Document:

Exhibit 10.46
	
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	THIRD AMENDMENT TO CONTRIBUTION AGREEMENT This THIRD AMENDMENT TO CONTRIBUTION AGREEMENT (this "Third Amendment") is made as of the 2nd day of July 2021 (the "Amendment Date") by and among Houston-Hotel Partners, LLC, a California limited liability company, Houston Land Partners, LLC a California limited liability company, (collectively the "Contributor"), and Lodging Fund REIT III OP, LP, a Delaware limited partnership (the "Operating Partnership"). WHEREAS, Contributor and Operating Partnership entered into that certain Contribution Agreement dated Aprill, 2021 as amended on May 18, 2021 by a certain First Amendment and as amended on June 18, 2021 by a certain Second Amendment (collectively, the "Agreement"), for the contribution of a 182-room hotel business known as the Hilton Garden Inn Houston Bush International Airport located at 15400 John F. Kennedy Blvd., Houston, Texas 77032 (the "Property"); WHEREAS, pursuant to the Agreement the Operating Partnership's Due Diligence Period is set to expire at 11:59 PM EST on July 2, 2021; WHEREAS, the Operating Partnership is satisfied with its Due Diligence Review and contingent upon satisfaction of the closing conditions within the Agreement, and the additional conditions enumerated below, tenders its Satisfaction Notice by executing this Amendment. NOW THEREFORE, for valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 1. Capitalization. AU capitalized terms used herein will have the meanings ascribed to those terms in the Agreement, unless otherwise specified herein. 2. Satisfaction Notice. Pursuant to section 2.18.1, the Operating Partnership hereby tenders its Satisfaction Notice, provided that the closing conditions under Section 3 are met prior to closing, which shall also include the following additional conditions: a. Mold and Moisture. The mold and moisture investigation at the Property results in a remediation or care plan of not to exceed $1,000,000 to restore any damage caused by mold or moisture. Any such insurance claims that are opened or re­ opened as a result of the mold and moisture inspections shall be assigned for the exclusive benefit of the Operating Partnership. b. Financing. Operating Partnership is seeking a related party loan and in such due course must secure approval of its Board of Directors on the financing terms, and such approval will be requested not later than close of business on July 9, 2021. c. Management Agreement. The Operating Partnership must have received duly executed a management agreement with Aimbridge Hospitality on terms acceptable to the Operating Partnership.

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	d. Franchise. The Operating Partnership has received a duly executed Franchise Agreement on terms acceptable to the Operating Partnership. e. Amended and Restated Contribution Agreement. For the convenience of the Operating Partnership's public reporting requirements, a duly executed Amended and Restated Contribution Agreement, which shall be provided at least three (3) days in advance of closing. If any of the additional conditions, in addition to those stated in Section 3 of the Agreement, are not met then Operating Partnership may terminate his agreement is receive a complete return of the Earnest Money. Closing. In accordance with Section 3.2, and unless extended in accordance with 3. such section, or the Agreement is terminated for the default events provided therein, the closing shall occur on August 2, 2021. 4. Conflict; Counterparts. In the event of any conflict between the terms of this Amendment and the Agreement, this Amendment shall control. This Amendment may be executed in multiple counterparts via facsimile or email in .PDF format, each of which shall be deemed to be an original, but such counterparts when taken together shall constitute but one Amendment. 5. Successors and Assigns. This Amendment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors, administrators, and assigns. 6. Ratification. Except as set forth above, the terms of the Agreement are hereby ratified and confirmed in their entirety. [Signature Page to Follow]

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	IN WITNESS WHEREOF, this Third Amendment has been duly executed by the parties hereto as of the even date herewith. CONTRIBUTOR: Houston-Hotel Partners, LLC and Houston Land Partners, LLC each a California limited liability company BY: Houston Hospitality Partners, Inc. a California corporation Managing Member /s/ Charles J. Rotkin President Carles J. Rotkin [OPERATING PARTNERSHIP'S SIGNATURE PAGE TO FOLLOW}

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	OPERATING PARTNERSHIP: LODGING FUND REIT III OP, LP A Delaware limited partnership By: Lodging Fund REIT III, Inc. Its: General Partner By: /s/ David R. Durell Name: David R. Durell Title: Chief Investment Officer

​Exhibit 10.47
		1	This text is for numbering purposes only, do not delete. 

FORM OF PROMISSORY NOTE
	$13,000,000.00
	August 3, 2021

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For value received, LF3 Houston, LLC, a Delaware limited liability company and LF3 Houston TRS, LLC, a Delaware limited liability company (collectively, “Maker”), promises to pay to the order of Legendary A-1 Bonds, a Delaware limited liability company at its principal place of business at 1635 43rd Street S, Suite 205, Fargo, ND 58103 (together with its successors and assigns “Payee”), or at such place as the holder hereof may from time to time designate in writing, the principal sum of Thirteen Million and 00/100 Dollars ($13,000,000.00), in lawful money of the United States of America, with interest on the unpaid principal balance from time to time outstanding to be computed in the manner, at the times and, subject to the provisions of Section 2.2(a) of the Loan Agreement dated of even date herewith between Payee, as lender, and Maker, as borrower (the “Loan Agreement”), at the Interest Rate. Capitalized terms used but not defined herein will have the respective meanings given such terms in the Loan Agreement.
1.Payment Terms. Maker will pay to Payee the monthly interest on the unpaid Principal and in the manner and at the times specified in Article 2 of the Loan Agreement, which payments will be applied in the order of priority set forth in the Loan Agreement. Maker will also pay to Payee interest, if any, and all other amounts due and payable as and when provided for in the Loan Agreement. The balance of the Principal, together with all accrued and unpaid interest thereon, and all other amounts payable to Payee hereunder, under the Loan Agreement and under the other Loan Documents will be due and payable on the Maturity Date.
2.Prepayment.  The principal balance of this Note may be prepaid in whole or in part upon: (i) not less than ten (10) days prior written notice to Payee specifying the date on which prepayment is to be made (the “Prepayment Date”); (ii) payment of accrued interest to and including the Prepayment Date; or if Payee would incur costs and expenses as a result of the Prepayment Date not being the last day of the applicable interest period, to and including the last day of the applicable interest period in which the Prepayment Date occurs; and (iii) payment of all other sums then due under this Note, the Security Agreement and the other Loan Documents to the extent then payable.  If any such notice of prepayment is given, the principal amount set forth in such notice and the other sums required under this Section 2 shall be due and payable on the Prepayment Date, provided, however, that Maker may revoke any such prepayment election on or before the date which is ten (10) calendar days prior to the Prepayment Date by written notice to Payee.
3.Loan Documents. This Note is evidence of the Loan and is executed pursuant to the terms and conditions of the Loan Agreement. This Note is secured by and entitled to the benefits of, among other things, the Security Instrument and the other Loan Documents. Reference is made to the Loan Documents for a description of the nature and extent of the security afforded thereby, the rights of the holder hereof in respect of such security, the terms and conditions upon which this Note is secured, and the rights and duties of the holder of this Note. All of the agreements, conditions, covenants, provisions and stipulations contained in the Loan Documents to be kept and performed by Maker are by this reference hereby made part of this Note to the same extent and with the same force and effect as if they were fully set forth in this Note, and Maker covenants and agrees to keep and perform the same, or cause the same to be kept and performed, in accordance with their terms.
4.Loan Acceleration, Prepayment. The Debt will, without notice, become immediately due and payable at the option of Payee upon the occurrence of any Event of Default. This Note may not be prepaid except as expressly provided in, and subject to the terms and conditions of, the Loan Agreement.
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5.Revival. To the extent that Maker makes a payment or Payee receives any payment or proceeds for Maker’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under the Bankruptcy Code or any other bankruptcy law, common law or equitable cause, then, to such extent, the obligations of Maker hereunder intended to be satisfied will be revived and continue as if such payment or proceeds had not been received by Payee.
6.Amendments. This Note may not be modified, amended, waived, extended, changed, discharged, or terminated orally or by any act or failure to act on the part of Maker or Payee, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. Whenever used, the singular number will include the plural, the plural the singular, and the words “Payee” and “Maker” will include their respective successors, assigns, heirs, executors and administrators. If Maker consists of more than one person or party, the obligations and liabilities of each such person or party will be joint and several.
7.Waiver. Maker and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, protest, notice of protest, notice of nonpayment, notice of intent to accelerate the maturity hereof and of acceleration except as otherwise expressly provided in the Loan Documents. No release of any security for the Debt or any person liable for payment of the Debt, no extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of the Loan Documents made by agreement between Payee and any other person or party will release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Maker, and any other person or party who may become liable under the Loan Documents, for the payment of all or any part of the Debt.
8.Maximum Interest Rate.  It is expressly stipulated and agreed to be the intent of Maker and Payee at all times to comply with the applicable Texas law governing the maximum rate of interest payable on the indebtedness evidenced by this Note and the Loan Agreement (or applicable United States federal law to the extent that it permits Payee to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law).  If the applicable law is ever judicially interpreted so as to render usurious any amount (i) contracted for, charged, taken, reserved or received pursuant to this Note, the Loan Agreement, any of the other Loan Documents or any other communication or writing by or between Maker and Payee related to the transaction or transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged, taken, reserved or received by reason of Payee’s exercise of the option to accelerate the maturity of this Note, or (iii) Maker will have paid or Payee will have received by reason of any voluntary prepayment by Maker of this Note, then it is Maker’s and Payee’s express intent that all amounts charged in excess of the Maximum Lawful Rate (as hereinafter defined) shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Payee shall be credited on the principal balance of this Note (or, if this Note has been or would thereby be paid in full, refunded to Maker), and the provisions of this Note, the Loan Agreement, and other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity for the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if this Note has been paid in full before the end of the stated term of this Note, then Maker and Payee agree that Payee shall, with reasonable promptness after Payee discovers or is advised by Maker that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest to Maker and/or credit such excess interest against this Note then owing by Maker to Payee.  Maker hereby agrees that as a condition precedent to any claim seeking usury penalties against Payee, Maker will provide written notice to Payee, advising Payee in reasonable detail of the nature and amount of the violation, and Payee shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Maker or crediting such excess interest against this Note and then owing by Maker to Payee.  
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All sums contracted for, charged, taken, reserved or received by Payee for the use, forbearance or detention of any debt evidenced by this Note shall, to the extent permitted by applicable law, be amortized or spread, using the actuarial method, throughout the stated term of this Note (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest on account of this Note does not exceed the Maximum Lawful Rate from time to time in effect and applicable to this Note for so long as debt is outstanding.  In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to this Note.  Notwithstanding anything to the contrary contained herein or in any other Loan Documents, it is not the intention of Payee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.  To the extent that Payee is relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Note, Payee will utilize the weekly ceiling from time to time in effect as provided in such Chapter 303, as amended.  To the extent United States federal law permits Payee to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law, Payee will rely on United States federal law instead of such Chapter 303 for the purpose of determining the Maximum Lawful Rate.  Additionally, to the extent permitted by applicable law now or hereafter in effect, Payee may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303 or under applicable law by giving notice, if required, to Maker as provided by applicable law now or hereafter in effect.  As used hereunder the term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved by Payee in accordance with the applicable laws of the State of Texas (or applicable United States federal law to the extent that such law permits Payee to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law), taking into account all Charges made in connection with the transaction evidenced by this Note and the other Loan Documents.  As used hereunder, the term “Charges” shall mean all fees, charges and/or any other things of value, if any, contracted for, charged, taken, received or reserved by Payee in connection with the transactions relating to this Note and the other Loan Documents, which are treated as interest under applicable law.
9.Notices. All notices or other communications required or permitted to be given pursuant hereto will be given in the manner specified in the Loan Agreement.
10.Joint and Several. If more than one Person constitutes Maker, each Person constituting Maker hereunder will have joint and several liability for the obligations of Maker hereunder.
11.Governing Law. This Note will be governed by and construed in accordance with the laws of the State of Texas.
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	Maker:

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	LF3 HOUSTON, LLC, a Delaware limited liability company

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	By: Lodging Fund REIT III OP, LP, a Delaware limited partnership, its sole member

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	By: Lodging Fund REIT III, Inc., a Maryland corporation, its general partner

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	By:
	/s/ Samuel C. Montgomery

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	Name:
	Samuel C. Montgomery

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	Title:
	Chief Financial Officer

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	LF3 HOUSTON, LLC, a Delaware limited liability company

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	By: Lodging Fund REIT III TRS, Inc., a Delaware corporation, its sole member

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	By:
	/s/ Samuel C. Montgomery

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	Name:
	Samuel C. Montgomery

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	Title:
	Chief Financial Officer

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		2	This text is for numbering purposes only, do not delete.

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