Second Amendment to Revolving Line of Credit Loan Agreement between Legendary A-1 Bonds LLC and Lodging Fund REIT III OP, LP
This amendment updates the revolving line of credit agreement between Legendary A-1 Bonds LLC (lender) and Lodging Fund REIT III OP, LP (borrower). The maximum loan amount is increased to $8,100,000, and the collateral is adjusted to 810,000 unissued partnership units. The loan proceeds are to be used solely for new real property acquisitions and related costs. The borrower reaffirms its obligations and representations, and all other terms of the original agreement remain in effect unless specifically modified by this amendment.
Ex 10.269
SECOND AMENDMENT TO REVOLVING LINE OF CREDIT LOAN AGREEMENT
THIS SECOND AMENDMENT TO REVOLVING LINE OF CREDIT LOAN AGREEMENT (as such agreement may be amended, restated, replaced, supplemented or otherwise modified from time to time, this “Amendment”), dated as of January _12, 2023 (the “Amendment Effective Date”), is between LEGENDARY A-1 BONDS LLC, a Delaware limited liability company, having an address at 1635 43rd Street, Suite 205, Fargo, North Dakota 58103 (“Lender”), and LODGING FUND REIT III OP, LP, a Delaware limited partnership, having an address at 1635 43rd Street, Suite 205, Fargo, North Dakota 58103 (“Borrower”).
W I T N E S S E T H:
WHEREAS, on or about August 9, 2022, Lender made a revolving line of credit loan to Borrower in the maximum principal amount of $5,000,000.00 (the “Loan”), and in connection with such Loan, Lender and Borrower entered into that certain Revolving Line of Credit Loan Agreement dated as of August 9, 2022, as amended by that certain First Amendment to Revolving Line of Credit Loan Agreement dated as of December 21, 2022, increasing the maximum principal amount of the Loan to $7,500,000.00 (as amended, the “Loan Agreement”). Capitalized terms not otherwise defined herein shall have the meaning given to such terms in the Loan Agreement; and
WHEREAS, the Loan is evidenced by that certain Amended and Restated Promissory Note dated as of December 12, 2022, executed by Borrower in favor of Lender, in the maximum principal amount of $7,500,000.00 (the “Note”); and
WHEREAS, the parties now desire to amend the Loan Agreement to provide for a modified Loan Commitment Amount, and to provide for certain other matters as set forth herein.
NOW, THEREFORE, the parties hereto hereby amend the Loan Agreement and the Loan Documents as follows:
Ex 10.269
[Signature Pages Follow.]
Ex 10.269
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the Amendment Effective Date first above written.
BORROWER:
LODGING FUND REIT III OP, LP,
a Delaware limited partnership, its sole member
By:Lodging Fund REIT III, Inc.,
a Maryland corporation, its general partner
By: /s/ Samuel C. Montgomery
Name: Samuel C. Montgomery
Title: Chief Financial Officer
LENDER:
LEGENDARY A-1 BONDS, LLC,
a Delaware limited liability company
By: /s/ Corey R. Maple
Name: Corey R. Maple
Title: Manager