CHANGE IN TERMS AGREEMENT
EX 10.300
CHANGE IN TERMS AGREEMENT
Principal $9,444,500.00 | Loan DateMaturity 06-19-2019 01-01-2025 | Loan No | Call/ Coll 8100 | Account | Officer 488 | Initials |
References in the boxes above are for ▇▇▇▇▇▇'s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations. | ||||||
Borrower:LF3 ▇▇▇▇▇, LLC
LF3 ▇▇▇▇▇ TRS, LLC
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Fargo, ND 58103
Lender:Western State Bank
West Fargo
P.O. Box 617
▇▇▇ ▇▇▇▇ ▇▇▇ ▇
West Fargo, ND 58078
Principal Amount: $9,444,500.00Date of Agreement: March 19, 2025
DESCRIPTION OF EXISTING INDEBTEDNESS.Promissory Note number 4011906 dated June 19, 2019 in the original amount of
$9,444,500.00 (Draw Down Line of Credit) with a current principal balance of $8,672,346.66.
DESCRIPTION OF CHANGE IN TERMS.
| 2. | CHANGE OF INTEREST RATE. The interest rate will change from fixed at 4.60% to fixed at 9.50% effective the date of this agreement. |
$66,866.18 plus real estate escrow of $13,382.17, the February 1, 2025 payment due of $79,365.00 plus real estate escrow of $13,382.17 and the March 1, 2025 payment due of $79,365.00 plus real estate escrow of $13,382.17.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(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 Lender 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 10.300
Loan No:
(Continued)Page 2
PRIOR TO SIGNING THIS AGREEMENT, EACH ▇▇▇▇▇▇▇▇ READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. EACH BORROWER AGREES TO THE TERMS OF THE AGREEMENT.
CHANGE IN TERMS SIGNERS:
LF3 ▇▇▇▇▇, LLC
LODGING FUND REIT Ill OP, LP, Sole Member of LF3 ▇▇▇▇▇, LLC
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Chief Executive Officer/Chief
Investment Officer/President/Secretary/Treasurer of Lodging Fund REIT Ill OP, LP
LF3 ▇▇▇▇▇ TRS, LLC
LODGING FUND REIT Ill TRS, Inc., Sole Member of LF3 ▇▇▇▇▇ TRS, LLC
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Vice President/Treasurer of
Lodging Fund REIT Ill TRS, Inc.
LODGING FUND REIT Ill TRS, Inc.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Vice President/Treasurer of
Lodging Fund REIT Ill TRS, Inc.
LODGING FUND REIT Ill OP, LP
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Chief Executive Officer/Chief
Investment Officer/President/Secretary/Treasurer of Lodging Fund REIT Ill OP, LP
LENDER:
WESTERN STATE BANK
X /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇, Market President
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