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Moody National Reit I, Inc. 8-K [moody-8k_0607.htm]
 
 
EXHIBIT 10.5

 
ASSIGNMENT OF NOTE AND LIENS

THIS ASSIGNMENT OF NOTE AND LIENS (“Assignment”) dated this the 3rd day of June,
2011, but effective as of the 5th day of May, 2011, is executed and delivered by
PATRIOT BANK, a Texas banking association (“Assignor”) to MNHP NOTE HOLDER, LLC,
a Delaware limited liability company (“Assignee”).
 
WITNESSETH:
 
WHEREAS, Assignor is the owner of a Real Estate Lien Note (Non-Recourse) dated
August 5, 2008 (as heretofore modified, renewed and/or extended from time to
time, the “Note”), executed by MOODY NATIONAL HP GRAPEVINE TRUST, a Delaware
statutory trust (“Borrower”) in the principal amount of $13,000,000.00 and
payable to the order of Assignor;
 
WHEREAS, this Assignment is executed and delivered in furtherance of the Note
Purchase Agreement dated effective on or around March 31, 2011, between Assignee
(as successor-in-interest to MOODY NATIONAL REALTY COMPANY, L.P.) and Assignor
(the “Note Purchase Agreement”); and
 
WHEREAS, the Note was secured by the security agreements, guaranties,
assignments, and other documents, of whatever kind or character, listed on the
Schedule I attached to the Note Purchase Agreement, including a Deed of Trust,
Security Agreement and Financing Statement dated August 5, 2008 executed by
Borrower to Gary S. Gunn, as Trustee, for the benefit of Assignor, recorded in
Clerk’s File No. D208315128 of the Official Records of Tarrant County, Texas and
covering, among other things, the real property described in Exhibit “A”
attached hereto and incorporated herein for all purposes (together with the
Note, collectively called the “Loan Documents”).
 
NOW THEREFORE, for good and valuable consideration paid to Assignor, the receipt
and sufficiency of which are hereby acknowledged, Assignor has TRANSFERRED and
ASSIGNED and by these presents TRANSFERS and ASSIGNS unto Assignee the Note,
together with all of the other Loan Documents.  Assignee hereby accepts the
foregoing assignment and assumes all of the obligations of Assignor under the
Note and the other Loan Documents arising on or after the date hereof.
 
This Assignment is delivered and accepted on the express understanding and
agreement, which shall bind Assignee and each person or entity claiming by,
through or under Assignee, that the Note and the Loan Documents are assigned
absolutely WITHOUT REPRESENTATION, WARRANTY OR RECOURSE EXPRESS OR IMPLIED BY
LAW OR IN FACT, as to any matter, including, but not limited to, the existence,
validity, perfection, priority or enforceability of any of the liens,
assignments, security interests, pledges or other security devices securing or
purporting to secure the Note or any part thereof, except to the extent of the
representations and warranties made expressly herein or in the Note Purchase
Agreement.
 
All covenants and agreements set forth in the Note Purchase Agreement shall
survive the execution of the Assignment and shall not be deemed to be merged
hereunder.
 
This Assignment may be executed in several counterparts, each of which shall be
fully effective as will be deemed to be an original, and each of which alone and
all of which together, shall constitute one and the same instrument, but in
making proof of this Assignment it shall not be necessary to produce or account
for each copy of any counterpart other than the counterpart signed by the party
against whom this Assignment is to be enforced.
 
 
 

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EXECUTED this ____ day of June, 2011, but effective as of the 5th day of May,
2011.

ASSIGNOR:

PATRIOT BANK,
a Texas banking association

By:
/s/ Jim Franer    
Jim Franer, Executive Vice President
 

ASSIGNEE:

MNHP NOTE HOLDER, LLC,
a Delaware limited liability company

By:
MOODY NATIONAL OPERATING
PARTNERSHIP I, L.P.,
a Delaware limited partnership,
its Manager
 

By:
MOODY NATIONAL REIT I, INC.,
a Maryland corporation,
its General Partner
 

By:
/s/ Brett C. Moody    
Brett C. Moody, CEO
 

THE STATE OF TEXAS
§
 
§
COUNTY OF _________
§

This instrument was acknowledged before me on this ______ day of June, 2011, by
Jim Franer, Executive Vice President of Patriot Bank, a Texas banking
association, on behalf of the association.

         
Notary Public, State of Texas
                 
Printed or Typed Name of Notary
         
My commission expires: ________________

Signature Page to Assignment of Note and Liens
 
 

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THE STATE OF TEXAS
§
 
§
COUNTY OF _________
§

This instrument was acknowledged before me on this ______ day of June, 2011, by
Brett C. Moody, CEO of Moody National REIT I, Inc., a Maryland corporation,
General Partner of Moody National Operating Partnership I, L.P., a Delaware
limited partnership, Manager of MNHP Note Holder, LLC, a Delaware limited
liability company, on behalf of the limited liability company, the limited
partnership and the corporation.

         
Notary Public, State of Texas
                 
Printed or Typed Name of Notary
         
My commission expires: ________________

WHEN RECORDED, RETURN TO:
PREPARED IN THE LAW OFFICES OF:
   
Jim Franer
HUGHES WATTERS ASKANASE, LLP
Patriot Bank
Three Allen Center, 333 Clay, 29th Floor
7500 San Felipe, Suite 125
Houston, Texas 77002
Houston, Texas  77063
(713) 328-2806
(713) 400-8826
File No. PBNK-1155

Notary Page to Assignment of Note and Liens
 
 

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Exhibit “A”

Tract I:
Being Lot One (1), Block Six (6) of Grapevine Mills Addition, an addition to the
City of Grapevine, Tarrant County, Texas, according to the plat thereof recorded
in Cabinet A, Slide 4713, Plat Records, Tarrant County, Texas, said lot being
more particularly described by metes and bounds in attached Exhibit "A-1";

Tract II:
Non-Exclusive Easement Rights contained in Declaration of Restrictions and
Reciprocal Easement Agreement dated July 9, 1996, filed July 10, 1996, recorded
in Volume 12429, Page 2207, Deed Records, Tarrant County, Texas;

Tract III:
Non-Exclusive Easement Rights created in Master Declaration of Easements,
Covenants, Conditions and Restrictions, dated April 18, 1997, filed April 28,
1997, recorded in Volume 12747, Page 494, Deed Records, Tarrant County, Texas;
as amended by First Amendment to Master Declaration of Easements, Covenants,
Conditions and Restrictions filed July 22, 1997, recorded in Volume 12842, Page
397, Deed Records, Tarrant County, Texas, in and to the Project Roads, the
Project Sidewalks and/or Common Areas, as defined therein; and

Tract IV:
Non-Exclusive Easement Rights created in that certain Signage and Access
Agreement dated December 19, 1998, filed for record in Volume 13576, Page 270,
Deed Records, Tarrant County, Texas.

 
 

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Exhibit “A-1”
 
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