Term Loan Note between LF3 Charlotte, LLC, LF3 Charlotte TRS, LLC, and Western Alliance Bank dated August 25, 2022
LF3 Charlotte, LLC and LF3 Charlotte TRS, LLC have entered into a loan agreement with Western Alliance Bank for a principal amount of $9,805,000. The borrowers agree to repay the loan with interest as specified in the related loan agreement. Payments are due according to the terms set out in the agreement, with the full balance and any accrued interest due at maturity. The agreement includes standard provisions regarding interest rates, waivers, and legal compliance. The note is governed by the terms of the broader loan agreement referenced within.
TERM LOAN NOTE
Phoenix, Arizona
Dated as of August 25, 2022 (the “Note Date”)
Note Amount: $9,805,000.00
FOR VALUE RECEIVED, LF3 CHARLOTTE, LLC, a Delaware limited liability company, and LF3 CHARLOTTE TRS, LLC, a Delaware limited liability company (individually and collectively, jointly and severally, the “Borrower”), promise to pay to the order of WESTERN ALLIANCE BANK, an Arizona corporation, and its successors and assigns (“Lender”), the principal sum stated above as the Note Amount, or so much thereof as may have been advanced by Lender, with interest thereon, on the dates and at the rates and upon the terms and conditions specified below. This Term Loan Note (this “Note”) is the Term Note referred to in the Loan Agreement, dated the same date as this Note, between Borrower and Lender (as it may be amended, restated, supplemented, extended or renewed from time to time, the “Loan Agreement”) and is being executed and delivered pursuant thereto (the loan made pursuant to this Note and the Loan Agreement being referred to in this Note as the “Loan”). Capitalized terms used in this Note and not defined in this Note have the meanings given to such terms in the Loan Agreement.
1. | Interest Rate. |
2. | Payments. |
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, Borrower has executed this Note as of the date stated above.
BORROWER:
LF3 CHARLOTTE, LLC, a Delaware limited liability company By: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
Its: Chief Financial Officer
LF3 CHARLOTTE TRS, LLC, a Delaware limited liability company
By: | Lodging Fund REIT III TRS, Inc., a Delaware corporation, its Sole Member |
By: | Lodging Fund REIT III OP, LP, a Delaware limited partnership, its Sole Shareholder |
By: | Lodging Fund REIT III, Inc., a Maryland corporation, its General Partner |
By: /s/ Samuel C. Montgomery
Name: Samuel C. Montgomery
Its: Chief Financial Officer
Signature Page to Term Loan Note