Document:

Exhibit 10.153

	
	PREPARED BY AND AFTER
RECORDING RETURN TO:
Clifton M. Dugas, II
Foley & Lardner, LLP
2021 McKinney Ave., Suite 1600
Dallas, Texas  75201
4881-3419-1110.2
ASSUMPTION OF NOTE, MORTGAGE AND OTHER LOAN DOCUMENTS
THIS  ASSUMPTION  OF  NOTE,  MORTGAGE  AND  OTHER  LOAN  DOCUMENTS (this
“Agreement”) is effective as of the _____ day of January, 2022, by and among LF3 FARGO MED, LLC, a
Delaware limited liability company, 1635 43rd Street S, Suite 205, Fargo, ND 58103, and LF3 FARGO MED
TRS, LLC, a Delaware limited liability company, 1635 43rd Street S, Suite 205, Fargo, ND 58103 (collectively,
“Borrower”),  whose  address  is  644  Lovett  S.E.,  Suite  B,  Grand  Rapids,  MI  49506,  and LEGENDARY  A-1
BONDS, LLC, a Delaware limited liability company (“Lender”), whose address is 1635 43rd Street S, Suite 205,
Fargo, ND 58103.
RECITALS:
A. Agassiz Hospitality LLC, a South Dakota limited liability company (“Original Borrower”) is the
owner of that certain real property with a 90-room hotel business known as the Hampton Inn & Suites Fargo
Medical Center, thereon located at 4776 Agassiz Crossing South, Fargo, ND 58104, as more particularly described
on Exhibit A (the “Property”).  Original Borrower is the borrower under a $7,174,991.75 loan (the “Loan”) from
Lender, evidenced by an Amended and Restated Promissory Note, dated October 4, 2021 in the original principal
amount of $7,174,991.75 made by Original Borrower to Lender (the “Original Note”) and secured by (i) that
certain Commercial Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing, dated as
of October 4, 2021, recorded on October 29, 2021 in the Official Property Records of Cass County, North Dakota
as Document No. 1649884 (the “Mortgage”), and (ii) that certain Assignment of Leases and Rents, dated as of
October 4, 2021, recorded on October 29, 2021 in the Official Property Records of Cass County, North Dakota as
Document No. 1649885 (the “ALR”).
B. Borrower has requested Lender to consent to the conveyance of the Property to Borrower and to
Borrower’s assumption of the liabilities and obligations of Original Borrower under the Loan including the Note,
the Mortgage and the ALR, and Lender has agreed to such conveyance of the Property and assignment of the Loan
on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the sum of One Dollar ($1.00) and other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

	
	
4881-3419-1110.2
1. Recitations.  The foregoing recitations are true, complete and correct and are herein incorporated
by reference.
2. Assumption.  Original Borrower has conveyed the Property to Borrower subject to the terms and
conditions of the Note and the lien and security interest created by the Mortgage and the ALR.  Subject to the
terms and conditions set forth herein, Borrower hereby assumes the obligations of Original Borrower under the
loan documents evidencing the Loan, including without limitation, the Note, the Mortgage, the ALR, and all other
documents evidencing or securing the Loan (collectively, the “Loan Documents”), and agrees to pay the Note in
accordance with its terms and to keep, observe and perform all of the covenants, agreements and obligations of
“Borrower” under the Loan Documents according to their terms.  Borrower hereby acknowledges and Lender
hereby confirms that the principal balance due and owing on the Note as of the date hereof is of $7,198,709.08.
3. Consent.  Lender, by its execution hereof, consents to the conveyance of the Property to Borrower
in  consideration  of  the  assumption  by  Borrower  of  all  obligations  of  Original  Borrower  under  the  Loan
Documents.
4. Documentary Stamp and Intangibles Tax.  Borrower shall indemnify, defend and hold Lender
(and  its  successors  and  assigns)  harmless  from  and against  any and  all  losses,  liabilities, damages,  expenses,
penalties, actions, judgments, suits, costs or disbursements of any kind or nature whatsoever (including, without
limitation, reasonable attorney’s fees and disbursements of Lender’s counsel) in connection with any claims by
the North Dakota Office of State Tax Commissioner or other third party that additional documentary stamp tax,
transfer tax, or intangibles tax are due in connection with the conveyance of the Property, the assumption of the
Note and/or the execution and delivery of this Agreement or any other documents executed by Borrower and
Lender in connection with the assumption of the Loan Documents.
5. Governing  Law.    The  parties  hereto  agree  that  this  Agreement  shall  be  governed  by  and
construed in accordance with the laws of the State of North Dakota.
6. Binding Upon Successors and Assigns.  This Agreement shall inure to the benefit of, and shall
be binding upon, the parties hereto and their respective successors and assigns.
7. Headings.  The  headings  of  the  articles,  sections  and  subsections  of  this  Agreement  are  for
convenience and reference only and shall not be considered a part hereof nor shall they be deemed to limit or
otherwise affect any of the terms or provisions hereof.
8. Counterparts.  This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original but all of which shall constitute one agreement. It shall not be necessary for the same
counterpart to be signed by all of the parties in order for this instrument to be fully binding upon any party signing
at least one counterpart.
9. WAIVER  OF  JURY  TRIAL.   BORROWER  AND  LENDER  HEREBY  KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND UNCONDITIONALLY WAIVE THE RIGHT TO A TRIAL BY
JURY  IN  RESPECT  OF  ANY  LITIGATION  BASED  HEREON,  ARISING  OUT  OF,  UNDER  OR  IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO
BE  EXECUTED  IN  CONJUNCTION  HEREWITH,  OR  ANY  COURSE  OF  CONDUCT, COURSE  OF
DEALINGS, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY OR ANY
EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN
ANY WAY RELATING TO THE PROPERTY (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO
RESCIND OR CANCEL THE LOAN DOCUMENTS, AND ANY CLAIM OR DEFENSE ASSERTING THAT
THE  LOAN  DOCUMENTS  WERE  FRAUDULENTLY  INDUCED  OR  ARE  OTHERWISE  VOID  OR
VOIDABLE).  THIS  WAIVER  IS  A  MATERIAL  INDUCEMENT  FOR  LENDER  TO  ACCEPT  THIS
AGREEMENT. 

	
	IN WITNESS WHEREOF, this Agreement has been duly executed effective as of the day and year first
above written.
STATE OF NORTH DAKOTA
COUNTY OF CASS
§
§
§
Title: Manager
ss.
Personally came before me this I ?i day of January, 2022, by Norman H. Leslie, Manager of Legendary -
A-1 Bonds, LLC, a Del aware limited liability company, o ehalf o ,said limited liability company.
JENNIFER MOUM
Notary Public
Slate of North Dakota •
M � C,�T mi � ,i ?� Explres April 25, 2022 1
My Commission Expires:
"r; \ :Z5 1 .Ztrz:2-
STATE OF NORTH DAKOTA
COUNTY OF CASS
§
§
§
Notary Pub c in d or the State of l\o<±"'" D"'-�
Printed N  e o otary Public:
< H'K'\c,i \0:: \-'l.ov'VV'-
ss.
Personally came before me this \?, day of January, 2022, by Corey R. Maple, Manager of Legendary A­
l Bonds, LLC, a Delaware limited liability company, on, half of aid limited liability company. .
} ./;1 JENNIFER MOUM
Notary Public
Stale of North Dakota
My Commission Expires April 25, 2022
My Commission Expires: fr?,,-; \ '2. ':, i 'Y> z -z_
NotaryP
Printed
- V �
an for the State of No{-YV'- '1;:;,,,'kh::,
Notary Public:
r'\ov.VV\.
Signature Page to Assumption of Note, Mortgage and Other Loan Documents
4881-3419-1110.2
/s/ Norman Leslie
/s/ Corey Maple
/s/ Jennifer Moum
/s/ Jennifer Moum

	
	/s/ Sam Montgomery
/s/ Jennifer Moum

	
	/s/ Sam Montgomery
/s/ Jennifer Moum

	
	Exhibit A
4881-3419-1110.2
EXHIBIT A
TO
ASSUMPTION OF NOTE, MORTGAGE AND OTHER LOAN DOCUMENTS
Legal Description of Property
Tax Parcel No. 01-6610-00704-000
Property Address:  4776 Agassiz Crossing S, Fargo, ND 58104Exhibit 10.154

	
	CONTINUING GUARANTY, PAGE 1
4871-6793-4726.2
CONTINUING GUARANTY
This Continuing Guaranty (this “Guaranty”), dated as of January ___, 2022 (the “Effective
Date”), is made by LODGING FUND REIT III OP, LP, a Delaware limited partnership (“Guarantor”)
in favor of LEGENDARY A-1 BONDS, LLC, a Delaware limited liability company (“Lender”).
RECITALS
A. LF3 Fargo Med, LLC, a Delaware limited liability company and LF3 Fargo Med TRS,
LLC, a Delaware limited liability company (collectively, “Borrower”) is indebted to Lender pursuant to
that certain Amended and Restated Promissory Note dated as of October 4, 2021 in the principal amount
of $7,174,991.75 from Borrower payable to the order of Lender, issued pursuant to the Loan Agreement
(defined below).
B. Guarantor is the owner of the Property (as defined in the Loan Agreement). The value of
the consideration and benefit received and to be received by Guarantor, directly or indirectly, as a result of
Lender’s extension of credit to Borrower is a substantial and direct benefit to Guarantor.
C. As a condition to extending credit to Borrower, Lender requires Guarantor to guaranty the
indebtedness of Borrower to Lender.
For good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, and
to induce Lender, at its option, at any time or from time to time to lend money to Borrower, the Guarantor
hereby agrees as follows:
1. As used herein, the following terms have the meanings assigned; provided however, capitalized
terms used herein but not defined will have the meaning assigned to such terms in the Loan
Agreement:
“Event of Default” has the meaning ascribed to such term in the Loan Agreement.
“Guaranteed Obligations” means (a) all indebtedness of every kind and character,
whether now existing or hereafter arising, of Borrower to Lender, whether direct or indirect,
primary or secondary, joint or several, fixed or contingent and whether evidenced by note, draft,
open account, acceptance, overdraft, line of credit, endorsement, guaranty, security agreement, loan
agreement, application for letter of credit or otherwise, together with interest thereon, (b) the full
and prompt performance when due all of the covenants, agreements and other obligations
undertaken by Borrower in the Loan Documents, and (c) any and all costs, reasonable attorneys’
fees and expenses incurred or expended by Lender in collecting any of the foregoing
indebtedness/obligations or due to any default in the performance of the foregoing obligations or
in enforcing any right granted hereunder or under the other Loan Documents.
“Debt” has the meaning ascribed to such term in the Loan Agreement.
“Loan Agreement” means that certain Loan Agreement dated as of October 4, 2021,
between Lender and Agassiz Hospitality LLC, a South Dakota limited liability company, as
borrower, whose obligations thereunder have been assumed by Borrower pursuant to that certain
Assumption of Note, Mortgage and Other Loan Documents of even date herewith.
“Loan Documents” means each and every note, deed of trust, mortgage, draft, line of
credit, loan agreement, application for letter of credit, interest rate protection agreement, guaranty
or other similar document or instrument (if any) at any time and from time to time executed in
connection with the Guaranteed Obligations, all amendments, modifications, restatements,
18

	
	
CONTINUING GUARANTY, PAGE 2
4871-6793-4726.2
supplements, endorsements, renewals, extensions and rearrangements thereof and substitutions
therefor, and each and every deed of trust, mortgage, security agreement, pledge, assignment or
other similar instrument (if any), at any time and from time to time securing, in whole or in part,
the Guaranteed Obligations.
“Obligations” as defined in the Loan Agreement.
2. Guarantor unconditionally guarantees unto Lender the prompt and complete payment when due
(whether at its stated maturity, by acceleration or otherwise) and performance of the Guaranteed
Obligations in accordance with the terms of the Loan Documents.
3. This Guaranty is unconditional and absolute, and if for any reason all or any portion of the
Guaranteed Obligations is not paid promptly when due, Guarantor will immediately pay the same
to Lender or any other Person entitled thereto, regardless of any defense, right of setoff or
counterclaim which Borrower may have or assert and regardless of any other condition or
contingency.
4. The obligations, covenants, agreements and duties of Guarantor under this Guaranty will in no way
be affected or impaired by reason of the happening from time to time of any of the following with
respect to the Loan Documents, without the necessity of any notice to, or further consent of
Guarantor: (a) the release or waiver, by operation of law or otherwise, of the performance or
observance by Borrower or any co-guarantor, surety, endorser or other obligor of any express or
implied agreement, covenant, term or condition in any of the Loan Documents to be performed or
observed by such party, (b) the extension of the time for the payment of all or any portion of the
Guaranteed Obligations or any other sums payable under the Loan Documents or the extension of
time for the performance of any other obligation under, arising out of or in connection with the
Loan Documents, (c) the supplementing, modification or amendment (whether material or
otherwise) of any of the Loan Documents or of the obligations of Borrower, Guarantor or any surety
for Borrower set forth in the Loan Documents or otherwise, (d) any failure, omission, delay or lack
of diligence on the part of Lender, or any other Person, to enforce, assert or exercise any right,
privilege, power or remedy conferred on Lender, or any other Person in any of the Loan Documents,
or any action on the part of Lender, or such other Person granting indulgence or extension of kind,
(e) the foreclosure of any collateral, or release of any security, under any deed of trust, mortgage,
security agreement, pledge, assignment or other Loan Document, or the release, modification,
waiver or failure to enforce any pledge, security device, insurance agreement, bond or other
guaranty, surety or indemnity agreement whatsoever, (f) the release, modification, waiver or failure
to enforce any right, benefit, privilege or interest under any contract or agreement, under which the
rights of Borrower or any other obligor have been collaterally or absolutely assigned, or in which
a security interest has been granted to Lender as direct or indirect security for payment of the
Guaranteed Obligations or performance of any obligations to Lender, (g) the voluntary or
involuntary liquidation, dissolution, sale of any collateral, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or deficiency readjustment of debt of, or other similar proceedings
affecting Borrower or any other surety for Borrower or any of the assets of Borrower, (h) any failure
to acquire, perfect or to maintain perfection of any lien on or security interest in any collateral
securing payment of the Guaranteed Obligations or any portion thereof or performance of
Borrower’s or any other person’s obligations under the Loan Documents or securing this Guaranty,
(i) the settlement, compromise or subordination of any obligation guaranteed hereby or hereby
incurred, or  (j) the insanity, minority or other disability or bankruptcy, insolvency, death or
corporate dissolution of Borrower (even though the same will render the Guaranteed Obligations
void or unenforceable or uncollectible, in whole or in part, as against Borrower). 

	
	
CONTINUING GUARANTY, PAGE 3
4871-6793-4726.2
5. Guarantor hereby waives marshaling of assets and liabilities, rights of offset, sale in inverse order
of alienation, notice of acceptance of this Guaranty and of any liability to which it applies or may
apply, acceleration, presentment, demand for payment, protest, notice of non-payment, notice of
dishonor, notice of acceleration, notice of intent to accelerate and all other notices and demands,
collection suit or the taking of any other action by Lender.
6. This is an absolute guaranty of payment and not of collection, and Guarantor waives any right to
require that any action be brought against Borrower or any other Person. Should Lender seek to
enforce the obligations of Guarantor by arbitration or action in any court, Guarantor waives any
necessity, substantive or procedural, that a judgment previously be rendered against Borrower or
any other Person or that a separate action be brought against Borrower or any other Person. The
obligations of Guarantor hereunder are joint and several from those of Borrower or any other Person
(including any other surety for Borrower), and are primary obligations concerning which Guarantor
is the principal obligor. All waivers herein contained will be without prejudice to Lender at their
option to proceed against Borrower or any other Person, whether by separate action or by joinder.
This is a continuing guaranty, and all extensions of credit and financial accommodations heretofore,
concurrently herewith or hereafter made by Lender to Borrower will be conclusively presumed to
have been made in acceptance of and reliance on this Guaranty.
7. This Guaranty is an absolute and unconditional guaranty of the payment and performance of the
Guaranteed Obligations, is irrevocable and will continue in full force and effect until payment in
full of the Guaranteed Obligations. Guarantor will remain fully liable hereunder notwithstanding
the death of, or complete or partial release for any cause of, any one or more of Guarantor (if more
than one), or of Borrower or of anyone liable in any manner for the liabilities (including those
hereunder) incurred directly or indirectly in respect thereof or hereof, and notwithstanding the
dissolution, termination or change in personnel of any one or more of Guarantor (if more than one).
8. Guarantor agrees that so long as all or any part of the Guaranteed Obligations remains unpaid and/or
unperformed: (a) Lender may determine in its sole discretion which remedy to pursue and Lender
may pursue any one or more remedies without prejudice to the right of Lender to pursue any other
remedy (including enforcement and collection of this Guaranty), (b) except as expressly provided
herein or agreed to by Lender, the receipt of sums by Lender through pursuit of any one or more
remedies will not prejudice the right of Lender to receive payment of sums through pursuit of any
other remedy, and the rights of Lender under the Loan Documents are cumulative, (c) realization
upon the collateral security or guaranties and the other obligations provided for in any Loan
Documents and application of the proceeds thereof to reduce the Guaranteed Obligations will not
affect or impair Lender’s right to seek enforcement of any other Loan Documents in accordance
with their respective terms, and (d) Lender may apply any sums realized through pursuit of any
remedy toward payment of principal, interest and other expenses owing by Borrower, by Guarantor
or by any other obligor or surety in such order of priority and manner as Lender may elect in its
sole discretion.
9. Guarantor (jointly and severally if more than one) represents and warrants to Lender that:
(a) Guarantor, if a legal entity, is duly organized, legally existing and in good standing under the
laws of the State of its organization and is duly qualified and/or registered to do business in each
jurisdiction where it is required to do so by applicable law, (b) this Guaranty has been duly executed
and delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor
enforceable in accordance with its terms; (c) the execution, delivery and performance of this
Guaranty (i) do not and will not violate any agreement, certificate or instrument by which
Guarantor or its property may be bound, (ii) do not and will not violate or conflict with any law,
governmental rule or regulation or any judgment, writ, order, injunction, award or decree of any
court, arbitrator, administrative agency or other governmental authority applicable to Guarantor or 

	
	
CONTINUING GUARANTY, PAGE 4
4871-6793-4726.2
any indenture, mortgage, contract, agreement or other undertaking to which Guarantor is a party or
by which Guarantor may be bound or affected, and (iii) do not and will not require any consent of
any other Person or any consent, license, permit, authorization or other approval of, registration
with, any giving of notice to or any exemption by, any court, arbitrator, administrative agency or
other governmental authority, (d) there is no action, suit or proceeding pending or, to the knowledge
of Guarantor, threatened against or affecting Guarantor before any court or administrative agency
which might result in any material adverse change in the business or financial condition of
Guarantor, (e) Guarantor has filed all federal and state tax returns which are required to be filed,
and has paid all taxes as shown on said returns and all assessments against the property of Guarantor
to the extent that such taxes and assessments have become due and payable, (f) Guarantor is not a
party to any contract or agreement which materially and adversely affects the business, property or
assets, or financial condition of Guarantor, (g) all information supplied and statements made to
Lender by or on behalf of Guarantor prior to, contemporaneously with or subsequent to the
execution of this Guaranty are and will be true, correct, complete, valid and genuine, (h) all
financial statements and applications for credit furnished to Lender by or on behalf of Guarantor
fully and accurately present the financial condition of the subject thereof as of the dates thereof and
for the periods then ended, (i) no material adverse change has occurred in the financial condition
reflected in such financial statements and applications for credit since the respective dates thereof,
(j) Guarantor is not in default with respect to any order, writ, injunction, decree or demand of any
court or other governmental authority, or in the payment of any indebtedness for borrowed money
or under the terms or provisions of any agreement or instrument evidencing or securing any such
indebtedness, (k) the execution and delivery of this Guaranty to Lender will directly or indirectly
benefit Guarantor, (l) Guarantor is the beneficial owner of a direct or indirect interest in Borrower
and is an Affiliate of Borrower and the value of the consideration and benefit received and to be
received by Guarantor, directly or indirectly, as a result of Lender’s extension of credit to Borrower
is a substantial and direct benefit to Guarantor, (m) all of the assets listed on Guarantor’s financial
statements delivered to Lender and to be delivered to Lender are available to pay the Guaranteed
Obligations without the joinder of any other party, and (n) no representation or warranty contained
in this Guaranty and no statement contained in any certificate, schedule, list, financial statement or
other instrument furnished to Lender contains, or will contain, any untrue statement of material fact
or omits or will omit, to state a material fact necessary to make the statement contained herein or
therein not misleading.
10. Guarantor will furnish to Lender all such financial statements and other information relating to the
financial condition, properties and affairs of Guarantor as required by the Loan Agreement.
11. Guarantor will not change its address, name or identity without notifying Lender of such change in
writing at least thirty (30) days prior to the effective date of such change.
12. If an Event of Default exists, the holder or holders of the Guaranteed Obligations may, at its or their
option, declare the unpaid balance of the Guaranteed Obligations, together with all interest then
accrued thereon, to be immediately due and payable, and thereupon the Guaranteed Obligations
will immediately be due and payable without presentation, notice of protest, other notice of
dishonor, notice of intent to accelerate, or notice of acceleration, all of which are hereby expressly
waived by Guarantor.
13. All property of Guarantor now or hereafter in the possession or custody of or in transit to Lender
for any purpose, including safekeeping, collection or pledge, for the account of Borrower or
Guarantor, or as to which Guarantor may have any right or power, will be held by Lender subject
to a lien and security interest in favor of Lender to secure payment and performance of all
obligations and liabilities of Guarantor to Lender hereunder. The balance of every account of
Guarantor with, and each claim of Guarantor against, Lender and any Lender existing from time to 

	
	
CONTINUING GUARANTY, PAGE 5
4871-6793-4726.2
time will be subject to a lien and subject to set-off against any and all liabilities of Guarantor to
Lender and such Lender, and Lender may, at any time and from time to time at their option and
without notice, appropriate and apply toward the payment of any of such liabilities the balance of
each such account or claim of Guarantor against Lender and/or such Lender, as applicable. If a
particular security instrument expressly requires an application different from that permitted under
the preceding sentence, proceeds realized by Lender from such security instrument will be applied
as provided in such instrument.
14. Guarantor expressly subordinates its rights to payment of any indebtedness owing from Borrower
to Guarantor, whether now existing or arising at any time in the future, to the prior right of Lender
to receive or require payment in full of the Guaranteed Obligations and until payment and
performance in full of the Guaranteed Obligations (and including interest accruing after any petition
under the Bankruptcy Code, which post-petition interest Guarantor agrees will remain a claim that
is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or
ruling in proceedings under the Bankruptcy Code generally). Notwithstanding anything to the
contrary contained herein, (a) Guarantor will not have any right of subrogation in or under any of
the Loan Documents or to participate in any way therein, or in any right, title or interest in and to
any security or right of recourse for the Obligations of Borrower, until the Obligations of Borrower
have been fully and finally paid, and (b) if Guarantor is or becomes an “insider” (as defined in
Section 101 of the Bankruptcy Code) with respect to Borrower, then Guarantor hereby irrevocably
and absolutely waives any and all rights of contribution, indemnification, reimbursement or any
similar rights against Borrower with respect to this Guaranty (including any right of subrogation,
except to the extent of collateral held by Lender), whether such rights arise under an express or
implied contract or by operation of law. It is the intention of the parties that Guarantor will not be
deemed to be a “creditor” (as defined in Section 101 of the Bankruptcy Code) of Borrower by
reason of the existence of this Guaranty in the event that Borrower or Guarantor becomes a debtor
in any proceeding under the Bankruptcy Code. This waiver is given to induce Lender to make the
Loan.
15. Guarantor hereby assigns and grants to Lender for the benefit of Lender a security interest in all
indebtedness and security, if any, of Borrower to Guarantor now existing or hereafter arising,
including any dividends and payments pursuant to debtor relief or insolvency proceedings. In the
event of receivership, bankruptcy, reorganization, arrangement or other debtor relief or insolvency
proceedings involving Borrower as debtor, Lender will have the right to prove its claim in any such
proceeding so as to establish its rights hereunder and will have the right to receive directly from
the receiver, trustee or other custodian (whether or not an Event of Default will have occurred or
be continuing under any of the Loan Documents), dividends and payments that are payable upon
any obligation of Borrower to Guarantor now existing or hereafter arising, and to have all benefits
of any security therefor, until the Obligations of Borrower have been fully and finally paid and
performed. If, notwithstanding the foregoing provisions, Guarantor should receive any payment,
claim or distribution that is prohibited as provided above in this Section, Guarantor will have
absolutely no dominion over the same except to pay it immediately to Lender. Guarantor will
promptly upon request of Lender from time to time execute such documents and perform such acts
as Lender may require to evidence and perfect its interest and to permit or facilitate exercise of its
rights under this Section.
16. If more than one person executes this Guaranty, their obligations under this Guaranty will be joint
and several. To the extent any dispute exists at any time between or among multiple third parties
that comprise the Guarantor, Guarantor agrees to indemnify, defend and hold Lender harmless from
and against any loss, damage, claim, demand, cost or other liability (including, without limitation,
reasonable attorneys’ fees, legal expenses and other costs) Lender may suffer as a result of such
dispute. Suit may be brought against such person jointly and/or severally or against any one or more 

	
	
CONTINUING GUARANTY, PAGE 6
4871-6793-4726.2
but less than all of them, without impairing or releasing the rights of Lender against any other such
person.
17. No delay on the part of Lender in exercising any right hereunder or failure to exercise the same will
operate as a waiver of such right, nor will any single or partial exercise of any right, power or
privilege bar any further or subsequent exercise of the same or any other right, power or privilege.
18. This Guaranty will not be changed orally, but will be changed only by agreement in writing signed
by the person against whom enforcement of such change is sought.
19. Any notice, request or other communication required or permitted to be given hereunder will be
given in accordance with the notice provisions of the Loan Agreement to the Guarantor’s address
set forth on the signature page hereof.
20. The masculine and neuter genders used herein will each include the masculine, feminine and neuter
genders and the singular number used herein will include the plural number. The words “person”
and “entity” will include individuals, corporations, partnerships, joint ventures, associations, joint
stock companies, trusts, unincorporated organizations, and governments and any agency or political
subdivision thereof.
21. This Guaranty will be binding upon Guarantor, its heirs, devisees, executors, administrators,
personal representatives, trustees, receivers, successors and assigns and will inure to the benefit of,
and be enforceable by, Lender and its successors and assigns and each and every other person who
will from time to time be or become the owner or holder of any of the Guaranteed Obligations, and
each and every reference herein to “Lender” will also include each and every successor or holder.
Guarantor will not assign its obligations hereunder without the prior written consent of Lender.
This Guaranty may be executed in multiple counterparts, and each counterpart executed by any
party will be deemed an original and will be binding upon the Person executing the same,
irrespective of whether any other Guarantor has executed that or any other counterpart of this
Guaranty. Production of any counterpart other than the one to be enforced will not be required.
22. This Guaranty and the rights and obligations of the parties hereunder will in all respects be governed
by, and construed and enforced in accordance with, the laws of the State of North Dakota.
Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of any State or federal court
sitting in the County of Cass, State of North Dakota, over any suit, action or proceeding arising out
of or relating to this Guaranty.
23. If any other Person will, with respect to any of the Guaranteed Obligations at any time, execute and
deliver any guaranty, or any other agreement or document with substantially the same effect as a
guaranty, or grant any collateral security, the obligations of Guarantor hereunder will be joint and
several with the obligations of such other Person pursuant to such agreement or document and the
agreement or document granting such collateral security.
24. Nothing herein will be construed to cancel, amend, discharge or limit any other guaranty or similar
obligation executed by Guarantor in favor of Lender.
25. Lender will be entitled, in its sole discretion, to image or make copies of all or any selection of the
agreements, instruments, documents, and items and records governing, arising from or relating to
any of Borrower's or Guarantor’s loans, including, without limitation, the Loan Documents, and
Lender may destroy or archive the paper originals. Guarantor (a) waives any right to insist or
require that Lender produce paper originals, (b) agrees that such images will be accorded the same
force and effect as the paper originals, (c) agrees that Lender is entitled to use such images in lieu
of destroyed or archived originals for any purpose, including as admissible evidence in any demand, 

	
	
CONTINUING GUARANTY, PAGE 7
4871-6793-4726.2
presentment or other proceedings, and (d) further agrees that any executed facsimile (faxed),
scanned, or other imaged copy of the Loan Documents will be deemed to be of the same force and
effect as the original manually executed document.
26. Guarantor will (a) promptly correct any defect, error or omission in this Guaranty, and (b) execute,
acknowledge, deliver, record, and/or file such further instruments and perform such further acts
and provide such further assurances as may be necessary, desirable or proper, in Lender’s opinion,
to carry out the purposes hereof.

[Signature Page Follows]
  

	
	Guarantor has executed this Guaranty on the date of acknowledgment below to be effective as of
the date first above written.
CONTINUING GUARANTY, PAGE 8
4871-6793-4726.2
LODGING FUND REIT III OP, LP,
a Delaware limited partnership
By: Lodging Fund REIT III, Inc.,
a Delaware corporation, its gen
By,::.· =���"'--.':_!-------"'=--sc­
Name: Samuel C. Montgomery
Title: Chief Operating Officer
/s/ Sam Montgomery

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