<SEC-DOCUMENT>0001104659-21-072020.txt : 20210526
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<ACCEPTANCE-DATETIME>20210526060113
ACCESSION NUMBER:		0001104659-21-072020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20210525
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210526
DATE AS OF CHANGE:		20210526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		21962656

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.85pt; text-align: center"><span style="font-size: 10pt"><b>UNITED
STATES<br />
SECURITIES AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 16pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;Pursuant to Section&#160;13 or 15(d)<br />
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt"><b>Date of Report : <span id="xdx_903_edei--DocumentPeriodEndDate_c20210525__20210525_zzHbNZ1LwDj6"><ix:nonNumeric contextRef="From2021-05-25to2021-05-25" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">May 25, 2021</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Former Name or Former Address, If Changed Since
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<span style="text-decoration: underline">see</span>
General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered pursuant to Section&#160;12(b)
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;&#160;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;&#160;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: justify">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1.01.&#160;&#160;&#160;Entry into a Material Definitive Agreement.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 25, 2021, Braemar Hotels &amp; Resorts
Inc., (the &#8220;Company&#8221;), Braemar Hospitality Limited Partnership and Ashford Hospitality Advisors LLC entered into an equity
distribution agreement (the &#8220;Equity Distribution Agreement&#8221;) with Virtu Americas LLC (the &#8220;Sales Agent&#8221;), relating
to the offer and sale of shares of the Company&#8217;s common stock having an aggregate offering price of up to $50,000,000 (the &#8220;Shares&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sales of the Shares, if any, may be made in negotiated
transactions, which may include block trades, or transactions that are deemed to be &#8220;at-the-market&#8221; offerings as defined in
Rule 415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including sales made directly on the New York
Stock Exchange or sales made to or through a market maker other than on an exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Sales Agent will receive from us a commission
of approximately 1.0% of the gross sales price of all shares sold through it as sales agent under the Equity Distribution Agreement. The
Company may also sell some or all of the Shares to the Sales Agent as principal for its own account at a price agreed upon at the time
of sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Shares will be issued pursuant to the Company&#8217;s
shelf registration statement on Form S-3 (Registration No. 333-254588), declared effective by the Securities and Exchange Commission (the
&#8220;SEC&#8221;) on April 14, 2021, and a prospectus supplement dated May 26, 2021, filed with the SEC pursuant to Rule 424(b) under
the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The description of the Equity Distribution Agreement
contained in this Item 1.01 does not purport to be complete and is qualified in its entirety by reference to the full text of the form
of equity distribution agreement, which is filed as Exhibit 1.1 hereto and is incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01.&#160;&#160;&#160;Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td><a href="tm2117529d1_ex1-1.htm" style="-sec-extract: exhibit">1.1</a></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td><a href="tm2117529d1_ex5-1.htm">Consent of Hogan Lovells US LLP (included in its opinion filed as Exhibit 5.1).</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td colspan="2" style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>BRAEMAR HOTELS &amp; RESORTS INC.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 50%"><span style="font: 10pt Times New Roman, Times, Serif">May 26, 2021</span></td>
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 47%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Deric S. Eubanks</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>



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<TYPE>EX-1.1
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<FILENAME>tm2117529d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 89.4pt 0pt 46.5pt; text-align: center">BRAEMAR HOTELS &amp; RESORTS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.4pt 0pt 46.5pt; text-align: center">Up to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.15pt 0pt 46.5pt; text-align: center">$50,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.2pt 0pt 46.5pt; text-align: center">of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.35pt 0pt 46.5pt; text-align: center">EQUITY DISTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.15pt 0pt 46.5pt; text-align: center">Dated: May 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="text-transform: capitalize; font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.5pt 0pt 0; text-align: right"><B><U></U></B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="text-transform: capitalize; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: capitalize">
    <TD STYLE="text-transform: capitalize">&nbsp;</TD>
    <TD STYLE="text-transform: capitalize; text-align: left">&nbsp;</TD>
    <TD STYLE="text-transform: capitalize; font-variant: small-caps; text-align: center"><B><U>Page</U></B></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-variant: small-caps; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 12%">SECTION 1.</TD>
    <TD STYLE="width: 78%; text-align: left">Description of Securities</TD>
    <TD STYLE="width: 10%; text-align: center">1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 2.</TD>
    <TD STYLE="text-align: left">Placements</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 3.</TD>
    <TD STYLE="text-align: left">Sale of Placement Securities by the Agent</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 4.</TD>
    <TD STYLE="text-align: left">Suspension of Sales</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 5.</TD>
    <TD STYLE="text-align: left">Representations and Warranties</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 6.</TD>
    <TD STYLE="text-align: left">Sale and Delivery to the Agent; Settlement</TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 7.</TD>
    <TD STYLE="text-align: left">Covenants of the Company, the Operating Partnership and the Advisor</TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 8.</TD>
    <TD STYLE="text-align: left">Payment of Expenses</TD>
    <TD STYLE="text-align: center">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 9.</TD>
    <TD STYLE="text-align: left">Conditions of the Agent&#8217;s Obligations</TD>
    <TD STYLE="text-align: center">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 10.</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Indemnification&nbsp; and Contribution by the Company,the Operating <BR>
Partnership, the Advisor and
the Agent</TD>
    <TD STYLE="text-align: center">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 11.</TD>
    <TD STYLE="text-align: left">Representations, Warranties and Agreements to Survive Delivery</TD>
    <TD STYLE="text-align: center">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 12.</TD>
    <TD STYLE="text-align: left">Termination of Agreement</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 13.</TD>
    <TD STYLE="text-align: left">Notices</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 14.</TD>
    <TD STYLE="text-align: left">Parties</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 15.</TD>
    <TD STYLE="text-align: left">Adjustments for Stock Splits</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 16.</TD>
    <TD STYLE="text-align: left">Governing Law and Time</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 17.</TD>
    <TD STYLE="text-align: left">Effect of Headings</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 18.</TD>
    <TD STYLE="text-align: left">Permitted Free Writing Prospectuses</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 19.</TD>
    <TD STYLE="text-align: left">Counterparts</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD>SECTION 20.</TD>
    <TD STYLE="text-align: left">Absence of Fiduciary Relationship</TD>
    <TD STYLE="text-align: center">35</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT A</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FORM OF PLACEMENT NOTICE</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT B</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">AUTHORIZED INDIVIDUALS FOR PLACEMENT
    NOTICES AND ACCEPTANCES</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT C</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">COMPENSATION</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT D</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  FORM OF CORPORATE OPINION AND NEGATIVE
    ASSURANCE LETTER OF CADWALADER, WICKERSHAM &amp; TAFT LLP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT E</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  FORM OF TAX OPINION OF LOCKE LORD LLP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  FORM OF OPINION OF HOGAN LOVELLS US
    LLP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT G</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  OFFICERS&#8217; CERTIFICATE OF COMPANY</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT H</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  OFFICERS&#8217; CERTIFICATE OF ADVISOR</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT I</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  ISSUER FREE WRITING PROSPECTUSES</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">EXHIBIT J</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">  SIGNIFICANT SUBSIDIARIES</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -81pt"><B><BR STYLE="clear: both">
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Braemar Hotels &amp; Resorts Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.2pt 0pt 135pt; text-align: center; text-indent: -46.5pt"><B>Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: center; text-indent: -2.75in"><B>EQUITY DISTRIBUTION
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.65pt 0pt 0; text-align: right">May 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 389pt 0pt 11pt">[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 389pt 0pt 11pt">[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 389pt 0pt 11pt">[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">Each of Braemar
Hotels &amp; Resorts Inc., a Maryland corporation (the &#8220;<U>Company</U>&#8221;), and Braemar Hospitality Limited Partnership, a Delaware
limited partnership (the &#8220;<U>Operating Partnership</U>&#8221;), and Ashford Hospitality Advisors LLC, a Delaware limited liability
company (the &#8220;<U>Advisor</U>&#8221;) confirms its agreement (this &#8220;<U>Agreement</U>&#8221;) with [ ] (the &#8220;<U>Agent</U>&#8221;),
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 1.
<U>Description of Securities</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject
to the conditions set forth herein, it may issue and sell through the Agent, acting as agent and/or principal, shares (the &#8220;<U>Securities</U>&#8221;)
of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;<U>Common Stock</U>&#8221;), having an aggregate offering price
of up to $50,000,000 (the &#8220;<U>Maximum Amount</U>&#8221;). The issuance and sale of the Securities through the Agent will be effected
pursuant to the Registration Statement (as defined below) that was filed by the Company and declared effective by the Securities and Exchange
Commission (the &#8220;<U>Commission</U>&#8221;), although nothing in this Agreement shall be construed as requiring the Company to use
the Registration Statement to offer, sell or issue the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">The
Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations
thereunder (collectively, the &#8220;<U>Securities Act</U>&#8221;), with the Commission a shelf registration statement on Form S-3
(File No. 333-254588), including a base prospectus, relating to certain securities, including the Securities to be issued from time
to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the
provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the
 &#8220;<U>Exchange Act</U>&#8221;). The Company has prepared a prospectus supplement to the base prospectus included as part of such
registration statement specifically relating to the Securities (the &#8220;<U>Prospectus Supplement</U>&#8221;). The Company will
furnish to the Agent, for use by the Agent, copies of the prospectus included as part of such registration statement, as
supplemented by the Prospectus Supplement, relating to the Securities. Except where the context otherwise requires, such
registration statement, as amended when it became effective, including all documents filed as part thereof or incorporated by
reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission
pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B of the
Securities Act, is herein called the &#8220;<U>Registration Statement</U>.&#8221; The base prospectus, including all documents
incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement,
in the form in which such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with the
Commission pursuant to Rule 424(b) under the Securities Act is herein called the &#8220;<U>Prospectus</U>.&#8221; Any reference
herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include
the documents incorporated by reference therein, and any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221;
or &#8220;supplement&#8221; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the
filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. Any reference
herein to financial statements and schedules and other information that is &#8220;contained,&#8221; &#8220;included&#8221; or
 &#8220;stated&#8221; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to
mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be. Any reference herein to the Registration Statement, the Prospectus or
any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to the
Commission&#8217;s Electronic Data Gathering, Analysis and Retrieval system (&#8220;<U>EDGAR</U>&#8221;); all references in this
Agreement to any Issuer Free Writing Prospectus (as defined below) (other than any Issuer Free Writing Prospectuses that, pursuant
to Rule 433 under the Securities Act, are not required to be filed with the Commission) shall be deemed to include the copy thereof
filed with the Commission pursuant to EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 11pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">The Company,
the Operating Partnership and the Advisor may also in the future enter into additional equity distribution agreements (if any, the &#8220;<U>Alternative
Distribution Agreements</U>&#8221;) with one or more additional agents and/or principals (if any, the &#8220;<U>Alternative Agents</U>&#8221;).
The aggregate offering price of the Securities that may be sold pursuant to this Agreement and the Alternative Distribution Agreements
shall not exceed the Maximum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION
2. <U>Placements</U>. Each time that the Company wishes to issue and sell the Securities hereunder (each, a
 &#8220;<U>Placement</U>&#8221;), it will notify the Agent by email notice (or other method mutually agreed to in writing by the
parties) containing the parameters in accordance with which it desires the Securities to be sold, which shall at a minimum include
the number of Securities to be issued (the &#8220;<U>Placement Securities</U>&#8221;), the time period during which sales are
requested to be made, any limitation on the number of Securities that may be sold in any one day and any minimum price below which
sales may not be made or a formula pursuant to which such minimum price shall be determined (a &#8220;<U>Placement
Notice</U>&#8221;), a form of which containing such minimum sales parameters necessary is attached hereto as <U>Exhibit A</U>. The
Placement Notice shall originate from any of the individuals from the Company set forth on <U>Exhibit B</U> (with a copy to each of
the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Agent
set forth on <U>Exhibit B</U>, as such <U>Exhibit B</U> may be amended from time to time. If the Agent wishes to accept such
proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole discretion) or, following
discussion with the Company, wishes to accept amended terms, the Agent will, prior to 4:30 p.m. (Eastern time) on the Business Day
(as defined below) following the Business Day on which such Placement Notice is delivered to the Agent, issue to the Company a
notice by email (or other method mutually agreed to in writing by the parties) addressed to all of the individuals from the Company
and the Agent set forth on <U>Exhibit B</U> setting forth the terms that the Agent is willing to accept. Where the terms provided in
the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on the
Company or the Agent until the Company delivers to the Agent an acceptance by email (or other method mutually agreed to in writing
by the parties) of all of the terms of such Placement Notice, as amended (the &#8220;<U>Acceptance</U>&#8221;), which email shall be
addressed to all of the individuals from the Company and the Agent set forth on <U>Exhibit B</U>. The Placement Notice (as amended
by the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of the Agent&#8217;s acceptance of
the terms of the Placement Notice or upon receipt by the Agent of the Company&#8217;s Acceptance, as the case may be, unless and
until (i) the entire amount of the Placement Securities has been sold, (ii) in accordance with the Placement Notice requirements set
forth in the second sentence of this paragraph, the Company terminates the Placement Notice, (iii) the Company issues a subsequent
Placement Notice with parameters superseding those on the earlier dated Placement Notice, (iv) this Agreement has been terminated
under the provisions of Section 9 or Section 12 or (v) either party shall have suspended the sale of the Placement Securities in
accordance with Section 4 below. The amount of any discount, commission or other compensation to be paid by the Company to the
Agent, when the Agent is acting as agent, in connection with the sale of the Placement Securities shall be determined in accordance
with the terms set forth in <U>Exhibit C</U>. The amount of any commission, discount or other compensation to be paid by the Company
to the Agent, when the Agent is acting as principal, in connection with the sale of the Placement Securities shall be as separately
agreed among the parties hereto at the time of any such sales. It is expressly acknowledged and agreed that neither the Company nor
the Agent will have any obligation whatsoever with respect to a Placement or any Placement Securities unless and until the Company
delivers a Placement Notice to the Agent and either (i) the Agent accepts the terms of such Placement Notice or (ii) where the terms
of such Placement Notice are amended, the Company accepts such amended terms by means of an Acceptance pursuant to the terms set
forth above, and then only upon the terms specified in the Placement Notice (as amended by the corresponding Acceptance, if
applicable) and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice (as
amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as amended by the corresponding
Acceptance, if applicable) will control. The term &#8220;<U>Business Day</U>&#8221; means each Monday, Tuesday, Wednesday, Thursday
or Friday that is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive
order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">SECTION 3.
<U>Sale of Placement Securities by the Agent</U>. Subject to the provisions of Section 6(a), the Agent, for the period specified in the
Placement Notice (as amended by the corresponding Acceptance, if applicable), will use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell the Placement Securities, at prevailing market prices, up to the amount specified,
and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). The Agent
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Securities hereunder setting forth the number of Placement Securities sold on
such day, the compensation payable by the Company to the Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds
(as defined in Section 6(b)) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in Section
6(b)) from the Gross Proceeds (as defined in Section 6(b)) that the Agent receives from such sales. Subject to the terms of the Placement
Notice (as amended by the corresponding Acceptance, if applicable), the Agent may sell Placement Securities by any method permitted by
law deemed to be an &#8220;at the market&#8221; offering as defined in Rule 415 under the Securities Act, including, without limitation,
sales made directly on the New York Stock Exchange (the &#8220;<U>NYSE</U>&#8221;), on any other existing trading market for the Common
Stock or to or through a market maker. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable),
the Agent may also sell Placement Securities by any other method permitted by law, including but not limited to in privately negotiated
transactions. For the purposes hereof, &#8220;<U>Trading Day</U>&#8221; means any day on which shares of Common Stock are purchased and
sold on the principal market on which the Common Stock is listed or quoted and during which there has been no market disruption of, unscheduled
closing of or suspension of trading on such principal market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">SECTION 4.
<U>Suspension of Sales</U>. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence
to each of the individuals of the other party set forth on <U>Exhibit B</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Exhibit B</U>), suspend any
sale of Placement Securities; provided, however, that such suspension shall not affect or impair either party&#8217;s obligations with
respect to any Placement Securities sold hereunder prior to the receipt of such notice or any Placement Securities sold under any of the
Alternative Distribution Agreements. Each of the parties agrees that no such notice under this Section 4 shall be effective against the
other unless it is made to one of the individuals named on <U>Exhibit B</U> hereto, as such Exhibit may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">SECTION 5. <U>Representations and Warranties</U>. By the
Company and the Operating Partnership. Each of the Company and the Operating Partnership, jointly and severally, represents and
warrants to the Agent as of the date hereof and as of each Representation Date (as defined in Section 7(o)) on which a certificate
is required to be delivered pursuant to Section 7(o) of this Agreement, as of the time of each sale of any Securities pursuant to
this Agreement (the &#8220;<U>Applicable Time</U>&#8221;) and as of each Settlement Date (as defined in Section 6(b)), and agrees
with the Agent, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration
Statement and the Prospectus (except for subsequent issuances, if any, pursuant to this Agreement or the Alternative Distribution Agreements,
pursuant to reservations, agreements or employee benefit plans referred to in the Registration Statement and the Prospectus, or pursuant
to the exercise, redemption, or exchange of convertible or exchangeable securities, options or warrants referred to in the Registration
Statement and the Prospectus, including units of common limited partner interest in the Operating Partnership (the &#8220;<U>Common Units</U>&#8221;),
or unregistered issuances not required to be disclosed pursuant to the Exchange Act, the Securities Act or any regulation promulgated
thereunder); the outstanding shares of capital stock or partner or member interests, of the Company and each subsidiary of the Company,
including the Operating Partnership and its subsidiaries (each, a &#8220;<B><U>S</U></B><U>ubsidiary</U>&#8221; and collectively, the
 &#8220;<U>Subsidiaries</U>&#8221;), as applicable, have been duly and validly authorized and issued and are fully paid and, with respect
to shares of capital stock, member interests and limited partner interests, non-assessable (except to the extent such non-assessability
may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act or Sections 18-607 and 18-804
of the Delaware Limited Liability Company Act), and, except as disclosed in Exhibit A to the Third Amended and Restated Agreement of Limited
Partnership of the Operating Partnership dated March&nbsp;7, 2017, as amended by Amendment No. 1, dated April 23, 2018, by Amendment No.
2, dated November 20, 2018 and Amendment No. 3, dated December 4, 2019, Amendment No. 4, dated January 24, 2020 and Amendment No. 5, dated
April 2, 2021 (the &#8220;<U>Partnership Agreement</U>&#8221;), all of the outstanding shares of capital stock or partner or member interests
of the Subsidiaries are directly or indirectly owned of record and beneficially by the Company, free and clear of any pledge, lien, encumbrance,
security interest or other claim, except for security interests in favor of lenders created pursuant to or in connection with loan documents
disclosed in the Registration Statement and the Prospectus, and, except as disclosed in the Registration Statement and the Prospectus,
there are no outstanding (A) securities or obligations of the Company or any of the Subsidiaries convertible into or exchangeable or redeemable
for any capital stock or other equity interests of the Company or any Subsidiary, (B) warrants, rights or options to subscribe for or
purchase from the Company or any Subsidiary any such capital stock or other equity interests or any such convertible or exchangeable securities
or obligations, or (C) obligations of the Company or any Subsidiary to issue any shares of capital stock or other equity interests, any
convertible or exchangeable or redeemable securities or obligation, or any warrants, rights or options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Good
Standing of the Company and Subsidiaries</U>. Each of the Company and the Subsidiaries has been duly incorporated or organized and
is validly existing as a corporation, limited partnership or limited liability company, as applicable, in good standing under the
laws of its respective jurisdiction of incorporation or organization with full corporate or other power and authority to own its
respective properties and to conduct its respective businesses as described in the Registration Statement and the Prospectus and, in
the case of each of the Company and the Operating Partnership, to execute and deliver this Agreement and to consummate the
transactions contemplated herein. The Company does not own or control, directly or indirectly, any corporation, association or other
entity that is a &#8220;significant subsidiary&#8221; (within the meaning of Rule 1-02(w) of Regulation S-X) other than the entities
listed on <U>Exhibit J</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Good Standings</U>. Each of the Company and the Subsidiaries is duly qualified or licensed and is in good standing in
each jurisdiction in which the nature or conduct of its business requires such qualification or license and in which the failure, individually
or in the aggregate, to be so qualified or licensed could reasonably be expected to have a material adverse effect on the assets, business,
operations, earnings, properties, condition (financial or otherwise) or prospects of the Company and the Subsidiaries taken as a whole
(a &#8220;<U>Material Adverse Effect</U>&#8221;). Except as disclosed in the Registration Statement and the Prospectus, no Subsidiary
is prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other distribution with
respect to such Subsidiary&#8217;s capital stock or other equity interests or from repaying to the Company or any other Subsidiary any
amounts that may from time to time become due under any loans or advances to such Subsidiary from the Company or such other Subsidiary,
or from transferring any such Subsidiary&#8217;s property or assets to the Company or to any other Subsidiary. Other than as disclosed
in the Registration Statement and the Prospectus, the Company does not own, directly or indirectly, any capital stock or other equity
securities of any other corporation or any ownership interest in any partnership, joint venture or other association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Due Authorization of Partnership Agreement</U>. The Partnership Agreement has been duly and validly authorized, executed and
delivered by or on behalf of the partners of the Operating Partnership and constitutes a valid and binding agreement of the parties thereto,
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors&#8217; rights generally or by general principles of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization of Operating Partnership</U>. (A) Braemar OP Limited Partner LLC (the &#8220;<U>Limited Partner</U>&#8221;) is
a holder of Common Units representing a majority limited partner ownership interest in the Operating Partnership and such units of preferred
limited partner interest in the Operating Partnership (the &#8220;<U>Preferred Units</U>&#8221;) as described in the Registration Statement
and the Prospectus, (B) Braemar OP General Partner, LLC (the &#8220;<U>General Partner</U>&#8221;) is the holder of the sole general partner
interest in the Operating Partnership, and (C) the Company owns a 100% member interest in the General Partner and in the Limited Partner,
in each case free and clear of any pledge, lien, encumbrance, security interest or other claim, except for security interests in favor
of lenders created pursuant to or in connection with loan documents disclosed in the Registration Statement and the Prospectus. The Common
Units to be issued by the Operating Partnership to the Company in connection with the contribution of the Net Proceeds from the sale of
the Securities from time to time pursuant to this Agreement have been duly authorized and, when issued and delivered by the Operating
Partnership in accordance with the Partnership Agreement against payment therefor of the consideration set forth therein, will be validly
issued and non-assessable (except to the extent set forth in Section 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited
Partnership Act). The holders of outstanding Common Units are not entitled pursuant to the Delaware Revised Uniform Limited Partnership
Act or the Partnership Agreement to preemptive or other rights to subscribe for the Securities or the Common Units to be issued by the
Operating Partnership to the Company in connection with the contribution of the Net Proceeds from the sale of the Securities from time
to time pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 83pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U>. The Company and the Subsidiaries are in compliance with all applicable federal, state, local or foreign
laws, regulations, rules, decrees, judgments and orders, including those relating to transactions with affiliates, except where any failures
to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>No Defaults</U>. Neither the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which
with notice, lapse of time, or both would constitute a breach of, or default under) (A) its respective organizational documents, or (B)
in the performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed
of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any
of them or their respective properties is bound, except in the case of clause (B), for such breaches or defaults that, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflicts</U>. The execution, delivery and performance of this Agreement and consummation of the transactions contemplated
herein will not (i) conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice,
lapse of time, or both would constitute a breach of, or default under), (A) any provision of the organizational documents of the Company
or any Subsidiary, or (B) any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement
or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective assets or properties may be
bound or affected, or under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to
the Company or any Subsidiary, except in the case of this clause (B) for such breaches or defaults that, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect; or (ii) result in the creation or imposition of any lien, charge,
claim or encumbrance upon any property or asset of the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Due Authorization of Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company and the Operating
Partnership and is a legal, valid and binding agreement of the Company and the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Consents; No Approvals</U>. No approval, authorization, consent or order of or filing with any federal, state, local or foreign
governmental or regulatory commission, board, body, authority or agency or any other third party is required in connection with the Company&#8217;s
or the Operating Partnership&#8217;s execution, delivery and performance of this Agreement, their consummation of the transactions contemplated
herein or the Company&#8217;s sale and delivery of the Securities, other than (A) such as have been obtained, or will have been obtained
under the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations, (B) such approvals as have
been obtained in connection with the approval of the listing of the Securities on the NYSE, (C) any necessary qualification under the
securities or blue sky laws of the various state jurisdictions in which the Securities are being offered by the Agent, and (D) such approvals,
authorizations, consents or orders or filings, the absence of which could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Licenses</U>.
Each of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all
necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary
authorizations, consents and approvals from other persons, required in order to conduct their respective businesses as described in
the Registration Statement and the Prospectus, except to the extent that any failure to have any such licenses, authorizations,
consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of the Subsidiaries is in
violation of, in default under, or has received any notice regarding a possible violation, default or revocation of any such
license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, judgment
or order applicable to the Company or any of the Subsidiaries, the effect of which could reasonably be expected to result in a
Material Adverse Effect. No such license, authorization, consent or approval contains a materially burdensome restriction that is
not adequately disclosed in the Registration Statement and the Prospectus. Neither the Company nor any of the Subsidiaries is
required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to
provide the products and services that it currently provides or that it proposes to provide as set forth in the Registration
Statement and the Prospectus, except to the extent that any failure to have such accreditation or certification could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement; Form S-3 Eligibility</U>. The Company and the transactions contemplated by this Agreement meet the requirements
for the use of Form S-3 under the Securities Act and the Securities have been and remain eligible for inclusion by the Company on such
shelf registration statement. Each of the Registration Statement and any post-effective amendment thereto has been declared effective
by the Commission under the Securities Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of any base prospectus, the Prospectus
Supplement, the Prospectus or any Permitted Free Writing Prospectus (as defined below) has been issued and no proceedings for any of those
purposes or pursuant to Section 8A of the Securities Act have been instituted or are pending or, to the knowledge of the Company, are
threatened by the Commission, and, to the knowledge of the Company, the Company has complied to the Commission&#8217;s satisfaction with
any request on the part of the Commission for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">Each of the
Registration Statement and any post-effective amendment thereto, at the time of its effectiveness, as of the date hereof, at each deemed
effective date with respect to the Agent pursuant to Rule 430B(f)(2) under the Securities Act and as of each Settlement Date, complied
and will comply in all material respects with the requirements of the Securities Act and the Securities Act Regulations. The conditions
for the use of Form S-3, as set forth in the General Instructions thereto, have been complied with and the Registration Statement meets,
and the offering and sale of the Securities as contemplated hereby complies with, the requirements of Rule 415(a)(1)(x) under the Securities
Act (including without limitation, Rule 415(a)(5)). Each preliminary prospectus (including the prospectus filed as part of the Registration
Statement as originally filed or as part of any amendment or supplement thereto), any supplement thereto or any prospectus wrapper prepared
in connection therewith, and the Prospectus complied in all material respects at the time it was filed with the Securities Act and the
Securities Act Regulations. Each document incorporated by reference in the Registration Statement or the Prospectus heretofore filed,
when it was filed (or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all
material respects with the requirements of the Exchange Act, and any further documents so filed and incorporated after the date of this
Agreement will, when they are filed, conform in all material respects with the requirements of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.75pt 0pt 47pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Disclosure</U>.
Neither the Registration Statement nor any amendment thereto, at its effective time, at each deemed effective date with respect to
the Agent pursuant to Rule 430B(f)(2) under the Securities Act, at each Applicable Time and as of each Settlement Date, contained,
contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, no individual Issuer Free
Writing Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its
issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at each Applicable Time and as of each Settlement
Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">The copies
of the Registration Statement and any amendments thereto, any other preliminary prospectus, each Issuer Free Writing Prospectus that is
required to be filed with the Commission pursuant to Rule 433 under the Securities Act and the Prospectus and any amendments or supplements
thereto delivered and to be delivered to the Agent (electronically or otherwise) in connection with the offering of the Securities were
and will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T. &#8220;Issuer Free Writing Prospectus&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined
in Rule 433 under the Securities Act, relating to the Securities that (i) is required to be filed with the Commission by the Company,
(ii) is a &#8220;road show&#8221; that is a &#8220;written communication&#8221; within the meaning of Rule 433(d)(8)(i) under the Securities
Act whether or not required to be filed with the Commission, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) under the Securities
Act because it contains a description of the Securities or of the offering that does not reflect the final terms, and all free writing
prospectuses that are listed in <U>Exhibit I</U> hereto, in each case in the form furnished (electronically or otherwise) to the Agent
for use in connection with the offering of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto),
any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus wrapper)), made
in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use therein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuer Free Writing Prospectus</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained
in the Registration Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified. Any offer of the Securities that was a written communication
relating to the Securities made prior to the initial filing of the Registration Statement by the Company or any person acting on its behalf
(within the meaning, for this paragraph only, of Rule 163(c) of the Securities Act Regulations) has been filed with the Commission in
accordance with the exemption provided by Rule 163 under the Securities Act Regulations (&#8220;<U>Rule 163</U>&#8221;) and otherwise
complied with the requirements of Rule 163, including without limitation the legending requirement, to qualify such offer for the exemption
from Section 5(c) of the Securities Act provided by Rule 163.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ineligible Issuer</U>. At the earliest time after the filing of the Registration Statement and any post-effective amendment
thereto, that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities
Act Regulations) of the Securities and at the date hereof, the Company was not and is not an &#8220;ineligible issuer,&#8221; as defined
in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company
be considered an ineligible issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Documents</U>. Each document incorporated by reference in the Registration Statement or the Prospectus, when it became
effective or was filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities
Act and the Securities Act Regulations or the Exchange Act and the Exchange Act Regulations, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>No
Litigation</U>. There are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company,
threatened against the Company or any Subsidiary or any of their respective officers and directors or to which the properties,
assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental
or regulatory commission, board, body, authority, arbitral panel or agency, where in any such case (A) there is a reasonable
possibility that such action, suit or proceeding will be determined adversely to the Company or such Subsidiary and (B) if so
determined adversely, could reasonably be expected to result in a judgment, decree, award or order having a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>. The financial statements, including the related supporting schedules and notes thereto, included in
(or incorporated by reference into) the Registration Statement or the Prospectus present fairly the consolidated financial position of
the entities to which such financial statements relate (the &#8220;<U>Covered Entities</U>&#8221;) as of the dates indicated and the consolidated
results of operations and changes in financial position and cash flows of the Covered Entities for the periods specified. Such financial
statements have been prepared in conformity with generally accepted accounting principles as applied in the United States and on a consistent
basis during the periods involved and in accordance with Regulation S-X promulgated by the Commission. Any summary or selected financial
data included or incorporated by reference in the Registration Statement and the Prospectus fairly present the information shown therein
and have been compiled on a basis consistent with the financial statements included or incorporated by reference in the Registration Statement
and the Prospectus. The pro forma financial statements and the related notes thereto included or incorporated by reference in the Registration
Statement and the Prospectus, if any, present fairly the information shown therein, have been prepared in accordance with the Commission&#8217;s
rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and
the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the
transactions and circumstances referred to therein. The pro forma financial statements in the Registration Statement comply as to form
in all material respects with the applicable requirements of Regulation S-X of the Securities Act. No other financial statements or supporting
schedules are required to be included or incorporated by reference in the Registration Statement or the Prospectus. All disclosures contained
in the Registration Statement or the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules
and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and the Exchange Act Regulations
and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting
Language incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all
material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.6pt 0pt 83pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Public Accountants</U>. The accountants who certified the financial statements and supporting schedules (including
financial statements of subsidiaries or acquired properties or businesses) included or incorporated by reference in the Registration Statement
and the Prospectus are, and were during the periods covered by their reports, registered independent public accountants as and to the
extent required by the Securities Act, the Securities Act Regulations, the Exchange Act, the Exchange Act Regulations and the Public Company
Accounting Oversight Board (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Testing-the-Waters Materials</U>. The Company (A) has not engaged in any oral or written communication with potential investors
undertaken in reliance on Section 5(d) of the Securities Act (&#8220;<U>Testing-the-Waters Communication</U>&#8221;) and (B) has not authorized
anyone to engage in Testing-the-Waters Communications. The Company has not distributed any Testing- the-Waters Communication that is a
written communication within the meaning of Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Material Adverse Change</U>. Subsequent to the respective dates as of which information is given in the Registration Statement and
the Prospectus, and except as may be otherwise stated in the Registration Statement and the Prospectus, there has not been (A) any
change, or any development or event that reasonably could be expected to result in a change, that has or reasonably could be
expected to have a Material Adverse Effect, whether or not arising in the ordinary course of business, (B) any transaction that is
material to the Company and the Subsidiaries taken as a whole entered into or agreed to be entered into by the Company or any of the
Subsidiaries, (C) any obligation, contingent or otherwise, directly or indirectly incurred by the Company or any Subsidiary that is
material to the Company and Subsidiaries taken as a whole or (D) except for regular quarterly dividends on the Common Stock and
shares of the Company&#8217;s preferred stock, par value $.01 per share, and regular quarterly distributions on the Common Units and
the Preferred Units, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital
stock or by the Operating Partnership on any of its partnership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Description of Securities</U>. The Securities conform in all material respects to the description thereof contained in the Registration
Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Registration Rights</U>. Except as disclosed in the Registration Statement and the Prospectus, there are no persons with
registration or other similar rights to have any equity or debt securities, including securities that are convertible into or exchangeable
or redeemable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company or the Operating
Partnership under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Valid Issuance of Securities</U>. The Securities have been duly authorized for issuance and sale to the Agent pursuant to this
Agreement and, when issued and duly delivered against payment therefor as contemplated by this Agreement, will be validly issued, fully
paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale
of the Securities by the Company is not subject to preemptive or other similar rights arising by operation of law, under the organizational
documents of the Company or under any agreement to which the Company or any Subsidiary is a party or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration and Listing of Securities</U>. As of each Settlement Date, the Securities to be sold by the Company from time to
time hereunder will have been registered under Section 12(b) of the Exchange Act and approved for listing on the NYSE, subject to official
notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Manipulation</U>. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate
take, directly or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation
of Regulation M under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Registration as Broker</U>. Neither the Company nor any of its affiliates (i) is required to register as a &#8220;broker&#8221;
or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or the Exchange Act Regulations, or (ii) directly, or indirectly
through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the By-laws of the
Financial Industry Regulatory Authority, Inc. (&#8220;<U>FINRA</U>&#8221;)) any member firm of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(28)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Certificates</U>.
Any certificate signed by any officer of the Company or any Subsidiary delivered to the Agent or to counsel for the Agent pursuant
to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Agent as to the matters
covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(29)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Exempt Sales</U>. Except as described in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary
has sold or issued any securities during the six-month period preceding the date of the Prospectus, including any sales pursuant to Rule
144A under, or Regulations D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, qualified stock
options plans or other employee compensation plans or pursuant to outstanding options, rights or warrants, that would not be required
to be integrated with the sale of the Securities.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(30)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Certificate</U>. The form of certificate used to evidence the Common Stock complies in all material respects with all
applicable statutory requirements, with any applicable requirements of the organizational documents of the Company and the requirements
of the NYSE.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(31)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Property</U>. The Company and the Subsidiaries have good and indefeasible title in fee simple to, or a valid leasehold interest
in, all real property described in the Registration Statement and the Prospectus, and good title to all personal property owned by them,
in each case free and clear of all liens, security interests, pledges, charges, encumbrances, encroachments, restrictions, mortgages and
defects, except such as are disclosed in the Registration Statement and the Prospectus or such as do not materially and adversely affect
the value of such property and do not interfere with the use made or proposed to be made of such property by the Company and the Subsidiaries.
Any real property, improvements, equipment and personal property held under lease by the Company or any Subsidiary are held under valid,
existing and enforceable leases, with such exceptions as are disclosed in the Registration Statement and the Prospectus or are not material
and do not interfere with the use made or proposed to be made of such real property, improvements, equipment and personal property by
the Company or such Subsidiary. The Company or a Subsidiary has obtained an owner&#8217;s or leasehold title insurance policy, from a
title insurance company licensed to issue such policy, on any real property owned in fee or leased, as the case may be, by the Company
or any Subsidiary, that insures the Company&#8217;s or the Subsidiary&#8217;s fee or leasehold interest, as the case may be, in such real
property, which policies include only commercially reasonable exceptions, and with coverages in amounts at least equal to amounts that
are generally deemed in the Company&#8217;s industry to be commercially reasonable in the markets where the Company&#8217;s properties
are located, or a lender&#8217;s title insurance policy insuring the lien of its mortgage securing the real property with coverage equal
to the maximum aggregate principal amount of any indebtedness held by the Company or a Subsidiary and secured by the real property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(32)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Condition of Real Property</U>. All real property owned or leased by the Company or a Subsidiary is free of material structural
defects and all building systems contained therein are in good working order in all material respects, subject to ordinary wear and tear
or, in each instance, the Company has created an adequate reserve to effect reasonably required repairs, maintenance and capital expenditures.
To the knowledge of the Company and the Operating Partnership, water, storm water, sanitary sewer, electricity and telephone service are
all available at the property lines of such property over duly dedicated streets or perpetual easements of record benefiting such property.
Except as described in the Registration Statement and the Prospectus, to the knowledge of the Company and the Operating Partnership, there
is no pending or threatened special assessment, tax reduction proceeding or other action that, individually or in the aggregate, could
reasonably be expected to increase or decrease the real property taxes or assessments of any of such property, that, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(33)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Mortgages</U>.
The mortgages and deeds of trust encumbering any real property owned in fee or leased by the Company or a Subsidiary (A) are not convertible
(in the absence of foreclosure) into an equity interest in the Real Property or in the Company, the Operating Partnership or any Subsidiary,
and none of the Company, the Operating Partnership or the Subsidiaries hold a participating interest therein, (B) except as set forth
in the Registration Statement and the Prospectus, are not and will not be cross-defaulted to any indebtedness other than indebtedness
of the Company or any of the Subsidiaries, and (C) are not and will not be cross-collateralized to any property not owned by the Company,
the Operating Partnership or any of the Subsidiaries.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(34)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Description and Enforceability of Contracts</U>. The descriptions in the Registration Statement and the Prospectus of the contracts,
leases and other legal documents therein described present fairly the information required to be shown, and there are no contracts, leases,
or other documents of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits
to the Registration Statement that are not described or filed as required; all agreements between the Company or any of the Subsidiaries
and third parties expressly referenced in the Registration Statement and the Prospectus are legal, valid and binding obligations of the
Company or one or more of the Subsidiaries, enforceable in accordance with their respective terms, except to the extent enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by
general equitable principles and, to the knowledge of the Company and the Operating Partnership, no party is in breach or default under
any such agreements.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(35)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property</U>. The Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents,
trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible
property rights and know-how (collectively, &#8220;<U>Intangibles</U>&#8221;) necessary to entitle the Company and each Subsidiary to
conduct its business as described in the Registration Statement and the Prospectus, and neither the Company nor any Subsidiary has received
notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others
with respect to any Intangibles that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(36)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Disclosure
Controls; Internal Controls</U>. The Company, the Operating Partnership and the Subsidiaries have established and maintain
disclosure controls and procedures (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act). Such disclosure
controls and procedures are designed to ensure that material information relating to the Company and its Subsidiaries is made known
to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer by others within those entities, and such disclosure
controls and procedures are effective to perform the functions for which they were established. The Company, the Operating
Partnership and the Subsidiaries have established and maintain internal control over financial reporting (as such term is defined in
Rule 13a-15 and 15d-15 under the Exchange Act). Such internal control over financial reporting is designed to provide reasonable
assurance that (A) transactions are executed in accordance with management&#8217;s general or specific authorization; (B)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (C) access to assets is permitted only in accordance with management&#8217;s general or specific
authorization; (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences; and (E) the interactive data in eXtensible Business Reporting Language
incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all
material respects and are prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto. The
Company&#8217;s auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) any significant
deficiencies and material weaknesses in the design or operation of internal controls which could adversely affect the
Company&#8217;s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material, that
involves management or other employees who have a role in the Company&#8217;s internal controls. Since the date of the most recent
evaluation of such disclosure controls and procedures, there have been (A) no material weakness in the Company&#8217;s internal
control over financial reporting (whether or not remediated) and (B) no significant changes in internal controls or in other factors
that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(37)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or any of the Company&#8217;s
directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of
2002 and the rules and regulations promulgated in connection therewith (the &#8220;<U>Sarbanes-Oxley Act</U>&#8221;), including Section
402 related to loans and Sections 302 and 906 related to certifications.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(38)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. Each of the Company, the Operating Partnership and the Subsidiaries has filed on a timely basis (including in accordance
with any applicable extensions) all necessary federal, state, local and foreign income and franchise tax returns required to be filed
through the date hereof or have properly requested extensions thereof, and have paid all taxes shown as due thereon, and if due and payable,
any related or similar assessment, fine or penalty levied against the Company, the Operating Partnership or any of the Subsidiaries. Except
as disclosed in the Registration Statement and the Prospectus, no tax deficiency has been asserted against any such entity, and the Company
and the Subsidiaries do not know of any tax deficiency that is likely to be asserted against any such entity that, individually or in
the aggregate, if determined adversely to any such entity, could reasonably be expected to have a Material Adverse Effect. All tax liabilities
are adequately provided for on the respective books of the Company and the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(39)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. Each of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility)
of the types and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage maintained
by similar companies in similar businesses, including, but not limited to, insurance covering real and personal property owned or leased
by the Company and the Subsidiaries against theft, damage, destruction, environmental liabilities, acts of vandalism, terrorism, earthquakes,
flood and all other risks customarily insured against, all of which insurance is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(40)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Environmental
Law Compliance</U>. Neither the Company nor any of the Subsidiaries is in violation, or has received notice of any violation with
respect to, any applicable environmental, safety or similar law, regulation or rule applicable to the business of the Company or any
of the Subsidiaries, except any such violation of law, regulation or rule that individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have received all permits, licenses or
other approvals required of them under applicable federal and state occupational safety and health and environmental laws,
regulations and rules to conduct their respective businesses, and the Company and the Subsidiaries are in compliance with all terms
and conditions of any such permit, license or approval, except any such violation of law, regulation or rule, failure to receive
required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or
approvals that individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Except as
otherwise disclosed in the Registration Statement and the Prospectus, (A) none of the Operating Partnership, the Company, any of the
Subsidiaries nor, to the knowledge of the Operating Partnership and the Company, any other owners of the property at any time or any
other party has at any time, handled, stored, treated, transported, manufactured, spilled, leaked, or discharged, dumped,
transferred or otherwise disposed of or dealt with, Hazardous Materials (as hereinafter defined) on, in, under, to or from any real
property leased, owned or controlled, including any real property underlying any loan held or to be held by the Company or the
Subsidiaries (collectively, the &#8220;<U>Real Property</U>&#8221;), other than by any such action taken in compliance with all
applicable Environmental Statutes (hereinafter defined) or by the Operating Partnership, the Company, any of the Subsidiaries or any
other party in connection with the ordinary use of residential, retail or commercial properties owned by the Operating Partnership;
(B) the Operating Partnership and the Company do not intend to use the Real Property or any subsequently acquired properties for the
purpose of using, handling, storing, treating, transporting, manufacturing, spilling, leaking, discharging, dumping, transferring or
otherwise disposing of or dealing with Hazardous Materials other than by any such action taken in compliance with all applicable
Environmental Statues or by the Operating Partnership, the Company, any of the Subsidiaries or any other party in connection with
the ordinary use of residential, retail or commercial properties owned by the Operating Partnership; (C) none of the Operating
Partnership, the Company, nor any of the Subsidiaries knows of any seepage, leak, discharge, release, emission, spill, or dumping of
Hazardous Materials into waters on or adjacent to the Real Property or any other real property owned or occupied by any such party,
or onto lands from which Hazardous Materials might seep, flow or drain into such waters; (D) none of the Operating Partnership, the
Company, nor any of the Subsidiaries has received any notice of, or has any knowledge of any occurrence or circumstance that, with
notice or passage of time or both, would give rise to a claim under or pursuant to any federal, state or local environmental
statute, regulation or rule or under common law, pertaining to Hazardous Materials on or originating from any of the Real Property
or any assets described in the Prospectus or any other real property owned or occupied by any such party or arising out of the
conduct of any such party, including without limitation a claim under or pursuant to any Environmental Statute; (E) the Real
Property is not included or, to the Company&#8217;s and the Operating Partnership&#8217;s knowledge, proposed for inclusion on the
National Priorities List issued pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C. Sections 9601-9675 (the &#8220;<U>CERCLA</U>&#8221;) by the United States Environmental Protection Agency or, to
the Operating Partnership&#8217;s and the Company&#8217;s knowledge, proposed for inclusion on any similar list or inventory issued
pursuant to any other Environmental Statute or issued by any other Governmental Authority (as hereinafter defined); and (F) in the
operation of the Company&#8217;s and the Operating Partnership&#8217;s businesses, the Company acquires, before acquisition of any
real property, an environmental assessment of the real property and, to the extent they become aware of any condition that could
reasonably be expected to result in liability associated with the presence or release of a Hazardous Material, or any violation or
potential violation of any Environmental Statute, the Company and the Operating Partnership take all commercially reasonable action
necessary or advisable (including any capital improvements) for clean-up, closure or other compliance with such Environmental
Statute. There are no costs or liabilities associated with the Real Property pursuant to any Environmental Statute (including,
without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with any
Environmental Statute or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. None of the entities that prepared Phase I or other environmental assessments with respect to the Real Property was employed
for such purpose on a contingent basis or has any substantial interest in the Company or any of the Subsidiaries, and none of their
directors, officers or employees is connected with the Company or any of the Subsidiaries as a promoter, selling agent, trustee,
officer, director or employee. None of the Operating Partnership, the Company nor any Subsidiary knows of any violation of any
municipal, state or federal law, rule or regulation (including those pertaining to environmental matters) concerning the Real
Property or any part thereof that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
The Real Property complies with all applicable zoning laws, ordinances, regulations and deed restrictions or other covenants in all
material respects and, if and to the extent there is a failure to comply, such failure does not materially impair the value of any
of the Real Property and will not result in a forfeiture or reversion of title. None of the Operating Partnership, the Company nor
any Subsidiary has received from any governmental authority any written notice of any condemnation of or zoning change affecting the
Real Property or any part thereof, and none of the Operating Partnership, the Company nor any Subsidiary knows of any such
condemnation or zoning change which is threatened and which, individually or in the aggregate, if consummated could reasonably be
expected to have a Material Adverse Effect. All liens, charges, encumbrances, claims, or restrictions on or affecting the properties
and assets (including the Real Property) of the Operating Partnership or any of the Subsidiaries that are required to be described
in the Prospectus are disclosed therein. No lessee of any portion of any of the Real Property is in default under any of the leases
governing such properties and there is no event which, but for the passage of time or the giving of notice or both would constitute
a default under any of such leases, except such defaults that individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect. No tenant under any lease pursuant to which the Operating Partnership or any of the Subsidiaries
leases any Real Property has an option or right of first refusal to purchase the premises leased thereunder or the building of which
such premises are a part, except as such options or rights of first refusal that, individually or in the aggregate, if exercised,
could not reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">As used herein,
 &#8220;<U>Hazardous Material</U>&#8221; includes, without limitation any flammable explosives, radioactive materials, hazardous materials,
hazardous wastes, toxic substances, or related materials, asbestos or any hazardous material as defined by any federal, state or local
environmental law, regulation or rule including, without limitation, the CERCLA, the Hazardous Materials Transportation Act, as amended,
49 U.S.C. Sections 1801-1819, the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Sections 6901-6992K, the Emergency Planning
and Community Right-to-Know Act of 1986, 42 U.S.C. Sections 11001-11050, the Toxic Substances Control Act, 15 U.S.C. Sections 2601-2671,
the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. Sections 136-136y, the Clean Air Act, 42 U.S.C. Sections 7401- 7642,
the Clean Water Act (Federal Water Pollution Control Act), 33 U.S.C. Sections 1251-1387, the Safe Drinking Water Act, 42 U.S.C. Sections
300f-300j-26, and the Occupational Safety and Health Act, 29 U.S.C. Sections 651-678, as any of the above statutes may be amended from
time to time, and in the regulations promulgated pursuant to each of the foregoing (individually, an &#8220;<U>Environmental Statute</U>&#8221;
and collectively the &#8220;<U>Environmental Statutes</U>&#8221;) or by any federal, state or local governmental authority having or claiming
jurisdiction over the properties and assets described in the Registration Statement and the Prospectus (a &#8220;<U>Governmental Authority</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(41)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor Laws; No Labor Disputes</U>. Neither the Company nor any Subsidiary is in violation of or has received notice of any violation
with respect to any federal or state law, regulation or rule relating to discrimination in the hiring, termination, promotion, employment
or pay of employees, nor any applicable federal or state wages and hours law, nor any state law, regulation or rule precluding the denial
of credit due to the neighborhood in which a property is situated, the violation of any of which, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. There are no existing or, to the knowledge of the Company or the Operating Partnership,
threatened labor disputes with the employees of the Company or any of the Subsidiaries that could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(42)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>ERISA</U>.
The Company and each of the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(&#8220;<U>ERISA</U>&#8221;). No &#8220;reportable event&#8221; (as defined in ERISA) has occurred with respect to any
 &#8220;pension plan&#8221; (as defined in ERISA) for which the Company or any of the Subsidiaries would have any material liability.
The Company and each of the Subsidiaries have not incurred and do not expect to incur material liability under (A) Title IV of ERISA
with respect to termination of, or withdrawal from, any &#8220;pension plan&#8221; or (B) Section 412 or 4971 of the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the
 &#8220;<U>Code</U>&#8221;). Each &#8220;pension plan&#8221; for which the Company or any of its Subsidiaries would have any material
liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has
occurred, whether by action or by failure to act, that would cause the loss of such qualification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(43)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Past
Issuances of Securities</U>. All securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or
any Subsidiary, have been issued and sold in compliance with (A) all applicable federal and state securities laws and the laws of the
applicable jurisdiction of incorporation of the issuing entity, except as, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect, and (B) to the extent applicable to the issuing entity, the requirements of the NYSE.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(44)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Act Compliance</U>. In connection with this offering, the Company has not offered and will not offer its Common Stock
or any other securities convertible into or exchangeable or exercisable or redeemable for Common Stock in a manner in violation of the
Securities Act. The Company has not distributed and will not distribute any prospectus or other offering material in connection with the
offering of the Securities other than the Registration Statement, the Prospectus Supplement dated May 26, 2021, and filed with the Commission
on May 26, 2021, pursuant to Rule 424(b), the Prospectus and any Issuer Free Writing Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(45)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Broker</U>. The Company has not incurred any liability for any finder&#8217;s fees or similar payments in connection with
the transactions herein contemplated.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(46)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Relationships</U>. There is no relationship, direct or indirect, between or among the Company or any of the Subsidiaries on the one hand,
and the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, that is
required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement and the Prospectus and
that is not so described.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(47)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company Act</U>. Neither the Company nor any of the Subsidiaries is required, or after giving effect to the offering
and sale of the Securities will be required, to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221;
by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;<U>Investment
Company Act</U>&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(48)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>REIT Status</U>. Commencing with the taxable year ended December 31, 2013, the Company has been organized and operated in conformity
with the requirements for qualification as a real estate investment trust (a &#8220;<U>REIT</U>&#8221;) under the Code, and the current
and proposed method of operation of the Company and the Subsidiaries described in the Registration Statement and the Prospectus will enable
the Company to meet the requirements for qualification and taxation as a REIT under the Code, and the Operating Partnership is treated
as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation; the Company intends
to continue to qualify as a REIT for all subsequent years, and the Company does not know of any event that could reasonably be expected
to cause the Company to fail to qualify as a REIT at any time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(49)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Ashford Trust REIT Status. Ashford Hospitality Trust, Inc. qualified to be taxed as a REIT for its taxable years ended December
31, 2009 through December 31, 2013.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(50)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Statistical
and Market Data</U>. Any statistical and market-related data included in the Registration Statement or the Prospectus are based on
or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate and, to the extent
required, the Company has obtained the written consent to the use of such data from such sources.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(51)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governmental
Oversight</U>. The conduct of business by the Company and the Subsidiaries as presently and proposed to be conducted is not subject to
continuing oversight, supervision, regulation or examination by any governmental official or body of the United States or any other jurisdiction
wherein the Company or the Subsidiaries conduct or propose to conduct such business, except as described in the Registration Statement
and the Prospectus and except such regulation as is applicable to commercial enterprises generally.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(52)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authorization
of Advisory Agreement</U>. The Fifth Amended and Restated Advisory Agreement, dated April 23, 2018, and Amendment No. 1 to the Fifth
Amended and Restated Advisory Agreement, dated January 15, 2019, each by and among the Company, the Operating Partnership, the Advisor,
Braemar TRS Corporation and Ashford Inc. (as amended, the &#8220;<U>Advisory Agreement</U>&#8221;) has been duly authorized, executed
and delivered by the Company and the Operating Partnership and constitutes a legal, valid and binding agreement of the Company and the
Operating Partnership enforceable against the Company and the Operating Partnership in accordance with its terms, except as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally, and by general principles
of equity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(53)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Foreign
Corrupt Practices Act</U>. None of the Company, any of its Subsidiaries, or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or other person acting on behalf of such entity is aware of or has taken any action, directly or
indirectly, that would result in a violation by such persons of either (i) the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (the &#8220;<U>FCPA</U>&#8221;), including, without limitation, making use of the mails or
any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
 &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office, in contravention of the FCPA, and (ii) the U.K. Bribery Act of 2010 (the &#8220;<U>Bribery
Act</U>&#8221;), and the Company and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance
with the FCPA and the Bribery Act and have instituted and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(54)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Laundering Laws</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;<U>Money Laundering Laws</U>&#8221;);
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any Subsidiary with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(55)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>No
Conflict with OFAC Laws</U><I>. </I>None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director,
officer, agent, employee, affiliate or representatives of the Company or any of its Subsidiaries is an individual or entity
(&#8220;<U>Person</U>&#8221;) currently the subject or target of any sanctions administered or enforced by the United States
Government, including, without limitation, the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control, the United
Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or other relevant sanctions authority (collectively,
 &#8220;<U>Sanctions</U>&#8221;), nor is the Company located, organized or resident in a country or territory that is the subject of
Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Shares, or lend, contribute or
otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or
business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any
other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as agent,
underwriter, advisor, investor or otherwise) of Sanctions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(56)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Actively Traded Security</U>. The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of
Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(57)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Miscellaneous</U>. To the knowledge of the Company and the Operating Partnership, and except as disclosed in the Registration
Statement and the Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
material agreement to which any Subsidiary is a party prohibits or restricts any Subsidiary, directly or indirectly, from paying dividends
to the Company, or from making any other distribution with respect to such Subsidiary&#8217;s capital stock, partnership interests, membership
interests or other equity interests, as applicable, or from repaying to the Company or any other Subsidiary any amounts which may from
time to time become due under any loans or advances to such Subsidiary from the Company or such other Subsidiary, or from transferring
any such Subsidiary&#8217;s property or assets to the Company or to any other Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.23in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries is in violation of any term or provision of its organizational documents, is in breach of, or
in default under (nor has any event occurred which with notice, lapse of time, or both would constitute a breach of, or default under)
any material agreement of such entity or under any law, regulation or rule or any decree, judgment or order applicable to the Company
or any of the Subsidiaries, except such breaches or defaults that, individually or in the aggregate, could not reasonably be expected
to have a material adverse effect on the assets, business, operations, earnings, properties or condition (financial or otherwise) of the
Company and the Subsidiaries taken as a whole;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.23in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits or proceedings, inquiries, or investigations pending or threatened against the Company or any of the Subsidiaries
or any of their respective officers and directors or to which the properties, assets or rights of any such entity are subject, at law
or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority, arbitral
panel or agency that are required to be disclosed in the Registration Statement or the Prospectus but are not so disclosed or that would
reasonably be expected to materially and adversely affect the ability of the Company or any of the Subsidiaries to carry out the transactions
contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.23in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
individual or entity has the right, which has not been waived, to require the registration under the Securities Act of any sale of securities
issued by the Company, by reason of the filing or effectiveness of the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 83pt; text-align: justify; text-indent: 119.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of the Equity Distribution Agreement by the Company and the Operating Partnership and the
consummation by the Company and the Operating Partnership of the transactions contemplated by the Equity Distribution Agreement do
not and will not conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with
notice, lapse of time, or both would constitute a breach of or default under), any material agreement to which the Company or any of
the Subsidiaries is a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 83pt; text-align: justify; text-indent: 119.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 83pt; text-align: justify; text-indent: 119.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 83pt; text-align: justify; text-indent: 119.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance and sale of the Securities and the issuance of the Common Units underlying the Securities are not subject to preemptive or other
similar rights arising under any agreement known to such counsel to which the Company or any of the Subsidiaries is a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 83pt; text-align: justify; text-indent: 119.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
of the issued and outstanding common units representing limited partner interests in the Operating Partnership or Preferred Units representing
limited partner interests in the Operating Partnership have been issued or sold in violation of preemptive or similar rights arising under
any material agreement of the Operating Partnership, and the issuance of the Common Units representing limited partner interests in the
Operating Partnership to the Company in connection with the Company&#8217;s sale of the Securities is not subject to preemptive or similar
rights arising under any material agreement of the Operating Partnership; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 83pt; text-align: justify; text-indent: 119.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.23in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
descriptions in the Registration Statement or the Prospectus of contracts and other documents that constitute material agreements of the
Company or any Subsidiary (including the Operating Partnership) are accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representations and Warranties of the Advisor. </I>The Advisor represents and warrants to the Agent as of the date hereof and
as of each Representation Date on which a certificate is required to be delivered pursuant to Section 7(o) of this Agreement, as of each
Applicable Time and as of each Settlement Date, and agrees with the Agent, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Advisor</U>. The Advisor has been duly formed and is validly existing as a limited liability company in good standing under
the laws of the State of Delaware, with full limited liability company power and authority to own its properties and to conduct its business
as described in the Registration Statement, the Prospectus and in the reports filed or furnished by the Advisor pursuant to the Exchange
Act (the &#8220;<U>Advisor&#8217;s Public Disclosures</U>&#8221;) and to execute and deliver this Agreement and to consummate the transactions
contemplated herein. The Advisor has no subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Good Standings</U>. The Advisor is duly qualified or licensed and is in good standing in each jurisdiction in which
the nature or conduct of its business requires such qualification or license and in which the failure, individually or in the aggregate,
to be so qualified or licensed could reasonably be expected to have a material adverse effect on the assets, business, operations, earnings,
management, properties, condition (financial or otherwise) or prospects of the Advisor (an &#8220;<U>Advisor Material Adverse Effect</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U>. The Advisor is in compliance with all applicable federal, state, local or foreign laws, regulations,
rules, decrees, judgments and orders, including those relating to transactions with affiliates, except where any failures to be in compliance
could not, individually or in the aggregate, reasonably be expected to have an Advisor Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Defaults</U>. The Advisor is not in breach of or in default under (nor has any event occurred which with notice, lapse of
time, or both would constitute a breach of, or default under) (A) its organizational documents, or (B) in the performance or observance
of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed of trust, loan or credit agreement
or other agreement or instrument to which the Advisor is a party or by which it or its properties is bound, except in the case of clause
(B), for such breaches or defaults that, individually or in the aggregate, could not reasonably be expected to have an Advisor Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflicts</U>. The execution, delivery and performance of this Agreement and consummation of the transactions contemplated
herein will not (i) conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice,
lapse of time, or both would constitute a breach of, or default under), (A) any provision of the certificate of formation or limited liability
company agreement of the Advisor, or (B) any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or
other agreement or instrument to which the Advisor is a party or by which the Advisor or its assets or properties may be bound or affected,
or under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Advisor, except
in the case of this clause (B) for such breaches or defaults that, individually or in the aggregate, could not reasonably be expected
to have an Advisor Material Adverse Effect; or (ii) result in the creation or imposition of any lien, charge, claim or encumbrance upon
any property or asset of the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Due Authorization of Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Advisor and is a
legal, valid and binding agreement of the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 83pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Licenses</U>. The Advisor has all necessary licenses, authorizations, consents and approvals and has made all necessary filings
required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and
approvals from other persons, required in order to conduct the portion of its business as described in the Registration Statement and
the Prospectus or the Advisor&#8217;s Public Disclosures, except to the extent that any failure to have any such licenses, authorizations,
consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals could not, individually or
in the aggregate, reasonably be expected to have an Advisor Material Adverse Effect. The Advisor is not in violation of, in default under,
and has not received any written notice regarding a possible violation, default or revocation of any such license, authorization, consent
or approval or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Advisor,
the effect of which could reasonably be expected to result in an Advisor Material Adverse Effect. No such license, authorization, consent
or approval contains a materially burdensome restriction that is not adequately disclosed in the Registration Statement and the Prospectus
or the Advisor&#8217;s Public Disclosures. The Advisor is not required by any applicable law to obtain accreditation or certification
from any governmental agency or authority in order to provide the products and services that it currently provides or that it proposes
to provide as set forth in the Registration Statement and the Prospectus or the Advisor&#8217;s Public Disclosures, except to the extent
that any failure to have such accreditation or certification could not, individually or in the aggregate, reasonably be expected to have
an Advisor Material Adverse Effect.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Securities
Act Compliance</U>. The Advisor has not distributed and will not distribute any prospectus or other offering material in connection with
the offering of the Securities other than the Registration Statement, the Prospectus Supplement dated May 26, 2021, and filed with the
Commission on May 26, 2021, pursuant to Rule 424(b), the Prospectus and any Issuer Free Writing Prospectus.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>No
Litigation</U>. There are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Advisor,
threatened against the Company, any Subsidiary or the Advisor or any of their respective officers and directors or to which the
properties, assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign
governmental or regulatory commission, board, body, authority, arbitral panel or agency, which is required to be disclosed in the
Registration Statement, or where in any such case (A) there is a reasonable possibility that such action, suit or proceeding will be
determined adversely to the Advisor and (B) if so determined adversely, could reasonably be expected to result</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.95pt 0pt 47pt; text-align: justify">in a judgment, decree, award or
order having a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.95pt 0pt 47pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.95pt 0pt 47pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.95pt 0pt 47pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Change</U>. Subsequent to the respective dates as of which information is given in the Registration Statement
and the Prospectus or the Advisor&#8217;s Public Disclosures, and except as may be otherwise stated in the Registration Statement and
the Prospectus or the Advisor&#8217;s Public Disclosures, there has not been (A) any change, or any development or event that reasonably
could be expected to result in a change, that has or reasonably could be expected to have an Advisor Material Adverse Effect, whether
or not arising in the ordinary course of business, and (B) any transaction that is material to the Advisor entered into or agreed to be
entered into by the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Manipulation</U>. Neither the Advisor nor any affiliate of the Advisor has taken, nor will the Advisor or any affiliate
of the Advisor take, directly or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes,
the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to
result in a violation of Regulation M under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.75pt 0pt 83pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Internal Controls</U>. The Advisor maintains a system of internal control in place sufficient to provide reasonable assurance
that: (A) transactions that may be effectuated by the Advisor under the Advisory Agreement are executed in accordance with its management&#8217;s
general or specific authorization and (B) access to the Company&#8217;s assets is permitted only in accordance with the internal policies,
controls and procedures of the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. The Advisor maintains insurance (issued by insurers of recognized financial responsibility) of the types and
in the amounts generally deemed adequate for its businesses and consistent with insurance coverage maintained by similar companies in
similar businesses, including, but not limited to, insurance covering real and personal property owned or leased by the Advisor against
theft, damage, destruction, environmental liabilities, acts of vandalism, terrorism, earthquakes, flood and all other risks customarily
insured against, all of which insurance is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor Laws; Absence of Labor Dispute</U>. Except as described in the Registration Statement and the Prospectus or the Advisor&#8217;s
Public Disclosures, the Advisor has not been notified that any officer or other key person of the Company, or a significant number of
employees of the Advisor and its affiliates, plan to terminate his, her or their employment. Neither the Advisor nor, to the Advisor&#8217;s
knowledge, any officer or other key person of the Company, is subject to any noncompete, nondisclosure, confidentiality, employment, consulting
or similar agreement that would be violated by the present or proposed business activities of the Company or the Advisor as described
in the Registration Statement and the Prospectus or the Advisor&#8217;s Public Disclosures. The Advisor is not in violation of and has
not received written notice of any violation with respect to any federal or state law, regulation or rule relating to discrimination in
the hiring, termination, promotion, employment or pay of employees, nor any applicable federal or state wages and hours law, nor any state
law, regulation or rule precluding the denial of credit due to the neighborhood in which a property is situated, the violation of any
of which, individually or in the aggregate, could reasonably be expected to have an Advisor Material Adverse Effect. There are no existing
or, to the knowledge of the Advisor, threatened labor disputes with the employees of the Advisor that could reasonably be expected to
have, individually or in the aggregate, an Advisor Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Absence
of Certain Relationships</U>. No relationship, direct or indirect, exists between or among the Advisor, on the one hand, and the
directors, officers, stockholders, customers or suppliers of the Advisor, on the other, that is required by the Securities Act or
the Securities Act Regulations to be described in the Registration Statement and the Prospectus or the Advisor&#8217;s Public
Disclosures that is not so described in such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Advisers Act</U>. The Advisor is not prohibited by the Investment Advisers Act of 1940, as amended, or the rules
and regulations thereunder, from performing its obligations under the Advisory Agreement, as described in the Registration Statement and
the Prospectus or the Advisor&#8217;s Public Disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Consents; No Approvals</U>. No approval, authorization, consent or order of or filing with any federal, state, local or foreign
governmental or regulatory commission, board, body, authority or agency or any other third party is required in connection with the Advisor&#8217;s
execution, delivery and performance of this Agreement and its consummation of the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access to Resources</U>. The Advisor has access to the personnel and other resources necessary for the performance of the duties
of the Advisor set forth in the Advisory Agreement to which the Advisor is a party and as disclosed in the Registration Statement and
the Prospectus or the Advisor&#8217;s Public Disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Finder&#8217;s Fee</U>. Except for the Agent&#8217;s discounts and commissions payable by the Company to the Agent in connection
with the offering of the Securities contemplated herein or as otherwise disclosed in the Registration Statement and the Prospectus or
the Advisor&#8217;s Public Disclosures, the Advisor has not incurred any liability for any brokerage commission, finder&#8217;s fees
or similar payments in connection with the offering of the Securities contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statistical and Market Data</U>. Any statistical and market-related data included in the Registration Statement or the Prospectus
or the Advisor&#8217;s Public Disclosures are based on or derived from sources that the Advisor believes, after reasonable inquiry, to
be reliable and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Advisory Agreement</U>. The Advisory Agreement has been duly authorized, executed and delivered by the Advisor and constitutes
a legal, valid and binding agreement of the Advisor enforceable against the Advisor in accordance with its terms, except as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally, and by general principles
of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">SECTION 6.&nbsp;&nbsp;<U>Sale and Delivery
to the Agent; Settlement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Sale
of Placement Securities</I>. On the basis of the representations and warranties herein contained and subject to the terms and
conditions herein set forth, upon the Agent&#8217;s acceptance of the terms of a Placement Notice or upon receipt by the Agent of an
Acceptance, as the case may be, and unless the sale of the Placement Securities described therein has been declined, suspended, or
otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice (as
amended by the corresponding Acceptance, if applicable), will use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Placement Securities at prevailing market prices up to the amount specified, and otherwise
in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). Each of the
Company and the Operating Partnership acknowledges and agrees that (i) there can be no assurance that the Agent will be successful
in selling Placement Securities, (ii) the Agent will incur no liability or obligation to the Company, the Operating Partnership or
any other person or entity if it does not sell Placement Securities for any reason other than a failure by the Agent to use its
commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Securities as required
under this Section 6, and (iii) the Agent shall be under no obligation to purchase Securities on a principal basis pursuant to this
Agreement, except as otherwise agreed by the Agent in the Placement Notice (as amended by the corresponding Acceptance, if
applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Settlement of Placement Securities</I>. Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding
Acceptance, if applicable), settlement for sales of Placement Securities will occur on the second (2<SUP>nd</SUP>) Trading Day (or such
earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &#8220;<U>Settlement
Date</U>&#8221;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Securities
sold will be equal to (i) the aggregate offering price received by the Agent at which such Placement Securities were sold (the &#8220;<U>Gross
Proceeds</U>&#8221;), after deduction for (A) the Agent&#8217;s commission, discount or other compensation for such sales payable by the
Company pursuant to Section 2 hereof, (B) any other amounts due and payable by the Company to the Agent hereunder pursuant to Section
8 hereof, and (C) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales (the &#8220;<U>Net
Proceeds</U>&#8221;), or (ii) the Gross Proceeds. In the event that the Agent delivers the Gross Proceeds to the Company at a Settlement
Date, the amounts set forth in clauses (i)(A), (B) and (C) of the preceding sentence shall be set forth and invoiced in a periodic statement
from the Agent to the Company and payment of such amounts shall be made promptly by the Company after its receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.6pt 0pt 46.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Placement Securities</I>. On or before each Settlement Date, the Company will, or will cause its transfer agent
to, electronically transfer the Placement Securities being sold by crediting the Agent&#8217;s or its designee&#8217;s account (provided
the Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company,
through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties
hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date,
the Agent will deliver the related Net Proceeds or Gross Proceeds, as applicable, in same day funds to an account designated by the Company
on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation
to deliver Placement Securities on a Settlement Date, the Company agrees that, in addition to and in no way limiting the rights and obligations
set forth in Sections 10(a) and (e) hereto, it will (i) hold the Agent harmless against any loss, liability, claim, damage, or expense
(including reasonable legal fees and expenses and the reasonable costs and expense of enforcing this Section 6(c)), as incurred, arising
out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Agent any commission,
discount, or other compensation to which it would otherwise have been entitled absent such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Denominations; Registration</I>. The Securities shall be in such denominations and registered in such names as the Agent may
request in writing at least one full Business Day before the Settlement Date. The Company shall deliver the Securities, if any, through
the facilities of The Depository Trust Company unless the Agent shall otherwise instruct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitations on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any Securities,
if after giving effect to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement
would exceed the lesser of (A) together with all sales of Securities under this Agreement and each of the Alternative Distribution Agreements,
including any separate underwriting or similar agreement covering principal transactions described in Section 1 of this Agreement and
the Alternative Distribution Agreements, the Maximum Amount, (B) the amount available for offer and sale under the Prospectus and the
then currently effective Registration Statement, and (C) the amount authorized from time to time to be issued and sold under this Agreement
and each of the Alternative Distribution Agreements by the Company and notified to the Agent in writing. In addition, under no circumstances
shall the Company cause or request the offer or sale of any Securities pursuant to this Agreement at a price lower than the minimum price
authorized from time to time by the Company and notified to the Agent in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitation on Agents. </I>The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales of Securities
shall only be effected by or through only one of the Agent or an Alternative Agent on any single given day, but in no event more than
one, and the Company shall in no event request that the Agent and one or more of the Alternative Agents sell Securities on the same day;
<U>provided</U>, <U>however</U>, that (i) the foregoing limitation shall not apply to (A) exercise of any option, warrant, right or any
conversion privilege set forth in the instrument governing such security or (B) sales solely to employees or security holders of the Company
or its Subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such persons, and (ii) such limitation
shall not apply on any day during which no sales are made pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.75pt 0pt 46.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitations on Sales</I>. Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver,
or request the offer or sale of, any Securities and, by notice to the Agent given by telephone (confirmed promptly by facsimile transmission
or email), shall cancel any instructions for the offer or sale of any Securities, and the Agent shall not be obligated to offer or sell
any Securities during any other period in which the Company is in possession of material non-public information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 7.&nbsp;<U>Covenants of the Company, the Operating Partnership and the Advisor</U>. Each of the Company, the Operating Partnership and the Advisor
hereby, jointly and severally, agrees with the Agent as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Registration Statement Amendments</I>. After the date of this Agreement and during any period in which a Prospectus relating
to any Placement Securities is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify the Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has
become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter from the Commission or any request
by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii) the
Company will prepare and file with the Commission, promptly upon the Agent&#8217;s request, any amendments or supplements to the Registration
Statement or Prospectus that, in the Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the distribution
of the Placement Securities by the Agent (provided, however, that the failure of the Agent to make such request shall not relieve the
Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations and warranties made
by the Company, the Operating Partnership and the Advisor in this Agreement); (iii) the Company will not file any amendment or supplement
to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Securities or a
security convertible into the Placement Securities unless a copy thereof has been submitted to the Agent within a reasonable period of
time before the filing and the Agent has not reasonably objected thereto (provided, however, that the failure of the Agent to make such
objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations
and warranties made by the Company, the Operating Partnership and the Advisor in this Agreement) and the Company will furnish to the Agent
at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement
to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable
paragraph of Rule 424(b) under the Securities Act (without reliance on Rule 424(b)(8) under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Notice
of Commission Stop Orders</I>. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of
the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, or of the suspension
of the qualification of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any
exemption from any such qualification, or of the initiation or threatening of any proceedings for any of such purposes, or of any
examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement or if the Company becomes the
subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Securities. The Company will
make commercially reasonable efforts to prevent the issuance of any stop order, the suspension of any qualification of the
Securities for offering or sale and any loss or suspension of any exemption from any such qualification, and if any such stop order
is issued or any such suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Registration Statement and Prospectus</I>. Except to the extent such documents have been publicly filed with the
Commission pursuant to EDGAR, the Company will furnish to the Agent and its counsel (at the expense of the Company) copies of the Registration
Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration
Statement or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any period in which a Prospectus
relating to the Placement Securities is required to be delivered under the Securities Act (including all documents filed with the Commission
during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such
quantities and at such locations as the Agent may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Continued Compliance with Securities Laws</I>. If at any time when a Prospectus is required by the Securities Act or the Exchange
Act to be delivered in connection with a pending sale of the Placement Securities (including, without limitation, pursuant to Rule 172
under the Securities Act), any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel
for the Agent or for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) amend or supplement the Prospectus in order that the Prospectus will not include any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the
circumstances existing at the time it is delivered to a purchaser, or (iii) amend the Registration Statement or amend or supplement the
Prospectus in order to comply with the requirements of the Securities Act, the Company will promptly notify the Agent to suspend the offering
of Placement Securities during such period until the Company has prepared and filed with the Commission such amendment or supplement as
may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements,
and the Company will furnish to the Agent such number of copies of such amendment or supplement as the Agent may reasonably request. If
at any time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted, conflicts or would conflict with the information contained in the Registration Statement
or the Prospectus or included, includes or would include an untrue statement of a material fact or together with the Prospectus omitted,
omits or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, prevailing at that subsequent time, not misleading, the Company will promptly notify the Agent to suspend the offering
of Placement Securities during such period and the Company will, subject to Section 7(a) hereof, promptly amend or supplement such Issuer
Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Blue
Sky and Other Qualifications</I>. The Company will use its commercially reasonable efforts, in cooperation with the Agent, to
qualify the Placement Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under
the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may designate and to
maintain such qualifications and exemptions in effect for so long as required for the distribution of the Placement Securities (but
in no event for less than one year from the date of this Agreement); provided, however, that the Company shall not be obligated to
file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any
jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject. In each jurisdiction in which the Placement Securities have been so qualified or exempt, the
Company will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or
exemption, as the case may be, in effect for so long as required for the distribution of the Placement Securities (but in no event
for less than one year from the date of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rule 158</I>. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally
available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Agent the benefits
contemplated by, the last paragraph of Section 11(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Use of Proceeds</I>. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale of the
Securities in the manner specified in the Prospectus under &#8220;Use of Proceeds.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Listing</I>. During any period in which the Prospectus relating to the Placement Securities is required to be delivered by the
Agent under the Securities Act with respect to a pending sale of the Placement Securities (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the
Placement Securities to be listed on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Filings with the NYSE. </I>The Company will timely seek to file with the NYSE all material documents and notices required by
the NYSE of companies that have or will issue securities traded on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Reporting Requirements</I>. The Company, during any period when the Prospectus is required to be delivered under the Securities
Act and the Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities
Act), will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by
the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice of Other Sales</I>. During the pendency of any Placement Notice (as amended by the corresponding Acceptance, if applicable)
given hereunder, the Company shall provide the Agent notice as promptly as reasonably possible (and, in any event, at least one (1) Business
Day) before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock
(other than Placement Securities offered pursuant to the provisions of this Agreement or the Alternative Distribution Agreements) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided, that such notice
shall not be required in connection with the (i) issuance, grant or sale of restricted stock, Common Stock, LTIP units, options to purchase
Common Stock, or Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option, stock bonus or
other stock or compensatory plan or arrangement described in the Prospectus, including Common Stock issuable upon redemption of Common
Units, (ii) the issuance of securities in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus,
or (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time,
provided the implementation of such plan is disclosed to the Agent in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement
Notice or sell Placement Securities, advise the Agent promptly after it shall have received notice or obtained knowledge thereof, of
any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
provided to the Agent pursuant to this Agreement during such fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Due Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Agent or
its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available
documents and senior officers, during regular business hours and at the Company&#8217;s principal offices, as the Agent may reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Disclosure of Sales</I>. The Company will disclose in its Quarterly Reports on Form 10-Q, in its Annual Reports on Form 10-K
and/or, at the Company&#8217;s option, in a Current Report on Form 8-K, the number of Placement Securities sold through the Agent during
the most recent fiscal quarter, the Net Proceeds to the Company and the compensation paid or payable by the Company to the Agent with
respect to such Placement Securities. The Company will prepare and file with the Commission, promptly upon the Agent&#8217;s reasonable
request, any amendments or supplements to the Registration Statement or Prospectus that, in the Agent&#8217;s reasonable opinion, may
be necessary or advisable in connection with the sale of the Common Stock pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representation Dates; Certificates</I>. On or prior to the date that the first Securities are sold pursuant to the terms of
this Agreement and as promptly as possible and in no event later than two (2) Trading Days after each of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 each time the Company:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 114.95pt; margin-left: 11pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 files the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating to the Securities by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Securities;</P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-left: 11pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 114.95pt"> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 files an Annual Report on Form 10-K under the Exchange Act;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-left: 11pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 114.95pt"> (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 files a Quarterly Report on Form 10-Q under the Exchange Act; or</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-left: 11pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 114.95pt"> (iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 files a Current Report on Form 8-K containing amended financial information (other than information &#8220;furnished&#8221; pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act; and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-indent: 78.55pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at any other time reasonably requested by the Agent (each such date of filing of one or more of the documents referred to in clauses
(1)(i) through (iv) and any time of request pursuant to this Section 7(o) shall be a &#8220;<U>Representation Date</U>&#8221;),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">the Company shall furnish the
Agent with a certificate, in the form attached hereto as <U>Exhibit G</U> and the Advisor shall furnish the Agent with a
certificate, in the form attached hereto as <U>Exhibit H</U>. The requirement to provide a certificate under this Section 7(o) shall
be waived for any Representation Date occurring at a time at which no Placement Notice (as amended by the corresponding Acceptance,
if applicable) is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement
Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation
Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Securities following a Representation
Date when the Company relied on such waiver and did not provide the Agent with a certificate under this Section 7(o), then before
the Company delivers the Placement Notice or the Agent sells any Placement Securities, the Company shall provide the Agent with a
certificate, in the form attached hereto as <U>Exhibit G</U> and the Advisor shall furnish the Agent with a certificate, in the form
attached hereto as <U>Exhibit H</U>, each dated the date of the Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Company, the Operating Partnership and the Advisor.</I> On or prior to the date that the first Securities
are sold pursuant to the terms of this Agreement, and as promptly as practicable after the Company files a Quarterly Report on Form 10-Q
under the Exchange Act, the Company shall cause to be furnished to the Agent a written opinion of Cadwalader, Wickersham &amp; Taft LLP,
counsel for the Company, the Operating Partnership and the Advisor, dated the date that the opinion is required to be delivered, in the
form attached hereto as <U>Exhibit D</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended
or supplemented; <U>provided</U>, <U>however</U>, that in lieu of such opinions, such counsel may furnish the Agent with a letter to the
effect that the Agent may rely on a prior opinion delivered under this Section 7(p) to the same extent as if it were dated the date of
such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as
amended or supplemented at such time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Tax Counsel for Company and the Operating Partnership</I>. On or prior to the date that the first Securities are
sold pursuant to the terms of this Agreement, and as promptly as possible after the Company files a Quarterly Report on Form 10-Q under
the Exchange Act, the Company shall cause to be furnished to the Agent a written opinion of Locke Lord LLP, tax counsel for the Company
and the Operating Partnership, dated the date that the opinion is required to be delivered, in the form attached hereto as <U>Exhibit
E</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>,
<U>however</U>, that in lieu of such opinions, such counsel may furnish the Agent with a letter to the effect that the Agent may rely
on a prior opinion delivered under this Section 7(q) to the same extent as if it were dated the date of such letter (except that statements
in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Maryland Counsel for the Company. </I>On or prior to the date that the first Securities are sold pursuant to the
terms of this Agreement, and as promptly as possible after the Company files a Quarterly Report on Form 10-Q under the Exchange Act, the
Company shall cause to be furnished to the Agent a written opinion of Hogan Lovells US LLP, Maryland counsel for the Company, dated the
date that the opinion is required to be delivered, in the form attached hereto as <U>Exhibit F</U>, modified, as necessary, to relate
to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>, <U>however</U>, that in lieu of such
opinions, such counsel may furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion delivered under this
Section 7(r) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed
to relate to the Registration Statement and the Prospectus as amended or supplemented at such time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Comfort Letters</I>. On or prior to the date that the Securities are first sold pursuant to the terms of this Agreement and
as promptly as practicable after the Company files an Annual Report on Form 10-K under the Exchange Act, the Company shall cause its independent
accountants (and any other independent accountants whose report is included in the Prospectus) to furnish the Agent letters (the &#8220;<U>Comfort
Letters</U>&#8221;), dated the date of the Comfort Letters are delivered, in form and substance satisfactory to the Agent, (i) confirming
that they are independent registered public accounting firms within the meaning of the Securities Act, the Exchange Act and the PCAOB,
(ii) stating, as of such date, the conclusions and findings of such firms with respect to the financial information and other matters
ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Chief
Financial Officer&#8217;s Certificate</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this
Agreement, and as promptly as possible and in no event later than two (2) Trading Days of each Representation Date with respect to
which the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit G</U> for which no waiver is
applicable, the Company shall cause to be furnished to the Agent a certificate of the Chief Financial Officer of the Company, in
form and substance satisfactory to the Agent and its counsel, dated the date that the certificate is required to be delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Market Activities</I>. Neither the Company nor the Operating Partnership will, directly or indirectly, (i) take any action designed
to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price
of any security of the Company to facilitate the sale or resale of the Placement Securities or (ii) sell, bid for, or purchase the Securities
to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Securities
to be issued and sold pursuant to this Agreement other than the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Investment Company Act</I>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it
nor its Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &#8220;investment company,&#8221; as
such term is defined in the Investment Company Act, assuming no change in the Commission&#8217;s current interpretation as to entities
that are not considered an investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Securities Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon it by
the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings
in, the Placement Securities as contemplated by the provisions hereof and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance
in writing by the Company and the Agent in its capacity as principal or agent hereunder, the Company (including its agents and representatives,
other than the Agent in its capacity as such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any
free writing prospectus relating to the Securities to be sold by the Agent as principal or agent hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(aa)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Sarbanes-Oxley
Act</I>. The Company and its Subsidiaries will use their best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley
Act.</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(bb)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Regulation
M</I>. If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange
Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Agent and sales of the Placement Securities
under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(cc)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>REIT
Qualification</I>. The Company and the Operating Partnership will use their best efforts to enable the Company to continue to qualify
for taxation as a REIT under the Code and will not take any action to revoke or otherwise terminate the Company&#8217;s REIT election,
unless the Company&#8217;s board of directors determines in good faith that it is no longer in the best interests of the Company and its
stockholders to be so qualified.</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.95pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">(dd)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Reserved].</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(ee)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Renewal
of Registration Statement. </I>The date of this Agreement is not more than three years subsequent to the initial effective date of
the Registration Statement (the &#8220;<U>Renewal Date</U>&#8221;). If, immediately prior to the Renewal Date, this Agreement has
not terminated and a prospectus is required to be delivered or made available by the Agent under the Securities Act or the Exchange
Act in connection with the sale of such Securities, the Company will, prior to the Renewal Date, file, if it has not already done
so, a new shelf registration statement or, if applicable, an automatic shelf registration statement relating to such Securities,
and, if such registration statement is not an automatic shelf registration statement, will use its commercially reasonable efforts
to cause such registration statement to be declared effective within 180 days after the Renewal Date, and will take all other
reasonable actions necessary or appropriate to permit the public offer and sale of such Securities to continue as contemplated in
the expired registration statement relating to such Securities. References herein to the &#8220;Registration Statement&#8221; shall
include such new shelf registration statement or automatic shelf registration statement, as the case may be, and each new or
additional shelf registration statement or automatic shelf registration statement filed by the Company for the purpose of
registering the Securities to be sold pursuant to this Agreement.</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">SECTION 8.&nbsp; <U>Payment of Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 46.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">The Company
agrees to pay all costs and expenses incident to the performance of its obligations under this Agreement, whether or not the transactions
contemplated hereunder are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with: (i) the
preparation and filing of the Registration Statement, each preliminary prospectus, any Issuer Free Writing Prospectus, the Prospectus,
and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Agent and to dealers (including
costs of mailing and shipment); (ii) the preparation, issuance and delivery of the certificates for the Placement Securities to the Agent,
including any stock or other transfer taxes or duties payable upon the sale of the Placement Securities to the Agent; (iii) the printing
of this Agreement and any dealer agreements and furnishing copies of each to the Agent and to dealers (including costs of mailing and
shipment); (iv) the qualification of the Securities for offering and sale under state laws that the Company and the Agent have mutually
agreed are appropriate and the determination of their eligibility for investment under state law as aforesaid, and the printing and furnishing
of copies of any blue sky surveys or legal investment surveys to the Agent and to dealers; (v) the filing for review of the public offering
of the Securities by FINRA; (vi) the fees and expenses of any transfer agent or registrar for the Securities and miscellaneous expenses
referred to in the Registration Statement, (vii) the fees and expenses incurred in connection with the listing of the Securities on the
NYSE, (viii) the fees and disbursements of the counsel, accountants and other advisors to the Company, and (ix) any other transactional
fees, charges or taxes imposed by any governmental body or self-regulatory organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 9.
<U>Conditions of the Agent&#8217;s Obligations</U>. The obligations of the Agent hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties of the Company contained in this Agreement or in certificates
of any officer of the Company or any Subsidiary of the Company delivered pursuant to the provisions hereof, to the performance by the
Company of its covenants and other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Company, the Operating Partnership and the Advisor. </I>The Agent shall have received the favorable opinions
of Cadwalader, Wickersham &amp; Taft LLP, counsel for the Company, the Operating Partnership and the Advisor, required to be delivered
pursuant to Section 7(p) on or before the date on which such delivery of such opinion is required pursuant to Section 7(p).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Tax Counsel for Company and the Operating Partnership. </I>The Agent shall have received the favorable opinions of
Locke Lord LLP, counsel for the Company and the Operating Partnership, required to be delivered pursuant to Section 7(q) on or before
the date on which such delivery of such opinion is required pursuant to Section 7(q).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Maryland Counsel for the Company. </I>The Agent shall have received the favorable opinions of Hogan Lovells US LLP,
counsel for the Company, required to be delivered pursuant to Section 7(r) on or before the date on which such delivery of such opinion
is required pursuant to Section 7(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT> <I>No Material Notices</I>. None of the following events shall have occurred and be continuing: (i) receipt by the Company or
any of its Subsidiaries of any request for additional information from the Commission during the period of effectiveness of the Registration
Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus;
(ii) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Placement Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or
the Prospectus, or any Issuer Free Writing Prospectus, or any material document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus, or any Issuer
Free Writing Prospectus, or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading and, that in the case of the Prospectus and any Issuer Free Writing Prospectus, it will not contain any materially untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Misstatement or Material Omission</I>. The Agent shall not have advised the Company that the Registration Statement or Prospectus,
or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&#8217;s
reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s opinion is material and is required to be stated therein
or is necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Material Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&#8217;s reports filed with the Commission,
there shall not have been any material adverse change in the condition (financial or otherwise) or in the assets, business, operations,
earnings, properties or prospects of the Company and the Subsidiaries, taken as a whole, whether or not arising in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Company and Advisor Representation Certificates</I>. The Agent shall have received the certificates required to be delivered
pursuant to Section 7(o) on or before the date on which delivery of such certificates is required pursuant to Section 7(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Accountant&#8217;s Comfort Letters</I>. The Agent shall have received the Comfort Letters required to be delivered pursuant
Section 7(s) on or before the date on which such delivery of such opinion is required pursuant to Section 7(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Chief Financial Officer&#8217;s Certificate</I>. The Agent shall have received the certificate of the Chief Financial Officer
of the Company required to be delivered pursuant to Section 7(t) on or before the date on which delivery of such certificate is required
pursuant to Section 7(t).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Approval for Listing</I>. The Placement Securities shall have been approved for listing on the NYSE, subject only to official
notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 11pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt"> (k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 <I>No Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Additional Documents</I>. On each date on which the Company is required to deliver a certificate pursuant to Section 7(o), counsel
for the Agent shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them
to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations
or warranties, or the fulfillment of any of the conditions, contained in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(m)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Securities Act Filings Made</I>. All filings with the Commission required by Rule 424 under the Securities Act to have been
filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such
filing by Rule 424 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 11pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 46.95pt; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement</I>. If any condition specified in this Section 9 shall not have been fulfilled when and as required
to be fulfilled, this Agreement may be terminated by the Agent by notice to the Company, and such termination shall be without liability
of any party to any other party except as provided in Section 8 hereof and except that, in the case of any termination of this Agreement,
Sections 5, 10, 11 and 20 hereof shall survive such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Registration Statement; Payment of Filing Fee</I>. The Registration Statement shall be effective and shall
be available for (i) all sales of Placement Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding
Acceptance, if applicable) and (ii) the sale of all Placement Securities contemplated to be issued by any Placement Notice. The Company
shall have paid the required Commission filing fees relating to the Securities within the applicable time required under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-indent: 35.95pt">SECTION 10. <U>Indemnification
and Contribution by the Company, the Operating Partnership, the Advisor and the Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification by the Company, the Operating Partnership and the Advisor</I>. The Company, the Operating Partnership and the
Advisor, jointly and severally, agree to indemnify and hold harmless the Agent, its affiliates, as such term is defined in Rule 501(b)
under the Securities Act (each an &#8220;<U>Affiliate</U>&#8221;), its selling agents and each person, if any, who controls the Agent
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising
out of any untrue statement or alleged untrue statement of a material fact included in any Issuer Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid
in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided, that,
(subject to Section 10(e) below) any such settlement is effected with the written consent of the Company, which written consent shall
not be unreasonably withheld; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Agent) reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>provided</U>, <U>however</U>,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto) or the Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by the
Agent expressly for use in the Registration Statement (or any amendment thereto), or in any Issuer Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification by the Agent</I>. The Agent agrees to indemnify and hold harmless the Company, the Operating Partnership and
the Advisor, each of their respective directors, each of the Company&#8217;s officers who signed the Registration Statement, and each
person, if any, who controls the Company or the Advisor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section
10, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Actions against Parties; Notification. </I>Each indemnified party shall give notice as promptly as reasonably practicable to
each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify
an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced
as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. In the case of parties indemnified pursuant to Section 10(a) above, counsel to the indemnified parties shall be selected by
the Agent, and, in the case of parties indemnified pursuant to Section 10(b) above, counsel to the indemnified parties shall be selected
by the Company. An indemnifying party may participate at its own expense in the defense of any such action; <U>provided</U>, <U>however</U>,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of
which indemnification or contribution could be sought under this Section 10 hereof (whether or not the indemnified parties are actual
or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified
party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Settlement without Consent if Failure to Reimburse. </I>If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for
any settlement of the nature contemplated by Section 10(a)(2) effected without its written consent if (i) such settlement is entered into
more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Contribution</I>.
If the indemnification provided for in this Section 10 is for any reason unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company,
the Operating Partnership and the Advisor, on the one hand, and the Agent, on the other hand, from the offering of the Securities
pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company, the Operating Partnership and the Advisor, on the one hand, and of the Agent, on the other hand, in connection with the
statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">The relative
benefits received by the Company, the Operating Partnership and the Advisor, on the one hand, and the Agent, on the other hand, in connection
with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net
proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company (which, for
purposes of this subsection, account for the relative benefits received by the Operating Partnership), on the one hand, and the total
commissions received by the Agent, on the other hand, bear to the aggregate public offering price of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">The relative
fault of the Company, the Operating Partnership and the Advisor, on the one hand, and the Agent, on the other hand, shall be determined
by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by the Company, the Operating Partnership or the Advisor or by the Agent and
the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">The Company,
the Operating Partnership, the Advisor and the Agent agree that it would not be just and equitable if contribution pursuant to this Section
10 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section 10. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section 10 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">Notwithstanding
the provisions of this Section 10, the Agent shall not be required to contribute any amount in excess of the amount by which the total
underwriting discounts and commissions with respect to the offering of the Securities received by it under this Agreement exceeds the
amount of any damages that the Agent has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission
or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">For purposes
of this Section 10, each person, if any who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act and the Agent&#8217;s Affiliates and selling agents shall have the same rights to contribution as the Agent, and each
director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution
as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 11.&nbsp;<U>Representations, Warranties and Agreements to Survive Delivery</U>. All representations, warranties and agreements contained in this
Agreement or in certificates of officers of the Company, the Operating Partnership, the Advisor or any of their respective subsidiaries
submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of
the Agent or its Affiliates or selling agents, any person controlling the Agent or its officers or directors, or by or on behalf of the
Company, the Operating Partnership or the Advisor or any person controlling the Company, the Operating Partnership or the Advisor, and
shall survive delivery of the Securities to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">SECTION 12. <U>Termination of Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination; General</I>. The Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any
time (i) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus,
any material adverse change in the condition (financial or otherwise) or in the assets, business, operations, earnings, properties or
prospects of the Company and the Subsidiaries, taken as a whole, whether or not arising in the ordinary course of business, (ii) if there
has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak
of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national
or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment
of the Agent, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, (iii) if trading
in the Placement Securities has been suspended or limited by the Commission or the NYSE, (iv) if trading generally on the NYSE, the NYSE
American LLC or the Nasdaq Global Market has been suspended or limited, or minimum or maximum prices for trading have been fixed, or maximum
ranges for prices have been required, by any of said exchanges or by order of the Commission, the FINRA or any other governmental authority,
or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or in
Europe, or (v) if a banking moratorium has been declared by either Federal or New York authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination by the Company</I>. Subject to Section 12(f) hereof, the Company shall have the right to terminate this Agreement
in its sole discretion at any time after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination by the Agent</I>. Subject to Section 12(f) hereof, the Agent shall have the right to terminate this Agreement in
its sole discretion at any time after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Automatic Termination</I>. Unless earlier terminated pursuant to this Section 12, this Agreement shall automatically terminate
upon the issuance and sale of Placement Securities through the Agent on the terms and subject to the conditions set forth herein with
an aggregate sale price equal to the Maximum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.85pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Continued Force and Effect</I>. This Agreement shall remain in full force and effect unless terminated pursuant to Sections
12(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Termination</I>. Any termination of this Agreement shall be effective on the date specified in such notice
of termination; provided, however, that such termination shall not be effective until the close of business on the date of receipt of
such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale
of Placement Securities, such Placement Securities shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section 12, such termination shall be without liability of any party to any other
party except as provided in Section 8 hereof, and except that, in the case of any termination of this Agreement, Sections 5, 10, 11
and 20 hereof shall survive such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 13.
<U>Notices</U>. Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Agent shall
be directed to the Agent at [ ] with a copy to (which shall not constitute notice) Hunton Andrews Kurth LLP, Riverfront Plaza, 951 E Byrd
Street, Richmond, VA 23219 Attention: James Davidson, Esq. and notices to the Company, the Operating Partnership or the Advisor shall
be directed to the offices of the Company at 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254, fax no. (972) 490-9605, Attention
of General Counsel, with a copy to (which shall not constitute notice) Cadwalader, Wickersham &amp; Taft LLP, 200 Liberty Street, New
York, NY 10281, Attention: Gregory P. Patti, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 14.
<U>Parties</U>. This Agreement shall inure to the benefit of and be binding upon the Agent, the Company, the Operating Partnership and
the Advisor and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give
any person, firm or corporation, other than the Agent, the Company, the Operating Partnership, the Advisor and their respective successors
and the controlling persons and officers and directors referred to in Section 10 and their heirs and legal representatives, any legal
or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions
and provisions hereof are intended to be for the sole and exclusive benefit of the Agent, the Company, the Operating Partnership, the
Advisor and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives,
and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Agent shall be deemed to be a successor
by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 15.
<U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all stock- related numbers contained in this Agreement shall
be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 16.
<U>Governing Law and Time</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 17.
<U>Effect of Headings</U>. The Section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.8pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION
18.&nbsp;<U>Permitted Free Writing Prospectuses</U>. Each of the Company and the Operating Partnership represents, warrants and agrees
that, unless it obtains the prior consent of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the
prior consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer
Free Writing Prospectus, or that would otherwise constitute a &#8220;free writing prospectus,&#8221; as defined in Rule 405 under
the Securities Act, required to be filed with the Commission. Any such free writing prospectus consented to by the Agent or by the
Company, as the case may be, is hereinafter referred to as a &#8220;<U>Permitted Free Writing Prospectus</U>.&#8221; The Company
represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer
free writing prospectus,&#8221; as defined in Rule 433 under the Securities Act, and has complied and will comply with the
requirements of Rule 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including timely filing with
the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that all free
writing prospectuses, if any, listed in <U>Exhibit I</U> hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION 19.
<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">SECTION
20.&nbsp;<U>Absence of Fiduciary Relationship</U>. Each of the Company, the Operating Partnership and the Advisor, severally and not jointly,
acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Agent is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection
with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship
between the Company, the Operating Partnership and the Advisor or any of their respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of
any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company,
the Operating Partnership and/or the Advisor on other matters, and the Agent has no obligation to the Company, the Operating Partnership
or the Advisor with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the public offering price of the Securities was not established by the Agent;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this
Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is aware that the Agent and its respective affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company, the Operating Partnership and the Advisor and the Agent has no obligation to disclose such interests
and transactions to the Company, the Operating Partnership or the Advisor by virtue of any fiduciary, advisory or agency relationship
or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Agent and its respective affiliates may engage in trading in the Common Stock for their own account or for the account of its
clients at the same time as sales of the Placement Securities occur pursuant to this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that the Agent shall not have any liability (whether direct or indirect, in contract, tort or otherwise)
to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the
Company, the Operating Partnership, the Advisor or their respective employees or creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.3pt 0pt 46.5pt; text-align: center">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.3pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.3pt 0pt 46.5pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.3pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 30.9pt; text-align: justify; text-indent: 34.45pt"><FONT STYLE="font-size: 10pt; color: #242424">If
</FONT><FONT STYLE="font-size: 10pt; color: #383838">the </FONT><FONT STYLE="font-size: 10pt; color: #242424">foregoing </FONT><FONT STYLE="font-size: 10pt; color: #383838">is
</FONT><FONT STYLE="font-size: 10pt; color: #242424">in </FONT><FONT STYLE="font-size: 10pt; color: #383838">accordance with your </FONT><FONT STYLE="font-size: 10pt; color: #242424">understanding
</FONT><FONT STYLE="font-size: 10pt; color: #383838">of </FONT><FONT STYLE="font-size: 10pt; color: #4F4F4F">our </FONT><FONT STYLE="font-size: 10pt; color: #383838">agreement</FONT><FONT STYLE="font-size: 10pt; color: #676767">,
</FONT><FONT STYLE="font-size: 10pt; color: #242424">pl</FONT><FONT STYLE="font-size: 10pt; color: #4F4F4F">ease s</FONT><FONT STYLE="font-size: 10pt; color: #242424">ign
</FONT><FONT STYLE="font-size: 10pt; color: #383838">and </FONT><FONT STYLE="font-size: 10pt; color: #242424">return </FONT><FONT STYLE="font-size: 10pt; color: #383838">to
</FONT><FONT STYLE="font-size: 10pt; color: #242424">the </FONT><FONT STYLE="font-size: 10pt; color: #383838">Company </FONT><FONT STYLE="font-size: 10pt; color: #242424">a
counterpart </FONT><FONT STYLE="font-size: 10pt; color: #383838">hereof, w</FONT><FONT STYLE="font-size: 10pt; color: #151515">h</FONT><FONT STYLE="font-size: 10pt; color: #383838">ereupon
</FONT><FONT STYLE="font-size: 10pt; color: #242424">this instrument</FONT><FONT STYLE="font-size: 10pt; color: #4F4F4F">, </FONT><FONT STYLE="font-size: 10pt; color: #676767">alo</FONT><FONT STYLE="font-size: 10pt; color: #242424">ng
</FONT><FONT STYLE="font-size: 10pt; color: #383838">wit</FONT><FONT STYLE="font-size: 10pt; color: #151515">h </FONT><FONT STYLE="font-size: 10pt; color: #242424">all
</FONT><FONT STYLE="font-size: 10pt; color: #383838">counterparts, wi</FONT><FONT STYLE="font-size: 10pt; color: #151515">ll </FONT><FONT STYLE="font-size: 10pt; color: #242424">become
</FONT><FONT STYLE="font-size: 10pt; color: #383838">a </FONT><FONT STYLE="font-size: 10pt; color: #242424">binding </FONT><FONT STYLE="font-size: 10pt; color: #383838">agreement
</FONT><FONT STYLE="font-size: 10pt; color: #242424">by </FONT><FONT STYLE="font-size: 10pt; color: #383838">and among </FONT><FONT STYLE="font-size: 10pt; color: #242424">the
</FONT><FONT STYLE="font-size: 10pt; color: #383838">Agent, </FONT><FONT STYLE="font-size: 10pt; color: #242424">the </FONT><FONT STYLE="font-size: 10pt; color: #383838">Company,
</FONT><FONT STYLE="font-size: 10pt; color: #151515">th</FONT><FONT STYLE="font-size: 10pt; color: #4F4F4F">e </FONT><FONT STYLE="font-size: 10pt; color: #383838">Operating
</FONT><FONT STYLE="font-size: 10pt; color: #242424">Partnership </FONT>and the Advisor <FONT STYLE="font-size: 10pt; color: #151515">i</FONT><FONT STYLE="font-size: 10pt; color: #383838">n
accordance with </FONT><FONT STYLE="font-size: 10pt; color: #242424">its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.15pt 0pt 1.75in; text-align: center"><FONT STYLE="color: #383838">Very
</FONT><FONT STYLE="color: #242424">truly </FONT><FONT STYLE="color: #383838">yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BRAEMAR HOTELS &amp; RESORTS
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Richard J. Stockton</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BRAEMAR HOSPITALITY LIMITED PARTNERSHIP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Braemar OP General Partner LLC, its sole general partner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Braemar Hotels &amp; Resorts Inc., its sole managing member</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">Richard J. Stockton</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ASHFORD HOSPITALITY ADVISORS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Deric S. Eubanks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page to Equity Distribution Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[ ]</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Title&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page to Equity Distribution Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.45pt 0pt 46.5pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.4pt 0pt 46.5pt; text-align: center"><U>FORM OF PLACEMENT NOTICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">From: [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">Cc: [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">To: [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.8pt 0pt 11pt; text-align: justify">Subject: Equity Distribution&#8212;Placement
Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.8pt 0pt 11pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.8pt 0pt 11pt; text-align: justify">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.8pt 0pt 11pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">Pursuant to
the terms and subject to the conditions contained in the Equity Distribution Agreement among Braemar Hotels &amp; Resorts Inc. (the &#8220;<U>Company</U>&#8221;),
Braemar Hospitality Limited Partnership, Ashford Hospitality Advisors LLC, and [ ] (the &#8220;<U>Agent</U>&#8221;) dated May 25, 2021
(the &#8220;<U>Agreement</U>&#8221;), I hereby request on behalf of the Company that the Agent sell up to [ ] shares of the Company&#8217;s
common stock, par value $0.01 per share, at a minimum market price of $[ ] per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">The Company
hereby confirms that, as of the date of this Placement Notice, neither the Prospectus, nor any Issuer Free Writing Prospectus, when taken
together with the Prospectus, includes an untrue statement of a material fact or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt; text-align: justify; text-indent: 35.95pt">[ADDITIONAL
SALES PARAMETERS MAY BE ADDED, SUCH AS THE MAXIMUM AGGREGATE OFFERING PRICE, THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE MADE,
SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY THE AGENT, AND/OR THE CAPACITY IN WHICH THE
AGENT MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH).]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.9pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.9pt 0pt 11pt; text-align: justify; text-indent: 35.95pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.9pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.5pt 0pt 46.5pt; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.7pt 0pt 46.5pt; text-align: center"><U>AUTHORIZED INDIVIDUALS FOR PLACEMENT
NOTICES AND ACCEPTANCES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt"><B><U>Braemar Hotels &amp; Resorts Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt">EXHIBIT
C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt"><U>COMPENSATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.85pt 0pt 201.95pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 11pt">The Agent shall be paid compensation at a mutually agreed
rate, not to exceed 1.00% of the Gross Proceeds pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.45pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF CORPORATE OPINION AND
NEGATIVE ASSURANCE LETTER OF CADWALADER, WICKERSHAM &amp; TAFT LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">The Common Units underlying the Securities have been duly authorized and, when
issued and delivered by the Operating Partnership in accordance with the OP Partnership Agreement against payment therefor of the consideration
set forth therein, will be validly issued and non-assessable (except to the extent set forth in Section 17-303, 17-607 and 17-804 of the
DRULPA). The holders of outstanding Common Units are not entitled pursuant to the DRULPA or the OP Partnership Agreement to preemptive
or other rights to subscribe for (i) the Securities, or (ii) the Common Units underlying the Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Each of the Operating Partnership and the Advisor is validly existing and of good
standing as a limited partnership under the laws of the State of Delaware, and has full limited partnership power and authority, as applicable,
to own its respective properties and to conduct its respective businesses as described in the Disclosure Package and the Prospectus and
to consummate the transactions described in the Equity Distribution Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">The Equity Distribution Agreement has been duly authorized, executed and delivered
by the Operating Partnership and the Advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.9pt 0pt 47pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">The Equity Distribution Agreement (assuming the due authorization, execution and
delivery of the Equity Distribution Agreement by the underwriters) constitutes a legal, valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, (i) subject to (A) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium, receivership or other laws relating to or affecting creditors&#8217; rights generally and (B) general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity), and (ii) except that the enforcement of rights with
respect to indemnification and contribution obligations and provisions (a) purporting to waive or limit rights to trial by jury, oral
amendments to written agreements or rights of set-off and (b) relating to submission to jurisdiction, venue or service of process may
be limited by applicable law or considerations of public policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">None of the execution, delivery and performance by the Company of the Equity Distribution
Agreement to which it is a party, including the (i) execution and delivery by the Company, the Operating Partnership or the Advisor of
the Equity Distribution Agreement, (ii) consummation by the Company of the issuance and sale of the Securities pursuant to the Equity
Distribution Agreement, or (iii) issuance of the Common Units underlying the Securities, will (a) require any notice to or any filing,
consent, approval, authorization, registration or qualification of or with any federal governmental authority of the United States of
America or any state governmental authority of the State of New York that in our experience is normally applicable to general business
entities with respect to such consummation or sale, (b) result in a breach or violation of any of the terms and provisions of, or constitute
a default under, the Certificate of Incorporation or Bylaws of the Company, as amended, or (c) result in a violation of any United States
federal or New York State law or published rule or regulation that in our experience is normally applicable to general business entities
with respect to such consummation or sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt">6.</TD><TD STYLE="text-align: justify">The Company is not or, assuming the net proceeds of the offering of the Securities
are applied as described in the Prospectus, will not be an &#8220;investment company&#8221; within the meaning of said term as used in
the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29pt"></TD><TD STYLE="width: 18pt; text-align: left">7.</TD><TD STYLE="text-align: justify">The statements under the captions &#8220;Partnership Agreement&#8221;
in the Disclosure Package and the Prospectus, insofar as such statements purport to summarize certain provisions of documents and legal
matters referred to therein and reviewed by us as described above, fairly summarize such provisions and legal matters in all material
respects, subject to the qualifications and assumptions stated therein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">In addition,
we hereby advise you that, in the course of our participation and review as discussed above, considered in light of our understanding
of applicable United States federal securities laws and the experience we have gained through our practice, no facts came to our attention
that cause us to believe that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.65pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">(1) As of
the date hereof, the Registration Statement contained any untrue statement of a material fact or omitted to state any material fact required
to be stated therein or necessary to make the statements therein not misleading, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.65pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">(2) As of
the date hereof, the Prospectus contained or contains any untrue statement of a material fact or omitted or omits to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.65pt 0pt 11pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 47pt"><I>provided,
however</I>, that we express no view or belief as to (a) any financial, accounting, statistical, market or computational information (including
without limitation any related description of methodology and assumptions) included in or omitted from the Registration Statement or the
Prospectus or (b) any information contained in or omitted from any electronic media accompanying the Registration Statement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">Furthermore,
we advise you that according to the effectiveness order of the SEC (regarding the Registration Statement) appearing in the SEC&#8217;s
Electronic Data Gathering, Analysis, and Retrieval system, the Registration Statement was declared effective under the Securities Act
on April 14, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.75pt 0pt 11pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify">In addition, based solely on our
review of the information made available by the SEC at http://www.sec.gov/litigation/stoporders.shtml, we confirm that the SEC has not
issued any stop order suspending the effectiveness of the Registration Statement. To our knowledge, based solely on our participation
in the conferences mentioned above regarding the Registration Statement and our review of the information made available by the SEC at
https://www.sec.gov/litigation/admin.shtml, no proceedings for that purpose are pending or have been instituted or threatened by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.4pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.4pt 0pt 46.5pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.4pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF TAX OPINION OF LOCKE
LORD LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">commencing with the Company&#8217;s taxable year ended December 31, 2013 through
its taxable year ended December 31, 2020, the Company has been organized and operated in conformity with the requirements for qualification
as a REIT under the Code, and the Company&#8217;s organization and current and proposed method of operation will enable it to continue
to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2021 and thereafter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">the Operating Partnership is classified as a partnership for United States federal
income tax purposes and not as an association taxable as a corporation or a &#8220;publicly traded partnership&#8221; taxable as a corporation
under the Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">the statements under the caption &#8220;Material U.S. Federal Income Tax Considerations&#8221;
in the Prospectus, insofar as such statements purport to summarize certain provisions of documents and legal matters referred to therein
and reviewed by us as described above, are correct and fairly summarize such provisions and legal matters in all material respects, subject
to the qualifications and assumptions stated therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.55pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.55pt 0pt 46.5pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.55pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>FORM OF OPINION OF HOGAN LOVELLS
US LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">The Company is validly existing as a corporation and in good standing under the
MGCL as of the date of the Good Standing Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">The Company has the corporate power to own, lease and operate its properties and
to conduct its business as described in the General Disclosure Package and the Prospectus, and to enter into and perform its obligations
under the Equity Distribution Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">The authorized capital stock of the Company as of the date hereof consists of 250,000,000
shares of Common Stock, 5,200,000 Shares of 5.50% Series B Cumulative Convertible Preferred Stock, 10,000,000 shares of Series C Preferred
Stock, 1,840,000 shares of 8.25% Series D Cumulative Preferred Stock, 28,000,000 shares of Series E Redeemable Preferred Stock, 28,000,000
shares of Series M Redeemable Preferred Stock, and 6,960,000 shares of unclassified preferred stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">The execution and delivery by the Company, and the performance on the date hereof
by the Company of its obligations under, the Equity Distribution Agreement have been duly authorized by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.95pt"></TD><TD STYLE="width: 36.05pt">5.</TD><TD STYLE="text-align: justify">The Equity Distribution Agreement has been duly executed and delivered by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">Following (i) issuance and delivery of the Securities in the manner contemplated
by the Equity Distribution Agreement and (ii) receipt by the Company of the consideration for the Securities specified in the Equity Distribution
Agreement and the resolutions of the Board of Directors and the Pricing Committee of the Board of Directors, the Securities will be validly
issued, fully paid and nonassessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify">No holder of outstanding shares of capital stock of the Company has any statutory
preemptive right under the MGCL, or any similar right under the Charter or the By-Laws of the Company to subscribe for any of the Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify">No holder of shares of Common Stock is subject to personal liability as such under
the laws of the State of Maryland, which is the jurisdiction in which the Company is organized.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify">The execution, delivery and performance on the date hereof by the Company of the
Equity Distribution Agreement and the consummation of the transactions contemplated thereunder do not violate (i) Applicable Maryland
Law or the Charter or the By-Laws of the Company or (ii) violate any Maryland court or administrative order, judgment or decree listed
on <U>Schedule 2</U> hereto that names the Company and is specifically directed to it or any of its property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: justify">No approval or consent of, or registration or filing with, any Maryland court,
governmental authority or regulatory agency is required to be obtained or made by the Company under the MGCL in connection with the execution,
delivery and performance on the date hereof by the Company of the Equity Distribution Agreement and the consummation of the transactions
contemplated thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: justify">The Advisory Agreement has been duly authorized by the Company and, solely to
the extent the MGCL applies thereto, duly executed and delivered by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify">The form of certificate evidencing the Securities complies with the requirements
of Section 2-211 of the MGCL and the Charter and By-Laws of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.7pt 0pt 47pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt; text-align: left">13.</TD><TD STYLE="text-align: justify">The information set forth in the Prospectus under the captions:
 &#8220;Description of Common Stock,&#8221; &#8220;Restrictions on Ownership and Transfer,&#8221; &#8220;Material Provisions of Maryland
Law and our Charter and Bylaws,&#8221; &#8220;Risks Related to our Organization and Structure&#8212;Our charter contains provisions that
may delay or prevent a change of control transaction,&#8221; &#8220;Risks Related to our Organization and Structure&#8212;Our board of
directors may create and issue a class or series of preferred stock without stockholder approval,&#8221; &#8220;Risks Related to our
Organization and Structure&#8212;Certain provisions of Maryland law could inhibit changes in control,&#8221; &#8220;Risks Related to
our Organization and Structure&#8212;Our board of directors can take many actions without stockholder approval,&#8221; and &#8220;Risks
Related to our Organization and Structure&#8212;Our rights and the rights of our stockholders to take action against our directors and
officers are limited,&#8221; to the extent that such information constitutes matters of law or legal conclusions, has been reviewed by
us and is accurate and complete in all material respects. The Shares conform as to legal matters in all material respects to the description
thereof set forth in the Prospectus under the caption &#8220;Description of Common Stock.&#8221;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.45pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.45pt 0pt 46.5pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.45pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT G</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>OFFICERS&#8217; CERTIFICATE OF COMPANY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">We, Richard
J. Stockton, the duly elected, qualified and acting President and Chief Executive Officer, and Deric S. Eubanks, the duly elected, qualified
and acting Chief Financial Officer and Treasurer, of Braemar Hotels &amp; Resorts Inc., a Maryland corporation (the &#8220;<B><I>Company</I></B>&#8221;),
are familiar with the facts herein certified and are authorized to execute this Officers&#8217; Certificate on behalf of the Company and
on behalf of Braemar OP General Partner LLC, in its capacity as general partner of Braemar Hospitality Limited Partnership, a Delaware
limited partnership (the &#8220;<B><I>Operating Partnership</I></B>&#8221;), pursuant to Section 7(o) of that certain Equity Distribution
Agreement, dated May 25, 2021 (the &#8220;<B><I>Agreement</I></B>&#8221;), by and among the Company, the Operating Partnership, Ashford
Hospitality Advisors LLC, a Delaware limited liability company, and [ ] (the &#8220;<B><I>Agent</I></B>&#8221;). Capitalized terms used
but not defined herein shall have the meanings set forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-indent: 47pt">We do hereby certify in our capacities as officers of the
Company that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The representations and warranties of the Company and the Operating Partnership in Agreements are true and correct, as if made
on and as of the date hereof, and the Company and the Operating Partnership have complied with all the agreements and satisfied all the
conditions on their part to be performed or satisfied at or prior to the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No stop order suspending the effectiveness of the Registration Statement or any post- effective amendment thereto or order suspending
or preventing the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or threatened
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subsequent to the respective dates as of which information was given in the Prospectus, there has not been (a) any change, or any
development or event that reasonably could be expected to result in a change, that has or reasonably could be expected to have a Material
Adverse Effect, whether or not arising in the ordinary course of business, (b) any transaction that is material to the Company and the
Subsidiaries considered as one enterprise, (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries
considered as one enterprise, incurred by the Company or the Subsidiaries, (d) any change in the capital stock or outstanding indebtedness
of the Company or any Subsidiary that is material to the Company and the Subsidiaries considered as one enterprise, (e) any dividend or
distribution of any kind declared, paid or made on the capital stock or other equity interests of the Company or any Subsidiary, or (f)
any loss or damage (whether or not insured) to the property of the Company or any Subsidiary that has been sustained or will have been
sustained that has or may reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.25pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.25pt 0pt 46.5pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.25pt 0pt 46.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>OFFICERS&#8217; CERTIFICATE OF ADVISOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 47pt">We, Robert
G. Haiman, the duly elected, qualified and acting Executive Vice President, General Counsel and Secretary, and Deric S. Eubanks, the duly
elected, qualified and acting Chief Financial Officer and Treasurer, of Ashford Hospitality Advisors LLC, a Delaware limited liability
company (the &#8220;<B><I>Advisor</I></B>&#8221;), are familiar with the facts herein certified and are authorized to execute this Officers&#8217;
Certificate on behalf of the Advisor, pursuant to Section 7(o) of that certain Equity Distribution Agreement, dated May 25, 2021 (the
 &#8220;<B><I>Agreement</I></B>&#8221;), by and among Braemar Hotels &amp; Resorts Inc., a Maryland corporation, Ashford Hospitality Advisors
LLC, a Delaware limited liability company (the &#8220;<B><I>Advisor</I></B>&#8221;), Braemar Hospitality Limited Partnership, a Delaware
limited partnership and [ ]. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-indent: 47pt">We do hereby certify in our capacities as officers of the
Advisor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 60pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The representations and warranties of the Advisor in the Agreement are true and correct, as if made on and as of the date hereof,
and the Advisor has complied with the Agreement and satisfied all the conditions on its part to be performed or satisfied at or prior
to the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 60pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>No stop order suspending the effectiveness of the Registration Statement or any post- effective amendment thereto or order suspending
or preventing the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or threatened
under the Securities Act.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-indent: 53.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: justify; text-indent: 60pt">(ii) Subsequent
to the respective dates as of which information was given in the Prospectus, there has not been (a) any change, or any development or
event that reasonably could be expected to result in a change, that has or reasonably could be expected to have an Advisor Material Adverse
Effect, whether or not arising in the ordinary course of business, or (b) any transaction that is material to the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.9pt 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>ISSUER FREE WRITING PROSPECTUSES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">EXHIBIT J <U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>SIGNIFICANT SUBSIDIARIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Braemar Hotels &amp; Resorts Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Braemar Hospitality Limited Partnership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Braemar OP Limited Partner LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Braemar OP General Pratner LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Braemar TRS Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford BC GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford BC LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford TRS BC LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford Sarasota GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford Sarasota Holding Company LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford Sarasota LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford TRS Sarasota Holding Company LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford TRS Sarasota LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ashford Thomas LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">RC Hotels (Virgin Islands), Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">BHR Tahoe GP LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">BHR Tahoe LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">BHR TRS Tahoe LLC</P>



<P STYLE="font-size: 10pt; margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2117529d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2117529d1_ex5-1img001.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 42%; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hogan Lovells US LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harbor East</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 International Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;2000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, MD 21202</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T +1 410 659 2700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F +1 410 659 2701</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.hoganlovells.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Braemar Hotels&nbsp;&amp; Resorts,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14185 Dallas Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;1200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, TX 75254</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are acting as counsel to Braemar Hotels&nbsp;&amp; Resorts,&nbsp;Inc.
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with its filing of a Current Report on Form&nbsp;8-K (the &ldquo;<B>Form&nbsp;8-K</B>&rdquo;)
filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Act</B>&rdquo;),
relating to the proposed public offering from time to time by the Company of up to $50,000,000 of Common Stock, par value $.01 per share
of the Company (the &ldquo;<B>Common Shares</B>&rdquo;).&nbsp; The Common Shares will be issued pursuant to an Equity Distribution Agreement
dated as of May&nbsp;25, 2021 between the Company and Virtu Americas LLC (the &ldquo;<B>Distribution Agreement</B>&rdquo;).&nbsp; This
opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item&nbsp;601(b)(5)&nbsp;of Regulation
S-K, 17&nbsp;C.F.R. &sect;&nbsp;229.601(b)(5), in connection with the Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this opinion letter, we have examined copies of such
agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed.&nbsp;&nbsp;In
our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons,
the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic
original documents of all documents submitted to us as copies (including pdfs). We also have assumed that the Common Shares will not be
issued in violation of the ownership limit contained in the Company&rsquo;s charter. As to all matters of fact, we have relied on the
representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied
on.&nbsp; This opinion letter is given, and all statements herein are made, in the context of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion letter is based as to matters of law solely on the Maryland
General Corporation Law, as amended.&nbsp; We express no opinion herein as to any other statutes, rules, or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors<BR>
    May&nbsp;25, 2021</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 42%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Based upon, subject to and limited by
the foregoing, we are of the opinion that following (i)&nbsp;execution and delivery by the Company of the Distribution Agreement, (ii)&nbsp;authorization
by the Company&rsquo;s Board of Directors, or the Pricing Committee of the Board of Directors within the limitations established by resolutions
duly adopted by the Company&rsquo;s Board of Directors, of the terms pursuant to which the Common Shares may be sold pursuant to the Distribution
Agreement, </FONT>(iii)&nbsp;issuance of the Common Shares pursuant to <FONT STYLE="font-size: 10pt">the terms established by the Board
of Directors and the Pricing Committee and </FONT>the terms of the Distribution Agreement, and (iv)&nbsp;receipt by the Company of the
consideration for the Common Shares specified in the resolutions of the Board of Directors and the Pricing Committee, the Common Shares
will be validly issued, fully paid, and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion letter has been prepared for use in connection with the
filing of the Form&nbsp;8-K. We assume no obligation to advise of any changes in the foregoing subsequent to the date of this
opinion letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1
to the Current Report on Form&nbsp;8-K being filed in connection with the execution and delivery of the Distribution Agreement and to
the reference to this firm under the caption &ldquo;Legal Matters&rdquo; constituting part of the Registration Statement.&nbsp; In giving
this consent, we do not thereby admit that we are an &ldquo;expert&rdquo; within the meaning of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Hogan Lovells US LLP</I></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOGAN LOVELLS US LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>bhr-20210525_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>bhr-20210525_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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    <dei:TradingSymbol contextRef="From2021-05-252021-05-25_us-gaap_SeriesBPreferredStockMember">BHR-PB</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-05-252021-05-25_us-gaap_SeriesBPreferredStockMember">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2021-05-252021-05-25_us-gaap_SeriesDPreferredStockMember">Preferred Stock, Series D</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-05-252021-05-25_us-gaap_SeriesDPreferredStockMember">BHR-PD</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-05-252021-05-25_us-gaap_SeriesDPreferredStockMember">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2021-05-25to2021-05-25">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139986453476584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 25, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 25,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35972<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">BRAEMAR
HOTELS & RESORTS INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001574085<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">46-2488594<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">14185
    Dallas Parkway<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">490-9600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BHR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series B<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BHR-PB<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Series D Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series D<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BHR-PD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
