conditions,
actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall be deemed to not have been caused
by any Guarantor or any Guarantor Affiliate); provided, however, that Guarantors shall remain liable hereunder for any Guaranteed
Obligations arising from any action or event occurring prior to the Assumption Release Date.

 

(d)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Guarantor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine Loan Documents,
(i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership interests
of the applicable Individual Borrower, SPC Party or Mezzanine Borrower pledged to such Mezzanine Lender as collateral for its Mezzanine
Loan under the related Mezzanine Loan Documents, of such ownership interests in the applicable Individual Borrower, SPC Party or
Mezzanine Borrower so pledged as collateral for such Mezzanine Loan, or (ii) appoints a receiver, trustee, liquidator, conservator
or other third-party that is not a Guarantor Affiliate to take control of the equity pledged as collateral for such Mezzanine Loan
(the “Direct Control Remedies”, and such Mezzanine Lender, or such receiver, trustee, liquidator, conservator
or other third party appointed by such Mezzanine Lender, exercising such Direct Control Remedies, the “Controlling
Mezzanine Lender”), Guarantors shall not have liability hereunder for the actions that such Controlling Mezzanine
Lender, in the exercise of its Direct Control Remedies, causes any Borrower, any SPC Party or any Mezzanine Borrower to take (“Mezzanine
Lender Controlled Actions”) if such Mezzanine Lender Controlled Actions are taken without consent of or collusion
with, either of the Guarantors or any Guarantor Affiliate.

 

(e)          Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Loan; provided, however, that the Guaranteed
Obligations shall survive such termination with respect to any and all such Guaranteed Obligations accruing prior to or arising
out of or related to any circumstances, conditions, actions or events occurring or arising prior to the date of such repayment
and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur or the applicable circumstance,
condition, action or event is not discovered until after such date.

 

    	 	-6-	 
Guaranty of Recourse Obligations

     

    

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

Subject to Section
1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of the following
and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without
limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following:

 

Section
2.1          Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Note, the Mortgages, the Loan Agreement, the other Loan Documents or any other document, instrument, contract or understanding
between Borrower or any Individual Borrower and/or Operating Lessee and Lender or any other parties pertaining to the Guaranteed
Obligations or any failure of Lender to notify Guarantors of any such action.

 

Section
2.2          Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or any Individual Borrower,
Operating Lessee or any Guarantor.

 

Section
2.3          Condition of Borrower or Guarantors.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower
or any Individual Borrower, Operating Lessee any Guarantor or any other Person at any time liable for the payment of all or part
of the Guaranteed Obligations; or any dissolution of Borrower or any Individual Borrower, Operating Lessee or any Guarantor or,
subject to Section 1.10(b) and (c) hereof, any sale, lease or transfer of any or all of the assets of Borrower or
any Individual Borrower, Operating Lessee or any Guarantor or, subject to Section 1.10(b) and (c) hereof, any changes
in the direct or indirect shareholders, partners or members, as applicable, of Borrower or any Individual Borrower, Operating Lessee
or any Guarantor; or any reorganization of Borrower or any Individual Borrower, Operating Lessee or any Guarantor.

 

Section
2.4          Invalidity of Guaranteed Obligations.
The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed
in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i) the
Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations
or any part thereof is ultra vires, (iii) the officers or representatives executing the Note, the Mortgages, the Loan Agreement
or the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the
Guaranteed Obligations violate applicable usury laws, (v) Borrower or any Individual Borrower and/or Operating Lessee has
valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or
partially uncollectible from such Individual Borrower and/or Operating Lessee, (vi) the creation, performance or repayment
of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the
Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed
Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note, the Mortgages, the Loan Agreement or any of the
other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantors shall
remain liable hereon regardless of whether Borrower or any Individual Borrower, Operating Lessee or any other Person be found not
liable on the Guaranteed Obligations or any part thereof for any reason.

 

    	 	-7-	 
Guaranty of Recourse Obligations

     

    

 

Section
2.5          Release of Obligors.
Any full or partial release of the liability of Borrower or any Individual Borrower and/or Operating Lessee for the Guaranteed
Obligations or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly,
jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or
any part thereof, it being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the
Guaranteed Obligations in full without assistance or support from any other Person, and no Guarantor has been induced to enter
into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other Persons (including any Individual
Borrower and Operating Lessee) will be liable to pay or perform the Guaranteed Obligations or that Lender will look to other Persons
(including any Individual Borrower and Operating Lessee) to pay or perform the Guaranteed Obligations.

 

Section
2.6          Other Collateral.
The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the
Guaranteed Obligations.

 

Section
2.7          Release of Collateral.
Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent,
willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with,
or assuring or securing payment of, all or any part of the Guaranteed Obligations, subject, however, to the terms of Section
1.10 hereof.

 

Section
2.8          Care and Diligence.
The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to,
any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of any of
the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion
any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument
or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

Section
2.9          Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that
such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations.

 

    	 	-8-	 
Guaranty of Recourse Obligations

     

    

 

Section
2.10        Offset. Any existing
or future right of offset, claim or defense of Borrower or any Individual Borrower and/or Operating Lessee against Lender, or any
other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection
with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section
2.11        Merger. The reorganization,
merger or consolidation of Borrower or any Individual Borrower and/or Operating Lessee or any Mezzanine Borrower into or with any
other Person.

 

Section
2.12        Preference. Any payment
by Borrower or Operating Lessee to Lender is held to constitute a preference under the Bankruptcy Code or for any reason Lender
is required to refund such payment or pay such amount to Borrower or Operating Lessee or to any other Person.

 

Section
2.13        Other Actions Taken or Omitted.
Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations or the security and
collateral therefor, whether or not such action or omission prejudices Guarantors or increases the likelihood that Guarantors will
be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention
of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed
Obligations.

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce Lender to
enter into the Loan Documents and to extend credit to Borrower, each Guarantor represents and warrants to Lender as follows:

 

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

 

Section
3.2          Familiarity and Reliance.
Each Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower
and Operating Lessee and is familiar with the value of any and all collateral intended to be created as security for the payment
of the Note or Guaranteed Obligations; however, such Guarantor is not relying on such financial condition or the collateral as
an inducement to enter into this Guaranty.

 

    	 	-9-	 
Guaranty of Recourse Obligations

     

    

 

Section
3.3          No Representation By Lender.
Neither Lender nor any other party has made any representation, warranty or statement to any Guarantor in order to induce such
Guarantor to execute this Guaranty.

 

Section
3.4          Each Guarantor’s Financial Condition.
As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, each Guarantor
(a) is and intends to remain solvent, (b) has and intends to have assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and (c) has and intends to have property and assets sufficient to
satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.

 

Section
3.5          Legality.
The execution, delivery and performance by each Guarantor of this Guaranty and the consummation of the transactions contemplated
hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is
subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or
result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor
is a party or which may be applicable to such Guarantor. This Guaranty is a legal and binding obligation of each Guarantor and
is enforceable against such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of
general application relating to the enforcement of creditors’ rights.

 

Section
3.6          No Plan Assets.         Neither
Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of either Guarantor constitutes or will, during any period
when the Loan remains outstanding, constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R.
Section 2510.3-101. In addition, (a) neither Guarantor is a “governmental plan” within the meaning of Section 3(32)
of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating investments of, or fiduciary
obligations with respect to, governmental plans. As of the date hereof, neither any of the Guarantors, nor any member of a “controlled
group of corporations” (within the meaning of Section 414 of the Code) maintains, sponsors or contributes to a “defined
benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning
of Section 3(37)(A) of ERISA).

 

Section
3.7         ERISA.         Neither
Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation,
or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Loan Agreement or
the other Loan Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section
3.8          Survival.
All representations and warranties made by each Guarantor herein shall survive the execution hereof.

 

    	 	-10-	 
Guaranty of Recourse Obligations

     

    

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1          Subordination of All Guarantor Claims.
As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of Borrower or any Individual Borrower and/or Operating Lessee to any one or both of the Guarantors, whether such debts
and liabilities now exist or are hereafter incurred or arise, and whether the obligations of any Individual Borrower and/or Operating
Lessee thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether
such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons
in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which
they have been, or may hereafter be, acquired by the applicable Guarantor or Guarantors. The Guarantor Claims shall include, without
limitation, all rights and claims of any one or both of the Guarantors against Borrower or any Individual Borrower and/or Operating
Lessee (arising as a result of subrogation or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations
by any Guarantor or the Guarantors. So long as any portion of the Obligations or the Guaranteed Obligations remain outstanding,
no Guarantor shall receive or collect, directly or indirectly, from any Individual Borrower, Operating Lessee or any other Person
obligated to Lender any amount upon the Guarantor Claims.

 

Section
4.2          Claims in Bankruptcy.
In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceeding
involving any Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its
rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise
be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for
application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to any Guarantor and which,
as between Borrower or any Individual Borrower and/or Operating Lessee and any one or both of the Guarantors, shall constitute
a credit against the Guarantor Claims, then, upon payment to Lender in full of the Guaranteed Obligations or, if earlier, upon
consummation of a Permitted Direct Assumption in accordance with Section 7.1 of the Loan Agreement, such Guarantor shall
become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward
the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed
Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.

 

Section
4.3          Payments Held in Trust.
Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds,
payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender
an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lender,
and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received
except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay
the same to Lender.

 

    	 	-11-	 
Guaranty of Recourse Obligations

     

    

 

Section
4.4          Liens Subordinate.
Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon the assets of any
Individual Borrower and/or the assets of any Individual Operating Lessee securing payment of the Guarantor Claims shall be and
remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon such Individual
Borrower’s assets and/or Operating Lessee’s assets securing payment of the Guaranteed Obligations, regardless of whether
such encumbrances in favor of any Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written
consent of Lender, so long as both (a) any portion of the Debt shall be outstanding and (b) a Permitted Direct Assumption shall
not have been consummated in accordance with the Loan Agreement, then no Guarantor shall (i) exercise or enforce any creditor’s
rights it may have against any Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action
or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security
interests, collateral rights, judgments or other encumbrances on the assets of any Individual Borrower and/or Operating Lessee
held by any Guarantor. 

 

ARTICLE
5 

COVENANTS

 

Section
5.1          Definitions.
As used in this Article 5, the following terms shall have the respective meanings set forth below:

 

(a)          “GAAP”
shall mean generally accepted accounting principles, consistently applied.

 

(b)          “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date, including Uncalled Commitments,
and for the purposes of determining Net Worth adding accumulated depreciation and amortization to the value of such assets (without
regard to the Properties or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in
accordance with GAAP, exclusive of any liability under the Loan Documents, the Mezzanine Loan Documents, and, for avoidance of
doubt, treating the arrangements with Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC and W2007 Equity Inns
Senior Mezz, LLC as equity and not debt.

 

Section
5.2          Covenants.
Until all of the Obligations and the Guaranteed Obligations have been paid in full or, if earlier, the occurrence of any of the
events described in Section 1.10(b)-(e) that limits or releases Guarantor’s liability from and after any such events, Guarantors
shall maintain an aggregate Net Worth of not less than $250,000,000 (excluding accumulated depreciation and amortization) (the
“Net Worth Threshold”).

 

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

 

    	 	-12-	 
Guaranty of Recourse Obligations

     

    

 

Section
5.4          Financial Statements. Parent
Guarantor shall deliver to Lender:

 

(a)          within
120 days after the end of each fiscal year of Parent Guarantor, a complete copy of annual consolidated financial statements, together
with a certificate of the Parent Guarantor and the OP Guarantor certifying that such annual consolidated financial statements are
true, correct, accurate and complete and fairly present the financial condition and results of the operations of such Guarantor
(it being acknowledged that a copy of the annual audit report filed by the Parent Guarantor with the Securities and Exchange Commission
shall satisfy the foregoing requirements);

 

(b)          within
90 days after the end of each fiscal quarter of Parent Guarantor, consolidated financial statements, together with a certificate
of the Parent Guarantor and the OP Guarantor certifying that, to the best of signer’s knowledge, such quarterly financial
statements fairly present the financial condition and results of the operations of such Guarantor in a manner consistent with GAAP
(subject to year-end adjustments) (it being acknowledged that a copy of the quarterly financial report filed by the Parent Guarantor
with the Securities and Exchange Commission shall satisfy the foregoing requirements); and

 

(c)          10
Business Days after request by Lender, such other financial information with respect to Parent Guarantor as Lender may reasonably
request.

 

ARTICLE
6 

MISCELLANEOUS

 

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

 

Section
6.2          Notices. All
notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:

 

    	 	-13-	 
Guaranty of Recourse Obligations

     

    

 

	If to Lender:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  General Counsel
	 	Facsimile No. (646) 736-5721
	 	 
	and to:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  Robert W. Pettinato, Jr.
	 	Facsimile No. (212) 797-4489
	 	 
	and to:	Citigroup Global Markets Realty Corp.
	 	390 Greenwich Street
	 	7th Floor
	 	New York, New York 10013
	 	Attention:  Ana Rosu Marmann
	 	Facsimile No.:  (646) 328-2938
	 	 
	and to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Thomas N. Cassino
	 	Facsimile No.:  (212) 834-6029
	 	 
	with a copy to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Nancy Alto
	 	Facsimile No.:  (917) 546-2564
	 	 
	with a copy to:	Cadwalader, Wickersham & Taft LLP
	 	One World Financial Center
	 	New York, New York
	 	Attention:  William P. McInerney, Esq.
	 	Facsimile No. (212) 504-6666
	 	 
	with a copy to:	KeyCorp Real Estate Capital Markets, Inc.
	 	11501 Outlook, Suite 300
	 	Overland Park, Kansas 66211
	 	Attention: Brent Kivett
	 	Facsimile: (877) 379-1625

 

    	 	-14-	 
Guaranty of Recourse Obligations

     

    

 

	If to Guarantors:	c/o Hospitality Investors Trust, Inc.,
	 	3950 University Drive
	 	Fairfax, Virginia  22030
	 	Attention:  General Counsel
	 	 
	with a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, New York 10006
	 	Attention:  Michael  Weinberger, Esq.
	 	Facsimile No. (212) 693-9649

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.

 

Section
6.3          Governing Law; Jurisdiction; Service of Process.
(a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW
YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY AND THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

 

    	 	-15-	 
Guaranty of Recourse Obligations

     

    

 

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

 

CORPORATION
SERVICE COMPANY

1180
AVENUE OF THE AMERICAS, SUITE 210

NEW
YORK, NY 10036-84011

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.
EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY
TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT
AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT
DESIGNATED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT
CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT
THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION.

 

Section
6.4          Invalid Provisions.
If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during
the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings
and intentions of the parties as expressed herein.

 

Section
6.5          Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought
to be enforced.

 

    	 	-16-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.6          Parties Bound; Assignment.
This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives. Lender shall have the right to assign or transfer its rights under this Guaranty in connection
with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall be entitled to all the benefits
afforded to Lender under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations under
this Guaranty without the prior written consent of Lender, and any attempted assignment without such consent shall be null and
void.

 

Section
6.7          Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

Section
6.8          Recitals.
The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima
facie evidence of the facts and documents referred to therein.

 

Section
6.9          Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be
necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making
proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached
to it additional signature pages.

 

Section
6.10        Rights and Remedies.
If any Guarantor becomes liable for any indebtedness owing by Borrower or any Individual Borrower to Lender, by endorsement or
otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights
of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by
Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent
or subsequent exercise of any other right or remedy.

 

Section
6.11        Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT
OF GUARANTORS AND LENDER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS
GUARANTY IS INTENDED BY GUARANTORS AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF
DEALING BETWEEN GUARANTORS AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT
OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND LENDER.

 

    	 	-17-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.12        Waiver of Right To Trial By Jury. EACH GUARANTOR AND LENDER
EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY
TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE MORTGAGES, THE LOAN
AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO
FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

Section
6.13        Cooperation. Each Guarantor
acknowledges that Lender and its successors and assigns may (i) sell this Guaranty, the Note and the other Loan Documents
to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors, (iii) deposit
this Guaranty, the Note and the other Loan Documents with a trust, which trust may sell certificates to investors evidencing an
ownership interest in the trust assets, or (iv) otherwise sell the Loan or one or more interests therein to investors (the
transactions referred to in clauses (i) through (iv) are hereinafter each referred to as “Secondary Market
Transaction”). Subject to the terms, conditions and limitations set forth in
the Loan Agreement, each Guarantor shall at no cost to any Guarantor, cooperate with Lender in effecting any such Secondary Market
Transaction, shall cooperate to implement all requirements imposed by any of the Rating Agencies involved in any Secondary Market
Transaction and shall provide (or cause Borrower to provide) such information and materials as may be required or necessary pursuant
to Article 9 of the Loan Agreement (on and subject to the same terms and conditions of such Article 9.

 

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

 

Section
6.15        Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Loan Document, no direct or indirect shareholder,
partner, member, principal, Affiliate (other than any Borrower), employee, officer, trustee, director, agent or other representative
of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor be joined as party to, any action with respect to payment, performance or discharge
of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof, Lender for itself
and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money judgment,
deficiency judgment or personal judgment against any Related Party under or by reason of or in connection with this Guaranty; except
that any Related Party that is a party to any Loan Document or any other separate written guaranty, indemnity or other agreement
given by such Related Party in connection with the Loan shall remain fully liable therefor and the foregoing provisions shall not
operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies of the Lender thereunder.

 

    	 	-18-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.16        Gender; Number; General Definitions.
Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in
this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, (c) the word “Borrower” shall
mean “each Borrower and any subsequent owner or owners of any Individual Property or any part thereof or interest therein”,
(d) the word “Lender” shall mean “Lender and any subsequent
holder of the Note”, (e) the word “Note” shall mean “the
Note and any other evidence of indebtedness secured by the Loan Agreement”, (f) the word “Properties”
shall include any portion of any of the Properties and any interest therein, and (g) the phrases “attorneys’ fees”,
“legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk fees
and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred
or paid by Lender in protecting its interest in the Properties, the Leases and/or the Rents and/or in enforcing its rights hereunder.

 

Section
6.17        Joint and Several. The
obligations of each Guarantor hereunder are joint and several.

 

Section
6.18        Certain Tennessee State Specific Provisions.
 Section 1.9 of this Guaranty is hereby amended by incorporating the following new
language thereto: 

 

In
addition, Guarantor waives (a) all Tennessee statutory defenses, including, without limitation, the rights and benefits of (i)
T.C.A. § 47-12-101 (notice requiring creditor to sue – creditors inaction) and (ii)  T.C.A. § 47-3-118(f)
(action to enforce obligation of a party to pay must be commenced within six (6) years after due date), and (b) all common law
defenses to suretyship and impairment of collateral.

 

Section
6.19        Certain California State Specific Provisions.
In the event of any inconsistencies between the other terms and conditions of this Agreement and this Section 6.18, the terms
and conditions of this 6.18 shall control and be binding. In the event that (and only in the event that) any court of competent
jurisdiction determines that, notwithstanding the terms and provisions of Section 5.3 hereof, the laws of the State of California
shall govern in any respect the interpretation or enforcement of all or any portion of this Guaranty, then the following terms
and provisions of this Section 6.18 shall apply:

 

(a)          Modifications
to Loan and Loan Documents. Guarantor agrees that Lender may do any of the following without affecting the enforceability of
this Guaranty or the other Loan Documents: (A) take or release additional security for any obligation in connection with the
Loan Documents; (B) discharge or release (by judicial or nonjudicial foreclosure, acceptance of a deed in lieu of foreclosure
or otherwise) any Person or Persons liable under the Loan Documents; (C) accept or make compositions or other arrangements
or file or refrain from filing a claim in any bankruptcy proceeding of Borrower or any guarantor of Borrower’s obligations
under the Loan Documents or any pledgor of collateral for any Person’s obligations to Lender; and (D) credit payments
in such manner and order of priority to principal, interest or other obligations as Lender may determine in accordance with the
terms of the Loan Documents.

 

    	 	-19-	 
Guaranty of Recourse Obligations

     

    

 

(b)          Waivers.

 

(i)          Guarantor
agrees that Lender’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability
of any of the Loan Documents. Guarantor waives all benefits and defenses it may have under California Civil Code Section 2810
and agrees that Lender’s rights under this Guaranty shall be enforceable even if Borrower had no liability at the time of
execution of the Loan Documents or later ceases to be liable.

 

(ii)         Guarantor
waives all benefits and defenses it may have under California Civil Code Section 2809 and agrees that Lender’s rights
under the Loan Documents will remain enforceable even if the amount secured by the Loan Documents is larger in amount and more
burdensome than that for which Borrower is responsible. The enforceability of the Guaranty against Guarantor shall continue until
all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way by any impairment
or any diminution or loss of value of any security or collateral for Borrower’s obligations under the Loan Documents, from
whatever cause, the failure of any security interest in any such security or collateral or any disability or other defense of Borrower
or any guarantor of Borrower’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s
obligations to Lender or any other Person in connection with the Loan.

 

(iii)        Guarantor
waives all benefits and defenses it may have under California Civil Code Sections 2845, 2849 and 2850 (subject to Section 1.10
of this Guaranty), including, without limitation, the right to require Lender to (i) proceed against Borrower or any guarantor
of Borrower’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s obligations to
Lender or any other Person in connection with the Loan, (ii) proceed against or exhaust any other security or collateral Lender
may hold, or (iii) pursue any other right or remedy for Borrower’s benefit, and agree that Lender may exercise its rights
under this Guaranty or may foreclose against the Property without taking any action against Borrower or any guarantor of Borrower’s
obligations under the Loan Documents, any pledgor of collateral for any Person’s obligations to Lender or any other Person
in connection with the Loan, and without proceeding against or exhausting any security or collateral Lender holds.

 

(iv)        Guarantor
waives any rights or benefits it may have by reason of California Code of Civil Procedure Section 580a which could limit the
amount which Lender could recover in a foreclosure of the Property to the difference between the amount owing under the Loan Documents
and the fair value of any such Property or interests sold at a nonjudicial foreclosure sale or sales of any other real property
held by Lender as security for the obligations under the Loan Documents.

 

    	 	-20-	 
Guaranty of Recourse Obligations

     

    

 

(v)         Guarantor,
as a guarantor or surety, waives diligence and all demands, protests, presentments and notices of protest, dishonor, nonpayment
and acceptance of the Loan Documents.

 

(vi)        Guarantor
waives all rights and defenses that are or may become available to the guarantor or other surety by reason of California Civil
Code Sections 2787 to 2855, inclusive, subject to Section 1.10 of this Guaranty.

 

(c)          Guarantor
Informed of Borrower’s Condition. Guarantor acknowledges that it has had an opportunity to review the Loan Documents,
the value of the security under the Loan Documents and the financial condition of Borrower and the ability of Borrower to satisfy
its obligations to Lender. Guarantor agrees to keep itself fully informed of all aspects of the financial condition of Borrower
and of the performance of Borrower to Lender and agrees that Lender has no duty to disclose to Guarantor any information pertaining
to Borrower or any security for the obligations of Borrower under the Loan Documents.

 

(d)          Waiver
of Estoppel Defense. Upon and during the continuance of an Event of Default, Lender may elect to foreclose nonjudicially
the Lien of any (or each) Mortgage and, if such right has arisen, to also exercise its rights under this Guaranty. Guarantor acknowledges
that its right to seek reimbursement from Borrower for any amounts paid by it to Lender under this Guaranty may be impaired or
destroyed if Lender elects to so foreclose the Lien of any Mortgage. Nevertheless, Guarantor waives any such right to reimbursement
(until the Loan has been indefeasibly paid in full) and agrees that a nonjudicial foreclosure by Lender of the Lien of any Mortgage
will not affect the enforceability of the Loan Documents on Guarantor’s interest in the Property. In order to further effectuate
such waiver, each Guarantor hereby agrees that it waives all rights and defenses arising out of an election of remedies by Lender,
even though that election of remedies, such as a nonjudicial foreclosure of the Lien of any Mortgage, has destroyed its rights
of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise.

 

(e)          Subrogation.
Guarantor waives its rights under California Civil Code Sections 2847, 2848 and 2849 to the extent not inconsistent with Section 1.10
of this Guaranty.

 

(f)          Confirmation
of Waivers. In accordance with California Civil Code Section 2856(c), Guarantor, as guarantor, hereby waives all rights
and defenses that Guarantor may have because the Loan is secured by real property. This means, among other things:

 

(i)          Lender
may collect from Guarantor without first foreclosing on any other real or personal property collateral pledged by Borrower or any
other Person (each an “Other Obligor” and collectively, the “Other Obligors”).

 

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

 

(A)         The
amount of the Loan may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the collateral
is worth more than the sale price.

 

    	 	-21-	 
Guaranty of Recourse Obligations

     

    

 

(B)         Lender
may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may
have to collect from any Other Obligor.

 

This is an unconditional
and irrevocable waiver of any rights and defenses that Guarantor may have because the Loan is secured by real property. These rights
and defenses include, but are not limited to, any rights or defenses based on Sections 580a, 580b, 580d or 726 of the California
Code of Civil Procedure.

 

[NO FURTHER TEXT ON THIS PAGE.]

 

    	 	-22-	 
Guaranty of Recourse Obligations

     

    

 

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

 

	 	GUARANTOR:
	 	 
	 	HOSPITALITY INVESTORS TRUST OPERATING  PARTNERSHIP,  L.P., a
Delaware limited partnership

	 	 	 	 
	 	By:	Hospitality Investors Trust, Inc.,

a Maryland  corporation,
    its general partner 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC.,
a Maryland corporation

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary

 

    	 	Signature Page	 
Guaranty of Recourse Obligations

     

    

 

SCHEDULE I

BORROWER

 

	1.	HIT Portfolio I Owner, LLC, a Delaware limited liability company
	2.	HIT Portfolio I BHGL Owner, LLC, a Delaware limited liability company
	3.	HIT Portfolio I PXGL Owner, LLC, a Delaware limited liability company
	4.	HIT Portfolio I GBGL Owner, LLC, a Delaware limited liability company
	5.	HIT Portfolio I NFGL Owner, LLC, a Delaware limited liability company
	6.	HIT Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company
	7.	HIT Portfolio I NTC Owner, LP, a Delaware limited partnership
	8.	HIT Portfolio I DLGL Owner, LP, a Delaware limited partnership

 

    	 	Schedule I-1	 
Guaranty of Recourse Obligations

     

    

 

SCHEDULE II

OPERATING LESSEE

 

	1.	HIT Portfolio I TRS, LLC, a Delaware limited liability company
	2.	HIT Portfolio I HIL TRS, LLC, a Delaware limited liability company
	3.	HIT Portfolio I MCK TRS, LLC, a Delaware limited liability company
	4.	HIT Portfolio I MISC TRS, LLC, a Delaware limited liability company
	5.	HIT Portfolio I DEKS TRS, LLC, a Delaware limited liability company
	6.	HIT Portfolio I NTC TRS, LP, a Delaware limited partnership
	7.	HIT Portfolio I NTC HIL TRS, LP, a Delaware limited partnership

 

    	 	Schedule II-1	 
Guaranty of Recourse ObligationsExhibit 10.5

 

GUARANTY OF RECOURSE OBLIGATIONS

(MEZZANINE) 

 

This GUARANTY OF
RECOURSE OBLIGATIONS (MEZZANINE) (this “Guaranty”) is executed as of April 28, 2017, by HOSPITALITY
INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP Guarantor”),
and hOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (“Parent
Guarantor”), each having an office at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia
22030 (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German Bank authorized by the
New York Department of Financial Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together
with its successors and/or assigns, “DBNY”), CITIGROUP GLOBAL MARKETS REALTY CORP., a New York
corporation, have an address at 390 Greenwich Street, New York, New York 10013 (together with its successors and/or assigns, “Citi”),
and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America,
having an address at 383 Madison Avenue, New York, New York 10179 (together with its successors and assigns, “JPM”
and together with Citi and DBNY and each of their respective successors and/or assigns, collectively, “Lender”).

 

WITNESSETH:

 

A.           Pursuant
to (i) that certain Mezzanine Promissory Note A-1, dated of even date herewith, executed by HIT PORTFOLIO I MEZZ, LP, a
Delaware limited partnership, having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia
22030 (together with its permitted successors and assigns, “Borrower”), and payable to the order of DBNY
in the original principal amount of $44,000,000.00 (as the same may hereafter be amended, supplemented, restated, split into multiple
notes, increased, extended or consolidated from time to time, “Note A-1”), (ii) that certain Mezzanine
Promissory Note A-2, dated of even date herewith, executed by Borrower and payable to the order of Citi in the original principal
amount of $44,000,000.00 (as the same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended
or consolidated from time to time, “Note A-2”), and (iii) that certain Mezzanine Promissory Note A-3,
dated of even date herewith, executed by Borrower and payable to the order of JPM in the original principal amount of $22,000,000.00
(as the same may hereafter be amended, supplemented, restated, split into multiple notes, increased, extended or consolidated from
time to time, “Note A-3”, and together with Note A-1 and Note A-2, collectively, the “Note”),
Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the “Loan”)
which is made pursuant to that certain Mezzanine Loan Agreement, dated of even date herewith, among Borrower, HIT Portfolio I TRS
Holdco, LLC and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified from time to time, the
“Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in the Loan Agreement.

 

     

     

    

 

B.           Lender
is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantors unconditionally guarantee the payment
and performance to Lender of the Guaranteed Obligations (as herein defined).

 

C.           Guarantors
are the owners of direct or indirect interests in Borrower, and each Guarantor will directly benefit from Lender’s making
the Loan to Borrower.

 

NOW, THEREFORE, as
an inducement to Lender to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree
to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties do hereby agree as follows:

 

ARTICLE
1 

NATURE AND SCOPE OF GUARANTY

 

Section
1.1          Guaranty of Obligation.

 

(a)          Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and
assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally covenants
and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and
(ii) from and after the date that any Springing Recourse Event occurs, payment of all of the Obligations, subject to the BK
Cap in those instances where the BK Cap applies to the obligations of Borrower in respect of a Springing Recourse Event.

 

(c)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived any
right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim
for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing
to Lender in accordance with the Loan Documents.

 

Section
1.2          Nature of Guaranty.
This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This
Guaranty may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising
or created after any attempted revocation by any Guarantor and after (if such Guarantor is a natural person) such Guarantor’s
death (in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s legal representatives
and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of any Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced
by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of
the Note.

 

    	 	-2-	 
Guaranty of Recourse Obligations

     

    

 

Section
1.3          Guaranteed Obligations Not Reduced by Offset.
The Guaranteed Obligations and the liabilities and obligations of Guarantors to Lender hereunder shall not be reduced, discharged
or released because or by reason of any existing or future offset, claim or defense of Borrower or any other party against Lender
or against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed
Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

 

Section
1.4          Payment By Guarantors.
If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration
or otherwise, Guarantors shall, immediately upon demand by Lender and without presentment, protest, notice of protest, notice of
non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever,
pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address
as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the
Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed Obligations.
Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.

 

Section
1.5          No Duty To Pursue Others.
It shall not be necessary for Lender (and each Guarantor hereby waives any rights which such Guarantor may have to require Lender),
in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust its remedies against Borrower
or others liable on the Loan or the Guaranteed Obligations or any other Person, including, without limitation, any general partner
of any of the foregoing which is a partnership, (ii) enforce Lender’s rights against any collateral which shall ever
have been given to secure the Loan, (iii) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations,
including, without limitation, any general partner of any of the foregoing which is a partnership, (iv) join Borrower or any
others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v) exhaust any remedies available
to Lender against any collateral which shall ever have been given to secure the Loan, or (vi) resort to any other means of
obtaining payment of the Guaranteed Obligations, including, to the extent California law is deemed to apply notwithstanding the
choice of law set forth herein, any of the foregoing which may be available to Lender by virtue of California Civil Code Sections
2845, 2849, and 2850. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the
Guaranteed Obligations.

 

Section
1.6          Waivers. Each
Guarantor acknowledges receipt of copies of the Loan Documents and hereby waives notice of (i) any loans or advances made
by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note, the Pledge Agreement,
the Loan Agreement or any other Loan Document, (iv) the execution and delivery by Borrower and Lender of any other loan or
credit agreement or of execution and delivery by Borrower of any promissory note or other document arising under the Loan Documents
or in connection with any Individual Property, (v) the occurrence of (A) any breach by Borrower of any of the terms or
conditions of the Loan Agreement or any of the other Loan Documents, or (B) an Event of Default, (vi) Lender’s
transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii) the sale or foreclosure (or the posting
or advertising for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment
or default by Borrower, or (ix) any other action at any time taken or omitted by Lender and, generally, all demands and notices
of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating
to any of the Guaranteed Obligations and/or the obligations hereby guaranteed.

 

    	 	-3-	 
Guaranty of Recourse Obligations

     

    

 

Section
1.7          Payment of Expenses.
In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately
upon demand by Lender, pay Lender all reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’
fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder. The covenant contained
in this Section shall survive the payment and performance of the Guaranteed Obligations.

 

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

 

Section
1.9         Waiver and Postponement of Subrogation,
Reimbursement and Contribution. Notwithstanding anything to the contrary contained in
this Guaranty, each Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, for so long as
both any portion of the Debt shall be outstanding and a Permitted Direct Assumption shall not have been consummated in
accordance with the Loan Agreement, does hereby irrevocably waive and defer any and all rights it may now or hereafter have
under any agreement, at law or in equity (including, without limitation, any law subrogating Guarantors’ rights to the
rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from
Borrower or any other party liable to Lender for the payment of any or all of the Guaranteed Obligations for any payment made
by Guarantors under or in connection with this Guaranty or otherwise; provided that, for clarity, such postponement and
waiver shall only be in effect for so long as any portion of the Debt shall be outstanding (or shall have been reinstated). 

 

    	 	-4-	 
Guaranty of Recourse Obligations

     

    

 

Section
1.10        Limitations on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, and any Person that either (or both) (a) is
in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any general partner or managing member
of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”), or (b) is either
(1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any
Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the Guarantors directly
or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a Person
with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, thirty-five percent (35%)
or more of the direct or indirect voting equity interests in such Person, provided, however, that, notwithstanding
the foregoing, (I) no Person shall be deemed to be a Guarantor Affiliate to the extent Controlled by a Controlling Mezzanine Lender
(as defined below) in the exercise of its Direct Control Remedies (as defined below) or (y) in connection with or by virtue solely
of any direct or indirect interest in Transferee Borrower or Indirect Transferee and (II) in no event shall either Goldman Sachs
Mortgage Company or GS Commercial Real Estate LP be deemed a Guarantor Affiliate. Subject to clause (II) in the foregoing proviso,
and without limiting the foregoing, if a direct or indirect interest in a Mezzanine Loan is held by a Guarantor Affiliate, the
related Mezzanine Lender will be deemed a Guarantor Affiliate unless such Guarantor Affiliate is a Disabled Participant (as defined
below) and one or more other holders of substantial interests in such Mezzanine Loan that are not Guarantor Affiliates control
the administration of such Mezzanine Loan and the enforcement of the rights and remedies of such Mezzanine Lender. A Guarantor
Affiliate is a “Disabled Participant” with respect to a Mezzanine Loan if it has no right to exercise
any voting or other control rights with respect to such Mezzanine Loan (other than the right to approve amendments to the material
economic terms of such Mezzanine Loan).

 

(b)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Guarantor Affiliate of the direct ownership interests
in the Owner, the SPC Party, the general partner of Owner or any Mezzanine Borrower pledged as collateral for a Mezzanine Loan
pursuant to the Mezzanine Loan Documents, any transfer in lieu of foreclosure of the equity pledged as collateral for any Mezzanine
Loan to, on behalf of, or for the benefit or account of any Mezzanine Lender that is not a Guarantor Affiliate (any such foreclosure
or transfer-in-lieu thereof, a “Mezzanine Divestment”), with the result that neither of the Guarantors
nor any other Guarantor Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no longer Controlled
by either of the Guarantors or any other Guarantor Affiliate) shall have Control of any one or more Owners (each such Owner, a
“Divested Borrower”), or

 

(ii)         (A)
any foreclosure (whether judicially or non-judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the benefit or account of Lender or (C) a receiver, trustee, liquidator, conservator
or other third-party appointed by, on behalf of or for the benefit or account of Lender taking control of any Individual Property
(any such foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”),
with the result, in any such case, that neither of the Guarantors nor any other Guarantor Affiliate shall have the power to direct
the management of, any one or more of the Properties thereby foreclosed, transferred or controlled (each such Property,
a “Divested Property”), then, in such cases, Guarantors shall not have any liability under the
Loan Documents for any Guaranteed Obligations arising from any circumstance, condition, action or event with respect to any such
Divested Property or Divested Borrower first occurring after the date of the Mortgage Divestment or Mezzanine Divestment, as applicable,
and not caused by the acts of either of the Guarantors or any other Guarantor Affiliate, or any Loan Party (excluding any Loan
Party who as a result of a Mezzanine Divestment is no longer Controlled by either of the Guarantors or any other Guarantor Affiliate);
provided that Guarantors shall remain liable hereunder for any Guaranteed Obligations to the extent arising from any action or
event occurring with respect to any such Divested Property or Divested Borrower prior to the date of the Mortgage Divestment or
Mezzanine Divestment, as applicable.

 

    	 	-5-	 
Guaranty of Recourse Obligations

     

    

 

(c)          In
the event that either a Permitted Direct Assumption or Permitted Indirect Assumption shall occur in accordance with Section
7.1 of the Loan Agreement and Lender receives in connection therewith a replacement guaranty and replacement environmental
indemnity (collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Guarantors from liability for any Guaranteed Obligations arising from any circumstance, condition, action or event first occurring
after the effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the
extent the same is not caused by either of the Guarantors or any Guarantor Affiliate (it being understood that circumstances, conditions,
actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall be deemed to not have been caused
by any Guarantor or any Guarantor Affiliate); provided, however, that Guarantors shall remain liable hereunder for any Guaranteed
Obligations arising from any action or event occurring prior to the Assumption Release Date.

 

(d)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Guarantor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine Loan Documents,
(i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership interests
of the applicable Owner, SPC Party, any general partner of Owner or any Mezzanine Borrower pledged to such Mezzanine Lender as
collateral for its Mezzanine Loan under the related Mezzanine Loan Documents, of such ownership interests in the applicable Owner,
SPC Party, any general partner of Owner or any Mezzanine Borrower so pledged as collateral for such Mezzanine Loan, or (ii) appoints
a receiver, trustee, liquidator, conservator or other third-party that is not a Guarantor Affiliate to take control of the equity
pledged as collateral for such Mezzanine Loan (the “Direct Control Remedies”, and such Mezzanine Lender,
or such receiver, trustee, liquidator, conservator or other third party appointed by such Mezzanine Lender, exercising such Direct
Control Remedies, the “Controlling Mezzanine Lender”), Guarantors shall not have liability hereunder
for the actions that such Controlling Mezzanine Lender, in the exercise of its Direct Control Remedies, causes any Owner, any SPC
Party, any general partner of Owner or any Mezzanine Borrower to take (“Mezzanine Lender Controlled Actions”)
if such Mezzanine Lender Controlled Actions are taken without consent of or collusion with, either of the Guarantors or any Guarantor
Affiliate.

 

(e)          Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Loan; provided, however, that the Guaranteed
Obligations shall survive such termination with respect to any and all such Guaranteed Obligations accruing prior to or arising
out of or related to any circumstances, conditions, actions or events occurring or arising prior to the date of such repayment
and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur or the applicable circumstance,
condition, action or event is not discovered until after such date.

 

    	 	-6-	 
Guaranty of Recourse Obligations

     

    

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

Subject to Section
1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of the following
and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without
limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following:

 

Section
2.1          Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Note, the Pledge Agreement, the Loan Agreement, the other Loan Documents or any other document, instrument, contract or understanding
between Borrower and Lender or any other parties pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantors
of any such action.

 

Section
2.2          Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or any Guarantor.

 

Section
2.3          Condition of Borrower or Guarantors.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower,
any Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution
of Borrower or any Guarantor or, subject to Section 1.10(b) and (c) hereof, any sale, lease or transfer of any or
all of the assets of Borrower or any Guarantor or, subject to Section 1.10(b) and (c) hereof, any changes in the
direct or indirect shareholders, partners or members, as applicable, of Borrower or any Guarantor; or any reorganization of Borrower
or any Guarantor.

 

Section
2.4          Invalidity of Guaranteed Obligations.
The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed
in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i) the
Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations
or any part thereof is ultra vires, (iii) the officers or representatives executing the Note, the Pledge Agreement, the Loan
Agreement or the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the
Guaranteed Obligations violate applicable usury laws, (v) Borrower has valid defenses, claims or offsets (whether at law,
in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the
creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or
instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to
secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note, the Pledge
Agreement, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or
authentic, it being agreed that Guarantors shall remain liable hereon regardless of whether Borrower or any other Person be found
not liable on the Guaranteed Obligations or any part thereof for any reason.

 

    	 	-7-	 
Guaranty of Recourse Obligations

     

    

 

Section
2.5          Release of Obligors.
Any full or partial release of the liability of Borrower for the Guaranteed Obligations or any part thereof, or of any co-guarantors,
or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to
pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged
and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations in full without assistance or
support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the basis of a contemplation, belief,
understanding or agreement that other Persons (including Borrower) will be liable to pay or perform the Guaranteed Obligations
or that Lender will look to other Persons (including Borrower) to pay or perform the Guaranteed Obligations.

 

Section
2.6          Other Collateral.
The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the
Guaranteed Obligations.

 

Section
2.7          Release of Collateral.
Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent,
willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with,
or assuring or securing payment of, all or any part of the Guaranteed Obligations, subject, however, to the terms of Section
1.10 hereof.

 

Section
2.8          Care and Diligence.
The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to,
any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of any of
the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion
any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument
or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

Section
2.9          Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that
such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations.

 

Section
2.10        Offset. Any existing
or future right of offset, claim or defense of Borrower against Lender, or any other party, or against payment of the Guaranteed
Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions
creating the Guaranteed Obligations) or otherwise.

 

Section
2.11        Merger. The reorganization,
merger or consolidation of any one or both of the Individual Owners or any Mezzanine Borrower into or with any other Person.

 

    	 	-8-	 
Guaranty of Recourse Obligations

     

    

 

Section
2.12        Preference. Any payment
by Borrower to Lender is held to constitute a preference under the Bankruptcy Code or for any reason Lender is required to refund
such payment or pay such amount to Borrower or to any other Person.

 

Section
2.13        Other Actions Taken or Omitted.
Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations or the security and
collateral therefor, whether or not such action or omission prejudices Guarantors or increases the likelihood that Guarantors will
be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention
of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed
Obligations.

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce Lender to
enter into the Loan Documents and to extend credit to Borrower, each Guarantor represents and warrants to Lender as follows:

 

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

 

Section
3.2          Familiarity and Reliance.
Each Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower
and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed
Obligations; however, such Guarantor is not relying on such financial condition or the collateral as an inducement to enter into
this Guaranty.

 

Section
3.3          No Representation By Lender.
Neither Lender nor any other party has made any representation, warranty or statement to any Guarantor in order to induce such
Guarantor to execute this Guaranty.

 

Section
3.4          Each Guarantor’s Financial Condition.
As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, each Guarantor
(a) is and intends to remain solvent, (b) has and intends to have assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and (c) has and intends to have property and assets sufficient to
satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.

 

Section
3.5          Legality.
The execution, delivery and performance by each Guarantor of this Guaranty and the consummation of the transactions contemplated
hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is
subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or
result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor
is a party or which may be applicable to such Guarantor. This Guaranty is a legal and binding obligation of each Guarantor and
is enforceable against such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of
general application relating to the enforcement of creditors’ rights.

 

    	 	-9-	 
Guaranty of Recourse Obligations

     

    

 

Section
3.6          No Plan Assets.         Neither
Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of either Guarantor constitutes or will, during any period
when the Loan remains outstanding, constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R.
Section 2510.3-101. In addition, (a) neither Guarantor is a “governmental plan” within the meaning of Section 3(32)
of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating investments of, or fiduciary
obligations with respect to, governmental plans. As of the date hereof, neither any of the Guarantors, nor any member of a “controlled
group of corporations” (within the meaning of Section 414 of the Code) maintains, sponsors or contributes to a “defined
benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning
of Section 3(37)(A) of ERISA).

 

Section
3.7          ERISA.         Neither
Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation,
or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Loan Agreement or
the other Loan Documents) to be a non-exempt prohibited transaction under ERISA.

 

Section
3.8          Survival.
All representations and warranties made by each Guarantor herein shall survive the execution hereof.

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1          Subordination of All Guarantor Claims.
As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of Borrower to any one or both of the Guarantors, whether such debts and liabilities now exist or are hereafter incurred
or arise, and whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several,
or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise,
and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter
be, created, or the manner in which they have been, or may hereafter be, acquired by the applicable Guarantor or Guarantors. The
Guarantor Claims shall include, without limitation, all rights and claims of any one or both of the Guarantors against Borrower
(arising as a result of subrogation or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations by any
Guarantor or the Guarantors. So long as any portion of the Obligations or the Guaranteed Obligations remain outstanding, no Guarantor
shall receive or collect, directly or indirectly, from Borrower or any other Person obligated to Lender any amount upon the Guarantor
Claims.

 

    	 	-10-	 
Guaranty of Recourse Obligations

     

    

 

Section
4.2          Claims in Bankruptcy.
In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceeding
involving any Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its
rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise
be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for
application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to any Guarantor and which,
as between Borrower and any one or both of the Guarantors, shall constitute a credit against the Guarantor Claims, then, upon payment
to Lender in full of the Guaranteed Obligations or, if earlier, upon consummation of a Permitted Direct Assumption in accordance
with Section 7.1 of the Loan Agreement, such Guarantor shall become subrogated to the rights of Lender to the extent that
such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such
subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not
received dividends or payments upon the Guarantor Claims.

 

Section
4.3          Payments Held in Trust.
Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds,
payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender
an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lender,
and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received
except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay
the same to Lender.

 

Section
4.4          Liens Subordinate.
Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon the assets of Borrower
securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment
liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guaranteed Obligations, regardless of
whether such encumbrances in favor of any Guarantor or Lender presently exist or are hereafter created or attach. Without the prior
written consent of Lender, so long as both (a) any portion of the Debt shall be outstanding and (b) a Permitted Direct Assumption
shall not have been consummated in accordance with the Loan Agreement, then no Guarantor shall (i) exercise or enforce any creditor’s
rights it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or
proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy,
rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests,
collateral rights, judgments or other encumbrances on the assets of Borrower held by any Guarantor. 

 

ARTICLE
5 

COVENANTS

 

Section
5.1          Definitions.
As used in this Article 5, the following terms shall have the respective meanings set forth below:

 

(a)         “GAAP”
shall mean generally accepted accounting principles, consistently applied.

 

    	 	-11-	 
Guaranty of Recourse Obligations

     

    

 

(b)         “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date, including Uncalled Commitments,
and for the purposes of determining Net Worth adding accumulated depreciation and amortization to the value of such assets (without
regard to the Properties or any equity therein) less (ii) such Person’s total liabilities as of such date, determined in
accordance with GAAP, exclusive of any liability under the Loan Documents, the Mezzanine Loan Documents, and, for avoidance of
doubt, treating the arrangements with Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC and W2007 Equity Inns
Senior Mezz, LLC as equity and not debt.

 

Section
5.2          Covenants.
Until all of the Obligations and the Guaranteed Obligations have been paid in full or, if earlier, the occurrence of any of the
events described in Section 1.10(b)-(e) that limits or releases Guarantor’s liability from and after any such events, Guarantors
shall maintain an aggregate Net Worth of not less than $250,000,000 (excluding accumulated depreciation and amortization) (the
“Net Worth Threshold”).

 

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

 

Section
5.4          Financial Statements. Parent
Guarantor shall deliver to Lender:

 

(a)          within
120 days after the end of each fiscal year of Parent Guarantor, a complete copy of annual consolidated financial statements, together
with a certificate of the Parent Guarantor and the OP Guarantor certifying that such annual consolidated financial statements are
true, correct, accurate and complete and fairly present the financial condition and results of the operations of such Guarantor
(it being acknowledged that a copy of the annual audit report filed by the Parent Guarantor with the Securities and Exchange Commission
shall satisfy the foregoing requirements);

 

(b)          within
90 days after the end of each fiscal quarter of Parent Guarantor, consolidated financial statements, together with a certificate
of the Parent Guarantor and the OP Guarantor certifying that, to the best of signer’s knowledge, such quarterly financial
statements fairly present the financial condition and results of the operations of such Guarantor in a manner consistent with GAAP
(subject to year-end adjustments) (it being acknowledged that a copy of the quarterly financial report filed by the Parent Guarantor
with the Securities and Exchange Commission shall satisfy the foregoing requirements); and

 

(c)          10
Business Days after request by Lender, such other financial information with respect to Parent Guarantor as Lender may reasonably
request.

 

    	 	-12-	 
Guaranty of Recourse Obligations

     

    

 

ARTICLE
6 

MISCELLANEOUS

 

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

 

Section
6.2          Notices. All
notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:

 

	If to Lender:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  General Counsel
	 	Facsimile No. (646) 736-5721
	 	 
	and to:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  Robert W. Pettinato, Jr.
	 	Facsimile No. (212) 797-4489
	 	 
	and to:	Citigroup Global Markets Realty Corp.
	 	390 Greenwich Street
	 	7th Floor
	 	New York, New York 10013
	 	Attention:  Ana Rosu Marmann
	 	Facsimile No.:  (646) 328-2938
	 	 
	and to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue

 

    	 	-13-	 
Guaranty of Recourse Obligations

     

    

 

	 	New York, New York 10179
	 	Attention:  Thomas N. Cassino
	 	Facsimile No.:  (212) 834-6029
	 	 
	with a copy to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Nancy Alto
	 	Facsimile No.:  (917) 546-2564
	 	 
	with a copy to:	Cadwalader, Wickersham & Taft LLP
	 	One World Financial Center
	 	New York, New York
	 	Attention:  William P. McInerney, Esq.
	 	Facsimile No. (212) 504-6666
	 	 
	with a copy to:	KeyCorp Real Estate Capital Markets, Inc.
	 	11501 Outlook, Suite 300
	 	Overland Park, Kansas 66211
	 	Attention: Brent Kivett
	 	Facsimile: (877) 379-1625
	 	 
	If to Guarantors:	c/o Hospitality Investors Trust, Inc.,
	 	3950 University Drive
	 	Fairfax, Virginia  22030
	 	Attention:  General Counsel
	 	 
	with a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, New York 10006
	 	Attention:  Michael  Weinberger, Esq.
	 	Facsimile No. (212) 693-9649

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there
is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.

 

    	 	-14-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.3          Governing Law; Jurisdiction; Service of Process.
(a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW
YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY AND THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

 

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

 

CORPORATION
SERVICE COMPANY

1180
AVENUE OF THE AMERICAS, SUITE 210

NEW
YORK, NY 10036-84011

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.
EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY
TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT
AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT
DESIGNATED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT
CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT
THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION.

 

    	 	-15-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.4          Invalid Provisions.
If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during
the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings
and intentions of the parties as expressed herein.

 

Section
6.5          Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought
to be enforced.

 

Section
6.6          Parties Bound; Assignment.
This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives. Lender shall have the right to assign or transfer its rights under this Guaranty in connection
with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall be entitled to all the benefits
afforded to Lender under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations under
this Guaranty without the prior written consent of Lender, and any attempted assignment without such consent shall be null and
void.

 

Section
6.7          Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

Section
6.8          Recitals.
The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima
facie evidence of the facts and documents referred to therein.

 

Section
6.9          Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be
necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making
proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached
to it additional signature pages.

 

    	 	-16-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.10         Rights and Remedies.
If any Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under
this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy
hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any
other right or remedy.

 

Section
6.11         Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT
OF GUARANTORS AND LENDER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS
GUARANTY IS INTENDED BY GUARANTORS AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF
DEALING BETWEEN GUARANTORS AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT
OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND LENDER.

 

Section
6.12         Waiver of Right To Trial By Jury. EACH GUARANTOR AND LENDER
EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY
TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE PLEDGE AGREEMENT, THE
LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO
FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES.

 

Section
6.13         Cooperation. Each Guarantor
acknowledges that Lender and its successors and assigns may (i) sell this Guaranty, the Note and the other Loan Documents
to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors, (iii) deposit
this Guaranty, the Note and the other Loan Documents with a trust, which trust may sell certificates to investors evidencing an
ownership interest in the trust assets, or (iv) otherwise sell the Loan or one or more interests therein to investors (the
transactions referred to in clauses (i) through (iv) are hereinafter each referred to as “Secondary Market
Transaction”). Subject to the terms, conditions and limitations set forth in
the Loan Agreement, each Guarantor shall at no cost to any Guarantor, cooperate with Lender in effecting any such Secondary Market
Transaction, shall cooperate to implement all requirements imposed by any of the Rating Agencies involved in any Secondary Market
Transaction and shall provide (or cause Borrower to provide) such information and materials as may be required or necessary pursuant
to Article 9 of the Loan Agreement (on and subject to the same terms and conditions of such Article 9.

 

    	 	-17-	 
Guaranty of Recourse Obligations

     

    

 

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

 

Section
6.15        Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Loan Document, no direct or indirect shareholder,
partner, member, principal, Affiliate (other than Borrower), employee, officer, trustee, director, agent or other representative
of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor be joined as party to, any action with respect to payment, performance or discharge
of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof, Lender for itself
and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money judgment,
deficiency judgment or personal judgment against any Related Party under or by reason of or in connection with this Guaranty; except
that any Related Party that is a party to any Loan Document or any other separate written guaranty, indemnity or other agreement
given by such Related Party in connection with the Loan shall remain fully liable therefor and the foregoing provisions shall not
operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies of the Lender thereunder.

 

Section
6.16        Gender; Number; General Definitions.
Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in
this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, (c) the word “Borrower” shall
mean “Borrower and any subsequent owner or owners of the Collateral or any part thereof or interest therein”, (d) the
word “Lender” shall mean “Lender and any subsequent holder of
the Note”, (e) the word “Note” shall mean “the Note
and any other evidence of indebtedness secured by the Loan Agreement”, (f) the word “Collateral”
shall include any portion of the collateral pledged for the Loan and any interest therein, and (g) the phrases “attorneys’
fees”, “legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and
law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels,
incurred or paid by Lender in protecting its interest in the Collateral and/or in enforcing its rights hereunder.

 

Section
6.17        Joint and Several. The
obligations of each Guarantor hereunder are joint and several.

 

    	 	-18-	 
Guaranty of Recourse Obligations

     

    

 

Section
6.18        Certain California State Specific Provisions.
In the event of any inconsistencies between the other terms and conditions of this Agreement and this Section 6.18, the terms
and conditions of this 6.18 shall control and be binding. In the event that (and only in the event that) any court of competent
jurisdiction determines that, notwithstanding the terms and provisions of Section 5.3 hereof, the laws of the State of California
shall govern in any respect the interpretation or enforcement of all or any portion of this Guaranty, then the following terms
and provisions of this Section 6.18 shall apply:

 

(a)          Modifications
to Loan and Loan Documents. Guarantor agrees that Lender may do any of the following without affecting the enforceability of
this Guaranty or the other Loan Documents: (A) take or release additional security for any obligation in connection with the
Loan Documents; (B) discharge or release (by judicial or nonjudicial foreclosure, acceptance of a deed in lieu of foreclosure
or otherwise) any Person or Persons liable under the Loan Documents; (C) accept or make compositions or other arrangements
or file or refrain from filing a claim in any bankruptcy proceeding of Borrower or any guarantor of Borrower’s obligations
under the Loan Documents or any pledgor of collateral for any Person’s obligations to Lender; and (D) credit payments
in such manner and order of priority to principal, interest or other obligations as Lender may determine in accordance with the
terms of the Loan Documents.

 

(b)          Waivers.

 

(i)          Guarantor
agrees that Lender’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability
of any of the Loan Documents. Guarantor waives all benefits and defenses it may have under California Civil Code Section 2810
and agrees that Lender’s rights under this Guaranty shall be enforceable even if Borrower had no liability at the time of
execution of the Loan Documents or later ceases to be liable.

 

(ii)         Guarantor
waives all benefits and defenses it may have under California Civil Code Section 2809 and agrees that Lender’s rights
under the Loan Documents will remain enforceable even if the amount secured by the Loan Documents is larger in amount and more
burdensome than that for which Borrower is responsible. The enforceability of the Guaranty against Guarantor shall continue until
all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way by any impairment
or any diminution or loss of value of any security or collateral for Borrower’s obligations under the Loan Documents, from
whatever cause, the failure of any security interest in any such security or collateral or any disability or other defense of Borrower
or any guarantor of Borrower’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s
obligations to Lender or any other Person in connection with the Loan.

 

(iii)        Guarantor
waives all benefits and defenses it may have under California Civil Code Sections 2845, 2849 and 2850 (subject to Section 1.10
of this Guaranty), including, without limitation, the right to require Lender to (i) proceed against Borrower or any guarantor
of Borrower’s obligations under the Loan Documents, any other pledgor of collateral for any Person’s obligations to
Lender or any other Person in connection with the Loan, (ii) proceed against or exhaust any other security or collateral Lender
may hold, or (iii) pursue any other right or remedy for Borrower’s benefit, and agree that Lender may exercise its rights
under this Guaranty or may foreclose against the Property without taking any action against Borrower or any guarantor of Borrower’s
obligations under the Loan Documents, any pledgor of collateral for any Person’s obligations to Lender or any other Person
in connection with the Loan, and without proceeding against or exhausting any security or collateral Lender holds.

 

    	 	-19-	 
Guaranty of Recourse Obligations

     

    

 

(iv)        Guarantor,
as a guarantor or surety, waives diligence and all demands, protests, presentments and notices of protest, dishonor, nonpayment
and acceptance of the Loan Documents.

 

(v)         Guarantor
waives all rights and defenses that are or may become available to the guarantor or other surety by reason of California Civil
Code Sections 2787 to 2855, inclusive, subject to Section 1.10 of this Guaranty.

 

(c)          Guarantor
Informed of Borrower’s Condition. Guarantor acknowledges that it has had an opportunity to review the Loan Documents,
the value of the security under the Loan Documents and the financial condition of Borrower and the ability of Borrower to satisfy
its obligations to Lender. Guarantor agrees to keep itself fully informed of all aspects of the financial condition of Borrower
and of the performance of Borrower to Lender and agrees that Lender has no duty to disclose to Guarantor any information pertaining
to Borrower or any security for the obligations of Borrower under the Loan Documents.

 

(d)          Subrogation.
Guarantor waives its rights under California Civil Code Sections 2847, 2848 and 2849 to the extent not inconsistent with Section 1.10
of this Guaranty.

 

[NO FURTHER TEXT ON THIS PAGE.]

 

    	 	-20-	 
Guaranty of Recourse Obligations

     

    

 

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

 

	 	GUARANTOR:
	 	 
	 	HOSPITALITY INVESTORS TRUST OPERATING  PARTNERSHIP,  L.P., a
Delaware limited partnership

	 	 	 	 
	 	By:	Hospitality Investors Trust, Inc.,

a Maryland  corporation,
    its general partner 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC.,
a Maryland corporation

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary

 

    	 	Signature Page
	 
Guaranty of Recourse Obligations

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]