CONTRIBUTION AND PURCHASE AGREEMENTContribution and Purchase Agreement • November 3rd, 2021 • Summit Hotel Properties, Inc. • Real estate investment trusts • Texas
THIS CONTRIBUTION AND PURCHASE AGREEMENT, executed this 2nd day of November, 2021 (the “Effective Date”), by and among SUMMIT HOTEL OP, LP, a Delaware limited partnership (“Summit OP”) and SUMMIT HOSPITALITY JV, LP, a Delaware limited partnership (the “Venture;” together with Summit OP, individually and collectively, as the context may require, and jointly and severally, “Summit”), on the one hand, and NEWCRESTIMAGE HOLDINGS, LLC, a Delaware limited liability company and NEWCRESTIMAGE HOLDINGS II, LLC, a Delaware limited liability company (individually and collectively, as the context may require, and jointly and severally, together, “Newcrest”); and joined by Escrow Agent (solely for the purposes set forth herein). Summit, parking Newcrest and each Investor (as defined herein) are sometimes collectively referred to herein as the “Parties” and individually as a “Party.”
