SEC Contract Filing

Filing Date: 2015-03-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>7
<FILENAME>v404612_ex10-25.htm
<DESCRIPTION>EXHIBIT 10.25
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.25</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B><U>SUPPLEMENTAL AGREEMENT</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Supplemental Agreement
(this &ldquo;<U>Agreement</U>&rdquo;), is made and entered into as of the 27th<SUP> </SUP>day of February, 2015, by and among each
of the purchasers listed on <U>Schedule 2</U> attached hereto (collectively, &ldquo;<U>Purchaser</U>&rdquo;), American Realty Capital
Hospitality Operating Partnership, L.P., a Delaware limited partnership (&ldquo;<U>ARC OP</U>&rdquo;), American Realty Capital
Hospitality Trust, Inc., a Maryland corporation (&ldquo;<U>ARC REIT</U>&rdquo;), Nicholas S. Schorsch, an individual (&ldquo;<U>NSS</U>&rdquo;),
William M. Kahane, an individual (&ldquo;<U>WMK</U>&rdquo;), Edward M. Weil, Jr., an individual (&ldquo;<U>MW</U>&rdquo;), and
Peter M. Budko, an individual (&ldquo;<U>PMB</U>&rdquo;, and together with NSS, WMK and MW, the &ldquo;<U>Individual Indemnitors</U>&rdquo;,
and the Individual Indemnitors, together with ARC OP and ARC REIT, the &ldquo;<U>ARC Indemnitors</U>&rdquo;), Whitehall Street
Global Real Estate Limited Partnership 2007, a Delaware limited partnership (&ldquo;<U>Whitehall Street</U>&rdquo;), Whitehall
Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership (&ldquo;<U>Whitehall Parallel</U>&rdquo;,
and together with Whitehall Street, &ldquo;<U>Whitehall</U>&rdquo;), and each of the seller parties (&ldquo;<U>Sellers</U>&rdquo;)
listed on Schedule 1 to that certain Amended and Restated Real Estate Sale Agreement, dated as of November 11, 0214, by and between
Sellers and Purchaser (as amended, modified or supplemented from time to time, the &ldquo;<U>Sale Agreement</U>&rdquo;). Any capitalized
term used but not defined herein shall have the meaning ascribed thereto in the Sale Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WITNESETH:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, Purchaser and
Sellers previously entered into the Sale Agreement;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS,
the Sale Agreement requires Purchaser to, and cause the ARC Indemnitors to, enter into this Agreement on the Closing Date for the
benefit of Whitehall and Sellers;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, each of the ARC
Indemnitors have a direct or indirect interest in Purchaser and/or otherwise a material financial relationship with Purchaser such
that they will receive substantial economic and other benefits from the consummation of the transactions described in the Sale
Agreement and the compliance by Purchaser with the Sale Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection
with Purchaser&rsquo;s consummation of the Debt Assumption, Whitehall is required to provide certain indemnification agreements
and/or guarantees in connection with the Assumed Debt as described in Section 2.4.2 of the Sale Agreement (any such indemnification
agreements and guarantees, as amended, modified, supplemented or reaffirmed from time to time, the &ldquo;<U>Whitehall Guarantees</U>&rdquo;);
and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby covenant and agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guaranty
Reimbursement</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time, Whitehall is called upon to satisfy any obligation under any of the Whitehall Guarantees (each, a &ldquo;<U>Claim</U>&rdquo;),
or Whitehall makes a payment in connection with any of the Whitehall Guarantees (each, a &ldquo;<U>Payment</U>&rdquo;), then, in
each case,</P>

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