Exhibit 10.9

 

AMENDMENT TO

LOAN AGREEMENT

 

Dated as of October 28, 2005

 

Between

 

SHC MICHIGAN AVENUE, LLC, and

SHC CHOPIN PLAZA, LLC

collectively, as Borrower

 

and

 

GERMAN AMERICAN CAPITAL CORPORATION,

as Lender

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AMENDMENT TO LOAN AGREEMENT

 

THIS AMENDMENT TO LOAN AGREEMENT (this Amendment) is dated and effective as of
October 28, 2005 between SHC MICHIGAN AVENUE, LLC and SHC CHOPIN PLAZA, LLC,
each a Delaware limited liability company (collectively, Borrower) and GERMAN
AMERICAN CAPITAL CORPORATION, a Maryland corporation (together with its
successors and assigns, Lender).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Loan Agreement, dated as of April 1, 2005, by
and between Borrower and Lender (the Loan Agreement), Borrower obtained a loan
from Lender; and

 

WHEREAS, in accordance with Section 2.1.3(d) of the Loan Agreement, Lender has
requested that Borrower amend the Loan Agreement in accordance with the terms
herein. All capitalized terms not defined herein shall have the meaning ascribed
thereto in the Loan Agreement. Unless otherwise specified herein, all Section
references are references to Sections in the Loan Agreement, as amended hereby.

 

NOW, THEREFORE, in consideration of $10.00 paid in hand by Lender to Borrower,
the parties hereto hereby agree to amend the terms of the Loan Agreement as
follows:

 

1. Section 1.1: The definitions of “Directed Paydown Prepayment Fee”, “Loan
Amount” and “Spread” in the Loan Agreement are deleted in their entirety and
replaced with the definitions of “Directed Paydown Prepayment Fee”, “Loan
Amount” and “Spread” set forth below in this Section 1:

 

“Directed Paydown Prepayment Fee” shall mean, with respect to a Directed
Paydown, an amount equal to (i) 3% of the Loan Amount prepaid if such Directed
Paydown occurs on or after the Permitted Prepayment Date and prior to the
Payment Date in May 2006, (ii) 2% of the Loan Amount prepaid if such Directed
Paydown occurs on or after the Payment Date in May 2006 but prior to the Payment
Date in May 2007, (iii) 1% of the Loan Amount prepaid if such Directed Paydown
occurs on or after the Payment Date in May 2007 but prior to the Payment Date in
May 2008 and (iv) 0.5% of the Loan Amount prepaid if such Directed Paydown
occurs on or after the Payment Date in May 2008 but prior to the Payment Date in
October 2009..

 

“Loan Amount” shall mean $149,000,000.

 

“Spread” shall mean 1.45637584%.

 

2. Allocated Loan Amounts. Schedule C attached to the Loan Agreement is deleted
and replaced with Schedule C hereto.

 

3. Prepayment Fees. Schedule J attached to the Loan Agreement is deleted and
replaced with Schedule J hereto.

 

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4. Full Force and Effect. Except as amended by this Amendment, the Loan
Agreement shall continue to remain in full force and effect.

 

5. Headings. Each of the captions contained in this Amendment are for the
convenience of reference only and shall not define or limit the provisions
hereof.

 

6. Governing Law. This Amendment shall be governed by the laws of the State of
New York, without regard to choice of law rules.

 

7. Counterparts. This Amendment may be executed in one or more counterparts,
each of which shall constitute an original and all of which when taken together
shall constitute one binding agreement.

 

8. Severability. The provisions of this Amendment are severable, and if any one
clause or provision hereof shall be held invalid or unenforeceable in whole or
in part, then such invalidity or unenforceablity shall affect only such clause
or provision, or part thereof, and not any other clause or provision of this
Amendment.

 

[REMAINDER OF PAGE LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their duly authorized representatives, all as of the day and year
first above written.

 

BORROWERS:

SHC MICHIGAN AVENUE, LLC,

a Delaware limited liability company

By:  

/s/ Monte Huber

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Name:   Monte Huber Title:   Vice President

SHC CHOPIN PLAZA, LLC,

a Delaware limited liability company

By:  

/s/ Monte Huber

--------------------------------------------------------------------------------

Name:   Monte Huber Title:   Vice President

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The undersigned Sponsors each hereby reaffirms each of its obligations under
that certain Sponsor Indemnity Agreement dated as of April 1, 2005, and the same
confirm that such obligations shall apply and relate in all respects to the Loan
and the Loan Documents (as defined in the Loan Agreement) as amended by this
Agreement.

 

SPONSORS:

 

DTRS MICHIGAN AVENUE/CHOPIN PLAZA, LP,

a Delaware limited partnership

By:  

/s/ Monte Huber

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Name:   Monte Huber Title:   Vice President

INTERCONTINENTAL FLORIDA LIMITED PARTNERSHIP,

a Delaware limited partnership

By:  

/s/ Monte Huber

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Name:   Monte Huber Title:   Vice President

CIMS LIMITED PARTNERSHIP,

an Illinois limited partnership

By:  

/s/ Monte Huber

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Name:   Monte Huber Title:   Vice President

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LENDER: GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation By:  

/s/ Todd O. Sammann

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Name:   Todd O. Sammann Title:   Vice President By:  

/s/ Thomas R. Traynor

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Name:   Thomas R. Traynor Title:   Authorized Signatory

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SCHEDULE C

 

ALLOCATED LOAN AMOUNTS

 

Property

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   Total

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InterContinental Chicago

   $ 89,252,475

InterContinental Miami

     59,747,525     

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Total Portfolio

   $ 149,000,000

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SCHEDULE J

 

PREPAYMENT FEES

 

Period

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Prepayment Fee

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Prior to the Payment Date in

November 2005

  

Locked Out

on or after the Payment Date in

November 2005

and prior to the Payment Date in

December 2006

  

1.2582% of the Principal Amount then
being prepaid

on or after the Payment Date in

December 2006

and prior to the Payment Date in

January 2006

  

1.1539% of the Principal Amount then
being prepaid

on or after the Payment Date in

January 2006

and prior to the Payment Date in

February 2006

  

1.0497% of the Principal Amount then
being prepaid

on or after the Payment Date in

February 2006

and prior to the Payment Date in

March 2006

  

0.9454% of the Principal Amount then
being prepaid

on or after the Payment Date in

March 2006

and prior to the Payment Date in

April 2006

  

0.8411% of the Principal Amount then
being prepaid

on or after the Payment Date in

April 2006

and prior to the Payment Date in

May 2006

  

0.7369% of the Principal Amount then
being prepaid

on or after the Payment Date in

May 2006

and prior to the Payment Date in

June 2006

  

0.6326% of the Principal Amount then
being prepaid

on or after the Payment Date in

June 2006

and prior to the Payment Date in

July 2006

  

0.5283% of the Principal Amount then
being prepaid

on or after the Payment Date in

July 2006

and prior to the Payment Date in

August 2006

  

0.4241% of the Principal Amount then
being prepaid

on or after the Payment Date in

August 2006

and prior to the Payment Date in

September 2006

  

0.3198% of the Principal Amount then
being prepaid

on or after the Payment Date in

September 2006

and prior to the Payment Date in

October 2006

  

0.2155% of the Principal Amount then

being prepaid

on or after the Payment Date in

October 2006

and prior to the Payment Date in

November 2006

  

0.1113% of the Principal Amount then

being prepaid