Preview | Deed of Trust, Security Agreement and Fixture Filing |

THIS DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING (this Security Instrument is made as of the _____ day of November, 2006, by (COMPANY SUBSIDIARY), a _________ limited partnership, (Borrower), having its principal place of business at c/o Equity Inns, 7700 Wolf River Blvd., Germantown, Tennessee 38138 to CHICAGO TITLE INSURANCE COMPANY (Trustee), having its principal place of business at 701 5th Avenue, Suite 3400, Seattle, Washington 98104, for the benefit of JPMORGAN CHASE BANK, N.A., a banking association chartered under the laws of the United States of America, having its principal place of business at 270 Park Avenue, New York, New York 10017, as beneficiary (Lender).

ARTICLE 1 -	GRANTS OF SECURITY	1
Section 1.1	PROPERTY CONVEYED	1
Section 1.2	ASSIGNMENT OF RENTS	5
Section 1.3	DEFINITION OF PERSONAL PROPERTY	6
Section 1.4	PLEDGE OF MONIES HELD	6

CONDITIONS TO GRANT		6

ARTICLE 2 -	DEBT AND OBLIGATIONS SECURED	6
Section 2.1	DEBT	6
Section 2.2	OTHER OBLIGATIONS	7
Section 2.3	DEBT AND OTHER OBLIGATIONS	7
Section 2.4	PAYMENTS	7

ARTICLE 3 -	BORROWER COVENANTS	7
Section 3.1	INCORPORATION BY REFERENCE	7
Section 3.2	INSURANCE	8
Section 3.3	PAYMENTS OF TAXES, ETC.	15
Section 3.4	CONDEMNATION	16
Section 3.5	USE AND MAINTENANCE OR PROPERTY	17
Section 3.6	WASTE	17
Section 3.7	COMPLIANCE WITH LAWS; ALTERATIONS	17
Section 3.8	BOOKS AND RECORDS	18
Section 3.9	PAYMENT FOR LABOR AND MATERIALS	20
Section 3.10	PERFORMANCE OF OTHER AGREEMENTS	20
Section 3.11	CERTAIN HOTEL COVENANTS	20

ARTICLE 4 -	SPECIAL COVENANTS	22
Section 4.1	PROPERTY USE	22
Section 4.2	ERISA	22
Section 4.3	SINGLE PURPOSE ENTITY	23
Section 4.4	EMBARGOED PERSON	29
Section 4.5	OFAC	29
Section 4.6	BANK ACCOUNTS	30

ARTICLE 5 -	REPRESENTATIONS AND WARRANTIES	31
Section 5.1	BORROWERS REPRESENTATIONS	31
Section 5.2	WARRANTY OF TITLE	31
Section 5.3	STATUS OF PROPERTY	31
Section 5.4	NO FOREIGN PERSON	32
Section 5.5	SEPARATE TAX LOT	32

Section 5.6	FRANCHISE AGREEMENT	33
Section 5.7	MANAGEMENT AGREEMENT	33
Section 5.8	VALIDITY OF AGREEMENTS	34

ARTICLE 6 -	OBLIGATIONS AND RELIANCES	34
Section 6.1	RELATIONSHIP OF BORROWER AND LENDER	34
Section 6.2	NO RELIANCE ON LENDER	34
Section 6.3	NO LENDER OBLIGATIONS	34
Section 6.4	RELIANCE	35

ARTICLE 7 -	FURTHER ASSURANCES	35
Section 7.1	RECORDING FEES	35
Section 7.2	FURTHER ACTS	35
Section 7.3	CHANGES IN TAX, DEBT CREDIT AND DOCUMENTARY STAMP LAWS	36
Section 7.4	CONFIRMATION STATEMENT	36
Section 7.5	SPLITTING OF SECURITY INSTRUMENT	37
Section 7.6	REPLACEMENT DOCUMENTS	37

ARTICLE 8 -	DUE ON SALE/ENCUMBRANCE	37
Section 8.1	TRANSFER DEFINITIONS	37
Section 8.2	LENDER RELIANCE	38
Section 8.3	NO SALE/ENCUMBRANCE	38
Section 8.4	EXCLUDED AND PERMITTED TRANSFERS	39
Section 8.5	NO IMPLIED FUTURE CONSENT	41
Section 8.6	COSTS OF CONSENT	41
Section 8.7	CONTINUING SEPARATENESS REQUIREMENTS	42

ARTICLE 9 -	DEFAULT	42
Section 9.1	EVENTS OF DEFAULT	42
Section 9.2	DEFAULT INTEREST	45

ARTICLE 10 -	RIGHTS AND REMEDIES	45
Section 10.1	REMEDIES	45
Section 10.2	RIGHT OF ENTRY	51

ARTICLE 11 -	INDEMNIFICATION; SUBROGATION	52
Section 11.1	GENERAL INDEMNIFICATION	52
Section 11.2	ENFIRONMENTAL INDEMNIFICATION	53
Section 11.3	DUTY TO DEFEND AND ATTORNEYS AND OTHER FEES AND EXPENSES	55
Section 11.4	SURVIVAL OF INDEMNITIES	55

ARTICLE 12 -	SECURITY AGREEMENT	55
Section 12.1	SECURITY AGREEMENT	55
Section 12.2	FIXTURE FILING INFORMATION	57

ARTICLE 13 -	WAIVERS	57
Section 13.1	MARSHALLING AND OTHER MATTERS	57
Section 13.2	WAIVER OF NOTICE	57
Section 13.3	SOLE DISCRETION OF LENDER	58
Section 13.4	SURVIVAL	58
Section 13.5	WAIVER OF TRAIL BY JURY	58
Section 13.6	WAIVER OF AUTOMATIC OR SUPPLEMENTAL STAY	59

ARTICLE 14 -	NOTICES	59
Section 14.1	NOTICES	59

ARTICLE 15 -	APPLICABLE LAW	60
Section 15.1	GOVERNING LAW; JURISDICTION	60
Section 15.2

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