Exhibit 4.6
[Michigan]
MORTGAGE MODIFICATION AGREEMENT
MORTGAGE MODIFICATION AGREEMENT (this "Agreement") made this
8th day of May, 2000, among PROMUS HOTELS, INC., a Delaware corporation, having
an office at 000 Xxxxxxxxx Xxxx, Xxxxxxx, Xxxxxxxxx 00000-0000 ("Mortgagee"),
and APPLE SUITES, INC., a Virginia corporation ("Fee Owner"), APPLE SUITES
MANAGEMENT, INC., a Virginia corporation ("Lessee"; together with Fee Owner,
collectively, "Mortgagor"), each of Fee Owner and Lessee having an office at 000
Xxxx Xxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000.
Preliminary Statement
Mortgagee is the lawful owner and holder of the obligations
secured by the Fee and Leasehold Mortgage dated December 22, 1999, from
Mortgagor to Mortgagee, recorded in the Macomb County Records, Michigan in Book
______, Page ______ (the "Mortgage"). The Mortgage secures a $4,384,500 note of
Fee Owner dated December 22, 1999 (the "Original Note"), which evidences a
purchase money loan (the "Loan") in the amount of $4,384,500 from Mortgagee to
Fee Owner.
Pursuant to the Agreement of Sale (as defined in the
Mortgage), Fee Owner is to acquire certain additional premises described therein
and in connection therewith, Fee Owner will borrow $11,616,750 from Mortgagee
and has executed and delivered to Mortgagee its note, dated the date hereof,
obligating it to pay the sum of $11,616,750 (the "New Note"), with interest
thereon as therein provided and with final payment being due on April 28, 2001.
In consideration of such additional loan by Mortgagee to Fee
Owner, Mortgagee and Mortgagor have agreed to modify the Mortgage to secure the
New Note and thereby increase the amount secured by the Mortgage, all in the
manner hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto covenant and agree as follows:
1. The Mortgage is modified as follows: The term "Note" shall
mean, collectively, the Original Note and the New Note, as the same may
hereafter be amended, modified, extended, severed, assigned, renewed or
restated, from time to time and the Mortgage shall secure the amount of
$16,001,250.
2. Mortgagor warrants and represents that there are no
defenses, offsets or counterclaims with respect to its obligations under the
Mortgage, as modified hereby, including, without limitation, its obligation for
the payment of the Note.
3. Except as modified in the manner set forth above, the
Mortgage shall remain unmodified and in full force and effect.
4. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any party hereto may execute this Agreement by signing any such
counterpart.
2
IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered by each of the parties hereto as of the date first above written.
Witness: PROMUS HOTELS, INC.,
a Delaware corporation
----------------------------
Name:
By /s/ Xxxxxx X. Xxxxxx [L.S.]
---------------------------
---------------------------- Xxxxxx X. Xxxxxx
Name: Executive Vice President
Witness: APPLE SUITES, INC.,
a Virginia corporation
/s/ Xxx X. Remppies
----------------------------
Name:
By /s/ Xxxxx X. Xxxxxx [L.S.]
---------------------------
/s/ Xxxxxx X. [illegible] Name: Xxxxx X. Xxxxxx
---------------------------- Title: Chairman of the Board and
Name: President
Witness: APPLE SUITES MANAGEMENT, INC.,
a Virginia corporation
/s/ Xxx X. Remppies
----------------------------
Name:
By /s/ Xxxxx X. Xxxxxx [L.S.]
---------------------------
/s/ Xxxxxx X. [illegible] Name: Xxxxx X. Xxxxxx
------------------------------------------ Title: Chairman, CEO and
Name: President
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
THIS INSTRUMENT was acknowledged before me on the 4th day of
May, 2000, by Xxxxxx X. Xxxxxx, Executive Vice President of Promus Hotels, Inc.,
a Delaware corporation, on behalf of said Promus Hotels, Inc.
/s/ Xxxxx Xxxxxx
--------------------------------------------
Notary Public, State of California
Printed Name: Xxxxx Xxxxxx
------------------------------
Commission Expires: 8/8/2002
------------------------
STATE OF VIRGINIA
CITY OF RICHMOND
THIS INSTRUMENT was acknowledged before me on the 2nd day of
May, 2000, by Xxxxx X. Xxxxxx, Chairman & President of Apple Suites, Inc., a
Virginia corporation, on behalf of said Apple Suites, Inc.
/s/ Xxxxxxxxx X. Xxxxx
--------------------------------------------
Notary Public, State of Virginia
Printed Name: Xxxxxxxxx X. Xxxxx
------------------------------
Commission Expires: 6/30/03
------------------------
STATE OF VIRGINIA
CITY OF RICHMOND
THIS INSTRUMENT was acknowledged before me on the 2nd day of
May, 2000, by Xxxxx X. Xxxxxx, Chairman, President & CEO of Apple Suites
Management, Inc., a Virginia corporation, on behalf of said Apple Suites
Management, Inc.
/s/ Xxxxxxxxx X. Xxxxx
--------------------------------------------
Notary Public, State of Virginia
Printed Name: Xxxxxxxxx X. Xxxxx
------------------------------
Commission Expires: 6/30/03
------------------------
