Exhibit 10.1
FIRST MODIFICATION OF LOAN AGREEMENT
     THIS FIRST MODIFICATION OF LOAN AGREEMENT is made and entered into on
April 24, 2007 by and between SUMMIT HOTEL PROPERTIES, LLC, a South Dakota
limited liability company (“Borrower”), and ING LIFE INSURANCE AND ANNUITY
COMPANY, a Connecticut corporation (“Lender”).
WITNESSETH:
     WHEREAS, Borrower and Lender entered into that certain Loan Agreement dated
June 15, 2006 (the “Loan Agreement”);
     WHEREAS, Borrower and Lender desire to amend the Loan Agreement as
hereinafter set forth;
     NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants herein contained and TEN AND NO/100 DOLLARS ($10.00), and other good
and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, Borrower and Lender, intending to be legally bound, agree
that the Loan Agreement is modified as follows:

1.   The Loan Agreement is hereby modified to delete the chart appearing in
Section 3.07(i) in its entirety and insert in its place the following:

                                      PRINCIPAL   ALLOCATION   RELEASE    
PROPERTY   ALLOCATION   PERCENTAGE   FACTOR
(1)
  Fairfield Inn
1680 Fenton Business
Park Court   $ 2,637,900       7.21 %     110 %
 
                           
(2)
  Comfort Inn
2120 Burnham Road   $ 3,312,900       9.05 %     110 %
 
                           
(3)
  Hampton Inn
8219 West Jefferson Blvd.   $ 5,632,900       15.39 %     120 %
 
                           
(4)
  Courtyard by Marriott
4559 North Reserve St.   $ 5,709,900       15.60 %     125 %
 
                           
(5)
  Comfort Inn
4545 North Reserve St.   $ 2,345,900       6.41 %     110 %
 
                           
(6)
  Hawthorn Suites
975 North Lakeview Pkwy.   $ 5,607,900       15.32 %     120 %
 
                           
(7)
  Hampton Inn
9231 East Arapahoe Rd.   $ 5,862,900       16.02 %     125 %
 
                           
(8)
  Comfort Suites
10680 South Automall Dr.   $ 2,894,900       7.91 %     120 %
 
                           
(9)
  Fairfield Inn
2697 Lake Vista Drive   $ 2,595,600       7.09 %     125 %
 
                            TOTAL   $ 36,600,800       100.00 %        

[FIRST MODIFICATION OF LOAN AGREEMENT]
ING No. 27924

 

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2.   The Loan Agreement is hereby further modified by deleting the address “2303
North Fourth” appearing in Section 3.07(ii) and replacing it with the address
“1680 Fenton Business Park Court”.

3.   Borrower acknowledges that Lender has permitted one Substitution (as that
term is defined in the Loan Agreement) on even date herewith. Accordingly
Section 3.08(e) of the Loan Agreement is hereby modified such that from and
after the date hereof Borrower shall not be permitted to request and close more
than a total of two (2) additional Substitutions during the Loan term.

4.   Except as expressly modified hereby, the Loan Agreement shall remain in
full force and effect, Borrower and Lender hereby ratifying and affirming the
same.

[SIGNATURES BEGIN ON FOLLOWING PAGE]
[FIRST MODIFICATION OF LOAN AGREEMENT]
ING No. 27924

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     IN WITNESS WHEREOF, the parties hereto have caused this First Modification
to be executed as of the day and year first above-written.

                  BORROWER:    
 
                SUMMIT HOTEL PROPERTIES, LLC, a South         Dakota limited
liability company    
 
           
 
  By:        /s/ Christopher D. Bills
 
     Christopher D. Bills,    
 
           Chief Financial Officer    

[SIGNATURES CONTINUED ON FOLLOWING PAGE]
[FIRST MODIFICATION OF LOAN AGREEMENT]
ING No. 27924

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[SIGNATURES CONTINUED FROM PRECEDING PAGE]

                  LENDER:    
 
                ING LIFE INSURANCE AND ANNUITY
COMPANY, a Georgia corporation    
 
           
 
  By:   ING Investment Management LLC, as Authorized
Agent    
 
           
 
      By:     /s/ Gregory R. Michaud                                            
 
 
      Name: Gregory R. Michaud
Title: Vice President    

[FIRST MODIFICATION OF LOAN AGREEMENT]
ING No. 27924

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