Second Allonge to Promissory Note between Lodging Fund REIT III OP, LP and NHS, LLC OBA National Hospitality Services
This agreement modifies a previous promissory note between Lodging Fund REIT III OP, LP (the borrower) and NHS, LLC OBA National Hospitality Services (the lender) for $600,000. Starting October 1, 2024, the borrower will make monthly payments on the principal and accrued interest, with all unpaid interest as of September 30, 2024 added to the principal. Payments are based on a 36-month schedule, and the full remaining balance is due by September 30, 2025, or earlier if demanded by the lender.
EXHIBIT 10.296
SECOND ALLONGE TO PROMISSORY NOTE
This Second Allonge is to be attached to the Promissory Note dated March 3, 2023, (the "Note"), the original (or duplicate thereof) is attached hereto, made by Lodging Fund REIT Ill OP, LP, a Delaware limited partnership ("Maker"), and payable to NHS, LLC OBA National Hospitality Services, a North Dakota limited liability company ("Payee") in the original principal amount of Six Hundred Thousand Dollars ($600,000.00). The Note was previously modified by an Allonge dated effective as of July 3, 2023, and has been modified again by agreement between the Maker and the Payee. This Second Allonge is executed for the purposes of memorializing the agreements made since the Allonge. On October 1, 2024, Maker will commence making monthly payments of the Principal and unpaid interest as of that date. Any accrued interest as of September 30, 2024 shall be added to the then Principal balance and monthly payment shall be calculated on a 36-month amortization. Maker shall pay the unpaid balance of Principal and Interest on September 30, 2025, or on such earlier date as Payee shall make a demand for payment.
Maker By:
/s/ Samuel C. Montgomery
Samuel C. Montgomery
Its: COO
Dated: August 21, 2024
Payee By:
/s/ Sarah Koustrup
Sarah Koustrup
Its: President
Dated: August 21, 2024
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