Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of December 15, 2022

EX-10.259 4 lfr-20221231xex10d259.htm EX-10.259

Ex. 10.259

CHANGE IN TERMS AGREEMENT

References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing "***" has been omitted due to text length limitations.

Call/ Coll

8100

$5,000,000.0002-10-2020 12-15-2022

Initials

OfficerI 488

PrincipalILoan Date IMaturity I

Borrower:Lodging Fund REIT Ill OP, LP

1635 43rd Street South, Suite 205

Fargo, ND 58103

Lender:Western State Bank

West Fargo

P.O. Box 617

755 13th Ave E

West Fargo, ND 58078

(A)	Principal Amount: $5,000,000.00Date of Agreement: January 11, 2023

DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note number xxxxxx dated February 10, 2020 in the original amount of

$5,000,000.00 (Revolving Line of Credit) with a current principal balance of $5,000,000.00.

DESCRIPTION OF CHANGE IN TERMS. 1. CHANGE OF MATURITY DATE. Extend the maturity date of the above listed Promissory Note from December 15, 2022 to April 15, 2023, at which time all outstanding principal plus all accrued unpaid interest will be due.

2.PAYMENT SCHEDULE. Borrower will continue to pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning February 10, 2023, with all subsequent interest payments to be due on the same day of each month after that; 1 final payment of all outstanding principal plus all accrued unpaid interest will be due at maturity.

3.ADDITION OF COLLATERAL. Mortgage and Assignment of Rents securing property at 4776 Agassiz Crossing S, Fargo, ND 58104 will be added as collateral effective the date of this agreement.

4.CONDITIONS PRECEDENT. As a Condition Precedent to the effectiveness of this Change in Terms Agreement, Borrower agrees to pay lender a processing fee of $250.00, flood determination fee of $11.00, appraisal fee of $11,000.00, title fee of $795.00, recording fee of $146.00 and interest current of $66,953.30.

CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.

Ex. 10.259

Loan No:

(16)

CHANGE IN TERMS AGREEMENT

(Continued)Page 2

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UN ERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENTS

CHANGE IN TERMS SIGNERS:

LODGING FUND REIT III OP, LP

LODGING FUND REIT III, INC., General Partner of Lodging Fund REIT III OP, LP

By: /s/ Corey R. Maple

Corey R. Maple, Chief Executive Officer of Lodging Fund REIT III, Inc.

X /s/ Corey R. Maple

Corey R. Maple

LODGING FUND REIT III, INC.,

By: /s/ Corey R. Maple

Corey R. Maple, Chief Executive Officer of Lodging Fund REIT III, Inc.

LF3 FARGO MED, LLC

LODGING FUND REIT III OP, LP, Member of LF3 Fargo Med, LLC

By: /s/ Corey R. Maple

Corey R. Maple, Chief Executive Officer of Lodging Fund REIT III, Inc.

LENDER:

WESTERN STATE BANK

X /s/ Matthew Oachs

Matthew Oachs, Market President

LaserPro, Ver. 22 4 0 056 Copr Finaslra USA Corporalion 1997, 2023 All RighlB Reserved - ND C:\I..ASERPRO\CFI\LPL\D20C FC TR--1

Ex 10.259