MODIFICATION OF PROMISSORY NOTE AND LOAN AGREEMENT
Exhibit 10.33
THIS MODIFICATION OF PROMISSORY NOTE AND LOAN AGREEMENT is made and entered into on November
28, 2007 by and between SUMMIT HOTEL PROPERTIES, LLC, a South Dakota limited liability company
(“Borrower”), and ING LIFE INSURANCE AND ANNUITY COMPANY, a Connecticut corporation (“Lender”).
1. The Note is hereby modified as follows. Notwithstanding anything in the Note to the
contrary, from and after the date hereof the Note shall be repaid by Borrower to Lender as follows:
(a) On December 1, 2007, a payment of $262,912.81 shall be due and payable, which shall be
applied first to accrued and unpaid interest and the remainder to the outstanding principal amount
of the Note; and
(b) Thereafter, payments of principal and interest shall be made in successive monthly
installments commencing on January 1, 2008, and continuing on the first day of each and every
calendar month thereafter up to and including July 1, 2012, all but the final installment thereof
to be in the amount of Two Hundred Forty-Three Thousand Three Hundred Twenty-Eight and 52/100
Dollars ($243,328.52), and the final installment payable on July 1, 2012, to be in the full amount
of outstanding principal of this Note, interest and all other sums remaining unpaid hereunder and
under the Mortgage (as in the Note).
2. The Loan Agreement is hereby modified to delete the chart appearing in Section 3.07(i) in
its entirety and insert in its place the following:
[MODIFICATION OF PROMISSORY NOTE
AND LOAN AGREEMENT]
ING No. 27924
AND LOAN AGREEMENT]
ING No. 27924
PRINCIPAL | ALLOCATION | RELEASE | ||||||||||||
PROPERTY | ALLOCATION | PERCENTAGE | FACTOR | |||||||||||
(1) |
Comfort Inn | $ | 3,170,287.75 | 9.7544673746941500 | % | 110 | % | |||||||
0000 Xxxxxxx Xxxx | ||||||||||||||
Xxxx Xxxxx, Xxxxxxxx | ||||||||||||||
(2) |
Hampton Inn | $ | 5,390,417.41 | 16.5854505946194000 | % | 120 | % | |||||||
0000 Xxxx Xxxxxxxxx Xxxx. | ||||||||||||||
Xxxx Xxxxx, Xxxxxxx | ||||||||||||||
(3) |
Courtyard by Marriott | $ | 5,464,102.75 | 16.8121685721773000 | % | 125 | % | |||||||
0000 Xxxxx Xxxxxxx Xx. | ||||||||||||||
Xxxxxxxx, Xxxxxxx | ||||||||||||||
(4) |
Comfort Inn | $ | 2,244,914.73 | 6.9072429032856400 | % | 110 | % | |||||||
0000 Xxxxx Xxxxxxx Xx. | ||||||||||||||
Xxxxxxxx, Xxxxxxx | ||||||||||||||
(5) |
Hawthorn Suites | $ | 5,366,493.60 | 16.5118408616461000 | % | 120 | % | |||||||
000 Xxxxx Xxxxxxxx Xxxx. | ||||||||||||||
Xxxxxx Xxxxx, Xxxxxxxx | ||||||||||||||
(6) |
Hampton Inn | $ | 5,610,516.47 | 17.2626601379741000 | % | 125 | % | |||||||
0000 Xxxx Xxxxxxxx Xx. | ||||||||||||||
Xxxxxxxxx Xxxxxxx, Xxxxxxxx | ||||||||||||||
(7) |
Comfort Suites | $ | 2,770,281.62 | 8.5237126393800300 | % | 120 | % | |||||||
00000 Xxxxx Xxxxxxxx Xx. | ||||||||||||||
Xxxxx, Xxxx | ||||||||||||||
(8) |
Fairfield Inn | $ | 2,483,865.76 | 7.6424569162232900 | % | 125 | % | |||||||
0000 Xxxx Xxxxx Xxxxx | ||||||||||||||
Xxxxxxxxxx, Xxxxx | ||||||||||||||
TOTAL PRINCIPAL OUTSTANDING | $ | 32,500,880.10 | 100.000 | % |
3. | Except as expressly modified hereby, the Note and Loan Agreement shall remain in full force and effect, Borrower and Lender hereby ratifying and affirming the same. |
[SIGNATURES BEGIN ON FOLLOWING PAGE]
[MODIFICATION OF PROMISSORY NOTE
AND LOAN AGREEMENT]
ING No. 27924
AND LOAN AGREEMENT]
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IN WITNESS WHEREOF, the parties hereto have caused this Modification to be executed as of the
day and year first above-written.
BORROWER: SUMMIT HOTEL PROPERTIES, LLC, a South Dakota limited liability company |
||||
By: | /s/ Xxxxxxxxxxx X. Xxxxx | |||
Xxxxxxxxxxx X. Xxxxx, Chief Financial Officer | ||||
[SIGNATURES CONTINUED ON FOLLOWING PAGE]
[MODIFICATION OF PROMISSORY NOTE
AND LOAN AGREEMENT]
ING No. 27924
AND LOAN AGREEMENT]
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[SIGNATURES CONTINUED FROM PRECEDING PAGE]
LENDER: | ||||||||
ING LIFE INSURANCE AND ANNUITY COMPANY, a Georgia corporation | ||||||||
By: | ING Investment Management LLC, as Authorized Agent | |||||||
By: | /s/ Xxxxxx X. Xxxxxxxxxxxx | |||||||
Name: Xxxxxx X. Xxxxxxxxxxxx | ||||||||
Title: Vice President |
[MODIFICATION OF PROMISSORY NOTE
AND LOAN AGREEMENT]
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AND LOAN AGREEMENT]
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