Exhibit 10.22



		

			Exhibit 10.22

		




		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			AMENDMENT NO. 1
		

		
			TO THE PROMISSORY NOTE DATED January 5, 2007
		

		
			 
		

		
			MODIFICATION OF PAYMENT TERMS
		

		
			 
		

			
					
						Contract # 32098

					
					
						May 6, 2008

				



		
			 
		

		
			The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated January 5, 2007 (the “Note”) in the original principal amount of $15,600,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.
		

		
			 
		

		
			Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:
		

		
			 
		

		
			For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:
		

		
			 
		

		
			The principal sum of $15,600,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:
		

		
			 
		

		
			One Hundred and Five (105) installments including both principal and interest, each in the amount of $113,479.94, payable commencing June 1, 2008, and monthly thereafter until February 1, 2017, on which date the entire balance of unpaid principal and interest shall be due and payable.
		

		
			 
		

		
			 
		

		
			The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						,

					
						 

					
						 

				
	
					
						 

					
					
						LENDER:

					
						GENERAL ELECTRIC CAPITAL CORPORATION

					
					
						 

					
					
						 

					
					
						BORROWER:

					
						SUPERTEL LIMITED PARTNERSHIP,

					
						a Virginia limited partnership

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						SUPERTEL HOSPITALITY REIT TRUST,

					
						a Maryland real estate investment trust,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Its General Partner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Becky A. Morrison

					
					
						 

					
					
						By:

					
					
						/s/ Donavon A. Heimes

				
	
					
						 

					
					
						Becky A. Morrison

					
					
						 

					
					
						 

					
					
						Donavon A Heimes

				
	
					
						Its:

					
					
						Authorized Signatory

					
					
						 

					
					
						Its:

					
					
						Vice President/ Treasurer