Amendment No. 9 to Master Lease Agreement between Jameson Inns, Inc., Jameson Alabama, Inc., and Kitchin Hospitality, LLC (October 31, 2001)

Summary

This amendment updates the Master Lease Agreement originally made between Jameson Inns, Inc. and Jameson Alabama, Inc. (as Lessor) and Kitchin Hospitality, LLC (as Lessee). The main change is to extend the lease term, which now begins on November 1, 2001, and ends on December 31, 2011, unless ended earlier as specified in the agreement. All other terms of the original lease remain unchanged and in effect.

EX-10.3 5 dex103.txt AMENDMENT NO. 9 TO MASTER LEASE AMENDMENT NO. 9 to MASTER LEASE AGREEMENT BETWEEN JAMESON INNS, INC., and JAMESON ALABAMA, INC. AS LESSOR, and JAMESON HOSPITALITY, LLC, AS LESSEE AMENDMENT DATED AS OF OCTOBER 31, 2001 AMENDMENT NO. 9 TO MASTER LEASE AGREEMENT THIS AMENDMENT NO. 9 TO MASTER LEASE AGREEMENT (hereinafter called "Lease"), made as of the31st day of October, 2001, by and between Jameson Inns, Inc., a Georgia corporation, and Jameson Alabama, Inc., an Alabama corporation (hereinafter together called "Lessor"), and Kitchin Hospitality, LLC, a Georgia limited liability company (hereinafter called "Lessee"), provides as follows: RECITALS: --------- The parties hereto entered into that certain Master Lease Agreement dated as of February 3, 1994, as amended (the "Lease") covering the "Leased Property" as therein defined. The parties desire to amend the Lease by extending the term of the Lease. NOW, THEREFORE, the parties hereto, in consideration of the covenants and agreements to be performed by them as provided hereby, and upon the terms and conditions hereinafter stated, does hereby amend the Lease in the manner and subject to the terms and conditions hereinafter set forth. Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Lease. A. Amendment to Provisions Regarding Term Section 1.2 of Article I shall be amended and restated in its entirety so that it provides as follows: 1.2 Term. The term of the Lease (the "Term") shall commence on ---- November 1, 2001 (the "Commencement Date"), and shall end on December 31, 2011, unless sooner terminated in accordance with the provisions hereof. B. Continuation of Lease Except as Specifically Amended Hereby Except as specifically amended and modified hereby, the terms and provisions of the Lease as heretofore in effect are hereby ratified and confirmed and remain in full force and effect. "LESSOR" JAMESON INNS, INC. Attest: By: /s/ Craig R. Kitchin ------------------------------ Craig R. Kitchin, President /s/ Steven A. Curlee ----------------------- Secretary JAMESON ALABAMA, INC. By: /s/ Craig R. Kitchin ---------------------------------------- Craig R. Kitchin, President "LESSEE" KITCHIN HOSPITALITY, LLC By: /s/ Thomas W. Kitchin --------------------------------- Thomas W. Kitchin, President 1 STATE OF GEORGIA ) ) ss. COUNTY OF DeKALB ) The foregoing instrument was acknowledged before me this 15th day of May, 2001, by Craig R. Kitchin as President of Jameson Inns, Inc. /s/ Kathryn Stockton -------------------------------- Notary Public My commission expires: _____________________ STATE OF GEORGIA ) ) ss. COUNTY OF DeKALB ) The foregoing instrument was acknowledged before me this 15th day of May, 2001, by Craig R. Kitchin as President of Jameson Alabama, Inc. /s/ Kathryn Stockton ------------------------------ Notary Public My commission expires: _____________________ STATE OF GEORGIA ) ) ss. COUNTY OF DeKALB ) The foregoing instrument was acknowledged before me this 15th day of May, 2001, by Thomas W. Kitchin, as President of Kitchin Hospitality, LLC. /s/ Kathryn Stockton ------------------------------------ Notary Public My commission expires: _____________________ 2