exv10w17







Exhibit 10.17




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
	 	$	2,637,900	 	 	 	7.21	%	 	 	110	%
	 	 	 	 	1680 Fenton Business

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







[FIRST MODIFICATION OF LOAN AGREEMENT]

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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.





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[FIRST MODIFICATION OF LOAN AGREEMENT]

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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 	 
	 



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[FIRST MODIFICATION OF 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/ Gregory R. Michaud
 	 
	 	 	Name:  	Gregory R. Michaud 	 
	 	 	Title:  	Vice President 	 
	 



[FIRST MODIFICATION OF LOAN AGREEMENT]

ING No. 27924





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