Moody National REIT I, Inc. 10-K


EXHIBIT 10.67


 


Moody National Advisor I, LLC


 6363 Woodway Drive, Suite 110


Houston, Texas 77057


  


December 30, 2013


 


	Moody National Advisor I, LLC 

    6363 Woodway Drive, Suite 110 

    Houston, Texas 77057	 


 


Ladies and Gentlemen:


 


Moody National Advisor I, LLC (the “Advisor”),
Moody National Operating Partnership I, L.P. (the “Operating Partnership”), Moody Realty Company, L.P. and Moody
National REIT I, Inc. (the “REIT”) are parties to that certain Amended and Restated Advisory Agreement, dated
as of August 14, 2009 (as subsequently amended, the “Advisory Agreement”).  Capitalized terms used
herein that are not otherwise defined have the respective meanings given to them in the Advisory Agreement.


 


	1.	Waiver of Reimbursable Expenses.




 


Pursuant to Section 10(a) of the Advisory Agreement,
the Advisor is entitled to reimbursement by the REIT for all of the Total Operating Expenses paid or incurred by the Advisor in
connection with the services it provides to the REIT and the Operating Partnership pursuant to the Advisory Agreement; provided,
however, the REIT shall not reimburse the Advisor at the end of any fiscal quarter in which Total Operating Expenses for the four
consecutive fiscal quarters then ended exceed the greater of 2% of Average Invested Assets or 25% of Net Income for such year.  Pursuant
to Section 27 of the Advisory Agreement, the Advisor hereby irrevocably waives all expenses reimbursable to the Advisor pursuant
to the Advisory Agreement for the fiscal quarter ended December 31, 2013 (“Waiver Period”) to the extent such expenses have
not been reimbursed to the Advisor as of the date hereof.   The Advisor further acknowledges that all expenses
incurred directly by the REIT and incurred by the Advisor on the REIT’s behalf during the Waiver Period shall be paid by
the Advisor on behalf of the REIT.


 


	2.	Continuing Obligation to Reimburse Organization and Offering Expenses.




 


For the avoidance of doubt, nothing herein shall
constitute a waiver of the obligation of the REIT to reimburse the Advisor and its Affiliates for Organization and Offering Expenses.


 



    	 



    	 



    

 


December 30, 2013


Page 2



 


	3.	Ratification; Effect on Advisory Agreement.




 


(a)        Ratification. The Advisory Agreement, as amended by this letter agreement, shall remain in full force and effect and is
hereby ratified and confirmed in all respects.


 


 


(b)        Effect on the Advisory Agreement. On and after the date hereof, each reference in the Advisory Agreement to “this
Agreement,” “herein,” “hereof,” “hereunder,” or words of similar import shall mean and
be a reference to the Advisory Agreement as amended hereby.


 


	4.	Miscellaneous.




  


(a)        Governing Law. This letter agreement and the legal relations between the parties hereto shall be construed and interpreted
in accordance with the internal laws of the State of Maryland.


 


(b)        Modification.
This letter agreement shall not be changed, modified, or amended, in whole or in part, except by an instrument in writing signed
by the parties hereto, or their respective successors or assignees.


 


(c)        Headings.
The titles and headings of the sections and subsections contained in this letter agreement are for convenience only, and they
neither form a part of this letter agreement nor are they to be used in the construction or interpretation hereof.


 


(d)        Severability.
The provisions of this letter agreement are independent of and severable from each other, and no provision shall be affected or
rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable
in whole or in part.


 


(e)        Counterparts. This letter agreement may be executed
in multiple counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon,
and all of which shall together constitute one and the same instrument.  This letter agreement shall become binding when
one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon
as the signatories.  This letter agreement, to the extent signed and delivered by means of electronic mail or a facsimile
machine, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the
same binding legal effect as if it were an original signed version thereof delivered in person.  No party hereto shall raise
the use of electronic mail or a facsimile machine to deliver a signature or the fact that any signature was transmitted or communicated
through the use of electronic mail or a facsimile machine as a defense to the formation or enforceability of a contract and each
party hereto forever waives any such defense.


 



    	 



    	 



    

 


December 30, 2013


Page 3



 





	 	Very truly yours,
	 	 	 
	 	Moody National Advisor I, LLC
	 	 	 
	 	By:	/s/ Brett C. Moody
	 	 	Brett C. Moody
	 	 	President and Chief Executive Officer



  



    	 



    	 



    




 


December 30, 2013


Page 4



 


Acknowledged and Agreed on the ___ day of December, 2013:


 


	Moody National REIT I, Inc.	 
	 	 	 	 
	By:	 	/s/ Brett C. Moody	 
	Name:	 	Brett C. Moody	 
	Title:	 	President	 
	 	 	 	 
	Moody National Operating Partnership I, L.P.	 
	 	 	 	 
	By:	 	Moody National REIT I, Inc., its general partner	 
	 	 	 	 
	By:	 	/s/ Brett C. Moody	 
	Name:	 	Brett C. Moody	 
	Title:	 	President	 
	 	 	 	 
	Moody National Realty Company, L.P. 	 
	 	 	 	 
	By:	 	/s/ Brett C. Moody	 
	Name:	 	Brett C. Moody	 
	Title:	 	President