ASSUMPTION AND RELEASE AGREEMENT
Exhibit 10.24
Berkadia Loan No. 01-0085683 & 01-0086643
ASSUMPTION AND RELEASE AGREEMENT
THIS ASSUMPTION AND RELEASE AGREEMENT (this “Agreement”) is entered into and made effective as of the 27th day of February, 2015 (the “Effective Date”), by and among W2007 Equity Inns Realty, LLC, a Delaware limited liability company (“LLC Original Borrower”), and W2007 Equity Inns Realty, L.P., a Delaware limited partnership (“LP Original Borrower”; LLC Original Borrower and LP Original Borrower are individually and collectively, as the context may require, referred to as “Original Borrower”), each with a mailing address at c/o Goldman Sachs & Co., 200 West Street, New York, New York 10282, ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company (“LLC New Borrower”), ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company (“BHGL New Borrower”), ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company (“PXGL New Borrower”), ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company (“GBGL New Borrower”), ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company (“NFGL New Borrower”), ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company (“MBGL 1000 New Borrower”), ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company (“MBGL 950 New Borrower”), ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership (“LP New Borrower”), ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership (“DLGL New Borrower”), and ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership (“SAGL New Borrower”; LLC New Borrower, BHGL New Borrower, PXGL New Borrower, GBGL New Borrower, NFGL New Borrower, MBGL 1000 New Borrower, MBGL 950 New Borrower, LP New Borrower, DLGL New Borrower and SAGL New Borrower are individually and collectively, as the context may require, referred to as “New Borrower”), each with a mailing address at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022, U.S. Bank National Association, as Trustee for the Registered Holders of EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-Through Certificates (“Lender”), with a mailing address at c/o Berkadia Commercial Mortgage LLC, 323 Norristown Road, Suite 300, Ambler, Pennsylvania 19002 (“Berkadia”), Whitehall Street Global Real Estate Limited Partnership 2007, a Delaware limited partnership (“Whitehall Street Global”), and Whitehall Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership (“Whitehall Parallel Global”; Whitehall Street Global and Whitehall Parallel Global are individually and collectively, as the context may require, referred to as “Original Guarantor” and together with the Original Borrower, the “Original Indemnitors”), each with a mailing address at c/o Goldman Sachs & Co., 200 West Street, New York, New York 10282, and American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership (“ARC OP”) and American Realty Capital Hospitality Trust, Inc., a Maryland corporation (“ARC REIT”; together with Whitehall Street Global and Whitehall Parallel Global, ARC OP and ARC REIT are individually and collectively, as the context may require, referred to as “New Guarantor” and together with the New Borrower, the “New Indemnitors”), each with a mailing address at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022.
RECITALS:
The following recitals are a material part of this Agreement:
A. German American Capital Corporation, a Maryland corporation (“Original Lender”), made a real estate mortgage loan in the aggregate original principal amount of $865,000,000.00 to Original Borrower, which Loan is evidenced by that certain (i) Promissory Note A-1, dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-1 Note”), from Original Borrower in the original principal amount of $519,000,000.00 (the “A-1 Loan”), and (ii) Promissory Note A-2, dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-2 Note” and together with the A-1 Note, the “Note”), from Original Borrower in the original principal amount of $346,000,000.00 (the “A-2 Loan” and together with the A-1 Loan, the “Loan”). The Loan is further evidenced, governed and/or secured by the following agreements and documents, all executed and delivered, or caused to be executed and delivered, by Original Borrower for the benefit of Original Lender:
1. that certain Loan Agreement, dated as of April 11, 2014, as amended by that certain First Amendment to Loan Agreement, dated as of June 18, 2014 (collectively, and together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Loan Agreement”);
2. those certain mortgages, deeds of trust, or deeds to secure debt identified on Schedule II attached hereto and by this reference incorporated herein (collectively, together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Mortgage”), encumbering the real properties described on Exhibit A-1 attached hereto and by this reference incorporated herein or the Ground Leases described in Exhibit A-2 attached hereto and by this reference incorporated herein, each as more particularly described in the Mortgage;
3. those certain assignments of leases and rents identified on Schedule II attached hereto (collectively, together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Assignment of Leases”);
4. that certain Assignment of Agreements (as defined in the Loan Agreement);
5. that certain Collateral Assignment of Interest Rate Protection Agreement, dated as of April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Assignment of Rate Cap Agreement”); and
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6. that certain Indemnification Agreement, dated as of April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Indemnification Agreement”).
B. In connection with the Loan, Original Borrower and/or Original Guarantor also executed and/or delivered, or caused to be executed and/or delivered, the following agreements and documents for the benefit of Original Lender:
1. those certain UCC Financing Statements naming Original Borrower as debtor therein, and Original Lender as secured party therein, and filed with the appropriate recorder or clerk in which the Properties (as defined in the Loan Agreement) are located and in the records of the Secretary of State of Delaware; and
2. that certain Environmental Indemnity Agreement, dated as of April 11, 2014 (the “Original Environmental Indemnity”), executed by the Original Indemnitors;
3. that certain Guaranty of Recourse Obligations, dated as of April 11, 2014 (the “Original Guaranty”), executed by Original Guarantor;
4. that certain Cash Management Agreement, dated as of April 11, 2014, and that certain Addendum to Cash Management Agreement, dated as of April 11, 2014 (collectively and together with all further addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Original Cash Management Agreement”);
5. that certain Pledge and Security Agreement, dated as of April 11, 2014 (the “Original Liquor Subsidiary Pledge”), executed by LLC Original Borrower and Lender;
6. that certain Liquor License Agreement, dated as of April 11, 2014 (the “Original Liquor License Agreement”), executed by W2007 EQN Kansas SPE, LLC, a Kansas limited liability company, and LLC Original Borrower for the benefit of Original Lender;
7. those certain Assignments of Management Agreements (as defined in the Loan Agreement), each dated as of dated as of April 11, 2014 (the “Original Assignment of Management Agreements”); and
8. that certain Contribution Agreement, dated as of April 11, 2014 (the “Original Contribution Agreement”), executed by Original Borrower and Original Lender; and
9. those certain Clearing Account Agreements (as defined in the Loan Agreement), each dated as of dated as of April 11, 2014 (the “Original Clearing Agreements”).
The agreements and documents set forth in Recital A and Recital B above are hereinafter referred to collectively as the “Original Borrower’s Loan Documents.”
C. Upon the Effective Date, New Borrower and/or New Guarantor are executing and delivering, or are causing to be delivered, to Lender the following documents, each dated as of the Effective Date:
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1. those certain UCC Financing Statements naming New Borrower as debtor therein, and naming Lender, as secured party therein, to be filed in the Recorder’s Office and the records of the Secretary of State of Delaware;
2. those certain Assignment and Assumption of Mortgage/Deed of Trust and Assignment and Assumption of Leases, Rents and Hotel Revenues executed by Original Borrower (as applicable), New Borrower (as applicable) and Lender as identified on Schedule II attached hereto (collectively, the “Mortgage Assumptions”);
3. that certain Environmental Indemnity Agreement from New Indemnitors in favor of Lender (the “New Environmental Indemnity”);
4. that certain Guaranty of Recourse Obligations (the “New Guaranty”), executed and delivered by each New Guarantor in favor of Lender;
5. that certain Payment Guaranty (the “Payment Guaranty”), executed and delivered by ARC REIT in favor of Lender;
6. that certain Cash Management Agreement (the “CMA Agreement”), executed and delivered by ARC Hospitality Portfolio I TRS Holdco, LLC, a Delaware limited liability company (“TRS Holdco”), as account representative, New Borrower, each New Operating Lessee (as defined below), Property Managing Entities (as defined below), and Lender, together with that certain Addendum A to Cash Management Agreement (the “CMA Addendum” and together with the CMA Agreement, the “Cash Management Agreement”), executed and delivered by TRS Holdco, New Borrower, each New Operating Lessee, Property Managing Entities, Wells Fargo Bank, National Association (“Wells Fargo”), and Lender;
7. that certain Contribution Agreement (the “New Contribution Agreement”), executed and delivered by New Borrower and Lender;
8. that certain Pledge and Security Agreement (the “New KS Liquor Subsidiary Pledge”), executed and delivered by ARC Hospitality Portfolio I DEKS TRS, LLC, a Delaware limited liability company (“DEKS TRS”), for the benefit of Lender;
9. that certain Liquor License Agreement (the “New KS Liquor License Agreement”), executed by ARC Hospitality Portfolio I KS TRS, LLC, a Kansas limited liability company (“KS Liquor Subsidiary”), DEKS TRS and LLC New Borrower for the benefit of Lender;
10. that certain Pledge and Security Agreement (the “New TX Liquor Subsidiary Pledge” and together the New KS Liquor Subsidiary Pledge, the “New Liquor Subsidiary Pledge”), executed and delivered by ARC Hospitality Portfolio I TX Holdings, LLC, a Delaware limited liability company (“TX Liquor Holdco”), for the benefit of Lender;
11. that certain Liquor License Agreement (the “New TX Liquor License Agreement” and together with the New KS Liquor License Agreement, the “New Liquor License Agreement”), executed by ARC Hospitality Portfolio I TX Beverage Company, LLC, a Delaware limited liability company (“TX Liquor Subsidiary”), ARC Hospitality Portfolio I
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NTC TRS, LP, a Delaware limited partnership (“NTC TRS”), and LP New Borrower for the benefit of Lender;
12. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, LP New Borrower, DLGL New Borrower, SAGL New Borrower, ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company (“TRS LLC”), DEKS TRS, NTC TRS, Lender, and American Realty Capital Hospitality Grace Portfolio, LLC, a Delaware limited liability company (“ARC Manager”), as operator, for the benefit of Lender (the “Crestline Operating Agreement Subordination”);
13. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, LP New Borrower, DLGL New Borrower, SAGL New Borrower, TRS LLC, DEKS TRS, NTC TRS, Lender, ARC Manager, as operator, and Crestline Hotels & Resorts, LLC, a Delaware limited liability company (“Crestline”), as manager, for the benefit of Lender (the “Crestline Management Agreement Subordination”);
14. that certain Subordination of Management Agreement (TX – Alcohol Management and Services Agreement) executed by Crestline, as manager, for the benefit of Lender, and acknowledged by TX Liquor Subsidiary (the “Crestline TX Alcohol Management Agreement Subordination” and together with the Crestline Operating Agreement Subordination and the Crestline Management Agreement Subordination, the “Crestline Subordination”);
15. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company (“MISC TRS”), Lender, and ARC Manager, as operator, for the benefit of Lender (the “Pillar Operating Agreement Subordination”);
16. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, MISC TRS, Lender, ARC Manager, as operator, and Pillar Hotels & Resorts, L.P. (“Pillar”), as manager, for the benefit of Lender (the “Pillar Management Agreement Subordination” and together with the Pillar Operating Agreement Subordination, the “Pillar Subordination”)
17. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, MISC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “Musselman Operating Agreement Subordination”);
18. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, MISC TRS, Lender, ARC Manager, as operator, and Musselman Hotels Management, L.L.C. (“Musselman”), as manager, for the benefit of Lender (the “Musselman Management
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Agreement Subordination” and together with the Musselman Operating Agreement Subordination, the “Musselman Subordination”);
19. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, GBGL New Borrower, BHGL New Borrower, LP New Borrower, NFGL New Borrower, ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company (“HIL TRS”), ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware limited partnership (“NTC HIL TRS”), Lender, and ARC Manager, as operator, for the benefit of Lender (the “Hilton-Hampton Operating Agreement Subordination”);
20. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, GBGL New Borrower, BHGL New Borrower, LP New Borrower, NFGL New Borrower, HIL TRS, NTC HIL TRS, Lender, ARC Manager, as operator, and Hampton Inns Management LLC, a Delaware limited liability company (“Hilton-Hampton”), as manager, for the benefit of Lender (the “Hilton-Hampton Management Agreement Subordination” and together with the Hilton-Hampton Operating Agreement Subordination, the “Hilton-Hampton Subordination”);
21. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, PXGL New Borrower, LP New Borrower, HIL TRS, LLC, NTC HIL TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “Hilton-Homewood Operating Agreement Subordination”);
22. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, PXGL New Borrower, LP New Borrower, HIL TRS, NTC HIL TRS, Lender, ARC Manager, as operator, and Homewood Suites Management LLC, a Delaware limited liability company (“Hilton-Homewoood”), as manager, for the benefit of Lender (the “Hilton-Homewood Management Agreement Subordination” and together with the Hilton-Homewood Operating Agreement Subordination, the “Hilton-Homewood Subordination”);
23. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by MBGL 1000 New Borrower, MBGL 950 New Borrower, LLC New Borrower, LP New Borrower, ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company (“MCK TRS”), NTC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “McKibbon Operating Agreement Subordination”);
24. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by MBGL 1000 New Borrower, MBGL 950 New Borrower, LLC New Borrower, LP New Borrower, MCK TRS, NTC TRS, Lender, ARC Manager, as operator, and McKibbon Hotel Management, Inc. (“McKibbon”), as manager, for the benefit of Lender (the “McKibbon Management Agreement Subordination”) and together with the McKibbon Operating Agreement Subordination, the “McKibbon Subordination”;
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25. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, MISC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “Innventures Operating Agreement Subordination”);
26. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, MISC TRS, Lender, ARC Manager, as operator, and InnVentures IVI, LP (“Innventures”), as manager, for the benefit of Lender (the “Innventures Management Agreement Subordination” and together with the Innventures Operating Agreement Subordination, the “Innventures Subordination”);
27. that certain Assignment of Management Agreement and Subordination of Management Fees (Operating Agreement) executed by LLC New Borrower, MISC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “First Hospitality Operating Agreement Subordination”);
28. that certain Assignment of Management Agreement and Subordination of Management Fees (Management Agreement) executed by LLC New Borrower, MISC TRS, Lender, ARC Manager, as operator, and First Hospitality Group, Inc. (“First Hospitality” and together with ARC Manager, Crestline, Pillar, Musselman, Hilton-Hampton, Hilton-Homewood, McKibbon, and Innventures, the “Property Managing Entities”), as manager, for the benefit of Lender (the “First Hospitality Management Agreement Subordination” and together with the First Hospitality Operating Agreement Subordination, the “First Hospitality Subordination”; the First Hospitality Subordination together with the Crestline Subordination, the Pillar Subordination, the Musselman Subordination, the Hilton-Hampton Subordination, the Hilton-Homewood Subordination, the McKibbon Subordination, and the Innventures Subordination, is referred to as the “Management Subordination”);
29. that certain Clearing Account Agreement executed by TRS Holdco, TRS LLC, DEKS TRS, NTC TRS, ARC Manager, Crestline, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, TRS LLC, DEKS TRS, NTC TRS, LLC New Borrower, LP New Borrower, DLGL New Borrower, SAGL New Borrower, Lender and Wells Fargo (collectively, the “Crestline Clearing Account Agreement”);
30. that certain Clearing Account Agreement executed by TRS Holdco, MISC TRS, ARC Manager, Pillar, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, MISC TRS, LLC New Borrower, Lender and Wells Fargo (collectively, the “Pillar Clearing Account Agreement”);
31. that certain Clearing Account Agreement executed by TRS Holdco, MISC TRS, ARC Manager, Musselman, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, MISC TRS, LLC New Borrower, Lender and Wells Fargo (collectively, the “Musselman Clearing Account Agreement”);
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32. that certain Clearing Account Agreement executed by TRS Holdco, HIL TRS, NTC HIL TRS, ARC Manager, Hilton-Hampton, Hilton-Homewood, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, HIL TRS, NTC HIL TRS, LLC New Borrower, BHGL New Borrower, PXGL New Borrower, GBGL New Borrower, NFGL New Borrower, LP New Borrower, Lender and Wells Fargo (collectively, the “Hilton Clearing Account Agreement”);
33. that certain Clearing Account Agreement executed by TRS Holdco, MCK TRS, NTC TRS, ARC Manager, McKibbon, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, MCK TRS, NTC TRS, LLC New Borrower, MBGL 1000 New Borrower, MBGL 950 New Borrower, LP New Borrower, Lender and Wells Fargo (collectively, the “MkKibbon Clearing Account Agreement”);
34. that certain Clearing Account Agreement executed by TRS Holdco, MISC TRS, ARC Manager, Innventures, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, MISC TRS, LLC New Borrower, Lender and Wells Fargo (collectively, the “Innventures Clearing Account Agreement”);
35. that certain Clearing Account Agreement executed by TRS Holdco, MISC TRS, ARC Manager, First Hospitality, Lender and Wells Fargo together with that certain Addendum A to Clearing Account Agreement executed by TRS Holdco, MISC TRS, LLC New Borrower, Lender and Wells Fargo (collectively, the “First Hospitality Clearing Account Agreement”; the First Hospitality Clearing Account Agreement together with the Crestline Clearing Account Agreement, the Pillar Clearing Account Agreement, the Musselman Clearing Account Agreement, the Hilton Clearing Account Agreement, the McKibbon Clearing Account Agreement, and the Innventures Clearing Account Agreement, is referred to as the “New Clearing Account Agreements”);
36. that certain Recognition Agreement (the “New Recognition Agreement”), executed by and between W2007 Equity Inns Senior Mezz, LLC, a Delaware limited liability company (“Qualified Preferred Equity Investor”), and Lender;
37. that certain Subordination Agreement executed by and among TRS LLC, HIL TRS, MCK TRS, MISC TRS, DEKS TRS, NTC TRS, NTC HIL TRS (such entities referred to herein, individually and collectively, as “New Operating Lessee”), New Borrower and Lender (the “Operating Lease Subordination”);
38. that certain incumbency certificate of ARC REIT, ARC OP, each New Borrower and each New Operating Lessee certifying as to the incumbency of each of ARC REIT, ARC OP, each New Borrower and each New Operating Lessee, executed by an authorized officer of ARC REIT, for the benefit of Lender;
39. those certain incumbency certificates of Whitehall Street Global, Whitehall Parallel Global and Qualified Preferred Equity Investor executed by an authorized officer of WH Advisors, L.L.C. 2007, a Delaware limited liability company, as applicable, for the benefit of Lender;
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40. this Agreement.
The agreements and documents set forth in Recital A and Recital C above (except for the incumbency certificates referred to as numbers 38-39), together with all other documents evidencing, securing or otherwise pertaining to the Loan (other than the documents and agreements set forth in Recital B), and such other agreements and documents as Lender may reasonably require, are hereinafter referred to collectively as the “Loan Documents”, and individually as a “Loan Document”.
D. Original Lender assigned, sold and transferred its interest in the Loan and the Original Borrower’s Loan Documents to Lender pursuant to certain assignment documents including, without limitation, those certain assignments referenced in the Mortgage Assumptions, and Lender is the current holder of all of Original Lender’s interest in the Loan and Original Borrower’s Loan Documents.
E. Lender, as the holder of the Note and beneficiary under the Mortgage, has been asked to consent to the transfer of the Properties to New Borrower (the “Transfer”) and the assumption by New Borrower and New Guarantor of the obligations of the Original Borrower and Original Guarantor, respectively, under the Loan Documents (the “Assumption”).
F. Lender, acting by and through its servicer Berkadia, has agreed to consent to the Transfer and Assumption subject to the terms and conditions stated below, including, without limitation, the execution and delivery of the agreements and documents set forth in Recital C above and such other documents and instruments as may be reasonably required by Lender.
G. Unless the context requires otherwise, references in this Agreement to Original Borrower’s Loan Documents shall be deemed to refer to such documents as amended by this Agreement, and as such documents may be further amended, modified, extended or replaced from time to time.
CONTRACTUAL PROVISIONS:
NOW, THEREFORE, in consideration of the Recitals, which are incorporated herein as if set forth below in full as a substantive, contractual part of this Agreement, and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Acknowledgement of Debt.
(a) Lender, Original Borrower and New Borrower confirm and acknowledge that the aggregate outstanding principal balance under the Note immediately prior to the Effective Date is $801,100,768.45 and the balances of all reserve and escrow accounts required under the Loan Documents are set forth on Schedule I, attached hereto and by this reference incorporated herein. New Borrower declares and acknowledges, for the specific reliance and benefit of Lender, that (i) New Borrower has no claim, or to New Borrower’s knowledge, defense, or right of offset of any kind or in any amount with respect to the Note, the Mortgage or any of the other Loan Documents, and (ii) no amounts paid by New Borrower or
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Original Borrower to Lender pursuant to or in connection with the execution and delivery of this Agreement shall be applied to or set off against the principal balance of the Note.
(b) The parties acknowledge and agree that Lender shall continue to hold the balances in escrow and reserve accounts, if any, in accordance with the terms of the Loan Documents. Original Borrower and Original Guarantor covenant and agree that the Lender has no further duty or obligation of any nature to Original Borrower or Original Guarantor relating to such escrow and/or reserve balances, all of which Original Borrower does hereby assign, transfer and convey to New Borrower, and New Borrower hereby unconditionally accepts and assumes the same. All escrow and reserve balances held by Lender in connection with the Loan Documents shall, from and after the Effective Date, be solely for the account of New Borrower.
(c) Berkadia, as the servicing agent on behalf of Lender, hereby confirms, as of the Effective Date, that it has not issued to Original Borrower or Original Guarantor any written notice of, and has no actual knowledge of, a default or an Event of Default under the Original Borrower’s Loan Documents that has not been cured and is continuing. For the purposes of this Section 1(c), the term “actual knowledge” shall be limited to the actual knowledge of the undersigned, Gary A. Routzahn.
2. Conditions Precedent; Consent to Transfer and Assumption; Consent to Qualified Preferred Equity Investment; Consent to Operating Lease Agreements; Consent to Management Agreement.
(a) Original Borrower and New Borrower, each individually, represents and warrants to Lender as of the Effective Date that it has satisfied its respective requirements in connection with the Assumption of the Loan, the Qualified Preferred Equity Investment (as defined below), the execution of the Operating Lease Agreements (as defined below), and the execution of the Management Agreements (as defined below), as such requirements are set forth in the Original Borrower’s Loan Documents and that certain conditional consent letter issued by Berkadia on August 27, 2014 and executed by Original Borrower, LLC New Borrower and LP New Borrower (the “Original Conditional Approval Letter”), as affected by that certain conditional approval extension letter issued by Berkadia on November 20, 2014 and executed by Original Borrower and New Borrower (the “Conditional Approval Extension Letter”), as further affected by that certain conditional approval letter issued by Berkadia on February 26, 2015 and executed by Original Borrower and New Borrower (the “Modifications Conditional Approval Letter” and together with the Original Conditional Approval Letter and the Conditional Approval Extension Letter, the “Conditional Approval Letter”). Lender hereby confirms receipt of the deliverables required in connection with the Assumption of the Loan, the Qualified Preferred Equity Investment, the execution of the Operating Lease Agreements, and the execution of the Management Agreements, as such requirements are set forth in the Original Borrower’s Loan Documents and the Conditional Approval Letter.
(b) In reliance upon the representations, warranties and covenants set forth herein by Original Borrower, Original Guarantor, New Borrower and New Guarantor, Lender hereby consents to the Transfer and Assumption and waives its right to accelerate the
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Loan pursuant to any provision of the Original Borrower’s Loan Documents which might otherwise provide such right to Lender solely on account of such Transfer and Assumption. Lender’s consent to the Transfer and Assumption is not intended to be and shall not be construed as its consent to any subsequent transfer or assumption which requires Lender’s consent pursuant to the terms of the Mortgage or any other Loan Document.
(c) New Borrower hereby authorizes the Lender to file any and all UCC financing statements and UCC financing statement amendments as Lender may deem necessary from time to time including, without limitation, financing statements containing the description “all assets of New Borrower” or “all personal property of New Borrower” or similar language.
(d) Concurrently with the Lender’s consent to the Assumption, Lender consents to the delivery of the Payment Guaranty by ARC REIT for the benefit of the Lender as security for a portion of the Future PIP Reserve Account Deposit (as defined in the Payment Guaranty) on the terms and conditions more particularly set forth in the Payment Guaranty. New Borrower, ARC OP and ARC REIT hereby acknowledge and agree that Lender’s consent to the delivery of the Payment Guaranty as security for a portion of the Future PIP Reserve Account Deposit shall not be deemed to be Lender’s consent or agreement to accept a payment guaranty for any other Reserve Funds required to be deposited on or after the Effective Date by Borrower, or any other party, with Lender or Deposit Bank under the terms of the Loan Agreement or any of the other Loan Documents.
(e) Concurrently with the Lender’s consent to the Assumption, Lender consents to a certain equity investment by W2007 Equity Inns Senior Mezz, LLC, a Delaware limited liability company (the “Qualified Preferred Equity Investor”), in ARC Hospitality Portfolio I Holdco LLC, a Delaware limited liability company (the “Qualified Preferred Equity Investment”), the owner of indirect ownership interests in New Borrower, which Qualified Preferred Equity Investment is evidenced by that certain Amended and Restated Limited Liability Company Agreement, dated as of the date hereof, executed by and among American Realty Capital Hospitality Portfolio Member, LP, a Delaware limited partnership, Qualified Preferred Equity Investor and William G. Popeo, as the initial special member.
(f) Concurrently with the Lender’s consent to the Assumption, Lender consents to those certain operating lease agreements identified on Schedule III attached hereto and by this reference incorporated herein (collectively, the “Operating Lease Agreements”).
(g) Concurrently with the Lender’s consent to the Assumption, Lender consents to those certain management agreements identified on Schedule IV attached hereto and by this reference incorporated herein (collectively, the “Management Agreements”).
(h) Original Borrower, New Borrower and Lender hereby acknowledge that the Cap Agreement (as defined in the Assignment of Rate Cap Agreement) has been novated pursuant to a Novation Confirmation dated on or about the Effective Date executed by SMBC Capital Markets, Inc., New Borrower and Original Borrower.
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3. Assumption of Obligations. As of the Effective Date, Original Borrower does hereby assign, transfer and convey to New Borrower all of its right, title and interest in and to the Loan Documents, and New Borrower hereby unconditionally accepts and assumes Original Borrower’s right, title and interest in and to the Loan Documents and agrees to comply with all covenants and obligations therein, including, without limitation, the obligation to pay the unpaid balance due and owing on the Loan and all interest thereon. Without limiting the foregoing, New Borrower agrees to keep and observe all of the covenants, terms and conditions required to be kept, observed and performed by Borrower pursuant to the Note, the Mortgage and all of the other Loan Documents, to the same effect as if New Borrower were the original maker of, and a party to, the Loan Documents including, but not limited to, payment of all sums presently outstanding under the Note. New Borrower hereby adopts, ratifies and confirms as of the Effective Date all of the representations, warranties and covenants of Original Borrower contained in the Loan Documents as if made by New Borrower as of the Effective Date except to the extent such representations and warranties are matters which by their nature can no longer be true and correct as a result of the passage of time or apply only to the Original Borrower, Original Guarantor, or other facts or circumstances that existed only at the execution of the Original Borrower’s Loan Documents.
4. Limited Release of Original Borrower and Original Guarantor; Reaffirmation.
(a) In reliance upon the representations, warranties and covenants set forth herein by Original Borrower and Original Guarantor, Lender hereby releases: (i) Original Borrower from any and all liability for repayment of the principal and interest under the terms of the Note, the Mortgage and the other Original Borrower’s Loan Documents, and all other obligations under the Original Borrower’s Loan Documents, to the extent such obligations arise from matters first occurring from and after the Effective Date which are not caused by or arise out of any acts of Original Borrower or its Affiliates (as defined in the Loan Agreement); and (ii) Original Guarantor from any and all liability under the Original Guaranty and the Original Environmental Indemnity to the extent arising from matters first occurring from and after the Effective Date which are not caused by or arise out of any acts of Original Guarantor or its Affiliates. Lender hereby reserves all rights it may have against Original Borrower and Original Guarantor for acts or omissions of or events caused by Original Borrower or Original Guarantor, in each case, arising or occurring prior to the Effective Date.
(b) The release of Original Borrower and Original Guarantor provided for in Section 4(a) above shall be deemed withdrawn and shall have no effect to the extent that this Agreement is held to be void or is determined to be unenforceable in its entirety by any court in a final non-appealable order as a result of any action or inaction by or on behalf of Original Borrower or Original Guarantor, or if any representation or warranty by Original Borrower or Original Guarantor made in connection with this Agreement is false or misleading in any material respect when made. In all cases, Original Borrower and Original Guarantor, as applicable, shall bear the burden of proof on the issue of the time at which an act or event first occurred or an obligation first arose, which is the subject of claimed liability under any of the Original Borrower’s Loan Documents.
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(c) Notwithstanding anything to the contrary contained herein, and subject to the release contained in Section 4(a) hereof, Original Borrower and Original Guarantor do hereby ratify and confirm their respective obligations under the Original Borrower’s Loan Documents to the extent arising or resulting from acts or omissions of or events caused by Original Borrower or Original Guarantor, in each case, arising or occurring prior to the Effective Date.
5. Representations.
(a) Each New Borrower represents and warrants to Berkadia and Lender that as of the Effective Date:
(i) New Borrower is duly organized, validly existing and in good standing under the laws of its state of formation or organization and is duly qualified and authorized to conduct business in the state(s) in which the Properties are located (as applicable), and has full power and authority to own, lease and operate the Properties, and to conduct its affairs as now being conducted and as proposed to be conducted;
(ii) New Borrower has full power and authority to enter into, execute, deliver and carry out this Agreement and the Loan Documents to which it is a party, by assumption or otherwise, and to perform its obligations hereunder and thereunder and all such actions have been duly authorized by all necessary actions on its part;
(iii) This Agreement and the other documents executed in connection herewith have been duly executed and delivered by New Borrower. This Agreement and the Loan Documents to which New Borrower is a party, by assumption or otherwise, constitute legal, valid and binding obligations of New Borrower, enforceable against New Borrower in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally;
(iv) New Borrower has received and reviewed copies of all of the Loan Documents;
(v) New Borrower nor, to New Borrower’s knowledge, any person owning an interest in New Borrower (except that New Borrower’s knowledge shall not require any investigation into ownership of issued shares of ARC REIT), is a country, territory, individual or entity named on a list maintained by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), or is a Specially Designated National or Blocked Person under the programs administered by OFAC;
(vi) Except in connection with the Original Mezzanine Loan (as defined in the Loan Agreement) and the Qualified Preferred Equity Investment (as defined in the Loan Agreement), no equity interest in New Borrower has been pledged, hypothecated or otherwise encumbered as security for any obligation,
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and none of the capital contributed to New Borrower was made in the form of a loan;
(vii) There is no litigation or other proceeding against New Borrower pending or, to New Borrower’s knowledge, threatened in writing against New Borrower, which, if adversely determined, is reasonably likely to materially and adversely affect the financial condition of New Borrower or its ability to legally perform its obligations under this Agreement and the other Loan Documents;
(viii) The execution, delivery and performance of this Agreement, and the performance of New Borrower’s obligations under the Loan Documents, (A) does not conflict with or result in a violation of New Borrower’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which New Borrower is a party, and (B) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which New Borrower is bound or to which New Borrower is a party;
(ix) There is no bankruptcy, receivership or insolvency proceeding pending or threatened against New Borrower; and
(x) No proceeding is pending for the dissolution or annulment of New Borrower, and all license, income and franchise taxes due and payable by New Borrower have been paid in full, unless the non-payment of such taxes could not be reasonably expected to have a material adverse change in the financial condition, operations or business of New Borrower.
(b) Each New Guarantor individually represents and warrants to Berkadia and Lender that as of the Effective Date, solely with respect to itself:
(i) Such New Guarantor is duly organized, validly existing and in good standing under the laws of the state of its formation and has full power and authority to conduct its affairs as now being conducted and as proposed to be conducted;
(ii) This Agreement, the New Guaranty, the New Environmental Indemnity and the other documents executed by such New Guarantor in connection herewith have been duly executed and delivered by such New Guarantor. This Agreement, the New Guaranty, the New Environmental Indemnity and such other documents constitute such New Guarantor’s legal, valid and binding obligations, enforceable against such New Guarantor in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally;
(iii) Such New Guarantor has received and reviewed copies of all of the Loan Documents;
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(iv) Such New Guarantor nor, to such New Guarantor’s knowledge, any person owning an interest in such New Guarantor (except that such New Guarantor’s knowledge shall not require any investigation into ownership of issued shares of ARC REIT), is a country, territory, individual or entity named on a list maintained by OFAC, or is a Specially Designated National or Blocked Person under the programs administered by OFAC;
(v) There is no litigation or other proceeding against such New Guarantor pending or, to such New Guarantor’s knowledge, threatened in writing against such New Guarantor, which, if adversely determined, is reasonably likely to materially and adversely affect the financial condition of such New Guarantor or its ability to legally perform its obligations under this Agreement and the other Loan Documents to which such New Guarantor is a party;
(vi) Such New Guarantor has full power and authority to enter into, execute, deliver and perform this Agreement and the New Guaranty, the New Environmental Indemnity and the other documents executed by such New Guarantor in connection herewith and such execution, delivery and performance (A) have been duly and validly authorized by all necessary actions on the part of such New Guarantor, (B) does not conflict with or result in a violation of such New Guarantor’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which such New Guarantor is a party, and (C) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which such New Guarantor is bound or to which such New Guarantor is a party;
(vii) There is no bankruptcy, receivership or insolvency proceeding pending or threatened against such New Guarantor; and
(viii) No proceeding is pending for the dissolution or annulment of such New Guarantor, and all license, income and franchise taxes due and payable by such New Guarantor have been paid in full, unless the non-payment of such taxes could not be reasonably expected to have a material adverse change in the financial condition, operations or business of New Guarantor.
(c) Each Original Borrower represents and warrants to Berkadia and Lender that as of the Effective Date:
(i) Contemporaneously with the execution and delivery hereof, Original Borrower has conveyed and transferred the Properties to New Borrower;
(ii) Contemporaneously with the execution and delivery hereof, Original Borrower has assigned and transferred to New Borrower the Tenant Leases (as hereinafter defined), and Original Borrower has retained no rights therein or thereto;
(iii) Original Borrower has not received a security instrument or security agreement from New Borrower encumbering the Properties to secure the
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payment of any sums due Original Borrower or obligations to be performed by New Borrower;
(iv) There exist no defenses, offsets or counterclaims by Original Borrower to this Agreement or the Original Borrower’s Loan Documents;
(v) There is no Event of Default by Original Borrower under the provisions of Original Borrower’s Loan Documents executed or assumed by Original Borrower, nor, to Original Borrower’s knowledge, are there any conditions which with the giving of notice or the passage of time or both may constitute an Event of Default by Original Borrower under the provisions of the Original Borrower’s Loan Documents;
(vi) The Original Borrower’s Loan Documents are in full force and effect;
(vii) There are no mechanics’ liens or liens for delinquent taxes or assessments encumbering the Properties except Permitted Encumbrances (as defined in the Loan Agreement);
(viii) To Original Borrower’s knowledge, there are no pending or threatened condemnation or annexation proceedings affecting the Properties, or any agreements to convey any portion of the Properties or any rights thereto not disclosed in this Agreement, including, without limitation, to any governmental agency;
(ix) The certified rent roll for the Properties provided to Lender on or about the date hereof, is a true, complete and accurate list of all tenant leases (“Tenant Leases” or individually a “Tenant Lease”) affecting the Properties as of the Effective Date hereof;
(x) There is no litigation or other proceeding against Original Borrower or the Properties pending or overtly threatened, by written communication to Original Borrower, wherein an unfavorable decision might reasonably result in a material adverse change in the financial condition of Original Borrower or its ability to legally perform its obligations under this Agreement and the Original Borrower’s Loan Documents;
(xi) There is no bankruptcy, receivership or insolvency proceeding pending or, to Original Borrower’s knowledge, threatened in writing against Original Borrower;
(xii) No proceeding is pending for the dissolution or annulment of Original Borrower, and all license, income and franchise taxes due and payable by Original Borrower have been paid in full; and
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(xiii) Original Borrower has full power and authority to enter into, execute, deliver and perform this Agreement and such execution, delivery and performance (A) have been duly and validly authorized by all necessary actions on the part of Original Borrower, (B) does not conflict with or result in a violation of Original Borrower’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which Original Borrower is a party, and (C) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which Original Borrower is bound or to which Original Borrower is a party.
(d) Each Original Guarantor represents and warrants to Berkadia and Lender that as of the Effective Date:
(i) As of the Effective Date, there is no Event of Default or, to Original Guarantor’s knowledge, event which with the passage of time or the giving of notice, or both, would constitute an Event of Default under the Original Borrower’s Loan Documents executed or assumed by Original Guarantor;
(ii) The Original Borrower’s Loan Documents executed by Original Guarantor are in full force and effect;
(iii) There is no litigation or other proceeding against Original Guarantor pending or overtly threatened, by written communication to Original Guarantor, wherein an unfavorable decision might reasonably result in a material adverse change in the financial condition of Original Guarantor or its ability to legally perform its obligations under this Agreement;
(iv) Original Guarantor has the full power and authority to enter into this Agreement and perform its obligations hereunder. The execution, delivery and performance of this Agreement and the other documents contemplated herein by Original Guarantor (A) have been duly and validly authorized by all necessary action on the part of Original Guarantor, (B) does not conflict with or result in a violation of Original Guarantor’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which Original Guarantor is a party, and (C) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which Original Guarantor is bound or to which Original Guarantor is a party;
(v) There is no bankruptcy, receivership or insolvency proceeding pending or, to Original Guarantor’s knowledge, threatened in writing against Original Guarantor; and
(vi) No proceeding is pending for the dissolution or annulment of Original Guarantor, and all license, income and franchise taxes due and payable by Original Guarantor have been paid in full.
6. Financial Information.
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(a) New Borrower hereby represents and warrants to Lender that all information and materials regarding New Borrower and its affiliates provided by or on behalf of New Borrower to Berkadia were true and correct in all material respects as of the date of delivery thereof and remain materially true and correct as of the Effective Date.
(b) Each New Guarantor hereby represents and warrants to Lender, solely as to itself, that all information and materials regarding such New Guarantor and its affiliates provided by or on behalf of such New Guarantor to Berkadia were true and correct in all material respects as of the date of delivery thereof and remain materially true and correct as of the Effective Date.
7. Addresses. Lender, New Borrower and New Guarantor agree that all notice provisions contained in the Loan Documents are hereby modified to amend the notice address for Lender, New Borrower and New Guarantor, and that from and after the Effective Date, the notice addresses for Lender, New Borrower and New Guarantor, respectively, are as follows:
If to Lender:
U.S. Bank National Association, as Trustee for the Registered Holders of EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-Through Certificates
c/o Berkadia Commercial Mortgage LLC
323 Norristown Road, Suite 300
Ambler, PA 19002
Attention: Client Relations Manager for
Loan Nos. 01-0085683 & 01-0086643
Facsimile No.: (215) 328-3832
If to New Borrower:
c/o American Realty Capital
405 Park Avenue
New York, New York 10022
Facsimile No.: (212) 421-5799
If to New Guarantor:
Whitehall Street Global Real Estate Limited Partnership 2007 and Whitehall Parallel Global Real Estate Limited Partnership 2007
c/o Goldman Sachs & Co.
200 West Street
New York, New York 10282
Attention: Chief Financial Officer
Facsimile No.: (212) 357-5505
And
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American Realty Capital Hospitality Operating Partnership, L.P. and
American Realty Capital Hospitality Trust, Inc.
c/o American Realty Capital
405 Park Avenue
New York, New York 10022
Facsimile No.: (212) 421-5799
with a copy to:
Goldman Sachs Realty Management, L.P.
6011 Connection Drive
Irving, Texas 7039
Attention: Investment Management
Facsimile No.: (972) 368-3699
with a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attention: Anthony J. Colletta, Esq.
Facsimile No. (212) 291-9029
with a copy to:
Goodwin Procter LLP
53 State Street
Boston, MA 02109
Attn: Samuel L. Richardson, Esq.
Facsimile No.: (617) 523-1231
8. Release of Berkadia and Lender. Original Borrower, New Borrower, Original Guarantor and New Guarantor hereby each, as to its own Claims only, unconditionally and irrevocably releases and forever discharges Berkadia and Lender and their respective successors, assigns, agents, directors, officers, employees, and attorneys (collectively, the “Indemnitees”) from all Claims, as defined below, and each, as to its own Claims only, agrees to indemnify the Indemnitees, hold the Indemnitees harmless, and defend the Indemnitees with counsel reasonably acceptable to the Indemnitees from and against any and all claims, losses, causes of action, costs and expenses of every kind or character in connection with the Claims and/or the transfer of the Properties in connection with this Agreement (excluding any Claims arising out of or resulting from the gross negligence, illegal acts, bad faith or willful misconduct of any of the Indemnitees). As used in this Agreement, the term “Claims” shall mean any and all possible claims, demands, actions, costs, expenses and liabilities whatsoever, known or unknown, at law or in equity, originating in whole or in part on or before the Effective Date, which each of Original Borrower, New Borrower, Original Guarantor or New Guarantor or any
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of their respective directors, partners, principals, affiliates, members, shareholders, officers, agents, employees or successors, may now or hereafter have against the Indemnitees, if any, and irrespective of whether any such Claims arise out of contract, tort, violation of laws, or regulations, or otherwise in connection with the Loan or any of the Loan Documents (other than the Assumption Agreement) or the Original Borrower’s Loan Documents, including, without limitation, any contracting for, charging, taking, reserving, collecting or receiving interest in excess of the highest lawful rate applicable thereto and any loss, cost or damage, of any kind or character, arising out of or in any way connected with or in any way resulting from the acts, actions or omissions of any of the Indemnitees (excluding any claims, demands, actions, costs, expenses and liabilities arising out of or resulting from the gross negligence, illegal acts, bad faith or willful misconduct of any of the Indemnitees), including any requirement that the Loan Documents or Original Borrower’s Loan Documents be modified as a condition to the transactions contemplated by this Agreement. Original Borrower, New Borrower, Original Guarantor and each New Guarantor agree that Berkadia and Lender have no fiduciary or similar obligations to Original Borrower, New Borrower, Original Guarantor or New Guarantor or any of them and that their relationship is strictly that of creditor and debtor. This release is accepted by Berkadia and Lender pursuant to this Agreement and shall not be construed as an admission of liability on the part of either of them. Original Borrower, New Borrower, Original Guarantor and each New Guarantor hereby represents and warrants, each as to itself only, that it is the current legal and beneficial owner of all Claims, if any, applicable to it and released hereby by such party and has not assigned, pledged or contracted to assign or pledge any such Claim to any other person.
9. Confirmation of Waivers. New Borrower, without limiting the generality of its obligations under the Loan Documents, hereby confirms and ratifies the submission to jurisdiction and waivers set forth in the Loan Documents.
10. Binding Effect. This Agreement shall be binding upon the parties and their respective heirs, executors, administrators, successors, permitted assigns and representatives.
11. Ratification. Lender and New Borrower hereby ratify and affirm all of the Loan Documents and all of its or the other’s, as applicable, respective rights, agreements, obligations, priorities, reservations, promises and waivers as made and agreed and contained therein and as assumed pursuant to this Agreement by New Borrower, all of which shall remain in full force and effect.
12. No Impairment of Lien; No Satisfaction. Nothing set forth herein shall affect the priority or extent of the lien of the Mortgage or any of the other Loan Documents, nor, except as expressly set forth herein, release or change the liability of any party who may now be or after the Effective Date, become liable, primarily or secondarily, under the Loan Documents. This Agreement does not, and shall not be construed to, constitute the creation of new indebtedness or the satisfaction, discharge or extinguishment of the debt secured by the Loan Documents.
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13. Third Party Beneficiary Status of Berkadia. New Borrower, Original Borrower, Original Guarantor and New Guarantor hereby each acknowledges and agrees that Berkadia, its successors and assigns, are all intended third party beneficiaries of this Agreement.
14. Bankruptcy Remote Single Purpose Entities. New Borrower is currently a bankruptcy-remote single purpose entity and will take all necessary company action (including, but not limited to, revising and filing charter and control documents in form, substance and structure as may be reasonably required by Lender) in order for the New Borrower to continue as a bankruptcy-remote single purpose entity.
15. Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. For the avoidance of doubt, New Borrower shall comply with the requirements of Section 4.32 of the Loan Agreement.
16. Fees. Original Borrower, New Borrower and Lender have agreed that, simultaneously with the execution hereof, all fees, costs, and charges arising in connection with the execution of this Agreement, including without limitation, all reasonable attorneys’ fees, title company fees, title insurance premiums, recording costs, assumption and/or transfer fees and other closing costs incurred by Lender in connection with this Agreement, will be paid as of the Effective Date, and that Lender shall have no obligation whatsoever for payment thereof. New Borrower acknowledges and agrees that none of the fees, costs, and charges paid in connection with the execution of this Agreement shall be applied to or set off against the principal balance of the Note.
17. Miscellaneous.
(a) Choice of Law. The validity and enforcement of this Agreement and the other Loan Documents, to the extent they involve the creation, perfection, assignment, modification and enforcement of liens and security interests against property located in the state, commonwealth or district in which the Properties are located, are intended to be governed by the laws of the state, commonwealth or district in which the Properties are located. All other aspects of the transaction contemplated by this Agreement and the indebtedness evidenced by the Note, and the Loan Documents shall be governed by and construed in accordance with the laws of the State of New York pursuant to Section 5-1401 of the New York General Obligations Law.
(b) Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
(c) Modifications. No change or modification of this Agreement shall be valid unless the same is in writing and signed by all parties hereto.
(d) Complete Agreement. This Agreement and the Loan Documents represent the complete agreement among the parties with regard to the items set forth herein, and
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there are no representations, covenants, warranties, agreements or conditions, oral or written, between the parties not set forth in this Agreement and the Loan Documents.
(e) Headings, Schedules and Exhibits. The Article and/or Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.
(f) Counterparts. This Agreement may be executed in any number of counterparts, each of which when taken together shall be deemed an original, but all of which shall together constitute one and the same instrument.
(g) Joint and Several Liability. If New Borrower consists of more than one person or entity, each is jointly and severally liable to perform the obligations of New Borrower hereunder, and all representations, warranties, covenants and agreements made by New Borrower are joint and several.
18. Supremacy Clause. It is hereby agreed that the terms and conditions of the Mortgage, the Note and other Loan Documents, as modified by this Agreement, shall remain in full force and effect and shall be binding upon New Borrower. It is understood and agreed that in the event there are any conflicting or omitted provisions or variations between the terms, conditions, rights, or remedies in the Mortgage, the Note or any other Loan Document (other than this Agreement) and the terms of this Agreement, those terms, conditions, rights or remedies which are most favorable to Lender shall remain in full force and effect and shall prevail. A default under the terms and conditions of this Agreement shall constitute a default under the terms and conditions of the Mortgage, the Note and other Loan Documents.
19. Waiver of Trial by Jury. ORIGINAL BORROWER, NEW BORROWER, ORIGINAL GUARANTOR AND NEW GUARANTOR EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.
20. Further Assurances. Original Borrower, Original Guarantor, New Borrower and New Guarantor shall cooperate with Lender and shall execute and deliver, or cause to be executed and delivered, all such other documents and instruments, and shall take all such other action that Lender may request from time to time in order to accomplish and satisfy the provisions and purposes of this Agreement, including such confirmations and/or corrective instruments as Lender reasonably may require, provided that such documents, instruments or
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actions shall not increase the liabilities or obligations of Original Borrower, Original Guarantor, New Borrower or New Guarantor under this Agreement of any of the other Loan Documents.
21. Modification to Loan Documents. From and after the Effective Date, New Borrower and Lender hereby agree that the Loan Documents are hereby amended as follows:
(a) | Schedule I of the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Individual Properties and Allocated Loan Amounts attached hereto as Exhibit B. |
(b) | Schedule I-M1 of the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Original Mezzanine Loan Allocated Loan Amounts attached hereto as Exhibit C. |
(c) | Schedule II of the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Required Repairs attached hereto as Exhibit D and by this reference incorporated herein. Lender acknowledges that the Required Repairs that appear on Schedule II to the Loan Agreement but not on Exhibit D attached hereto have been completed as required pursuant to the Loan Agreement. |
(d) | Schedule III to the Loan Agreement is hereby deleted in its entirety and replaced with that certain Organizational Chart of New Borrower attached hereto as Exhibit E and by this reference incorporated herein. |
(e) | Schedule VI to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Intellectual Property/Websites attached hereto as Exhibit F and by this reference incorporated herein. |
(f) | Schedule VIII to the Loan Agreement is hereby amended to include the additional documents pertaining to the Ground Leases listed on that certain exhibit of additional Ground Lease documents attached hereto as Exhibit A-2. |
(g) | Schedule XI to the Loan Agreement is hereby deleted in its entirety and replaced with that certain Rent Roll attached hereto as Exhibit G and by this reference incorporated herein. |
(h) | Schedule XII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Franchise Agreements attached hereto as Exhibit H and by this reference incorporated herein. |
(i) | Schedule XIII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Property Accounts and Property Account Banks attached hereto as Exhibit I and by this reference incorporated herein. |
(j) | Schedule XV to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Closing Date Managers attached hereto as Exhibit J. |
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(k) | Schedule XVII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Expiring Franchise Properties attached hereto as Exhibit K and by this reference incorporated herein. |
(l) | Schedule XVIII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain Scheduled PIP attached hereto as Exhibit L and by this reference incorporated herein. |
(m) | Schedule XXI to the Loan Agreement is hereby deleted in its entirety and replaced with that certain PIP Work Other Than Scheduled PIP attached hereto as Exhibit M and by this reference incorporated herein |
(n) | The defined term “Title Insurance Policy” as provided in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: |
“Title Insurance Policy” shall mean, with respect to each Individual Property, an ALTA mortgagee title insurance policy in the form acceptable to Lender issued with respect to such Individual Property and insuring the Lien of the Mortgage encumbering such Individual Property, as amended or dated-down.
(o) | Except as provided herein, all references in the Loan Documents to the defined term “LLC Borrower” shall mean, collectively, LLC New Borrower, BHGL New Borrower, PXGL New Borrower, GBGL New Borrower, NFGL New Borrower, MBGL 1000 New Borrower and MBGL 950 New Borrower, each as defined in this Agreement. |
(p) | All references in the Loan Documents to the defined term “LP Borrower” shall mean, collectively, LP New Borrower, DLGL New Borrower and SAGL New Borrower, each as defined in this Agreement. |
(q) | For the purpose of Section 6.14 of the Loan Agreement, all references to “Account Representative” shall mean LLC New Borrower on behalf of Borrower, or the designee of a TRS Lessee. |
(r) | All references in the Loan Documents to the defined term “Liquor Subsidiary” shall mean ARC Hospitality Portfolio I KS TRS, LLC, a Kansas limited liability company, ARC Hospitality Portfolio I TX Beverage Company, LLC, a Delaware limited liability company, and/or ARC Hospitality Portfolio I Concessions, LLC, a Delaware limited liability company, as may be then applicable. |
(s) | The term “ARC Hospitality” as defined in Section 4.14.2(b) of the Loan Agreement shall mean American Realty Capital Hospitality Properties, LLC or American Realty Capital Hospitality Grace Portfolio, LLC, a Delaware limited liability company, a wholly-owned subsidiary of American Realty Capital Hospitality Properties, LLC. |
(t) | Section 10.4(b) of the Loan Agreement is hereby modified by deleting “CT Corporation System, 111 Eighth Avenue, New York, New York 10011” and replacing it with |
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Berkadia Loan No. 01-0085683 & 01-0086643
24 |
“Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, New York 10036-8401”.
(u) | The defined term “Clearing Account” as provided in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: |
Clearing Accounts” shall mean the Eligible Accounts maintained at the Clearing Account Bank by the Individual Borrowers or a TRS Lessee in their respective names and shall include the Clearing Accounts, the Aggregate DACA Accounts and the Sub-DACA Accounts, each as defined in that certain Cash Management Agreement, dated as of February 27, 2015.
(v) | The second sentence of Section 6.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: |
Without in any way limiting the foregoing, if Borrower or Manager receives any Gross Revenue from the Properties or any other amount which would be included in the Operating Income of the Properties, then (i) such amounts shall be deemed to be collateral for the Obligations and shall be held in trust for the benefit, and as the property, of Lender, (ii) such amounts shall not be commingled with any other funds or property of Borrower or Manager, and (iii) Borrower or Manager, as applicable shall deposit such amounts in the applicable Property Account or Clearing Account on a daily basis.
(w) | The defined term “Base Management Fees” as provided in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: |
shall mean the base property management fees (i.e. based on a fixed percentage of revenues and not on the basis of any override or profit participation) for property management (as opposed to asset management) services provided to the Individual Properties and actually payable to Manager under the Management Agreements, but such fees, for any Manager, shall not exceed four percent (4.0%) of the monthly Adjusted Operating Income for the Individual Properties managed by such Manager and all such fees payable to all Managers in the aggregate shall not exceed four percent (4.0%) of the monthly Adjusted Operating Income for the Properties; provided, however, that any portion of the Base Management Fees in excess of three percent (3%) (the “Subordinated Portion of the Base Management Fees”) shall be payable only to the extent that (1) no Triggering Period has occurred and is then continuing; and (2) there is sufficient Available Cash to pay such amount (which amount will then be paid out of such Available Cash and from no other source) for the Individual
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25 |
Properties managed by such Manager. Notwithstanding anything to the contrary contained herein, if the Subordinated Portion of the Base Management Fees shall be due to Managers pursuant to the terms set forth herein, such Subordinated Portion of the Base Management Fees shall accrue but shall not be payable to the Managers until such time as (x) the Borrower has reserved in the Future PIP Reserve Account a cash deposit in an amount equal to all outstanding Future PIP Reserve Funds guaranteed by that certain Payment Guaranty (PIP Reserve Funds), dated on or about February 27, 2015, by American Realty Capital Hospitality Trust, Inc., a Maryland corporation, for the benefit of Lender (the “Guaranteed PIP Funds”), or (y) Borrower shall have completed all PIP Work and paid all Approved Future PIP Expenses in connection with the Guaranteed PIP Funds with the Future PIP Reserve Funds in accordance with the Loan Documents or as otherwise agreed to by Lender.
(x) The defined term “Qualified IPO” as provided in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
shall mean transfers of direct or indirect ownership interests in the direct owner of the most junior Mezzanine Borrower pursuant to (i) an initial public offering directly or indirectly involving such entity which is listed on the New York Stock Exchange or another nationally or internationally recognized stock exchange or is quoted on a national quotation system, or (ii) the listing of American Realty Capital Hospitality Trust, Inc.’s common stock on the New York Stock Exchange or another nationally or internationally recognized stock exchange.
(y) Section 7.2(g)(iv) of the Loan Agreement is hereby deleted in its entirety.
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26 |
IN WITNESS WHEREOF, the parties hereto have executed this Assumption and Release Agreement as of the day and year first above written.
ORIGINAL BORROWER: | ||
W2007 Equity Inns Realty, LLC, a Delaware limited liability company | ||
By: | WNT Mezz I, LLC, its Manger |
By: | ||
Name: | ||
Title: |
W2007 Equity Inns Realty, L.P., a Delaware limited partnership | ||
By: | W2007 Equity Inns Realty Gen-Par, LLC, a Delaware limited liability company, its General Partner |
By: | ||
Name: | ||
Title: |
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Berkadia Loan No. 01-0085683 & 01-0086643
NEW BORROWER: | ||
ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President | ||
ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President | ||
ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
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Berkadia Loan No. 01-0085683 & 01-0086643
ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President | ||
ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President | ||
ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President | ||
ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
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Berkadia Loan No. 01-0085683 & 01-0086643
ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership | ||
By: | ARC Hospitality Portfolio I NTC Owner GP, LLC, a Delaware limited liability company |
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership | ||
By: | ARC Hospitality Portfolio I NTC Owner GP, LLC, a Delaware limited liability company |
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership | ||
By: | ARC Hospitality Portfolio I NTC Owner GP, LLC, a Delaware limited liability company |
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
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Berkadia Loan No. 01-0085683 & 01-0086643
LENDER: | ||
U.S. Bank National Association, as Trustee for the Registered Holders of EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-Through Certificates | ||
By: | KeyBank National Association | |
Its: | Master Servicer |
By: | Berkadia Commercial Mortgage LLC, a Delaware limited liability company | |
Its: | Subservicer |
By: | ||
Name: Gary A. Routzahn | ||
Authorized Representative |
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Berkadia Loan No. 01-0085683 & 01-0086643
ORIGINAL GUARANTOR: | ||
Whitehall Street Global Real Estate Limited Partnership 2007, a Delaware limited partnership | ||
By: | WH Advisors, L.L.C. 2007, a Delaware | |
limited liability company, its General | ||
Partner |
By: | ||
Name: | ||
Title: |
Whitehall Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership | ||
By: | WH Advisors, L.L.C. 2007, a Delaware | |
limited liability company, its General | ||
Partner |
By: | ||
Name: | ||
Title: |
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Berkadia Loan No. 01-0085683 & 01-0086643
NEW GUARANTOR: | ||
American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership | ||
By: | American Realty Capital Hospitality Trust, Inc., a Maryland corporation, its general partner |
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
American Realty Capital Hospitality Trust, Inc., a Maryland corporation | ||
By: | ||
Name: Jonathan Mehlman | ||
Title: CEO and President |
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Berkadia Loan No. 01-0085683 & 01-0086643
Whitehall Street Global Real Estate Limited Partnership 2007, a Delaware limited partnership | ||
By: | WH Advisors, L.L.C. 2007, a Delaware | |
limited liability company, its General | ||
Partner |
By: | ||
Name: | ||
Title: |
Whitehall Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership | ||
By: | WH Advisors, L.L.C. 2007, a Delaware | |
limited liability company, its General | ||
Partner |
By: | ||
Name: | ||
Title |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
SCHEDULE I
Reserve Balances
Immediately prior to the Effective Date:
Tax Account: | $ | 310,574.59 | ||
Insurance Account: | $ | 0.00 | ||
Required Repairs Account: | $ | 139,174.88 | ||
Scheduled PIP Reserve Account | $ | 0.00 | ||
Ground Rent Account: | $ | 0.00 | ||
FF&E Reserve Account: | $ | 0.00 | ||
Casualty and Condemnation Account: | $ | 0.00 | ||
Cash Collateral Account | $ | 0.00 | ||
Total Balance of Accounts: | $ | 449,749.47 |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
SCHEDULE II
Mortgage, Assignment of Leases and Mortgage Assumptions
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
SCHEDULE III
Operating Lease Agreements
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
SCHEDULE IV
Management Agreements
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT A-1
Legal Description of Real Property
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT A-2
Description of Ground Leases
AMENDMENT TO SCHEDULE VIII
ADDITIONAL GROUND LEASE DOCUMENTS
Property | Additional Ground Lease Documents | |
Hampton Inn Birmingham (Mountain Brook), AL |
· Consent of Landlord by S&S Associates LLC and New Owners, Vestavia LLC as Tenants in Common
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I BHGL Owner, LLC
· Unconditional & Irrevocable Guaranty, by American Realty Capital Hospitality Trust, Inc. in favor of S&S Associates LLC and New Owners, Vestavia LLC as Tenants in Common | |
Homewood Suites, Phoenix, AZ |
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I PXGL Owner, LLC | |
Hampton Inn, Norfolk, VA |
· Ground Lease Consent to Assignment and Sublease and Estoppel, dated as of January 21, 2015, between Glenwood Square Shopping Center Associates, L.L.C. and ARC Hospitality Portfolio I NFGL Owner, LLC
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I NFGL Owner, LLC
· Guaranty of Lease, made as of the [27th day of February 2015], by American Realty Capital Hospitality Operating Partnership, L.P., in favor of Glenwood Square Shopping Center Associates, L.L.C. |
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Berkadia Loan No. 01-0085683 & 01-0086643
Courtyard, Dallas, TX |
· Consent to Assignment, Sublease, Management Agreement, Sub-Management Agreement, Concession Agreement and Alcohol Services Agreement and Amendment to Ground Lease, dated as of [February 27, 2015] by Istar Dallas GL LLP, W2007 Equity Inns Realty, LP, ARC Hospitality Portfolio I DLGL Owner, LP, American Realty Capital Hospitality Grace Portfolio, LLC, Crestline Hotels & Resorts, LLC and ARC Hospitality Portfolio I TX Beverage Company, LLC
· Guaranty of Lease dated February 27, 2015 by American Realty Capital Hospitality Trust, Inc. to Istar Dallas GL LLP
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LP in favor of ARC Hospitality Portfolio I DLGL Owner, LP | |
Residence Inn, Mobile, AL |
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I MGBL 950 Owner, LLC | |
Courtyard, Mobile, AL |
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I MGBL 1000 Owner, LLC | |
Springhill Suites, San Antonio, TX |
· Consent to Assignment and Assumption of Lease, made and entered into as of the 31st day of December, 2014, by and between Crossroads Mall Partners, Ltd, W2007 Equity Inns Realty, L.P. and ARC Hospitality Portfolio I SAGL Owner, LP
· Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LP in favor of ARC Hospitality Portfolio I SAGL Owner, LP
· Guaranty, dated as of [February 27, 2015], by American Realty Capital Hospitality Trust, Inc. in favor of Crossroads Mall Partners, Ltd. |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
· Consent to Sublease dated as of January 27, 2015 by and between Crossroads Mall Partners, Ltd, ARC Hospitality Portfolio I SAGL Owner, LP, and ARC Hospitality Portfolio I NTC TRS, LP | ||
Hampton Inn, Baltimore (Glen Burnie), MD |
· Lease Assignment and Assumption Agreement, dated [February 27, 2015], by Governor Plaza Associates, Federal Realty Investment Trust, W2007 Equity Inns Realty, LLC, ARC Hospitality Portfolio I GBGL Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, and American Realty Capital Hospitality Trust, Inc.
· Assignment and Assumption of Ground Lease, dated [February 27, 2015], by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I GBGL Owner, LLC
· Guaranty, dated as of [February 27, 2015], by American Realty Capital Hospitality Trust, Inc. in favor of Governor Plaza Associates and Federal Realty Investment Trust |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT B
Individual Properties and Allocated Loan Amounts
Individual Property Name | Allocated Loan Amount | |||
Hampton Inn Morgantown | 9,039,931 | |||
Hampton Inn Beckley | 11,063,797 | |||
Hyatt Place Richmond Innsbrook | 5,329,512 | |||
Hampton Inn Norfolk-Naval Base | 2,563,563 | |||
Fairfield Inn & Suites by Marriott Dallas Medical Market Center | 6,447,614 | |||
Courtyard by Marriott Dallas Medical Market Center | 12,480,502 | |||
SpringHill Suites by Marriott Austin Round Rock | 5,801,747 | |||
Hilton Garden Inn Austin Round Rock | 8,432,772 | |||
SpringHill Suites by Marriott San Antonio Medical Center Northwest | 3,912,806 | |||
SpringHill Suites by Marriott Houston Hobby Airport | 7,825,612 | |||
Hampton Inn Dallas-Addison | 6,678,755 | |||
Homewood Suites by Hilton San Antonio-Northwest | 9,782,015 | |||
Hampton Inn & Suites Nashville Franklin Cool Springs | 13,964,670 | |||
Courtyard by Marriott Knoxville Cedar Bluff | 7,555,764 | |||
Residence Inn by Marriott Chattanooga Downtown | 7,420,839 | |||
Residence Inn by Marriott Knoxville Cedar Bluff | 6,948,604 | |||
Hyatt Place Nashville Franklin Cool Springs | 10,119,326 | |||
Hyatt Place Memphis Wolfchase Galleria | 6,948,604 | |||
Homewood Suites by Hilton Memphis-Germantown | 5,127,125 | |||
Hampton Inn Memphis-Poplar | 8,635,158 | |||
Hampton Inn Pickwick Dam at Shiloh Falls | 1,416,706 | |||
Hampton Inn Chattanooga Airport I-75 | 2,986,031 | |||
Hampton Inn Columbia I-26 Airport | 3,642,957 | |||
Hampton Inn Charleston-Airport Coliseum | 2,493,889 | |||
Holiday Inn Charleston Mount Pleasant | 7,150,990 | |||
Hampton Inn Scranton at Montage Mountain | 7,690,688 | |||
Hampton Inn State College | 7,825,612 | |||
Residence Inn by Marriott Portland Downtown Lloyd Center | 21,925,207 | |||
Hyatt Place Columbus Worthington | 5,801,747 | |||
Hyatt Place Cincinnati Blue Ash | 4,587,428 | |||
Hampton Inn Columbus Dublin | 7,623,226 |
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Berkadia Loan No. 01-0085683 & 01-0086643
Hampton Inn Cleveland-Westlake | 8,365,310 | |||
Hampton Inn Albany-Wolf Road (Airport) | 11,198,721 | |||
Hyatt Place Las Vegas | 12,345,578 | |||
Hyatt Place Albuquerque Uptown | 10,119,326 | |||
Courtyard by Marriott Asheville | 8,635,158 | |||
Hampton Inn Fayetteville I-95 | 3,527,940 | |||
Hampton Inn Charlotte-Gastonia | 6,881,142 | |||
Hampton Inn St. Louis Westport | 5,194,587 | |||
Hampton Inn Kansas City-Airport | 6,341,444 | |||
Hyatt Place Minneapolis Airport-South | 8,230,385 | |||
SpringHill Suites by Marriott Grand Rapids North | 7,285,915 | |||
Hampton Inn Grand Rapids-North | 8,095,461 | |||
Hampton Inn Detroit Madison Heights South Troy | 8,230,385 | |||
Hampton Inn Detroit Northville | 6,071,596 | |||
Hyatt Place Baltimore BWI Airport | 6,746,217 | |||
Hampton Inn Baltimore Glen Burnie | 1,821,479 | |||
Homewood Suites by Hilton Boston-Peabody | 6,206,520 | |||
Hampton Inn Boston Peabody | 9,107,394 | |||
Hyatt Place Baton Rouge I-10 | 7,690,688 | |||
Residence Inn by Marriott Lexington South Hamburg Place | 8,230,385 | |||
SpringHill Suites by Marriott Lexington Near the University of Kentucky | 9,647,091 | |||
Courtyard by Marriott Louisville Downtown | 18,214,787 | |||
Courtyard by Marriott Lexington South Hamburg Place | 9,444,704 | |||
Courtyard by Marriott Bowling Green Convention Center | 7,758,150 | |||
Hyatt Place Kansas City Overland Park Metcalf | 5,464,436 | |||
Hampton Inn Kansas City Overland Park | 2,493,889 | |||
Hyatt Place Indianapolis Keystone | 7,758,150 | |||
Courtyard by Marriott Chicago Elmhurst Oakbrook Area | 7,285,915 | |||
Homewood Suites by Hilton Chicago Downtown | 44,784,930 | |||
Hampton Inn Chicago Gurnee | 7,758,150 | |||
Residence Inn by Marriott Boise Downtown | 5,869,209 | |||
Fairfield Inn & Suites by Marriott Atlanta Vinings | 6,206,520 | |||
Residence Inn by Marriott Macon | 3,710,420 | |||
Residence Inn by Marriott Savannah Midtown | 5,262,050 | |||
Courtyard by Marriott Athens Downtown | 6,004,134 |
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Berkadia Loan No. 01-0085683 & 01-0086643
Hampton Inn Columbus-Airport | 1,703,143 | |||
Embassy Suites by Hilton Orlando - International Drive Jamaican Court | 14,032,132 | |||
Residence Inn by Marriott Tampa North I-75 Fletcher | 6,408,907 | |||
Courtyard by Marriott Orlando Altamonte Springs Maitland | 8,905,007 | |||
Courtyard by Marriott Sarasota Bradenton Airport | 5,936,671 | |||
Residence Inn by Marriott Sarasota Bradenton | 6,948,604 | |||
Courtyard by Marriott Jacksonville Airport Northeast | 3,467,113 | |||
Hampton Inn Palm Beach Gardens | 14,167,057 | |||
Hampton Inn Boca Raton-Deerfield Beach | 9,107,394 | |||
Hampton Inn & Suites Boynton Beach | 19,496,568 | |||
Hampton Inn Boca Raton | 9,714,553 | |||
Courtyard by Marriott Gainesville | 8,365,310 | |||
Residence Inn by Marriott Tampa Sabal Park Brandon | 8,095,461 | |||
Holiday Inn Express & Suites Kendall East | 6,611,293 | |||
Hyatt Place Tampa Airport Westshore | 11,738,418 | |||
Hyatt Place Miami Airport-West Doral | 12,682,889 | |||
Homewood Suites by Hilton Hartford Windsor Locks | 7,758,150 | |||
Hampton Inn Colorado Springs Central Air Force Academy | 2,068,103 | |||
Residence Inn by Marriott Los Angeles LAX El Segundo | 24,728,758 | |||
SpringHill Suites by Marriott San Diego Rancho Bernardo Scripps Poway | 14,167,057 | |||
Residence Inn by Marriott San Diego Rancho Bernardo Scripps Poway | 16,821,306 | |||
Homewood Suites by Hilton Phoenix-Biltmore | 11,603,494 | |||
Residence Inn by Marriott Mobile | 4,506,694 | |||
Courtyard by Marriott Mobile | 3,575,495 | |||
Hyatt Place Birmingham Hoover | 6,543,831 | |||
Hampton Inn Birmingham Mountain Brook | 5,869,209 | |||
Residence Inn by Marriott Tallahassee North I-10 Capital Circle | 6,948,604 | |||
Courtyard by Marriott Tallahassee North I-10 Capital Circle | 7,285,915 | |||
Residence Inn by Marriott Ft Myers | 5,801,747 | |||
Hampton Inn West Palm Beach Florida Turnpike | 11,873,343 |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT C
Original Mezzanine Loan Allocated Loan Amounts
Individual Property Name | Allocated Loan Amount | |||
Hampton Inn Morgantown | 1 ,160,037 | |||
Hampton Inn Beckley | 1,419,747 | |||
Hyatt Place Richmond Innsbrook | 683,903 | |||
Hampton Inn Norfolk-Naval Base | 328,966 | |||
Fairfield Inn & Suites by Marriott Dallas Medical Market Center | 827,382 | |||
Courtyard by Marriott Dallas Medical Market Center | 1,601,544 | |||
SpringHill Suites by Marriott Austin Round Rock | 744,502 | |||
Hilton Garden Inn Austin Round Rock | 1,082,124 | |||
SpringHill Suites by Marriott San Antonio Medical Center Northwest | 502,106 | |||
SpringHill Suites by Marriott Houston Hobby Airport | 1,004,212 | |||
Hampton Inn Dallas-Addison | 857,043 | |||
Homewood Suites by Hilton San Antonio-Northwest | 1,255,264 | |||
Hampton Inn & Suites Nashville Franklin Cool Springs | 1,791,998 | |||
Courtyard by Marriott Knoxville Cedar Bluff | 969,584 | |||
Residence Inn by Marriott Chattanooga Downtown | 952,270 | |||
Residence Inn by Marriott Knoxville Cedar Bluff | 891,671 | |||
Hyatt Place Nashville Franklin Cool Springs | 1,298,549 | |||
Hyatt Place Memphis Wolfchase Galleria | 891,671 | |||
Homewood Suites by Hilton Memphis-Germantown | 657,932 | |||
Hampton Inn Memphis-Poplar | 1,108,095 | |||
Hampton Inn Pickwick Dam at Shiloh Falls | 181,797 | |||
Hampton Inn Chattanooga Airport I-75 | 383,178 | |||
Hampton Inn Columbia I-26 Airport | 467,478 | |||
Hampton Inn Charleston-Airport Coliseum | 320,025 | |||
Holiday Inn Charleston Mount Pleasant | 917,642 | |||
Hampton Inn Scranton at Montage Mountain | 986,898 | |||
Hampton Inn State College | 1,004,212 | |||
Residence Inn by Marriott Portland Downtown Lloyd Center | 2,813,524 | |||
Hyatt Place Columbus Worthington | 744,502 | |||
Hyatt Place Cincinnati Blue Ash | 588,676 | |||
Hampton Inn Columbus Dublin | 978,241 | |||
Hampton Inn Cleveland-Westlake | 1,073,467 |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
Hampton Inn Albany-Wolf Road (Airport) | 1,437,061 | |||
Hyatt Place Las Vegas | 1,584,230 | |||
Hyatt Place Albuquerque Uptown | 1,298,549 | |||
Courtyard by Marriott Asheville | 1,108,095 | |||
Hampton Inn Fayetteville I-95 | 452,718 | |||
Hampton Inn Charlotte-Gastonia | 883,014 | |||
Hampton Inn St. Louis Westport | 666,589 | |||
Hampton Inn Kansas City-Airport | 813,758 | |||
Hyatt Place Minneapolis Airport-South | 1,056,153 | |||
SpringHill Suites by Marriott Grand Rapids North | 934,956 | |||
Hampton Inn Grand Rapids-North | 1,038,839 | |||
Hampton Inn Detroit Madison Heights South Troy | 1,056,153 | |||
Hampton Inn Detroit Northville | 779,130 | |||
Hyatt Place Baltimore BWI Airport | 865,700 | |||
Hampton Inn Baltimore Glen Burnie | 233,739 | |||
Homewood Suites by Hilton Boston-Peabody | 796,444 | |||
Hampton Inn Boston Peabody | 1,168,694 | |||
Hyatt Place Baton Rouge I-10 | 986,898 | |||
Residence Inn by Marriott Lexington South Hamburg Place | 1,056,153 | |||
SpringHill Suites by Marriott Lexington Near the University of Kentucky | 1,237,950 | |||
Courtyard by Marriott Louisville Downtown | 2,337,389 | |||
Courtyard by Marriott Lexington South Hamburg Place | 1,211,979 | |||
Courtyard by Marriott Bowling Green Convention Center | 995,555 | |||
Hyatt Place Kansas City Overland Park Metcalf | 701,217 | |||
Hampton Inn Kansas City Overland Park | 320,025 | |||
Hyatt Place Indianapolis Keystone | 995,555 | |||
Courtyard by Marriott Chicago Elmhurst Oakbrook Area | 934,956 | |||
Homewood Suites by Hilton Chicago Downtown | 5,746,968 | |||
Hampton Inn Chicago Gurnee | 995,555 | |||
Residence Inn by Marriott Boise Downtown | 753,159 | |||
Fairfield Inn & Suites by Marriott Atlanta Vinings | 796,444 | |||
Residence Inn by Marriott Macon | 476,135 | |||
Residence Inn by Marriott Savannah Midtown | 675,246 | |||
Courtyard by Marriott Athens Downtown | 770,473 | |||
Hampton Inn Columbus-Airport | 218,554 |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
Embassy Suites by Hilton Orlando - International Drive Jamaican Court | 1,800,655 | |||
Residence Inn by Marriott Tampa North I-75 Fletcher | 822,415 | |||
Courtyard by Marriott Orlando Altamonte Springs Maitland | 1,142,723 | |||
Courtyard by Marriott Sarasota Bradenton Airport | 761,816 | |||
Residence Inn by Marriott Sarasota Bradenton | 891,671 | |||
Courtyard by Marriott Jacksonville Airport Northeast | 444,913 | |||
Hampton Inn Palm Beach Gardens | 1,817,969 | |||
Hampton Inn Boca Raton-Deerfield Beach | 1,168,694 | |||
Hampton Inn & Suites Boynton Beach | 2,501,872 | |||
Hampton Inn Boca Raton | 1,246,607 | |||
Courtyard by Marriott Gainesville | 1,073,467 | |||
Residence Inn by Marriott Tampa Sabal Park Brandon | 1,038,839 | |||
Holiday Inn Express & Suites Kendall East | 848,386 | |||
Hyatt Place Tampa Airport Westshore | 1,506,317 | |||
Hyatt Place Miami Airport-West Doral | 1,627,515 | |||
Homewood Suites by Hilton Hartford Windsor Locks | 995,555 | |||
Hampton Inn Colorado Springs Central Air Force Academy | 265,387 | |||
Residence Inn by Marriott Los Angeles LAX El Segundo | 3,173,286 | |||
SpringHill Suites by Marriott San Diego Rancho Bernardo Scripps Poway | 1,817,969 | |||
Residence Inn by Marriott San Diego Rancho Bernardo Scripps Poway | 2,158,572 | |||
Homewood Suites by Hilton Phoenix-Biltmore | 1,489,003 | |||
Residence Inn by Marriott Mobile | 578,316 | |||
Courtyard by Marriott Mobile | 458,821 | |||
Hyatt Place Birmingham Hoover | 839,729 | |||
Hampton Inn Birmingham Mountain Brook | 753,159 | |||
Residence Inn by Marriott Tallahassee North I-10 Capital Circle | 891,671 | |||
Courtyard by Marriott Tallahassee North I-10 Capital Circle | 934,956 | |||
Residence Inn by Marriott Ft Myers | 744,502 | |||
Hampton Inn West Palm Beach Florida Turnpike | 1,523,621 |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT D
Required Repairs
NONE.
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT E
Organizational Chart of New Borrower
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT F
Intellectual Property/Websites
Borrower | Asset Name | Domain Name | Hosting Expiration Date | Domain Expiration Date | Account Holder | |||||
ARC Hospitality Portfolio I Owner, LLC | Homewood Suites Chicago | www.homewoodsuiteschicago.com | 4/10/2016 | 4/10/2016 | First Hospitality | |||||
ARC Hospitality Portfolio I Owner, LLC | Embassy Suites Orlando | www.orlandoembassysuites.com | 9/30/2016 | Hilton | ||||||
ARC Hospitality Portfolio I Owner, LLC | Hampton Inn Charleston | www.hamptoninncharlestonairport.com | 4/19/2015 | Hilton | ||||||
ARC Hospitality Portfolio I NTC Owner, LP | Residence Inn San Diego | www.residenceinnhotelsandiego.com | Month-to-Month | 2/10/2015 | Huntington | |||||
ARC Hospitality Portfolio I NTC Owner, LP | SpringHill Suites San Diego | www.springhillsandiegohotel.com | Month-to-Month | 2/10/2015 | Huntington | |||||
ARC Hospitality Portfolio I NTC Owner, LP | Fairfield Inn & Suites Dallas | www.fairfieldinndallashotel.com | Month-to-Month | 1/4/2015 | Huntington | |||||
ARC Hospitality Portfolio I DLGL Owner, LP | Courtyard Dallas | www.courtyarddallashotel.com | Month-to-Month | 1/4/2015 | Huntington | |||||
ARC Hospitality Portfolio I Owner, LLC | Holiday Inn Charleston Mt. Pleasant | www.himtpleasant.com | 12/31/2015 | 4/30/2017 | Pillar |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT G
Rent Roll
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT H
Franchise Agreements
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT I
Property Accounts and Property Account Banks
Property Name | Bank | Name on Account | Account Number | Management Company | ||||
Hyatt Place Indianapolis/Keystone | PNC Bank, N.A. | ARC Hospitality Portfolio I TRS, LLC dba Hyatt Place Indianapolis/Keystone FBO Berkadia | 4123876799 | Crestline Hotels and Resorts, LLC | ||||
Courtyard Lexington South/Hamburg Place | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I MISC TRS, LLC dba Courtyard Lexington South/ Hamburg Place FBO Berkadia | 687005863 | Musselman Hotels Management, L.L.C. | ||||
Courtyard Louisville Downtown | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I MISC TRS, LLC dba Courtyard Louisville Downtown FBO Berkadia | 687008180 | Musselman Hotels Management, L.L.C. | ||||
Residence Inn Lexington South/Hamburg Place | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I MISC TRS, LLC dba Residence Inn Lexington South/ Hamburg Place FBO Berkadia | 687006788 | Musselman Hotels Management, L.L.C. | ||||
SpringHill Suites Lexington Near the University of Kentucky | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I MISC TRS, LLC dba Springhill Suites Lexington Near the University of Kentucky FBO Berkadia | 687007505 | Musselman Hotels Management, L.L.C. | ||||
Homewood Suites by Hilton Hartford/Windsor Locks | Bank of America, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Homewood Suites Hartford | 1291859235 | Homewood Suites Management LLC | ||||
Hampton Inn Detroit/Madison Heights/South Troy | Bank of America, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Detroit/Madison Heights | 1291063571 | Hampton Inns Management LLC |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
Hampton Inn Detroit/Northville | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Detroit/Northville | 689055015 | Hampton Inns Management LLC | ||||
Hampton Inn St. Louis/Westport | Bank of America, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn St. Louis/Westport | 1291063576 | Hampton Inns Management LLC | ||||
Hampton Inn Albany-Wolf Road (Airport) | Bank of America, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Albany | 1291063590 | Hampton Inns Management LLC | ||||
Hampton Inn Cleveland/Westlake | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Cleveland/Westlake | 689053986 | Hampton Inns Management LLC | ||||
Hampton Inn Columbus/Dublin | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Columbus/Dublin | 689053978 | Hampton Inns Management LLC | ||||
Hampton Inn State College | PNC Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn State College | 5303575111 | Hampton Inns Management LLC | ||||
Hampton Inn Chattanooga-Airport/I-75 | Bank of America, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Chattanooga | 1291859230 | Hampton Inns Management LLC | ||||
Hampton Inn Pickwick Dam - at Shiloh Falls | Hardin County Bank | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Pickwick | 50009540 | Hampton Inns Management LLC | ||||
Hampton Inn Beckley | JPMorgan Chase Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Beckley | 689055007 | Hampton Inns Management LLC | ||||
Hampton Inn Morgantown | PNC Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco, LLC (HIL) Hampton Inn Morgantown | 5303575103 | Hampton Inns Management LLC | ||||
Courtyard Knoxville Cedar Bluff | SunTrust Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco LLC dba Courtyard | 1000176350899 | Mckibbon Hotel Management, Inc |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
Knoxville | ||||||||
Residence Inn Knoxville Cedar Bluff | SunTrust Bank, N.A. | ARC Hospitality Portfolio I TRS Holdco LLC dba Residence Inn Knoxville | 1000176350881 | Mckibbon Hotel Management, Inc | ||||
Courtyard Bowling Green Convention Center | Branch Banking and Trust Company | ARC Hospitality Portfolio I TRS, LLC dba Courtyard Bowling Green Convention Center FBO Berkadia | 4123876815 | Crestline Hotels and Resorts, LLC | ||||
Hyatt Place Indianapolis/Keystone | PNC Bank, N.A. | ARC Hospitality Portfolio I TRS, LLC dba Hyatt Place Indianapolis/Keystone FBO Berkadia | 4123876799 | Crestline Hotels and Resorts, LLC |
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT J
Closing Date Managers
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT K
Expiring Franchise Properties
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT L
Scheduled PIP
NONE.
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643
EXHIBIT M
PIP Work Other Than Scheduled PIP
(see attached)
Assumption Agreement
Berkadia Loan No. 01-0085683 & 01-0086643