AMENDMENT DATED SEPTEMBER 21, 1998
TO
AGREEMENT AND PLAN OF MERGER
This Amendment, dated as of September 21, 1998 (the "Amendment"),
amends that certain Agreement and Plan of Merger dated as of June 3, 1998 by and
between PMC Commercial Trust and Supertel Hospitality, Inc. (the "Merger
Agreement").
1. Extension of Time. The parties hereby agree to extend the date with
respect to certain matters by amending the following provisions of the Merger
Agreement as set forth below:
(i) Section 10.2(a) is hereby amended to replace the date
"November 30, 1998" with the date "December 31, 1998";
(ii) Sections 10.3(c) and (d) are each respectively amended to
replace the dates "October 31, 1998" with "November 30, 1998";
(iii) Sections 10.4(b) and (c) are each respectively amended to
replace the dates "October 31, 1998" with "November 30, 1998";
and
(iv) Section 8.21 is hereby amended to replace "December 31, 1998"
with "January 31, 1999."
2. No Further Amendments. Except as provided above, the Merger Agreement is
not further amended.
IN WITNESS WHEREOF, the parties have executed this Amendment and caused the
same to be duly delivered on their behalf on the day and year first written
above.
PMC COMMERCIAL TRUST
/s/ Xxxxx X. Xxxxxxxx
By:__________________________
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
SUPERTEL HOSPITALITY, INC.
/s/ Xxxx X. Xxxxxxx
By:__________________________
Xxxx X. Xxxxxxx
President and Chief Executive Officer
