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EXHIBIT 10.14
MODIFICATION OF PROMISSORY NOTE
DATE: February 29, 1996
PARTIES: Maker: BOSTON HSR LIMITED PARTNERSHIP,
a Massachusetts limited partnership
Payee: DOUBLETREE PARTNERS, a Delaware partnership, formerly
known as GUEST QUARTERS HOTELS
PARTNERSHIP, a Delaware partnership
RECITALS:
X. Xxxxx has extended to Maker a loan in the principal amount of
$4,000,000.00, as evidenced by the Promissory Note dated as of January 1, 1993
("Note").
B. Maker has requested that Payee modify the Note as provided herein.
Xxxxx is willing to so modify the Note subject to the terms and conditions
herein.
AGREEMENTS:
For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Maker and Payee agree as follows:
1. Maker acknowledges the accuracy of the Recitals.
2. The Note is modified as follows:
The principal amount of the Note is $4,500,000.00 to evidence the
increase in the amount of the loan made by Payee to Maker.
3. Maker hereby accepts the modification and agreements herein
contained and hereby promises to pay the unpaid principal balance of the Note as
modified, together with interest thereon at the rate or rates per annum therein
provided, and to pay and perform all other obligations of Maker, all pursuant to
the terms of the Note as modified.
4. Maker hereby represents and warrants to Payee that: (a) each
representation of Maker in the Note or in any other agreement, document or
instrument evidencing, securing, or otherwise relating to Maker's indebtedness
to Payee (collectively referred to as the "Loan Documents") is true and correct
on the date hereof; (b) no default or event of default under the Note or any
other Loan Document, nor any event which, with the giving of notice or the
passage of time or both, would be a default thereunder, has
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occurred and is continuing; and (c) Maker has no claims, counterclaims,
defenses, or set-offs with respect to the indebtedness evidenced by the Note.
5. The Note and other Loan Documents are ratified and affirmed by Maker
and shall remain in full force and effect as modified herein.
IN WITNESS WHEREOF, Xxxxx has executed and delivered this Modification
to Note on the day and year first above written.
BOSTON HSR LIMITED PARTNERSHIP,
a Massachusetts limited partnership
By: /s/ Xxxxx Xxxxxx
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Name:
A General Partner
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