future economic and market conditions which may impact the demand for office and industrial space either at current or increased levels
EX-10.72 11 c83242exv10w72.htm EXHIBIT 10.72 Exhibit 10.72
EXECUTION VERSION
EXHIBIT 10.72
PGRT ESH, INC.
77 West Wacker Drive
Suite 3900
Chicago, Illinois 60601
77 West Wacker Drive
Suite 3900
Chicago, Illinois 60601
December 31, 2008
Citicorp USA, Inc.
101 John F. Kennedy Parkway
Fourth Floor
Short Hills, New Jersey 07078
101 John F. Kennedy Parkway
Fourth Floor
Short Hills, New Jersey 07078
Re: First Amendment to Loan Agreement dated as of October 31, 2008
Ladies and Gentlemen:
Reference is made to the First Amendment to Loan Agreement dated as of October 31, 2008 (the “Amendment”) among PGRT ESH, Inc. (the “Borrower”), Lightstone Holdings LLC, David Lichtenstein (together with Lightstone Holdings LLC and the Borrower, the “Loan Parties”), and Citicorp USA, Inc. (the “Lender”).
The Loan Parties have requested the extension of the Forbearance Period (as defined in the Amendment) from December 31, 2008 until January 30, 2009 to allow the consummation of the sale, by 180 North LaSalle II, L.L.C., of the property commonly known as180 North LaSalle Street, Chicago, Illinois. The Lender hereby agrees with the Loan Parties that the Amendment is amended by deleting “December 31, 2008” in Section 3 (a) thereof and substituting “January 30, 2009” therefor. In connection with such extension and as consideration therefore, the Borrower has arranged for additional collateral for the Lender in the form of pledged interests.
The Lender and Loan Parties agree that Schedule 5(a)(iii) of the Amendment is hereby amended by deleting clause 1 and clause 2 of Schedule 5(a)(iii) and renumbering clause 3 therein as clause 1.
Citicorp USA, Inc
December 31, 2008
Page 2
December 31, 2008
Page 2
Except as amended hereby, the Amendment shall remain in full force and effect.
| Very truly yours, | ||||||
| PGRT ESH, INC. | ||||||
| By: | [s] David Lichtenstein | |||||
| David Lichtenstein | ||||||
| Chairman | ||||||
| AGREED TO AND ACCEPTED AS OF THE DATE FIRST SET FORTH ABOVE: | ||||
| Lender | ||||
| CITICORP USA, INC. | ||||
By: | [s] Diana Yusun Director | |||
| Guarantors | ||||
| [s] David Lichtenstein | ||||
| David Lichtenstein | ||||
| LIGHTSTONE HOLDINGS LLC | ||||
By: | [s] David Lichtenstein | |||
| Managing Member | ||||
Signature page to 30 day Extension
