UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK

In re: Innkeepers USA Trust, et al., Debtors.

Chapter 11 Case No. 10-13800 (SCC) Jointly Administered

STIPULATION AND ORDER REGARDING FURTHER MODIFICATION OF THE COMMITTEES CHALLENGE DEADLINE IN THE CASH COLLATERAL ORDER WHEREAS, on September 2, 2010, the Court entered the Final Order Authorizing the Debtors to (i) Use The Adequate Protection Parties Cash Collateral and (ii) Provide Adequate Protection Parties Pursuant to 11 U.S.C. 361, 362 and 363 (as amended, the Cash Collateral Order) [Docket No. 402 (amended by Docket No. 539)]; WHEREAS, paragraph 13 of the Cash Collateral Order provides, in pertinent part, that the Committee1 has a right to investigate and challenge any liens or security interests of the Adequate Protection Parties, or to assert any other claims or causes of action, at law or in equity, against any of the Adequate Protection Parties (the Challenge); WHEREAS, in addition to examining whether the Adequate Protection Parties validly perfected their prepetition liens and security interests against the Debtors assets (the Perfection Analysis), the Committee is simultaneously examining the June 2007 transaction in which Apollo Investment Corporation acquired the Debtors equity (the 2007 Transaction);

Capitalized terms not otherwise defined herein shall have the meaning set forth in the Cash Collateral

Order.

WHEREAS, the Cash Collateral Order established November 30, 2010 as the date by which the Committee must file any Challenge (the Challenge Period); WHEREAS, in lieu of the Committee seeking relief from the Bankruptcy Court to modify and amend the Cash Collateral Order in order to extend the Deadline, the Adequate Protection Parties agreed to the terms of a Stipulation and Order, dated November 29, 2010 (Docket No. 744), providing for both (i) the extension of the Challenge Period relating to the Perfection Analysis from November 30, 2010 to December 30, 2010 as well as (ii) the extension of the Challenge Period for any Challenge not relating to the Perfection Analysis, including any Challenge related to the 2007 Transaction, from November 30, 2010 to January 28, 2011 (the First Challenge Period Extension Order); WHEREAS, the Committee, CW Capital Asset Management LLC and LNR Partners, LLC have agreed to further extend the Challenge Period relating to the Perfection Analysis for an additional sixty (60) days; and WHEREAS, the parties agree that nothing herein is intended to modify, alter or extend the Challenge Period for any Challenge not relating to the Perfection Analysis, including any Challenge related to the 2007 Transaction, which is currently January 28, 2011. ACCORDINGLY, The Official Committee of Unsecured Creditors of Innkeepers USA Trust, et al., by and through its attorneys, Morrison & Foerster LLP, and the Adequate Protection Parties, by and through their respective attorneys (identified in the signature boxes below), hereby stipulate that: 1. Paragraph 13 of the Cash Collateral Order, as amended by the First Challenge Period Extension Order, shall be further amended solely to provide that the Challenge Period relating to the Perfection Analysis as to CW Capital Asset Management LLC and LNR Partners,

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LLC is hereby extended up to and including Monday, February 28, 2011. 2. The Challenge Period in paragraph 13 of the Cash Collateral Order, as modified by the First Challenge Period Extension Order and herein, may be further extended as agreed upon by the applicable Adequate Protection Party. 3. The Cash Collateral Order, except as specifically modified herein and in the First Challenge Period Extension Order, remains in full force and effect. 4. This Stipulation and Order is effective nunc pro tunc to December 30, 2010.

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Dated: December 30, 2010 MORRISON & FOERSTER LLP By: /s/ Lorenzo Marinuzzi________________ Lorenzo Marinuzzi 1290 Avenue of the Americas New York, NY 10104-0050 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 lmarinuzzi@mofo.com

Dated: December 30, 2010 BRYAN CAVE LLP By: _/s/ Michelle McMahon_______________ Lawrence P. Gottesman (LG-7061) Michelle McMahon (MM-8130) 1290 Avenue of the Americas New York, New York 10104 Telephone: (212) 541-2000 Facsimile: (212) 541-4630 lawrence.gottesman@bryancave.com michelle.mcmahon@bryancave.com

Attorneys for the Official Committee of Unsecured Creditors of Innkeepers USA Trust, et -andal.

DUANE MORRIS LLP Phillip K. Wang, Esq. (admitted pro hac vice) San Francisco, CA 94105-1127 Telephone: (415) 957.3185 Facsimile: (415) 358.4725 pwang@duanemorris.com Attorneys for Wells Fargo Bank, N.A., as Trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2007-C1 and U.S. Bank National Association, as successor to Lasalle Bank N.A., formerly known as LaSalle National Bank, as Trustee for the registered holders of ML-CFC Commercial Mortgage Trust 2006-4, Commercial Mortgage PassThrough Certificates, Series 2006-4

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Dated: December 30, 2010 PERKINS COIE LLP By: __/s/ David M. Neff_______________ David M. Neff (admitted pro hac vice) 131 S. Dearborn, Street, Suite 1700 Chicago, Illinois 60603-5559 Phone: (312) 324-8400 Fax: (312) 324-9400 dneff@perkinscoie.com -andTASHJIAN & PADIAN Gerald Padian Bradley M. Rank 729 Seventh Avenue New York, New York 10019 Telephone: (212) 319-9800 Facsimile: (212) 319-9883 gpadian@tashpad.com brank@tashpad.com Attorneys for CW Capital Asset Management LLC

Dated: December 30, 2010 KIRKLAND & ELLIS LLP By: _/s/ Marc J. Carmel__________________ James H.M. Sprayregen, P.C. Paul M. Basta 601 Lexington Avenue New York, New York 10022-4611 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 -andMarc J. Carmel (admitted pro hac vice) 300 North LaSalle Chicago, Illinois 60654-3406 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 mcarmel@kirkland.com

Attorneys For The Debtors And Debtors In Possession

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Dated: December 30, 2010 HAYNES AND BOONE, LLP By: _/s/ John D. Penn____________________ Lenard M. Parkins (NY Bar #4579124) Mark Elmore (admitted pro hac vice) 1221 Avenue of the Americas, 26th Floor New York, NY 10020-1007 Telephone: (212) 659-7300 Facsimile: (212) 884-8211 lenard.parkins@haynesboone.com mark.elmore@haynesboone.com -andHAYNES AND BOONE, LLP John D. Penn, Esq. (NY Bar # 4847208) 201 Main Street, Suite 2200 Fort Worth, Texas 76102 Telephone: (817) 347-6610 Facsimile: (817) 348-2300 john.penn@haynesboone.com Attorneys for Midland Loan Services Inc.

Dated: December 30, 2010 DECHERT LLP By: __/s/ Michael J. Sage________________ Michael J. Sage Brian E. Greer Nicole B. Herther-Spiro 1095 Avenue of the Americas New York, New York 10036 Telephone: (212) 698-3500 Facsimile: (212) 698-3599 michael.sage@dechert.com brian.greer@dechert.com

Attorneys for Lehman ALI Inc.

Dated: January 4, 2011

SO ORDERED: /s/Shelley C. Chapman_______ Hon. Shelley C. Chapman United States Bankruptcy Judge

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