EXHIBIT 10.21
THIRD AMENDMENT OF
LOAN AGREEMENT
THIS THIRD AMENDMENT OF LOAN AGREEMENT ("Amendment") is made this 24th day
of August, 2005 by Summit Hotel Properties, LLC, a South Dakota limited
liability company ("Borrower") and First National Bank of Omaha, a national
banking association ("Bank") and amends that certain Loan Agreement dated July
20, 2004 between Borrower and Bank ("Loan Agreement").
WHEREAS, pursuant to the Loan Agreement and the other Loan Documents, Bank
extended to Borrower a Line of Credit in the maximum principal amount of $
18,000,000.00 more fully described in the Loan Agreement;
WHEREAS, pursuant to that certain First Amendment of Loan Agreement dated
October 1, 2004 and under the terms and conditions thereof, Borrower requested
and Bank advanced the Boise Acquisition Advance;
WHEREAS, under the terms of that certain Second Amendment of Loan Agreement
dated June 9, 2005 and under the terms and conditions thereof, the maximum
principal amount available under the Line of Credit was increased to
$25,000,000.00, and allowed Borrower to use Advances to construct improvements
to Property acquired by Borrower; and
WHEREAS, under the terms of this Amendment, Borrower has requested and Bank
has agreed to extend the Termination Date.
NOW, THEREFORE, in consideration of the amendments to the Loan Agreement
provided for below, the mutual covenants herein and other good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, the
parties agree to amend the Loan Agreement as follows:
1. Capitalized terms used herein shall have the meaning given to such terms
in the Loan Agreement, unless specifically defined herein.
2. Section 1.1 of the Loan Agreement is hereby amended by deleting the
reference to July 20, 2006 as the Termination Date and inserting in lieu thereof
June 24, 2007. Any other reference in the Loan Agreement and the other Loan
Documents to the Termination Date shall be amended consistent with the
foregoing.
3. Except as modified and amended herein, all other terms, provisions,
conditions and obligations imposed under the terms of the Loan Agreement and the
other Loan Documents shall remain in full force and effect and are hereby
ratified and affirmed by Borrower. To the extent necessary, the other Loan
Documents are hereby amended to be consistent with the terms of this Amendment.
4. Borrower certifies and reaffirms by its execution hereof that the
representations and warranties set forth in the Loan Agreement and the other
Loan Documents are true as of this date, and that no Event of Default under the
Loan Agreement or any other Loan Document, and no event which, with the giving
of notices or passage of time or both, would become such an Event of Default,
has occurred as of execution hereof.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
on the date first written above.
FIRST NATIONAL BANK OF OMAHA
By:
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Title:
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SUMMIT HOTEL PROPERTIES, LLC,
a South Dakota limited liability
company, by its Company Manager,
THE SUMMIT GROUP, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇,
President
Acknowledged, accepted and consented to this 24th day of August, 2005 by:
THE SUMMIT GROUP, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇, President
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