Document:

a105note

                                                                           EXHIBIT 10.5                                 MULTTFAMIL    Y NOTE     us $73,800,000.00                                        As of September 20, 2019          FOR VALUE RECEIVED,     the undersigned ("Borrower") promises to pay to the order   of JONES  LANG  LASALLE MULTIFAMILY, LLC, a      Delaware limited liability company   ("Lender"), the principal amount of SEVENTY-THREE MILLION   EIGHT   HUNDRED   THOUSAND AND N0/100 DOLLARS (US $73,800,000.00) (the "Mortgage Loan"), together   with interest thereon accruing at the Interest Rate on the unpaid principal balance from the date   the Mortgage Loan proceeds are disbursed until fuJ ly paid in accordance with the terms hereof and   of that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and   between Borrower and Lender (as the same may be amended, restated, replaced, supplemented or   otherwise modified from time to time, the "Loan Agreement").    t.    Defined Terms.          Capitalized terms used and not specifically defined in this Multifamily Note (this '·Note")   have the meanings given to such terms in the Loan Agreement.    2.    Repayment.          Borrower agrees to pay the principal amount of the Mortgage Loan and interest on the   principal amount of the Mortgage Loan from time to time outstanding at the Interest Rate or such   other rate or rates and at the times specified in the Loan Agreement, together with all other amounts   due to Lender under the Loan Documents. The outstanding balance of the Mortgage Loan and all   accrued and unpaid interest thereon shall be due and payable on the Maturity Date, together with   all other amounts due to Lender under the Loan Documents.    3.    Security.          The Mortgage Loan evidenced by this Note, together with all other Indebtedness is seemed   by, among other things, the Security Instrument, the Loan Agreement and the other Loan   Documents. All of the terms, covenants and conditions contained in the Loan Agreement, the   Secmity Instmment and the other Loan Documents are hereby made part of this Note to the same   extent and with the same force as if they were fully set forth herein. Tn the event of a conflict or   inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions   of the Loan Agreement shall govern.    4.    Acceleration.          In accordance with the Loan Agreement, if an Event of Default has occurred and is  continuing, the entire unpaid principal balance of the Mortgage Loan, any accrued and unpaid   interest, including interest accruing at the Default Rate, the Prepayment Premium (if applicable),  and all other amounts payable under this Note, the Loan Agreement and any other Loan Document  shall at once become due and payable, at the option of Lender, without any prior notice to     Multifamily Note - Multistate          Form 6010                          Page I   Fannie Mae                               12-17                   © 2017 Fannie Mae  

 

 Bo1Tower, unless applicable law requires otherwise (and in such case, after satisfactory notice has   been given).    5.    Personal Liability.          The provisions of Article 3 (Personal Liability) of the Loan Agreement are hereby   incorporated by reference into this Note to the same extent and with the same force as if fully set   forth herein.    6.    Governing Law.          This Note shall be governed in accordance with the tem1s and provisions of Section 15.01   (Governing Law; Consent to Jurisdiction and Venue) of the Loan Agreement.    7.    Waivers.          Presentment, demand for payment, notice of nonpayment and dishonor, protest and notice   of protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity,   presentment for payment, notice of nonpayment, and grace and diligence in collecting the   Indebtedness are waived by B0I1"ower, for and on behalf of itself, Guarantor and Key Principal,   and all endorsers and guarantors of this Note and all other third party obligors or others who may   become liable for the payment of a!J or any part of the Indebtedness.    8.    Commercial Purpose.          Borrower represents that the Indebtedness is being incu1Ted by B01Tower solely for the  purpose of carrying on a business or commercial enterprise or activity, and not for agricultural,   personal, family or household purposes.    9.    Construction; Joint and Several (or Solidary, as applicable) Liability.          (a)   Section 15.08 (Construction) of the Loan Agreement is hereby incorporated herein   as if fully set forth in the body of this Note.          (b)   If more than one Person executes this Note as Boffower, the obligations of such  Person shall be joint and several (solidary instead for purposes of Louisiana law).    10.   Notices.          All Notices required or permitted to be given by Lender to Borrower pursuant to this Note   shall be given in accordance with Section 15.02 (Notice) of the Loan Agreement.    11.  Time is of the Essence.          Borrower agrees that, with respect to each and every obligation and covenant contained in  this Note, time is of the essence.     M ultifamily Note - Multistate         Form 6010                          Page2   Fann ie Mae                              12-17                   © 2017 Fannie Mae  

 

 12.   Loan Charges Savings Clause.          B01Tower agrees to pay an effective rate of interest equal to the sw11 of the Interest Rate   and any additional rate of interest resulting from any other charges of interest or in the nature of   interest paid or to be paid in connection with the Mortgage Loan and any other fees or amotmts to   be paid by B01Tower pursuant to any of the other Loan Documents. Neither this Note, the Loan   Agreement nor any of the other Loan Documents shall be construed to create a contract for the   use, forbearance or detention of money requiring payment of interest at a rate greater than the   maximum interest rate pe1mitted to be charged under applicable law. It is expressly stipulated and   agreed to be the intent of Borrower and Lender at all times to comply with all applicable laws   goveming the maximum rate or amount of interest payable on the Indebtedness evidenced by this   Note and the other Loan Documents. If any applicable law limiting the amount of interest or other   charges permitted to be collected from Borrower is interpreted so that any interest or other charge   or amount provided for in any Loan Document, whether considered separately or together with   other charges or amounts provided for in any other Loan Document, or otherwise charged, taken,   reserved or received in connection with the Mo11gage Loan, or on acceleration of the maturity of   the Mortgage Loan or as a result of any prepayment by Bo1TOwer or otherwise, violates that law,   and Borrower is entitled to the benefit of that law, that i11terest or charge is hereby reduced to the   extent necessary to eliminate any such violation. Amounts, if any, previously paid to Lender in   excess of the permitted amounts shall be applied by Lender to reduce the unpaid principal balance   of the Mortgage Loan without the payment of any prepayment premium (or, if the Mortgage Loan   has been or would thereby be paid in full, shall be refunded to Borrower), and the provisions of   the Loan Agreement and any olher Loan Documents immediately shall be deemed refonned and  the amounts thereafter collectible under the Loan Agreement and  any other Loan Documents   reduced, without the necessity of the execution of any new documents, so as to comply with any   applicable law, but so as to permit the recovery of the fullest amount otherwise payable under the   Loan Documents. For the purpose of determining whether any applicable law limiting the amount   of interest or other charges permitted to be collected from BoITower has been violated, all  Indebtedness that constitutes interest, as well as all other charges made in connection with the  Indebtedness that constitute interest, and any amount paid or agreed to be paid to Lender for the  use, forbearance or detention of the Indebtedness, shaU be deemed to be allocated and spread  ratably over the stated term of the Mortgage Loan. Unless otherwise required by applicable law,  such allocation and spreading shall be effected in such a manner that the rate of interest so  computed is uniform throughout the stated term of the Mortgage Loan.    13.   W AIYER OF TRIAL BY JURY.         TO THE MAXIMUM EXTENT PERMITTED BYLAW, EACH OF BORROWER  AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO  ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE  PARTIES AS   LENDER AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY  AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE  TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE.            THIS  W AJVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,  KNOWINGLY AND VOLUNT        ARIL Y  WITH THE BENEFIT OF COMPETENT LEGAL  COUNSEL.    Multifa mily Note - Multistatc         Fo rm 6010                         Page3   Fa nnie Mae                              12-17                   © 2017 Fannie Mae  

 

14.   Receipt of Loan Documents.         Borrower acknowledges receipt of a copy of each of the Loan Documents.   15.   Incorporation of Schedules.         The schedules, if any, attached to this Note are incorporated fully into this Note by this  reference and each constitutes a substantive part of this Note.         ATTACHED SCHEDULE.      The following Schedule is attached to this Note:               D           Schedule I  Modifications to Note                         [Remainder of Page Intentionally Blank)    Multifamily Note - Multistate         Form 6010                           Page4  Fannie Mae                               12-17                   © 2017 Fann ie Mae  

 

      IN  WITNESS    WHEREOF,     Borrower has signed and delivered this Note under seal  (where applicable) or has caused this Note to be signed and delivered under seal (where applicable)  by its duly authorized representative. Where applicable Jaw so provides, Borrower intends that  this Note shall be deemed to be signed and delivered as a sealed instrument.                                      BORROWER:                                     SIR JEFFERSON,    LLC,                                    a Delaware limited liability company                                     By:   STEADFAST INCOME       ADVISOR,   LLC,                                           a Delaware limited liability company,                                          ~z.·idl~                           (SEAL)                                          Title: Chief Accounting Officer     Multifamily Note - Mu ltistate           Form 6010                           Page S-J   Fannie Mae                                 12-17                     © 2017 Fannie Mae  

 

 PAY TO THE ORDER OF _     _______________    WITHOUT RECOURSE.      JONES LANG LASALLE MULTIFAMILY,    LLC,  a Delaware limited liability company                                    1    By  ~ ~                      c__--1@     AL)   Name:        Rhonda D. Peare   Title:       Closing Coordinator    Multifamily Note - Multistate            Form 6010                          Page S-2  Fannie Mae                                 12-17                    © 2017 Fannie MaeEX-10.1

 Exhibit 10.1 

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT 

This AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of September 23, 2019 by and between Playa
Resorts Management, LLC, a Delaware limited liability company with an address at 3950 University Drive, Suite 301, Fairfax, Virginia 22030 (“Playa Resorts”), and Ryan Hymel (“Executive”). 

WHEREAS, the Executive and Playa Resorts have previously entered into an Executive Employment Agreement dated December 28, 2018 (the
“Employment Agreement”); and 
 WHEREAS, the Executive and Playa Resorts now desire to make an amendment to the Employment Agreement
to change the amount of potential severance payments under the Employment Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants
and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties agree as follows: 

The reference to “one and one-half (1.5) times Executive’s Base Salary” in Section 6(g)(i) of the
Employment Agreement shall be replaced with “two (2.0) times Executive’s Base Salary.” 
 Except as provided in this Amendment, the
Employment Agreement will remain in full force and effect. 
 [Signatures on the following page] 

 IN WITNESS WHEREOF, Executive and Playa Resorts have executed this Amendment on the 23rd day of
September, 2019. 
  

							
	 EXECUTIVE
	  		  		  	 PLAYA RESORTS MANAGEMENT, LLC

				
	 /s/ Ryan Hymel
	  		  	 By:
	  	 /s/ Bruce D. Wardinski

	  
	  		  		  	  

	 Ryan Hymel
	  		  		  	      Bruce D. Wardinski

		  		  		  	      Its Authorized Representative

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