Document:

Exhibit 10.101
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CONSENT TO PPP LOAN
(MSCI 20 l 9-H6 [Midland]/ Fairfield Inn & Suites Lubbock)
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entered into by and among
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Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2019-H6,
Commercial Mortgage Pass-Through Certificates, Series 2019-H6,
as Noteholder
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and
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LF3 Lubbock Expo, LLC, as Borrower
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and
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Lodging Fund REIT III, Inc. and Lodging Fund REIT III OP, LP,
collectively, as Guarantor
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and
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Borrower and Guarantor,
collectively, as Indemnitor
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regarding that certain real property (including improvements thereon) 
commonly known as
Fairfield Inn & Suites Lubbock, located at 6435 50th Street
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Securitization: MSCI 2019-H6
Midland Loan No.: 030316233
Borrower: LFJ Lubbock Expo, LLC
Property: 6435 50th Street (Fairfield Inn & Suites Lubbock)
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CONSENT TO PPP LOAN

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CONSENT TO PPP LOAN
(MSCI 20I9-H6 [Midland] / Fairfield Inn & Suites Lubbock)
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This Consent is entered into as of the Effective Date by and among Noteholder, Borrower, Guarantor, and Indemnitor.
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Recitals
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A.          Effective as of April 4, 2019, Original Borrower executed the Loan Agreement, which evidences the Loan.
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B.        The outstanding indebtedness evidenced by, among other documents, the Loan Agreement, is secured by, among other things, the liens, security interests, terms, and provisions contained within the Deed of Trust.  The Deed of Trust covers, among other things, the Property.
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C.          Pursuant to certain assignments, endorsements and/or transfers of the Loan Documents, Noteholder is the current owner of the Loan Documents.
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D.          Pursuant to the Assumption Agreement, Borrower and Guarant01\ assumed all of Original Borrower and Original Guarantors rights, duties and obligations under the Loan Documents.
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E.          Borrower and/or its affiliates have previously received the First PPP Loan.
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F.           Borrower and/or its affiliates desire to obtain the Second PPP Loan and have requested that Noteholder modify certain terms and provisions of the Loan Documents, and subject to the terms and provisions set forth herein, Noteholder is willing to do so.
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NOW, THEREFORE, in consideration of the representations and mutual agreements made herein, the payment of $10.00 and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Noteholder and Obligors agree as follows:
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Consent
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ARTICLE I
DEFINED TERMS
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1.1      Definitions.       As  used in this Consent, the following terms shall have the following meanings:
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"Assumption Agreement" means that certain Consent, Amendment and Assumption Agreement, dated January 8, 2020, entered into by and among Original Borrower, Original Guarantor, Borrower, Guarantor, and Noteholder.
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"Consent" means this Consent to Second PPP Loan.
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"Borrower" means LF3 Lubbock Expo, LLC, a Delaware limited liability company.
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Securitization: MSCI 2019-H6
Midland Loan No.: 030316233
Borrower: LFJ Lubbock Expo, LLC
Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)
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CONSENT TO PPP LOAN

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“Claims” means, collectively, any and all claims, demands, damages, liabilities and causes of action of whatever kind and character (whether such claims arise in contract or tort and whether such claims are founded upon statutory or common law, including, but not limited to, breach of contract, negligence, breach of any duty of good faith and fair dealing, causes of action arising out of or construed to be deceptive trade practices, usury, unfair claim settlement practices, business torts, breach of warranty or any warranty or any other cause of action whatsoever).
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“Deed of Trust” means that certain Deed of Trust, Assignment of Leases and Rents and Security Agreement, dated effective April 4, 2019, executed and delivered by Original Borrower, as grantor, to Eugene F. Segrest, as trustee, for the benefit of Original Noteholder, as beneficiary, recorded in the Real Property Records in Lubbock County, Texas, covering, among other things, the Property.
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“Effective Date” means March 5, 2021 (Friday).
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“Event of Default” means the occurrence of:
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(a)         An Event of Default under the Loan Documents; and/or
(b)         A breach of any term, provision and/or covenant set forth in this Consent.
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“First PPP Loan” means Borrower’s and/or its affiliate’s receipt of funds from the PPP Loan on or about April 8, 2020.
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“Guarantor” means, collectively, Lodging Fund REIT III, Inc., a Maryland corporation and Lodging Fund REIT III OP, LP, a Delaware limited partnership.
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“Guaranty” means that certain Guaranty of Recourse Obligations, dated December 30, 2019, executed by Original Guarantor for the benefit of Original Noteholder.
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“Indemnitor” means, collectively, Borrower and Guarantor.
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“Loan” means the indebtedness evidenced by the Loan Documents.
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“Loan Agreement” means that certain Loan Agreement, dated April 4, 2019, entered into by and between Original Borrower and Original Noteholder.
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“Loan Documents” means the Loan Agreement, and any and all other documents executed in connection therewith and/or relating in any way thereto.
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“Noteholder” means Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2019-H6, Commercial Mortgage Pass-Through Certificates, Series 2019-H6, acting by and through Special Servicer.
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“Noteholder Released Parties” means Noteholder, any preceding noteholder (including Original Noteholder and any warehouse noteholder), the master servicer, the special servicer, and any and all previous and contemporaneous master servicer(s), primary servicer(s), special servicer(s), and any sub- servicer(s), as well as any and all parent(s), affiliate(s), subsidiary(ies), successor(s), assign(s), member(s), partner(s), shareholder(s), independent contractor(s), representative(s), and/or agent(s) of the foregoing.
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	2
	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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"Notcholdcr's Costs" means, collectively, the following costs and expenses of Noteholder, to be paid by Borrower on the Closing Date:
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(a)         The review fee listed at Item I(a) on  Exhibit  "A",  attached  hereto  and incorporated  herein  by reference;
(b)         Noteholder's estimated legal fees listed as Item  l(b) on Exhibit "A";
(c)         Any other fees and costs incurred by Noteholder in connection with this Consent, or otherwise due and owing pursuant to the Loan Documents.
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"Obligors" means, collectively, Borrower, Guarantor, and Indemnitor.
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"Original Borrower'' means Treemont Capital Partners IV, LP, a Texas limited partnership.
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"Original Guarantor" means Philip A. McRae, individually.
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"Original Noteholder" means Starwood Mortgage Capital LLC, a Delaware limited liability company.
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"Pooling and Servicing Agreement" means that certain Pooling and Servicing Agreement, dated June 1, 2019, relating to Noteholder\ Special Servicer, the Loan, and the Property.
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"PPP Loan" means a loan from the SBA to Borrower and/or its affiliate relating to the Paycheck Protection Program Loan.
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"Property" means that certain real property, personal property and general intangibles described in the Deed of Trust, the real property of which being commonly known as Fairfield Inn & Suites Lubbock and located at 6435 50th Street, Lubbock, Texas 79407.
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"SBA" means the United States Small Business Administration.
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"Second PPP Loan'' means the second PPP Loan obtained by Borrower and/or its affiliate (funded after January 13, 2021).
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"Special  Servicer'' means MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, not individually but solely in its authorized capacity as special servicer pursuant to the Pooling and Servicing Agreement.
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ARTICLE II
INCORPORATION BY REFERENCE; FURTHER ASSURANCES
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2.1       Recitals; Defined Terms. The recitals above are incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings given to them in the Loan Documents.
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2.2       Further Assurances. Borrower agrees to execute and deliver to Noteholder from time to time such other documents and instruments, and to take such other actions, requested by Noteholder to more effectively carry out the terms hereof.
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	3
	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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ARTICLE III
CONSENT
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3.1         PPP Loan; SPE Covenants.
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(a)          Save and except as set forth in Section 3.1(a)(i) and (ii) below and as expressly stated in Section 3.1(b) below, and notwithstanding anything to the contrary in Section 3. l.24 in the Loan Agreement, Noteholder hereby consents to Borrower and/or its affiliate's receipt of the Second PPP Loan and provides that such receipt of the Second PPP Loan will (x) not be a breach of 3. l.24 in the Loan Agreement, (y) be deemed a Permitted Indebtedness, and (z) not cause the Loan to become full recourse, so long as:
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(i)          The Second PPP Loan is completely (100%) forgiven within two(2)years of its origination date in accordance with the Paycheck Protection Program; or
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(ii)          Borrower otherwise pays the Second PPP Loan in full prior to its maturity
date.
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Also, Borrower agrees to provide to Noteholder a certification that certifies the Second PPP Loan has been forgiven (when the Second PPP Loan is forgiven) or paid off in full (when Borrower pays the Second PPP Loan in full).
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(b)          If either of the conditions in Section 3.1(a)(i) or (ii) is not satisfied, Obligors hereby acknowledge and agree that Section 3, l(a)(x), (y) and (z) above shall be deemed null and void, and Borrower and/or its affiliate's receipt of the Second PPP Loan will (x) be deemed a breach of Section 3.1.24 in the Loan Agreement, (y) not be deemed a Permitted Indebtedness, (z) be an automatic Event of Default, and (xx) be a breach of Borrower's Recourse Liabilities, causing the Loan to become a recomse obligation against Borrower and Guarantor.
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ARTICLE IV
CONDITIONS PRECEDENT
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4.1         Conditions Precedent. The terms and provisions contained within this Consent are subject to complete satisfaction (in Noteholder's sole and absolute discretion) on or before the Effective Date of the following conditions precedent:
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(a)          This Consent.  This Consent has been fully-executed;
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(b)          Authority of Borrower. Noteholder's counsel shall have reviewed and approved appropriate resolutions/consents authorizing the transaction contemplated by this Consent;
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(c)         Payments.  Noteholder has received Noteholder's Costs;
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(d)         No Event of Default. Except as expressly modified by this Consent, there shall exist no Event of Default, nor any event which with notice or the passage of time or both would constitute an Event of Default;
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	4
	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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(e)          Additional Documents. Borrower shall have executed and delivered to Noteholder such other documents as Noteholder reasonably requires to be executed in connection with the transaction contemplated by this Consent; and
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(f)         Additional Conditions. Borrower's and Guarantor's (as applicable) compliance, or agreement to comply (as applicable), with the items listed on Exhibit "A", attached hereto and incorporated herein by reference.
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ARTICLEV
BORROWER'S REPRESENTATIONS AND WARRANTIES
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5.1         Borrower's Representations and Warranties. Borrower hereby represents, warrants, covenants, acknowledges and agrees to Noteholder that, on the Effective Date:
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(a)         Prior to March 27, 2020, no Event of Default existed by Borrower, nor any event which with notice or the passage of time or both would have constituted an Event of Default by Borrower; provided, however, Borrower is currently experiencing a financial hardship due to, directly or indirectly, the "COVID-19 emergency" (as defined in IRS Revenue Procedme 2020- 26).
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(b)         Borrower has the full legal right, power and authority to enter into and perform its obligations under this Consent, and the execution and delivery of this Consent by Borrower and the consummation by Borrower of the transaction contemplated hereby and performance by Borrower of its obligations hereunder have been duly authorized by all necessary action.
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(c)         The First PPP Loan has been forgiven in full by the applicable authority.
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ARTICLE VI
OBLIGORS' RELEASE AND WAIVER
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6.1         IN CONSIDERATION OF NOTEHOLDER ENTERING INTO THIS CONSENT, EACH OBLIGOR, ON ITS OWN BEHALF AND ON BEHALF OF ANY PERSON OR ENTITY CLAIMING BY, THROUGH OR UNDER IT, DOES HEREBY RELEASE AND FOREVER DISCHARGE NOTEHOLDER RELEASED PARTIES FROM CLAIMS, WHETHER SUCH CLAIMS ARE KNOWN OR UNKNOWN, AT LAW OR IN EQUITY, ARISING OUT OF OR IN ANYWAY RELATED TO THE LOAN, THE LOAN DOCUMENTS, THE OBLIGATIONS THEREUNDER OR THE TRANSACTIONS CONTEMPLATED THEREBY, WHICH ANY OBLIGOR MAY NOW HAVE AGAINST NOTEHOLDER RELEASED PARTIES (TO THE EXTENT SUCH CLAIMS ORIGINATED IN WHOLE OR IN PART OR, BASED ON PRESENTLY EXISTING FACTS, COULD HAVE ORIGINATED IN WHOLE OR IN PART ON OR BEFORE THE EFFECTIVE DATE), INCLUDING, WITHOUT LIMITATION, ANY SUCH CLAIMS DIRECTLY OR INDIRECTLY ARISING FROM OR IN CONNECTION WITH (I) ANY OF THE LOAN DOCUMENTS OR THE OBLIGATIONS THEREUNDER, (II) ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS OR THE PERFORMANCE OF THE OBLIGATIONS THEREUNDER, (III) ANY ACTION OR OMISSION TO ACT BY ANY OF NOTEHOLDER RELEASED PARTIES IN CONNECTION WITH THE LOAN OR PURSUANT TO THE LOAN DOCUMENTS AND (IV) ANY OTHER ACTION OR OMISSION TO ACT TAKEN ON OR BEFORE THE EFFECTIVE DATE BY ANY OF NOTEHOLDER RELEASED PARTIES RELATED TO THE LOAN. EACH OBLIGOR HEREBY  REPRESENTS AND WARRANTS THAT IT HAS NOT ASSIGNED OR  TRANSFERRED,
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	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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OR PURPORTED TO ASSIGN OR TRANSFER, TO ANY PERSON OR ENTITY, ANY CLAIM AGAINST NOTEHOLDER RELEASED PARTIES, OR ANY PORTION THEREOF OR INTEREST THEREIN, AND THAT EACH OF THEM INDIVIDUALLY IS THE SOLE AND RIGHTFUL OWNER OF ANY SUCH CLAIM. IF ANY OBLIGOR HEREAFTER COMMENCES, JOINS IN OR IN ANY MANNER SEEKS RELIEF THROUGH ANY SUIT ARISING OUT OF, BASED UPON OR RELATING TO ANY OF THE CLAIMS RELEASED BY OBLIGORS, THEN OBLIGORS (JOINTLY AND SEVERALLY) WILL PAY TO NOTEHOLDER RELEASED PARTIES, AND EACH OF THEM, IN ADDITION TO ANY OTHER DAMAGES CAUSED TO NOTEHOLDER RELEASED PARTIES THEREBY, ALL ATTORNEYS' FEES INCURRED BY NOTEHOLDER RELEASED PARTIES IN DEFENDING OR OTHERWISE RESPONDING TO THE SUIT OR CLAIM.
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6.2         Borrower hereby waives:
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(a)          Any and all defenses to payment of the Loan for any reason (to the extent such defenses exist as of the Effective Date); and
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(b)          Any and all defenses, counterclaims or offsets to the Loan Documents (to the extent such defenses, counterclaims or offsets exist as of the Effective Date).
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ARTICLE VII
NO REPRESENTATIONS OR WARRANTIES DY NOTEHOLDER.
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7.1         No Representations or Warranties by Noteholder.  Borrower agrees that:
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(a)          Noteholder has made no representations or warranty, either express or implied regarding the Property and has no responsibility whatsoever with respect to the Property, its condition, or its use, occupancy, or status; and
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(b)          No claims relating to the Property, its condition, or its use, occupancy, or status, will be asserted against Noteholder or its agents, employees, professional consultants, affiliated entities, successors, or assigns, either affirmatively or as a defense.
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ARTICLE VIII
MISCELLANEOUS
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8.1         Governing Law. This Consent shall be governed by and construed in accordance with the law of the State of Texas.
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8.2         Modification of this Consent. This Consent cannot be modified except by an instrument in writing signed by the party against whom the enforcement of any modification is sought. This Consent and the Loan Documents represent the final agreement among Noteholder and Borrower may not be contradicted by evidence of prior or contemporaneous agreements or subsequent oral agreements of Noteholde1· and Borrower related to matters referenced herein. There are no oral agreements between or among Noteholder and Borrower.
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8.3         No Other Modifications or Extensions. Except as expressly modified and/or extended herein, Borrower agrees that the terms and provisions contained within the Loan Documents shall not be modified or extended in any way and remain in full force and effect.
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	6
	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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8.4         Multiple Counterparts. This Consent may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall be construed together to constitute one (1) instrument, and electronic signatures delivered by .pdf shall be deemed originals.
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8.5         Severability. In the event any provision of this Consent is determined by appropriate judicial authority to be illegal or otherwise invalid, such provision shall be given its nearest legal meaning or reconstrued as such authority determines, and the remainder of this Consent shall be construed to be in full force and effect.
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8.6         Time of Essence. Time is of the essence in the performance of the covenants contained in this Consent and in the Loan Documents.
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	7
	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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IN WITNESS WHEREOF, this Consent has been executed to be enforceable on the Effective Date.
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	NOTEHOLDER:

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	WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR MORGAN STANLEY CAPITAL I TRUST 2019-H6, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-H6

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	By:
	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASOCIATION, not individually but solely in its authorized capacity as special servicer pursuant to that certain Pooling and Servicing Agreement dated June 1, 2019

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	By: 
	/s/ Dugger Schwartz

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	Name:  Wm. Dugger Schwartz

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	Title:  Sr. Vice President

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[this space intentionally left blank]
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	BORROWER:

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	LF3 LUBBOCK EXPO, LLC,

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	a Delaware limited liability company

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	BY: Lodging Fund REIT III OP, LP 

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	ITS:  Sole Member

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	By: Lodging Fund REIT Ill, Inc. 

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	Its:  General Partner

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	By: 
	/s/ Samuel C. Montgomery

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	Name: Samuel C. Montgomery

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	Title:  COO

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	LODGING FUND REIT III, INC.,

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	a Maryland corporation

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	By: 
	/s/ Samuel C. Montgomery

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	Name:  Samuel C. Montgomery

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	Title: COO

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	LODGING FUND REIT III OP, LP,

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	a Delaware limited partnership

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	By: Lodging Fund REIT III, Inc. 

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	Its:  General Partner

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	By: 
	/s/ Samuel C. Montgomery

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	Name: Samuel C. Montgomery

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	Title: COO

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	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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	INDEMNITOR:

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	LF3 LUBBOCK EXPO, LLC,

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	a Delaware limited liability company

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	BY: Lodging Fund REIT III OP, LP 

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	ITS:  Sole Member

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	By: Lodging Fund REIT Ill, Inc. 

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	Its:  General Partner

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	By: 
	/s/ Samuel C. Montgomery

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	Name: Samuel C. Montgomery

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	Title: COO

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	LODGING FUND REIT III, INC.,

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	a Maryland corporation

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	By: 
	/s/ Samuel C. Montgomery

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	Name: Samuel C. Montgomery

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	Title: COO

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	LODGING FUND REIT III OP, LP,

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	a Delaware limited partnership

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	By: Lodging Fund REIT III, Inc. 

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	Its:  General Partner

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	By: 
	/s/ Samuel C. Montgomery

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	Name: Samuel C. Montgomery

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	Title: COO

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	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street, Lubbock, Texas 79407 (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

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EXHIBIT "A"
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to that certain
Consent to Second PPP Loan
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Additional  Conditions (IU(R)
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1.   On or before the Effective Date, Noteholder's receipt of:
(a)   A processing fee equal to $500.00, payable to Noteholder; and
(b)   Payment of $3,500.00 for Noteholder's legal fees.
2.    Borrower's application for forgiveness of the First PPP Loan and all accompanying backup documentation submitted with such application.
3.    Evidence of forgiveness determination, if any, received by Borrower in connection with the First PPP Loan.

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	Exhibit "A"
	Securitization: MSCI 2019-H6

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	Midland Loan No.: 030316233

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	Borrower: LF3 Lubbock Expo, LLC

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	Property: 6435 50th Street (Fairfield Inn & Suites Lubbock)

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	CONSENT TO PPP LOAN

​Exhibit 10.102
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	Commercial Mortgage Servicing
Three Wells Fargo
401 S. Tryon Street, 8th Floor
Charlotte, NC 28202 
MAC D1050-084

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May 18, 2020
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SIDE LETTER AGREEMENT
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VIA EMAIL
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LF3 PINEVILLE, LLC, and
LF3 PINEVILLE TRS, LLC (collectively, “Borrower”)
1635 43rd Street South, Suite 205
Fargo, North Dakota 58103
Attention: Chris Johnston
Email: cjohnston@lodgingfund.com
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Re:       Wells Fargo Loan No. XXXXXXX (the “Loan”) to Borrower
Hampton Inn, Pineville
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Greetings:
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Reference is hereby made to that certain Loan Agreement (the “Original Loan Agreement”) dated as of May 12, 2014 by and between GNP Group of Pineville, LLC and Goldman Sachs Mortgage Company (“Original Lender”) as assumed and modified pursuant to that certain Assumption Agreement dated March 19, 2019, by DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee on behalf of the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GC22 (“Lender”), the Borrower and the Original Borrower, (the “Assumption Agreement” and with the Original Loan Agreement, the “Loan Agreement”).  Capitalized terms not otherwise defined herein shall have the meaning given to those terms in the Loan Agreement. Under a Pooling and Servicing Agreement dated as of June 1, 2015 (the “Servicing Agreement”), Wells Fargo Bank, National Association has been appointed as Master Servicer (in such capacity, “Servicer) for the Loan and has the authority to service and administer the Loan on behalf of Lender.  Wells Fargo Bank, National Association is sending this Side Letter Agreement in its capacity as Servicer on behalf of Lender.
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1.   Effective Date.
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The effective date of this Side Letter Agreement is _____________, 2020 (the “Effective Date”), except that this Side Letter Agreement shall govern any Discussions (as defined below) that occurred prior to such Effective Date.
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For purposes of this Side Letter Agreement, the term “Discussions” shall include any discussions between Borrower and its authorized agents or representatives, Guarantor and its authorized agents or representatives, Lender and its authorized agents or representatives (each individually, a “Lender Party” and collectively, the “Lender Parties”) (including, without limitation, Servicer and CWCapital Asset Management LLC, as special servicer (“Special Servicer”) pursuant to the Servicing Agreement) concerning any potential relief due to the COVID-19 pandemic and other matters concerning the Loan.
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Hampton Inn Pineville
Page 2

2.   Request
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Servicer is now in receipt of email correspondence requesting, as a result of the COVID-19 pandemic, (a) the disbursement of funds in the FF&E Reserve Account to Lender for payment of the monthly debt service payment amount and the amount of Tax and insurance funds due on the Payment Dates occurring in May, June and July, 2020 (such period, the “Suspension Period” and such disbursement, the “FF&E Monthly Debt Service Allocation”), (b) the suspension of Borrower’s monthly deposits of FF&E Reserve Funds (such suspended FF&E Reserve Funds, the “Suspended FF&E Reserve Funds”) into the FF&E Reserve Account on the Monthly Payment Dates occurring during the Suspension Period (such suspension, the “FF&E Suspension”), and (c) the replenishment of such suspended deposits into the FF&E Reserve Account pursuant to additional payments made by Borrower in equal monthly payments of $20,700.49 (“FF&E Replenishment Payments”) to be deposited into the FF&E Reserve Account on the Monthly Payment Dates occurring in August, 2020 through July, 2021 (the “Replenishment Period”) (collectively, the “Request”).
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Based on the representations made in the Request, any Discussions, this Side Letter Agreement and other information provided to Servicer and its outside counsel, Alston & Bird LLP (“A&B”) by Borrower, Lender has now agreed to consent to (i) the FF&E Monthly Debt Service Allocation, (ii) the FF&E Suspension and (iii) the FF&E Replenishment Payments during the Replenishment Period (the “FF&E Replenishment”), subject to the terms and conditions set forth in this Side Letter Agreement.
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3.   FF&E Monthly Debt Service Allocation Request, Consent and Limited Waiver
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As noted above, Borrower informed Servicer that Borrower desires that the FF&E Monthly Debt Service Allocation occur during the Suspension Period.
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Borrower acknowledges that, (a) per Sections 1.2 and 3.4 of the Loan Agreement, Borrower is required to pay the monthly debt service payment amount and the required amount of Tax and insurance funds on each Payment Date and (b) per Section 3.5(c) the Loan Agreement, disbursements from the FF&E Reserve Account are only permitted for Approved FF&E Expenses after the satisfaction of the conditions set forth in Section 3.5(c) of the Loan Agreement.
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Notwithstanding anything to the contrary contained in the Loan Documents, including, without limitation, the requirement that Borrower comply with Sections 1.2 and 3.4 of the Loan Agreement and the conditions to disbursements from the FF&E Reserve Account set forth in Section 3.5(c) of the Loan Agreement, in reliance on the representations, warranties, covenants and agreements contained herein, Lender (i) consents to the FF&E Monthly Debt Service Allocation during the Suspension Period in accordance with Exhibit A and (ii) waives the requirements for (A) Borrower to pay the monthly debt service payment amount and required
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amount of Tax and insurance funds pursuant to Sections 1.2 and Section 3.4 of the Loan Agreement during the Suspension Period and (B) Borrower to satisfy the disbursement conditions set forth in Section 3.5(c) of the Loan Agreement in order for the disbursements from the FF&E Reserve Account to occur to effectuate the FF&E Monthly Debt Service Allocation.
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The parties acknowledge and agree that the total amount of (i) the FF&E Reserve Funds being used to make FF&E Monthly Debt Service Allocations during the Suspension Period, and 
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(ii)  the Suspended FF&E Reserve Funds being deferred during the Suspension Period is equal to $248,406.00 (the “Full Suspended Amount”).
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The limited consent and waiver set forth in this Section 3 (1) shall be a one-time consent and waiver effective only as to the FF&E Monthly Debt Service Allocation during the Suspension Period and (2) shall not be deemed to modify or affect the obligations of Borrower and/or Guarantor to comply with each and every obligation, covenant, duty or agreement under the Loan Documents (as amended hereby, as the case may be) to which such Person is party from and after the date hereof.  Borrower and Guarantor agree that the limited consent and waiver set forth in this Section 3 shall be limited to the precise meaning of the words as written therein and shall not be deemed to prejudice any right or remedy that Lender may now have or may in the future have under or in connection with the Loan Agreement or any other Loan Document other than with respect to the matters for which the limited consent and waiver set forth in this Section 3 have been provided, and Servicer, on behalf of the Lender, hereby reserves all rights and remedies available under the terms of the Loan Agreement and other Loan Documents.
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4.   FF&E Suspension Request, Consent and Limited Waiver
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As noted above, Borrower informed Servicer that Borrower desires that the FF&E Suspension occur during the Suspension Period.
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Borrower acknowledges that, per Section 3.5 of the Loan Agreement, Borrower is required to pay the required amount of FF&E Reserve Funds on each Monthly Payment Date.
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Notwithstanding anything to the contrary contained in the Loan Documents, including, without limitation, the requirement that Borrower comply with the Section 3.5 of the Loan Agreement, in reliance on the representations, warranties, covenants and agreements contained herein, Lender (a) consents to the FF&E Suspension in accordance with Exhibit A and (b) waives the requirement for Borrower to comply with Section 3.5 of the Loan Agreement and make deposits into the FF&E Reserve Account during the Suspension Period.
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The limited consent and waiver set forth in this Section 4 (i) shall be a one-time consent and waiver effective only as to the FF&E Suspension during the Suspension Period and (ii) shall not be deemed to modify or affect the obligations of Borrower and/or Guarantor to comply with each and every obligation, covenant, duty or agreement under the Loan Documents (as amended hereby, as the case may be) to which such Person is party from and after the date hereof.  Borrower and Guarantor agree that the limited consent and waiver set forth in this Section 4 shall be limited to the precise meaning of the words as written therein and shall not be deemed to prejudice any right or remedy that Lender may now have or may in the future have under or in connection with the Loan Agreement or any other Loan Document other than with respect to the matters for which the limited consent and waiver set forth in this Section 4 have been provided, and Servicer, on behalf of the Lender, hereby reserves all rights and remedies available under the terms of the Loan Agreement and other Loan Documents.
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5.   FF&E Replenishment Request and Consent
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As noted above, Borrower informed Servicer that Borrower desires, in consideration of Lender’s consent to the FF&E Suspension, and in lieu of the requirement to make payments to Lender on account of FF&E during the Suspension Period, that Borrower may be permitted to instead make FF&E Replenishment payments during the Replenishment Period.
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Borrower acknowledges that, per Section 3.5 of the Loan Agreement, Lender may reassess the amount of monthly payment required under Section 3.5 of the Loan Agreement from time to time in its reasonable discretion.  In accordance with exercising such discretion, Lender hereby requires that Borrower deposit the FF&E Replenishment Payment on each Payment Date during the Replenishment Period, in addition to the amounts otherwise required to be deposited by Borrower set forth in Section 3 of the Loan Agreement.  Exhibit A attached hereto sets forth the combined FF&E deposit amount of $34,695.00 (i.e., the FF&E Replenishment Payment plus the current monthly FF&E Reserve Funds deposit amount of $13,994.51) during the Replenishment Period.  The parties hereto agree that any failure of Borrower to deposit the FF&E Replenishment Payments during the Replenishment Period shall constitute an Event of Default under the Loan Agreement, subject to any cure rights Borrower may have under the terms of the Loan Documents.
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The limited consent set forth in this Section 5 (a) shall be a one-time consent and effective only as to the FF&E Replenishment during the Replenishment Period and (b) shall not be deemed to modify or affect the obligations of Borrower and/or Guarantor to comply with each and every obligation, covenant, duty or agreement under the Loan Documents (as amended hereby, as the case may be) to which such Person is party from and after the date hereof.  Borrower and Guarantor agree that the limited consent set forth in this Section 5 shall be limited to the precise meaning of the words as written therein and shall not be deemed to prejudice any right or remedy that Lender may now have or may in the future have under or in connection with the Loan Agreement or any other Loan Document other than with respect to the matters for which the limited consent set forth in this Section 5 have been provided, and Servicer, on behalf of the Lender, hereby reserves all rights and remedies available under the terms of the Loan Agreement and other Loan Documents.
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6.   Monthly Performance Package.
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Borrower and Guarantor each hereby acknowledge and agree that Lender’s consent to (a) the FF&E Monthly Debt Service Allocation, (b) the FF&E Suspension and (c) FF&E Replenishment is subject to, in addition to the conditions set forth in Sections 4-5 above, Borrower’s delivery on each Monthly Payment Date during the Suspension Period and Replenishment Period of a “Monthly Performance Package”, which shall contain (i) a monthly profit and loss statement, (ii) an accounts payable aging statement, (iii) an STR report and (iv) either (A) to the extent Borrower is interested in obtaining one or more Small Business Loans under the federal Paycheck Protection Program (individually and/or collectively, as the context may require, the “PPP Loan”) provided in Section 7(a) of the Small Business Act of 1953 (as in effect from time to time, the “SBA”), as amended by the Coronavirus Aid, Relief, and Economic Security Act (as amended from time to time and including all regulations and guidance issued by any Governmental Authority with respect thereto, the “CARES Act”), a detailed request for any specific PPP Loan desired to be obtained by Borrower (such request, a “PPP Loan Request Package”), or (B) if Borrower is not interested in pursuing a PPP Loan as of such Monthly Payment Date, an affirmative statement confirming that Borrower is not interested in pursuing a PPP Loan as of such Monthly Payment Date.   The parties hereto agree that any failure of Borrower to provide the Monthly Performance Package on each Monthly Payment Date during the Suspension Period and Replenishment Period shall constitute an Event of Default under the Loan Agreement, subject to any cure rights Borrower may have under the terms of the Loan Documents.  Borrower and Guarantor further acknowledge and agree that Lender’s requirement 
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for Borrower to deliver any PPP Loan Package shall not be interpreted as Lender’s consent to any PPP Loan or any modification of Borrower’s obligation to comply with Section 6.4 of the Loan Agreement.  For the avoidance of doubt, as of the Effective Date, Lender has not provided consent for Borrower to obtain any PPP Loan.
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7.   Operating Expenses.
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Borrower and Guarantor each hereby acknowledge and agree that Lender’s consent to (a) the FF&E Monthly Debt Service Allocation, (b) the FF&E Suspension and (c) FF&E Replenishment is subject to, in addition to the conditions set forth above, Borrower continuing to be responsible for all operating expenses with respect to the Property as required in the Loan Documents.
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8.   No Default or Event of Default; Waiver.
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Borrower and Guarantor each hereby acknowledges and agrees that to its knowledge there no default or Event of Default by any of Borrower, Guarantor and/or Lender under any of the Loan Documents has occurred or is continuing, including any events which now exist or, following notice and an opportunity to cure, will ripen into a default by any of Borrower, Guarantor and/or Lender under any of the Loan Documents. This Side Letter Agreement shall not be construed as establishing a course of conduct on the part of Lender upon which Borrower and/or Guarantor may rely at any time in the future.  Borrower and Guarantor expressly waive any right to assert any claim against any Lender Party to such effect at any time.
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9.    Legal and Other Fees.
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(a)         In connection with this Side Letter Agreement, Borrower (or its designee) shall pay any fees, expenses and charges due to Servicer in connection with its review and handling of the matters set forth in this Side Letter Agreement, including a $1,500.00 consent fee pursuant to the wiring instructions set forth in Exhibit B attached hereto, which $1,500.00 consent fee shall be split equally between Servicer and Special Servicer.
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(b)         In connection with this Side Letter Agreement, Borrower (or its designee) shall pay A&B’s legal fees arising in connection with the matters set forth in this Side Letter Agreement in the amount of $3,500.00 pursuant to the wiring instructions set forth in Exhibit B attached hereto.
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10.  Miscellaneous.
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This Side Letter Agreement constitutes the entire agreement of the parties concerning the Request and supersedes any prior Discussions.  This Side Letter Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, and permitted assigns, but this Side Letter Agreement does not and is not intended to, benefit any third party.  This Side Letter Agreement shall be governed by the laws set forth in the applicable Loan Documents. Section or paragraph headings used herein are for convenience only and shall not be used to interpret any term hereof.  It is agreed that no interpretation or construction of this Side Letter Agreement in enforcement hereof by a court or other body shall apply a presumption that the terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be construed more strictly against the Party who itself or through its agents prepared the same.  This Side Letter Agreement may be executed in one or
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more counterparts, each of which shall constitute an original and all of which taken together shall constitute one agreement.  Each party executing this Side Letter Agreement represents that such party has the full authority and legal power to do so.  No amendment of this Side Letter Agreement shall be made except by written agreement signed by the parties.  The parties agree that their electronically transmitted signatures on this Side Letter Agreement shall have the same effect as manually made signatures.  This Side Letter Agreement is expressly limited to the matters described herein and shall not be deemed a consent to or as a waiver of any other conditions or requirements in the Loan Documents or as an agreement to consent to future, similar requests.   If all of the aforementioned conditions are not satisfied within the time frames set forth above, or if there is any material change in the transactions contemplated herein on or before the satisfaction of all of the aforementioned conditions, then this Side Letter Agreement and the consents, waivers and modifications contained herein shall be null and void.
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11.  Electronic Signatures.
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(a)         Each of the parties hereto consents to do business electronically in connection with this Side Letter Agreement.  Delivery of an executed counterpart of a signature page of this Side Letter Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Side Letter Agreement.
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(b)         The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Side Letter Agreement or any notice issued in connection herewith shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity, admissibility into evidence and enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, Uniform Real Property Electronic Recording Act (“URPERA”), if applicable, the New York State Electronic Signatures and Records Act, the Illinois Electronic Commerce Security Act or any other similar state laws based on the Uniform Electronic Transactions Act, if applicable; provided that nothing herein shall require the Lender to accept Electronic Signatures in any form or format without its prior written consent, which consent can be withheld in its sole discretion. For purposes hereof, “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
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(c)         Without limiting the generality of the foregoing, each of the parties hereto hereby (i) agrees that, for all purposes electronic images of this Side Letter Agreement (with respect to the signature pages hereto) shall have the same legal effect, validity, admissibility into evidence and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity, admissibility into evidence or enforceability of this Side Letter Agreement based solely on the lack of paper original copies of this Side Letter Agreement, including with respect to any signatures hereon.
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(d)         Even though the parties agree that such Electronic Signatures are legally enforceable and intended to be effective for all purposes, the signing parties agree if requested by Lender in its sole discretion to promptly deliver to Lender the requested original document bearing an original manual signature, (i) in order to reduce the risk of fraud, comply with potentially applicable regulations, (ii) to the extent required or advisable to be delivered in 
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connection with any program made available to the Lender or any of its affiliate by the Federal Reserve, U.S. Treasury Department or any other federal or state regulatory body, (iii) to the extent required pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or as otherwise as required by applicable law, rule or regulation or compulsory legal process, or as requested by a governmental and/or regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), or (iv) for other operational or risk management purposes.
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[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGES FOLLOW]
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This Side Letter Agreement is executed and agreed to by the parties below as of the date first set forth above.
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	LENDER:
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee on behalf of the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GC22 (“Lender”).

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	By:
	Wells Fargo Bank, National Association, solely in its capacity as General Master Servicer, as authorized pursuant to that certain Pooling and Servicing Agreement dated as of June 1, 2015

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	By:
	/s/ Michael Benner

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	Name:
	Michael Benner

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	Title:
	Director

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[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]
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Hampton Inn Pineville
Signature Page to Side Letter Agreement

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	BORROWER:
	LF3 PINEVILLE, LLC

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	a Delaware limited liability company

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	By:
	Lodging Fund REIT III OP, L.P.  a Delaware

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	limited partnership, its Sole Member

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	By:
	Lodging Fund REIT III, Inc., a

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	Maryland corporation, its General

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	Partner

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	By:
	/s/ Norman H. Leslie

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	Name:
	Norman H. Leslie

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	Title:
	Chief Investment Officer & Treasurer

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	BORROWER:
	LF3 PINEVILLE TRS, LLC

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	a Delaware limited liability company

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	By:
	Lodging Fund REIT III TRS, Inc., a Delaware

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	corporation, its Sole Member

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	By:
	/s/ Norman H. Leslie

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	Name:
	Norman H. Leslie

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	Title:
	Vice President & Treasurer

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	GUARANTOR:
	NORMAN H. LESLIE, an individual

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	/s/ Norman H. Leslie

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Hampton Inn Pineville
Signature Page to Side Letter Agreement

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EXHIBIT A
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SUSPENSION PERIOD AND REPLENISHMENT PERIOD PAYMENT SCHEDULE
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[ATTACHED]
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EXHIBIT B
SERVICER WIRING INSTRUCTIONS
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