DLOC Note by LF3 Charlotte, LLC and LF3 Charlotte TRS, LLC in Favor of Western Alliance Bank (August 25, 2022)
LF3 Charlotte, LLC and LF3 Charlotte TRS, LLC have jointly agreed to borrow up to $2,351,000 from Western Alliance Bank under the terms set out in this promissory note and a related loan agreement. The borrowers must repay the principal and interest as specified, with all amounts due by the maturity date. The note outlines interest calculation, payment terms, and legal limitations on interest rates. The agreement is governed by the terms of the related loan documents and is legally binding on all parties involved.
DLOC NOTE
Phoenix, Arizona
Dated as of August 25, 2022 (the “Note Date”)
Note Amount: $2,351,000.00
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 DLOC Note (this “Note”) is the DLOC 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 DLOC Note