CHANGE IN TERMS AGREEMENT
Ex. 10.273
CHANGE IN TERMS AGREEMENT
References in the boxes above are for Xxxxxx'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.•
OfficerInitials 488
Account
I
Call/ Coll
8100
I
Loan No
PrincipalILoan Date IMaturity I
$5,000,000.0002-10-2020 04-15-2023
Borrower:Lodging Fund REIT Ill OP, LP
0000 00xx Xxxxxx Xxxxx, Xxxxx 000
Fargo, ND 58103
Lender:Western State Bank
West Fargo
P.O. Box 617
000 00xx Xxx X
West Fargo, ND 58078
Principal Amount: $5,000,000.00Date of Agreement: April 19, 2023
DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Nole number 4012114 dated February 10, 2020 in the original amount of
$5,000,000.00 (Revolving Line of Credit) with a current principal balance of $5,000,000.00.
DESCRIPTION OF CHANGE IN TERMS. 1. CHANGE OF MATURITY DATE. Extend the maturity date of the above listed Promissory Note from April 15, 2023 to June 15, 2023, at which time all outstanding principal plus all accrued unpaid interest will be due.
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 Xxxxxx to this Agreement does not waive Xxxxxx's right to strict performance of the obligalion(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 Xxxxxx 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 ii. This waiver applies not,only to any initial extension, modification or release, but also to all such subsequent actions.
Ex. 10.273
PRIOR TO SIGNING THIS AGREEMENT, XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. XXXXXXXX AGREES TO THE TERMS OF THE AGREEMENT.
Ex 10.273
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/ Xxxxx X. Maple
Xxxxx X. Xxxxx, Chief Executive Officer of Lodging Fund REIT III, Inc.
X /s/ Xxxxx X. Maple
Xxxxx X. Maple
By: /s/ Xxxxx X. Maple
Xxxxx X. Xxxxx, Chief Executive Officer of Lodging Fund REIT III, Inc.
LF3 FARGO MED, LLC
LODGING FUND REIT III OP, LP, Member of LF3 Fargo Med, LLC
By: /s/ Xxxxx X. Maple
Xxxxx X. Xxxxx, Chief Executive Officer of Lodging Fund REIT III, Inc.
LF3 XXXXX, LLC
LODGING FUND REIT III OP, LP, Member of LF3 Xxxxx, LLC
By: /s/ Xxxxx X. Maple
Xxxxx X. Xxxxx, Chief Executive Officer of Lodging Fund REIT III, Inc.
LF3 CEDAR RAPIDS, LLC
LODGING FUND REIT III OP, LP, Member of LF3 Cedar Rapids, LLC
By: /s/ Xxxxx X. Maple
Xxxxx X. Xxxxx, Chief Executive Officer of Lodging Fund REIT III, Inc.
Ex 10.273
LENDER:
WESTERN STATE BANK
X /s/ Xxxxxxx Xxxxx-
Xxxxxxx Xxxxx, Market President
