Promissory Note issued to Western State Bank relating to the Southaven Property, dated February 16, 2021

Exhibit 10.94

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PROMISSORY NOTE

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PROMISE TO PAY. LF3 Southaven TRS, LLC ("Borrower") promises to pay to Western State Bank ("Lender"), or order, in lawful money of the United States of America, the principal amount of Eighty-five Thousand Four Hundred & 00/100 Dollars ($85,400.00), together with interest on the unpaid principal balance from February 16, 2021, until paid in full.

PAYMENT. Borrower will pay this loan in accordance with the following payment schedule, which calculates Interest on the unpaid principal balances as described in the "INTEREST CALCULATION METHOD" paragraph using the interest rates described in this paragraph: 45 monthly consecutive principal and interest payments of $1,916.87 each, beginning June 3, 2022, with interest calculated on the unpaid principal balances using an interest rate of 1.000% per annum based on a year of 360 days; and one principal and interest payment of $1,916.10 on February 16, 2026, with interest calculated on the unpaid principal balances using an interest rate of 1.000% per annum based on a year of 360 days. This estimated final payment is based on the assumption that all payments will be made exactly as scheduled; the actual final payment will be for all principal and accrued interest not yet paid, together with any other unpaid amounts under this Note. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; then to any escrow or reserve account payments as required under any mortgage, deed of trust, or other security instrument or security agreement securing this Note; and then to any unpaid collection costs. Borrower wlll pay Lender at Lender's address shown above or at such other place as Lender may designate in writing. All payments must be made in U.S. dollars and must be' received by Lender consistent with any written payment instructions provided by Lender. If a payment is made consistent with Lender's payment instructions but received after West Fargo/Fargo: 7:00 PM Central Standard Time; Devils Lake: 6:00 PM Central Standard Time, Lender will credit Borrower's payment on the next business day.

INTEREST CALCULATION METHOD. Interest on this Note ls computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method.

PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it ts due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the prlnclpal balance due and may result In Borrower's making fewer payments. Borrower agrees not to send Lender payments marked "paid In full", "without recourse", or similar language. If Borrower sends such a payment, Lender may accept it  without  losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment Instrument that Indicates that the payment constitutes "payment In full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Western State Bank, West Fargo, P.O. Box 617, 755 13th Ave E, West Fargo, ND 58078.

LATE CHARGE.       If a payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly  scheduled

payment or $25.00, whichever Is greater.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate qn this Note shall be increased by adding an additional 3.000 percentage point margin ("Default Rate Margin"). The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default. After maturity, or after this Note would have matured had there been no default, the Default Rate Margin will continue to apply to the final Interest rate described in this Note. However, in no event will the interest rate exceed the maximum Interest rate limitations under applicable law. '

DEFAULT. Each of the following shall constitute an event of default ("Event of Default") under this Note·:

Payment Default. Borrower fails to make any payment when due under this Note.

Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained In any other agreement between Lender and Borrower.

Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the. relat d documents.

False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents ls false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.1

Death or Insolvency. The dissolution of Borrower (regardless of whether election to continue is made}, any member withdraws from Borrower, or any other termination of Borrower's existence as a going business or the death of any member, the Insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by Judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This Includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim hich is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding 1:1nd deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, In its sole discretion, as being an adequate reserve or bond for the dispute.

Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or

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disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is Impaired.

Insecurity. Lender in good faith believes itself insecure.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all  accrued unpaid  interest immediately  due,  and then Borrower  will pay that  amount.

EXPENSES. If Lender Institutes any suit or action to enforce any of the terms of this Note, Lender shall be entitled to recover such sum as the court may adjudge reasonable. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the loan payable on demand and shall bear interest at the Note rate from the date of the expenditure .until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals, to the extent permitted by applicable law.  Borrower also    will pay any court costs, in addition to all other sums provided by law.

JURY WAIVER. Lender and Borrower hereby waive the right to any Jury trial in any action, proceeding, or counterclaim brought by either Lender

or Borrower._agai st th!.o.th, r:.. , .......·.,..,.; ..." ..,... ...... . .. ... ...

GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of North Dakota without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of North Dakota.

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request  to  submit  to  the jurisdiction  of  the  courts  of  Cass  County, State of  North Dakota.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open In the future.  However, this does not include any IRA or Keogh accounts, or any trust accounts for  which setoff would be prohibited by  law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff rights provided in this paragraph.

COLLATERAL. This loan is unsecured.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's  heirs,  personal  representatives, successors and assigns, and shall Inure to  the benefit of Lender and Its successors    and assigns. '

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES. Borrower may notify Lender if Lender

reports any inaccurate information about Borrower's account(s) to a consumer reporting agency. Borrower's written notice describing  the  specific inaccuracy(les) should be sent to Lender at the following address: Western State Bank 11 O 4th  St SE :Oevils Lake, ND 58301.

SBA PAYCHECK PROTECTION PROGRAM. Lender is making this loan pursuant to the Paycheck Protection Program (the "PPP") created by the Section 1102 of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), which lo.an Is governed by  the  following (collectively, the "Governing Rules"): (i) the CARES Act, (ii) section 7(a)(36) of the Small Business Act, (iii) any rules or guidance that has been issued by the Small Business Administration implementing the PPP, and/or (iv) any other applicable loan· or related document. In addition to the Governing Rules, this loan is subject to the Program Requirements, as defined in 13 CFR § 120.10, as amended from time to time (collectively "PPP Loan Program Requirements"). Notwithstanding anything to the contrary herein, the Borrower (a) agrees that the Note shalLbe interpreted and construed to be consistent with the Governing Rules and the PPP Loan Program Requirements and. (b) authorizes the Lender to unilaterally amend any provision of the Note or any other document related to or arising from this loan, to the extent required to comply with the Governing Rules or the PPP Loan Program Requirements.,

When SBA is the holder, this Note and loan will be interpreted and enforced under Federal law, including, without limitation, the Governing  Rules, PPP Loan Program Requirements, and all applicable SBA regulations. Lender or SBA may use state or local procedures for filing' papers and instruments, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any Federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not 'Claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt Federal law.:

LOAN FORGIVENESS. As the recipient of a Paycheck Protection Program loan after January 19, 2021, the Borrower hereby acknowledges that the Small Business Administration (SBA) has the final determination regarding loan forgiveness. In the event the Paycheck Protection Program loan is not forgiven, the Borrower will begin remitting payments to Western State Bank based upon the terms outlined in the Promissory Note until the loan is paid in full.

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated In writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of  time) this  loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security: interest In the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. Ail such parties also agree that Lender may modify  this loan without the consent of or notice to  anyone other than the party with whom the modification is made.  The obligations under this Note  are joint and several.

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PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOJE. BORROWER AGREES TO THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. BORROWER:

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LF3 SOUTHAVEN TRS, LLC

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LODGING FUND REIT III TRS, INC., Sole Member of LF3 Southaven TRS, LLC

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By: /s/ Samuel Montgomery

Samuel Montgomery, Chief Operating Officer of

Lodging Fund REIT III TRS, Inc.

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LENDER:

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WESTERN STATE BANK

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/s/ Ryan Rued

Ryan Rued, VP/Business Banking Officer