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8. Nothing in this Hotel Covenant shall restrict Grantee from unencumbering the <br />Property with a deed of trust or mortgage. Any amendment to these Hotel Covenant shall require <br />the consent of any mortgagee. No portion of this Hotel Covenant or any amendment or violation <br />thereof shall operate to defeat or render invalid, in whole or in part, the rights or protection of the <br />beneficiary, insurer, guarantor, or holder of any mortgage or deed of trust encumbering any portion <br />of the Property. Notwithstanding anything in this Hotel Covenant to the contrary, in the event of <br />any foreclosure or deed -in -lieu of foreclosure by lender holding a deed of trust or mortgagee on <br />the Property, any successor owner shall acquire fee title to the Property free of any obligations <br />under this Hotel Covenant. <br />9. The covenants contained herein shall be deemed to be covenants running with the <br />land and shall bind and benefit future purchasers, encumbrances and transferee. <br />[Signatures on following page] <br />-3- <br />