Document:

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:	 	PresidentFiled by Avantafile.com - Terrace Ventures Inc. - Exhibit 10.12

FOURTH AMENDMENT
AGREEMENT

THIS AGREEMENT is dated effective as
of the 18th day of December 2013.

BETWEEN:

	 	PENGRAM CORPORATION,
of
1200 Dupont Street,
Suite 2J
Bellingham, WA 98225

	 	("Pengram")

OF
THE FIRST PART

AND:

	 	TERRACE VENTURES INC.,
of
Suite 202, 810 Peace
Portal Drive
Blaine, WA 98230

	 	("Terrace")

OF
THE SECOND PART

WHEREAS:

A.                     Pengram
and Terrace entered into an agreement dated April 21, 2011, as amended on July
31, 2012, November 17, 2012 and May 30, 2013 (the “Earn-In Agreement”), whereby
Pengram agreed to assign to Terrace up to 75% of Pengram’s interest in an
option (the “Option”) to purchase a 100% interest in certain mineral claims
located in the Eureka Mining District of Eureka County, Nevada, known as the
Golden Snow Project (the “Property”).  

B.                     The
Option was acquired pursuant to the terms of an option agreement between
Pengram and Scoonover Exploration LLC. and JR Exploration LLC. (collectively
the “Optionors”) dated March 31, 2011, as amended on August 26, 2013 (the
“Underlying Agreement”).  

B.                     Pengram
and the Optionors entered into second amendment agreement dated for reference
November 30, 2013, amending the terms of the Underlying Agreement to include
additional advance royalty payments.

B.                     In
consideration of Terrace paying the additional advance royalty payments under
the Underlying Agreement, as amended, Pengram has agreed to extend the due
dates of payments and cumulative exploration expenditures required under the
Earn-In Agreement on the terms and conditions hereinafter set forth. 

NOW THEREFORE THIS
AGREEMENT WITNESSES that in consideration of the sum of $1.00
now paid by Terrace to Pengram (the receipt of which is hereby acknowledged)
and other good and valuable consideration, the parties agree as follows:

	1.	Section
1(a) of the Earn-In Agreement is hereby deleted and replaced with the
following:

	 	1(a)	"Advance
Royalties” means the advance royalty payments to Scoonover Exploration LLC and
JR Exploration LLC under the Underlying Agreement, as amended;

	2.	Section
1(d) of the Earn-In Agreement is hereby deleted and replaced with the
following:

	 	1(d)	"Underlying
Agreement" means the agreement dated March 31, 2011, as amended on August
26, 2013 and November 30, 2013, between Pengram and Scoonover Exploration LLC
and JR Exploration LLC.

	3.	Section
4(a)(ii) of the Earn-In Agreement is hereby deleted and replaced with the
following:

	 	“4(a)(ii)	completing cumulative exploration expenditures on the Property
totalling $250,000 by June 30, 2014.”

	4.	Section
4(b) of the Earn-In Agreement is hereby deleted and replaced with the
following:

	 	“4(b)	An
additional 25% interest upon Terrace:

	 	(i)	paying
Pengram $75,000 on or before June 30, 2014; and

	 	(ii)	completing
cumulative exploration expenditures on the Property totalling $750,000 by December
31, 2014.”

	5.	Section
4(c) of the Earn-In Agreement is hereby deleted and replaced with the
following:

	 	“4(c)	An
additional 25% interest upon Terrace:

	 	(i)	paying
Pengram $100,000 on or before June 30, 2015; and

	 	(ii)	completing
cumulative exploration expenditures on the Property totalling $1,250,000 by December
31, 2015.”

	6.	Pengram
confirms that the requirements of section 4(a)(i) of the Earn-In Agreement have
been fulfilled and Terrace has no outstanding promissory notes payable to
Pengram.

	7.	The
parties confirm that the terms, covenants and conditions of the Earn-In
Agreement remain unchanged and in full force and effect, except as modified by
this Agreement.

	8.	This
Agreement has been prepared by Northwest Law Group acting solely on behalf of
Terrace and Pengram acknowledges that is has been advised to obtain independent
legal advice.

	9.	Except
as otherwise expressly provided herein, the provisions hereof shall inure to
the benefit of, and be binding up, the successors, assigns, heirs, executors
and administrators of the parties hereto.

	10.	This
Agreement constitutes the full and entire understanding and agreement between
the parties with regard to the subject hereof.

	11.	This
Agreement may be executed in two or more counterparts, each of which shall
constitute an original, but all of which, when taken together, shall constitute
but one instrument, and shall become effective when one or more counterparts
have been signed by each party hereto and delivered to the other parties.

IN WITNESS WHEREOF the
parties hereto have executed this Agreement as of the day and year first above
written.

 

PENGRAM CORPORATION

/s/ Richard W.
Donaldson

_______________________________

Richard W. Donaldson,
President

 

TERRACE VENTURES INC.

/s/ Howard Thomson 

  _______________________________

  Howard Thomson,
President

ELC:Shared:File
Server:OLG Server:Data:File Server:Client Files:0200-0299:0210:08-Golden Snow Property:Amend4_Option
Assignment Agmt_Golden Snow.docx

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