EX-10.40 LOAN MODIFICATION AGREEMENT
EX-10.40 4 g95126exv10w40.txt EX-10.40 LOAN MODIFICATION AGREEMENT EXHIBIT 10.40 LOAN MODIFICATION AGREEMENT (FLOATING RATE) THIS LOAN MODIFICATION AGREEMENT (FLOATING RATE), dated as of April 29, 2005 (this "MODIFICATION AGREEMENT"), between the parties identified as "Borrowers" on the signature pages hereto (each a "BORROWER" and collectively, "BORROWERS") and MERRILL LYNCH MORTGAGE LENDING, INC., a Delaware corporation (together with its successors and assigns, "LENDER"). RECITALS: WHEREAS, pursuant to the terms and conditions of that certain Loan and Security Agreement (Floating Rate), dated as of June 25, 2004 (as amended or modified from time to time, the "LOAN AGREEMENT"; all capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Loan Agreement), Lender made a loan to Borrowers and certain other Affiliates of Borrowers in the original principal amount of $109,999,900 (the "LOAN"); and WHEREAS, Borrowers and Lender wish to: (a) provide for the Release of the Property located in St. Louis, Missouri (the "ST. LOUIS PROPERTY") and the prepayment of a portion of the Loan in connection therewith; (b) add new defined terms of "Additional Sale Property" and "Additional Sale Properties" under the Loan Agreement; (c) amend and modify the definitions of "Interest Accrual Period", "Minimum Debt Yield", "Net Sales Proceeds", "Payment Date" and "Release Price" under the Loan Agreement; (d) extend the Scheduled Maturity Date of the Loan for a period of six (6) months and eleven (11) days; (e) modify the Scheduled Mortgage Principal Payments; and (f) otherwise amend and modify the Loan Agreement and the other Loan Documents upon the terms and conditions set forth herein. NOW, THEREFORE, in consideration for the Loan, the covenants, agreements, representation and warranties contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to modify and amend the Loan Agreement and other Loan Documents as follows: 1. The Loan Agreement and Loan Documents are hereby modified and amended as follows: (a) A new definition for "Additional Sale Property" and "Additional Sale Properties" is hereby added to Section 1.1 of the Loan Agreement as follows: "ADDITIONAL SALE PROPERTY" and "ADDITIONAL SALE PROPERTIES" means individually or collectively, the Properties identified in EXHIBIT A as "Additional Sale Properties", but only from and after the date of the sale of the Holiday Inn Select, Niagara Falls, New York Sale Property and the Release of such Sale Property from the Lien of the applicable Mortgage in accordance with the provisions of this Agreement. (b) The term "Interest Accrual Period" as defined in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and superseded by the following: "INTEREST ACCRUAL PERIOD" means with respect to the calculation of interest accrued (and to accrue) with respect to any Payment Date, a period commencing on the fifteenth (15th) day of the prior calendar month and ending on the fourteenth (14th) day of the calendar month in which such Payment Date occurs. (c) The term "Minimum Debt Yield" as defined in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and superseded by the following: "MINIMUM DEBT YIELD" means (i) prior to the first (1st) day of the first (1st) full month after the first (1st) anniversary of the Closing Date, 9%, (ii) from and after the first (1st) day of the first (1st) full month after the first (1st) anniversary of the Closing Date and through and including the Scheduled Maturity Date, or, if the Loan is extended for the First Extension Term, through and including the last day of the month in which the Scheduled Maturity Date would have occurred but for such extension, 10%, (iii) if the Loan is extended for the First Extension Term, from and after the first (1st) day of the first (1st) full month of the First Extension Term and through and including the last day of the First Extension Term, or, if the Loan is further extended for the Second Extension Term, through and including the last day of the month in which the last day of the First Extension Term occurs, 11%, (iv) if the Loan is extended for the Second Extension Term, from and after the first (1st) day of the first (1st) full month of the Second Extension Term and through and including the last day of the Second Extension Term, or, if the Loan is further extended for the Third Extension Term, through and including the last day of the month in which the last day of the Second Extension Term occurs, 12%, and (v) if the Loan is extended for the Third Extension Term, from and after the first (1st) day of the first (1st) full month of the Third Extension Term and through and including the last day of the Third Extension Term, 13%. (d) The term "Net Sales Proceeds" as defined in Section 1.1 of the Loan Agreement is hereby modified by adding: "or an Additional Sale Property" immediately after "a Sale Property" in the second (2nd) line thereof, and by adding: "or Additional Sale Property" immediately after "applicable Sale Property" in the last line thereof. (e) The term "Payment Date" as defined in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and superseded by the following: "PAYMENT DATE" means the eleventh (11th) day of each calendar month during the term of the Loan, or if such eleventh (11th) day is not a Business Day, then the immediately preceding Business Day. (f) The term "Release Price" as defined in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and superseded by the following: 2 "RELEASE PRICE" means an amount equal to (x) with respect to a Sale Property or an Additional Sale Property, the greater of (i) one hundred percent (100%) of the Aggregate Allocated Loan Amount of the applicable Sale Property or Additional Sale Property, and (ii) one hundred percent (100%) of the Net Sales Proceeds with respect to the applicable Sale Property or Additional Sale Property; and (y) with respect to any Property that is not a Sale Property or an Additional Sale Property, one hundred twenty-five percent (125%) of the Aggregate Allocated Loan Amount of the applicable Property. (g) The term of the Loan is hereby extended for a period of six (6) months and eleven (11) days and the term "Scheduled Maturity Date" as defined in Section 1.1 of the Loan Agreement is hereby modified by deleting the words "June 2006" and substituting the words "January 2007" therefor. (h) Section 2.3(A) of the Loan Agreement is hereby amended by adding the following language at the end of said provision: "Notwithstanding the foregoing, the Borrowers shall not be required to maintain the Cap in effect during the period from July 1, 2006 to the Scheduled Maturity Date (the "INTERIM EXTENSION PERIOD") unless Lender, in its sole discretion, elects to pay for the cost of extending the Cap (or purchasing a replacement Cap) during such Interim Extension Period and the Cap Threshold Rate during the Interim Extension Period shall be six percent (6%) per annum; provided, however, if the Holiday Inn Select, Niagara Falls, New York Sale Property has been sold and Released from the Lien of the applicable Mortgage in accordance with the provisions of this Agreement prior to June 30, 2005, Lender shall be required to and shall promptly pay all such costs and expenses of so extending the Cap (or purchasing such a replacement Cap) during such Interim Extension Period." (i) Section 2.5(B)(vi) of the Loan Agreement is hereby amended by deleting the words "five percent (5%)" in the fifth (5th) line thereof and substituting the words "six percent (6%)" in lieu thereof. (j) Clause (d) of Section 5.1(A)(v) of the Loan Agreement is hereby amended by adding: "(except for Required Immediate Repairs as set forth on Schedule 6.5)" immediately after the words "Capital Improvement Reserve" in the fourth (4th) line of such clause (d). (k) Section 11.4(C) of the Loan Agreement is hereby deleted in its entirety and superseded by the following: (C) Lender shall have received from the Borrowers on the date proposed for such Release, the Release Price (together with, except in connection with (i) a Release of a Sale Property [in which case no Prepayment Consideration will be due], or (ii) a Release of an Additional 3 Sale Property [in which case the Prepayment Consideration shall be an amount equal to one-half of one percent (0.5%) of the principal amount of the Loan being prepaid with respect to any prepayment made prior to the Payment Date in July 2006, and thereafter none], the applicable Prepayment Consideration and any prepayment consideration due pursuant to the terms of the Mezzanine Loan Documents) for deposit into the Lock Box Account and disbursement in accordance with the terms of the Cash Management Agreement, and following such disbursement, Lender shall have received Mortgage Lender's Percentage of the Release Price and Mezzanine Lender shall have received Mezzanine Lender's Percentage of the Release Price; (l) Section 11.4(E) of the Loan Agreement is hereby amended by replacing "(other than a Release of a Sale Property)" with "(other than a Release of a Sale Property or an Additional Sale Property)" in the first (1st) line thereof. (m) Section 11.4(F) of the Loan Agreement is hereby deleted in its entirety and superseded by the following: (F) Notwithstanding the foregoing, the Borrowers may not obtain the Release under this Section 11.4 of any Property or Properties (other than the Sale Properties) which individually, or in the aggregate (with all Releases of Properties other than the Sale Properties since the Closing Date), have an Aggregate Allocated Loan Amount of more than thirty percent (30%) of the Loan Amount (exclusive of the Allocated Loan Amount with respect to any Sale Property); (n) Schedule 2.4 to the Loan Agreement, setting forth the Scheduled Mortgage Principal Payments with respect to the Loan, is hereby deleted in its entirety and superceded by Schedule 2.4 attached hereto ("REPLACEMENT SCHEDULE 2.4") and all references in the Loan Agreement and the other Loan Documents to (i) "Schedule 2.4" are hereby deemed to refer to Replacement Schedule 2.4 and (ii) "Scheduled Mortgage Principal Payments" are hereby deemed to refer to the Scheduled Mortgage Principal Payments set forth on Replacement Schedule 2.4. (o) Schedule 6.5 to the Loan Agreement, setting forth the Required Capital Improvements to be performed with respect to the Properties, is hereby deleted in its entirety and superceded by Schedule 6.5 attached hereto ("REPLACEMENT SCHEDULE 6.5") and all references in the Loan Agreement and the other Loan Documents to (i) "Schedule 6.5" are hereby deemed to refer to Replacement Schedule 6.5 and (ii) "Required Capital Improvements" are hereby deemed to refer to the Required Capital Improvements set forth on Replacement Schedule 6.5. (p) Schedule 6.6 to the Loan Agreement, setting forth Environmental Work to be performed with respect to the Properties, is hereby deleted in its entirety and superceded by Schedule 6.6 attached hereto ("REPLACEMENT SCHEDULE 6.6") and all references in the Loan Agreement and the other Loan Documents to (i) "Schedule 6.6" are hereby deemed to refer to 4 Replacement Schedule 6.6 and (ii) "Environmental Work" are hereby deemed to refer to the Environmental Work set forth on Replacement Schedule 6.6. 2. The Borrowers wish to obtain the Release of the St. Louis Property from the Lien of the Mortgage thereon. Notwithstanding anything to the contrary contained in Section 11.4 of the Loan Agreement or otherwise in the Loan Agreement or the other Loan Documents, the parties agree that the Release of the St. Louis Property shall be upon the following terms and subject to satisfaction of the following conditions on or before the Release Date therefor: (a) Borrowers shall be required to pay to Lender a Release Price for the St. Louis Property in the amount of $4,800,000 (100% of the Allocated Loan Amount applicable thereto), receipt of which is hereby acknowledged by Lender. The amount payable to Lender for the Release Price for the St. Louis Property shall be offset by certain amounts more particularly set forth on the settlement statement with respect to the release of the St. Louis Property executed by Borrowers and Lender. (b) No Prepayment Consideration shall be payable by Borrowers in connection with the payment of the Release Price as provided in Section 2(a) above. (c) For all other purposes under the Loan Agreement, including, without limitation, Sections 11.4(E) and 11.4(F) thereof, the Release of the St. Louis Property shall be treated as if the St. Louis Property were a Sales Property. (d) Lender has executed and delivered to Borrowers, concurrently with the execution and delivery of this Modification Agreement, a release or releases or terminations, as applicable, of the Mortgage and the Assignment of Leases and the Financing Statements encumbering the St. Louis Property in recordable form, and Borrowers are hereby authorized to record the same in the applicable recording office in order to evidence of record the Release of the St. Louis Property from the Collateral for the Loan. 3. Prior to the date hereof, the Properties located in Florence, Kentucky, Niagara Falls, New York (Four Points Sheraton), Morgantown, West Virginia, Grand Island, New York, Memphis, Tennessee (Holiday Inn), and Pittsburgh, Pennsylvania (Holiday Inn Parkway East), as more particularly identified on Schedule A attached hereto (including the Release of the St. Louis Property, collectively, the "RELEASED PROPERTIES"), have been released from the Liens of the applicable Mortgages. Lender hereby confirms that each of Lodgian Florence LLC, Servico Niagara Falls, Inc., Lodgian Morgantown LLC, Servico Grand Island, Inc., Lodgian Memphis LLC, and APICO Hills, Inc., have been released from any all liabilities and obligations as Borrowers under the Loan Agreement and the other Loan Documents from and after the date of the respective Release of the applicable Property owned by such entity. After giving effect to the Release of the St. Louis Property, (a) the Properties remaining as Collateral for the Loan will be the Properties listed on Exhibit A attached hereto ("REPLACEMENT EXHIBIT A"); (b) Exhibit A to the Loan Agreement, setting forth the Properties encumbered by the Mortgages as Collateral for the Loan, is hereby deleted in its entirety and superceded by Replacement Exhibit A; (c) all references in the Loan Agreement and the other Loan Documents to (i) "Exhibit A" (to the Loan Agreement) are hereby deemed to refer to Replacement Exhibit A 5 and (ii) "Properties" are hereby deemed to refer to the Properties set forth on Replacement Exhibit A; (d) all references to each of the Released Properties in any of the Loan Documents and any of the exhibits and schedules attached thereto, are hereby deemed deleted and no longer applicable; and (e) the outstanding principal balance of the Loan will be $88,323,222.68. 4. From and after the date hereof, all references to the Loan Agreement and the Note in the Loan Documents shall mean the Loan Agreement and the Note, as modified and amended hereby. 5. Except as expressly amended hereby, all of the terms, covenants and conditions of the Loan Agreement, the Note and the other Loan Documents are hereby ratified and confirmed by Borrowers and remain unmodified and in full force and effect. In the event of any conflict or ambiguity between the provisions of this Modification Agreement and those of the Loan Agreement, the Note and the other Loan Documents, the terms of this Modification Agreement shall control. 6. Borrowers hereby represent and warrant that, as of the date hereof, (a) the execution, delivery and performance by each Borrower of the Modification Agreement and the other agreements to be delivered in connection herewith and consummation of the transactions contemplated hereby have been duly authorized by all necessary limited liability company, partnership, trustee, corporate or other action, as the case may be, (b) no Default or Event of Default has occurred and is continuing under the Loan Agreement or any of the Loan Documents and (c) no Material Adverse Effect has occurred with respect to any Borrower Party or any Property. 7. This Modification Agreement supercedes any prior agreement, oral or written, between the parties hereto, and contains the entire agreement between Borrowers and Lender with respect to the subject matter hereof. 8. THIS MODIFICATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 9. This Modification Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which counterparts together shall constitute but one and the same instrument. 6 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Modification Agreement as of the date first written above. BORROWERS: BRUNSWICK MOTEL ENTERPRISES, INC. DOTHAN HOSPITALITY 3053, INC. DOTHAN HOSPITALITY 3071, INC. GADSDEN HOSPITALITY, INC. LODGIAN BRIDGEPORT LLC LODGIAN COLCHESTER LLC LODGIAN HAMBURG LLC LODGIAN HOTELS FLOATING, LLC LODGIAN JACKSON LLC LODGIAN MEMPHIS PROPERTY OWNER, LLC SERVICO AUSTIN, INC. SERVICO CEDAR RAPIDS, INC. SERVICO JAMESTOWN, INC. SERVICO LANSING, INC. SERVICO MARYLAND, INC. SERVICO NEW YORK, INC. SERVICO PENSACOLA 7200, INC. SERVICO PENSACOLA 7330, INC. SERVICO WINTER HAVEN, INC. SHEFFIELD MOTEL ENTERPRISES, INC. By: s/ Daniel E. Ellis ---------------------------------------- Name: Daniel E. Ellis Title: Vice President and Secretary, or Authorized Signatory for each of the entities listed above LENDER: MERRILL LYNCH MORTGAGE LENDING, INC. By: s/ Robert Spinna Name: obert Spinna Title: Vice President REPLACEMENT EXHIBIT A REMAINING FLOATING RATE POOL PROPERTIES Holiday Inn - Sheffield 4900 Hatch Blvd. Sheffield AL 35660 Quality Inn - Dothan 3053 Ross Clark Dothan AL 36301 Holiday Inn Express - Dothan 3071 Ross Clark Circle Dothan AL 36301 Holiday Inn - Winter Haven 1150 3rd St., SW Winter Haven FL 33880 Holiday Inn - Pensacola 7200 Plantation Rd. Pensacola FL 32504 Holiday Inn Express - Pensacola 7330 Plantation Rd. Pensacola FL 32504 Holiday Inn - Brunswick 5252 New Jesup Hwy Brunswick GA 31525 Marriott Fairfield Inn - Valdosta 1311 St. Augustine Rd. Valdosta GA 31601 Holiday Inn - Valdosta 1309 St. Augustine Rd. Valdosta GA 31601 Crown Plaza - Silver Spring 8777 Georgia Ave. Silver Spring MD 20910 Crowne Plaza - Cedar Rapids 350 1st Ave, NE Cedar Rapids IA 52401 Holiday Inn - Lansing 7501 W. Saginaw Hwy Lansing MI 48917 Holiday Inn - Hamburg 5440 Camp Road Hamburg NY 14075 Holiday Inn - Jamestown 150 W. 4th St. Jamestown NY 14701 Marriott Fairfield Inn - Jackson 535 Wiley Parker Road Jackson TN 38305 Marriott Fairfield Inn - Colchester 15 South Park Drive Colchester VT 05446 Holiday Inn - Bridgeport 100 Lodgeville Road Bridgeport WV 26330 Sale Properties Holiday Inn Select - Niagara Falls 300 Third St. Niagara Falls NY 14303 Holiday Inn - Austin 3401 South I-35 Austin TX 78741 Additional Sale Properties(1) Holiday Inn Express - Attalla 801 Cleveland Ave. Attalla AL 35954 Clarion Hotel - Louisville 9700 Blue Grass Parkway Louisville KY 40299 French Quarter Suites - Memphis 2144 Madison Ave. Memphis TN 38104
- ------------ (1) From and after Release of Holiday Inn Select, Niagara Falls, New York Sale Property Replacement Exhibit A SCHEDULE A RELEASED PROPERTIES Holiday Inn - St. Louis 4545 N. Lindbergh Blvd. St. Louis MO 63044 Four Points - Niagara Falls 114 Buffalo Ave. Niagara Falls NY 14303 Holiday Inn - Grand Island 100 Whitehaven Rd. Grand Island NY 14072 Holiday Inn - Florence 8055 Holiday Drive Florence KY 41042 Holiday Inn - Memphis 6101 Shelby Oaks Drive Memphis TN 38134 Holiday Inn - Morgantown 1400 Saratoga Avenue Morgantown WV 26505 Holiday Inn - Parkway East 915 Brinton Road Pittsburgh PA 15221
Schedule A REPLACEMENT SCHEDULE 2.4 SCHEDULED MORTGAGE PAYMENTS *Note: The Payment Date is the 11th day of each calendar month. If the 11th day is not a Business Day, then the Payment Date is the preceding Business Day. PAYMENT LOAN SCHEDULED BALLOON PERIOD DATE* BALANCE PRINCIPAL PRINCIPAL - ----------------------------------------------------------------------------------------------------- 88,323,222.68 10 05/11/05 88,236,224.87 86,997.81 11 06/11/05 88,169,206.53 67,018.34 12 07/11/05 88,081,130.61 88,075.92 13 08/11/05 88,012,990.42 68,140.19 14 09/11/05 87,944,357.35 68,633.07 15 10/11/05 87,854,707.48 89,649.87 16 11/11/05 87,784,929.49 69,777.99 17 12/11/05 87,694,163.63 90,765.86 18 01/11/06 87,623,224.38 70,939.25 19 02/11/06 87,551,772.00 71,452.38 20 03/11/06 87,418,516.54 133,255.46 21 04/11/06 87,345,583.44 72,933.10 22 05/11/06 87,251,742.15 93,841.29 23 06/11/06 87,177,602.71 74,139.44 24 07/11/06 87,082,585.56 95,017.15 25 08/11/06 87,007,222.56 75,363.00 26 09/11/06 86,931,314.43 75,908.13 27 10/11/06 86,834,573.26 96,741.17 28 11/11/06 86,757,416.30 77,156.96 29 12/11/06 86,659,457.84 97,958.46 30 01/11/07 86,581,034.22 78,423.62 31 02/11/07 86,502,043.33 78,990.89 32 03/11/07 86,361,929.64 140,113.69 33 04/11/07 86,281,353.89 80,575.75 34 05/11/07 86,180,063.00 101,290.89 35 06/11/07 86,098,171.75 81,891.25 36 07/11/07 85,995,598.58 102,573.17 37 08/11/07 85,912,373.04 83,225.54 38 09/11/07 85,828,545.50 83,827.54 39 10/11/07 85,724,084.95 104,460.55 40 11/11/07 85,638,895.46 85,189.49 41 12/11/07 85,533,107.36 105,788.10 42 01/11/08 85,446,536.47 86,570.89 43 02/11/08 85,359,339.38 87,197.09 44 03/11/08 85,231,677.21 127,662.17 45 04/11/08 85,142,925.97 88,751.24 46 05/11/08 85,033,666.08 109,259.89 47 06/11/08 84,943,482.56 90,183.52 48 07/11/08 84,832,826.57 110,655.99 49 08/11/08 84,741,190.31 91,636.26 50 09/11/08 84,648,891.22 92,299.09 51 10/11/08 84,536,173.09 112,718.13 52 11/11/08 84,442,391.04 93,782.05 53 12/11/08 84,328,227.41 114,163.63 54 01/11/09 84,232,941.22 95,286.19 55 02/11/09 84,136,965.79 95,975.43 56 03/11/09 83,981,400.26 155,565.53 57 04/11/09 83,883,605.35 97,794.91 58 05/11/09 83,765,530.22 118,075.13 59 06/11/09 83,666,173.85 99,356.37 60 07/11/09 83,546,576.70 119,597.15 61 08/11/09 83,445,636.57 100,940.13 62 09/11/09 83,343,966.30 101,670.27 63 10/11/09 83,222,113.69 121,852.61 64 11/11/09 83,118,826.61 103,287.08 65 12/11/09 82,995,398.03 123,428.58 66 01/11/10 104,926.99 82,890,471.04 - -----------------------------------------------------------------------------------------------------
Replacement Schedule 2.4 Replacement Schedule 2.4 REPLACEMENT SCHEDULE 6.5 REQUIRED CAPITAL IMPROVEMENTS - ------------------------------------------------------------------------------------------------------------------------------------ IMMEDIATE REQUIRED ML LODGIAN LOCATION PROPERTY REPAIR COMPLETION CODE CODE CODE NAME ADDRESS CITY STATE COSTS REQUIRED IMMEDIATE REPAIRS DATE - ------------------------------------------------------------------------------------------------------------------------------------ 18 ssp 1720 Holiday Inn - 8777 Georgia Silver MD $124,074 Sidewalk Brick Repair June 30, Silver Spring Ave. Spring ($4,375) Concrete Stop 2005 ($1,500) Concrete Loading Dock ($2,125) Skylights ($5,000) - ------------------------------------------------------------------------------------------------------------------------------------ 43 lan 3970 Holiday Inn - 7501 W. Lansing MI $0 N/A N/A Lansing Saginaw Hwy - ------------------------------------------------------------------------------------------------------------------------------------ 63 cwv 4899 Holiday Inn - 100 Lodgeville Bridgeport WV $221,486 Roadways and Paving/ June 30, Bridgeport Road Pedestrian Sidewalks ($10,450) 2005 Repair Chain-Link Fence ($725) Repair Deterioration at Pool Decks, Replace Deteriorated Concrete Slab Near Pool Entry and Maintenance Shop ($2,968) Have Structural Engineer Evaluate Floor Displacement ($23,403) Replace Failing Flat Roof ($5,250) Power Wash Exterior Dryvit Walls ($47,810) Renovate Lobby and Registration Areas ($31,250) Guestroom Finishes ($98,500) HVAC ($1,131) - ------------------------------------------------------------------------------------------------------------------------------------ 1 shf 210 Holiday Inn - 4900 Hatch Sheffield AL $56,512 ADA Accessibility ($17,419) July 31, Sheffield Blvd. Signage ($16,250) Storage Shed 2005 ($793) Common Area Carpet ($22,050) - ------------------------------------------------------------------------------------------------------------------------------------ 3 dha 230 Holiday Inn 3071 Ross Dothan AL $125 ADA accessibility ($125) June 30, Express - Clark Circle 2005 Dothan - ------------------------------------------------------------------------------------------------------------------------------------ 9 uma 1116 Holiday Inn - 7200 Plantation Pensacola FL $3,884 Asphalt Repair ($884) Window June 30, Pensacola Rd. Units Sash Replacement ($3,000) 2005 - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ IMMEDIATE REQUIRED ML LODGIAN LOCATION PROPERTY REPAIR COMPLETION CODE CODE CODE NAME ADDRESS CITY STATE COSTS REQUIRED IMMEDIATE REPAIRS DATE - ------------------------------------------------------------------------------------------------------------------------------------ 12 brw 1206 Park Inn 5252 New Brunswick GA $9,854 Sheet Vinyl ($7,875) Guestroom June 30, (formerly Jesup Hwy Carpet ($1,979) 2005 Holiday Inn) - Brunswick - ------------------------------------------------------------------------------------------------------------------------------------ 11 pns 1168 Holiday Inn 7330 Pensacola FL $6,428 ADA Accessibility ($4,313) June 30, Express - Plantation Rd. Asphalt Repair ($2,115) 2005 Pensacola - ------------------------------------------------------------------------------------------------------------------------------------ 16 vhi 1285 Holiday Inn - 1309 St. Valdosta GA $6,563 Common Area Floors Ceramic June 30, Valdosta Augustine Rd. ($6,563) 2005 - ------------------------------------------------------------------------------------------------------------------------------------ 10 wnh 1132 Holiday Inn - 1150 3rd St., Winter FL $6,646 ADA Accessibility ($1,958) Wood June 30, Winter Haven SW Haven Site Fence Replacement ($4,688) 2005 - ------------------------------------------------------------------------------------------------------------------------------------ 15 vfi 1280 Marriott 1311 St. Valdosta GA $1,563 ADA accessibility ($1,563) June 30, Fairfield Inn - Augustine Rd. 2005 Valdosta - ------------------------------------------------------------------------------------------------------------------------------------ 58 jtn 4205 Marriott 535 Wiley Jackson TN $42,000 Repair Deteriorating Asphalt June 30, Fairfield Inn Parker Road Surfaces and Replace Dumpster 2005 - Jackson Pad ($3,750) Repair Undermining at Front Retaining Wall and Repair Damaged Timbers ($2,500) Guestroom Finishes ($18,125) ADA Accessibility ($17,625) - ------------------------------------------------------------------------------------------------------------------------------------ 56 ham 3398 Holiday Inn - 5440 Camp Hamburg NY $11,125 Replacement of Shutoff Valves June 30, Hamburg Road for each of the Rooms ($11,125) 2005 - ------------------------------------------------------------------------------------------------------------------------------------ 34 jam 3330 Holiday Inn - 150 W. 4th St. Jamestown NY $2,500 Concrete Sectional Replacement June 30, Jamestown ($2,500) 2005 - ------------------------------------------------------------------------------------------------------------------------------------ 4 gad 240 Holiday Inn 801 Cleveland Attalla AL $149,959 ADA Accessibility ($20,313) June 30, Express - Ave. Asphalt Repair, Cut & Patch 2005 Attalla Overlay ($96,159) Concrete Pool Deck Refinish ($3,750) Concrete Guestroom Balconies Refinish ($6,250) Concrete Walkway from C to D Building Refinish ($563) Fencing, Repair and Paint ($4,500) Repair and Replace Drywall Underside of Guest Balconies ($2,500) Common Area Floors Ceramic ($6,250) Rooftop Package Unit ($6,300) Repair Two (2) Down uUnits ($3,375) - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ IMMEDIATE REQUIRED ML LODGIAN LOCATION PROPERTY REPAIR COMPLETION CODE CODE CODE NAME ADDRESS CITY STATE COSTS REQUIRED IMMEDIATE REPAIRS DATE - ------------------------------------------------------------------------------------------------------------------------------------ 28 lvl 2040 Clarion Hotel - 9700 Blue Louisville KY $0 N/A N/A Louisville Grass Parkway - ------------------------------------------------------------------------------------------------------------------------------------ 46 mem 4215 French Quarter 2144 Madison Memphis TN $70,875 Asphalt Overlay ($23,625) June 30, Suites - Ave. Concrete Pavement ($15,625) 2005 Memphis Concrete Sectional Replacement ($31,625) - ------------------------------------------------------------------------------------------------------------------------------------ 60 bvt 4545 Marriott 15 South Park Colchester VT $0 N/A June 30, Fairfield Inn Drive 2005 - Colchester - ------------------------------------------------------------------------------------------------------------------------------------ 2 dhi 220 Quality Inn - 3053 Ross Dothan AL $49,919 ADA Accessibility ($11,613) June 30, Dothan Clark Asphalt Repair Overlay ($21,425) 2005 Swimming Surround Tile Repair ($3,125) Swimming Pool Interior ($5,000) Exterior Soffits Repair ($5,000) Drywall Repairs ($3,750) Fire Alarm, Horn and Strobe Lights ($6) - ------------------------------------------------------------------------------------------------------------------------------------ 24 ced 1840 Crowne Plaza - 350 1st Ave, Cedar IA $0 N/A N/A Cedar Rapids NE Rapids - ------------------------------------------------------------------------------------------------------------------------------------ 32 nia 3314 Holiday Inn 300 Third St. Niagara NY $13,000 Sidewalk Brick Repair ($4,375) June 30, Select - Falls Concrete Stop ($1,500) Concrete 2005 Niagara Falls Loading Dock ($2,125) Skylights ($5,000) - ------------------------------------------------------------------------------------------------------------------------------------ 49 aus 4375 Holiday Inn - 3401 South Austin TX $98,836 ADA Accessibility ($46,375) June 30, Austin I-35 Irrigatin System ($25,000) 2005 Mansard Roof System ($27,461) - ------------------------------------------------------------------------------------------------------------------------------------ RESERVE $875,349 AMOUNTS - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ SOFT GOODS & BANKRUPTCY EQUIPMENT SOFT GOODS & STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE - ------------------------------------------------------------------------------------------------------------------------------------ 18 ssp 1720 Holiday $0 N/A N/A $2,280,084 Guestrooms ($609,974) Footnote(1) Inn - Guest Bathroom Silver ($289,675) Corridors Spring ($234,813) Prefunction Areas ($94,049) Boardrooms ($35,770) Entrance/ Lobby/Front Desk ($114,541) Building General ($365,797) Allowance for Tax, Freight, Payroll & Overhead ($535,466) - ------------------------------------------------------------------------------------------------------------------------------------ 43 lan 3970 Holiday $1,096,272 Guestrooms Footnotes(1) $0 N/A N/A Inn - ($530,691) Guest (2) Lansing Bathroom ($41,978) Corridors ($143,168) Meeting & Breakout Rooms ($87,066) Prefunction Areas ($27,890) Boardrooms ($18,110) Public Restrooms ($690) Entrance/Lobby/ Front Desk ($112,412) Laundry Area/ Housekeeping ($5,450) Building General ($86,257) Building Systems ($42,560) - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ SOFT GOODS & BANKRUPTCY EQUIPMENT SOFT GOODS & STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE - ------------------------------------------------------------------------------------------------------------------------------------ 63 cwv 4899 Holiday $58,535 Corridors ($11,792) Footnotes(1) $0 N/A N/A Inn - Beverage Outlet 2 - (2) Bridgeport Type of Outlet: Full Service ($21,106) Entrance/Lobby/Front Desk ($5,600) Laundry Area/Housekeeping ($5,037) Kitchen ($6,800) Building General ($8,200) - ------------------------------------------------------------------------------------------------------------------------------------ 1 shf 210 Holiday $0 N/A N/A $1,578,008 Guestrooms Footnote(1) Inn - ($587,207) Guest Sheffield Bathroom ($110,638) Corridors ($37,610) Meeting & Breakout Rooms ($133,725) Prefunction Areas ($43,844) Boardrooms ($24,969) Beverage Outlet 2 - Type of Outlet: Full Service ($170,417) Restaurant 1 - Type of Restaurant - Full Service ($68,204) Public Restrooms ($24,504) Executive Offices ($6,846) Entrance/Lobby/Front Desk ($88,513) Laundry Area/ Housekeeping ($9,163) Kitchen ($17,956) Building General ($254,412) - ------------------------------------------------------------------------------------------------------------------------------------ 3 dha 230 Holiday $0 N/A N/A $0 N/A N/A Inn Express - Dothan - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ SOFT GOODS & BANKRUPTCY EQUIPMENT SOFT GOODS & STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE - ------------------------------------------------------------------------------------------------------------------------------------ 9 uma 1116 Holiday $19,950 Beverage Outlet 2 - Footnotes(1) $0 N/A N/A Inn - Type of Outlet - Full (2) Pensacola Service ($15,825) Allowance for Tax, Freight, Payroll & Overhead ($4,125) - ------------------------------------------------------------------------------------------------------------------------------------ 12 brw 1206 Park Inn $0 N/A N/A $840,286 Guest Bathroom Footnote(1) (formerly ($48,366) Meeting & Holiday Breakout Rooms Inn) - ($22,790) Beverage Brunswick Outlet 1 - Type of Outlet: Lobby Bar ($30,657) Restaurant 1 - Type of Restaurant - Full Service ($200,000) Public Restrooms ($11,985) Executive Offices ($7,335) Entrance/Lobby/Front Desk ($45,072) Kitchen ($6,800) Building General ($321,240) Technology ($114,856) Allowance for Tax, Freight, Payroll & Overhead ($31,185) - ------------------------------------------------------------------------------------------------------------------------------------ 11 pns 1168 Holiday $0 N/A N/A $0 N/A N/A Inn Express - Pensacola - ------------------------------------------------------------------------------------------------------------------------------------ 16 vhi 1285 Holiday $0 N/A N/A $0 N/A N/A Inn - Valdosta - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ SOFT GOODS & BANKRUPTCY EQUIPMENT SOFT GOODS & STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE - ------------------------------------------------------------------------------------------------------------------------------------ 10 wnh 1132 Holiday $773 Prefunction Areas Footnotes(1) $0 N/A N/A Inn - ($447) Laundry (2) Winter Area/Housekeeping Haven ($326) - ------------------------------------------------------------------------------------------------------------------------------------ 15 vfi 1280 Marriott $0 N/A N/A $0 N/A N/A Fairfield Inn - Valdosta - ------------------------------------------------------------------------------------------------------------------------------------ 58 jtn 4205 Marriott $0 N/A N/A $0 N/A N/A Fairfield Inn - Jackson - ------------------------------------------------------------------------------------------------------------------------------------ 56 ham 3398 Holiday $256,243 Guestrooms ($189,403) Footnotes(1) $0 N/A N/A Inn - Corridors ($33,600) (2) Hamburg Kitchen ($3,400) Allowance for Tax, Freight, Payroll & Overhead ($29,840) - ------------------------------------------------------------------------------------------------------------------------------------ 34 jam 3330 Holiday $0 N/A N/A $0 N/A N/A Inn - Jamestown - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ SOFT GOODS & BANKRUPTCY EQUIPMENT SOFT GOODS & STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE - ------------------------------------------------------------------------------------------------------------------------------------ 4 gad 240 Holiday $140,046 Guestrooms ($117,898) Footnotes(1) $0 N/A N/A Inn Building General (2) Express - ($22,148) Attalla - ------------------------------------------------------------------------------------------------------------------------------------ 28 lvl 2040 Clarion $0 N/A N/A $0 N/A N/A Hotel - Louisville - ------------------------------------------------------------------------------------------------------------------------------------ 46 mem 4215 French $0 N/A N/A $0 N/A N/A Quarter Suites - Memphis - ------------------------------------------------------------------------------------------------------------------------------------ 60 bvt 4545 Marriott $0 N/A N/A $0 N/A N/A Fairfield Inn - Colchester - ------------------------------------------------------------------------------------------------------------------------------------ 2 dhi 220 Quality $0 N/A N/A $0 N/A N/A Inn - Dothan - ------------------------------------------------------------------------------------------------------------------------------------ 24 ced 1840 Crowne $1,245,958 Guestrooms ($700,453) Footnotes(1) $0 N/A N/A Plaza - Boardrooms ($55,500) (2) Cedar Beverage Outlet 1 - Rapids Type of Outlet: Lobby Bar ($24,525) Restaurant 1 - Type of Restaurant - Full Service ($175,513) Entrance/Lobby/Front - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 - ------------------------------------------------------------------------------------------------------------------------------------ SOFT GOODS & BANKRUPTCY EQUIPMENT SOFT GOODS & STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE - ------------------------------------------------------------------------------------------------------------------------------------ Desk ($81,023) Building General ($875) Allowance for Tax, Freight, Payroll & Overhead ($208,069) - ------------------------------------------------------------------------------------------------------------------------------------ 32 nia 3314 Holiday $0 N/A N/A $0 N/A N/A Inn Select - Niagara Falls - ------------------------------------------------------------------------------------------------------------------------------------ 49 aus 4375 Holiday $0 N/A N/A $0 N/A N/A Inn - Austin - ------------------------------------------------------------------------------------------------------------------------------------ RESERVE $2,817,775 $4,698,379 AMOUNTS - ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5 Footnotes: (1) This amount shall be held by Lender during the Term of the Loan as security for the Obligations and not disbursed to or on behalf of the Borrowers unless and until the Borrowers perform the related items of Work to which such amount relates and satisfy the terms and conditions for disbursement of such amount as set forth in Section 6.7. The Borrowers shall not be required to perform the related items of Work unless and until (i) any Borrower Party receives written demand from the applicable Franchisor for performance of such Work or a notice of default from such Franchisor as a result of the failure to perform such Work (and, in either case, the Borrowers shall be required deliver a copy of any such Franchisor demand or notice of default to Lender promptly after receipt thereof), (ii) Lender reasonably determines that failure to perform such Work will result in a default under the applicable Franchise Agreement or (iii) an Event of Default has occurred and is continuing. (2) If Borrowers obtain and deliver to Lender a written waiver or release of the Borrowers from the requirements to perform any of such Work from Intercontinental Hotels Group, which waiver or release is in form and substance reasonably acceptable to Lender, Borrowers shall Iave no further obligation hereunder with respect to such portion of the Work, and the amounts specified herein for such portion of the Work shall be promptly released to Borrowers. Replacement Schedule 6.5 REPLACEMENT SCHEDULE 6.6 ENVIRONMENTAL WORK LODGIAN HOTEL PORTFOLIO REQUIRED ENVIRONMENTAL WORK - ------------------------------------------------------------------------------------------------------------------------------------ REQUIRED ML LODGIAN LOCATION REMEDIATION COMPLETION CODE CODE CODE PROPERTY NAME ADDRESS CITY STATE REQUIRED ENVIRONMENTAL WORK COSTS DATE - ---- ------- -------- ------------- ----------------- ---------- ----- --------------------------- ----------- ----------- FIXED FLOATING LOAN 18 ssp 1720 Holiday Inn- 8777 Georgia Ave. Silver MD None $0 Not Silver Spring Spring Applicable 43 lan 3970 Holiday Inn - 7501 W. Saginaw Lansing MI (1) Develop and implement $495 Completed Lansing Hwy an asbestos Operations and Maintenance Program ($495). 63 cwv 4899 Holiday Inn - 100 Lodgeville Bridgeport WV Asbestos was found in the $0 Completed Bridgeport Road tan vinyl floor tiles, tan vinyl floor tile mastic, and grey vinyl floor tiles, based on laboratory results from samples taken by Building Evaluation Services and Technology and review of a previous report. Building Evaluation Services and Technology recommends that the subject property continue to follow the Asbestos Operations and Maintenance Program prepared by Building Evaluation Services and Technology, dated March 11, 2003, for the tan vinyl floor tiles, tan vinyl floor tile mastic, and grey vinyl floor tiles, that is currently in place at the subject property. 1 shf 210 Holiday Inn - 4900 Hatch Blvd. Sheffield AL None $0 Not Sheffield Applicable 3 dha 230 Holiday Inn 3071 Ross Clark Dothan AL None $0 Not Express-Dothan Circle Applicable 9 uma 1116 Holiday Inn - 7200 Plantation Pensacola FL (1) Abate a limited quantity $900 Completed Pensacola Rd. of damaged asbestos- containing floor tile ($700-900) and continue to implement the existing asbestos Operations and Maintenance Program. (2) In-house personnel to clean up limited quantities of suspect mold on textured ceiling material. 12 brw 1206 Holiday Inn - 5252 New Jesup Brunswick GA None $0 Not Brunswick Hwy Applicable 11 pns 1168 Holiday Inn 7330 Plantation Pensacola FL None $0 Not Express - Rd. Applicable Pensacola
Schedule 6.6 LODGIAN HOTEL PORTFOLIO REQUIRED ENVIRONMENTAL WORK - ------------------------------------------------------------------------------------------------------------------------------------ REQUIRED ML LODGIAN LOCATION REMEDIATION COMPLETION CODE CODE CODE PROPERTY NAME ADDRESS CITY STATE REQUIRED ENVIRONMENTAL WORK COSTS DATE - ---- ------- -------- ------------- ----------------- ---------- ----- --------------------------- ----------- ----------- 16 vhi 1285 Holiday Inn - 1309 St. Valdosta GA (1) Develop and implement $495 Completed Valdosta Augustine Rd. an asbestos Operations and Maintenance Program ($495). (2) Limited area of suspect mold can be cleaned up by in-house maintenance staff. 10 wnh 1132 Holiday Inn - 1150 3rd St., SW Winter FL (1) Develop and implement $2,495 Completed Winter Haven Haven an asbestos Operations and Maintenance Program ($495) and abate damaged ACM ($1,500-2,000). (2) Conduct mold assessment on unused building in the event that it is to be used in the future. (3) A monitoring well was observed at Project. The well is associated with the adjacent LUST site, who is the Responsible Party for the release. As such, no further investigation is recommended. 15 vfi 1280 Marriott 1311 St. Valdosta GA (1) Develop and implement $495 Completed Fairfield Inn - Augustine Rd. an asbestos Operations and Valdosta Maintenance Program ($495). 58 jtn 4205 Marriott 535 Wiley Parker Jackson TN None $0 Not Fairfield Inn - Road Applicable Jackson 56 ham 3398 Holiday Inn - 5440 Camp Road Hamburg NY Asbestos was found in the $0 Completed Hamburg tan floor tiles, based on laboratory results from samples taken by Building Evaluation Services and Technology. Therefore, Building Evaluation Services and Technology recommends that the subject property continue to follow the Asbestos Operations and Maintenance Program prepared by Building Evaluation Services and Technology, dated March 14, 2003, for the tan floor tiles, that is currently in place at the subject property. 34 jam 3330 Holiday Inn - 150 W. 4th St. Jamestown NY Provide tank closure $750 Completed Jamestown documentation for review to confirm proper closure activities ($125 per hour not to exceed $750). 4 gad 240 Holiday Inn 801 Cleveland Attalla AL (1) Develop and implement $495 Completed Express - Ave. an asbestos Operations and Attalla Maintenance Program ($495). 28 lvl 2040 Clarion Hotel - 9700 Blue Grass Louisville KY (1) Previously conducted $495 Completed Louisville Parkway mold survey identified areas of water damaged and mold - all areas have been remediated. The On-site Point of Contact indicated that the property has a mold prevention program. EMG recommends the continued implementation of the existing mold prevention program. 46 mem 4215 French Quarter 2144 Madison Ave. Memphis TN None $0 Not Suites - Applicable Memphis 46 bvt 4545 Marriott 15 South Park Colchester VT None $0 Not Fairfield Inn - Drive Applicable Colchester 60 dhi 220 Quality Inn - 3053 Ross Clark Dothan AL None $0 Not Dothan Applicable 2 ced 1840 Crowne Plaza - 350 1st Ave, NE Cedar IA None $0 Not Cedar Rapids Rapids Applicable 29 Nia 3314 Holiday Inn 300 Third St. Niagara NY (1) Develop and implement $495 Completed Select - Falls an asbestos Operations and Niagara Falls Maintenance Program ($495).
Schedule 6.6 LODGIAN HOTEL PORTFOLIO REQUIRED ENVIRONMENTAL WORK - ------------------------------------------------------------------------------------------------------------------------------------ REQUIRED ML LODGIAN LOCATION REMEDIATION COMPLETION CODE CODE CODE PROPERTY NAME ADDRESS CITY STATE REQUIRED ENVIRONMENTAL WORK COSTS DATE - ---- ------- -------- ------------- ----------------- ---------- ----- --------------------------- ----------- ----------- 33 aus 4375 Holiday Inn - 3401 South I-35 Austin TX None $0 Not Austin Applicable TOTAL REMEDIATION COST $7,115 RESERVE AMOUNT @ 125% $8,894
Schedule 6.6
