Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of May 6, 2021
Exhibit 10.22
CHANGE IN TERMS AGREEMENT
Principal | Loan Date | Maturity | Loan No | Call/ Coll | Account | Officer | Initials | |
$5,000,000.00 | 02-10-2020 | 05-10-2021 | | 8100 | | 403 | | |
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations. | ||||||||
Borrower: | Lodging Fund REIT Ill OP, LP | | | Lender: | Western State Bank | |||
Principal Amount: $5,000,000.00 | | | Date of Agreement: May 6, 2021 |
DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note number xxxxxxx dated February 10, 2020 in the original amount of
$5,000,000.00 (Revolving Line of Credit) with a current principal balance of $0.00.
DESCRIPTION OF CHANGE IN TERMS.
1.. CHANGE OF MATURITY DATE. Extend the maturity date of the above listed Promissory Note from May 10, 2021 to May 10, 2022, at which time all outstanding principal plus all accrued unpaid interest will be due.
2.PAYMENT SCHEDULE. Borrower will continue to pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning June 10, 2021, with all subsequent interest payments to be due on the same day of each month after that.
3. | ADD INTEREST FLOOR RATE. An interest floor rate of 4.00% will be added effective the date of this agreement. |
4 , CONDITIONS PRECEDENT. As a Condition Precedent to the effectiveness of this Change in Terms Agreement, Borrower agrees to pay lender a processing fee of $150 .00, modification recording fee of $66.00 and lien search fee of $30.30 .
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNO RSTOOO ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.
CHANGE IN TERMS SIGNERS:
LODGING FUND REIT III OP, LP
LODGING FUND REIT III INC., General partner of lodging fund REIT III OP, LP
By: | /s/ Corey R. Maple | |
| Corey R. Maple, Chief Executive Officer of Lodging Fund REIT III, Inc. | |
| | |
x | /s/ Corey R. Maple | |
| Corey R. Maple | |
| | |
LODGING FUND REIT III INC | | |
| | |
By: | /s/ Corey R. Maple | |
| Corey R. Maple, Chief Executive Officer of Lodging Fund REIT III, Inc. | |
| | |
| CHANGE IN TERMS AGREEMENT | |
Loan | (Continued) | Page 2 |
| | |
LENDER:
WESTERN STATE BANK
| | |
X | /s/ Ryan Rued | |
| Ryan Rued, VP/Business Banking Officer | |
| | |
LaserPro, Ver. 211 0 222 Copr. Fineslre USA CorpoiaUon 1997, 2021. All Righls Reserved - ND C:\lASERPRO\CFI\LPL\020C FC TR-4841 PR-8
