Document:

EX-10.5

 Exhibit 10.5 
  

 
 GUARANTY OF RECOURSE OBLIGATIONS

 made by 
 CONDOR
HOSPITALITY TRUST, INC. 
 AND 

ALAN KANDERS 
 AND 

RAVIRAJ KIRAN DAVE 
 as
guarantors, 
 in favor of 

LOANCORE CAPITAL CREDIT REIT LLC 

Dated as of August 22, 2016 

 GUARANTY OF RECOURSE OBLIGATIONS 

This GUARANTY OF RECOURSE OBLIGATIONS (this “Guaranty”), dated as of August 22, 2016, made by CONDOR
HOSPITALITY TRUST, INC. (“Condor”), a Maryland corporation, having an address at 4800 Montgomery Lane, Suite 220, Bethesda, Maryland 20814, ALAN KANDERS (“Kanders”), an individual having an
address at 500 West End Ave, Apt 2A, New York, New York 10024, and RAVIRAJ KIRAN DAVE (“Dave”; and together with Kanders, collectively, the “Individual Guarantors”), an individual, having an
address at 40 West 57th Street, 29th Floor, New York, New York 10019, (each of Condor, Kanders and Dave, a “Guarantor”
and collectively, “Guarantors”), in favor of LOANCORE CAPITAL CREDIT REIT LLC, a Delaware limited liability company (together with its successors and assigns, hereinafter referred to as
“Lender”), having an address c/o LoanCore Capital, 55 Railroad Avenue, Suite 100, Greenwich, Connecticut 06830. 

R E C I T A L S: 

A. Pursuant to that certain Loan Agreement dated as of the date hereof (as the same may be amended, modified, supplemented or replaced from
time to time, the “Loan Agreement”) between Spring Street Hotel Property LLC and Spring Street Hotel Opco LLC, each a Delaware limited liability company (individually or collectively as the context so requires,
“Borrower”) and Lender, Lender has agreed to make a loan (the “Loan”) to Borrower in an aggregate principal amount not to exceed $33,750,000, subject to the terms and conditions of the Loan Agreement;

 B. As a condition to Lender’s making the Loan, Lender is requiring that Guarantors execute and deliver to Lender this Guaranty; and

 C. Each Guarantor hereby acknowledges that it will materially benefit from Lender’s agreeing to make the Loan; 

NOW, THEREFORE, in consideration of the premises set forth herein and as an inducement for and in consideration of the agreement of
Lender to make the Loan pursuant to the Loan Agreement, each Guarantor hereby agrees, covenants, represents and warrants to Lender as follows: 

1. Definitions. 
 (a)
All capitalized terms used and not defined herein shall have the respective meanings given such terms in the Loan Agreement. 
 (b) The
term “Foreclosure Event” means (x) the completion of a foreclosure of the Loan or the acceptance by Lender (in writing) of a deed in lieu of foreclosure under the Loan Documents or (y) if the Loan is bifurcated into
a mortgage and mezzanine loan pursuant to Section 9.2 of the Loan Agreement, the completion of a foreclosure pursuant to any 

  
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mezzanine loan lender’s rights under any mezzanine loan document and UCC or the acceptance by any mezzanine loan lender (in writing) of a conveyance in lieu of foreclosure, each (in the case
of the events described in this clause (y)) in accordance with the applicable terms of the related intercreditor agreement, provided that a “Foreclosure Event” as described in this clause (y) shall not occur if any Guarantor or any
Affiliate colludes with such mezzanine loan lender to effectuate such Foreclosure Event without the participation or consent of Lender. 

(c) The term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and (ii) from and
after the date that any Springing Recourse Event occurs, payment of all the Debt as and when the same is due in accordance with the Loan Documents (and whether accrued prior to, on or after such date). 

2. Guaranty. 
 (a) Each
Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Lender the full, prompt and complete payment when due of the Guaranteed Obligations. Notwithstanding anything to the contrary contained herein or in any other Loan Document,
it is expressly understood and agreed that Condor shall not be liable hereunder for any Guaranteed Obligation arising as a result of any JV Agreement Recourse Liabilities and the Individual Guarantors shall be solely liable for any and all
Guaranteed Obligations arising as a result of any JV Agreement Recourse Liabilities. 
 (b) All sums payable to Lender under this Guaranty
shall be payable five (5) Business Days after demand and without reduction for any offset, claim, counterclaim or defense. 
 (c) Each
Guarantor agrees that no portion of any sums applied (other than sums received from Guarantor in full or partial satisfaction of its obligations hereunder), from time to time, in reduction of the Debt shall be deemed to have been applied in
reduction of the Guaranteed Obligations until such time as the Debt has been paid in full, or Guarantors shall have made the full payment required hereunder, it being the intention hereof that the Guaranteed Obligations shall be the last portion of
the Debt to be deemed satisfied. 
 3. Representations and Warranties. Each Guarantor hereby, as to itself or himself, as applicable,
represents and warrants to Lender as follows (which representations and warranties shall be given as of the date hereof and shall survive the execution and delivery of this Guaranty): 

(a) Organization, Authority and Execution. Condor is a corporation duly organized, validly existing and in good standing under the
laws of the State of Maryland, and has all necessary power and authority to own its properties and to conduct its business as presently conducted or proposed to be conducted and to enter into and perform this Guaranty and all other agreements and
instruments to be executed by it in connection herewith. This Guaranty has been duly executed and delivered by each Guarantor. 
 (b)
Enforceability. This Guaranty constitutes a legal, valid and binding obligation of each Guarantor, enforceable against each Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally. 

  
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 (c) No Violation. The execution, delivery and performance by Condor of its obligations
under this Guaranty has been duly authorized by all necessary action, and do not and will not violate any law, regulation, order, writ, injunction or decree of any court or governmental body, agency or other instrumentality applicable to Condor, or
result in a breach of any of the terms, conditions or provisions of, or constitute a default under, or result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the assets of Condor
pursuant to the terms of Condor’s articles of organization, or any mortgage, indenture, agreement or instrument to which Condor is a party or by which it or any of its properties is bound. The execution, delivery and performance by the
Individual Guarantors of their obligations under this Guaranty do not and will not violate any law, regulation, order, writ, injunction or decree of any court or governmental body, agency or other instrumentality applicable to the Individual
Guarantors, or result in a breach of any of the terms, conditions or provisions of, or constitute a default under, or result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the assets
of the Individual Guarantors pursuant to the terms of any mortgage, indenture, agreement or instrument to which the Individual Guarantors are a party or by which they or any of their properties is bound. No Guarantor is in default under any other
guaranty which it has provided to Lender. 
 (d) No Litigation. There are no actions, suits or proceedings at law or at equity,
pending or, to each Guarantor’s best knowledge, threatened against or affecting a Guarantor or which involve or might involve the validity or enforceability of this Guaranty or which might materially adversely affect the financial condition of
a Guarantor or the ability of a Guarantor to perform any of its obligations under this Guaranty. No Guarantor is in default beyond any applicable grace or cure period with respect to any order, writ, injunction, decree or demand of any Governmental
Authority which might materially adversely affect the financial condition of such Guarantor or the ability of such Guarantor to perform any of its obligations under this Guaranty. 

(e) Consents. All consents, approvals, orders or authorizations of, or registrations, declarations or filings with, all Governmental
Authorities (collectively, the “Consents”) that are required in connection with the valid execution, delivery and performance by Guarantors of this Guaranty have been obtained and each Guarantor agrees that all Consents
required in connection with the carrying out or performance of any of such Guarantor’s obligations under this Guaranty will be obtained when required. 

(f) Financial Statements and Other Information. All financial statements of Guarantors heretofore delivered to Lender are true and
correct in all material respects and fairly present the financial condition of Guarantors as of the respective dates thereof, and no materially adverse change has occurred in the financial conditions reflected therein since the respective dates
thereof. None of the aforesaid financial statements or any certificate or statement furnished to Lender by or on behalf of a Guarantor in connection with the transactions contemplated hereby, and none of the representations and warranties in this
Guaranty contains any untrue statement of a material fact or omits to state a material fact 

  
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necessary in order to make the statements contained therein or herein not misleading. No Guarantor is insolvent within the meaning of the United States Bankruptcy Code or any other applicable
law, code or regulation and the execution, delivery and performance of this Guaranty will not render any Guarantor insolvent. 
 (g)
Consideration. Each Guarantor is the owner, directly or indirectly, of certain legal and beneficial equity interests in Borrower. 

4. Financial Statements. The Individual Guarantors shall deliver to Lender, (a) within 90 days after the end of each calendar
year, (i) a complete copy of the Individual Guarantors’ annual financial statements which shall be prepared by an independent certified public accountant after the occurrence of an Event of Default, certified by each Individual Guarantor
as applicable, and in form, content, level of detail and scope reasonably acceptable to Lender (it being agreed that the form of financial statements delivered to Lender in connection with the closing of the Loan are acceptable to Lender), and
(ii) a certificate of each Individual Guarantor setting forth the Net Worth (as defined below) and Liquid Assets (as defined below) of each Individual Guarantor in form, content, level of detail and scope reasonably satisfactory to Lender, and
(b) 20 days after request by Lender, such other financial information with respect to the Individual Guarantors as Lender may reasonably request. 

5. Unconditional Character of Obligations of Guarantors. 

(a) The obligations of Guarantors hereunder shall be irrevocable, absolute and unconditional, irrespective of the validity, regularity or
enforceability, in whole or in part, of the other Loan Documents or any provision thereof, or the absence of any action to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against Borrower,
a Guarantor or any other Person or any action to enforce the same, any failure or delay in the enforcement of the obligations of Borrower under the other Loan Documents or Guarantors under this Guaranty, or any setoff, counterclaim, and irrespective
of any other circumstances which might otherwise limit recourse against a Guarantor by Lender or constitute a legal or equitable discharge or defense of a guarantor or surety. Lender may enforce the obligations of any Guarantor under this Guaranty
by a proceeding at law, in equity or otherwise, independent of any loan foreclosure or similar proceeding or any deficiency action against Borrower or any other Person at any time, either before or after an action against the Property or any part
thereof, Borrower or any other Person. This Guaranty is a guaranty of payment and performance and not merely a guaranty of collection. Each Guarantor waives diligence, notice of acceptance of this Guaranty, filing of claims with any court,
any proceeding to enforce any provision of any other Loan Document, against such Guarantor, Borrower or any other Person, any right to require a proceeding first against Borrower or any other Person, or to exhaust any security (including, without
limitation, the Property) for the performance of the Guaranteed Obligations or any other obligations of Borrower or any other Person, or any protest, presentment, notice of default or other notice or demand whatsoever (except to the extent expressly
provided to the contrary in this Guaranty). 
 (b) The obligations of Guarantors under this Guaranty, and the rights of Lender to enforce
the same by proceedings, whether by action at law, suit in equity or otherwise, shall not be in any way affected by any of the following: 

(i) any insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership,
conservatorship, winding up or other similar proceeding involving or affecting Borrower, the Property or any part thereof, a Guarantor or any other Person; 

  
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 (ii) any failure by Lender or any other Person, whether or not without fault on
its part, to perform or comply with any of the terms of the Loan Agreement, or any other Loan Documents, or any document or instrument relating thereto; 

(iii) the sale, transfer or conveyance of the Property or any interest therein to any Person, whether now or hereafter having
or acquiring an interest in the Property or any interest therein and whether or not pursuant to any foreclosure, trustee sale or similar proceeding against Borrower or the Property or any interest therein; 

(iv) the conveyance to Lender, any Affiliate of Lender or Lender’s nominee of the Property or any interest therein by a
deed-in-lieu of foreclosure; 
 (v) the release of Borrower or any other Person from the performance or observance of any
of the agreements, covenants, terms or conditions contained in any of the Loan Documents by operation of law or otherwise; or 

(vi) the release in whole or in part of any collateral for any or all Guaranteed Obligations or for the Loan or any portion
thereof. 
 (c) Except as otherwise specifically provided in this Guaranty, each Guarantor hereby expressly and irrevocably waives all
defenses in an action brought by Lender to enforce this Guaranty based on claims of waiver, release, surrender, alteration or compromise and all setoffs, reductions, or impairments, whether arising hereunder or otherwise, other than a mandatory or
compulsory counterclaim, in any action or proceeding brought against or by Lender. 
 (d) Lender may deal with Borrower and Affiliates of
Borrower in the same manner and as freely as if this Guaranty did not exist and shall be entitled, among other things, to grant Borrower or any other Person such extension or extensions of time to perform any act or acts as may be deemed advisable
by Lender, at any time and from time to time, without terminating, affecting or impairing the validity of this Guaranty or the obligations of Guarantors hereunder. 

(e) No compromise, alteration, amendment, modification, extension, renewal, release or other change of, or waiver, consent, delay, omission,
failure to act or other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants or conditions of, the Loan Documents shall in any way alter, impair or affect any of the obligations of
Guarantors hereunder, and Guarantors agree that if any Loan Documents are modified with Lender and Borrower’s written consent, the Guaranteed Obligations shall automatically be deemed modified to include such modifications. 

  
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 (f) Lender may proceed to protect and enforce any or all of its rights under this Guaranty by
suit in equity or action at law, whether for the specific performance of any covenants or agreements contained in this Guaranty or otherwise, or to take any action authorized or permitted under applicable law, and shall be entitled to require and
enforce the performance of all acts and things required to be performed hereunder by Guarantors. Each and every remedy of Lender shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder or now
or hereafter existing at law or in equity. 
 (g) No waiver shall be deemed to have been made by Lender of any rights hereunder unless the
same shall be in writing and signed by Lender, and any such waiver shall be a waiver only with respect to the specific matter involved and shall in no way impair the rights of Lender or the obligations of Guarantors to Lender in any other respect or
at any other time. 
 (h) At the option of Lender, any Guarantor may be joined in any action or proceeding commenced by Lender against
Borrower in connection with or based upon any other Loan Documents and recovery may be had against any Guarantor in such action or proceeding or in any independent action or proceeding against such Guarantor to the extent of such Guarantor’s
liability hereunder, without any requirement that Lender first assert, prosecute or exhaust any remedy or claim against Borrower or any other Person, or any security for the obligations of Borrower or any other Person. 

(i) Guarantors agree that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment
is made by Borrower or a Guarantor to Lender and such payment is rescinded or must otherwise be returned by Lender (as determined by Lender in its sole and absolute discretion) upon insolvency, bankruptcy, liquidation, reorganization, readjustment,
composition, dissolution, receivership, conservatorship, winding up or other similar proceeding involving or affecting Borrower or a Guarantor, all as though such payment had not been made. 

(j) In the event that any Guarantor shall advance or become obligated to pay any sums under this Guaranty or in connection with the
Guaranteed Obligations or in the event that for any reason whatsoever Borrower or any subsequent owner of the Property or any part thereof is now, or shall hereafter become, indebted to a Guarantor, such Guarantor agrees that (i) the amount of
such sums and of such indebtedness and all interest thereon shall at all times be subordinate as to lien, the time of payment and in all other respects to all sums, including Principal and interest and other amounts, at any time owed to Lender under
the Loan Documents, and (ii) such Guarantor shall not be entitled to enforce or receive payment thereof until all Principal, interest and other sums due pursuant to the Loan Documents have been paid in full. Nothing herein contained is intended
or shall be construed to give any Guarantor any right of subrogation in or under the Loan Documents or any right to participate in any way therein, or in the right, title or interest of Lender in or to any collateral for the Loan, notwithstanding
any payments made by a Guarantor under this Guaranty, until the actual and irrevocable receipt by Lender of payment in full of all Principal, interest and other sums due with respect to the Loan or otherwise payable under the Loan Documents. If any
amount shall be paid to a Guarantor on account of such subrogation rights at any time when any such sums due and owing to Lender shall not have been fully paid, such amount shall be paid by such Guarantor to Lender for credit and application against
such sums due and owing to Lender. 

  
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 (k) Subject to Section 19 hereof, Guarantors’ obligations hereunder shall survive a
foreclosure, deed-in-lieu of foreclosure or similar proceeding involving the Property and the exercise by Lender of any or all of its remedies pursuant to the Loan Documents. 

6. Covenants. 
 (a) As
used in this Section 6, the following terms shall have the respective meanings set forth below: 
 (i)
“GAAP” shall mean generally accepted accounting principles, consistently applied. 
 (ii)
“Liquid Assets” shall mean assets in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the United States or any agency or instrumentality thereof (provided the full faith
and credit of the United States supports such obligation or guarantee), certificates of deposit issued by a commercial bank having net assets of not less than $500 million, securities listed and traded on a recognized stock exchange or traded over
the counter and listed in the National Association of Securities Dealers Automatic Quotations, undrawn lines of credit that are unrestricted and available on an immediate basis or liquid debt instruments that have a readily ascertainable value and
are regularly traded in a recognized financial market. 
 (iii) “Net Worth” shall mean, as of a
given date, (x) the total assets of a Guarantor as of such date (exclusive of any interest in the Property or in any other asset that is part of the collateral for the Loan) less (y) such Guarantor’s total liabilities as of such date,
determined in accordance with GAAP. 
 (b) Until all of the Guaranteed Obligations have been paid in full, Guarantors (i) shall
maintain, collectively, (A) a Net Worth in excess of $20,000,000 (the “Net Worth Threshold”) and (B) Liquid Assets having a market value of at least $2,500,000 (the “Liquid Assets Threshold”)
and (ii) shall not sell, pledge, mortgage or otherwise transfer any of its assets, or any interest therein, which would cause Guarantors’ Net Worth to fall below the Net Worth Threshold or Guarantors’ Liquid Assets to fall below the
Liquid Assets Threshold. 
 (c) No Individual Guarantor shall, at any time while a default in the payment of the Guaranteed Obligations has
occurred and is continuing, either (i) enter into or effectuate any transaction with any Affiliate which would reduce the Net Worth of such Individual Guarantor or (ii) sell, pledge, mortgage or otherwise transfer to any Person any of such
Individual Guarantor’s assets, or any interest therein. 
 7. Entire Agreement/Amendments. This instrument represents the entire
agreement between the parties with respect to the subject matter hereof. The terms of this Guaranty shall not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever except by written instrument signed by Lender
and Guarantors. 

  
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 8. Successors and Assigns. This Guaranty shall be binding upon each Guarantor, and such
Guarantor’s estate, heirs, personal representatives, successors and assigns, may not be assigned or delegated by any Guarantor and shall inure to the benefit of Lender and its successors and assigns. 

9. Governing Law. 
 (a) THIS GUARANTY WAS
NEGOTIATED IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT TO THE LOAN AGREEMENT WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE
LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND THE NOTE, AND THIS GUARANTY AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR CONDOR ARISING OUT OF OR RELATING TO THIS GUARANTY SHALL BE INSTITUTED IN ANY FEDERAL OR
STATE COURT IN NEW YORK COUNTY, NEW YORK AND CONDOR WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND CONDOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN
ANY SUIT, ACTION OR PROCEEDING. CONDOR DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY AT 1180 AVENUE OF THE AMERICAS, SUITE 210, NEW YORK, NEW YORK 10036, AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE OF CONDOR MAILED OR
DELIVERED TO CONDOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON CONDOR (UNLESS LOCAL LAW REQUIRES ANOTHER METHOD OF SERVICE), IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.
CONDOR (i) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENTS HEREUNDER, (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A 

  
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SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE ADDRESS FOR SERVICE OF PROCESS), AND (iii) SHALL PROMPTLY DESIGNATE SUCH A
SUBSTITUTE IF ITS AUTHORIZED AGENTS CEASE TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTWITHSTANDING THE FOREGOING, LENDER SHALL HAVE THE RIGHT TO INSTITUTE ANY LEGAL SUIT, ACTION OR PROCEEDING FOR THE
ENFORCEMENT OR FORECLOSURE OF ANY LIEN ON ANY COLLATERAL FOR THE LOAN IN ANY FEDERAL OR STATE COURT IN ANY JURISDICTION(S) THAT LENDER MAY ELECT IN ITS SOLE AND ABSOLUTE DISCRETION, AND CONDOR WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND CONDOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. 

(c) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, KANDERS OR DAVE ARISING OUT OF OR RELATING TO THIS GUARANTY SHALL BE INSTITUTED IN ANY FEDERAL OR
STATE COURT IN NEW YORK COUNTY, NEW YORK AND KANDERS AND DAVE WAIVE ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND KANDERS AND DAVE HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. KANDERS AND DAVE AGREE THAT SERVICE OF PROCESS UPON KANDERS AND DAVE AT THE ADDRESS FOR KANDERS AND DAVE SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO KANDERS AND DAVE
IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON KANDERS AND DAVE IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. KANDERS AND DAVE, AS APPLICABLE (i) SHALL GIVE PROMPT NOTICE TO
LENDER OF ANY CHANGE IN THE ADDRESS FOR KANDERS AND DAVE SET FORTH HEREIN, (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON
AND ADDRESS FOR SERVICE OF PROCESS), AND (iii) SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF KANDERS OR DAVE CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK. NOTWITHSTANDING THE FOREGOING, LENDER SHALL HAVE THE RIGHT TO INSTITUTE ANY LEGAL
SUIT, ACTION OR PROCEEDING FOR THE ENFORCEMENT OR FORECLOSURE OF ANY LIEN ON ANY COLLATERAL FOR THE LOAN IN ANY FEDERAL OR STATE COURT IN ANY JURISDICTION(S) THAT LENDER MAY ELECT IN ITS SOLE AND ABSOLUTE DISCRETION, AND KANDERS AND DAVE WAIVE ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND KANDERS AND DAVE HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. 

10. Section Headings. The headings of the sections and paragraphs of this Guaranty have been inserted for convenience of reference only
and shall in no way define, modify, limit or amplify any of the terms or provisions hereof. 

  
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 11. Severability. Any provision of this Guaranty which may be determined by any competent
authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, each Guarantor hereby waives any provision of law which renders any provision
hereof prohibited or unenforceable in any respect. 
 12. WAIVER OF TRIAL BY JURY. EACH GUARANTOR HEREBY WAIVES THE RIGHT OF TRIAL BY
JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH. 
 13. Other Guaranties. The obligations
of each Guarantor hereunder are separate and distinct from, and in addition to, the obligations of such Guarantor now or hereafter arising under any other guaranties, indemnification agreements or other agreements to which such Guarantor is now or
hereafter becomes a party. In no event shall any Guarantor be entitled to any credit against amounts due under this Guaranty by reason of amounts paid to Lender by Guarantors (or any of them) or any other person under or by reason of the other
guaranties, indemnification agreements or other agreements to which Guarantors (or any of them) are now or hereafter become a party. 
 Notices. All
notices, consents, approvals and requests required or permitted hereunder (a “Notice”) shall be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a
nationally recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt requested, postage prepaid, or by facsimile and confirmed by facsimile answer back, in each case addressed
as follows (or to such other address or Person as a party shall designate from time to time by notice to the other party): If to Lender: Jefferies LoanCore LLC, 55 Railroad Avenue, Suite 100, Greenwich, Connecticut 06830, Attention: Brett Kaplan,
Telecopier (203) 861-6006, with a copy to: Kaye Scholer LLP, 250 West 55th Street, New York, New York 10019-9710, Attention: Stephen Gliatta, Esq., Telecopier: (212) 836-8689; if to Condor: c/o Condor Hospitality Trust, Inc., 4800
Montgomery Lane, Suite 220, Bethesda, Maryland 20814, Attn: Jonathan J. Gantt, Chief Financial Officer and Senior Vice President, Email: jgantt@trustcondor.com with a copy to: Condor Hospitality Trust, Inc., 11422 Miracle Hills Drive, Suite 501,
Omaha, Nebraska 68154, Attn: Lauren Green, Esq. Corporate Counsel, Email: lgreen@trustcondor.com; if to Kanders: 500 West End Ave, Apt 2A, New York, New York 10024; if to Dave: c/o 40 West 57th
Street, 29th Floor, New York, New York 10019 with a copy to 12 Summit Street, Englewood Cliffs, New Jersey 07632. A notice shall be deemed to have been given: in the case of hand delivery, at the
time of delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of overnight delivery, upon the first attempted delivery on a Business Day. 

14. Guarantor’s Receipt of Loan Documents. Each Guarantor by its execution hereof acknowledges receipt of true copies of all of
the Loan Documents, the terms and conditions of which are hereby incorporated herein by reference. 

  
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 15. Interest; Expenses. 

(a) If Guarantors fail to pay all or any sums due hereunder upon demand by Lender, the amount of such sums payable by Guarantors to Lender
shall bear interest from the date of demand until paid at the Default Rate in effect from time to time. 
 (b) Each Guarantor hereby agrees
to pay all costs, charges and expenses, including reasonable attorneys’ fees and disbursements, that may be incurred by Lender in enforcing the covenants, agreements, obligations and liabilities of Guarantors under this Guaranty. 

16. Joint and Several Obligations. Each Guarantor shall have joint and several liability for the obligations of Guarantors hereunder.

 17. Counterparts. This Guaranty may be executed in any number of counterparts, each of which when so executed and delivered shall
be an original, but all of which shall together constitute one and the same instrument. 
 18. Release of Guarantors. Notwithstanding
anything to the contrary contained herein, Guarantors shall have no liability hereunder for any Guaranteed Obligations that arise from and after: 

(a) the full and complete repayment of the Debt in accordance with the terms, provisions and requirements set forth in the
Loan Agreement. For purposes for this clause (a), (i) repayment of the Debt shall not be deemed to have occurred by reason of a foreclosure of the Property and (ii) to the extent a third party suit, proceeding or claim has been instituted
or commenced relating to the Debt or this Guaranty prior to the termination date set forth in the foregoing sentence, this Guaranty and the Guaranteed Obligations shall remain in full force and effect with respect to any such suit, proceeding or
claim until the earliest to occur of the completion, settlement, discontinuance or dismissal of any such suit, proceeding or claim, including, without limitation, if applicable, the payment and performance by Guarantors of any and all amounts (if
any) which are due and payable under this Guaranty in connection with such suit, proceeding or claim; 
 (b) upon the
completion of any Foreclosure Event, provided that Guarantors shall be released from all further liability under this Guaranty solely with respect to matters, events or circumstances which first occur or arise on or after the date of such
Foreclosure Event, as applicable, to the extent that such matters, events or circumstances are not directly, or indirectly, caused by actions of any Guarantor or their Affiliates taken on or after such Foreclosure Event (but in the case of
environmental liabilities specified in Section 5.30 of the Loan Agreement, subject to the provisions of said Section 5.30). Notwithstanding the foregoing, Guarantors shall remain obligated for the Guaranteed Obligations and this Guaranty
shall continue in full force and effect in the event any Foreclosure Event is rescinded or declared void by a court of competent jurisdiction. 

  
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 Notwithstanding anything contained in this Guaranty (including this Section 19) to
the contrary, Guarantors shall have no liability under this Guaranty for any acts or omissions solely caused by Lender, the holder of any mezzanine loan created in accordance with Section 9.2 of the Loan Agreement or any of their respective
designees or any purchaser at a foreclosure sale (or the purchaser of a deed in lieu of foreclosure). 
 [Remainder of Page Intentionally
Left Blank; Signature Page Follows] 

  
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 IN WITNESS WHEREOF, each Guarantor has executed this Guaranty as of the date first above
written. 
  

					
	CONDOR HOSPITALITY TRUST, INC., a Maryland corporation
			
	By:	 	/s/	 	Jonathan J. Gantt
		 	Name: Jonathan J. Gantt
		 	 Title: Senior Vice President and Chief

Financial Officer

 [signatures continue on following page] 

 
			
		
		 	/s/ Alan Kanders
		 	ALAN KANDERS, an individual

 [signatures continue on following page] 

  
 15 

 
			
		
		 	/s/ Raviraj Kiran Dave
		 	RAVIRAJ KIRAN DAVE, an individual

  
 16Exhibit 10.1

 

PERFORMANCE STOCK UNIT AWARD AGREEMENT

 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Grantee the number of Performance Stock Units (“PSUs”) set forth in the Grant Notice.

 

ARTICLE I

GENERAL

 

Section 1.01                            Defined Terms.  Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

 

Section 1.02                            Incorporation of Terms of Plan.  The PSUs and any shares of Common Stock (“Stock”) issued to Participant pursuant to this Agreement (“Shares”) are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

 

ARTICLE II

AWARD OF PERFORMANCE STOCK UNITS

 

Section 2.01                            Award of PSUs. The Company hereby grants to Grantee an Award for the target number of PSUs (the “Target Award”) as set forth in the Grant Notice. Each PSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in this Agreement and the Plan. The number of PSUs that Grantee actually earns for the Performance Period will be based on the level of Adjusted EBITDA Margin achieved and the Relative TSR Multiplier, as determined in accordance with Appendix 1 attached hereto.

 

Section 2.02                            Performance Goals.

 

(a)                                 Subject to vesting pursuant to Section 2.03, the number of PSUs earned by Grantee for the Performance Period will be determined at the end of the Performance Period based on the level of Adjusted EBITDA Margin achieved and the Relative TSR Multiplier as set forth on Appendix 1, rounded to the nearest whole PSU. All determinations regarding the Adjusted EBITDA Margin, the Relative TSR Multiplier,  the number of PSUs earned by Grantee, and all other matters related to this Section 2.02 shall be made by the Committee in its sole discretion.

 

(b)                                 No later than seventy-five (75) days following the end of the Performance Period, the Committee will review and certify in writing (i) the level of Adjusted EBITDA Margin achieved for the Performance Period, (ii) the Relative TSR Multiplier for the Performance Period, and (iii) subject to compliance with the requirements of Section 2.03, the number of PSUs that Grantee has earned, if any.  Such certification shall be final, conclusive and binding on Grantee, and on all other persons, to the maximum extent permitted by law.

 

Section 2.03                            Vesting of PSUs.

 

(a)                                 The PSUs are subject to forfeiture until they vest. Except as otherwise provided in Sections 2.03(b) or (c) below, the number of PSUs determined pursuant to Section 2.02 will vest and become nonforfeitable on the last day of the Performance Period, provided that Grantee

 

 

remains continuously  employed with the Company from the Grant Date through the last day of the Performance Period (the “Vesting Date”).  If Grantee has a Termination of Service for any reason at any time before the Vesting Date, Grantee’s PSUs shall be automatically forfeited upon such Termination of Service without consideration and the Company shall have no further obligations to Grantee under this Agreement.

 

(b)                                 In the event Grantee incurs a Termination of Service as the result of Grantee’s death or disability, Grantee will be deemed to have satisfied the service vesting condition set forth in Section 2.03(a) as of the date of such Termination of Service, and will be entitled to a payment of a pro rata portion of the Target Award, calculated based on a fraction, the numerator of which is the number of days from the Grant Date until the date of Grantee’s Termination of Service, and the denominator of which is the total number of days from the Grant Date until the end of the Performance Period.

 

(c)                                  If there is a Change in Control during the Performance Period, and the Company terminates Grantee’s employment (other than a termination for Cause), then Grantee will be deemed to have satisfied the service vesting condition set forth in Section 2.03(a) as of the date of such termination,  and will be entitled to a payment of PSUs equal to the Target Award.

 

Section 2.04                            Payment of PSUs. Payment in respect of the PSUs earned for the Performance Period shall be made in Shares which shall be issued to Grantee not later than seventy-five (75) days following the Vesting Date, or such earlier date the PSUs become vested under Section 2.03(b) or (c). All distributions shall be made by the Company in the form of whole Shares, and any fractional share shall be distributed in cash in an amount equal to the value of such fractional share determined based on the Fair Market Value as of the date immediately preceding the date of such distribution.

 

Section 2.05                            Tax Withholding.  Notwithstanding any other provision of this Agreement:

 

(a)                                 The Company and its Subsidiaries have the authority to deduct or withhold, or require Grantee to remit to the Company or the applicable Subsidiary, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by law to be withheld with respect to any taxable event arising pursuant to this Agreement.  The Company and its Subsidiaries may withhold or Grantee may make such payment in one or more of the forms specified below:

 

(i)                                     by cash or check made payable to the Company or the Subsidiary with respect to which the withholding obligation arises;

 

(ii)                                  by the deduction of such amount from other compensation payable to Grantee;

 

(iii)                               with the consent of the Administrator, by requesting that the Company and its Subsidiaries withhold a net number of vested shares of Stock otherwise issuable pursuant to the PSUs having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company and its Subsidiaries based on the minimum applicable statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes;

 

(iv)                              with the consent of the Administrator, by tendering to the Company vested shares of Stock having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company and its Subsidiaries based

 

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on the minimum applicable statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes;

 

(v)                                 through the delivery of a notice that Grantee has placed a market sell order with a broker acceptable to the Company with respect to shares of Stock then issuable to Grantee pursuant to the PSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company or the Subsidiary with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided that payment of such proceeds is then made to the Company or the applicable Subsidiary at such time as may be required by the Administrator, but in any event not later than the settlement of such sale; or

 

(vi)                              in any combination of the foregoing.

 

(b)                                 The Company shall not be obligated to deliver any certificate representing shares of Stock issuable with respect to the PSUs to, or to cause any such shares of Stock to be held in book-entry form by, Grantee or his or her legal representative unless and until Grantee or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Grantee resulting from the vesting or settlement of the PSUs or any other taxable event related to the PSUs.  Grantee is ultimately liable and responsible for all taxes owed in connection with the PSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the PSUs.  Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the PSUs or the subsequent sale of Shares.  The Company and the Subsidiaries do not commit and are under no obligation to structure the PSUs to reduce or eliminate Grantee’s tax liability.

 

Section 2.06                            Rights as Stockholder.  Neither Grantee nor any person claiming under or through Grantee will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars, and delivered to Grantee (including through electronic delivery to a brokerage account).  After such issuance, recordation and delivery, Grantee will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

 

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ARTICLE III

OTHER PROVISIONS

 

Section 3.01                            Administration.  The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Grantee, the Company and all other interested persons.  To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

 

Section 3.02                            PSUs Not Transferable.  The PSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the PSUs have been issued, and all restrictions applicable to such Shares have lapsed.  No PSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Grantee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.  Notwithstanding the foregoing, with the consent of the Administrator, the PSUs may be transferred to certain persons or entities related to Grantee, including but not limited to members of Grantee’s family, charitable institutions or trusts or other entities whose beneficiaries or beneficial owners are members of Grantee’s family or to such other persons or entities as may be expressly approved by the Administrator, pursuant to any such conditions and procedures the Administrator may require.

 

Section 3.03                            Adjustments.  Grantee acknowledges that the PSUs and the Shares subject to the PSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Section 14.2 of the Plan.

 

Section 3.04                            Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Grantee shall be addressed to Grantee at Grantee’s last address reflected on the Company’s records.  By a notice given pursuant to this Section 3.04 either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

 

Section 3.05                            Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

Section 3.06                            Governing Law.   The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

Section 3.07                            Conformity to Securities Laws.  Grantee acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all

 

4

 

Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the PSUs are granted, only in such a manner as to conform to Applicable Law.  To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law.

 

Section 3.08                            Amendment, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the PSUs in any material way without the prior written consent of Grantee.

 

Section 3.09                            Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in Section 3.02 and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

Section 3.10                            Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Grantee is subject to Section 16 of the Exchange Act, the Plan, the PSUs, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

Section 3.11                            Not a Contract of Employment.  Nothing in this Agreement or in the Plan shall confer upon Grantee any right to continue to serve as an employee or other service provider of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Grantee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Grantee.

 

Section 3.12                            Entire Agreement.  The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Grantee with respect to the subject matter hereof.

 

Section 3.13                            Section 409A.  This Award is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”).  However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that this Award (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Grantee or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt

 

5

 

other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate for this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

 

Section 3.14                            Agreement Severable.  In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

 

Section 3.15                            Limitation on Grantee’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets. Grantee shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the PSUs.

 

Section 3.16                            Counterparts.  The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

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