0001193125-13-453133 Sample Contracts

ADVISORY AGREEMENT
Advisory Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts • Texas

THIS ADVISORY AGREEMENT (this “Agreement”), is dated and effective as of November 19, 2013 (the “Effective Date”), by and between ASHFORD HOSPITALITY PRIME, INC., a Maryland corporation (“Ashford Prime”), ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP, a Delaware limited partnership (the “Operating Partnership”), and ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company (the “Advisor”).

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RIGHT OF FIRST OFFER AGREEMENT
Right of First Offer Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts • Texas

THIS RIGHT OF FIRST OFFER AGREEMENT (this “Agreement”), is dated and effective as of November 19, 2013 (the “Effective Date”), by and between ASHFORD HOSPITALITY TRUST, INC., a Maryland corporation (“Ashford Trust”), and ASHFORD HOSPITALITY PRIME, INC., a Maryland corporation (“Ashford Prime”) (Ashford Trust and Ashford Prime are referred to herein as a “Party”).

REGISTRATION RIGHTS AGREEMENT
Registration Rights Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts • Texas

THIS REGISTRATION RIGHTS AGREEMENT, dated as of November 19, 2013, is entered into by and between Ashford Hospitality Prime, Inc., a Maryland corporation (“Ashford Prime”), Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Ashford Trust OP”), which holds common partnership units in Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership (Ashford Prime OP”) and Ashford Hospitality Advisors LLC, a Delaware limited liability company (“Ashford Advisor”).

OPTION AGREEMENT PIER HOUSE RESORT & SPA
Option Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts • Delaware

THIS OPTION AGREEMENT (this “Option Agreement”) is executed as of this 19th day of November, 2013 (the “Effective Date”) by ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP (“Ashford Prime OP”) and ASHFORD HOSPITALITY LIMITED PARTNERSHIP. (“Ashford Trust OP”), with respect to the Property Entities (defined below), and ASHFORD TRS CORPORATION (“Ashford Trust TRS” and together with Ashford Trust OP, the “Grantors”) and ASHFORD PRIME TRS CORPORATION (“Ashford Prime TRS” and together with Ashford Prime OP, the “Optionees”), with respect to the TRS Entities (defined below).

OPTION AGREEMENT CRYSTAL GATEWAY MARRIOTT
Option Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts • Texas

THIS OPTION AGREEMENT (this “Option Agreement”) is executed as of this 19th day of November, 2013 (the “Effective Date”) by ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP (“Ashford Prime OP”) and ASHFORD HOSPITALITY LIMITED PARTNERSHIP (“Ashford Trust OP”), with respect to the Property Entities (defined below); and ASHFORD TRS CORPORATION (“Ashford Trust TRS” and together with Ashford Trust OP, the “Grantors”) and ASHFORD PRIME TRS CORPORATION (“Ashford Prime TRS” and together with Ashford Prime OP, the “Optionees”), with respect to the TRS Entity (defined below).

FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF ASHFORD HOSPITALITY LIMITED PARTNERSHIP DATED: November 19, 2013
Ashford Hospitality Trust Inc • November 25th, 2013 • Real estate investment trusts • Delaware

This Fifth Amended and Restated Agreement of Limited Partnership is entered into effective November 19, 2013 (the “Effective Date”).

FIRST AMENDMENT TO MUTUAL EXCLUSIVITY AGREEMENT
Mutual Exclusivity Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts • Texas

THIS FIRST AMENDMENT TO MUTUAL EXCLUSIVITY AGREEMENT (this “Amendment”) is made this 19th day of November, 2013, by and among Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”), Ashford Hospitality Trust, Inc., a Maryland corporation (the “REIT”), and Remington Lodging & Hospitality, LLC, a Delaware limited liability company (successor-in-interest to Remington Hotel Corporation and Remington Lodging & Hospitality, L.P. under the Agreement) (“Manager”), and is consented and agreed to by Monty J. Bennett, on behalf of the Remington Affiliates.

FIRST AMENDMENT TO HOTEL MASTER MANAGEMENT AGREEMENT
Hotel Master Management Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts

This FIRST AMENDMENT TO HOTEL MASTER MANAGEMENT AGREEMENT (this “First Amendment”) is dated as of the 19 day of November, 2013, by and between ASHFORD TRS CORPORATION, a Delaware corporation (“Lessee”), and REMINGTON LODGING & HOSPITALITY, LLC, a Delaware limited liability company (successor-in-interest to Remington Management, LP) (“Manager”).

FIRST AMENDMENT TO HOTEL MASTER MANAGEMENT AGREEMENT
Hotel Master Management Agreement • November 25th, 2013 • Ashford Hospitality Trust Inc • Real estate investment trusts

This FIRST AMENDMENT TO HOTEL MASTER MANAGEMENT AGREEMENT (this “First Amendment”) is dated as of the 19 day of November, 2013, by and between ASHFORD TRS CORPORATION, a Delaware corporation (“Lessee”), and REMINGTON LODGING & HOSPITALITY, LLC, a Delaware limited liability company (successor-in-interest to Remington Management, LP) (“Manager”).

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