SEC Contract Filing

Filing Date: 2016-03-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>6
<FILENAME>archosp-exhibit1023xq42015.htm
<DESCRIPTION>EXHIBIT 10.23
<TEXT>
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<a name="s27773738704E878A4505ADCAF5E755FD"></a><div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.23</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Berkadia Loan No. 01-0085683 &amp; 01-0086643</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">GUARANTY OF RECOURSE OBLIGATIONS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">GUARANTY OF RECOURSE OBLIGATIONS</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Guaranty</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is executed as of February 27, 2015, by </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware limited partnership, and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Maryland corporation, </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007</font><font style="font-family:inherit;font-size:12pt;">, a Delaware limited partnership, and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007</font><font style="font-family:inherit;font-size:12pt;">, a Delaware limited partnership (each of the foregoing, a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Guarantor</font><font style="font-family:inherit;font-size:12pt;">&#8221;, and collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Guarantors</font><font style="font-family:inherit;font-size:12pt;">&#8221;), for the benefit of </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF EQTY 2014-INNS MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES</font><font style="font-family:inherit;font-size:12pt;">, having an address at c/o Berkadia Commercial Mortgage LLC, 323 Norristown Road, Suite 300, Ambler, Pennsylvania 19002 (together with its successors and/or assigns, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Lender</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A.&#160;&#160;&#160;&#160;Pursuant to a certain Assumption and Release Agreement dated as of the date hereof (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Assumption Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), Lender is prepared to consent to the assumption (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Assumption</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of a loan by ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company, ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership, ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership, and ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Borrowers</font><font style="font-family:inherit;font-size:12pt;">&#8221;), from W2007 Equity Inns Realty, LLC, a Delaware limited liability company, and W2007 Equity Inns Realty, L.P., a Delaware limited partnership (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underlin