Lodging Fund REIT III, Inc. Note Agreements

Tranche 1 Promissory Note by LF3 RIFC, LLC, LF3 RIFC TRS, LLC, and Legendary A-1 Bonds, LLC related to the Residence Inn Fort Collins Property, dated as of August 3, 2022 (Filed With SEC on August 11, 2022)

Tranche 2 Promissory Note by LF3 RIFC, LLC, LF3 RIFC TRS, LLC, and Legendary A-1 Bonds, LLC related to the Residence Inn Fort Collins Property, dated as of August 3, 2022 (Filed With SEC on August 11, 2022)

Tranche 3 Promissory Note by LF3 RIFC, LLC, LF3 RIFC TRS, LLC, and Legendary A-1 Bonds, LLC related to the Residence Inn Fort Collins Property, dated as of August 3, 2022 (Filed With SEC on August 11, 2022)

Promissory Note by LF3 Northbrook, LLC and LF3 Northbrook TRS, LLC in favor of Access Point Financial, LLC, dated as of December 3, 2021 (Filed With SEC on March 31, 2022)

Promissory Note between LF3 Houston, LLC and LF3 Houston TRS, LLC and Choice Financial Group, relating to the Houston Hilton Garden Inn Property, dated as of September 2, 2021 (Filed With SEC on November 12, 2021)

Promissory Note issued by LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Legendary A-1 Bonds, LLC relating to the Houston Hilton Garden Inn Property, dated as of August 3,... (Filed With SEC on August 13, 2021)

Promissory Note issued by LF3 Aurora, LLC and LF3 Aurora TRS, LLC to Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Cedar Rapids Property, dated January 29, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Pineville Property, dated January 29, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Eagan Property, dated January 29, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Prattville Property, dated January 29, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Lubbock Fairfield Property, dated January 29, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Lubbock Home2 Property, dated January 29, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank relating to the Southaven Property, dated February 16, 2021 (Filed With SEC on March 31, 2021)

Promissory Note issued to Western State Bank, dated February 10, 2020 (Filed With SEC on May 14, 2020)

Promissory Note issued to Western State Bank relating to the Lubbock Property, dated April 10, 2020 (Filed With SEC on May 14, 2020)

Promissory Note issued to Western State Bank relating to the Lubbock Home2 Property, dated April 10, 2020 (Filed With SEC on May 14, 2020)

Promissory Note issued to Western State Bank relating to the Cedar Rapids Property, dated April 17, 2020 (Filed With SEC on May 14, 2020)

Promissory Note issued to Western State Bank relating to the Pineville Property, dated April 17, 2020 (Filed With SEC on May 14, 2020)

Promissory Note issued to Western State Bank relating to the Eagan Property, dated April 17, 2020 (Filed With SEC on May 14, 2020)

Promissory Note issued to Western State Bank relating to the Prattville Property, dated April 17, 2020 (Filed With SEC on May 14, 2020)

Promissory Note relating to the Lubbock Home2 Suites, dated as of October 4, 2016 (Filed With SEC on March 25, 2020)

Promissory Note relating to the Lubbock Fairfield Inn, dated as of April 4, 2019 (Filed With SEC on March 25, 2020)