Fourth 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 terms of a revolving line of credit loan between Legendary A-1 Bonds LLC (lender) and Lodging Fund REIT III OP, LP (borrower). The maturity date is extended to December 31, 2024, and the borrower must pay an extension fee. The maximum loan amount is increased to $15,500,000, and future advances require the lender's written consent. The loan remains secured by partnership units, and all previous obligations and liens continue. The amendment is effective as of March 27, 2024.
Ex 10.1
FOURTH AMENDMENT TO REVOLVING LINE OF CREDIT LOAN AGREEMENT
THIS FOURTH 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 March 27, 2024 (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 (i) 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, (ii) that certain Second Amendment to Revolving Line of Credit Loan Agreement dated as of January 12, 2023, increasing the maximum principal amount of the Loan to $10,000,000.00, and (iii) that certain Third Amendment to Revolving Line of Credit Loan Agreement dated as of April 18, 2023, increasing the maximum principal amount of the Loan to $13,300,000.00 (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 Third Amended and Restated Promissory Note dated as of April 18, 2023, executed by Borrower in favor of Lender, in the maximum principal amount of $13,300,000.00 (the “Note”); and
WHEREAS, the parties now desire to amend the Loan Agreement as set forth herein.
NOW, THEREFORE, the parties hereto hereby amend the Loan Agreement and the Loan Documents as follows:
Ex 10.1
[Signature Pages Follow.]
Ex 10.1
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/ Norman H. Leslie
Name: Norman H. Leslie
Title: Managing Member