CHANGE IN TERMS AGREEMENT
Ex 10.279
CHANGE IN TERMS AGREEMENT
Principal | Loan DateMaturity | Loan No | Call/ Coll | Account | Officer | Initials |
$5,000,000.00 | 02-10-2020 06-15-2023 | 4012114 | 8100 | 195370 | 488 | |
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. An item above containin ..,...,.,, has been omitted due to text len th limitations. | ||||||
Borrower:Lodging Fund REIT Ill OP, LP
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Fargo, ND 58103
Lender:Western State Bank
West Fargo
P.O. Box 617
▇▇▇ ▇▇▇▇ ▇▇▇ ▇
West Fargo, ND 58078
Principal Amount: $5,000,000.00Date of Agreement: July 31, 2023
DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note number 4012114 dated February 10, 2020 in the original amount of
$5,000,000.00 (Revolving Line of Credit) with a current principal balance of $5,000,000.00.
DESCRIPTION OF CHANGE IN TERMS. 1. CHANGE OF MATURITY DATE. Extend the maturity date of the above listed Promissory Note from June 15, 2023 to September 15, 2023, at which lime all outstanding principal plus all accrued unpaid interest will be due.
4 .. CONDITIONS PRECEDENT. As a Condition Precedent to the effectiveness of this Change in Terms Agreement, ▇▇▇▇▇▇▇▇ agrees to pay lender a processing fee of $250.00, recording fee of $101.00 and interest current of $91,597.21.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obllgation(s), remain unchanged and in full force and effect. Consent by ▇▇▇▇▇▇ to this Agreement does not waive ▇▇▇▇▇▇'s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by ▇▇▇▇▇▇ in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
Ex 10.279
PRIOR TO SIGNING THIS AGREEMENT, ▇▇▇▇▇▇▇▇ READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. ▇▇▇▇▇▇▇▇ AGREES TO THE TERMS OF THE AGREEMENT
Ex. 10.279
CHANGE IN TERMS SIGNERS:
LODGING FUND REIT III OP, LP
LODGING FUND REIT III, INC., General Partner of Lodging Fund REIT III OP, LP
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, Chief Financial Officer of Lodging Fund REIT III, Inc.
X /s/ ▇▇▇▇▇ ▇. Maple
▇▇▇▇▇ ▇. Maple
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, Chief Financial Officer of Lodging Fund REIT III, Inc
LF3 FARGO MED, LLC
LODGING FUND REIT III OP, LP, Member of LF3 Fargo Med, LLC
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, Chief Financial Officer of Lodging Fund REIT III, Inc
LF3 ▇▇▇▇▇, LLC
LODGING FUND REIT III OP, LP, Member of LF3 ▇▇▇▇▇, LLC
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, Chief Financial Officer of Lodging Fund REIT III, Inc.
LF3 CEDAR RAPIDS, LLC
LODGING FUND REIT III OP, LP, Member of LF3 Cedar Rapids, LLC
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, Chief Financial Officer of Lodging Fund REIT III, Inc
Ex. 10.279
LENDER:
WESTERN STATE BANK
X /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇-
▇▇▇▇▇▇▇ ▇▇▇▇▇, Market President
l■aerPrv, Ver 23 1,10 010 Copr Fln1t1111 USA Corporation 1997, 2023 AH Rlgli.1 RINrYld, • ND C;\I.ASERPRO'CFI\LPL\D20C,FC TR-4841 PR-8