CHANGE IN TERMS AGREEMENT
Ex. 10.259
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.
Call/ Coll
8100
$5,000,000.0002-10-2020 12-15-2022
Initials
OfficerI 488
I
I
I
PrincipalILoan Date IMaturity I
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
| (A) | Principal Amount: $5,000,000.00Date of Agreement: January 11, 2023 |
DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note number xxxxxx 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 December 15, 2022 to April 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 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 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 it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
Ex. 10.259
Loan No:
| (16) | |
| CHANGE IN TERMS AGREEMENT |
(Continued)Page 2
PRIOR TO SIGNING THIS AGREEMENT, XXXXXXXX READ AND UN ERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. XXXXXXXX AGREES TO THE TERMS OF THE AGREEMENTS
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.
LENDER:
WESTERN STATE BANK
X /s/ Xxxxxxx Xxxxx
Xxxxxxx Xxxxx, Market President
LaserPro, Ver. 22 4 0 056 Copr Finaslra USA Corporalion 1997, 2023 All RighlB Reserved - ND C:\I..ASERPRO\CFI\LPL\D20C FC TR--1
Ex 10.259
