exv10w18






Exhibit 10.18




MODIFICATION OF PROMISSORY NOTE AND LOAN AGREEMENT




THIS MODIFICATION OF PROMISSORY NOTE AND LOAN AGREEMENT is made and entered into on November

28, 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, Lender made a loan (the “Loan”) to Borrower evidenced by that certain Promissory Note
dated June 15, 2006 made by Borrower to the order of Lender in the original principal amount of
$36,600,800.00 (the “Note”); and




          WHEREAS, to further evidence the Loan Borrower and Lender entered into that certain Loan
Agreement dated June 15, 2006, as modified by First Modification of Loan Agreement dated April 24,
2007 (collectively, the “Loan Agreement”);




          WHEREAS, Borrower and Lender desire to amend the Note and 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 Note and the Loan Agreement are modified as follows:




     1. The Note is hereby modified as follows. Notwithstanding anything in the Note to the
contrary, from and after the date hereof the Note shall be repaid by Borrower to Lender as follows:



          (a) On December 1, 2007, a payment of $262,912.81 shall be due and payable, which shall be
applied first to accrued and unpaid interest and the remainder to the outstanding principal amount
of the Note; and




          (b) Thereafter, payments of principal and interest shall be made in successive monthly
installments commencing on January 1, 2008, and continuing on the first day of each and every
calendar month thereafter up to and including July 1, 2012, all but the final installment thereof
to be in the amount of Two Hundred Forty-Three Thousand Three Hundred Twenty-Eight and 52/100
Dollars ($243,328.52), and the final installment payable on July 1, 2012, to be in the full amount
of outstanding principal of this Note, interest and all other sums remaining unpaid hereunder and
under the Mortgage (as in the Note).




     2. 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:



[MODIFICATION OF PROMISSORY NOTE

AND LOAN AGREEMENT]

ING No. 27924








 









 








	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	PRINCIPAL	 	 	ALLOCATION	 	 	RELEASE	 
	 	 	PROPERTY	 	ALLOCATION	 	 	PERCENTAGE	 	 	FACTOR	 
	(1)	 	Comfort Inn
	 	$	3,170,287.75	 	 	 	9.7544673746941500	%	 	 	110	%
	 	 	2120 Burnham Road

Fort Smith, Arkansas
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(2)	 	Hampton Inn
	 	$	5,390,417.41	 	 	 	16.5854505946194000	%	 	 	120	%
	 	 	8219 West Jefferson Blvd.

Fort Wayne, Indiana
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(3)	 	Courtyard by Marriott
	 	$	5,464,102.75	 	 	 	16.8121685721773000	%	 	 	125	%
	 	 	4559 North Reserve St.

Missoula, Montana
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(4)	 	Comfort Inn
	 	$	2,244,914.73	 	 	 	6.9072429032856400	%	 	 	110	%
	 	 	4545 North Reserve St.

Missoula, Montana
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(5)	 	Hawthorn Suites
	 	$	5,366,493.60	 	 	 	16.5118408616461000	%	 	 	120	%
	 	 	975 North Lakeview Pkwy.

Vernon Hills, Illinois
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(6)	 	Hampton Inn
	 	$	5,610,516.47	 	 	 	17.2626601379741000	%	 	 	125	%
	 	 	9231 East Arapahoe Rd.

Greenwood Village, Colorado
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(7)	 	Comfort Suites
	 	$	2,770,281.62	 	 	 	8.5237126393800300	%	 	 	120	%
	 	 	10680 South Automall Dr.

Sandy, Utah
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(8)	 	Fairfield Inn
	 	$	2,483,865.76	 	 	 	7.6424569162232900	%	 	 	125	%
	 	 	2697 Lake Vista Drive

Lewisville, Texas
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL PRINCIPAL OUTSTANDING	 	$	32,500,880.10	 	 	 	100.000	%	 	 	 	 








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





[SIGNATURES BEGIN ON FOLLOWING PAGE]




[MODIFICATION OF PROMISSORY NOTE

AND LOAN AGREEMENT]

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     IN WITNESS WHEREOF, the parties hereto have caused this 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 	 
	 



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[MODIFICATION OF PROMISSORY NOTE

AND LOAN AGREEMENT]

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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/ Daniel M. Siegenthaler
 	 
	 	 	Name:  	Daniel M. Siegenthaler 	 
	 	 	Title:  	Vice President 	 
	 



[MODIFICATION OF PROMISSORY NOTE

AND LOAN AGREEMENT]

ING No. 27924





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