Document:

ex-10_3.htm

 

Moody National REIT I. Inc.

EXHIBIT 10.3

FIRST AMENDMENT TO PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO PURCHASE AGREEMENT (“Amendment”) is dated effective as of April 6, 2012, by and among WOODLANDS TERRAPIN INVESTORS I, LLC, a Texas limited liability company, WOODLANDS TERRAPIN INVESTORS II, LLC, a Texas limited liability company, WOODLANDS TERRAPIN INVESTORS III, LLC, a Texas limited liability company, 537 HOUSTON, LLC, a Texas limited liability company, MARC HOTEL HOUSTON, LLC, a Texas limited liability company, MIRIAM  HOTEL HOUSTON, LLC, a Texas limited liability company and TERRAPIN OPERATOR WOODLANDS, LLC, a Delaware limited liability company (collectively “Seller”), and MOODY NATIONAL COMPANIES, LP, a Texas limited partnership (“Purchaser”)and is as follows:

RECITATIONS:

A.           Seller and Purchaser entered into that certain Purchase Agreement dated effective March 22, 2012 (the “Agreement”) for the purchase and sale of certain real property located at 28913 Interstate 45, Spring, Texas, and the improvements thereon containing a 91-unit  hotel commonly known as the “Homewood Suites”.

B.   Seller and Purchaser have decided to amend the Agreement in accordance with the terms and conditions of this Amendment.

NOW THEREFORE, in consideration of the premises and in consideration of the mutual covenants, promises and undertakings of the parties hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledge by the parties, it is agreed that the Agreement shall be amended and given full force and effect as follows:

(1)  Purchaser shall have until Friday, April 13, 2012 to complete the Loan Assumption Package (as described in Section 2(B)(i) of the Agreement) and the Franchise Assumption Package (as described in Section 4(C) of the Agreement).

(2) The Inspection Period shall expire at 5:00 pm central time on Friday, April 27, 2012.

(3)  Seller shall have until Friday, April 6, 2012 to deliver all outstanding Due Diligence Information and to deliver all missing exhibits to the Agreement (as contemplated in Section 17(P) of the Agreement).

(4)           Except as expressly set forth above, Purchaser and Seller, by the execution hereof, hereby acknowledge that the Agreement remains in full force and effect.  This Amendment shall control in the event of any conflict with the other provisions of the Agreement.

(5)  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which will constitute the same agreement.  Any signature page of this Amendment may be detached from any counterpart of this Amendment without impairing the legal effect of any signatures thereon and may be attached to another counterpart of this Amendment identical in form hereto but having attached to it one or more additional signature pages.  The Agreement now includes this Amendment, which supersedes all discussions, understandings and negotiations of the parties related to the subject hereof.  The Agreement as modified by this Amendment may only be modified by a written instrument duly executed by the parties hereto.  Execution and delivery of this Amendment by the Purchaser and Seller via fax or PDF email will be sufficient and binding for all purposes.

  

  

  

IN WITNESS WHEREOF, Seller and Purchaser have executed this Amendment, effective as of the date first set forth above.

 

SELLER:

 

WOODLANDS TERRAPIN INVESTORS I, LLC,

a Texas limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

WOODLANDS TERRAPIN INVESTORS II, LLC, a Texas limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

WOODLANDS TERRAPIN INVESTORS III, LLC, a Texas limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

537 HOUSTON, LLC,

a Texas limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

MARC HOTEL HOUSTON, LLC,

a Texas limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

MIRIAM HOTEL HOUSTON, LLC,

a Texas limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

  

  

  

 

TERRAPIN OPERATOR WOODLANDS LLC, LLC, a Delaware limited liability company

By: /s/ Anthony Jon Sherman                                                                           

Name: Anthony Jon Sherman

Title: Manager

PURCHASER:

 

MOODY NATIONAL COMPANIES, L.P., a Texas limited partnership

 

By:           Moody National Companies GP, LLC, a Texas limited liability company, General Partner

 

By: /s/ Brett Moody

Name: Brett Moody

Title: Managing Memberex-10_4.htm

 

Moody national REIT I, Inc.

 

EXHIBIT 10.4

AMENDMENT NO. 2

TO THE

AMENDED AND RESTATED ADVISORY AGREEMENT

This Amendment No. 2 to the Amended and Restated Advisory Agreement (this “Amendment”) is made and entered into as of April 12, 2012 by and among Moody National REIT I, Inc., a Maryland corporation (the “Company”), Moody National Operating Partnership I, L.P., a Delaware limited partnership (the “Operating Partnership”), Moody National Advisor I, LLC, a Delaware limited liability company (the “Advisor”), and, solely in connection with the obligations set forth in Section 13 of the Advisory Agreement (as defined below), Moody National Realty Company, L.P., a Texas limited partnership (“Moody National”). The Company, the Operating Partnership, the Advisor and Moody National are collectively referred to herein as the “Parties.” Capitalized terms used but not defined herein shall have the meaning set forth in the Advisory Agreement (as defined below).

WITNESSETH

WHEREAS, the Parties previously entered into that certain Amended and Restated Advisory Agreement, dated and effective as of August 14, 2009 (the “Advisory Agreement”), which provided for, among other matters, the management of the Company’s and the Operating Partnership’s day-to-day activities by the Advisor;

WHEREAS, the initial term of the Advisory Agreement is for a one year term which agreement may be renewed for an unlimited number of successive one year terms;

WHEREAS, the Parties previously agreed to extend the term of the Advisory Agreement to April 15, 2012; and

WHEREAS, pursuant to Section 16 (Term of the Agreement) of the Advisory Agreement, the Parties desire to amend the Advisory Agreement pursuant to this Amendment in order to renew the term of the Advisory Agreement for an additional one year term.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE I

AMENDMENT

In order to give effect to the Parties’ agreement to renew the term of the Advisory Agreement for an additional one year term, the Parties agree as follows:

Section 1.1                      Renewal of Advisory Agreement.  Pursuant to Section 16 of the Advisory Agreement, the Parties hereby renew the term of the Advisory Agreement effective as of April 15, 2012 for an additional one year term ending on April 15, 2013.

ARTICLE II

MISCELLANEOUS

Section 2.1                      Continued Effect.   Except as specifically set forth herein, all other terms and conditions of the Advisory Agreement shall remain unmodified and in full force and effect, the same being confirmed and republished hereby.  In the event of any conflict between the terms of the Advisory Agreement and the terms of this Amendment, the terms of this Amendment shall control.

Section 2.2                      Counterparts.  The Parties may sign any number of copies of this Amendment.  Each signed copy shall be an original, but all of them together represent the same agreement.  Delivery of an executed counterpart of a signature page of this Amendment or any document or instrument delivered in connection herewith by telecopy or other electronic method shall be effective as delivery of a manually executed counterpart of this Amendment or such other document or instrument, as applicable.

Section 2.3                      Governing Law.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Delaware.

[Signatures on following page]

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

 

MOODY NATIONAL REIT I, INC.

	
  

	
By:

	
/s/ Brett Moody

	 

	
  

	
Name:

	
Brett Moody

	
  

	
Title:

	
President

MOODY NATIONAL OPERATING PARTNERSHIP I, L.P.

	
  

	
By:

	
MOODY NATIONAL REIT I, INC., its general partner

	
  

	
By:

	
/s/ Brett Moody

	 

Name:           Brett Moody

Title:           President

MOODY NATIONAL ADVISOR I, LLC

	
  

	
By:

	
/s/ Brett Moody

	 

	
  

	
Name:

	
Brett Moody

	
  

	
Title:

	
President

Solely in connection with the obligations set forth in Section 13 of the Advisory Agreement:

MOODY NATIONAL REALTY COMPANY, L.P.

	
  

	
By:

	
/s/ Brett Moody

	 

	
  

	
Name:

	
Brett Moody

	
  

	
Title:

	
President

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