Document:

EX-10.35

 Exhibit 10.35 
 FIRST AMENDMENT TO CASH MANAGEMENT AGREEMENT 
 THIS FIRST AMENDMENT TO
CASH MANAGEMENT AGREEMENT (this “Agreement”) dated as of November 5, 2012, by and among MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company (together with its successors and/or assigns,
“Lender”), SOLOMONS BEACON INN LIMITED PARTNERSHIP, a Maryland limited partnership (“Borrower”), TRS SUBSIDIARY, LLC, a Delaware limited liability company (“Operating Lessee”), HOSPITALITY
MANAGEMENT ADVISORS, INC., a Tennessee corporation (“HMA”), KINSETH HOTEL CORPORATION, an Iowa corporation (“KHC”), and STRANDCO, INC., a North Carolina corporation (“SDC”; HMA, KHC and SDC,
individually and/or collectively (as the context may require), “Manager”) and accepted and agreed to by SUPERTEL HOSPITALITY, INC., a Virginia corporation (“Guarantor”). 

RECITALS: 
 On
November 2, 2012, a loan in the principal amount of $30,622,000.00 was made by Lender to Borrower (the “Loan”), which such Loan is (i) secured by, among other things, the Security Instrument (as defined in the Loan
Agreement (defined below)), and (ii) evidenced by, among other things, (a) that certain Loan Agreement by and among Borrower, Operating Lessee and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time, the “Loan Agreement”), (b) that certain Promissory Note made by Borrower in favor of Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the
“Note”) and (c) that certain Cash Management Agreement by and among Lender, Borrower, Operating Lessee and Manager (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the
“Cash Management Agreement”). 
 In connection with the Loan, Guarantor delivered to Lender that certain
Guaranty of Recourse Obligations of Borrower, dated as of November 2, 2012, made by Guarantor in favor Lender (the “Guaranty”; the Note, the Loan Agreement, the Security Instrument, the Cash Management Agreement, and all other
documents, agreements and certificates executed and/or delivered in connection with the Loan (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, collectively, the “Loan
Documents”)). 
 As of the date hereof, Borrower, Operating Lessee, Manager and Lender desire to, in accordance with
the terms hereof, amend certain provisions of the Cash Management Agreement as set forth herein. 

 AGREEMENT: 
 For the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Recitals. The recitals set forth above are true and correct and are hereby incorporated into the body of this Agreement
by reference. 
 2. Definitions. All capitalized terms not defined herein shall have the respective meanings
ascribed to such terms in the Cash Management Agreement. Additionally, the definition of “Cash Management Agreement” and “Loan Documents” as set forth in the Loan Documents shall be deemed to include this Agreement. The
definition of “Agreement” set forth in the Cash Management Agreement shall be deemed to include this Agreement. 
 3.
Amendment to Cash Management Agreement. The Cash Management Agreement is hereby amended as follows: 
 The
following defined term as defined in Section 1 of the Cash Management Agreement is hereby deleted in its entirety and replaced with the following: 
 “Cash Sweep Period” means a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default (other than an Event of Default which results if
(x) Operating Lessee defaults under the Franchise Agreement (as defined in the Loan Agreement) beyond the expiration of applicable notice and grace periods, if any, thereunder or (y) the Franchise Agreement is canceled, terminated or
surrendered, expires pursuant to its terms or otherwise ceases to be in full force and effect), (ii) the occurrence of a DSCR Trigger Event or (iii) the occurrence of a Supertel Trigger Period, which such Cash Sweep Period shall expire
(A) with regard to any Cash Sweep Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of Default (provided that a Cash Sweep Period is not continuing pursuant to clause (ii) or
(iii) above), (B) with regard to any Cash Sweep Period commenced in connection with clause (ii) above, upon the date that the Actual Debt Service Coverage Ratio is equal to or greater than 1.35 to 1.00 for three (3) consecutive
calendar months (provided that a Cash Sweep Period is not continuing pursuant to clause (i) or (iii) above) or (C) with regard to any Cash Sweep Period commenced in connection with clause (iii) above, upon the Supertel Trigger
Period ceasing to exist in accordance with the terms hereof (provided that a Cash Sweep Period is not continuing pursuant to clause (i) or (ii) above). 
 4. Representations, Warranties, and Covenants. Borrower, Guarantor, Manager and Operating Lessee agree that all of their respective representations, warranties, and covenants contained in
the Loan Documents continue to be true and correct, and Borrower, Guarantor, Manager and Operating Lessee hereby agree to continue to be bound by their respective representations, warranties, and covenants on and after the date hereof. Borrower,
Guarantor and Operating Lessee agree that a default, in any material respect, under this Agreement shall constitute an Event of Default under the Loan Documents. 
 5. Execution, Delivery and Enforceability. This Agreement has been duly executed and delivered by each of Borrower, Guarantor, Operating Lessee and Manager and is the legal, valid and
binding obligation of each of Borrower, Guarantor, Manager and Operating Lessee, enforceable in accordance with its terms, except as enforceability may be affected by applicable bankruptcy, insolvency, and similar proceedings affecting the rights of
creditors generally, and general principles of equity. 

  
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 6. Costs and Expenses. Borrower and Operating Lessee shall pay, on demand, all
reasonable costs and expenses of Lender incurred in connection with the preparation, execution and delivery of this Agreement. 

7. Conflicts. Except as expressly modified pursuant to this Agreement, all of the terms, covenants and provisions of the
Note, the Loan Agreement, the Cash Management Agreement, the Security Instrument and the other Loan Documents shall continue in full force and effect. In the event of any conflict or ambiguity between the terms, covenants, and provisions of this
Agreement and those of the Note, the Loan Agreement, the Cash Management Agreement, the Security Instrument or the other Loan Documents, the terms, covenants, and provisions of this Agreement shall control. 

8. Ratification. 
 (a) Borrower hereby ratifies and confirms to Lender that all of the terms, representations, warranties, covenants, indemnifications and provisions of the Loan Documents are and shall remain in full force
and effect, and are true and correct with respect to Borrower without change except as otherwise expressly and specifically modified by this Agreement. Borrower hereby agrees to continue to be bound by terms, representations, warranties, covenants,
indemnifications and provisions of the Loan Documents. 
 (b) Operating Lessee hereby ratifies and confirms to Lender that all
of the terms, representations, warranties, covenants, indemnifications and provisions of the Loan Documents are and shall remain in full force and effect, and are true and correct with respect to Operating Lessee without change except as otherwise
expressly and specifically modified by this Agreement. Operating Lessee hereby agrees to continue to be bound by terms, representations, warranties, covenants, indemnifications and provisions of the Loan Documents. 

(c) Each Manager hereby ratifies and confirms to Lender that all of the terms, representations, warranties, covenants, indemnifications
and provisions of the Loan Documents are and shall remain in full force and effect, and are true and correct with respect to each Manager without change except as otherwise expressly and specifically modified by this Agreement. Each Manager hereby
agrees to continue to be bound by terms, representations, warranties, covenants, indemnifications and provisions of the Loan Documents. 
 (d) Guarantor hereby ratifies and confirms to Lender that all of the terms, representations, warranties, covenants, indemnifications and provisions of the Loan Documents are and shall remain in full force
and effect, and are true and correct with respect to Guarantor without change except as otherwise expressly and specifically modified by this Agreement. Guarantor hereby agrees to continue to be bound by terms, representations, warranties,
covenants, indemnifications and provisions of the Loan Documents. 
 9. No Waiver or Modification. The parties
hereto agree that, except as specifically set forth herein, this Agreement (a) does not amend, waive, satisfy, terminate, diminish or otherwise modify any of the terms, conditions, provisions and/or agreements

  
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contained in the Loan Documents and (b) does not constitute a waiver, release or limitation upon Lender’s, Borrower’s, Guarantor’s or Operating Lessee’s exercise of any
of its rights and remedies under the Loan Documents, all of which are hereby expressly reserved. This Agreement shall not relieve or release the Borrower, Guarantor or Operating Lessee in any way from any of their respective duties, obligations,
covenants or agreements under the Loan Documents or from the consequences of any Event of Default thereunder. 
 10.
Governing Law. This Agreement shall be deemed to be a contract entered into pursuant to the laws of the State of New York and shall in all respects be governed, construed, applied and enforced in accordance with the laws of the State
of New York and the applicable laws of the United States of America. 
 11. No Oral Change. This Agreement, and
any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of any party hereto, but only by an agreement in writing signed by the party against whom
enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 
 12.
Liability; Successors and Assigns. If any of the parties hereto consists of more than one person, the obligations and liabilities of each such Person hereunder shall be joint and several. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns forever. 
 13. Inapplicable
Provisions. If any term, covenant or condition of this Agreement is held to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such provision. 

14. Headings, etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference only
and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 15.
Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which
counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from
their obligations hereunder. 
 16. Number and Gender. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 
 17. Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties hereto and supercedes all prior agreements and understandings among the parties hereto
relating to the subject matter hereof (other than the Loan Documents). Accordingly, this Agreement may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties hereto. There are no unwritten or oral
agreements between the parties hereto. 

  
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 18. Acknowledgment. Each of Borrower, Guarantor, Manager and Operating Lessee
acknowledge that Lender has performed all obligations and duties owed to Borrower, Guarantor, Manager and Operating Lessee, as applicable, under the Loan Documents through the date hereof, and each of Borrower, Guarantor, Manager and Operating
Lessee further acknowledge, represent and warrant that none of Borrower, Guarantor, Manager or Operating Lessee, as applicable, have any claim, cause of action, defense or right of set off against Lender. 

19. No Novation. The parties do not intend this Agreement nor the transactions contemplated hereby to be, and this
Agreement and the transactions contemplated herby shall not be construed to be, a novation of any of the obligations owing by the Borrower under or in connection with the Loan Documents. Further, the parties do not intend this Agreement nor the
transactions contemplated hereby to affect the priority of Lender’s first priority lien in any of the collateral securing the Note in any way, including, without limitation, the liens, security interests and encumbrances created by the Security
Instrument and the other Loan Documents. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this First Amendment to Cash
Management Agreement as of the day and year first written above. 
  

					
	BORROWER:
	
	SOLOMONS BEACON INN LIMITED PARTNERSHIP, a Maryland limited partnership
	
	By: Solomons GP, LLC, a Delaware limited liability company, its general partner
		
	By:	 	 /s/ Kelly A. Walters

		 	Name:	 	Kelly A. Walters
		 	Title:	 	President
	
	OPERATING LESSEE:
	
	TRS SUBSIDIARY, LLC, a Delaware limited liability company
	
	By: TRS Leasing, Inc., a Virginia corporation, its sole member
		
	By:	 	 /s/ Kelly A. Walters

		 	Name:	 	Kelly A. Walters
		 	Title:	 	President

 
					
	LENDER:
	
	MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company
		
	By:	 	 /s/ Cynthia Eckes

		 	Name:	 	Cynthia Eckes
		 	Title	 	Authorized Signatory
	
	MANAGER:
	
	HOSPITALITY MANAGEMENT ADVISORS,, INC., a Tennessee corporation
		
	By:	 	 /s/ David Martin

		 	Name:	 	David Martin
		 	Title:	 	President
	
	KINSETH HOTEL CORPORATION, an Iowa corporation
		
	By:	 	 /s/ Bruce Kinseth

		 	Name:	 	Bruce Kinseth
		 	Title:	 	Vice President
	
	STRANDCO, INC., a North Carolina corporation
		
	By:	 	 /s/ John W. Pharr

		 	Name:	 	John W. Pharr
		 	Title:	 	President

 
			
	ACCEPTED AND AGREED TO BY:
	
	SUPERTEL HOSPITALITY, INC., a Virginia corporation
		
	By:	 	 /s/ Kelly A. Walters

	Name:	 	Kelly A. Walters
	Title:	 	Chief Executive OfficerEX-10.24

 Exhibit 10.24 
 Between: 
 the Société Anonyme [Public Limited Company] UCB – Avenue Louise 326
(Box 7) - 1050 BRUSSELS, represented for the purposes of the present legal instrument by the undersigned, 
 hereafter referred to as
“UCB,” 
 and 
 Mr. Guy
VAN DEN BOSSCHE 
 Domiciled at 1392 SILLY (HOVES) – rue du Trou 1, 
 hereafter referred to as “the second appointee,” 
 it is hereby agreed as follows:

 Article 1 
 UCB hereby hires
the second appointee in its sevice. 
 The second appointee shall perform the services for UCB and/or other companies in its group. 

UCB reserves the right to delegate any professional duties to the second appointee that may be compatible with its abilities and knowledge base, both in
Belgium and abroad. 
 For the purposes of applying this clause, both the economic interests of the business and the personal interests of the
second appointee shall be taken into account. 
 If the requirements of the services to be performed so require, the second appointee hereby
accepts an obligation to be relocated by UCB to a place of residence in close proximity to his or her place of work. 
 The second appointee
hereby agrees to make all travel trips necessary for the purposes of completing his or her job duties by any and all means of transport that may be indicated to him or her. 
 Article 2 
 The present contract shall take effect as of April 1, 1987. 

It has been established for an open-ended contractual term. 
 Article 3 
 As payment for the services and duties set forth in the present contract, the
second appointee shall be provided a monthly sum of the amount of 65,000.- F. 
 This gross salary takes into account the link between the
payment amounts and the consumer price index as established for March 1987. 

 The second appointee is entitled to receive an extra month of remuneration, in accordance with the standard
rules in effect at UCB. 
 Wage payments are made into the direct deposit account or into the bank account indicated by the second appointee,
after deduction all withholdings established by law and all group insurance premium payments for policies in which the second appointee is required to enroll. 
 The second appointee hereby undertakes to keep the amount of his or her remuneration strictly confidential. 
 Article 4 
 The second appointee hereby undertakes to fulfill all his or her job duties in a
way that meets the greatest interests of the company, and he or she hereby makes a commitment not to maintain any other paid professional activities nor to directly or indirectly run any sort of business or enterprise whatsoever or provide his or
her support to any such business or enterprise in any way whatsoever, unless subject to prior written authorization from UCB. 
 Article 5

 The second appointee hereby acknowledges that all general results of any nature whatsoever obtained as a result of any work projects,
studies, research investigations or trials that he or she may conduct while performing his or her job duties (in particular, any inventions, manufacturing methods, processes and improvements that he or she may bring about updates to) shall be the
exclusive property of the Company for which he or she is performing these services. 
 The Company shall have the sole right to make use of such
items, to draw profit from such items, and to file patents for such items, as applicable, and the second appointee may not lawfully lay claim to any form of indemnity or special remuneration whatsoever. 

Article 6 
 The second appointee makes a
commitment not to disclose, publish or make otherwise directly or indirectly known any manufacturing or business secrets of which he or she may come to have knowledge. In particular, this applies to the following items: processes, physical
manufacturing techniques, plans, projects, agreements, technical information, business-related information, accounting information or any other form of information. 
 He or she is likewise prohibited from taking part in or cooperating with any and all acts of unfair competition. 
 The above obligations shall not be terminated at the end of the present contract, and the second appointee shall remain bound by these obligations irrespective of the cause of his or her departure.

  
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 Article 7 
 In the event of termination of the present contract, whether initiated by UCB due to a serious cause or initiated by the second appointee, the second appointee is hereby bound (save for in the case that
the second appointee is able to provide evidence of a serious breach of contract imputable to UCB) by an obligation not to enter into competition with UCB or any of the companies in its group, whether as a direct or indirect result of his or her own
actions or as a result of being hired by another employer. 
 Nonetheless, this obligation only applies to all activities similar to those
activities that the second appointee has performed at UCB or for the other companies in its group during the twelve months prior to his or her departure; this obligation does not reach outside the territory of Belgium and is limited to a period of
twelve months beginning on the day on which the employment contract has come to an end. 
 In the case of violation of the abovementioned
obligation, the second appointee shall be liable for payment to UCB of a one-time indemnity equal to the gross salary corresponding to twelve months of professional activities. 
 It is hereby agreed that the second appointee may not consider himself or herself to be relinquished of the obligations set forth in the non-compete clause other than with the prior, written consent of
UCB. 
 This article does not apply if the second appointee is a business representative at the time of his or her departure. 

Article 8 
 Special conditions:

 Any seniority acquired by the second appointee as an employee of the UCB group as of April 1, 1986 shall remain acquired by him or her,
except under application of the group insurance agreements and UCB Pension Fund assistance, for which seniority is acknowledged as of April 1, 1987. 
 Signed in two counterparts. Each party declares that they have received the copy assigned to them, in Brussels, on March 19, 1987. 

 

					
	The second appointee,	 	 UCB,

			
	 /s/ Guy Van Den Bossche
	 	 /s/ P. Trompette
	 	 /s/ P. Dasnoy-Sumell

	Guy VAN DEN BOSSCHE	 	P. TROMPETTE	 	P. DASNOY-SUMELL
		 	Chief Executive Officer	 	HR Director
	[Handwritten] Read and approved	 		 	
		 		 	

  
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