AMENDMENT NUMBER FIFTEEN TO THIRD PARTY PLEDGE AGREEMENT ----------------------------
Exhibit 10.30.15
AMENDMENT NUMBER FIFTEEN
TO
THIRD PARTY PLEDGE AGREEMENT
----------------------------
THIS AMENDMENT NUMBER FIFTEEN TO THIRD PARTY PLEDGE AGREEMENT (the
"Amendment") is made and entered into as of the 7th day of August, 1997, by and
between SUNSTONE HOTEL INVESTORS, L.P., a Delaware limited partnership ("Secured
Party"); and ▇▇▇▇▇▇ ▇. ALTER ("Alter") and ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇▇▇";
and together with Alter, "Pledgor").
WHEREAS, the undersigned are parties to that certain Third Party Pledge
Agreement entered into as of August 16, 1995, as amended (the "Agreement"); and
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WHEREAS, the undersigned desire to amend the Agreement in order to reflect
the purchase of the Holiday Inn Stadium - San Diego, California (the "Hotel")
and the execution of the Lease Agreement for such Hotel.
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
covenants contained herein and in the Agreement, and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:
1. Defined Terms. For purposes of this Amendment, all capitalized terms
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used and not otherwise defined herein, shall have the meanings assigned to them
in the Agreement.
2. Units Pledged. In order to secure the lien of the pledge in favor of
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Secured Party in the Units pledged to secure the Lease Agreement for the Hotel,
Exhibit A to the Agreement is hereby amended and restated in its entirety to
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read in full as attached hereto as Exhibit A.
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3. Force and Effect. Except to the extent modified by this Amendment, all
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of the terms and provisions of the Agreement shall be unaffected and shall
remain in full force and effect. This Amendment shall be deemed part of, and
construed in accordance with the Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first written above.
PLEDGOR
/s/ ▇▇▇▇▇▇ ▇. ALTER
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▇▇▇▇▇▇ ▇. Alter
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
SECURED PARTY
SUNSTONE HOTEL INVESTORS, L.P.
a Delaware limited partnership
By: Sunstone Hotel Investors, Inc.
a Maryland corporation,
Its General Partner
By:/s/ ▇▇▇▇▇▇ ▇. ALTER
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▇▇▇▇▇▇ ▇. Alter
Its: President
EXHIBIT A
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Percentage Leases & Pledge of Units
Number of
Allocable Third
Percentage Four Months Units Anniversary Initials
Lease Base Rent Pledged Date of Pledgor
----- --------- ------- ---- ----------
Hampton Inn - $ 188,750 19,868 August 16, 1998 CLB/RAA
Denver S.E., CO
Hampton Inn - $ 150,000 15,790 August 16, 1998 CLB/RAA
Pueblo, CO
Courtyard by Marriott - $ 135,000 14,211 August 16, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇, ▇▇
Hampton Inn - $ 158,667 16,702 August 16, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇, ▇▇
Holiday Inn - $ 125,000 13,158 August 16, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇
Holiday Inn - $ 142,000 14,947 August 16, 1998 CLB/RAA
Craig, CO
Holiday Inn - $ 53,333 5,614 August 16, 1998 CLB/RAA
Provo, UT
Hampton Inn - $ 161,000 16,947 August 16, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇
Best Western - $ 220,000 23,158 August 16, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇ ▇▇, ▇▇
Hampton Inn - $ 132,000 13,895 August 16, 1998 CLB/RAA
Arcadia, CA
Hampton Inn - $ 139,333 13,933 December 13, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇, ▇▇
Cypress Inn - $ 189,000 17,182 February 2, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇, ▇▇
Cypress Inn - $ 107,917 9,811 February 2, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇, ▇▇
Cypress Inn - $ 145,667 13,242 February 2, 1999 CLB/RAA
Clackamas, WA
Cypress Inn - $ 121,000 11,000 February 2, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇, ▇▇
Courtyard By Marriott - $ 142,000 14,025 April 1, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇
Holiday Inn Select - $ 270,000 24,828 June 28, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇, ▇▇
A-1
Number of
Allocable Third
Percentage Four Months Units Anniversary Initials
Lease Base Rent Pledged Date of Pledgor
----- --------- ------- ---- ----------
Comfort Suites - $ 240,000 24,615 August 13, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇
Days Inn - $ 90,000 9,231 August 13, 1999 CLB/RAA
Price, UT
Residence Inn - $ 100,000 9,524 September 20, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇
Holiday Inn - $ 100,000 9,090 October 29, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇
Holiday Inn - $ 268,666 24,424 October 29, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇, ▇▇
Hampton Inn - $ 115,400 10,455 October 29, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇, ▇▇
Radisson Suite - $ 363,400 29,665 December 19, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇, ▇▇
Ramada Hotel - $ 335,530 25,810 January 17, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇, ▇▇
Holiday Inn Harbor View - $ 289,033 22,233 January 17, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇
Hawthorn Suites - $ 367,533 26,479 March 10, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇, ▇▇
Holiday Inn - $ 501,992 38,232 March 31, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇ ▇▇▇▇▇▇, ▇▇
Fountain Suites - $ 528,900 39,529 May 6, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇
Ramada Plaza - Old Town $ 387,000 29,208 June 11, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇
Best Western - $ 191,088 12,955 July 17, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇▇▇▇▇▇, ▇▇
Holiday Inn Stadium - $ 243,332 16,497 August 7, ▇▇▇▇ ▇▇▇/▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇
COMBINED TOTALS: $6,702,541 586,258* CLB/RAA
* Maximum number of units pledged is 481,955 pursuant to Section 1(a) of the
Agreement.
A-2