SEC Contract Filing

Filing Date: 2017-08-14

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d419281dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GUARANTY AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>THIS</B> <B>GUARANTY AGREEMENT</B> (this &#147;<B>Guaranty</B>&#148;) is executed as of July&nbsp;7, 2017, by <B>BSHH
LLC</B>, a Delaware limited liability company, having an address at c/o Blackstone Real Estate Advisors, L.P., 345 Park Avenue, New York, New York 10154 (together with its successors and permitted assigns, &#147;<B>Guarantor</B>&#148;), in favor of
<B>MORGAN STANLEY BANK, N.A.</B>, a national banking association, having an address at 1585 Broadway, New York, New York 10036, <B>BANK OF AMERICA, N.A.</B>, a national banking association, having an office at c/o Capital Markets Servicing Group,
900 West Trade Street, Suite 650, Mail Code: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NC1-026-06-01,</FONT></FONT></FONT> Charlotte, North Carolina 28255, <B>CITIGROUP GLOBAL MARKETS REALTY
CORP., </B>a New York corporation,<B> </B>having an address at 390 Greenwich Street, 7<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10013, and <B>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</B>, a banking
association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179, collectively, as payee (together with their respective successors and assigns, each, a &#147;<B><FONT
STYLE="white-space:nowrap">Co-Lender</FONT></B>&#148; and, collectively, &#147;<B>Lender</B>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>W</U><U></U>&nbsp;<U>I</U><U></U>&nbsp;<U>T</U><U></U>&nbsp;<U>N</U><U></U>&nbsp;<U>E</U><U></U>&nbsp;<U>S</U><U></U>&nbsp;
<U>S</U><U></U>&nbsp;<U>E</U><U></U>&nbsp;<U>T</U><U></U>&nbsp;<U>H</U>: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, pursuant to those certain
promissory notes, each dated as of the date hereof, executed by the entities set forth on <U>Schedule</U><U></U><U>&nbsp;1</U> annexed hereto (each, an &#147;<B>Individual Borrower</B>&#148; and collectively, &#147;<B>Borrower</B>&#148;) and made
payable to the order of each <FONT STYLE="white-space:nowrap">Co-Lender</FONT> in the maximum original principal amount of EIGHT HUNDRED MILLION AND 00/100 DOLLARS ($800,000,000), in the aggregate (together with all renewals, modifications,
substitutions, increases, amendments and extensions thereof, collectively, the &#147;<B>Note</B>&#148;), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (&#147;<B>Loan</B>&#148;) which
Loan is (i)&nbsp;secured by the liens and security interests of certain mortgages, deed of trust and deeds to secure debt, each dated as of the date hereof, made by the applicable Individual Borrower and BRE Select Hotels Operating LLC, a Delaware
limited liability company (&#147;<B>Operating Lessee</B>&#148;) for the benefit of Lender (as the same may hereafter be amended, restated, renewed, supplemented, replaced, extended or otherwise modified from time to time, collectively, the
&#147;<B>Mortgage</B>&#148;), (ii)&nbsp;further evidenced by that certain Loan Agreement, dated as of the date hereof by and among Borrower, Operating Lessee and Lender (as the same may hereafter be amended, modified, restated, renewed or replaced,
the &#147;<B>Loan Agreement</B>&#148;) and (iii)&nbsp;further evidenced, secured or governed by the other instruments and documents executed in connection with the Loan (together with the Note, the Loan Agreement and the Mortgage, are hereinafter
collectively referred to as the &#147;<B>Loan Documents</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, Lender is not willing to make the
Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees payment to Lender of the Guaranteed Obligations (as herein defined); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, Guarantor is an Affiliate of, or the owner of a direct or indirect interest in Borrower, Operating Lessee and
each other Loan Party and Guarantor will directly benefit from Lender&#146;s making of the Loan to Borrower. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, as an inducement to Lender to make the Loan to Borrower
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATURE AND
SCOPE OF GUARANTY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>1.1 </B><B><U>Guaranty of Obligation</U></B>. Subject to the terms and conditions hereof,
Guarantor hereby irrevocably and unconditionally guarantee