AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING (WBCMT 2007-C31; LOAN NO. 502860051)
Exhibit 10.14c
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Prepared by and after recording, return to:
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| Bilzin Xxxxxxx Xxxxx Price & Xxxxxxx LLP | ||
| 0000 Xxxxxxxx Xxxxxx, Xxxxx 0000 | ||
| Xxxxx, Xxxxxxx 00000-0000 | ||
| Attn: Post-Closing Department
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(Space Above For Recorder’s Use Only)
AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING
(WBCMT 2007-C31; LOAN NO. 502860051)
THIS AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING (this “Amendment”) is executed this 19th day of November, 2013, and is entered into among U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31 (“Lender”), having an address at c/o Corporation Trust Services, 000 Xxxxx XxXxxxx Street, 7th Floor, Mail Station: MK-IL-SL7R, Xxxxxxx, XX 00000, Re: XXXXX 0000-X00; Loan No. 502860051; and ASHFORD SEATTLE DOWNTOWN LP, a Delaware limited partnership (“Borrower”) having an address at c/o Ashford Hospitality Prime, Inc., 00000 Xxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000-0000, Attention: Xxxxx X. Xxxxxx.
PRELIMINARY STATEMENT
A. Borrower is the current owner of title to certain real properties (collectively, the “Land”) and the buildings and improvements thereon (the “Improvements”) known as Courtyard Seattle Downtown Lake Union, located in Seattle, Washington as more particularly described on Exhibit A attached hereto (the Land and the Improvements are hereinafter sometimes referred to as the “Property”).
B. On April 11, 2007, Wachovia Bank, National Association, a national banking association (“Original Lender”), made a loan (“Loan”) in the original principal amount of $128,408,000.00 to Borrower, which Loan was cross-collateralized with other borrowers, mortgages and properties.
C. The Loan is evidenced by that certain Promissory Note dated April 11, 2007, made by the Cross Collateralized Borrowers (as defined in the Security Instrument) in favor of Original Lender in the original principal amount of $128,408,000.00 (the “Note”) and secured by, among other things, the lien of that certain Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing dated as of April 11, 2007, executed by Borrower in favor of Original
Lender, recorded April 23, 2007 as Document Number 200704200020270 in the real property records of King County, Washington (the “Security Agreement”) encumbering the Property. The Note, Security Instrument and such other documents evidencing, securing or pertaining to the Loan, as the same may be amended, supplemented, assigned, assumed, substituted and/or consolidated are collectively referred to herein as the “Loan Documents.”
D. Lender is the current owner and holder of the Loan Documents.
E. Lender and Borrower are parties to that certain Consent Agreement (the “Consent Agreement”) dated as of the date hereof, whereby Lender consented, among other things, to certain transfers (each a “Transfer”) under the Loan Documents. As a condition to Lender granting its consent to the Transfers and entering into the Consent Agreement with Borrower, Lender and Borrower agreed certain modifications be made to the Security Instrument, as more particularly set forth herein.
NOW, THEREFORE, in consideration of $10.00 paid by each of the parties to the other, the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:
ARTICLE 1
DEFINITIONS
1.1. Definitions. All terms not defined herein shall have the meaning set forth in the Security Instrument. All references to the term “Security Instrument” shall mean such document as modified hereby.
ARTICLE 2
AMENDMENT
The Security Instrument is hereby amended as follows:
2.1 The term “Permitted Transfer” as defined in Section 1.01 of the Security Instrument, is deleted in its entirety and the following is substituted therefor:
“Permitted Transfer” shall mean (a) Permitted Liens; (b) all transfers of Equipment and other items of personal property as expressly permitted in the Loan Documents; (c) transfers of direct and indirect interests in Borrower (other than interests held by a General Partner) and/or in General Partner to one or more Affiliates of Borrower; (d) transfers, issuances, conversions, pledges and redemptions of capital stock and partnership interests in any Joint Venture Parent Entity (or their respective successors), in the ordinary course of business and not in connection with a tender offer, merger or sale of such Persons; (e) the merger or consolidation of any Joint Venture Parent Entity (or their respective successors) whereby such Joint Venture Parent Entity is the surviving entity in such merger or consolidation; provided that, Lender shall first obtain, at Borrower’s sole cost and expense, from each Rating Agency a written confirmation that any ratings issued by each such Rating Agency in connection with a Securitization will not, as a result of the proposed merger or consolidation, be downgraded from the then current ratings thereof, qualified or withdrawn; and (f) the foreclosure of any pledge (other than by a Prohibited
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Person) of any indirect equity interests in Borrower, the General Partner of Borrower or Operating Tenant held by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC or Ashford Hospitality Limited Partnership granted to secure a senior credit facility made to any such parties (but only to the extent that such pledge consists of a pledge by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC or Ashford Hospitality Limited Partnership, as applicable, of its direct or indirect limited partnership interests in Ashford Hospitality Prime Limited Partnership) so long as such foreclosure does not result in the foreclosing lender owning more than (x) a 30% direct or indirect interest in Ashford Hospitality Prime Limited Partnership, or (y) following a contribution of the Marriott Crystal Gateway Hotel located in Arlington, Virginia to Ashford Hospitality Prime Limited Partnership, a 45% direct or indirect interest in Ashford Hospitality Prime Limited Partnership and written notice of such foreclosure containing a description of the interest being foreclosed is provided to Lender within ten (10) days prior to the filing of such foreclosure, provided further that, and in addition to any conditions set forth above with respect to any Permitted Transfer (i) that following any of the events contemplated by clauses (a) through (f) above: (1) the majority of the individuals Controlling the board of directors of Ashford Hospitality Prime, Inc. continue to Control the board of directors of Ashford Hospitality Prime, Inc. after any such Permitted Transfer, (2) Ashford Hospitality Prime, Inc. shall at all times continue to Control Ashford Hospitality Prime Limited Partnership and own at least 51% of the equity interests in and Control Ashford Prime OP General Partner LLC; (3) Ashford Hospitality Prime Limited Partnership shall at all times continue to own (directly or indirectly) at least 51% of the equity interests in and Control each General Partner of Borrower and Operating Tenant, Borrower and Operating Tenant; (4) in the event that any Transfer results in any Person which as of the Equity Transfer Date does not own 49% or more of the direct or indirect interests in Borrower, Operating Tenant or the General Partner of Borrower or Operating Tenant, as applicable, obtaining a 49% or greater direct or indirect interest in Borrower, Operating Tenant or any General Partner of Borrower or Operating Tenant, Borrower shall (x) deliver a substantive non-consolidation opinion to Lender in form and substance and from counsel reasonably acceptable to Lender and the Rating Agencies, if applicable; (5) no Transfer may be to a Prohibited Person; and (6) Borrower shall pay or cause to be paid all of the costs and expenses incurred by Lender (including, but not limited to, attorneys’ fees and costs at all trial, appellate and bankruptcy proceedings) in connection with any of the foregoing.
2.2. The term “Equity Transfer Date” shall be added as a defined term under Section 1.01 of the Security Instrument, as follows:
“Equity Transfer Date” shall mean November 19, 2013 [the date the equity transfer and Spin Off Date].
2.3. The term “Joint Venture Parent Entity” shall be added as a defined term under Section 1.01 of the Security Instrument, as follows:
“Joint Venture Parent Entity” shall mean each of the following entities: Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC, Ashford Hospitality Limited Partnership, Ashford Hospitality Prime, Inc., Ashford Prime OP General Partner LLC, Ashford Prime OP Limited Partner LLC, Ashford Hospitality Prime Limited Partnership and Ashford Prime TRS Corporation.
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2.4. Financial Reports. Section 2.09(b) of the Security Agreement is modified such that Borrower shall deliver each annual financial statement required to be furnished to Lender pursuant to Section 2.09(b) of the Security Instrument, accompanied by audited financial statements of Ashford Hospitality Prime, Inc., which are audited by a nationally recognized Independent certified public accountant that is acceptable to Lender in accordance with GAAP and The Uniform System of Accounts (or such other accounting basis reasonably acceptable to Lender).
2.5. Notices. Section 11.01 of the Security Instrument is modified such that the contact information for Borrower and Lender for notices shall be deleted in its entirety and the following substituted therefor:
| If to Lender: | U.S. Bank National Association, as Trustee | |
| c/x Xxxxx Fargo Bank, X.X. | ||
| Xxxxx Fargo Commercial Mortgage Servicing | ||
| MAC D 1086-120 | ||
| 000 X. Xxxxx Xxxxxx, 00xx Xxxxx | ||
| Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 | ||
| Re: XXXXX 0000-X00; Loan No. 502860051 | ||
| With a copy to: | LNR Partners, LLC | |
| 0000 Xxxxxxxxxx Xxxxxx, Xxxxx 000 | ||
| Xxxxx Xxxxx, Xxxxxxx 00000 | ||
| Attn: Director of Servicing | ||
| Facsimile: (000) 000-0000 | ||
| Re: XXXXX 0000-X00; Loan No. 502860051 | ||
| If to Borrower: | c/o Ashford Hospitality Prime, Inc. | |
| 00000 Xxxxxx Xxxxxxx, Xxxxx 0000 | ||
| Xxxxxx, Xxxxx 00000-0000 | ||
| Attention: Xxxxx X. Xxxxxx | ||
| Facsimile: 972- 000- 0000 | ||
| Telephone: 000-000-0000 | ||
| Email: xxxxxxx@xxxxxxx.xxx | ||
| With a copy to: | Xxxxxxx Xxxxx LLP | |
| 0000 Xxxx Xxxxxx, Xxxxx 0000 | ||
| Xxxxxx, Xxxxx 00000 | ||
| Attn: Xxxxxxxx Xxxxxxxx, Esq. | ||
| Telephone: 000-000-0000 | ||
| Facsimile: 000-000-0000 | ||
| Email: xxxxxxxxx@xxxxxxxxxxxx.xxx | ||
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| If to Trustee: | U.S. Bank National Association | |
| Corporation Trust Services | ||
| 000 Xxxxx XxXxxxx Xxxxxx, 0xx Floor | ||
| Mail Station: MK-IL-SL7R | ||
| Xxxxxxx, Xxxxxxxx 00000 | ||
| Re: XXXXX 0000-X00; Loan No. 502860051 |
ARTICLE 3
MISCELLANEOUS
3.1. Reaffirmation. Except as amended by this Amendment, the Security Instrument has not been otherwise modified and is in full force and effect.
3.2. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State where the Property is located without regard to conflict of law principles.
3.3. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)
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The Parties have executed and delivered this Amendment, as of the day and year first above written.
| Witnesses: | LENDER: | |||||||||||
| U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31 | ||||||||||||
| By: | LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney-in-fact | |||||||||||
| /s/ Xxxxxx Xxxxxx |
By: | /s/ Xxxxxx Xxxxxxx | ||||||||||
| Print Name: | Xxxxxx Xxxxxx |
Xxxxxx Xxxxxxx, Vice President | ||||||||||
| /s/ Xxxxx Xxxxxx |
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| Print Name: | Xxxxx Xxxxxx |
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| STATE OF FLORIDA | ) | |
| ) SS: | ||
| COUNTY OF MIAMI-DADE | ) |
The foregoing instrument was acknowledged before me this 1st day of October, 2013, by Xxxxxx Xxxxxxx, as Vice President of LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney in fact of U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31 on behalf of the said trust. He ü is personally known to me or has produced a driver’s license as identification.
| /s/ Xxxxxxx Xxxxxx | ||
| Notary Public, State of Florida | ||
| Print Name: | Xxxxxxx Xxxxxx |
| My Commission Expires: | 7/17/15 |
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| Witnesses: | BORROWER: | |||||||
| ASHFORD SEATTLE DOWNTOWN, LP, a Delaware limited partnership | ||||||||
| By: | Ashford Sapphire III GP LLC, a Delaware limited liability company, its general partner | |||||||
| By: | /s/ Xxxxx X. Xxxxxx | |||||||
| Name: | Xxxxx X. Xxxxxx | |||||||
| Title: | Vice President | |||||||
| STATE OF TEXAS | ) | |
| ) SS.: | ||
| COUNTY OF DALLAS | ) |
The foregoing instrument was acknowledged before me this 1st day of October, 2013, by Xxxxx X. Xxxxxx, the Vice President of Ashford Sapphire III GP LLC, a Delaware limited liability company, the general partner of ASHFORD SEATTLE DOWNTOWN, LP, a Delaware limited partnership, on behalf of the partnership. He ü is personally known to me or has produced a driver’s license as identification.
| Xxxxx Xxxxxx | ||
| Notary Public, State of Texas | ||
| My Commission Expires: | 12/27/13 | |
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EXHIBIT A
LEGAL DESCRIPTION
PARCEL A:
XXXX 0, 0 XXX 0, XXXXX 00, XXXX ADDITION NO. 2, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE 67A, IN KING COUNTY, WASHINGTON; AND
XXXX 0 XXX 00, XXXXX 00, XXXX XXXXX XXXXXXXXXX, ACCORDING TO THE MAPS THEREOF ON FILE WITH THE OFFICE OF THE STATE LAND COMMISSIONER IN OLYMPIA, WASHINGTON; AND
TOGETHER WITH THAT PORTION OF XXXX STREET AS VACATED BY CITY OF SEATTLE ORDINANCE NUMBER 40478, LYING BETWEEN THE EAST MARGIN OF 8TH AVENUE NORTH AND THE WESTERLY MARGIN OF WESTLAKE AVENUE NORTH AS ESTABLISHED BY KING COUNTY SUPERIOR COURT CAUSE NUMBER 62184 UNDER CITY OF SEATTLE ORDINANCE NUMBER 17629;
EXCEPT THE SOUTH 60 FEET OF SAID LOT 1; AND
EXCEPT THAT PORTION OF SAID XXX 0 XXX XXXX XXX 0 XXXXX XXXX XX X LINE DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE SOUTH LINE OF SAID LOT 8, A DISTANCE OF 17.13 FEET EAST OF THE SOUTHWEST CORNER THEREOF;
THENCE NORTH A DISTANCE OF 119.70 FEET TO A POINT ON THE NORTH LINE OF SAID LOT 2, A DISTANCE OF 17.13 FEET WEST OF THE NORTHEAST CORNER THEREOF, BEING THE TERMINUS OF SAID DESCRIBED LINE.
PARCEL B:
THE SOUTH 60 FEET OF XXX 0, XXXXX 00, XXXX ADDITION NO. 2, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE 67A, IN KING COUNTY, WASHINGTON;
TOGETHER WITH THE NORTH 10 FEET OF VACATED ALOHA STREET AS ATTACHED TO SAID PREMISES BY OPERATION OF LAW; AND TOGETHER WITH XXX 0, XXXXX 00, XXXX XXXXX XXXXXXXXXX AS DELINEATED ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS IN OLYMPIA, WASHINGTON.
PARCEL C:
THAT PORTION OF XXX 0, XXXXX 00, XXXX ADDITION NO. 2, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE 67A, IN KING COUNTY, WASHINGTON;
AND XXXX 0 XXX 0, XXXXX 00 XX XXXX XXXXX XXXXXXXXXX, AS DELINEATED ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS IN OLYMPIA, WASHINGTON, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE SOUTH LINE OF SAID LOTS 8 WHICH IS SOUTH 89°40'50" EAST, 17.13 FEET FROM THE SOUTHWEST CORNER THEREOF;
THENCE NORTH 0°19'10" EAST, AT RIGHT ANGLES TO SAID SOUTH LINE, 119.70 FEET TO THE POINT ON THE NORTH LINE OF SAID LOT 2, SAID POINT BEING 17.13 FEET WEST OF THE NORTHEAST CORNER OF SAID LOT 2;
THENCE SOUTH 89°40'50" EAST, ALONG THE NORTH LINE OF SAID XXX 0 XXX XXX XXXXX XXXX XX XXXX XXX 0, RESPECTIVELY, 75.94 FEET TO THE WESTERLY MARGIN OF WESTLAKE AVENUE NORTH;
THENCE SOUTH 25°54'50" EAST, ALONG SAID WESTERLY MARGIN, 133.44 FEET TO THE SOUTH LINE OF SAID LOT 8;
THENCE NORTH 89°40'50" WEST, ALONG SAID SOUTH LINE OF SAID LOT 8 TO THE POINT OF THE BEGINNING.
PARCELS A, B AND C ARE ALSO DESCRIBED AS FOLLOWS:
THAT PORTION OF XXXX 0, 0 XXX 0 XX XXXXX 15 OF THE PLAT OF EDEN ADDITION NO. 2 TO THE CITY OF SEATTLE AS RECORDED IN VOLUME 1 OF PLATS, PAGE 67A IN KING COUNTY, WASHINGTON AND XXXX 0, 0 0 XXX 00 XX XXXXX 82 OF LAKE UNION SHORELANDS ACCORDING TO THE MAPS ON FILE WITH THE OFFICE OF THE STATE LAND COMMISSIONER IN OLYMPIA, WASHINGTON AND VACATED XXXX STREET AND VACATED ALOHA STREET MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE NORTH MARGIN OF XXXX STREET AND THE EASTERLY MARGIN OF 8TH AVENUE NORTH AS PLATTED IN SAID EDEN ADDITION NO. 2;
THENCE NORTH 89°59'55" EAST ALONG SAID NORTH MARGIN AND ITS EASTERLY PROLONGATION 9L94 FEET TO THE WESTERLY MARGIN OF WESTLAKE AVENUE;
THENCE SOUTH 26°14'18" EAST ALONG SAID WESTERLY MARGIN 352.15 FEET TO THE NORTHERLY PROLONGATION OF A LINE 40 FEET WEST AS MEASURED AT RIGHT ANGLES TO XXX XXXXXXXXXX XX 0XX XXXXXX XXXXX;
THENCE SOUTH 00°00'34" EAST ALONG WEST LINE A DISTANCE OF 13.35 FEET TO A LINE 30.00 FEET NORTH AS MEASURED AT RIGHT ANGLES TO THE EASTERLY PROLONGATION OF THE CENTERLINE OF SAID ALOHA STREET;
THENCE SOUTH 89°58'36" WEST ALONG LAST SAID LINE 247.54 FEET TO SAID EASTERLY MARGIN OF 8TH AVENUE NORTH WHICH BEARS SOUTH 00°00'56" EAST FROM THE POINT OF BEGINNING;
THENCE NORTH 00°00'56" WEST ALONG SAID EASTERLY MARGIN 329.31 FEET TO THE POINT OF BEGINNING.
