EXHIBIT 10.39
NOTE MODIFICATION AGREEMENT
This Note Modification Agreement is entered into as of April 12, 2000
by and between Xxxxxx Hotels Properties Corp., ("Borrower") and Equity Inns
Partnership, L.P. ("Lender").
WHEREAS, Borrower has previously executed and delivered to
Lender its Promissory Note in the principal amount of $3,884,052.23
dated as of October 31, 1997 which Note was modified pursuant to Note
Modification Agreement dated October 31, 1998; and
WHEREAS, there is currently outstanding under the Note the
principal sum of $2,634,052.23, payment of which is in default; and
WHEREAS, Borrower and Lender have agreed to modify the terms
of the Promissory Note as set forth herein and to reinstate the
Promissory Note in good standing:
NOW, THEREFORE, be it resolved, that for and in consideration
of the mutual agreements set forth herein, Borrower and Lender hereby
agree:
1. The definition of Maturity Date set forth in Section 1 of the
Promissory Note shall be amended to read as follows:
"MATURITY DATE" SHALL MEAN APRIL 1, 2006.
2. Section 4 of the Promissory Note, Principal Payments, shall be
amended and restated as follows:
"4. PAYMENTS.
(a) BORROWER SHALL PAY INTEREST ONLY MONTHLY ON
THE FIRST DAY OF EACH MONTH, COMMENCING MAY
1, 2000 AND CONTINUING THROUGH APRIL 1,
2001.
(b) COMMENCING MAY 1, 2001, BORROWER SHALL MAKE
59 EQUAL AMORTIZING MONTHLY PAYMENTS OF
PRINCIPAL AND INTEREST IN THE AMOUNT OF
$34,809.19 EACH.
(c) THE REMAINING BALANCE OF PRINCIPAL, PLUS
ACCRUED BUT UNPAID INTEREST, SHALL BE DUE ON
THE MATURITY DATE".
3. Except as stated herein, the Promissory Note shall remain in
full force and effect, unamended.
IN WITNESS WHEREOF, the parties have executed this Note Modification
Agreement to be effective as of the date above written.
XXXXXX HOTELS PROPERTIES CORP.
By: /s/ E. Xxxxxxx Xxxxxx
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EQUITY INNS PARTNERSHIP, L.P.
By: Equity Inns Trust, General Partner
By: /s/ Xxxxxx Xxxxxx
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