SECOND AMENDMENT TO THE FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SUMMIT HOTEL OP, LP April 11, 2012Summit Hotel Properties, Inc. • April 16th, 2012 • Real estate investment trusts
Pursuant Article XI of the First Amended and Restated Agreement of Limited Partnership of Summit Hotel OP, LP (the “Initial Partnership Agreement”), as amended by the First Amendment to the Initial Partnership Agreement, dated as of October 26, 2011 (the “First Amendment” and, together with the Initial Partnership Agreement, the “Partnership Agreement”), the General Partner1 hereby amends the Partnership Agreement, effective as of October 26, 2011, as follows to (i) correct a drafting error in the First Amendment that could have resulted in Series A Preferred Units receiving allocations of Profits and Loss in excess of the Series A Preferred Return, (ii) provide the General Partner the discretion not to revalue the property of the Partnership in connection with certain issuances of additional Partnership Units, and (iii) memorialize the Partnership’s allocation of Profits and Loss among the Partners as though the taxable year had ended on February 14, 2011, the date on which the Partne
