SEC Contract Filing

Filing Date: 2015-05-20

Document Content:
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<TYPE>EX-10.20
<SEQUENCE>2
<FILENAME>ex10-20.htm
<DESCRIPTION>LOAN AGREEMENT
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><A HREF="urt-10q_033115.htm">United Realty Trust Incorporated 10-Q</A></FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.20</B></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Side Letter</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Gentlemen:&#9;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Reference is made to that certain mezzanine
loan issued by of FRS CARNEGIE PLAZA, L.L.C., a New Jersey limited liability company (&ldquo;FRS&rdquo;) to 7 CARNEGIE PLAZA MEZZ,
a Delaware limited liability company (&ldquo;7 Carnegie&rdquo;) in the amount of One Million Eight Hundred Thousand and No/100
Dollars ($1,800,000.00) (the &ldquo;Loan&rdquo;). The Loan is evidenced by a pledge and security agreement by and between FRS and
7 Carnegie (the &ldquo;Pledge&rdquo;) and a promissory note given by 7 Carnegie in favor of FRS in the amount of One Million Eight
Hundred Thousand and No/100 Dollars ($1,800,000.00) (the &ldquo;Note&rdquo;).</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If 7 Carnegie fails to pay the Obligations in full on or before February
28, 2015, FRS shall continue to abide by the terms of that certain intercreditor agreement by and between FRS and UBS Real Estate
Securities, Inc. (the &ldquo;Intercreditor&rdquo;) in which case it shall receive all Excess Cash Flow (as defined in that certain
Loan Agreement by and between 7 Carnegie and UBS Real Estate Securities, Inc) until such time as the Note shall be fully repaid.
Simultaneously, W.A. Lloyd, LLC, an affiliate of 7 Carnegie shall contribute, as additional collateral for the Loan, that certain
unencumbered vacant land of approximately twelve (12) acres located on Route 9W in the town of Lloyd, New York, north of the intersection
with Red Top Road. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Upon closing of the Loan, 7 Carnegie shall pay
a one-time loan origination fee to FRS in the amount of Thirty Six Thousand Dollars ($36,000). </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All terms used in this Agreement that are not otherwise defined herein
shall have the respective meanings ascribed thereto in the Pledge.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Other than as expressly amended herein, all
other terms of the Pledge and Note shall remain in full force and effect.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-weight: normal">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">To the extent that there is any conflict between
the terms of this Side Letter and the terms of the Note and Pledge, the terms of this latter shall control. </FONT></TD></TR></TABLE>

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