Document:

Exhibit 10.1

 

 

 

 

 

 

 

ADVISORY AGREEMENT

 

Among

 

NRI REAL TOKEN ADVISORS LLC,

 

NRI REAL TOKEN LP,

 

NRI REAL TOKEN THESIS LLC,

 

and

 

NRI REAL TOKEN INC.

 

October 29, 2021

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article 1	DEFINITIONS	1
	 	 	 
	Article 2	APPOINTMENT	4
	 	 	 
	Article 3	DUTIES OF THE ADVISOR	4
	 	 	 
	3.01	Offering Services	4
	 	 	 
	3.02	Acquisition Services.	5
	 	 	 
	3.03	Asset Management Services.	5
	 	 	 
	3.04	Accounting and Other Administrative Services:	6
	 	 	 
	3.05	Stockholder Services.	7
	 	 	 
	3.06	Financing Services.	7
	 	 	 
	3.07	Disposition Services.	7
	 	 	 
	Article 4	AUTHORITY OF ADVISOR	8
	 	 	 
	4.01	General	8
	 	 	 
	4.02	Powers of the Advisor	8
	 	 	 
	4.03	Approval by Directors.	8
	 	 	 
	Article 5	BANK ACCOUNTS	8
	 	 	 
	Article 6	RECORDS AND FINANCIAL STATEMENTS	9
	 	 	 
	Article 7	LIMITATION ON ACTIVITIES	9
	 	 	 
	Article 8	RELATIONSHIP WITH DIRECTORS AND OFFICERS	10
	 	 	 
	Article 9	FEES	10
	 	 	 
	9.01	Acquisition Fees	10
	 	 	 
	9.02	Asset Management, Accounting and Other Administrative Services Fees	10
	 	 	 
	9.03	Debt Financing Fees	10
	 	 	 
	9.04	Disposition Fees	11

 

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	Article 10	EXPENSES	11
	 	 	 
	10.01	General	11
	 	 	 
	10.02	Reimbursement to Advisor	12
	 	 	 
	Article 11	OTHER SERVICES	12
	 	 	 
	Article 12	RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	13
	 	 	 
	12.01	Relationship	13
	 	 	 
	12.02	Time Commitment	13
	 	 	 
	12.03	Investment Opportunities and Allocation	13
	 	 	 
	Article 13	THE NRI NAME	13
	 	 	 
	Article 14	TERM AND TERMINATION OF THE AGREEMENT	14
	 	 	 
	14.01	Term	14
	 	 	 
	14.02	Termination by the Company	14
	 	 	 
	14.03	Termination by the Advisor	14
	 	 	 
	14.04	Payments on Termination and Survival of Certain Rights and Obligations	14
	 	 	 
	14.05	Repurchase of Units.	15
	 	 	 
	Article 15	ASSIGNMENT	15
	 	 	 
	Article 16	INDEMNIFICATION AND LIMITATION OF LIABILITY	15
	 	 	 
	16.01	Indemnification by the Company	15
	 	 	 
	16.02	Indemnification by the Advisor	16
	 	 	 
	16.03	Advisor’s Liability	16
	 	 	 
	Article 17	MISCELLANEOUS	17
	 	 	 
	17.01	Notices	17
	 	 	 
	17.02	Modification	17
	 	 	 
	17.03	Severability	17
	 	 	 
	17.04	Construction	17
	 	 	 
	17.05	Entire Agreement	18
	 	 	 
	17.06	Waiver	18
	 	 	 
	17.07	Gender	18
	 	 	 
	17.08	Titles Not to Affect Interpretation	18
	 	 	 
	17.09	Counterparts	18

 

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ADVISORY AGREEMENT

 

This Advisory Agreement, dated
as of October 29, 2021, is among NRI Real Token Advisors LLC, a Delaware limited liability company, NRI Real Token LP, a Delaware limited
partnership, NRI Real Token Thesis LLC, a Delaware limited liability company, and NRI Real Token Inc., a Maryland corporation (the “Agreement”).

 

W I T N E S S E T H

 

WHEREAS, the Company (as hereinafter
defined) desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available
to the Advisor (hereinafter defined) and to have the Advisor undertake the duties and responsibilities hereinafter set forth on the terms
set forth in this Agreement; and

 

WHEREAS, the Advisor is willing
to undertake to render such services on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

The following defined terms
used in this Advisory Agreement shall have the meanings specified below:

 

“Acquisition Expenses”
shall have the neaming given such term in Section 10.01 (i) of this Agreement..

 

“Advisor”
means (i) NRI Real Token Advisors LLC, a Florida limited liability company, or (ii) any successor advisor to the Company.

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote,
ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person
directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person and (v) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner. For the purposes of this Agreement, the Advisor shall not be deemed to be an Affiliate of the Company, and
vice versa.

 

“Average Invested
Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly
or indirectly, in Properties, loans and other permitted investments secured by real estate before reserves for depreciation or bad debts
or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period.

 

     

     

    

 

“Board of Directors”
means the Board Directors of the REIT General Partner.

 

“Bylaws”
means the bylaws of the REIT General Partner, as amended from time to time.

 

“Charter”
means the Articles of Incorporation of the REIT General Partner, as amended, supplemented, corrected and restated from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as
interpreted by any applicable regulations as in effect from time to time.

 

“Company”
means NRI Real Token LP, a Delaware limited partnership. Within the context of discussions of the operations, business and administration
of the Company, the term “Company” shall mean, collectively, NRI Real Token LP and the REIT General Partner for the purposes
of this Agreement.

 

“Director”
means a member of the Board of Directors of the REIT General Partner.

 

“General Partner”
means, collectively NRI Real Token Inc., a Maryland corporation as the “REIT General Partner” and NRI Real Token Thesis LLC,
as the “Sponsor General Partner” of the Company, each as described in the Limited Partnership Agreement.

 

“Gross Revenues”
means the gross revenues generated by the Company for an applicable period, as reasonsably determined by the Sponsor General Partner .

 

“Independent Director”
means an individual other than (i) an officer or employee of the REIT General Partner, (ii) an officer or employee of the Advisor or any
of its Affiliates or (iii) any other individual having a relationship which, in the opinion of the Board of Directors, would interfere
with the exercise of independent judgment in carrying out the responsibilities of a Director.

 

“Initial Asset Value”
means (i) in the case of a real estate investment other than a loan which the Company originates, the gross purchase price of real estate
investments acquired directly by the Company, including any debt attributable to such investments, or the Company’s pro rata share
of the gross asset value of real estate investments held by entities in which the Company invests, and (ii) in the case of a loan which
the Company originates, the total principal amount committed under the loan.

 

“Limited Partnership
Agreement” means the Limited Partnership Agreement of NRI Real Token LP, as the same may be amended and restated from time to
time.

 

“Limited Partnership
Interests” means the Special GP Interest pursuant to the Limited Partnership Agreement and the OP Units each owned by the Sponsor
General Partner.

 

“NRI” means
Nolan Reynolds International, LLC and its Affiliates.

 

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“Offering”
means the offering of the Limited Partnership Interests in the Company, which may be convertible at the election of the holder into the
Shares of the REIT General Partner issued in the form of Security Tokens (or, in certain circumstances at the election of the REIT General
Partner, into cash), as described in the Offering Memorandum.

 

“Offering Memorandum”
means that certain Private Offering Memorandum of Partnership Interests in the Company, as may be amended or supplemented from time to
time.

 

“Person”
means an individual, corporation, partnership, estate, trust, a portion of a trust permanently set aside for or to be used exclusively
for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the
Code, joint stock company or other entity.

 

“Properties”
has the meaning set forth in the Limited Partnership Agreement.

 

“Property Management
Agreement” means any Property Management Agreement between the Company and a Property Manager.

 

“Property Manager”
means, collectively, NR Operations, LLC, a Florida limited partnership, Alpareno Restaurant Group, LLC, Gables Residential Services, Inc.,
Legacy Parking Company, LLC, Hersha Hospitality Management L.P., or in each case, an Affiliate thereof, when serving as the property manager
for any property owned by the Company pursuant to a Property Management Agreement, together with any future property manager of all or
any portion of the Properties.

 

“REIT”
means a “real estate investment trust” under Sections 856 through 860 of the Code.

 

“Securities”
means any class or series of units or shares of the Company or the REIT General Partner, including shares of common stock, shares of preferred
stock, units, special units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds,
debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any
instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

 

“Security Tokens”
or “Tokens” means the Shares as converted to digital form using blockchain technology, as may be modified or replaced
from time to time.

 

“Shares”
means shares of common stock of the REIT General Partner; par value $.01 per share.

 

“Stockholders”
means the registered holders of outstanding Shares.

 

“Termination Date”
means the date of termination of this Agreement.

 

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“Termination Fee”
means a fee payable to the Advisor upon termination of this Agreement, other than in accordance with Section 14.02, in the amount equal
to three (3) times the sum of (i) the average annual acquisition fees in accordance with Section 9.01, (ii) the average annual asset management
fees in accordance with Section 9.02, (iii) the average annual debt financing fees in accordance with Section 9.03; and (iv) the average
annual asset disposition fees in accordance with Section 9.04, in each case earned by the Advisor during the twelve (12) month period
immediately preceding the most recently completed calendar quarter prior to the termination of this Agreement.

 

“Units”
or “OP Units” has the meaning set forth in the Limited Partnership Agreement.

  

Article
2

APPOINTMENT

 

The Company hereby appoints
the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

 

Article
3

DUTIES OF THE ADVISOR

 

The Advisor is responsible
for managing, operating, directing and supervising the operations and administration of the Company and its real estate investments to
the fullest extent allowed by law. The Advisor shall, either directly or by engaging an Affiliate or third party, perform the following
duties:

 

3.01 Offering Services.
The Advisor shall manage and supervise:

 

(i) Development
of the product offering, including the determination of the specific terms of the Securities to be offered by the REIT General Partner
and/or the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents;

 

(ii) Approval
of the participating broker-dealers and negotiation of the related selling agreements;

 

(iii) Coordination
of the due diligence process relating to participating broker-dealers, placement agents and other third-party websites, and their review
of the Offering Memorandum, any prospectus and other Offering and Company documents;

 

(iv) Preparation
and approval of all marketing materials contemplated to be used by the Placement Agents (as defined in the Offering Memorandum) or others
in the Offering of the Company’s and REIT General Partner’s Securities;

 

(v) Negotiation
and coordination with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions,
and other administrative support functions;

 

(vi) Negotiations
and coordination with one or more Alternative Trading Systems (each an “ATS” or collectively, “ATSs”) and licensed
custodians with respect to the possible trading of the Security Tokens, in whole or fractional interests;

 

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(vii) Creation
and implementation of various technology and electronic communications related to the Offering of the Company’s and the REIT General
Partner’s Securities; and

 

(viii) All
other services related to organization of the Company, the REIT General Partner or the Offering, whether performed and incurred by the
Advisor or its Affiliates.

 

3.02 Acquisition
Services.

 

(i) Serve
as the Company’s investment advisor and obtain certain market research and economic and statistical data in connection with the
Company’s real estate investments and investment objectives and policies;

 

(ii) Subject
to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b)
structure and negotiate the terms and conditions of transactions pursuant to which real estate investments will be made; and (c) acquire
real estate investments on behalf of the Company;

 

(iii) Oversee
the due diligence process;

 

(iv) Prepare
reports regarding prospective investments which include recommendations and supporting documentation necessary for the Directors to evaluate
the proposed investments;

 

(v) Obtain
reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments
of the Company; and

 

(vi) Negotiate
and execute approved investments and other transactions.

 

3.03 Asset
Management Services.

 

(i) Investigate,
select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance
of its obligations hereunder, including, but not limited to, consultants, accountants, lenders, technical advisors, attorneys, brokers,
underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers,
construction companies and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance
of any of the foregoing services;

 

(ii) Monitor
applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value
of investments of the Company;

 

(iii) Monitor
and evaluate the performance of investments of the Company;

 

(iv) Provide
daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s
investments;

 

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(v) Coordinate
with any Property Manager; and

 

(vi) Coordinate
and manage relationships between the Company and any joint venture partners.

 

3.04 Accounting
and Other Administrative Services:

 

(i) Manage
and perform the various administrative functions necessary for the management of the day-to-day operations of the Company;

 

(ii) From
time-to-time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors on the Advisor’s
performance of services to the Company under this Agreement;

 

(iii) Coordinate
with the Company’s independent accountants and auditors to prepare and deliver to the General Partner’s audit committee an
annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement;

 

(iv) Provide
or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead
items necessary and incidental to the Company’s business and operations;

 

(v) Provide
financial and operational planning services and portfolio management functions;

 

(vi) Maintain
accounting data and any other information concerning the activities of the Company as shall be needed to prepare and file all periodic
financial and other reports and returns required to be filed by the REIT General Partner with the Securities and Exchange Commission and
any other regulatory agency, including annual and quarterly financial statements, in each case as applicable;

 

(vii) Maintain
all appropriate books and records of the Company;

 

(viii) Oversee
tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants
and other consultants, on related tax matters;

 

(ix) Supervise
the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Company;

 

(x) Provide
the Company with all necessary cash management services;

 

(xi) Manage
and coordinate with the transfer agent the distribution process and payments to stockholders of the REIT General Partner and partners
of the Company;

 

(xii) Consult
with the directors and officers of the General Partner and assist in evaluating and obtaining adequate insurance coverage based upon risk
management determinations;

 

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(xiii) Provide
the directors and officers of the General Partner with timely updates related to the overall regulatory environment affecting the Company,
as well as managing compliance with such matters;

 

(xiv) Consult
with the directors and officers of the General Partner and the Board of Directors relating to the corporate governance structure and appropriate
policies and procedures related thereto;

 

(xv) Oversee
all reporting, record keeping, internal controls and similar matters in a manner to allow the General Partner to comply with applicable
law; and

 

(xvi) Assist
the REIT General Partner in exercising and executing the REIT General Partner’s rights and obligations in accordance with agreements
between the REIT General Partner and the ATSs and custodians with respect to the trading of the Security Tokens on the secondary market.

 

3.05 Stockholder
Services.

 

(i) Manage
communications with stockholders, including preparing and sending written and electronic reports and other communications; and

 

(ii) Establish
technology infrastructure to assist in providing stockholder support and service.

 

3.06 Financing
Services.

 

(i) Identify
and evaluate potential financing and refinancing sources, engaging a third-party broker, if necessary;

 

(ii) Negotiate
terms, arrange and execute financing agreements;

 

(iii) Manage
relationships between the Company and its lenders; and

 

(iv) Monitor
and oversee the service of the Company’s debt facilities and other financings.

 

3.07 Disposition
Services.

 

(i) Consult
with the Board of Directors and provide assistance with the evaluation and approval of potential asset dispositions, sales or other liquidity
events; and

 

(ii) Structure
and negotiate the terms and conditions of transactions pursuant to which real estate investments may be sold.

 

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Article
4

AUTHORITY OF ADVISOR

 

4.01 General.
All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor to the
fullest extent allowed by law. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control
the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company
as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to applicable
law and the limitations on the rights and powers of the Advisor specifically set forth in this Agreement and the Charter and Bylaws.

 

4.02 Powers of
the Advisor. Subject to the investment parameters established by the Board of Directors, with the aid of a business plan
prepared by Advisor and taking into account requirements of any applicable mortgage or other loan agreement, and the delegation of
authority to the Advisor to make investments on behalf of the Company, to the fullest extent allowed by law be vested in the
Advisor, Advisor shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to
carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts
and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations
under this Agreement, including without limitation the acquisition of additional investment properties..

 

4.03 Approval
by Directors.

 

(i) The
Advisor will deliver to the Board of Directors all documents required by it to properly evaluate any proposed investment.

 

(ii) If
the Charter, the Bylaws or applicable law requires, or the Board of Directors deems it advisable, that a transaction be approved by the
Independent Directors, the Advisor will deliver to the Independent Directors all documents required by them to properly evaluate the proposed
real estate investment. The prior approval of a majority of the Independent Directors will be required for each transaction between the
Company, on the one hand, and the Advisor or its Affiliates, on the other hand, unless the Board of Directors determines to submit the
matter to a stockholder vote or determines that the transaction is otherwise fair and reasonable to the Company.

 

Article
5

BANK ACCOUNTS

 

The Advisor will maintain
one or more bank accounts in the name of the Company and will collect and deposit into any such account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company. Notwithstanding the foregoing, no funds shall be commingled with the
funds of the Advisor.

 

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Article
6

RECORDS AND FINANCIAL STATEMENTS

 

The Advisor, in the conduct
of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance
with United States generally accepted accounting principles (“GAAP”), which shall be supported by sufficient documentation
to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company.
Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement.
Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required
to protect the Company’s assets from theft, error or fraudulent activity. All financial statements the Advisor delivers to the Company
shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation
from GAAP. The Advisor shall maintain necessary liaison with the Company’s independent accountants and shall provide such accountants
with such reports and other information as the Company shall request.

 

Article
7

LIMITATION ON ACTIVITIES

 

Notwithstanding any provision
in this Agreement to the contrary, the Advisor shall not take any action which, in its sole judgment made in good faith, would (i) adversely
affect the ability of the REIT General Partner to qualify or continue to qualify to be taxed as a REIT, (ii) subject the Company or the
General Partner to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule or regulation of any governmental
body or agency having jurisdiction over the Company, the General Partner or their Securities, or (iv) violate the Charter or Bylaws. In
the event an action that would violate (i) through (iv) of the preceding sentence but such action has been ordered by the Board of Directors
acting on behalf of the General Partner, the Advisor shall notify the Board of Directors of the Advisor’s judgment of the potential
impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board
of Directors. In such event, the Advisor shall, to the fullest extent allowed by law, have no liability for acting in accordance with
the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, none of the Advisor, its Affiliates and none
of their managers, directors, officers, employees and equityholders, shall be liable to the Company, the General Partner, the Board of
Directors or the Stockholders for any act or omission by such Persons or individuals, except as provided in this Agreement. THE PARTIES
HERETO INTEND THAT THE LIMITATION OF LIABILITY SET FORTH IN THIS SECTION BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE
OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE LIMITATION OF LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW,
APPLY NOTWITHSTANDING ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S
SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES THAT,
TO THE EXTENT PROVIDED IN THIS SECTION, THE LIMITATION OF LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY
TO A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY. THE PARTIES AGREE
THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS.

 

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Article
8

RELATIONSHIP WITH DIRECTORS AND OFFICERS

 

Managers, Directors, officers
and employees of the Advisor or any direct or indirect Affiliate of the Advisor may serve as Directors, and as officers of the General
Partner, except that no manager, director, officer or employee of the Advisor or any of its Affiliates who also is a Director or officer
of the General Partner shall receive any compensation from the Company or General Partner for serving as a Director or officer other than
reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors.

 

Article
9

FEES

 

9.01 Acquisition
Fees. The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be determined in the
sole discretion of the Advisor, as compensation for services including those described in Section 3.02, an acquisition fee of 1.0%
of the Initial Asset Value of each real estate investment acquired by the Company, as well as reimburse the Advisor for all expenses
incurred by the Advisor in connection with such services as required by Article 10. The Advisor shall submit an invoice to the
Company following the closing or closings of each acquisition, accompanied by a computation of the fee. The fee shall be payable
within ten business days after receipt of the invoice by the Company.

 

9.02 Asset Management,
Accounting and Other Administrative Services Fees. The Company will pay the Advisor in cash or Units, or a combination of both, the
form of payment to be determined in the sole discretion of the Advisor, as compensation for services including those described in Section
3.03, an asset management fee in accordance with this Section 9.02, as well as reimburse the Advisor for all expenses incurred by the
Advisor in connection with such services as required by Article 10. This asset management fee shall be earned monthly and the amount
of this asset management fee payable monthly, in arrears, by the Company to the Advisor equal 0.083% per month (equivalent to 1.00% per
annum) of the Company’s Gross Revenues for such month, determined as of the last day of each month. Notwithstanding anything herein
to the contrary, under no circumstances shall the asset management fee be less than zero.

 

9.03 Debt
Financing Fees. The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be
determined in the sole discretion of the Advisor, as compensation for services including those described in Section 3.06, debt
financing fees in accordance with this Section 9.03, as well as to reimburse the Advisor for all expenses incurred by the Advisor in
connection with such services as required by Article 10. The debt financing fees shall equal (i) $ ONE MILLION AND 00/100
($1,000,000.00) in consideration of the mortgage and mezzanines loans closed on May 10, 2021 with Starwood Proprety Mortgage
Sub-12-A, L.L.C., a Delaware limited liability company, and (ii) 1.0% of the amount of any further debt financing obtained, assumed
or entered into by, or on behalf of, the Company or the REIT General Partner, or the pro rata share of any debt financing obtained,
assumed or entered into by, or on behalf of, a joint venture in which the Company and/or the General Partner has an interest. The
debt financing fees payable to Advisor hereunder are in addition to any loan guaranty fee payable to the Sponsor General Partner or
any of its Affiliates, as specified in the Limited Partnership Agreement.

 

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9.04 Disposition
Fees. The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be determined in the
sole discretion of the Advisor, as compensation for providing a substantial amount of services in an effort to sell real estate
investments, including the services described in Section 3.07, disposition fees in accordance with this Section 9.04, as well as to
reimburse the Advisor for all expenses incurred by the Advisor in connection with such services as required by Article 10. The
disposition fees shall equal 1.0% of (i) the sales price of any real estate investment sold, that is owned directly by the Company,
and (ii) when the Company owns the real estate investment indirectly through another entity, the Company’s pro rata share of
the sales price of any real estate investment sold by that entity.

 

Article
10

EXPENSES

 

10.01 General.
In addition to the compensation paid to the Advisor pursuant to Article 9 hereof, the Company shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates in connection with the services provided to the
Company pursuant to this Agreement, including, but not limited to:

 

(i) acquisition
expenses incurred in connection with the selection and acquisition of real estate investments, including such direct expenses incurred
related to real estate investments pursued or considered but not ultimately acquired by the Company;

 

(ii) the
actual out-of-pocket cost of goods and services used by the Company or the General Partner and obtained from entities not Affiliated with
the Advisor, including brokerage fees paid in connection with the purchase and sale of real estate investments;

 

(iii) taxes
and assessments on income or assets and taxes as an expense of doing business and any other taxes otherwise imposed on the Company and
its business or income;

 

(iv) out-of-pocket
costs associated with insurance required in connection with the business of the Company or by its officers and Directors;

 

(v) all
out-of-pocket expenses in connection with payments to the Board of Directors and meetings of the Board of Directors and Stockholders;

 

(vi) personnel
and related employment direct costs incurred by the Advisor or its Affiliates (a) in performing the services described in Section 3.05
and in providing professional services for the Company and the General Partner in-house, including legal services, tax services, internal
audit services, technology-related services and services in connection with compliance with applicable laws and regulations, or (b) as
otherwise approved by Independent Directors, including, but not limited to, salary, benefits, burdens and overhead of all employees directly
involved in the performance of such services, plus all out-of-pocket costs incurred;

 

(vii) out-of-pocket
expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and
other Stockholder reports, proxy statements and other reports required by governmental entities;

 

    11

    

    

 

(viii) audit,
accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred
at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors;

 

(ix) out-of-pocket
costs for the Company to comply with all applicable laws, regulation and ordinances;

 

(x) all
other out-of-pocket costs incurred by the Advisor in performing its duties hereunder; and

 

(xi) all
other out-of-pocket costs necessary for the operation of the Company and its real estate investments.

 

Except as specifically provided
for above in (vi), or as contemplated by Article 11, the expenses and payments subject to reimbursement by the Company in this Section
10.01 do not include personnel and related direct employment or overhead costs of the investment personnel of the Advisor or its Affiliates.
The Company shall also reimburse the Advisor or Affiliates of the Advisor for all expenses incurred on behalf of the Company or the General
Partner prior to the execution of this Agreement.

 

10.02 Reimbursement
to Advisor. Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Section 10 shall be
reimbursed to the Advisor within ten (10) business days after the Advisor provides the Company with an invoice and/or
supporting documentation relating to such reimbursement.

 

Article
11

OTHER SERVICES

 

Should (i) the General Partner
request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement
or (ii) there are changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the
level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not entitled to separate reimbursement
for personnel and related employment direct costs and overhead under Article 10 of this Agreement would increase significantly, such services
shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, and shall
not be deemed to be services pursuant to the terms of this Agreement.

 

    12

    

    

 

Article
12

RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR

 

12.01 Relationship.
To the fullest extent allowed by law, the Company and the Advisor are not partners or joint venturers with each other, and nothing
in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the
Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons and the
management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or
restrict the right of any manager, director, officer, employee, or equity holder of the Advisor or its Affiliates to engage in any
other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the
Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly
disclose to the Board of Directors the existence of any condition or circumstance, existing or anticipated, of which it has
knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other Person.

 

12.02 Time
Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to
the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner
consistent with the terms of this Agreement. The Company acknowledges that the Advisor and other Affiliates of NRI and their
respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons
other than the Company or any of its Affiliates.

 

12.03 Investment
Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and
suitable investment program to the Company which is consistent with the investment policies and objectives of the Company, but
neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity
to the Company even if the opportunity is of character which, if presented to the Company, could be taken by the Company. In the
event an investment opportunity is identified, the allocation procedure set forth under the caption [“Conflicts of
Interest—Competitive Activities of NRI and its Affiliates”] in the Offering Memorandum or any prospectus (as may be
amended from time to time) shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor.

 

Article
13

THE NRI NAME

 

The Advisor, NRI and their
Affiliates have a proprietary interest in the acronym “NRI”. The Advisor hereby grants to the Company a non-transferable,
non-assignable, non-exclusive royalty-free right and license to use the acronym “NRI” during the term of this Agreement. Accordingly,
and in recognition of this right, if at any time the Company ceases to retain NRI or an Affiliate thereof to perform the services of Advisor,
the Company (including the General Partner) will, promptly after receipt of written request from NRI, cease to conduct business under
or use the name Nolan Reynolds International or the acronym “NRI” or any derivative thereof and the Company and the General
Partner shall change the name of the Company and the General Partner to a name that does not contain the acronym “NRI” or
any other letters, word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any Affiliate thereof. At such time, the Company will also make any changes to any
trademarks, servicemarks or other marks necessary to remove any references to the acronym “NRI”. Consistent with the foregoing,
it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor
or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations
having “NRI” as a part of their name, all without the need for any consent (and without the right to object thereto) by the
Company or the General Partner.

 

    13

    

    

 

Article
14

TERM AND TERMINATION OF THE AGREEMENT

 

14.01 Term.
This Agreement shall have an initial term of two years from the date of the Agreement. This Agreement may be renewed for an
unlimited number of successive one-year terms upon mutual consent of the parties. Any such renewal must be approved by a majority of
the Independent Directors. The General Partner (through the Independent Directors) will evaluate the performance of the Advisor
annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

 

14.02 Termination
by the Company. This Agreement may be terminated immediately by the Company upon (i) any fraudulent conduct, criminal conduct,
willful misconduct or the negligent breach of fiduciary duty of or by the Advisor, (ii) a material breach of this Agreement by the
Advisor not cured within 10 business days after the Advisor receives written notice of such breach, or (iii) an event of the
bankruptcy of the Advisor or commencement of any bankruptcy or similar insolvency proceedings of the Advisor.

 

14.03 Termination
by the Advisor. This Agreement may be terminated immediately by the Advisor in the event of (i) the bankruptcy of the Company or
commencement of any bankruptcy or similar insolvency proceedings of the Company, or (ii) any material breach of this Agreement by
the Company not cured by the Company within ten 10 business days after written notice thereof.

 

14.04 Payments on
Termination and Survival of Certain Rights and Obligations. After the Termination Date, the Advisor shall not be entitled to compensation
for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such
termination (1) the Termination Fee, and (2) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor
prior to termination of this Agreement. The Advisor shall promptly upon termination:

 

(a) pay
over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement
for its expenses to which it is then entitled;

 

(b) deliver
to the Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it,
covering the period following the date of the last accounting furnished to the Directors;

 

(c) deliver
to the Directors all assets and documents of the Company then in the custody of the Advisor; and

 

(d) cooperate
with the Company to provide an orderly transition of advisory functions.

 

    14

    

    

 

Upon the expiration or termination
of this Agreement, neither party shall have any further rights or obligations under this Agreement, except that Articles 13, 14, 16 and
17 shall survive the termination or expiration of this Agreement.

 

14.05 Repurchase
of Units.

 

The Company shall repurchase
or redeem the Limited Partnership Interests held by the Advisor or any of the Advisor’s affiliates as required by the Limited Partnership
Agreement.

 

Article
15

ASSIGNMENT

 

This Agreement may be assigned
by the Advisor to an Affiliate with the consent of the General Partner by approval of a majority of the Independent Directors. The Advisor
may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board of Directors.
This Agreement shall not be assigned by the Company without the consent of the Advisor.

 

Article
16

INDEMNIFICATION AND LIMITATION OF LIABILITY

 

16.01 Indemnification
by the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective managers,
officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses
and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Florida, the
Charter, Bylaws or Agreement of Limited Partnership of the Company, provided that: (i) the Advisor and its Affiliates have determined
that the course of conduct which caused the loss or liability was in the best interests of the Company, (ii) the Advisor and its Affiliates
were acting on behalf of or performing services for the Company, (iii) the indemnified claim was not the result of gross negligence,
misconduct, or fraud of the indemnified person or resulted from a breach of the agreement by the Advisor, and (iv) in the event the loss,
liability or expense arises from or out of an alleged violation of federal or state securities laws by the Advisor or its Affiliates,
the conditions set forth in Section 6.3 of the Limited Partnership Agreement must be satisfied (deeming, for purposes of this Agreement,
that the Advisor or its Affiliates are each an “Indemnitee” as such term is used in such clauses) for the Company to provide
such indemnification. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from the Stockholders.

 

    15

    

    

 

16.02 Indemnification
by the Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes
or losses and related expenses, including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses
and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful
misconduct or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors
in following or declining to follow any of the Advisor’s advice or recommendation. THE PARTIES HERETO INTEND THAT THE INDEMNITIES
SET FORTH IN THIS AGREEMENT BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING
THE FOREGOING, THE INDEMNITIES SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, AND TO THE EXTENT PROVIDED IN THIS AGREEMENT, APPLY NOTWITHSTANDING
ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON AN INDEMNIFIED PERSON’S
SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE. IT IS THE INTENT OF THE PARTIES
THAT, TO THE EXTENT PROVIDED IN THIS AGREEMENT, THE INDEMNITIES SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO
AN INDEMNIFIED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE.
THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS.

 

16.03 Advisor’s
Liability

 

(i) Notwithstanding
any other provisions of this Agreement, in no event shall the Company make any claim against Advisor, or its Affiliates, on account of
any good faith interpretation by Advisor of the provisions of this Agreement (even if such interpretation is later determined to be a
breach of this Agreement) or any alleged errors in judgment made in good faith and in accordance with this Agreement in connection with
the operation of the operations of the Company hereunder by Advisor or the performance of any advisory or technical services provided
by or arranged by the Advisor. The provisions of this Section 16.3(i) shall not be deemed to release Advisor from liability for its gross
negligence.

 

(ii) The
Company shall not object to any expenditures made by the Advisor in good faith in the course of its performance of its obligations under
this Agreement or in settlement of any claim arising out of the operation of the Company unless such expenditure is specifically prohibited
by this Agreement. The provisions of this Section 16.03(ii) shall not be deemed to release Advisor from liability for its gross negligence.

 

(iii) IN
NO EVENT WILL EITHER PARTY BE LIABLE FOR DAMAGES BASED ON LOSS OF INCOME, PROFIT OR SAVINGS OR INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY,
PUNITIVE OR SPECIAL DAMAGES OF THE OTHER PARTY OR PERSON, INCLUDING THIRD PARTIES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES IN ADVANCE, AND ALL SUCH DAMAGES ARE EXPRESSLY DISCLAIMED. IN NO EVENT WILL ADVISOR’S AGGREGATE LIABILITY UNDER
THIS AGREEMENT EVER EXCEED THE TOTAL AMOUNT OF FEES IT ACTUALLY RECEIVES FROM THE COMPANY PURSUANT TO ARTICLE 9.

 

    16

    

    

 

(iv) THE
PARTIES HERETO INTEND THAT THE RELEASE FROM LIABILITY SET FORTH IN SECTION 16.03 BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY
RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE RELEASE FROM LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED
BY LAW, APPLY NOTWITHSTANDING ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON
A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES THAT,
TO THE EXTENT PROVIDED IN SECTION 16.03, THE RELEASE FROM LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY
TO A RELEASED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. THE PARTIES AGREE THAT
THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS.

 

Article
17

MISCELLANEOUS

 

17.01 Notices.
Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given,
and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

 

To the Company, the General Partner or the Directors:

 

NRI Real Token LP

c/o NRI Real Token Inc.

1340 S. Dixie Highway

Coral Gables, Fl 33134

 

To the Advisor:

 

NRI Real Token Advisors LLC

1340 S. Dixie Highway

Coral Gables, FL 33134

 

Either party may at any time
give notice in writing to the other party of a change in its address for the purposes of this Section 17.01.

 

17.02 Modification.
This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed
by all parties hereto, or their respective successors or assignees.

 

17.03 Severability.
The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid
or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in
part.

 

17.04 Construction.
The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Florida.

 

    17

    

    

 

17.05 Entire Agreement.
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and
supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written,
of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement
in writing.

 

17.06 Waiver.
Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege
with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

17.07 Gender.
Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular
or plural, and any other gender, masculine, feminine or neuter, as the context requires.

 

17.08 Titles Not
to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither
form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

 

17.09 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding
when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon
as the signatories.

 

[The remainder of this page is intentionally
left blank. Signature page follows.]

 

    18

    

    

 

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

 

	 	NRI Real Token LP
	 	 	 	 
	 	By:	NRI Real Token Inc.
	 	Its:	General Partner
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name:	Brent Reynolds 
	 	 	Title:	President and Chief Executive
	 	 	 	 
	 	AND
	 	 	 	 
	 	By:	NRI Real Token Thesis LLC
	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name:	 Brent Reynolds
	 	 	Title:	 Authorized Representative
	 	 	 	 
	 	NRI Real Token Advisors LLC
	 	 	 	 
	 	By:	Nolan Reynolds International, LLC
	 	Its:	Sole Member
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name:	Brent Reynolds
	 	 	Title:	Manager
	 	 	 	 
	 	NRI Real Token Inc.
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name:	Brent Reynolds
	 	 	Title:	President and Chief Executive
	 	 	 	Officer

 

 

19Exhibit
10.2

 

 

 

 

 

 

 

 

 

HOTEL
MANAGEMENT AGREEMENT

THESIS
HOTEL MIAMI

1350
S. DIXIE HIGHWAY

CORAL
GABLES, FLORIDA 33146

 

 

 

 

 

 

 

 

 

     

    THESIS HOTEL MIAMI

    

 

Table
of Contents

 

	ARTICLE
    I	1
	1.1	Hotel
    Description	1
	ARTICLE
    II	2
	2.1	Initial
    and Renewal Terms	2
	ARTICLE
    III	2
	3.1	Scope
    of Services	2
	3.2	Reimbursements
    of Transition Expenses	
	3.3	Major
    Agreements	
	3.4	Independent
    Contractor Status	
	ARTICLE
    IV	9
	4.1	Exclusive
    Operator of Hotel	9
	4.2	Manner
    of Operations	9
	4.3	Consultation
    with Owner	10
	4.4	Hiring
    of Executive Hotel Employees	10
	4.5	Third
    Party Areas	11
	ARTICLE
    V	12
	5.1	Hotel
    Employees and Contractors	12
	5.2	Benefit
    Plans for Associates	12
	5.3	Lodging
    for Associates	13
	5.4	Employment
    Laws	13
	5.5	Employment
    Policy	13
	5.6	Collective
    Bargaining Agreements	14
	ARTICLE
    VI	14
	6.1	Available
    Funds for Operations	14
	6.2	No
    Advance of Funds	14
	ARTICLE
    VII	15
	7.1	Centralized
    Services	15
	7.2	Multi-property
    Programs	15
	7.3	Networking
    Services	16
	ARTICLE
    VIII	16
	8.1	Working
    Capital	16
	8.2	Operating
    and FF&E Account	17
	8.3	Internal
    Controls for Accounts	17
	ARTICLE
    IX	18
	9.1	Accounting
    Procedures	18
	9.2	Monthly
    Reports	18
	9.3	Audited
    Financials	19
	9.4	Annual
    Budgets	19
	9.5	Resolution
    of Disputes over Budgets	20
	9.6.	Approval
    for Capital Expenditures	21
	ARTICLE
    X	21
	10.1	Base
    Fee	21
	10.2	Incentive
    Fee	21
	10.3	Payment
    of Management Fees	22
	10.4	Funds
    from Operating Account	22
	10.5	Audit
    of Management Fees	22
	10.6	Renovation
    Services	22
	10.7	Purchasing
    Services	23
	10.8	Reimbursable
    Expenses	23
	ARTICLE
    XI	23
	11.1	Total
    Revenues	23
	11.2	Operating
    Expenses	25
	11.3	Fixed
    Charges	27

    i

    THESIS HOTEL MIAMI

    

 

	11.4	Net
    Operating Income	27
	11.5	Fiscal
    Year	28
	11.6	F&B
    Area Income	28
	11.7	Non-Managed
    Area Income	28
	ARTICLE
    XII	29
	12.1	Establishing
    FF&E Reserve Account	29
	12.2	Use
    of Funds in FF&E Reserve Account	29
	ARTICLE
    XIII	29
	13.1	Insurance
    Requirements	29
	13.2	Named
    Insured Party	31
	13.3	Form
    of Insurance	31
	13.4	Cancellation
    and Modification of Insurance	31
	13.5	No
    Subrogation Rights	32
	13.6	Insurance
    Proceeds	32
	13.7	Payment
    for Insurance	32
	ARTICLE
    XIV	33
	14.1	Performance
    Test	33
	14.2	Sale
    to Third Party	34
	14.3	Termination
    for Convenience	34
	ARTICLE
    XV	34
	15.1	Fire
    or Casualty	34
	15.2	Condemnation	34
	15.3	Miscellaneous	35
	ARTICLE
    XVI	35
	16.1	Listing
    of Defaults	35
	16.2	Termination
    Rights	36
	16.3	Non-Exclusive
    Remedy	36
	16.4	Force
    Majeure	36
	16.5	Waiver
    of Certain Claims	37
	ARTICLE
    XVII	37
	17.1	Termination
    Fee	37
	17.2	Prior
    Commitments to Customers	37
	17.3	Transition
    of Management	38
	17.4	WARN
    Act Liability	38
	ARTICLE
    XVIII	39
	ASSIGNMENT	39
	18.1	Assignment
    by Operator	39
	18.2	Assignment
    by Owner	39
	18.3	Effect
    of Assignment	39
	ARTICLE
    XIX	40
	19.1	Requirement
    for Notice	40
	ARTICLE
    XX	40
	ESTOPPELS	40
	20.1	Confirmation
    of Agreement	40
	ARTICLE
    XXI	41
	21.1	Indemnity
    by Operator	41
	21.2	Indemnity
    by Owner	41
	21.3	Employment
    Claims	41
	21.4	Procedure
    for Indemnity	42
	21.5	Survival
    Beyond Termination	42

 

    ii

    THESIS HOTEL MIAMI

    

 

	ARTICLE
    XXII	43
	22.1	Binding
    and Enforceable Agreement	43
	22.2	Transactions
    with Affiliates	43
	22.3	Entire
    Agreement	43
	22.4	Headings	43
	22.5	Waiver	43
	22.6	Binding
    Agreement	43
	22.7	Choice
    of Law	43
	22.8	Qualified
    Loans	43
	22.9	Dispute
    Resolution	43
	22.10	No
    Guarantee of Operating Results	47
	22.11	Oversight
    of Renovation Services	47
	22.12	Operating
    Funds	48
	22.13	Consents
    and Approvals	48
	22.14	Signature
    Counterparts	49
	EXHIBIT
    A	51
	EXHIBIT
    B	52
	EXHIBIT
    C	53
	EXHIBIT
    D	54
	EXHIBIT
    E	55

 

    iii

    THESIS HOTEL MIAMI

    

 

HOTEL
MANAGEMENT AGREEMENT

THESIS
HOTEL MIAMI

 

THIS
HOTEL MANAGEMENT AGREEMENT (this “Agreement”), made effective as of November 15, 2019 (the “Commencement
Date”), is entered into between 1350 S DIXIE LLC, a Delaware limited liability company (“Owner”),
and HERSHA HOSPITALITY MANAGEMENT L.P., a Pennsylvania limited partnership (“Operator”).

 

RECITALS

 

A. Owner
is developing a hotel to be known as the “Thesis Hotel Miami” (or such other name as determined by Owner in its sole discretion),
located at 1350 South Dixie Highway, Coral Gables, Florida 33146 (the “Hotel”);

 

B. Operator
shall take over the management and operation of the Hotel in accordance with the terms and conditions of this Agreement on the date the
Hotel opens for business (such date, the “Opening Date”);

 

C. Operator
is knowledgeable and experienced in the operation of hotels similar to the Hotel; and

 

D. Owner
desires to engage Operator, and Operator desires to be engaged, to manage and operate the Hotel, and Operator has agreed to manage and
operate the Hotel, in accordance with the terms and conditions of this Agreement.

 

NOW,
THEREFORE, for and in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Owner and Operator agree as follows:

 

ARTICLE
I

THE
HOTEL

 

1.1 Hotel
Description

 

Owner
and Operator acknowledge that the Hotel is currently anticipated to consist of and contain:

 

		A.	That
                                            certain real property (the “Land”) located at the address shown in Recital
                                            A above and improvements thereon with approximately 245 anticipated guest rooms and other
                                            facilities, together with any outdoor parking areas, retail spaces and other facilities located
                                            on the Land (the “Building”) or otherwise used by the Hotel;

 

     

    THESIS HOTEL MIAMI

    

 

		B.	Mechanical
                                            systems and built-in installations (the “Installations”) of the Building
                                            including, but not limited to, heating, ventilation, air conditioning, electrical and plumbing
                                            systems, elevators, and built-in laundry, refrigeration and kitchen equipment;

 

		C.	Furniture,
                                            furnishings, wall coverings, floor coverings, window treatments, fixtures, hotel equipment
                                            and vehicles (the “FF&E”);

 

		D.	Chinaware,
                                            glassware, silverware, linens and other items of a similar nature (the “Operating
                                            Equipment”); and

 

		E.	Stock
                                            and inventories of paper supplies, cleaning materials and similar consumable items and food
                                            and beverage (the “Operating Supplies”, together with the Operating Equipment,
                                            collectively, the “OS&E”).

 

ARTICLE
II

TERM

 

2.1 Initial
and Renewal Terms

 

This
Agreement shall have a term commencing on the Commencement Date and expiring on the date that is the tenth (10th) anniversary
from the Opening Date, unless sooner terminated in accordance with the provisions of this Agreement or unless extended by the written
agreement of Owner and Operator (the “Initial Term”). The Opening Date shall be evidenced by a confirmation notice
executed by Owner and delivered to Operator (the “Confirmation Notice”), provided, that the failure of Owner to execute
and deliver the Confirmation Notice shall have no effect on the Opening Date. Subject to the earlier expiration or termination of this
Agreement pursuant to the terms and conditions of this Agreement, this Agreement shall be automatically extended for four (4) additional
consecutive five (5) year renewal terms (each such renewal term as extended pursuant to this Section 2.1, a “Renewal Term”
and, together with the Initial Term and all applicable prior Renewal Terms (if any), collectively, the “Term”) (each
such Renewal Term to commence on the day immediately following the last day of the then-expiring Term) unless either Operator or Owner
provides a written notice of non-renewal to Owner or Operator, as applicable, at least one hundred eighty (180) days prior to the last
day of the then-expiring Term.

 

ARTICLE
III

GENERAL
SERVICES BY OPERATOR

 

3.1 Scope
of Services

 

During
the Term, Operator, for the account of Owner, shall in accordance with the Budgets and the applicable provisions of this Agreement (including,
without limitation, Section 3.2 below), and only to the extent Owner has provided sufficient funds therefor pursuant to the Budgets,
either through Hotel operations or directly from Owner:

 

		A.	Subject
                                            to Section 4.4 below, recruit, train, direct, supervise, employ and dismiss on-site staff
                                            (the “Hotel Employees”) for the operation of the Hotel. “Hotel Employees”
                                            shall not include any Third Party Area Employees as provided in Section 4.5 below;

 

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		B.	Establish
                                            (i) rates for the usage of all guest rooms and other recreational or other guest facilities
                                            or amenities at the Hotel, including all (x) room and suite rates for individuals and groups,
                                            and (y) charges for room service and other operated food and beverage service, (ii) policies
                                            with respect to discounted and complimentary rooms, food and beverage, and other hotel services,
                                            (iii) billing policies with respect to the operation of the Hotel (including the entry of
                                            an agreement with credit card organizations), and (iv) price/rate and rent schedules, space
                                            lease charges and concession charges for all areas of the Hotel;

 

		C.	Supervise,
                                            direct and control the collection of income of any nature from the Hotel’s operation
                                            and the giving of receipts in connection therewith;

 

		D.	Develop
                                            and implement advertising, marketing, promotion, publicity, social media and other similar
                                            programs for the Hotel in accordance with the Operating Budget and the terms of this Agreement;

 

		E.	Subject
                                            to Section 3.2.F below, and excluding any Third Party Agreements (as defined in Section 4.5
                                            below), make recommendations to Owner and, upon its consent and approval, (i) negotiate and
                                            enter into leases, licenses and concession agreements (collectively, the “Leases”)
                                            for stores, office space and lobby space at the Hotel, collect the rent under the Leases
                                            and otherwise administer the Leases and (ii) negotiate and enter into contracts (including,
                                            without limitation, equipment and operating leases) for the provision of goods and services
                                            to the Hotel (collectively, “Contracts”);

 

		F.	Apply
                                            for, process and take all necessary steps, as determined by Operator, to procure and keep
                                            in effect in Owner’s name (or, if required by the licensing authority, in Operator’s
                                            name, or a third party tenant’s name, or any or all of the foregoing) in good order
                                            all licenses and permits required for the operation of the Hotel (excluding any Third Party
                                            Areas (as defined in Section 4.5 below));

 

		G.	Provide
                                            for the security of Hotel guests and staff and employ appropriate personnel and/or outside
                                            security firms for the same;

 

		H.	Maintain
                                            the Hotel and its FF&E and OS&E in good operating order, repair and condition consistent
                                            with the Operating Standards, including, without limitation, making necessary repairs thereto
                                            and replacements thereof. As used herein, the “Operating Standards” shall
                                            be the standards imposed by Franchisor on Owner pursuant to the Franchise Agreement; provided,
                                            however, that in the event there is no Franchise Agreement in effect, such standards shall
                                            mean those standards of management and operation that are customary and usual in the operation
                                            of upper-upscale (as defined by the chain scales established by STR (commonly known as “Smith
                                            Travel Research”) from time to time) hotels similar to the Hotel in markets similar
                                            to the geographic area of the Hotel, to the extent consistent with the Budget and the Hotel’s
                                            facilities;

 

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		I.	Purchase
                                            all FF&E and OS&E necessary for the operation of the Hotel (excluding any Third Party
                                            Areas (as defined in Section 4.5 below));

 

		J.	Provide
                                            routine accounting services in accordance with the Uniform System of Accounts (Eleventh Revised
                                            Edition 2015, as further revised from time to time), as adopted by the American Hotel and
                                            Motel Association of the United States and Canada (the “Uniform System”),
                                            and provide purchasing services as required in the ordinary course of business and, if reasonably
                                            requested by Owner (at Owner’s sole cost and expense), in addition to the Monthly Reports
                                            (as defined in Section 9.2 below), prepare or facilitate the preparation of any quarterly
                                            and/or annual reports relating to the operation of the Hotel (prepared in accordance with
                                            generally accepted accounting principles in the United States);

 

		K.	Use
                                            commercially reasonable efforts to comply with all applicable laws, ordinances, regulations,
                                            rulings and orders of governmental authorities affecting or issued in connection with the
                                            Hotel, as well as with orders and requirements of any board of fire underwriters or any other
                                            body which may exercise similar functions, so long as Owner promptly delivers to Operator
                                            any notice of violation thereof received by Owner and, subject to the terms and conditions
                                            contained herein, take appropriate action with respect to the use of funds in connection
                                            with the operation and maintenance of the Hotel (provided Owner has provided sufficient funds
                                            therefor);

 

		L.	Cause
                                            all ordinary repairs and maintenance to the Hotel (excluding any Third Party Areas (as defined
                                            in Section 4.5 below)), of which Operator is aware, to be made and conducted;

 

		M.	Subject
                                            to Section 10.6 below, solely upon request of Owner, provide Project Management Services
                                            (as hereinafter defined) on Owner’s behalf in connection with capital improvements
                                            to the Hotel, or the renovation and refurbishment of the Hotel, provided that all such capital
                                            improvements shall be funded from the FF&E Reserve Account (as hereinafter defined) or
                                            by Owner;

 

		N.	Subject
                                            to Section 3.4 below, use commercially reasonable and professional efforts to operate the
                                            Hotel in accordance with (i) that certain Food and Beverage Management Agreement, dated as
                                            of July 26, 2019, by and between Owner and Aya Hospitality LLC, a Florida limited liability
                                            company (“F&B Operator”), or any replacement agreement governing operations
                                            of the signature restaurant located on the ground level of the Hotel adjacent to the Hotel
                                            lobby (the “Restaurant”), the lobby gastro pub located on the ground level
                                            of the Hotel adjacent to the Hotel lobby (the “Lobby Pub”), the poolside
                                            bar with limited food service located adjacent to the Hotel pool (the “Pool Bar”),
                                            and food and beverage catering services at the Hotel (the “F&B Management Agreement”),
                                            (ii) any franchise agreement entered into by Owner for the franchise of the Hotel (the “Franchise
                                            Agreement”), (iii) any mortgage or deed of trust encumbering the Land (the “Mortgage”),
                                            and (iv) any covenants, conditions and restrictions encumbering the Land as of the date of
                                            this Agreement (the “Encumbrances” together with the F&B Management
                                            Agreement, the Franchise Agreement, if any, and the Mortgage, collectively, the “Major
                                            Agreements”);

 

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		O.	Advise
                                            and recommend to Owner the suitability of instituting legal or equitable actions or proceedings
                                            through legal counsel, other professionals, consultants and specialists;

 

		P.	Retain
                                            legal counsel and such other professionals, consultants and specialists as Operator deems
                                            necessary in connection with the management of the Hotel, the cost of which shall be an Operating
                                            Expense; provided, however, Operator shall not expend more than the amount budgeted in the
                                            then applicable approved Budget with respect to such fees and expenses without the prior
                                            written consent of Owner, which shall be granted or withheld in Owner’s sole and absolute
                                            discretion;

 

		Q.	In
                                            accordance with this Agreement, incur obligations in the name and on behalf of the Owner
                                            solely with regard to trade payables for goods and services incurred in the ordinary course
                                            of business in the operation and management of the Hotel (“Trade Payables”);
                                            provided, however, Owner’s approval is expressly required for the borrowing of any
                                            other money or the execution of any credit obligation for any purpose other than Trade Payables
                                            in the name of and on behalf of Owner (which approval may be granted or withheld by Owner
                                            in Owner’s sole and absolute discretion);

 

		R.	Use
                                            commercially reasonable efforts to collect, account for and remit to governmental authorities
                                            all applicable excise, sales, occupancy and use taxes or similar governmental charges collectible
                                            by the Hotel directly from guests or as part of the sales price of any goods, services or
                                            displays, including gross receipts, admission, or similar or equivalent taxes, duties, levies
                                            or charges;

 

		S.	Upon
                                            request of Owner and at Owner’s cost and expense, cooperate in helping Owner (i) challenge,
                                            protest, appeal and/or litigate any legal requirements affecting the Hotel or any alleged
                                            violation of any legal requirement, or (ii) institute, defend, challenge, protest, appeal
                                            and/or litigate any legal or equitable actions or proceedings pertaining to property-related
                                            claims not involving the operation of the Hotel (such as zoning disputes, structural defects,
                                            and title disputes);

 

		T.	Provide
                                            the pre-opening services described in Exhibit E, in consideration of the payment of
                                            the pre-opening service fees set forth in Exhibit D; and

 

		U.	Provide
                                            such other services as are required under the terms of this Agreement.

 

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3.2 Limitations
on Authority

 

Notwithstanding
the authority given to Operator under this Article III or any other provisions of this Agreement and in addition to the express provisions
of this Agreement which prohibit Operator from taking certain actions only with the prior consent of Owner, Operator shall not take or
perform any of the following actions without the prior written approval of Owner (which consent may be granted or withheld in Owner’s
sole and absolute discretion):

 

A. Acquire
any real property or interest therein on Owner’s or the Hotel’s behalf;

 

B. Acquire
any capital assets or interest therein (including under capital leases) on Owner’s or the Hotel’s behalf, except to the extent
specifically provided for in an approved Budget or in connection with an Emergency Expenditure (as provided for in, and subject to, Sections
9.5 and 9.6);

 

C. Finance,
refinance, or mortgage any portion of the Hotel or the revenue due to Owner therefrom, or borrow any money or execute any credit obligations
in the name and on behalf of Owner;

 

D. Sell
(other than dispositions of FF&E, OS&E and other consumable supplies in the ordinary course of business as provided for in this
Agreement), or otherwise transfer, pledge, or place any lien on the Hotel or any portion thereof, unless otherwise expressly allowed
and provided for in this Agreement;

 

E. In
the event of a governmental taking of any portion of the Hotel through the exercise, or by agreement in lieu of the exercise, of the
power of eminent domain, consent to any award or participate in any taking proceeding or agreement in lieu thereof;

 

F.
 Modify or terminate any existing Contract, Lease, license and/or other similar agreement for space or equipment, or enter into
any new Leases or any new Contract at the Hotel without the prior written consent of Owner (which consent may be granted or withheld
in Owner’s sole and absolute discretion); provided, however, Operator may, without the prior consent of Owner, enter into, modify
or terminate any Contract or Lease that (i) is terminable upon not more than thirty (30) days’ notice without penalty, (ii) is
expressly identified and approved as part of the applicable Budget, or (iii) requires an annual payment of less than Twenty-Five Thousand
Dollars ($25,000);

 

G. Enter
into any contract, agreement or related agreements or similar arrangement with any affiliate of Operator unless the terms of any such
arrangement, when taken as a whole, are not materially less favorable to the Hotel than the prevailing terms of similar such arrangements
obtainable on a commercially reasonable basis from unrelated parties in the area of the Hotel, provided in all events that Operator provides
Owner prior written notice of any such contract, agreement, related agreement or similar arrangement to be entered into with any affiliate
of Operator;

 

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H. Operate
the Hotel in any manner or for any purpose other than as herein set forth;

 

I. Abandon
the Hotel for any reason;

 

J. Make,
authorize or permit any material modifications or alterations to the Hotel, except as expressly authorized by this Agreement or contemplated
by the applicable approved Budget;

 

K. Enter
into any agreement that would cause Owner to incur pension obligations;

 

L. Intentionally
Omitted;

 

M. Except
where specifically contemplated by and in compliance with the express terms of this Agreement, institute, defend or settle any legal
or equitable proceedings, including the prosecution or settlement of any tax claims or appeals and the selection of counsel, with respect
to the Hotel where (i) the claim asserted (including estimated legal fees) is in excess of Twenty-Five Thousand Dollars ($25,000), or
(ii) Owner is a named party in such legal action or proceeding; provided, however, that nothing shall limit Operator’s ability
to defend, settle or otherwise dispose of litigation against Operator in its individual capacity so long as Operator shall not seek reimbursement
or indemnification from Owner under this Agreement in connection therewith. Notwithstanding the foregoing, in the event Owner is also
a named party in such legal actions or proceedings, Owner (at its cost or as an Operating Expense if the matter giving rise thereto would
have given rise to an Operating Expense) shall have the right to appoint separate counsel to defend its interests and shall have the
right to control such litigation.

 

3.3 Reimbursements
of Transition Expenses

 

All
reasonable out-of-pocket expenses and disbursements incurred by Operator during or in connection with Operator’s takeover of the
management of the Hotel and set forth in the Pre-Opening Budget attached hereto as Exhibit F shall be paid by Owner to Operator
within thirty (30) days following Owner’s receipt of a written demand therefor by Operator. Operator shall maintain and make available
to Owner invoices or other evidence supporting such charges.

 

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3.4 Major
Agreements

 

Notwithstanding
any other provision of this Agreement to the contrary, Operator’s obligations with respect to any Major Agreement shall be limited
to the extent that: (a) summaries of the relevant provisions, together with complete and accurate copies of the Major Agreements, have
been delivered to Operator; and (b) the provisions thereof and/or compliance with such provisions by Operator (i) are applicable to the
day-to-day operation, maintenance and non-capital repair and replacement of the Hotel or any portion thereof, (ii) do not require contribution
of capital by Operator or payments of Operator’s own funds, (iii) do not materially increase Operator’s obligations hereunder
or materially decrease Operator’s rights hereunder, (iv) do not limit or purport to limit any corporate activity or transaction
with respect to Operator or its Affiliates other than at the site of the Hotel, (v) are within the reasonable control of Operator by
reason of its management and operation of the Hotel pursuant to this Agreement, and (vi) are otherwise within the scope of Operator’s
duties under this Agreement. Owner acknowledges and agrees, without limiting the foregoing, that any failure of Operator or the Hotel,
to comply with the provisions of any Major Agreement arising out of (A) the condition of the Hotel, and/or the failure of the Hotel to
comply with the provisions of such Major Agreement prior to Operator’s assuming the day-to-day management thereof, (B) construction
activities at the Hotel, (C) inherent limitations in the design and/or construction of, location of and/or parking at the Hotel, (D)
written instructions from Owner to operate the Hotel in a manner inconsistent with the Major Agreements, and/or (E) Owner’s failure
to approve any matter necessary or appropriate to achieve compliance with any Major Agreement, shall not be deemed a breach by Operator
of its obligations under this Agreement. Operator shall be entitled to rely upon the summaries of the Major Agreements provided by Owner.

 

3.5 Independent
Contractor Status

 

In
the performance of its duties in the administration, management and operation of the Hotel, Operator shall act as an independent contractor,
provided, that the relationship between the parties shall be that of principal, in the case of Owner, and agent and fiduciary, in the
case of Operator. Nothing herein shall constitute or be construed to be or create a partnership or joint venture between Owner and Operator,
or be construed to create a lease by Operator of the Hotel or its facilities. Except as otherwise provided in this Agreement, including,
without limitation, the provisions of Article XXI hereof, (a) to the extent incurred by Operator in the ordinary course of business and
in accordance with the terms and conditions of this Agreement, all debts and liabilities to third persons incurred by Operator in the
course of its operation and management of the Hotel in accordance with the provisions of this Agreement shall be the debts and liabilities
of Owner only, and (b) Operator shall not be liable for any such obligations by reason of its management supervision, direction and operation
of the Hotel for Owner. Operator may inform third parties of its independent contractor status with whom it deals on behalf of Owner
and may take any other reasonable steps to carry out the intent of this Section 3.5. It is expressly covenanted that this Agreement is
no more than an agreement for the rendering of services by Operator on behalf of Owner in the operation and management of the Hotel only.
To the extent that any fiduciary or other duties may be implied as a result of the relationship of the parties under this Agreement,
the parties agree that: (a) Operator shall have no duties that are inconsistent with, or would have the effect of expanding, modifying,
limiting or restricting any of the express terms of this Agreement, (b) the express terms of this Agreement shall control the duties
of Operator hereunder, (c) this Agreement shall be interpreted in accordance with general principles of contract interpretation without
regard to the common law principles of agency, and (d) any liability of the parties shall be based solely on principles of contract law
and the express terms of this Agreement. The parties further acknowledge and agree that for the purposes of determining the nature and
scope of any fiduciary duties of Operator under this Agreement, the terms of this Agreement, and the duties and obligations set forth
herein, are intended to satisfy all such fiduciary duties that may exist as a result of the relationship between the parties, including
all duties of loyalty, good faith, fair dealing and full disclosure, and any other duty deemed to exist under the common law principles
of agency or otherwise (other than the duty of good faith and fair dealing implied under general contract principles, independent of
the common law principles of agency). Accordingly, notwithstanding anything to the contrary in this Agreement, to the fullest extent
permitted under applicable law, the parties hereby unconditionally and irrevocably waive and disclaim any power or right such party may
have to claim any punitive, exemplary, statutory or treble damages or consequential or incidental damages for any breach of fiduciary
duties.

 

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ARTICLE
IV

GENERAL
OPERATION OF THE HOTEL

 

4.1 Exclusive
Operator of Hotel

 

Subject
to Section 4.5 below, Owner hereby engages Operator as the exclusive operator of the Hotel during the Term, and Operator hereby accepts
such engagement. Subject to the terms of this Agreement (including, without limitation, Section 3.2 hereof) and the applicable Budget,
Operator shall have control and discretion in the operation, direction, management and supervision of the Hotel. Such control and discretion
of Operator shall include, without limitation, the determination of credit policies (including entering into agreements with credit card
organizations), terms of admittance, charges for rooms, food and beverage policies (subject to Section 4.5 below), employee wages, benefits
and severance policies, entertainment policies, leasing, licensing and granting of concessions for commercial space at the Hotel (subject
to Section 3.1.E above), and, subject to Owner’s right to review and approve (such approval to be granted or withheld in Owner’s
sole and absolute discretion) the Sales and Marketing Plan prepared by Operator for the Hotel in accordance with Section 9.4 below, all
phases of advertising, promotion and publicity relating to the Hotel.

 

4.2
Manner of Operations

 

During
the Term, Operator shall operate the Hotel and all of its facilities and all other activities pursuant to the Operating Standards and
the Major Agreements and in the same manner as is customary and usual in the operation of other hotels operated by Operator in markets
similar to the geographic area of the Hotel, to the extent consistent with the Budget. Upon written request by Owner, Operator shall
provide Owner with all reasonably requested information regarding convention, group and transient reservation bookings at the Hotel.
Notwithstanding anything to the contrary contained herein, (i) during the first two (2) full Fiscal Years of the Initial Term of this
Agreement, Operator shall not own, lease, manage, operate, license or franchise another hotel or transient lodging facility within the
Area of Protection that has (a) at least 125 guest rooms and (b) an average daily rate per guest room that is within twenty-five percent
(25%) of the average daily rate for the Hotel (a “Competitive Property”), and (ii) from and after the expiration of
the first two (2) full Fiscal Years of the Initial Term through the expiration of the Initial Term, Operator shall not, without the consent
of Owner (which approval shall not be unreasonably withheld, conditioned or delayed), own, lease, manage, operate, license or franchise
another Competitive Property (collectively, the “AOP Restriction”); provided, however, in the event Owner withholds
its consent to Operator’s ability to own, lease, manage, operate, license or franchise a Competitive Property, Operator shall have
the right, without payment by either party of any Termination Fee, penalty or other damages, upon sixty (60) days’ prior written
notice to Owner (which notice shall be given no later than fifteen (15) days following Owner’s written disapproval of Operator’s
request to own, lease, license, franchise, operate or manage a Competitive Property), to terminate this Agreement. Notwithstanding the
foregoing, Owner agrees and acknowledges that Operator may, own, lease, manage, operate, license or franchise (a) the Ritz-Carlton Coconut
Grove, Miami, (b) the Residence Inn by Marriott Miami Coconut Grove, (c) the to-be-developed hotel located on or about 4241 Aurora Street,
Coral Gables, Florida and (d) the Exempt Hotels (as defined below). If the Opening Date has not occurred by December 31, 2020, then the
AOP Restriction shall automatically be null and void and Operator may, prior to the Opening Date, enter into agreements to own, lease,
manage, operate, license or franchise any Competitive Property (collectively, the “Exempt Hotels”); provided, that,
the AOP Restriction shall be reinstated and effective as of the actual Opening Date. From and after the expiration of the Initial Term,
the AOP Restriction shall no longer be applicable and the restrictions set forth in this Section 4.2 shall be deemed null and void and
of no further force and effect. For purposes of this Section 4.2, the “Area of Protection” shall mean the area within
a three (3) mile radius of the front door of the Hotel.

 

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4.3 Consultation
with Owner

 

Operator
shall be available to consult with and advise Owner, at Owner’s reasonable request, concerning all policies and procedures affecting
all phases of the conduct of business at the Hotel.

 

4.4 Hiring
of Executive Hotel Employees

 

Prior
to hiring any general manager, director of sales, controller, director of food and beverage (if any) or executive chef (if any) for the
Hotel (each, an “Executive Hotel Employee”), Operator will deliver the résumé and a summary of references
of each such proposed Executive Hotel Employee to Owner, and Owner shall have a period not to exceed ten (10) business days from and
after delivery of each such résumé to Owner to interview and approve such Executive Hotel Employee proposed to be hired,
should Owner desire to do so. Operator shall secure Owner’s approval, which approval shall not be unreasonably withheld, conditioned
or delayed, prior to the hiring of each and every Executive Hotel Employee (and any replacement thereof). Notwithstanding anything to
the contrary contained herein, Operator acknowledges and agrees that Owner shall have both the right and opportunity to propose candidates
for any available Executive Hotel Employee position, in which event, Operator shall have the same rights to approve any such Executive
Hotel Employee candidate proposed by Owner as those granted to Owner pursuant to this Section 4.4. The parties shall work together to
determine the appropriate compensation, benefits and other terms of employment for any Executive Hotel Employee. Owner shall have the
right to recommend to Operator the termination of any Executive Hotel Employee and Operator agrees to consider such recommendation in
good faith, provided that the ultimate decision as to whether or not to terminate any such Executive Hotel Employee shall be within the
discretion of Operator. Notwithstanding the foregoing, Operator shall, to the extent reasonably practicable, notify Owner prior to firing
any Executive Hotel Employee. Notwithstanding the foregoing, Operator acknowledges and agrees that the initial general manager of the
Hotel, the initial director of food and beverage of the Hotel, and the initial executive chef of the Hotel have already been selected
by Owner and will be employed by Owner. Notwithstanding the foregoing, Operator acknowledges and agrees that Owner shall have the right
to approve the initial assistant general manager and initial director of human resources, if any, pursuant to the approval rights applicable
to Executive Hotel Employees set forth in this Section 4.4.

 

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4.5 Third
Party Areas

 

Operator
shall operate all parts of the Hotel unless Owner desires that any restaurant, bar, and/or lounge located in the Hotel (each such area,
including, without limitation, the Restaurant, Lobby Pub and Pool Bar, an “F&B Area”) or, subject to Operator’s
reasonable approval, any other portion of the Hotel (such area, a “Non-Managed Area” and together with any F&B
Area, the “Third Party Area”), be operated by a third party (each, a “Third Party Operator”) under
a lease, operating, management or similar agreement between Owner and such Third Party Operator (a “Third Party Agreement”)
with Third Party Operator’s employees (the “Third Party Area Employees”); provided, however, if a Third Party
Operator is engaged to operate a Third Party Area, then, subject to Article XIII hereof, any insurance provided by Operator under this
Agreement, including, without limitation, under the Hotel’s general liability policy, will not be called upon to provide coverage
for claims to the extent that such claims are related solely to the Third Party Area, the Third Party Operator or the Third Party Area
Employees. The identity of any Third Party Operator, the concept, design and name of any Third Party Area and the terms of any Third
Party Agreement, and any changes to any of the foregoing, shall be determined by Owner in its sole and absolute discretion; provided,
however, Owner at its expense (and not as an Operating Expense) shall negotiate the terms of any Third Party Agreement. Notwithstanding
the foregoing, Operator acknowledges and agrees that F&B Operator is the Third Party Operator of the Restaurant, Lobby Pub and Pool
Bar pursuant to the F&B Management Agreement, which is a Third Party Agreement for purposes hereof.

 

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ARTICLE
V

HOTEL
EMPLOYEES

 

5.1
Hotel Employees and Contractors

 

All
Hotel Employees shall be employees of Operator, an Affiliate of Operator (provided, for the avoidance of doubt, “Hotel Employees”
or “employees of the Hotel” as used in this Agreement shall not include Third Party Area Employees, if any), or a professional
employer organization (“PEO”) engaged by Operator. Operator may, as deemed reasonably necessary by Operator but subject
in all events to the Budgets, utilize shared employees and shared positions across multiple hotels owned by the same or different owners,
or may assign employees of Operator, an Affiliate of Operator or PEO temporarily, part-time or on a shared basis to perform services
at the Hotel or from a remote location, including Operator’s home office, and the allocable portion of such temporary, part-time
shared employee’s salary (including employee benefits and all applicable employer taxes as well as any federal, state or local
taxes imposed upon Operator for such reimbursement) while performing such services for the Hotel, and reasonable actual out-of-pocket
expenses incurred by such employee in traveling to and from the Hotel, will be reimbursed to Operator by Owner, or to the owner of the
hotel from which the employee is being shared, including any federal, state or local taxes imposed upon Operator for such reimbursement,
as an Operating Expense, and such employee will be entitled to in-house lodging, food and beverages, parking and other amenities and
use of Hotel facilities while performing such services away from the employee’s home hotel. Subject to the Budgets and Section
4.4 hereof, Operator shall use reasonable care in but shall have the absolute discretion to hire, fire, promote, supervise, direct and
train all Hotel Employees, to fix their compensation and benefits (provided such compensation and benefits are comparable to the compensation
and benefits approved by Owner as provided in the Budgets), and generally to establish and maintain all policies relating to employment
and employment benefits. All costs of every kind and nature pertaining to all Hotel Employees arising out of the employer-employee relationship,
including, without limitation, salaries, benefits (including vacation, sick and personal days and accruals at the accrual rate established
by Operator), bonuses, relocation costs, reasonable employment-related legal costs, employee taxes, costs incurred in connection with
governmental laws and regulations and insurance rules, shall be Operating Expenses and, absent a legal determination that the Operator
acted with fraud, willful misconduct or gross negligence, Owner shall reimburse, indemnify, defend and hold harmless Operator from all
out-of-pocket costs, expenses, fees (including, without limitation, reasonable, actual out-of-pocket attorney’s fees), costs, liabilities
and claims actually incurred in connection therewith.

 

5.2 Benefit
Plans for Associates

 

Operator
may, to the extent consistent with the Budget, enroll the Hotel Employees in retirement, health and welfare employees benefit plans substantially
similar to corresponding plans implemented in other hotels with similar service levels managed by Operator. Such plans may be joint plans
for the benefit of employees at more than one hospitality property owned, leased or managed by Operator or its Affiliates. Subject (except
as set forth below) to the Budgets, employer contributions to such plans (including, without limitation, but not subject to the Budgets,
any withdrawal liability incurred upon termination of this Agreement to the extent attributable to employees of the Hotel and not other
hospitality properties owned, leased or managed by Operator or its Affiliates) and reasonable administrative fees which Operator may
expend in connection therewith, shall be responsibility of Owner and shall be an Operating Expense. The administrative expenses of any
joint plans will be equitably apportioned by Operator among properties covered by such plan. Owner hereby acknowledges and agrees that,
subject to Section 17.4, compliance with the provisions of Worker Adjustment and Retraining Notification. Act and/or similar state or
local laws (together with all rules and regulations promulgated thereunder and including, without limitation, any such state or local
laws, collectively, the “WARN Act”) upon any disposition of the Hotel, upon any termination of this Agreement or upon
the occurrence of any other event giving rise to the application of the WARN Act, is the responsibility and obligation of Owner, and
Owner hereby agrees to reimburse, indemnify, defend and hold harmless Operator from all out-of-pocket costs, expenses, fees (including,
without limitation, reasonable, actual out-of-pocket attorney’s fees), liabilities and claims actually incurred by Operator in
connection therewith which Operator may incur arising out of or in connection with any breach or claimed breach of the WARN Act in connection
with any such disposition, termination or other occurrence, unless such costs, liabilities or claims are the result of Operator’s
failure to comply with Section 17.4.

 

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5.3 Lodging
for Associates

 

Operator,
in its discretion, may (a) on an as-available basis provide lodging for Operator’s executive employees visiting the Hotel who are
providing services for the direct benefit of the Hotel and allow them the use Hotel facilities and (b) subject to the applicable approved
Budget, provide the general manager of the Hotel temporary (not to exceed thirty (30) days) living quarters within the Hotel and the
use of all Hotel facilities, in either case at a discounted price or without charge.

 

5.4 Employment
Laws

 

Operator
shall not be liable for any failure of the Hotel to comply prior to the Commencement Date with any federal, state, local and foreign
statutes, laws, ordinances, regulations, rules, permits, judgments, orders and decrees affecting labor union activities, civil rights
or employment in the United States, including, without limitation, the Civil Rights Act of 1870, 42 U.S.C. §1981, the Civil Rights
Acts of 1871, 42 U.S.C. §1983 the Fair Labor Standards Act, 29 U.S.C. §201, et seq., the Civil Rights Act of 1964, 42
U.S.C. §2000e, et seq., as amended, the Age Discrimination in Employment Act of 1967, 29 U.S.C. §621 et seq.,
the Rehabilitation Act, 29 U.S.C. §701, et seq., the Americans With Disability Act, of 1990, 29 U.S.C. §706, 42 U.S.C.
§12101 et seq., the Employee Retirement Income Security of 1974, 29 U.S.C. §301, et seq., the Equal Pay Act,
29 U.S.C. §201 et seq., the National Labor Relations Act, 29 U.S.C. §151, et seq., and any regulations promulgated
pursuant to such statutes (as amended from time to time, and together with any similar laws now or hereafter enacted, collectively, the
“Employment Laws”). Operator shall promptly notify Owner of any violations of any Employment Laws of which Operator
becomes aware following the Commencement Date (whether occurring prior to or after the Commencement Date).

 

5.5 Employment
Policy

 

Operator
shall from time to time develop and implement policies, procedures and programs for the Hotel (collectively, the “Employment
Policies”) reasonably designed to affect compliance with the Employment Laws. The Employment Policies shall be consistent with
the approved Budgets, the Operating Standards and industry standards from time to time for reputable hotel management companies. Owner
acknowledges and agrees that Operator shall have the right, subject to the Budget, to institute severance payment policies for the Hotel
Employees so long as such policies are reasonable and customary in the industry and are approved by Owner.

 

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    THESIS HOTEL MIAMI

    

 

5.6 Collective
Bargaining Agreements

 

Each
party represents, at the time of entering into this Agreement, that neither such party nor any of its affiliates or related entities
has entered into any agreement with a labor organization that (a) has the purpose or effect of requiring Operator or Owner, as applicable,
to waive any rights under the National Labor Relations Act with respect to the employees at the Hotel, including but not limited to,
any neutrality and/or card check recognition agreement or (b) could result in the accretion of Hotel Employees into a bargaining unit
with employees at another property owned or operated by Owner, Operator or any of their respective affiliates or related entities. Neither
party shall execute any agreement with a labor organization or agree to any labor contract provision that would impact the other party
or the Hotel, including, without limitation, any type of card-check neutrality or accretion, without the express prior written consent
of the other party (which consent may be granted or withheld in such party’s sole and absolute discretion). After entering into
this Agreement, if either party is notified or made aware of collective bargaining, labor union or other activity that could affect the
Hotel or considers any type of agreement with any labor organization that would provide for card-check/neutrality relevant to the Hotel
or that could result in the accretion of Hotel Employees into a bargaining unit with employees at another property owned or operated
by Owner, Operator or any of their respective affiliates or related entities, such party shall notify the other party within three (3)
business days of receipt of such notice or consideration of such labor union activity (a “Collective Bargaining Notice”).
Notwithstanding anything to the contrary contained herein, either party shall have the right to terminate this Agreement by delivering
written notice to the other at any time either party issues or receives a Collective Bargaining Notice, or at any time a party gains
knowledge of any breach of any of the representations or covenants set forth in this Section 5.6. Notwithstanding the party exercising
the termination right set forth in this Section 5.6, Operator shall provide reasonable and appropriate support necessary to ensure a
smooth transition to any replacement manager of the Hotel in accordance with Section 17.4 below. If a Collective Bargaining Notice
is caused by the actions of Owner or its respective affiliates or related entities, Operator shall not have any obligations or liabilities
under any collective bargaining agreement as a result of the termination of this Agreement, including, without limitation, any obligation
to fund any portion of an unfunded pension liability.

 

ARTICLE
VI

PROVISION
OF FUNDS

 

6.1 Available
Funds for Operations

 

In
performing its services under this Agreement, Operator shall act solely for the account of Owner. Operator shall not be deemed to be
in default of its obligations under this Agreement to the extent it is unable to perform any obligation due to a lack of available funds
from the operation of this Hotel or as otherwise provided by Owner.

 

6.2 No
Advance of Funds

 

Operator
shall in no event be required (a) to advance any of its funds (whether by waiver or deferral of its management fees or otherwise) for
the operation of the Hotel or (b) to incur any liability unless Owner shall have furnished Operator with funds necessary for the discharge
thereof prior to incurring such liability.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
VII

CENTRALIZED
SERVICES; MULTI-PROPERTY PROGRAMS; 

NETWORKING
SERVICES

 

7.1 Centralized
Services

 

Operator
shall provide or cause its affiliated companies to provide for the Hotel and its guests the full benefit of any reservations system hereafter
established by Operator or its Affiliates and provide, or cause its affiliated companies to provide, centralized accounting services,
IT services, purchasing services, revenue management services, training, satisfaction surveys and/or other centralized services as may
made available generally to similar properties managed by Operator from time to time (individually and collectively, and as set forth
on Exhibit A, the “Centralized Services”). Prior to the Opening Date and on or before December 1st
of each year of the Term, Owner shall have the right to opt out of any and all Centralized Services for any reason upon written notice
to Operator; provided, that, Owner has arranged for the replacement of such Centralized Services and, provided further, that, the Accounting
and Financial Services, Information Technology Services and Revenue Management services and fees described on Exhibit A attached
hereto shall be non-discretionary. The cost of Centralized Services shall be (a) estimated in the Budgets and an Operating Expense of
the Hotel, (b) reasonably allocated to the Hotel on an equitable basis with all other hotels utilizing the Centralized Services of Operator
or its Affiliates in a manner that does not unreasonably favor other hotels managed by Operator over the Hotel, and (c) reimbursed to
Operator on a cost reimbursement basis, which costs may include, without limitation, salaries (including payroll taxes and employee benefits)
of employees and officers of Operator and its Affiliates, costs of all equipment employed in the provision of such services, and a reasonable
charge for additional overhead of Operator or its Affiliates. Operator agrees that, with respect to any new Centralized Services offered
by Operator in the future (provided that Owner shall have the right to determine in its sole and absolute discretion whether the Hotel
will participate in any such new Centralized Service), the cost of such services shall be subject to the approval of Owner (which approval
shall be granted or withheld in its sole and absolute discretion) and, in the event approved by Owner, shall comply with the requirements
of clauses (a) – (c) above.

 

7.2 Multi-Property
Programs

 

Subject
to Section 3.2.F and 3.2.G, Owner acknowledges and agrees that Operator may in Operator’s discretion enter into certain purchasing,
maintenance, service or other contracts with respect to the operation of the Hotel and other hotels operated by Operator (collectively,
“Multi-Property Programs”) pursuant to which Operator or Affiliates of Operator may receive rebates, discounts, cash
or other incentives, administration fees, concessions, profit participations, stock or stock options, investment rights or similar payments
or economic considerations (collectively, “Operator Rebates”) from the vendors or suppliers of goods or services provided
under such Multi-Property Programs. Notwithstanding the foregoing, (a) Operator hereby covenants to Owner that it will notify Owner of
any Multi-Property Programs and all Operator Rebates in advance of Owner being subject thereto, (b) Owner shall have the right to opt
out of any and all Multi-Property Programs at any time and for any reason, provided, that, Owner has arranged for the replacement of
the services provided pursuant to the Multi-Property Programs with a property level purchase, maintenance, service and/or other contract
(unless otherwise provided in the approved Budget), (c) the terms of any Multi-Property Programs in which the Hotel participates, when
taken as a whole, shall not be less favorable to the Hotel than the prevailing terms of contracts to provide similar goods or services
on a single-property basis obtainable on a commercially reasonable basis from unrelated parties in the area of the Hotel, and (d) the
costs of any and all Multiple Property Programs allocable to the Hotel shall be estimated in the Budget and be an Operating Expense of
the Hotel.

 

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    THESIS HOTEL MIAMI

    

 

7.3 Networking
Services

 

Operator
shall have the right to install and use Operator’s networking services (the “Network”) and associated software
at the Hotel throughout the Term. The Network installation and connectivity charges and associated software license fees shall be (a)
based on the actual cost of such items, (b) allocated in an equitable manner by Operator to all hotels operated by Operator that are
participating in the Network, (c) shall be subject to the reasonable approval of Owner, (d) provided in the Budget and shall be an Operating
Expense, and (e) shall be paid or reimbursed to Operator out of the Operating Account, or if the funds therein are insufficient, by Owner.
Owner acknowledges that, as of the date hereof, such charges and fees are included in the Information Technology Services Fee referred
to on Exhibit A attached hereto.

 

ARTICLE
VIII

WORKING
CAPITAL AND BANK ACCOUNTS

 

8.1 Working
Capital

 

Prior
to the Opening Date, Owner will fund the Operating Account with Three Hundred Thousand Dollars ($300,000) in initial working capital
for the Hotel, for use during the transition of management to Operator’s management of the Hotel. Thereafter, Owner shall, within
ten (10) days following receipt of written notice from Operator (which shall contain backup documentation and explanations as to the
need for the funds being requested), during the Term, provide, either from Total Revenues or from other funds of Owner, such amounts
as may be required for the uninterrupted and efficient operation of the Hotel in accordance with this Agreement, including, without limitation,
funds sufficient to pay all Operating Expenses as and when due and operate, maintain and equip the Hotel for two (2) months in accordance
with all Major Agreements and to maintain the Hotel in a first-class physical condition (“Working Capital”).

 

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    THESIS HOTEL MIAMI

    

 

8.2 Operating
and FF&E Account

 

Subject
to the approval of Owner’s Lender(s) (as defined below) from time to time, all funds received by Operator in the operation of the
Hotel, including Working Capital and other funds furnished by Owner from time to time as required under this Agreement, shall be deposited
in an operating account held by Operator (the “Operating Account”) in such federally insured bank, savings and loan
or trust company as may be selected by Owner and reasonably approved by Operator. Any successor or substitute bank, savings and loan
or trust company shall be selected in the same manner. From the Operating Account, but only to the extent of funds in the Operating Account,
Operator shall pay Operating Expenses and, unless otherwise directed by Owner in writing, Fixed Charges (provided Operator shall be permitted
to pay Incentive Fees, if any, from the Operating Account regardless of Owner’s direction), debt service, capital costs and other
amounts, if and to the extent the same are required to be paid by Operator on Owner’s behalf under this Agreement. In addition
to the Operating Account (but only to the extent required by Owner’s Lender(s) from time to time), an account shall be established
by Operator at the same institution or another institution selected by Owner and reasonably approved by Operator for a reserve for replacements,
substitutions, and additions to the FF&E and other capital projects and replacements (the “FF&E Reserve Account”).

 

8.3 Internal
Controls for Accounts

 

The
Operating Account and (unless otherwise required by any Mortgage encumbering the Hotel) the FF&E Reserve Account shall be in the
name of Operator for the account of Owner (and held in the EIN of Owner for U.S. Internal Revenue Service reporting purposes) and shall
be under the control of Operator. Checks or other documents of withdrawal shall be signed by representatives of Operator, unless otherwise
requested by Owner, provided that such representatives shall be bonded or otherwise insured in a manner reasonably satisfactory to Owner.
The premiums for such bonding or other insurance shall constitute an Operating Expense. Upon the expiration or termination of this Agreement,
all amounts in the Operating Account and the FF&E Reserve Account no later than the effective date of the termination of this Agreement
shall be promptly transferred to Owner.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
IX

BOOKS,
RECORDS AND STATEMENTS; BUDGETS

 

9.1 Accounting
Procedures

 

Operator
shall keep full and accurate books of account and other records reflecting the results of the operation of the Hotel in accordance with
the Uniform System with such exceptions as may be required by the provisions of this Agreement; provided, however, that Operator may,
with prior notice to and approval of Owner, make such modifications to the methodology in the Uniform System as are consistent with Operator’s
standard practice in accounting for its operations under management contracts generally, so long as such modifications do not affect
the determination of Total Revenues, Operating Expenses or Fixed Charges under Article XI or otherwise adversely affect Owner. Except
for the books and records which may be kept in Operator’s principal office or accounting office pursuant to the adoption of a central
billing system or other centralized service, the books of account and all records relating to or reflecting the operation of the Hotel
shall be kept at the Hotel, and such books of accounts and other records shall be available to Owner and its representatives at all reasonable
times and upon reasonable prior written notices for examination, audit, inspection and transcription. All of such books and records including,
without limitation, books of account, guest records and front office records shall be property of Owner. Upon any termination or expiration
of this Agreement, all of such books and records shall thereafter be available to Operator at all reasonable times for inspection, audit,
examination and transcription for a period of three (3) years.

 

9.2 Monthly
Reports

 

Operator
shall deliver to Owner, within fifteen (15) days after the end of each month during the Term, the following items (collectively, the
“Monthly Reports”):

 

		A.	A
                                            balance sheet as of the last day of such month (including a schedule of receivables and bad
                                            debts);

 

		B.	A
                                            detailed income and expense statement for such month and year to date noting Net Operating
                                            Income, Total Revenues (and any other revenues not already included therein, Operating Expenses,
                                            plus a comparison to the applicable budget(s) and the prior year. Such income and expense
                                            statements shall also include a detailed breakdown of income and expenses on a departmental
                                            basis;

 

		C.	A
                                            report detailing any capital expenditures made during such month;

 

		D.	A
                                            report summarizing any material variances between budgeted and actual Total Revenues and
                                            Operating Expenses, provided that such report may be prepared and delivered separately by
                                            the general manager of the Hotel;

 

		E.	A
                                            report of occupancy for such month (including, without limitation, the occupancy rates, average
                                            daily room rates and room revenues for such month and a STAR benchmarking report);

 

		F.	A
                                            statement of cash flow for the current month and year-to-date, as well as a forecast for
                                            the next thirty (30) days which shall identify and explain cash requirements during such
                                            period anticipated by Operator to be in excess of Two Hundred Fifty Thousand Dollars ($250,000);
                                            and

 

		G.	Such
                                            other monthly reports as Owner or any Lender may reasonably request (at Owner’s sole
                                            cost and expense).

 

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    THESIS HOTEL MIAMI

    

 

The
Monthly Reports shall be prepared in accordance with the Uniform System to the extent applicable and shall otherwise be prepared in accordance
with Operator’s standard financial reporting and budgeting practices implemented at all or substantially all other hotels operated
by Operator, except as otherwise may be reasonably requested by Owner or any Lender. Operator shall cause the general manager of the
Hotel and such other Executive Hotel Employees as Owner may request to meet with Owner at the Hotel (or other mutually acceptable location)
and at such time as requested by Owner (but no later than twenty (20) days following the expiration of each month during the Term) to
discuss the operation and performance of the Hotel (or such other matters as Owner may desire).

 

9.3 Audited
Financials

 

If
desired by Owner or required by Owner’s Lender, year-end financial statements for the Hotel (including a balance sheet, income
statement and statement of sources and uses of funds) shall be audited by an independent certified public accountant selected by Owner
subject to Operator’s reasonable approval, the cost of which shall be an Operating Expense. Such accountant shall address any findings,
reports or opinions that concern Operator’s work under this Agreement to both Operator and Owner. Operator shall provide reasonable
assistance with such accountant in the preparation of such statements.

 

9.4 Annual
Budgets

 

On
or before (i) November 15th of each Fiscal Year (or partial Fiscal Year) during the Term, Operator shall submit to Owner for
the next Fiscal Year the proposed sales, marketing and strategy plan for the Hotel (the “Sales and Marketing Plan”),
and (ii) November 15th of each Fiscal Year (or partial Fiscal Year) during the Term, Operator shall submit to Owner for the next Fiscal
Year the following items (collectively, the “Budgets”):

 

		A.	An
                                            operating budget (the “Operating Budget”) setting forth in reasonable
                                            line-item detail the projected income from and expenses of all aspects of the operations
                                            of the Hotel;

 

		B.	A
                                            capital budget (the “Capital Budget”) setting forth in reasonable line-item
                                            detail proposed capital projects and expenditures for the Hotel including but not limited
                                            to FF&E expenditures;

 

		C.	Any
                                            updates to the Sales and Marketing Plan previously provided to Owner pursuant to clause (i)
                                            above in this Section 9.4; and

 

		D.	Such
                                            other reports or projections or meetings as Owner (or any of Owner’s Lenders) may reasonably
                                            request (at Owner’s sole cost and expense).

 

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    THESIS HOTEL MIAMI

    

 

The
Budgets shall be prepared in accordance with the Uniform System to the extent applicable and shall otherwise be prepared in accordance
with Operator’s standard financial reporting and budgeting practices implemented at all or substantially all other hotels operated
by Operator, except as otherwise may be reasonably requested by Owner or any Lender. Owner shall notify Operator in writing of its approval
or disapproval of the Budgets not later than thirty (30) days after the delivery of the Budgets to Owner and, if Owner disapproves any
such Budgets, Owner shall state in such notice the reasons therefor with reasonable specificity. Owner shall have the right to disapprove
of and request any changes to any item in the Capital Budget in its sole and absolute discretion and in any Operating Budget in its sole
but good faith discretion. In the event Owner fails to notify Operator in writing of its approval or disapproval of any Budgets on or
before the expiration of such thirty (30) day approval period, then Operator may deliver a second notice to Owner, including the following
statement in bold lettering: “NOTE: YOU HAVE FAILED TO RESPOND IN WRITING TO THE PROPOSED OPERATING BUDGET AND CAPITAL BUDGET DELIVERED
FOR OWNER’S REVIEW UNDER SECTION 9.4 OF THE HOTEL MANAGEMENT AGREEMENT FOR THESIS HOTEL MIAMI. IF A WRITTEN RESPONSE IS NOT RECEIVED
WITHIN FIVE (5) DAYS AFTER RECEIPT OF THIS NOTICE, THEN SUCH PROPOSED OPERATING BUDGET AND CAPITAL BUDGET SHALL BE DEEMED TO BE APPROVED
BY OWNER.” If, after receipt of such second notice, Owner fails to approve or disapprove in writing any Budgets within such additional
(5) day period, then such Budgets shall be deemed approved by Owner. For the avoidance of doubt, unless otherwise expressly set forth
herein, references to the terms “Sales and Marketing Plan”, “Budget”, “Budgets”, “Operating
Budget”, and “Capital Budget” shall mean, subject to Section 9.5, the versions of such plans or budgets, as applicable,
approved by Owner in accordance with this Section 9.4.

 

9.5 Resolution
of Disputes over Budgets

 

If
the Operating Budget (or any component of the Operating Budget) with respect to any Fiscal Year are disapproved by Owner in accordance
with the provisions of this Agreement, then, until approval of the Operating Budget (or such components) by Owner, Operator, until the
resolution of such dispute, shall cause the Hotel to be operated substantially in accordance with most recent approved Operating Budget,
except for, or as modified by (a) those components of such Operating Budget for the applicable Fiscal Year approved by Owner; (b) expenses
that are variable based on the utilization of the Hotel, to the extent required based upon the occupancy of the Hotel which shall be
paid as required; and (c) necessary expenses for the continued operation of the Hotel in accordance with the Major Agreements and the
Operating Standards, or as are immediately necessary, in Operator’s good faith judgment, to protect any person or property from
imminent physical harm (each such immediately necessary expense, an “Emergency Expenditure”); provided, however, that
(i) Operator shall promptly notify Owner of any such Emergency Expenditure (i.e., prior to the incurrence of any expenditure if reasonably
possible but in all events no later than twenty four (24) hours following the incurrence of such expense) and (ii) in no event shall
Operator spend more than Fifty Thousand Dollars ($50,000) for an Emergency Expenditure without first obtaining the prior written approval
of Owner.

 

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    THESIS HOTEL MIAMI

    

 

9.6. Approval
for Expenditures

 

During
each Fiscal Year during the Term, Operator shall use its commercially reasonable efforts to operate the Hotel in accordance with the
approved Budgets for such Fiscal Year. It is understood, however, that the Budgets are an estimate only and that unforeseen circumstances
may make adherence to the Budgets impractical. Operator shall notify Owner of any significant variations from the Budgets promptly after
Operator learns or can reasonably predict the same, and shall concurrently notify Owner of the nature, extent and reason for such variations;
provided, however, Operator shall not exceed (a) any departmental expense line item in the Budgets by more than ten percent (10%) of
such departmental expense line item, or (b) the aggregate total of the applicable Budget by more than five percent (5%) of the applicable
Budget, in each case, without the prior written approval of Owner; provided, further, Operator may make Emergency Expenditures not set
forth in the Budgets, provided (i) Operator shall promptly notify Owner of any such Emergency Expenditure (i.e., prior to the incurrence
of any expenditure if reasonably possible but in all events no later than twenty four (24) hours following the incurrence of such expense)
and (ii) in no event shall Operator spend more than Fifty Thousand Dollars ($50,000) for an Emergency Expenditure without first obtaining
the prior written approval of Owner; and provided, finally, that Operator shall be able to deviate from the Budgets without Owner approval
for line items that directly correlate with revenues (e.g., room reservation and commissions expense, credit card commissions, franchise
& affiliation advertising expense, franchise fees, franchise loyalty program expense, management fees, and FF&E reserve amounts).

 

ARTICLE
X

MANAGEMENT
FEES

AND
PAYMENTS TO OPERATOR AND OWNER

 

10.1 Base
Fee

 

Operator
shall be entitled to receive, on a monthly basis commencing upon the Opening Date and thereafter throughout the Term, for services rendered
under this Agreement, a base management fee (the “Base Fee”) equal to the sum of (a) three percent (3.0%) of Total
Revenues, plus (b) one percent (1.0%) of F&B Area Income (as defined below).

 

10.2 Incentive
Fee

 

In
addition to the Base Fee and any other amounts due to Operator or its Affiliates in accordance with this Agreement, Operator shall be
entitled to receive an incentive management fee (the “Incentive Fee”) in an amount equal to (a) if Excess NOI (as
defined below) is less than twenty percent (20%) of the projected Net Operating Income set forth in the approved Operating Budget for
such Fiscal Year, ten percent (10%) of Excess NOI, or (b) if Excess NOI equals twenty percent (20%) or more of the projected Net Operating
Income set forth in the approved Operating Budget for such Fiscal Year, twenty percent (20%) of Excess NOI. Notwithstanding anything
contained herein to the contrary, in no event shall the total aggregate Base Fee and Incentive Fee payable for any Fiscal Year exceed
five percent (5%) of the sum of Total Revenues and F&B Area Income for such Fiscal Year. “Excess NOI” shall equal
the positive difference, if any, between actual Net Operating Income (without deduction for Incentive Fee payable for such Fiscal Year)
for such Fiscal Year minus the projected Net Operating Income set forth in the approved Operating Budget for such Fiscal Year.
An example of the calculation of the Incentive Fee is set forth on Exhibit C attached hereto.

 

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    THESIS HOTEL MIAMI

    

 

10.3 Payment
of Management Fees

 

In
each month during the Term, Operator shall be paid out of the Operating Account the Base Fee for the preceding month, as determined from
the monthly income and expense statement. Such payment shall be due and made upon Operator’s delivery of the income and expense
statement for such month showing the computation of Total Revenues and the Base Fee for such month. The Incentive Fee shall be paid out
of the Operating Account annually in arrears within ten (10) business days following Operator’s delivery of the monthly statement
for the final month of each Fiscal Year. In the event this Agreement terminates on any date other than December 31st of any
Fiscal Year, the Incentive Fee shall be calculated on a pro rata basis based on the number of actual days that have elapsed during such
Fiscal Year prior to the termination or expiration of this Agreement.

 

10.4 Funds
from Operating Account

 

On
or before the twentieth (20th) day following the last day of each calendar month (or such other fiscal period as Owner and
Operator may determine) of each Fiscal Year during the Term, after (a) payment of Operating Expenses (including, without limitation,
Base Fees), Incentive Fees, Fixed Charges (including, without limitation, deposits to the FF&E Reserve Account in accordance with
Section 12.1) and, to the extent the same are to be paid by Operator under this Agreement, debt service, (b) any required payment to
Operator pursuant to Section 10.7 below, and (c) retention of Working Capital as required under Section 8.1 above, all remaining funds
in the Operating Account shall be paid to Owner.

 

10.5 Audit
of Management Fees

 

At
the end of each Fiscal Year and, if an audit is performed pursuant to Section 9.3 above, following receipt by Owner of such audit, an
adjustment will be made, if necessary, based on the audit so that Operator shall have received the accurate Base Fee and Incentive Fee
for such Fiscal Year. Within thirty (30) days of receipt by Owner and Operator of such audit, Operator shall either (a) place in the
Operating Account or remit to Owner, as appropriate, any excess amounts Operator may have received for such fees during such calendar
year or (b) be paid out of the Operating Account or by Owner, as appropriate, any deficiency in the amounts due Operator for the Base
Fee and the Incentive Fee.

 

10.6 Renovation
Services

 

From
time to time, Owner may elect to renovate the Hotel to expand the existing Hotel facilities with additional rooms, larger lobby, or otherwise,
provided the scope and timing of any such renovation shall be in Owner’s sole and absolute discretion. Subject to Owner’s
prior written request and approval, Operator shall provide project management services to include setting a scope for design, materials
and construction for any such renovation, requesting multiple bids and securing agreements with contractors, supervising the work of
contractors and providing project accounting updates to Owner on a regular basis (the “Project Management Services”).
In the event Owner elects to engage Operator for the Project Management Services, Operator shall provide the Project Management Services
for a fee equal to five percent (5%) of the total cost of such renovations (the “Project Management Fee”), payable
to Operator by Owner as and when such renovation costs are incurred. 

 

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    THESIS HOTEL MIAMI

    

 

10.7 Purchasing
Services

 

From
time to time, and to the extent set forth in the applicable approved Capital Budget, the Hotel may require refurbishment of FF&E
and other capital items other than in connection with a renovation of the Hotel. Subject to Owner’s prior written request and approval,
Operator shall provide purchasing support services to include review of existing capital equipment or materials, setting a scope for
design and materials for such capital investment, requesting pricing and securing purchase orders with vendors of the capital items,
supervising the work of any contractors and providing updates on the amount of such capital spend to Owner on a regular basis (the “Purchasing
Services”). Operator shall provide these Purchasing Services for a fee equal to five percent (5%) of the total cost of such
capital purchases (the “Purchasing Management Fee”), payable to Operator by Owner as and when such costs are incurred.
Operator shall not charge a Purchasing Management Fee in those instances where it charges a Project Management Fee. For the avoidance
of doubt, in no event shall there be a Purchasing Management Fee charged for purchasing by Operator for any soft goods, case goods, OS&E,
inventories or other consumable items utilized in the ordinary course of business and operation of the Hotel.

 

10.8 Reimbursable
Expenses

 

Owner
shall, to the extent set forth in the applicable approved Operating Budget or otherwise approved by Owner (in Owner’s sole and
absolute discretion), be obligated to reimburse Operator for all reasonable out-of-pocket costs for travel, lodging, meals, entertainment,
telephone, telecopy, postage, courier, delivery, employee training and other reasonable out-of-pocket expenses actually incurred by Operator
which are directly related to its performance of services under this Agreement (the “Reimbursable Expenses”). Operator
shall be entitled to obtain payment of all such Reimbursable Expenses from the Operating Account, or from Owner, if insufficient funds
are available in the Operating Account.

 

ARTICLE
XI

CERTAIN
DEFINITIONS

 

11.1 Total
Revenues

 

A.
The term “Total Revenues” shall mean all income, revenue and proceeds resulting from the operation of the Hotel and
all of its facilities (net of refunds and credits to guests and other items deemed “Allowances” under the Uniform System),
which are properly attributable under the Uniform System to the period in question. Subject to Section 11.1(B), Total Revenues shall
include, without limitation, all amounts derived from:

 

		(i)	The
                                            rentals of rooms, banquet facilities and conference facilities;

 

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    THESIS HOTEL MIAMI

    

 

		(ii)	Other
                                            than F&B Area Income (as defined below), the sale of food and beverage whether sold in
                                            a bar, lounge or restaurant, delivered to a guest room, sold through an in-room facility
                                            or vending machines, provided in meeting or banquet rooms or sold through catering operations;

 

		(iii)	Other
                                            than the Non-Managed Area Income (as defined below), charges for admittance to or the use
                                            of any parking facilities, recreational facilities or any entertainment events at the Hotel
                                            by guests; and

 

		(iv)	The
                                            gross income amount on which the proceeds of business interruption payable on account of
                                            lost revenue or similar insurance are determined, with respect to any period for which such
                                            proceeds are received.

 

B. The
term “Total Revenues” shall not include:

 

		(i)	Sales,
                                            occupancy, bed or use taxes or similar government impositions collected by Owner or Operator;

 

		(ii)	Tips,
                                            service charges and other gratuities received by Hotel Employees;

 

		(iii)	Proceeds
                                            of insurance, except as set forth in Section 11.1(A);

 

		(iv)	Proceeds
                                            of any permanent taking of all or any portion of the Hotel by condemnation or eminent domain
                                            by any public or quasi-public authority or proceeds from the sale, financing or other disposition
                                            of all or any portion of the Hotel, any interest therein or any other asset of Owner not
                                            sold in the ordinary course of business or the proceeds of any loans or financing;

 

		(v)	Capital
                                            contributed by Owner to the Hotel;

 

		(vi)	Rental
                                            income from any and all building rooftop or antennae leases and signage and wall leases or
                                            other third party leases or net income from any third party management agreements;

 

		(vii)	The
                                            receipts of any tenant, license or concessionaire under a Lease;

 

		(viii)	Any
                                            payments made directly to Owner to induce it to enter into any Lease (other than rental payments),
                                            agreement or other transaction in connection with the Hotel;

 

		(ix)	Interest,
                                            if any, accrued on the balance of the Operating Account or the FF&E Reserve Account;

 

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    THESIS HOTEL MIAMI

    

 

		(x)	Proceeds
                                            from any settlement of legal proceedings except to the extent that such legal proceedings
                                            relate to the collection of amounts that otherwise would be considered Total Revenues;

 

		(xi)	Interest
                                            on any of the Hotel’s funds and reserves;

 

		(xii)	F&B
                                            Area Income (as defined below); and

 

		(xiii)	Non-Managed
                                            Area Income (as defined below).

 

11.2 Operating
Expenses

 

A. The
term “Operating Expenses” shall mean all costs and expense of maintaining, conducting and supervising the operation
of the Hotel and all of its facilities, which are properly attributable under the Uniform System to the period in question. Operating
Expenses shall include, without limitation:

 

		(i)	The
                                            cost of all Operating Equipment and Operating Supplies;

 

		(ii)	The
                                            cost of Centralized Services;

 

		(iii)	Salaries
                                            and wages of Hotel Employees, including costs of payroll taxes, employee benefits and severance
                                            payments. Except as set forth in Exhibit A, the salaries or wages of off-site employees
                                            or offsite executives of Operator shall not be Operating Expenses, provided that if it becomes
                                            necessary for an off-site employee or executive of Operator to temporarily perform reasonable
                                            and necessary services for a reasonable and necessary period of time at the Hotel of a nature
                                            normally performed by Hotel Employees, his or her salary (including payroll taxes and employee
                                            benefits) for such period only, as well as his or her traveling expenses, shall be Operating
                                            Expenses and reimbursed to Operator by Owner;

 

		(iv)	The
                                            costs of all other goods and services obtained in connection with the operation of the Hotel
                                            including, without limitation, heat and utilities, laundry, landscaping and exterminating
                                            services and office supplies;

 

		(v)	The
                                            costs of all non-capital repairs to and maintenance of the Hotel;

 

		(vi)	Insurance
                                            premiums (or allocable portion thereof in the case of blanket policies) for all insurance
                                            maintained under Article XIII (other than insurance against physical damage to the Hotel)
                                            and losses incurred on any self-insured risks including deductibles;

 

		(vii)	All
                                            taxes, assessments, permit fees, inspection fees, and water and sewer charges and other charges
                                            (other than income and franchise taxes) payable by or assessed against Owner with respect
                                            to the operation of the Hotel, excluding Property Taxes (as defined in Section 11.3);

 

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    THESIS HOTEL MIAMI

    

 

		(viii)	Legal
                                            fees and fees of any independent certified public accountant for services directly related
                                            to the operation of the Hotel and its facilities;

 

		(ix)	All
                                            expenses for advertising the Hotel and all expenses of sales promotion and public relations
                                            activities;

 

		(x)	All
                                            Reimbursable Expenses, which fees and disbursements shall be paid out of the Operating Account
                                            or paid or reimbursed by Owner to Operator upon demand. Without limiting the generality of
                                            the foregoing, such charges may include all reasonable travel, telephone, telegram, facsimile,
                                            air express and other incidental expenses but, except as otherwise provided in this Agreement,
                                            shall not include any of the regular expenses of the central offices maintained by Operator,
                                            other than offices maintained at the Hotel for the management of the Hotel. Operator shall
                                            maintain and make available to Owner invoices or other evidences supporting such charges;

 

		(xi)	The
                                            Base Fee, Project Management Fee (if any), Purchasing Management Fee (if any), the Pre-Opening
                                            & Technical Services Fee set forth in Exhibit D and Centralized Services fees
                                            (including those set forth in Exhibit A);

 

		(xii)	Periodic
                                            payments made in the ordinary course of business under the Franchise Agreement, if any, then
                                            in effect with respect to the Hotel;

 

		(xiii)	Any
                                            other item specified as an Operating Expense in this Agreement; and

 

		(xiv)	Any
                                            other cost or charge classified as an “Operating Expense” or an “Administrative
                                            and General Expense” under the Uniform System unless specifically excluded under the
                                            provision of this Agreement.

 

		B.	The
                                            term “Operating Expenses” shall not include:

 

		(i)	Amortization
                                            and depreciation;

 

		(ii)	The
                                            making of or the repayment of any loans or any interest thereon;

 

		(iii)	The
                                            costs of any alterations, additions, or improvements which for federal income tax purposes
                                            must be capitalized and amortized over the life of such alteration, addition or improvement;

 

		(iv)	Payments
                                            on account of any equipment lease that is to be capitalized under generally accepted accounting
                                            principles;

 

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    THESIS HOTEL MIAMI

    

 

		(v)	Payments
                                            under any space lease, ground lease, submerged land lease or easement agreement;

 

		(vi)	Payments
                                            into or out of the FF&E Reserve Account;

 

		(vii)	Payments
                                            of Incentive Fees (if any);

 

		(viii)	Any
                                            item defined as a Fixed Charge in Section 11.3;

 

		(ix)	Expenses
                                            related to the operation of any F&B Area (the “F&B Area Operating Expenses”);
                                            or

 

		(x)	Expenses
                                            related to the operation of any Non-Managed Area.

 

11.3 Fixed
Charges

 

“Fixed
Charges” shall mean the cost of the following items to the Hotel or its facilities, which are properly attributable under the
Uniform System to the period in question:

 

		(i)	Real
                                            estate taxes, assessments, personal property taxes and any other ad valorem taxes imposed
                                            on or levied in connection with the Hotel, the Installations and the FF&E (collectively,
                                            “Property Taxes”);

 

		(ii)	Insurance
                                            premiums paid by Owner with respect to the Hotel;

 

		(iii)	Payments
                                            into the FF&E Reserve Account in accordance with Section 12.1 below;

 

		(iv)	Payments
                                            on account of any equipment lease that is to be capitalized under generally accepted accounting
                                            principles;

 

		(v)	Payments
                                            of Incentive Fees (if any); and

 

		(vi)	Miscellaneous
                                            expenses paid by Owner or its Affiliates with respect to ownership and operation of the Hotel
                                            that are not otherwise deducted as an Operating Expense.

 

11.4 Net
Operating Income

 

“Net
Operating Income” for any period shall mean the amount, if any, by which the sum of Total Revenues and F&B Area Income
for such period exceed the sum of (a) Operating Expenses, (b) F&B Area Operating Expenses, and (c) Fixed Charges for such period.

 

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    THESIS HOTEL MIAMI

    

 

11.5 Fiscal
Year

 

“Fiscal
Year” shall mean each twelve (12) consecutive calendar month period or partial twelve (12) consecutive calendar month period
within the Term commencing on January 1st (or, with respect to the first year of the Term, the Opening Date) and ending on
December 31st (or, with respect to the last year of the Term, the expiration or earlier termination of the Term) unless Owner
and Operator otherwise agree.

 

11.6 F&B
Area Income

 

“F&B
Area Income” shall mean (a) all rent, fees and other amounts due from all Third Party Operators of F&B Areas to Owner and
(b) all revenue generated from the sale of food and beverage in any F&B Area governed by Third Party Agreement(s).

 

11.7 Non-Managed
Area Income

 

“Non-Managed
Area Income” shall mean (a) all rent, fees and other amounts due from Third Party Operators of Non-Managed Areas to Owner and
(b) all revenue generated from the sale of goods or services in any Non-Managed Area governed by Third Party Agreement(s).

 

11.8 Affiliate

 

“Affiliate”
shall mean any natural person or any firm, corporation, partnership, limited liability company, association, trust or other entity which,
directly or indirectly, controls, is controlled by, or is under common control with, the subject entity. For purposes of this Section
11.8, “control” shall mean direct or indirect possession of the power to direct or cause the direction of the management
and policies of the entity, or the power to veto major policy decisions of the entity, whether through the ownership of voting securities,
by contract, or otherwise.

 

11.9 CPI

 

“CPI”
shall mean the Consumer Price Index for All Urban Consumers (CPI-U) for Miami-Fort Lauderdale-West Palm Beach, FL for All Items, 1982-1984=100
published by the United States Department of Labor, Bureau of Labor Statistics, or, if such index is not at such time so prepared and
published, a comparable index then prepared and published by an agency of the government of the United States mutually selected by Owner
and Operator; provided, in the event Owner and Operator are unable to agree, such index shall be determined by the Expert pursuant to
Section 22.9.H.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
XII

FF&E
RESERVE

 

12.1 Establishing
FF&E Reserve Account

 

During
each Fiscal Year there shall be allocated and paid on a monthly basis to the FF&E Reserve Account from Total Revenues or other funds
provided by Owner an amount equal to: (a) for each month during the first Fiscal Year, one percent (1%) of Total Revenues; (b) for each
month during the second Fiscal Year, one and one-half percent (1.5%) of Total Revenues; (c) for each month during the third Fiscal Year,
two percent (2%) of Total Revenues; (d) for each month during the fourth Fiscal Year, two and one-half percent (2.5%) of Total Revenues;
(e) for each month thereafter during the Term, three percent (3%) of Total Revenues; provided, however, if Owner’s Lender(s) from
time to time require any amounts be deposited into the FF&E Reserve Account during the Term that are greater than the foregoing amounts
for the applicable Fiscal Year, such greater amount shall be allocated and paid on a monthly basis to the FF&E Reserve Account from
Total Revenues or other funds provided by Owner in satisfaction of any such Lender requirements. In the event that any of Owner’s
Lender requires and is holding FF&E reserves in accordance with the Major Agreements, Owner shall not be required to deposit funds
into the FF&E Reserve Account.

 

12.2 Use
of Funds in FF&E Reserve Account

 

All
funds in the FF&E Reserve Account, together with any interest earned thereon and the proceeds of any sale of FF&E (which proceeds
shall be deposited in the FF&E Reserve Account) shall be used solely for purposes of replacing or refurbishing the FF&E in the
Hotel and such other capital projects and expenditures set forth in the applicable Capital Budget or as otherwise directed by Owner (in
Owner’s sole and absolute discretion); provided, that, with respect the purchase of FF&E in excess of $10,000, the identity
of the vendor, the purchase price, the specifications, the warranty and other material terms and conditions of the purchase of all such
FF&E are subject to the approval of Owner (to be provided within ten (10) business days of request) as and when each item of FF&E
is purchased in accordance with such Capital Budget or as otherwise directed by Owner (in Owner’s sole and absolute discretion).
In the event Owner fails to notify Operator in writing of its approval or disapproval of any such FF&E purchase on or before the
expiration of such ten (10) business day approval period, then such FF&E purchase shall be deemed approved by Owner.

 

ARTICLE
XIII

INSURANCE

 

13.1 Insurance
Requirements

 

A. Operator’s
Insurance. Operator shall, throughout the Term, procure and maintain, at Owner’s cost and expense, the following insurance
coverage with policy limits and deductible limits as set forth on Exhibit G:

 

		(i)	Workers’
                                            compensation insurance for Hotel Employees, as required by applicable laws;

 

		(ii)	Employment
                                            practice liability insurance covering all Hotel Employees;

 

		(iii)	Property
                                            manager’s errors and omissions insurance; and

 

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    THESIS HOTEL MIAMI

    

 

	 	(iv)	Crime
    insurance (including employee dishonesty) and errors and omissions insurance insuring Operator and Owner against intentional or negligent
    acts or omissions of Operator or Hotel employees.

 

Notwithstanding
that Operator must obtain and maintain the insurance required by this Section 13.1(A), all costs thereof shall be an Operating Expense.

 

B.
Owner’s Insurance. Owner shall, throughout the Term, procure and maintain, at Owner’s cost and expense, the following
insurance coverage with policy limits and deductible limits as set forth on Exhibit G:

 

	 	(i)	Comprehensive
    General Public Liability insurance (including protective liability coverage on operations of independent contractors engaged in construction,
    operation or management, blanket contractual liability insurance, liquor law legal liability insurance, and products liability insurance),
    on an “occurrence” basis for the benefit of Owner and Operator against claims for “personal injury” liability,
    including, without limitation, bodily injury, death, or property damage liability, Commercial Automobile Liability insurance coverage
    against liability for bodily injuries or property damage arising out of the use by or on behalf of Owner or Operator of any owned,
    non-owned, or hired automotive equipment and, if applicable, providing garage keeper’s legal liability insurance; such insurance
    may be furnished under a “primary policy” (which shall include an aggregate per location endorsement) and an “umbrella”
    policy or policies;

 

	 	(ii)	Insurance
    on the Hotel (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard extended
    coverage endorsements, in an amount not less than the replacement cost thereof;

 

	 	(iii)	Insurance
    against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed
    in the Hotel;

 

	 	(iv)	Business
    interruption insurance covering loss of profits and necessary continuing expenses for a period of at least twelve (12) months and
    for an extended period of indemnity of 365 days; and

 

	 	(v)	Such other
    insurance in amounts as may be required under the Major Agreements or as Owner or its Lender shall require for protection against
    claims, liabilities and losses arising out of or connected with the operation of the Hotel.

 

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    THESIS HOTEL MIAMI

    

 

C.
Contractor Insurance. Operator shall require that all major contractors on or about the Hotel premises have coverage at the contractor’s
sole expense in the minimum types and amounts set forth in Exhibit G to this Agreement. Operator shall require contractors that
are not major contractors to carry such insurance coverage as is customary in the applicable trade or industry. A major contractor shall
mean any contractor (i) receiving compensation in excess of Twenty-Five Thousand Dollars ($25,000) per year (subject to adjustment for
adjustments in the CPI between the Commencement Date and the date of such services) or (ii) performing hazardous services. Operator must
obtain Owner’s permission in writing to waive any of the above requirements. Higher amounts may be required if the work to be performed
is sufficiently hazardous in nature. Operator shall obtain and keep on file a Certificate of Insurance evidencing such insurance coverage
as contemplated herein for each such major contractor.

 

13.2 Named
Insured Party

 

All
insurance policies required under Section 13.1(A) shall name Operator as named insured and shall name as additional insureds the Owner
and such other parties as may be required by the terms of the Major Agreements as appropriate. All insurance policies required under
Section 13.1(B) shall name Owner as named insured and shall name as additional insureds the Operator and such other parties as may be
required by the terms of the Major Agreements as appropriate. So long as the Hotel is mortgaged pursuant to any Mortgage or otherwise,
all property damage insurance policies shall be subject to a standard mortgagee clause in favor of the mortgagee or mortgagees.

 

13.3 Form
of Insurance

 

All
insurance policies shall be in such form and with such companies as shall be reasonably satisfactory to Owner, provided that such company
shall have a minimum Best rating of A- Class VIII (or a higher Best rating if so required by any Lender), or as otherwise approved by
Owner and Operator, and shall comply with the requirements of any Major Agreement. Insurance may be provided under blanket or master
policies covering one or more other hotels operated by Operator or owned by Owner. The portion of the premium for any blanket or master
policies which is allocated to the Hotel as an Operating Expense or Fixed Charge shall be determined in an equitable manner and reasonably
approved in advance by Owner and Operator and paid out of the Operating Account, or if the funds therein are insufficient, by Owner,
upon demand therefore by Operator.

 

13.4 Cancellation
and Modification of Insurance

 

All
insurance policies shall specify that they cannot be canceled or modified on less than twenty (20) days prior written notice to both
Owner and Operator and any additional insureds (or such longer period as may be required under a Major Agreement, provided that Operator
has been advised in writing of such period) and shall provide that claims shall be paid notwithstanding any act or negligence of Owner,
or Operator unilaterally on behalf of Owner, including, without limitation, their respective agents or employees. Owner may require Operator
to increase the limits of the above insurance coverage and may require Operator to carry other or additional reasonable and customary
insurance. All premiums on any increased limits of, or other or additional, insurance coverage required by Owner under the immediately
preceding sentence shall be included in the Operating Expenses. Any reduction in the limits or lines of coverage, the minimum rating
of the insurer(s) or the other provisions of this Article XIII shall be subject to the mutual consent of Owner and Operator. In no event
shall insurance coverage be less than that required by any Lender, the Major Agreements or to comply with applicable law.

 

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    THESIS HOTEL MIAMI

    

 

13.5 No
Subrogation Rights

 

All
insurance policies shall provide, to the extent customarily obtainable from the insurance company providing such insurance, that (i)
the insurance company will have no right of subrogation against Owner, Operator, any Lender, any party to a Major Agreement or any of
their respective affiliated or subsidiary companies or the agents, employees, partners, members, officers, directors or beneficial assigns
thereof, and (ii) the proceeds thereof in the event of loss or damage shall, to the extent payable to any mortgagee, be payable notwithstanding
any act of negligence or breach of warranty by Owner or Operator which might otherwise result in the forfeiture or nonpayment of such
insurance proceeds. Owner and Operator hereby release one another from any and all liability, to the extent of the waivers of subrogation
obtained under this Section 13.5, associated with any damage, loss or liability with respect to which property insurance coverage is
provided pursuant to this Article XIII or otherwise.

 

13.6
Insurance Proceeds

 

The
proceeds of any insurance claim (other than proceeds payable to third parties under the terms of the applicable policy) shall be paid
into the Operating Account to the extent of Owner’s interest therein unless otherwise required by the terms of a Major Agreement.

 

13.7
Payment for Insurance

 

Operator
shall have the right to pay for, or reimburse itself for, insurance required under this Article XIII out of the Operating Account. Notwithstanding
anything to the contrary set forth in this Agreement, Operator shall have no obligation to obtain or maintain any insurance set forth
in Section 13.1(A) if funds from Total Revenues or funds otherwise provided by Owner are not made available to Operator to purchase the
same. Subject to the provisions of the Budgets, Operator may act, directly or indirectly, as a direct insurer or reinsurer with respect
to the insurance required under Section 13.1(A).

 

13.8
Certificates

 

For
the purpose of insuring compliance with the provisions of Article XIII, the party procuring insurance hereunder shall furnish to the
other party certificates for all insurance required to be maintained by such procuring party pursuant to this Article XIII prior to (or
as soon as reasonably possible after the) renewal of such insurance.

 

13.9
Mortgage Requirements

 

Insurance
shall be maintained in a manner consistent with the terms and conditions of any Mortgage and any conflict between the terms and conditions
of any such insurance requirements of the Lender and the provisions of this Agreement shall be resolved in favor of the Mortgage.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
XIV

SPECIAL
TERMINATION EVENTS

 

14.1 Performance
Test

 

If,
in any complete Fiscal Year during the Term, starting with the second (2nd) complete Fiscal Year after the Opening Date, (a)
the RevPAR (as defined herein) for the Hotel for such Fiscal Year (as determined by data from Smith Travel Reports for a competitive
set of hotels mutually agreed upon by Operator and Owner from time to time (the “Competitive Set”), provided that
the parties agree that the Competitive Set as of the Commencement Date is set forth on Exhibit B attached hereto) shall be less
than or equal to eighty-five percent (85%) of the composite average of the RevPAR for the hotels in the Competitive Set for such Fiscal
Year, and (b) the Gross Operating Profit (as defined herein) for such Fiscal Year is less than or equal to ninety percent (90%) of the
Gross Operating Profit set forth in the approved Operating Budget for such Fiscal Year, then, upon payment in full of all amounts then
due and owing by Owner to Operator and the performance in full of all of Owner’s obligations to Operator under this Agreement,
Owner may terminate this Agreement upon at least sixty (60) days written notice given to Operator at any time after Owner’s receipt
of RevPAR index data for such complete Fiscal Year (items (a) and (b) above, collectively, the “Performance Test”).
The Performance Test shall be equitably adjusted for any period in which the Hotel has been closed due to renovations or casualty and
the twelve (12) months following such renovation or completion of material repairs due to such casualty. Notwithstanding the foregoing,
if Owner elects to terminate this Agreement during the Initial Term pursuant to this Section 14.1, Operator may elect, by written notice
given to Owner within thirty (30) days after the receipt of Owner’s termination notice, to make an advance (the “Cure
Payment”) to Owner in an amount equal to the amount by which Gross Operating Profit for such Fiscal Year is less than ninety
percent (90%) of the Gross Operating Profit set forth in the Operating Budget for such Fiscal Year; provided, however Operator’s
right to make a Cure Payment and avoid a termination of this Agreement by Owner pursuant to this Section 14.1 shall be limited to one
(1) time during the Initial Term. If Operator makes the Cure Payment within thirty (30) days after Operator receives the foregoing termination
notice from Owner, then this Agreement shall remain in full force and effect notwithstanding Owner’s election to terminate. “Gross
Operating Profit” for any period shall mean the amount, if any, by which Total Revenues for such period exceed Operating Expenses
(excluding Base Fee) for such period. “RevPAR” for any period shall mean room revenue per available room, calculated
as total rooms revenue during a period divided by the number of available room nights during that period (for purposes of this definition,
available room nights shall be determined in accordance with the standards therefor which are published by Smith Travel Reports, or a
similar service mutually agreed upon by Owner and Operator if Smith Travel Reports is not available, from time to time). No Termination
Fee, penalty or other damages shall be payable by Owner in connection with a termination of this Agreement pursuant to this Section 14.1.

 

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    THESIS HOTEL MIAMI

    

 

14.2 Sale
to Third Party

 

Owner
shall have the right, without payment by Owner of any Termination Fee, penalty or other damages, to terminate this Agreement in connection
with any sale of the Hotel to a bona-fide third party as part of an arm’s length transaction, provided that Owner advises Operator
of its election to so terminate pursuant to this Section 14.2 by timely delivery of a written notice delivered at least sixty (60) days
prior to the anticipated closing date of such sale, setting forth the identity of the purchaser, the intention of Owner to terminate
this Agreement and the proposed date of closing of such sale.

 

14.3 Termination
for Convenience

 

At
any time after the expiration of the twenty-fourth (24th) complete calendar month after the Opening Date, Owner shall have
the right to terminate this Agreement for any reason or no reason (a “Termination for Convenience”), provided that
Owner advises Operator of its election to so terminate pursuant to this Section 14.3 by timely delivery of a written notice delivered
at least sixty (60) days prior to the termination date. No Termination Fee, penalty or other damages shall be payable by Owner in connection
with a Termination for Convenience.

 

ARTICLE
XV

DAMAGE
OR DESTRUCTION; CONDEMNATION

 

15.1 Fire
or Casualty

 

If
the Hotel is damaged by fire or other casualty, Operator shall promptly notify Owner. This Agreement shall maintain in full force and
effect subsequent to such casualty provided that either party may terminate this Agreement upon thirty (30) days prior notice to the
other party if (a) Owner shall elect to close the Hotel permanently as a result of such casualty (except on a temporary basis for repair
or restoration) or (b) Owner shall determine in good faith not to proceed with the restoration of the Hotel. No Termination Fee, penalty
or other damages shall be payable by Owner in connection with a termination of this Agreement pursuant to this Section 15.1.

 

15.2 Condemnation

 

If
all or any portion of the Hotel becomes the subject of a condemnation proceeding or if Operator learns that any such proceeding may be
commenced, Operator shall promptly notify Owner upon Operator’s receipt of written notice thereof. Either party may terminate this
Agreement on sixty (60) days’ notice to the other party if (a) all or substantially all of the Hotel is taken through condemnation
or (b) less than all or substantially all of the Hotel is taken, but Owner elects to close the Hotel. No Termination Fee, penalty or
other damages shall be payable by Owner in connection with a termination of this Agreement pursuant to this Section 15.2.

 

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    THESIS HOTEL MIAMI

    

 

15.3 Miscellaneous

 

Any
condemnation award or similar compensation shall be the property of Owner, provided that, subject to the provisions of any first mortgage
or deed of trust loan encumbering the Hotel, Operator shall have the right to bring a separate proceeding against the condemning authority
for any damages and expenses specifically incurred by Operator as a result of such condemnation.

 

ARTICLE
XVI

EVENTS
OF DEFAULT

 

16.1 Listing
of Defaults

 

The
following shall constitute an event of default under this Agreement:

 

	 	A.	If either
    party shall be in default in the payment of any amount required to be paid under the terms of this Agreement, or Owner fails to fund
    the Operating Account as required under this Agreement, and such default continues for a period of ten (10) days after written notice
    is delivered indicating that such payment was due and not paid;

 

	 	B.	If either
    party shall be in default in the performance of its other obligations under this Agreement, and such default continues for a period
    of thirty (30) days after written notice from the other party, provided that if such default cannot by its nature reasonably be cured
    within such thirty (30) day period, an event of default shall not occur if and so long as the defaulting party promptly commences
    and diligently pursues the curing of such default; provided, however, in no event shall the cure period with respect to such obligation
    exceed sixty (60) days;

 

	 	C.	If either
    party shall (i) make an assignment for the benefit of creditors,

    (ii) institute any proceedings seeking relief under any federal or state bankruptcy or insolvency laws, (iii) institute any proceeding
    seeking the appointment of a receiver, trustee, custodian or similar official for its business or assets, or (iv) consent to the
    institution against it of any such proceeding by any other person or entity (an “Involuntary Proceeding”);

 

	 	D.	If an
    Involuntary Proceeding shall be commenced against the other party and shall remain undismissed for a period of ninety (90) days;

 

	 	E.	If Operator
    acts with willful misconduct or gross negligence in connection with the performance of its duties and obligations under this Agreement;
    or

 

	 	F.	The fraud,
    systemic theft or misappropriation of Hotel funds (any such act, a “Bad Act”) by Operator; provided, however,
    any Bad Act by a member of the corporate personnel of Operator or any Executive Hotel Employee acting solely for his or her benefit
    (and not for Operator) shall not constitute an event of default by Operator hereunder, provided that Operator immediately terminates
    such corporate personnel or Executive Hotel employee. For the avoidance of doubt, in no event shall the Bad Act of Hotel Employees
    other than Executive Hotel Employees (except as set forth in the immediately preceding sentence) constitute an event of default of
    Operator hereunder (except to the extent caused by the gross negligence or willful misconduct of Operator).

 

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    THESIS HOTEL MIAMI

    

 

16.2 Termination
Rights

 

If
any event of default shall occur and not be cured within the applicable cure period set forth in this Agreement, the non-defaulting party
may terminate this Agreement thirty (30) days after delivering written notice to the defaulting party (or such longer period as is specified
in the written termination notice delivered by the non-defaulting party to the defaulting party or as required by applicable employment
laws). In addition to the foregoing, if within thirty (30) days after receiving Operator’s written request, Owner fails to approve
any changes, repairs, alterations, improvements, renewals or replacements to the Hotel which are necessary (a) to protect the Hotel,
Owner and/or Operator from innkeeper liability exposure, (b) to ensure material compliance with any applicable code requirements pertaining
to life safety systems requirements, or (c) to ensure material compliance with any applicable state, local or federal employment law,
including without limitation the Americans with Disabilities Act of 1990, 29 U.S.C. §706, 42 U.S.C. §12101 et seq., then Operator
may terminate this Agreement immediately upon delivering written notice to Owner.

 

16.3 Non-Exclusive
Remedy

 

The
right of termination set forth in Section 16.2 shall not be in substitution for, but shall be in addition to, any and all rights and
remedies for breach of contract available in law or at equity; provided, however, other than Operator’s right to seek monetary
damages for amounts accrued and payable to Operator under this Agreement and indemnity from Owner as provided in this Agreement, Operator’s
sole and exclusive remedy for breach of contract by Owner (including, but not limited to, an event of default by Owner under this Agreement)
or other termination of this Agreement by Operator shall be Operator’s right to be paid the Termination Fee pursuant to the terms
and conditions of this Agreement, unless otherwise expressly provided herein.

 

16.4
Force Majeure

 

Neither
party shall be deemed to be in default of its obligations under this Agreement if and to the extent that such party is unable to perform
such obligation as a result of an extraordinary and unusual event outside the reasonable control of the parties that materially affects
the operation of the Hotel, including: fire or other casualty that results in damage or destruction to the Hotel, act of God, strike
or other labor unrest, unavailability of materials, war, terrorist activity, riot or other civil commotion or any other similar cause
beyond the reasonable control of such party (which shall not include the inability of such party to meet its financial obligations or
in any event apply to the payment of any amounts due to either party under this Agreement) (collectively, “Force Majeure Events”).
For the avoidance of doubt, in no event shall general economic conditions constitute a Force Majeure Event for any purpose hereunder.

 

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    THESIS HOTEL MIAMI

    

 

16.5 Waiver
of Certain Claims

 

Each
of the parties hereto irrevocably waives any right such party may have against the other party hereto at law, in equity or otherwise
to any consequential damages, punitive damages, special or exemplary damages.

 

ARTICLE
XVII

TERMINATION

 

17.1 Termination
Fee

 

Upon
any termination of this Agreement by Operator any time prior to the expiration of the twenty-fourth (24th) complete calendar
month after the Opening Date pursuant to Section 16.1.A, Section 16.1.B or Section 16.2 (each, an “Early Termination”),
Owner shall, in addition to any other rights or remedies that may be available to Operator, pay to Operator a termination fee (the “Termination
Fee”) equal to (x) the average monthly Base Fee paid or payable to Operator with respect to the twelve (12) full calendar months
immediately preceding the calendar month in which the effective date of the Early Termination occurs (provided, that, if the effective
date of the Early Termination occurs prior to the twelve (12) month anniversary of the Opening Date, then the average monthly Base Fee
will be calculated using the actual Base Fees paid or payable to Operator through the Early Termination date and the Base Fees projected
in the pro forma prepared by Operator prior to the date hereof for the balance of such twelve (12) month period), multiplied by (y) the
lesser of twenty-four (24) or the number of full calendar months remaining in the Initial Term. If there is a dispute between Owner and
Operator as to the amount of the Termination Fee, this Agreement shall nonetheless terminate, Owner shall pay to Operator the amount
that is not in dispute and shall deposit the disputed portion in an escrow satisfactory to Owner and Operator with interest on the amount
in escrow to be allocated in proportion to the manner in which the escrow fund is ultimately allocated, and the parties shall thereafter
resolve the amount of the Termination Fee pursuant to Section 22.9.H.

 

17.2 Prior
Commitments to Customers

 

Upon
termination of this Agreement for any reason, Owner agrees that Hotel reservations and any and all contracts made in connection with
Hotel banquet or other group services made by Operator in the ordinary and normal course of business, absent any gross negligence or
willful misconduct, for dates subsequent to the date of termination and at rates prevailing for such reservations at the time they were
made, shall be honored and remain in effect after the date of termination of this Agreement.

 

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    THESIS HOTEL MIAMI

    

 

17.3 Transition
of Management

 

Upon
any termination or expiration of this Agreement for any reason whatsoever, Owner expressly agrees that Operator may remove any of its
documents which are proprietary to Operator (including, without limitation, employee files, manuals, software programs, stored data,
and internal correspondence of a proprietary nature) but specifically excluding financial records, documents, customer databases, future
room and other reservations, correspondence or other materials proprietary to the Hotel or that are otherwise the property of Owner pursuant
to the terms hereof. Operator shall have the right to make copies of all other non-proprietary files and information relating to its
management of the Hotel. Upon such termination or expiration, within twenty (20) days of billing thereof, Owner shall pay to Operator,
in addition to any other amounts due pursuant to this Agreement (a) Operator’s reasonable out-of-pocket costs incurred by reason
of request by Owner for assistance after termination of this Agreement and not otherwise reasonably expected of Operator in the orderly
termination of its operations at the Hotel, (b) any unpaid fees and other charges and reimbursements due Operator hereunder that have
accrued and are due and owing to Operator pursuant to the terms of this Agreement, and (c) to the extent reasonable and consistent with
Operator’s standard practices and industry standards, termination-related employee expenses, including payments of accrued and
earned sick and vacation time, pension, bonus and other termination payments due to employees.

 

17.4 WARN
Act Liability

 

Owner
acknowledges that Operator or its Affiliates or the PEO employer of Hotel employees may have an obligation under applicable law (including
the WARN Act) to give advance notice to Hotel Employees of any termination of employment, and that failure to comply with such notification
obligation might give rise to certain liabilities under applicable law. Accordingly, notwithstanding anything to the contrary in this
Agreement, the effective date of termination shall be extended to permit Operator to comply with all WARN Act notice requirements (and
any other notice requirements required pursuant to applicable law) within all time periods under applicable law (including the WARN Act),
if any, unless Owner agrees in writing to defend, indemnify and hold harmless Operator and its Affiliates from and against all claims
(including lost compensation, fines, penalties and reasonable, actual out-of-pocket attorneys’ fees and expenses) actually incurred
by Operator or its Affiliates or the PEO employer of Hotel employees, arising thereunder as a result of such termination.

 

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ARTICLE
XVIII

ASSIGNMENT

 

18.1 Assignment
by Operator

 

Operator
shall not assign or pledge this Agreement without the prior consent of Owner (which consent may be granted or withheld in Owner’s
sole and absolute discretion), provided that Operator may, without the consent of Owner but upon written notice to Owner if such assignment
does not require consent from any Lender under the Major Agreements, assign this Agreement to: (a) any entity controlling, controlled
by or under common control with Operator (control being deemed to mean the ownership of fifty percent (50%) or more of this stock or
other beneficial interest in such entity and/or power to direct the day-to-day operations of such entity), provided that, notwithstanding
anything to the contrary contained herein, Operator shall remain liable to Owner hereunder as if no such assignment occurred; (b) any
entity which is the successor by merger, consolidation or reorganization of Operator or Operator’s general partner, managing member
or parent corporation; or (c) the purchaser of all or substantially all of the hotel management business of Operator or Operator’s
general partner, managing member or parent corporation; provided, however, with respect to any assignment pursuant to clause (a), (b)
or (c) of this Section 18.1, Naveen Kakarla shall remain a principal of and actively involved in the day-to-day operations of the Operator.
Nothing in this Agreement shall prohibit or be deemed to prohibit any pledge by Operator of the Base Fee, Incentive Fee or any other
amounts received by Operator under this Agreement to any Lender as collateral security for debt of Operator and/or Operator’s Affiliates,
assuming such pledge is in compliance with the USA Patriot Act. Notwithstanding anything to the contrary contained herein, Owner shall
have the right to terminate this Agreement without the payment by Owner of the Termination Fee or any penalty or other damages in the
event of any transfer permitted above that constitutes a Change of Control of Operator; provided, however, Owner must exercise its right
to terminate this Agreement within sixty (60) days following the date of Owner’s receipt of written notice from Operator of any
assignment of this Agreement or, if no notice is provided by Operator, then within sixty (60) days following the date on which Owner
obtains knowledge of any such assignment of this Agreement by Operator. As used herein, a “Change of Control” shall
mean (1) the acquisition, directly or indirectly, of more than fifty percent (50%) of the ownership interests of Operator or (2) the
merger of Operator into, or the consolidation of Operator with, another corporation, or the merger of another corporation into Operator,
whereby less than fifty percent (50%) of the total ownership interests of the surviving entity is represented by interests held by former
interest holders of Operator and which, in each case, results in Naveen Kakarla no longer being a principal of and actively involved
in the day-to-day operations of Operator.

 

18.2 Assignment
by Owner

 

Owner
shall not assign this Agreement without the prior consent of Operator, provided that Owner may assign this Agreement without Operator’s
consent to any person or entity acquiring Owner’s fee interest in the Hotel as of the effective date of such acquisition if such
assignee agrees in writing to be bound by this Agreement and assumes in writing all of Owner’s obligations under this Agreement
from and after the effective date of such assignment. Owner shall have the right to assign this Agreement to any Lender as collateral
security for any loan.

 

18.3 Effect
of Assignment

 

Except
as otherwise expressly set forth herein, upon any permitted assignment of this Agreement and the assumption of this Agreement by the
assignee, the assignor shall be relieved of any obligation or liability under this Agreement arising from and after the effective date
of the assignment.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
XIX

NOTICES

 

19.1 Requirement
for Notice

 

Any
notice, statement or demand required to be given under this Agreement shall be in writing, sent by certified mail, postage prepaid, return
receipt requested, or by nationally-recognized overnight courier, receipt confirmed, addressed if to:

 

	 	Owner:	1350 S Dixie LLC
	 	 	2020 Ponce de Leon Blvd., Ste. 1104
	 	 	Coral Gables, FL 33134
	 	 	Attn:   Brent Reynolds
	 	 	 
	 	With a Copy to:	54 Madison Partners
	 	 	527 Madison Avenue, Floor 24
	 	 	New York, NY 10022
	 	 	Attn:   Luke Stehouwer
	 	 	 
	 	With a Copy to:	Paul Hastings LLP
	 	 	515 S. Flower Street, 25th Floor
	 	 	Los Angeles, CA 90071
	 	 	Attn:   Lauren Giovannone, Esq.
	 	 	 
	 	Operator:	Hersha Hospitality Management L.P.
	 	 	510 Walnut Street, 9th Floor
	 	 	Philadelphia, PA 19106
	 	 	Attn:   Naveen Kakarla, President
	 	 	 
	 	With a Copy to:	Hersha Hospitality Management L.P.
	 	 	510 Walnut Street, 9th Floor
	 	 	Philadelphia, PA 19106
	 	 	Attn:   Legal Department

 

or
to such other addresses as Operator and Owner shall designate in the manner provided in this Section 19.1. Any notice or other communication
shall be deemed given (a) on the date three (3) business days after it shall have been mailed, if sent by certified mail, or (b) on the
date received if it shall have been given to a nationally-recognized overnight courier service.

 

ARTICLE
XX

ESTOPPELS

 

20.1 Confirmation
of Agreement

 

Owner
and Operator agree that from time to time upon the request of the other party or a party to a Major Agreement, it shall execute and deliver
within ten (10) days after the request a certificate confirming that this Agreement is in full force and effect, stating whether this
Agreement has been modified and supplying such other information as the requesting party may reasonably require.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
XXI

INDEMNIFICATION

 

21.1 Indemnity
by Operator

 

Operator
hereby agrees to indemnify, defend and hold Owner (and Owner’s agents, principals, shareholders, partners, members, officers, directors
and employees) harmless from and against all liabilities, losses, claims, damages, out-of-pocket costs and expenses (including, but not
limited to, reasonable, actual out-of-pocket attorneys’ fees and expenses) that may actually be incurred by or asserted against
any such party and that arise from (a) the fraud, willful misconduct or gross negligence of the general manager and/or any off-site employees
of Operator, (b) the breach by Operator of any provision of this Agreement, or (c) any action taken by Operator which is beyond the scope
of Operator’s authority under this Agreement. Owner shall promptly provide Operator with written notice of any claim or suit brought
against it by a third party, which might evoke such indemnification. Owner shall cooperate with the Operator or its counsel in the preparation
and conduct of any defense to any such claim or suit.

 

21.2 Indemnity
by Owner

 

Except
as provided in Section 21.1, Owner hereby agrees to indemnify, defend and hold Operator (and Operator’s agent, principals, shareholders,
partners, members, officers, directors and employees) harmless from and against all liabilities, losses, claims, damages, out-of-pocket
costs and expenses (including, but not limited to, reasonable, actual out-of-pocket attorney’s fees and expenses) that may actually
be incurred by or asserted against such party and that arise from or in connection with: (a) the performance of Operator’s services
under this Agreement; (b) any act or omission (whether or not willful, tortuous or negligent) of Owner or any third party; or (c) any
other occurrence related to the Hotel and/or Operator’s duties under this Agreement whether arising before, during or after the
Term. Operator shall promptly provide Owner with written notice of any claim or suit brought against it by a third party, which might
evoke such indemnification. Operator shall cooperate with the Owner or its counsel in the preparation and conduct of any defense to any
such claim or suit.

 

21.3 Employment
Claims

 

Supplementing
the provisions of Section 21.1 and Section 21.2, if any claim shall be made against Owner and/or Operator which is based upon a violation
or alleged violation of the Employment Laws (an “Employment Claim”), the Employment Claim shall fall within Operator’s
indemnification obligations under Section 21.1 only if it is based upon (a) the willful misconduct or gross negligence of the general
manager of the Hotel and/or Operator’s off-site employees or (b) Operator’s breach of its obligations under Section 5.5 and
shall otherwise fall within Owner’s indemnification obligations under Section 21.2.

 

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21.4 Procedure
for Indemnity

 

If
any action, lawsuit or other proceeding shall be brought against any party (the “Indemnified Party”) hereunder arising
out of or based upon any of the matters for which such party is indemnified under this Agreement, such Indemnified Party shall promptly
notify the party required to provide indemnification hereunder (the “Obligor”) in writing thereof and Obligor shall
promptly assume the defense thereof (including without limitation the employment of counsel reasonably selected by Obligor), such defense
to be subject to the consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed (provided,
however, by way of illustration and not limitation, it shall be reasonable for the Indemnified Party to deny consent to any settlement
that requires the Indemnified Party to admit guilt or liability). The Indemnified Party shall cooperate with the Obligor in the defense
of any such action, lawsuit or proceeding, on the condition that the Obligor shall reimburse the Indemnified Party for any out-of-pocket
costs and expenses actually incurred in connection therewith. The Obligor shall have the right to negotiate settlement or consent to
the entry of judgment with respect to the matters indemnified hereunder; provided, however, that if any such settlement or consent judgment
contemplates any action or restraint on the part of Indemnified Party, then such settlement or consent judgment shall require the written
consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed. In addition to the foregoing,
the Indemnified Party shall have the right, at the expense of the Indemnified Party, to employ separate counsel in any such action and
to participate in the defense thereof. An Indemnified Party may settle any action for which it is indemnified hereunder on behalf of
itself only (i.e., with respect to its own liability and with no requirement of Obligor to admit guilt or liability) with the prior written
consent of Obligor, which consent shall not be unreasonably withheld, conditioned or delayed (provided, however, by way of illustration
and not limitation, it shall be reasonable for Obligor to deny consent to any settlement that requires Obligor to expend funds in an
amount Obligor determines in good faith to be appropriate so long as the Indemnified Party remains adequately protected at all times).
In the event the Obligor fails to use reasonable efforts to defend or compromise any action, lawsuit or other proceeding for which an
Indemnified Party is indemnified hereunder, the Indemnified Party may, at Obligor’s expense and without limiting Obligor’s
liability under the applicable indemnity, assume the defense of such action and the Obligor shall pay the reasonable actual out-of-pocket
charges and expenses of such attorneys and other persons on a current basis within thirty (30) days of submission of invoices or bills
therefore. In the event the Obligor is Owner and Owner neglects or refuses to pay such charges, Operator may pay such charges out of
the Operating Account and deduct such charges from any amounts due Owner, or add such charges to any amounts due Operator from Owner
under this Agreement. If Operator is the Obligor and Operator neglects or refuses to pay such charges, the amount of such charges shall
be deducted from any amounts due Operator under this Agreement.

 

21.5 Survival
Beyond Termination

 

The
provisions of this Article XXI shall survive the termination of this Agreement with respect to acts, omissions and occurrences arising
during the Term.

 

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    THESIS HOTEL MIAMI

    

 

ARTICLE
XXII

MISCELLANEOUS

 

22.1 Binding
and Enforceable Agreement

 

Owner
and Operator shall execute and deliver all other appropriate supplemental agreements and other instruments, and take any other action
necessary to make this Agreement fully and legally effective, binding, and enforceable as between them and as against third parties.

 

22.2 Transactions
with Affiliates

 

Operator
may engage one or more of its Affiliates or other related parties to furnish goods or services to Hotel; provided, however, that the
terms of any such arrangement, when taken as a whole, shall not be less favorable to the Hotel than the prevailing terms of similar such
arrangements obtainable on a commercially reasonable basis from unrelated parties in the area of the Hotel; provided, further, that in
all events Operator provides Owner prior written notice of any such arrangement which shall include, without limitation, the terms of
any such arrangement. Operator shall promptly notify Owner of any such engagement of Operator’s Affiliates to the extent such engagement
and affiliations are not included in the applicable Budgets.

 

22.3 Entire
Agreement

 

This
Agreement constitutes the entire agreement between the parties relating to the subject matters hereof, superseding all prior agreements
or undertakings, oral or written. Owner acknowledges that in entering into this Agreement Owner has not relied on any projection of earnings,
statements as to the possibility of future success or other similar matter which may have been prepared by the Operator.

 

22.4 Headings

 

The
headings of the titles to the several articles of this Agreement are inserted for convenience only and are not intended to affect the
meaning of any of the provisions hereof.

 

22.5 Waiver

 

A
waiver of any of the terms and conditions of this Agreement may be made only in writing and shall not be deemed a waiver of such terms
and conditions of any future occasion.

 

22.6 Binding
Agreement

 

This
Agreement shall be binding upon and inure to the benefit of Owner and Operator and their respective successors and permitted assigns.

 

22.7 Choice
of Law

 

This
Agreement shall be construed, both as to its validity and as to the performance of the parties in accordance with the laws of the state
in which the Hotel is located and venue shall be in located in Miami-Dade County, Florida.

 

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    THESIS HOTEL MIAMI

    

 

22.8 Loans

 

Excluding
Operator’s right to receive payment of the Base Fee, Incentive Fee (to the extent accrued), Centralized Service fees and reimbursement
and other amounts due to Operator pursuant to this Agreement, Operator agrees to subordinate this Agreement to the lien of any Mortgage
loan which now or hereafter encumbers the Hotel and execute any subordination agreement requested from time to time by any lender under
a Mortgage (each, a “Mortgage Lender”) to the extent reasonably acceptable to Owner and Operator. Operator hereby
acknowledges and agrees that any financing secured by a security interest in the direct or indirect ownership interests in Owner (each,
a “Mezzanine Loan”) is expressly permitted hereunder (and Owner shall have a right to grant a security interest in
the direct or indirect ownership interests of Owner in connection therewith), and Operator agrees to execute any subordination agreement
requested from time to time by an lender under a Mezzanine Loan (each, a “Mezzanine Lender”, together with any Mortgage
Lender, collectively, “Lender”) to the extent reasonably acceptable to Owner and Operator.

 

22.9 Dispute
Resolution

 

If
any claim, dispute or difference of any kind whatsoever (a “Dispute”) shall arise out of or in connection with or
in relation to this Agreement whether in contract, tort, statutory, or otherwise, and including any questions regarding the existence,
scope, validity, breach or termination of this Agreement, the following procedures shall apply:

 

	 	A.	The parties shall first
    attempt to settle such Dispute by participating in at least ten (10) hours of mediation, which mediation shall take place in Miami-Dade
    County, Florida and shall be administered by JAMS (or if JAMS no longer exists, another mutually acceptable alternative dispute resolution
    provider) (the “ADR Provider”). The complaining party must notify the other party that a Dispute exists and then
    contact the ADR Provider to schedule the mediation conference, which conference shall take place no later than fourteen (14) days
    after the complaining party notifies the other party that a Dispute exists. A designated individual mediator who is a member in good
    standing of the ADR Provider will then be mutually selected by the parties to conduct the mediation; provided that such mediator
    must have at least 10 years’ experience as a mediator and must not have any conflict of interest (the “Mediator”).
    If the parties are unable to agree upon the identity of the Mediator within five (5) days after the complaining party has notified
    the other party that a Dispute exists, then, subject to the requirements of this Section 22.9, the ADR Provider shall select a qualified
    mediator of its choosing who shall act as the Mediator of the Dispute. The mediation will be a nonbinding conference between the
    parties conducted in accordance with the applicable rules and procedures of the ADR Provider. The mediation shall take place in Miami-Dade
    County, Florida. Neither party may initiate litigation or arbitration proceedings with respect to any dispute until the mediation
    of such dispute is complete. Any mediation will be considered complete: (i) if the parties enter into an agreement to resolve the
    dispute; or (ii) if the dispute is not resolved after completion of ten (10) hours of such mediation. The parties shall share equally
    in the cost of the mediation.

 

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    THESIS HOTEL MIAMI

    

 

	 	B.	If any dispute remains
    between the parties after the mediation is complete, then the dispute shall be submitted to final and binding arbitration pursuant
    to the procedures set forth in this Section 22.9. The parties agree that the Arbitrator (as defined herein) shall have the power
    to order equitable remedies, including specific performance and injunctive relief.

 

	 	C.	An arbitral tribunal of
    one arbitrator (the “Arbitrator”) shall be established in conformity with the Comprehensive Arbitration Rules
    and Procedures of JAMS or such other rules of a successor ADR provider mutually agreed upon by the parties (the “Rules”)
    in effect at the time such arbitration is commenced. Each party shall appoint a person to appoint the Arbitrator within fifteen (15)
    days of the date of a request to initiate arbitration, and the two appointed persons will then jointly appoint the Arbitrator (provided
    that the Arbitrator shall not be the same person as the Mediator) within fifteen (15) days of the date of the appointment of the
    second person, to act as the Arbitrator. Appointed persons or the Arbitrator not appointed within the time limits set forth in the
    preceding sentence shall be appointed by the ADR Provider. In rendering a decision hereunder, the Arbitrator shall take into account
    the Operating Standards of the Hotel as provided herein and other applicable provisions of this Agreement.

 

	 	D.	Any arbitration must be
    commenced within sixty (60) days after the completion of the mediation. The arbitration, regardless of the amount in dispute, shall
    be conducted in accordance with the Rules. Any arbitration shall take place in Philadelphia, Pennsylvania. The arbitrators shall
    apply the substantive law of the state where the Hotel is located (exclusive of choice of law principles) in resolving the Dispute.
    Issues relating to the conduct of the arbitration and enforcement of any award shall be governed by the Federal Arbitration Act,
    9 U.S.C. §§1-16. No party to any Dispute shall be required to join any other person or entity as a party to the Dispute
    pursuant to the arbitration provisions set forth in this Section 22.9.

 

	 	E.	The Arbitrator’s
    monetary awards may include a requirement that the losing party bear reasonable actual out-of-pocket attorneys’ fees and costs
    of the arbitration proceeding, but, in no event shall award punitive or exemplary damages of any kind. Unless the Arbitrator determines
    otherwise, each party to an arbitration proceeding shall be responsible for all fees and expenses of such party’s attorneys,
    witnesses, and other representatives, and one-half of the other fees and expenses of the Arbitrator and the other costs of the arbitration
    shall be allocated to and paid by (i) the party or parties initiating the respective arbitration proceeding and (ii) the party or
    parties against whom the respective arbitration proceeding is brought. Any monetary award shall be in dollars of the United States
    of America. The award rendered in any arbitration commenced hereunder shall be final and binding upon the parties, and each party
    hereby waives any claim or appeal whatsoever against it or any defense against its enforcement.

 

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    THESIS HOTEL MIAMI

    

 

	 	F.	The obligation to arbitrate
    under this Section 22.9 is binding on the parties, successors and assigns. For purposes of appointing persons to appoint the arbitrator,
    any party, successors and assigns shall jointly appoint such party’s appointer.

 

	 	G.	Until such time as a final
    determination of any Dispute is obtained pursuant to this Section 22.9 and, notwithstanding any termination of or default under,
    or alleged termination of or default under, this Agreement, all parties to this Agreement involved in such Dispute shall remain liable
    for, and shall be required to continue to satisfy, their respective obligations under this Agreement. For purposes of resolving any
    dispute relating to the Budgets, the Arbitrator shall be obligated to render a final decision within one hundred twenty (120) days
    following the date that the Arbitrator has been appointed.

 

	 	H.	Expert Determination.
    Notwithstanding anything to the contrary in Section 22.9.A above, any dispute, claim or issue arising under this Agreement with respect
    to: (i) the proper inclusion or exclusion of items in Total Revenues, Operating Expenses, Fixed Charges, or Net Operating Income
    (or the calculation thereof); (ii) the proper computation of the Base Fee; Incentive Fee, charges for Centralized Services or
    Reimbursable Expenses; (iii) the approval of the Budgets; or (iv) other matters as to which this Agreement expressly provides
    for dispute resolution by the Expert, shall be resolved in accordance with this Section 22.9.H by one (1) neutral arbitrator
    mutually selected by the parties (the “Expert”). The Expert shall (x) have at least ten (10) years’ experience
    in the area of expertise on which the dispute is based (e.g., for operational matters, expertise in the management of hotels in the
    same class as the Hotel, for accounting matters, expertise in hotel accounting for hotels in the same class as the Hotel), (y) not
    have any conflict of interest with either party, and (z) not be deemed a competitor of either party. The following provisions shall
    apply in respect of the determination of all matters to be referred to an Expert for determination as provided in this Agreement:

 

	 	(i)	The use of the Expert shall
    be the exclusive remedy of the parties, and neither party shall attempt to adjudicate any dispute in any other forum. The decision
    of the Expert shall be final and binding on the parties and shall not be capable of challenge, whether by arbitration, in court or
    otherwise;

 

	 	(ii)	Each party shall be entitled
    to make written submissions to the Expert, and if a party makes any submission it shall also provide a copy to the other party and
    the other party shall have the right to comment on such submission. The parties shall make available to the Expert all books and
    records relating to the issue in dispute and shall render to the Expert any assistance requested of the parties. The costs of the
    Expert and the proceedings shall be borne as directed by the Expert unless otherwise provided for herein. The Expert may direct that
    such costs be treated as Operating Expenses of the Hotel; and

 

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    THESIS HOTEL MIAMI

    

 

	 	(iii)	The terms of engagement
    of the Expert shall include an obligation on the part of the Expert to: (a) notify the parties in writing of his decision within
    fifteen (15) days from the date on which the Expert has been selected (or such other period as the parties may agree or as set forth
    herein); and (b) establish a timetable for the making of submissions and replies.

 

	 	I.	This Section 22.9 shall
    survive the expiration or termination of this Agreement.

 

22.10
No Guarantee of Operating Results

 

Owner
acknowledges that (a) all budgets and financial projections prepared by Operator or its Affiliates prior to the Opening Date or under
this Agreement, are intended to assist in operating the Hotel, but are not to be relied on by Owner or any third party as to the accuracy
of the information or the results predicted therein, and (b) Operator does not guarantee the accuracy of the information nor the results
of in such budgets and projections. Accordingly, Owner agrees that (i) subject to Section 9.6, neither Operator nor its Affiliates shall
have any liability whatsoever to Owner or any third party for any divergence between such budgets and projections and actual operating
results achieved, and (ii) the failure of the Hotel to achieve any forecasted Total Revenue in the Budgets or shall not constitute a
default by Operator or give Owner the right to terminate this Agreement.

 

22.11
Oversight of Renovation Services

 

Owner
acknowledges that any review, advice, assistance, recommendation or direction provided by Operator with respect to the design, construction,
equipping, furnishing, decoration, alteration, improvement, renovation or refurbishing of the Hotel (including, if applicable, the property
improvement plan or any capital expenditure) (a) is intended solely to assist Owner in the development, construction, maintenance, repair
and upgrading of the Hotel and Owner’s compliance with its obligations under this Agreement, and (b) does not constitute any representation,
warranty or guaranty of any kind whatsoever that (i) there are no errors in the plans and specification, (ii) there are no defects in
the design of construction of the Hotel or installation of any building systems or FF&E therein, or (iii) the plans, specifications,
construction and installation work will comply with all applicable laws (including the American with the Americans With Disability Act
of 1990, 29 U.S.C. §706, 42 U.S.C. §12101 et seq., or similar laws or regulations governing public accommodations for individuals
with disabilities). Accordingly, Owner agrees that neither Operator nor its Affiliates shall have any liability whatsoever to Owner or
any third party for any (1) errors in the plans and specifications, (2) defects in the design of construction of the Hotel or installation
of any building systems or FF&E therein, or (3) non-compliance with any engineering and structural design standards or applicable
laws.

 

    47

    THESIS HOTEL MIAMI

    

 

22.12
Operating Funds

 

Operator’s
obligations under this Agreement are subject in all respects to the availability of sufficient funds from the operation of the Hotel,
or which are otherwise provided by Owner. Except as otherwise expressly provided in this Agreement, all costs and expenses of operating
the Hotel shall be payable out of funds from the operation of the Hotel, or which are otherwise provided by Owner. In no event shall
Operator be obligated to pledge or use its own credit or advance any of its own funds to pay any such costs or expenses for the Hotel.
Operator is not, and never shall be, liable to any creditor of Owner or its subsidiaries or Affiliates for any debt incurred by Operator
which was incurred in furtherance of Operator’s services hereunder for the Hotel. Owner agrees to indemnify and hold Operator harmless
from and against any and all such claims of creditors and against all reasonable out-of-pocket costs, charges and expenses (including
reasonable, actual out-of-pocket attorney’s fees and expenses) actually incurred or sustained by Operator in connection with any
action, suit or proceeding to which it may be made a party by any creditor of Owner or with respect to any debt incurred by Operator
which was incurred in furtherance of providing the services hereunder for the Hotel (the “Credit Obligation”). In
the event that Operator has pledged or used its own credit, or advanced any of its own funds to pay any costs or expenses, for the Hotel,
Owner may be required to provide a parent guaranty to guarantee any such Credit Obligation and for repayment of any such extensions of
credit by Operator upon thirty (30) days prior written notice from Operator. Accordingly, notwithstanding anything to the contrary in
this Agreement, Operator shall be relieved from its obligations to operate the Hotel in accordance with this Agreement only to the extent
that Operator is prevented or restricted in any way from doing so by reason of (a) the occurrence of a Force Majeure Event, (b) Owner’s
breach of any term of this Agreement (including Owner’s obligation to provide sufficient funds or a parent guaranty as required
under this Agreement), or (c) any limitation or restriction in this Agreement on Operator’s authority or ability to expend funds
in respect of the Hotel. The provisions of this Section 22.12 shall survive the termination of this Agreement with respect to acts, omissions
and occurrences arising during the Term.

 

22.13
Consents and Approvals

 

Owner
acknowledges that in granting any consents, approvals or authorizations under this Agreement, and in providing any advice, assistance,
recommendation or direction under this Agreement, neither Operator nor its Affiliates guarantee success or a satisfactory result from
the subject of such consent, approval, authorization, advice, assistance, recommendation or direction. Accordingly, Owner agrees that
neither Operator nor its Affiliates shall have any liability whatsoever to Owner or any third person by reason of (a) any consent, approval
or authorization, or advice, assistance, recommendation or direction, given or withheld by Operator, or (b) any delay or failure by Operator
to provide any consent, approval or authorization, or advice, assistance, recommendation or direction. Unless expressly stated otherwise
in this Agreement, whenever a matter is submitted to a party for approval or consent under this Agreement, such party has a duty to act
reasonably and timely in rendering a decision on the matter, provided that any party’s failure to approve or disapprove any matter
requested hereunder within ten (10) days following a party’s request for approval or consent (or such longer response period as
may be expressly provided herein), shall be deemed an approval by such party of the item or action for which approval or consent was
requested. Unless expressly stated in an approval or consent, it shall only be for the specific matter in question and shall not be deemed
to apply to any other similar matter.

 

    48

    THESIS HOTEL MIAMI

    

 

22.14
Signature Counterparts

 

To
facilitate execution, this Agreement may be executed in as many counterparts as may be required, each of which so executed shall be deemed
an original, irrespective of the date of its execution and delivery, and counterparts together shall constitute one and the same instrument.
Counterparts delivered by facsimile, email or other electronic means shall be deemed originals for all purposes. It shall not be necessary
that the signature on behalf of both parties hereto appear on each counterpart hereof.

 

[The
remainder of the page is intentionally left blank.]

 

    49

    THESIS HOTEL MIAMI

    

 

IN
WITNESS WHEREOF, Owner and Operator have duly executed this Hotel Management Agreement the day and year first above written.

 

	 	OWNER:
	 	 
	 	1350 S DIXIE LLC, a Delaware limited
    liability company
	 	 
	 	By:	/s/
    Brent Reynolds
	 	Name:	Brent Reynolds
	 	Title: 	Authorized Representative
	 	 
	 	OPERATOR:
	 	 
	 	HERSHA HOSPITALITY MANAGEMENT L.P.,
    a Pennsylvania limited partnership
	 	 
	 	By:	Star HHM GP, L.L.C., a Delaware limited liability company,
    its sole general partner
	 	 	 
	 	By:	/s/ Naveen
    Kakarla
	 	Name: 	Naveen Kakarla
	 	Title:	President

 

    50

    THESIS HOTEL MIAMI

    

 

EXHIBIT
A

 

CENTRALIZED
SERVICES

 

	Fees	 	Amount
    / Calculation	 	Description
	Accounting and Financial Services Fee	 	$2,800 per month (subject to increase on January 1
    of each Fiscal Year (after the expiration of the first Fiscal Year) to account for increases in CPI, if any, from the previous Fiscal
    Year)	 	To reimburse Operator for reasonable actual out-of-pocket
    costs of Operator related to the integration, support, budgeting, centralized accounting services, and financial reporting associated
    with the Hotel, including, without limitation, clustered and shared personnel, annual and monthly reports, Sarbanes Oxley compliance
    and ownership accounting.
	Information Technology Services Fee	 	$1,100 per month (subject to increase on January 1
    of each Fiscal Year (after the expiration of the first Fiscal Year) to account for increases in CPI, if any, from the previous Fiscal
    Year)	 	To reimburse Operator for reasonable actual out-of-pocket
    costs of Operator related to the installation, integration, and ongoing support of information technology related systems at Hotel
    (including, without limitation, networking services and associated software of Operator).
	Revenue Management Fee	 	$140,000 per year (subject to increase on January 1
    of each Fiscal Year (after the expiration of the first Fiscal Year) to account for increases in CPI, if any, from the previous Fiscal
    Year)	 	To reimburse Operator for salaries, benefits and operating
    expenses of the revenue management department.
	Payroll Processing	 	Fixed monthly amount based on employee count and clock
    count.	 	To reimburse Operator for cost of payroll processing,
    time and attendance system, affordable care act reporting, and property clocks.
	HR Programs	 	Fixed monthly amount based on budgeted revenue.	 	To reimburse Operator for cost of applicant tracking
    and onboarding system and employee self service system (benefit administration).
	HR Recruiting	 	$1,500 per position filled	 	To reimburse Operator for property level recruiting
    expenses.
	PCI Compliance	 	Fixed fee plus direct costs per brand, if any	 	To reimburse Operator for software and labor costs
    to maintain compliance, including penetration and vulnerability testing.
	National Sales Allocation	 	Fixed monthly amount based on full year budgeted percentage
    of revenue	 	To reimburse Operator for salaries, benefits and direct
    costs of the national sales team.
	Risk Management	 	Fixed monthly amount based on full year budgeted cost
    per room	 	To reimburse Operator for salaries, benefits and direct
    costs of the risk management team.

 

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    THESIS HOTEL MIAMI

    

 

EXHIBIT
B

 

COMPETITIVE
SET

 

 

 

    52

    THESIS HOTEL MIAMI

    

 

EXHIBIT
C

 

EXAMPLE
OF INCENTIVE FEE CALCULATION

 

For
example purposes only, if in Fiscal Year 2 after the Opening Date of this Agreement, the projected Net Operating Income set forth in
the approved Operating Budget for such Fiscal Year is Six Million Dollars ($6,000,000.00) and the actual Net Operating Income for the
Hotel is Six Million Five Hundred Thousand Dollars ($6,500,000.00), then the Incentive Fee for that Fiscal Year would be calculated as
follows:

 

Excess
NOI = $6,500,000 - $6,000,000 = $500,000

 

20%
of 6,000,000 = $1,200,000

 

Excess
NOI ($500,000) is less than 20% of the projected Net Operating Income ($1,200,000), so clause (a) of Section 10.2 is applicable.

 

Thus,
the Incentive Fee (subject to the cap on fees in Section 10.2) = 10% of $500,000 = $50,000

 

For
example purposes only, if in Fiscal Year 3 after the Opening Date of this Agreement, the projected Net Operating Income set forth in
the approved Operating Budget for such Fiscal Year is Six Million Five Hundred Thousand Dollars ($6,500,000.00) and the actual Net Operating
Income for the Hotel is Seven Million Eight Hundred Thousand Dollars ($7,800,000.00), then the Incentive Fee for that Fiscal Year would
be calculated as follows:

 

Excess
NOI = $7,800,000 - $6,500,000 = $1,300,000

 

20%
of 6,500,000 = $1,300,000

 

Excess
NOI ($1,300,000) is greater than or equal to 20% of the projected Net Operating Income ($1,300,000), so clause (b) of Section 10.2 is
applicable.

 

Thus,
the Incentive Fee (subject to the cap on fees in Section 10.2) = 20% of $1,300,000 = $260,000

 

    53

    THESIS HOTEL MIAMI

    

 

EXHIBIT
D

 

PRE-OPENING
FEES

 

	Fees	 	Amount
    / Calculation	 	Description
	Pre-Opening
    &Technical Services Fee 	 	The
    greater of (a) $10,000 per month (the “Monthly Pre-Opening Fee”) from October 1, 2019 through and including the
    Opening Date, not to exceed $100,000 in the aggregate and (b) $60,000.  For purposes of calculating the Pre-Opening &
    Technical Services Fee, any partial month shall be prorated on the basis of the number of days during such partial month.	 	To
    reimburse Operator for its reasonable actual out-of-pocket costs of the technical and other services provided by Operator during
    the Pre-Opening Period, including review of programming, architectural and design details, brand standard requirements, oversight
    of FF&E procurement, information technology needs at the project, human resources, and mobilization and oversight services required
    to prepare the Hotel for opening.  All other actual costs and expenses (as reasonably approved by Owner) associated with
    the Pre-Opening Period, including, without limitation, labor costs, subsistence expenses and OS&E, shall be paid by Owner as
    billed.

 

	PAYMENT
    SCHEDULE
	Owner
    shall pay Operator the Monthly Pre-Opening Fee commencing on October 1, 2019 and thereafter, payable in advance on the first day
    of each month until the earlier of (1) the Opening Date or (2) when Owner shall have paid Operator $100,000 of Monthly Pre-Opening
    Fees in the aggregate. If, as of the Opening Date, the Monthly Pre-Opening Fees paid and/or payable to Operator is less than $60,000
    in the aggregate, then Owner shall, within thirty (30) days of the Opening Date, pay Operator the positive difference between $60,000
    minus the Monthly Pre-Opening Fees payable to Operator through the Opening Date.

     

    Notwithstanding
    anything contained herein to the contrary, the entire Pre-Opening Fee & Technical Services Fee shall be fully paid on or prior
    to the date that is thirty (30) days after the Opening Date.

     

    All
    other actual third party out-of-pocket costs and expenses reasonably acceptable to Owner shall be paid monthly following Owner’s
    receipt of an invoice and Operator providing documentation of same. Such reimbursement shall be on a cost reimbursement basis (i.e.,
    no profit to Operator).

 

Any
pre-opening fees and costs expended shall not be refundable upon any early termination of the Management Agreement and shall be considered
earned as of the date of payment.

 

    54

    THESIS HOTEL MIAMI

    

 

EXHIBIT
E

 

PRE-OPENING
SERVICES

 

During
the period from October 1, 2019 until the Opening Date (the “Pre-Opening Period”), Operator shall assist Owner in
preparing the Hotel for opening in accordance with the Pre-Opening Budget (as hereinafter defined), including performing and/or providing
the following (collectively, the “Pre-Opening Services”), all of which shall be subject to Owner’s review and
approval unless otherwise indicated:

 

	 	●	Develop a marketing strategy
    for the Hotel;

 

	 	●	Develop and execute a sales,
    marketing and public relations strategy;

 

	 	●	Recruit and hire personnel
    to work at the Hotel, and establish any appropriate employee benefit plans and pension plans, and determine all matters with regard
    to Hotel Employees (all of whom will be employed by Operator), all in accordance with the pro forma; notwithstanding the foregoing,
    (a) the Executive Hotel Employees, and the compensation packages for same, shall require Owner’s approval and Owner shall be
    permitted to participate in interviews of final candidates for those positions; and (b) the employee benefit plans and pension plans
    for all personnel shall require Owner’s approval prior to the Opening Date;

 

	 	●	Train management and line
    staff, including creation and development of a training program to help the staff to understand the Hotel’s concept and develop
    a service style commensurate therewith;

 

	 	●	Setup sales system, including
    POS & IT integration of sales system;

 

	 	●	Setup financial systems
    (including the accounting infrastructure for the Hotel, with standard reporting systems and standard operating procedures for accounting
    functions such as accounts payable and accounts receivable);

 

	 	●	Negotiate all contracts
    with vendors considered necessary by Operator for the operation of the Hotel (but subject in all events to the terms and conditions
    of this Agreement);

 

	 	●	At Owner’s written
    request, purchase or lease on behalf of Owner such services and merchandise as are necessary for the operation of the Hotel;

 

	 	●	Operator agrees to, in
    connection with any promotional material, give proper credit to the respective design professional who participated in the project
    through final completion (e.g., the architect); and

 

	 	●	Work with third parties,
    as necessary, for a timely and successful opening of the Hotel, including in connection with the procurement of operating permits,
    licenses and governmental approvals (“Operating Approvals”) necessary for the operation of the Hotel; provided,
    however, that such Operating Approvals shall not include obtaining any elevator, boiler, construction, development, zoning permits
    or the certificate of occupancy for the Hotel; provided, further, that Operator agrees to assist Owner with completing the applications
    for any elevator, boiler, construction, development, zoning permits or the certificate of occupancy for the Hotel (as reasonably
    requested by Owner).

 

    55

    THESIS HOTEL MIAMI

    

 

Pre-Construction
and Construction Services

 

	 	●	In concert with Owner,
    following execution of the Agreement, develop an operations milestone activities schedule based on Owner’s project schedule.
    Owner is to provide Operator on the first (1st) day of each month an up-to-date project schedule. Operator will then review the project
    schedule and update the operations milestone schedule if needed to ensure the operational tasks are properly coordinated.

 

	 	●	Conceive of, develop and
    oversee implementation of the Hotel operating program and design, from back of the house through guestroom amenities (including,
    if necessary, recommendations and specifications for technology and related software and hardware systems, FF&E, OS&E, back
    of house, and guest amenities) consistent with the Pre-Opening Budget;

 

	 	●	Provide guidance to Owner
    with FF&E, OS&E, information technology and telecommunications technology (software and hardware) purchasing, including,
    in Owner’s sole discretion, the selection of a qualified purchasing agent (it being understood that the services commonly provided
    by a purchasing agent are not included in the scope of the Agreement) consistent with the project budget;

 

	 	●	Provide such other and
    additional services as are customary, necessary or desirable and which other managers provide during this phase or similar phases
    of the development of a project which is similar to the Hotel or as otherwise requested by Owner; and

 

	 	●	Finalize facility program
    for BOH space and system programming to include IT, BMS, closets, back office, and other relevant items.

 

Technical
Services

 

	 	●	Coordinate with Owner’s
    IT consultant to procure all IT service providers and ensure all equipment and content will meet Operator’s requirements and
    brand standards;

 

	 	●	Advise Owner in connection
    with the development of all items of the operational infrastructure within the Hotel, including, but not limited to, technology,
    food and beverage facilities, public spaces, meeting rooms and fitness centers;

 

	 	●	Submit for Owner’s
    approval (to be granted or withheld in Owner’s sole, but good faith, discretion) recommendations for all FF&E, OS&E,
    and systems (for example, communications systems, property management systems, OS&E, other branded touchpoints, etc.) to
    be purchased and installed in the Hotel as part of the project consistent with the Pre-Opening Budget; and

 

    56

    THESIS HOTEL MIAMI

    

 

	 	●	Provide such other and
    additional services as are customary, necessary or desirable and which other managers provide during this phase or similar phases
    of the development of a project which is similar to the Hotel. 

 

	 	●	Prepare and present Owner
    with a Pre-Opening Budget.

 

Other
Pre-Opening Services

 

	 	●	Mobilize an experienced
    taskforce to assist in the opening of the Hotel (and if there is a hotel brand, such task force shall be familiar with that brand’s
    requirements). The duration and scale of such support staff will be determined based on the needs of the Hotel and the Pre-Opening
    Budget. Costs and expenses related to Operator’s provision of such support services will be included in the Pre-Opening Budget
    for the Hotel approved in writing by Owner and will be paid for by Owner in accordance therewith.

 

	 	●	In consultation with contractors
    and other specialists retained by Owner in connection with the construction and development of the Hotel, procure, organize and compile
    maintenance manuals, procedures and logs for the Building and Building systems affecting the Hotel.

 

	 	●	With Owner’s approval
    as described above, prepare employee staffing plans and salary and benefits programs for each classification of employee. Develop
    employee policies and procedures, and prepare employee handbooks describing same.

 

	 	●	With Owner’s approval
    as described above, select a Director of Sales who shall take up full-time business residence at the Hotel (or at a pre-opening office
    arranged by Owner nearby to the Hotel) and be a full-time employee assigned to the Hotel in charge of preparing specific sales and
    marketing programs for the Hotel and who shall commence execution of the same.

 

	 	●	Develop and implement marketing
    and promotional programs for the Hotel.

 

	 	●	With Owner’s approval
    as described above, select and appoint a General Manager, subject to the Agreement, who shall take up full-time business residence
    at the Hotel (or the pre-opening office) and be a full-time employee assigned to the Hotel in charge of planning, implementing, preparing
    and executing all operational plans for the Hotel in preparation for the opening date of the Hotel. The General Manager must be experienced
    in opening and managing a new hotel comparable in size and quality to this Hotel.

 

	 	●	Select, hire and train
    all necessary Hotel Employees in accordance with staffing plans/ previously prepared for the Hotel and, as applicable, subject to
    the terms of the Agreement, provided, however that Owner shall be permitted to interview final key candidates for and approval the
    selection of the General Manager, Director of Sales and Controller.

 

	 	●	Not later than forty-five
    (45) days after execution of the Agreement, prepare and deliver to Owner the Budgets for the Hotel covering (i) if the Opening Date
    occurs on October 1 or later in any calendar year, the period from the Opening Date to and including the end of the first full calendar
    year thereafter or (ii) if the Opening Date occurs on any day prior to October 1 in any calendar year, the period from the Opening
    Date to and including the end of the calendar year in which the Opening Date occurs.

 

    57

    THESIS HOTEL MIAMI

    

 

	 	●	Design and implement a
    modern and sound accounting system (using the Uniform System as a basis therefor) and records management program for the Hotel, with
    effective systems of internal accounting controls which shall in all event be sufficient to enable preparation of the reports required
    under the Agreement, and calculation of management fees in accordance with the provisions of the Agreement.

 

	 	●	Arrange for and prepare
    applications for all operating permits and licenses, including, without limitation, any necessary hotel licenses, restaurant operator’s
    licenses (to the extent that Operator operates the restaurant and bar facilities at the Hotel), liquor licenses (to the extent that
    Operator operates the restaurant and bar facilities at the Hotel or is otherwise required to obtain a liquor license to perform its
    obligations under the Agreement), pool permits, and the like; provided, however, that Operator shall not be required to obtain or
    otherwise coordinate any elevator, boiler, construction, development, zoning permits or the certificate of occupancy for the Hotel
    except to the extent that operational information or input is required to obtain any of the foregoing.

 

	 	●	Arrange for all necessary
    utility services for the Hotel.

 

	 	●	Plan and implement grand
    opening festivities for the Hotel.

 

	 	●	Test the systems and equipment
    of the Hotel to ensure all is functioning properly.

 

	 	●	Otherwise provide such
    other services, and take such other action Operator, in the exercise of its reasonable discretion, deems necessary or desirable in
    order to enable the Hotel, on the opening date, to be fully-staffed with trained personnel prepared to provide goods and services
    normally expected of a first-class hotel to the extent reasonably feasible.

 

Pre-Opening
Budget and Funding. Owner and Operator hereby approve the pre-opening budget for the Pre-Opening Services attached hereto as Exhibit
F (the “Pre-Opening Budget”). Operator shall not to exceed the Pre-Opening Budget in providing the Pre-Opening
Services; provided, however, Operator may do so to the extent Operator has obtained Owner’s prior written approval therefor, not
to be unreasonably withheld, conditioned or delayed. All reasonable out-of-pocket costs and expenses actually incurred by Operator in
connection with the Pre-Opening Services provided during the Pre-Opening Period shall be borne by Owner in accordance with the Pre-Opening
Budget, and where possible, shall be billed to and paid directly by Owner. Owner shall provide to Operator, monthly in advance, funds
to pay the anticipated costs and expenses set forth in the Pre-Opening Budget, to the extent such costs and expenses are not billed to
and paid directly by Owner. Where any costs and expenses in connection with the Pre-Opening Services are not either billed to and paid
directly by Owner or funded in advance by Owner, Owner shall, subject to the Pre-Opening Budget, reimburse Operator for all actual and
reasonable out-of-pocket costs and expenses, if any, incurred by Operator during the Pre-Opening Period and in accordance with the Pre-Opening
Budget within ten (10) business days of receipt of written demand therefor from Operator.

 

    58

    THESIS HOTEL MIAMI

    

 

EXHIBIT
F

 

PRE-OPENING
BUDGET

 

(see
attached)

 

    59

    THESIS HOTEL MIAMI

    

 

EXHIBIT
G

 

MINIMUM
INSURANCE REQUIREMENTS

 

		1.	Insurance
                                            Requirements for the Hotel:

 

General Liability
- $1,000,000 per Occurrence/$2,000,000 General and Product Liability Aggregate per Location 

 

Including:

 

		1.	Products and
                                            Completed Operations

		2.	Contractual
                                            Liability

		3.	Personal Injury

		4.	Incidental
                                            Medical Malpractice

		5.	Molestation
                                            and Abuse are not Excluded

		6.	Punitive Damages
                                            unless Excluded by Public Policy

		7.	Fellow Employee
                                            Coverage

		8.	Garage Keepers
                                            Liability

		9.	Liquor Liability

		10.	Blanket Additional
                                            Interests

		a.	All Managers
                                            or Lessors of Premises

		b.	All mortgagors
                                            of Premises

		c.	Vendors

		d.	Volunteer
                                            Workers

		e.	As required
                                            by Contract

		11.	Severability
                                            of Interests

		12.	Waiver of
                                            Subrogation as Required by Contract

		13.	Terrorism
                                            not Excluded or Sub-Limited

		14.	No Deductible/SIR

		15.	Coverage is
                                            Designated to the Scheduled Premises and is Primary and Non-Contributory

 

Commercial
Automobile - $1,000,000 – Any Auto

 

Including:

		1.	Medical Payments
                                            - $10,000 per person

		2.	Personal Injury
                                            Protection – As required by State

		3.	Property Protection
                                            Insurance – As required by State

		4.	Uninsured Motorists
                                            - $1,000,000 Limit

		5.	Underinsured
                                            Motorists - $1,000,000 Limit

		6.	Physical Damage
                                            (Owned and Hired Autos) – Comprehensive $1,000 Deductible per Occurrence

		7.	Physical Damage
                                            (Owned and Hired Auto) – Collision $1,000 Deductible per Occurrence

		8.	Auto Loan/Lease
                                            Gap Coverage

 

Umbrella
Liability - $50,000,000 per Occurrence/ $50,000,000 Aggregate per Location

 

Including: 

		1.	Retained Limit
                                            – 0

		2.	Follows Scheduled
                                            Underlying Policies

 

Workers Compensation
– Provided in All States except as Provided by the State Funds of – ND, OH, WA, WV, WY

 

    60

    THESIS HOTEL MIAMI

    

 

Medical Benefits
– Statutory

 

		1.	Indemnity
                                            – Statutory

		2.	Employers
                                            Liability - $500,000

		a.	Each Accident

		b.	Disease - Each
                                            Employee

		c.	Disease –
                                            Policy Limit

 

Crime - $1,000,000
Occurrence Limit S/T/A $25,000 per Occurrence Deductible Covering:

 

		1.	Employee
                                            Theft

		2.	Forgery or
                                            Alteration

		3.	Computer
                                            Fraud

		4.	Funds Transfer
                                            Fraud

		5.	Theft of
                                            Money & Securities

		a.	Inside the
                                            Premises

		b.	Outside the
                                            Premises

 

Guest Property
- $10,000 Limit per Occurrence

 

		1.	$1,000 deductible

		2.	Liability
                                            Governed by Statute

 

Property
Manager’s Errors and Omissions - $1,000,000 Each Claim / $2,000,000 Aggregate for All Claims

 

		1.	Claim Includes
                                            Identifiable Loss and Defense Cost

		2.	A $100,000
                                            Deductible Applies to Loss and Defense

 

Employment
Practices Liability

 

		1.	$2,000,000
                                            Aggregate for All Loss Combined (Including Defense Cost)

		2.	A $25,000
                                            Deductible

 

Environmental
Impairment Liability

 

		1.	$3,000,000
                                            per Loss / $3,000,000 Aggregate for All Losses

		2.	Coverage will
                                            Include Loss From:

		a.	Remediation
                                            Expense On-site Contamination

		b.	Remediation
                                            Expense Off-site Contamination

		c.	Third Party
                                            Bodily Injury and Property Damage

 

		2.	Insurance Requirements
                                            for Major Contractors:

 

		(a)	Worker’s
                                            Compensation - Statutory amount or its equivalent under applicable law.

 

		(b)	Employer’s
                                            Liability - $500,000 minimum, where required by applicable or equivalent law.

 

		(c)	Comprehensive
                                            General Liability; either

 

		(i)	$100,000
                                            Bodily Injury per Person

			$300,000
                                            per Occurrence

			$100,000
                                            Property Damage

 

-or-

 

		(ii)	$1,000,000
                                            combined single limit

 

 

61

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