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Moody National REIT I. Inc. [moody-8k_04122012.htm]
EXHIBIT 10.3

FIRST AMENDMENT TO PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO PURCHASE AGREEMENT (“Amendment”) is dated effective as
of April 6, 2012, by and among WOODLANDS TERRAPIN INVESTORS I, LLC, a Texas
limited liability company, WOODLANDS TERRAPIN INVESTORS II, LLC, a Texas limited
liability company, WOODLANDS TERRAPIN INVESTORS III, LLC, a Texas limited
liability company, 537 HOUSTON, LLC, a Texas limited liability company, MARC
HOTEL HOUSTON, LLC, a Texas limited liability company, MIRIAM  HOTEL HOUSTON,
LLC, a Texas limited liability company and TERRAPIN OPERATOR WOODLANDS, LLC, a
Delaware limited liability company (collectively “Seller”), and MOODY NATIONAL
COMPANIES, LP, a Texas limited partnership (“Purchaser”)and is as follows:

RECITATIONS:

A.           Seller and Purchaser entered into that certain Purchase Agreement
dated effective March 22, 2012 (the “Agreement”) for the purchase and sale of
certain real property located at 28913 Interstate 45, Spring, Texas, and the
improvements thereon containing a 91-unit  hotel commonly known as the “Homewood
Suites”.

B.   Seller and Purchaser have decided to amend the Agreement in accordance with
the terms and conditions of this Amendment.

NOW THEREFORE, in consideration of the premises and in consideration of the
mutual covenants, promises and undertakings of the parties hereinafter set
forth, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledge by the parties, it is agreed that
the Agreement shall be amended and given full force and effect as follows:

(1)  Purchaser shall have until Friday, April 13, 2012 to complete the Loan
Assumption Package (as described in Section 2(B)(i) of the Agreement) and the
Franchise Assumption Package (as described in Section 4(C) of the Agreement).

(2) The Inspection Period shall expire at 5:00 pm central time on Friday, April
27, 2012.

(3)  Seller shall have until Friday, April 6, 2012 to deliver all outstanding
Due Diligence Information and to deliver all missing exhibits to the Agreement
(as contemplated in Section 17(P) of the Agreement).

(4)           Except as expressly set forth above, Purchaser and Seller, by the
execution hereof, hereby acknowledge that the Agreement remains in full force
and effect.  This Amendment shall control in the event of any conflict with the
other provisions of the Agreement.

(5)  This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which will constitute the same
agreement.  Any signature page of this Amendment may be detached from any
counterpart of this Amendment without impairing the legal effect of any
signatures thereon and may be attached to another counterpart of this Amendment
identical in form hereto but having attached to it one or more additional
signature pages.  The Agreement now includes this Amendment, which supersedes
all discussions, understandings and negotiations of the parties related to the
subject hereof.  The Agreement as modified by this Amendment may only be
modified by a written instrument duly executed by the parties hereto.  Execution
and delivery of this Amendment by the Purchaser and Seller via fax or PDF email
will be sufficient and binding for all purposes.

 
 

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IN WITNESS WHEREOF, Seller and Purchaser have executed this Amendment, effective
as of the date first set forth above.

 
SELLER:
 

WOODLANDS TERRAPIN INVESTORS I, LLC,
a Texas limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

WOODLANDS TERRAPIN INVESTORS II, LLC, a Texas limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

WOODLANDS TERRAPIN INVESTORS III, LLC, a Texas limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

537 HOUSTON, LLC,
a Texas limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

MARC HOTEL HOUSTON, LLC,
a Texas limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

MIRIAM HOTEL HOUSTON, LLC,
a Texas limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

 
 

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TERRAPIN OPERATOR WOODLANDS LLC, LLC, a Delaware limited liability company

By: /s/ Anthony Jon
Sherman                                                                           
Name: Anthony Jon Sherman
Title: Manager

PURCHASER:
 

MOODY NATIONAL COMPANIES, L.P., a Texas limited partnership
 
By:           Moody National Companies GP, LLC, a Texas limited liability
company, General Partner
 
By: /s/ Brett Moody
Name: Brett Moody
Title: Managing Member
 

 
 

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