SEC Contract Filing

Filing Date: 2023-06-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>ex-103guarantyofrecourse.htm
<DESCRIPTION>EX-10.3
<TEXT>
<HTML>
<HEAD><!-- Document generated by Workiva Inc -->
<TITLE>ex-103guarantyofrecourse</TITLE>
</HEAD>
<BODY bgcolor="white">
<DIV align="center">
<DIV style="margin-left:1em;width:1055;"><!-- ex-103guarantyofrecourse001.jpg -->
<DIV style="padding-top:2em;">
<IMG src="ex-103guarantyofrecourse001.jpg" title="slide1" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white">4883-3586-1573 EXECUTION VERSION 12320853.6 - 01/19/23 GUARANTY OF RECOURSE OBLIGATIONS FOR VALUE RECEIVED, and to induce BP HOLDINGS SIGMA LLC, a Delaware limited liability company (together with its successors and/or assigns, &#8220;Lender&#8221;), having an address at c/o Beach Point Capital Management LP, 1620 26th Street, Suite 6000N, Santa Monica, CA 90404, to lend to 47TH STREET PHOENIX AIRPORT LLC, a Delaware limited liability company (&#8220;Hilton Borrower&#8221;), CHPH HOLDING, LLC, a Delaware limited liability company (&#8220;Crowne Plaza Borrower&#8221;), and 44TH AND MCDOWELL HOLDING, LLC, a Delaware limited liability company (&#8220;Holiday Inn Borrower&#8221;; Hilton Borrower, Crowne Plaza Borrower and Holiday Inn Borrower are, individually and/or collectively, as the context may require, together with their permitted successors and/or assigns, referred to herein as &#8220;Borrower&#8221;), each having its principal place of business at 8901 East Mountain View Road, Suite 150, Scottsdale, Arizona 85258, the principal sum of FIFTY-FIVE MILLION AND NO/100 DOLLARS ($55,000,000.00) (the &#8220;Loan&#8221;), evidenced by that certain Promissory Note dated as of the date hereof made by Borrower to Lender (as the same may be amended, restated, replaced, split or otherwise modified, the &#8220;Note&#8221;) and that certain Loan Agreement dated as of the date hereof (as the same may be amended, restated, replaced or otherwise modified, the &#8220;Loan Agreement&#8221;; capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement) by and among Borrower, Lender and TRIMONT REAL ESTATE ADVISORS, LLC, a Georgia limited liability company, as administrative agent and collateral agent for the benefit of Lender (in such capacity, &#8220;Agent&#8221;), having an address at One Alliance Center, 3500 Lenox Road NE, Suite G1, Atlanta, Georgia 30326, and secured by, inter alia, the Security Instrument and the Pledge Agreement, Guarantor (defined below) is delivering this Guaranty of Recourse Obligations (this &#8220;Guaranty&#8221;) to Agent, for the benefit of Lender. The Note, the Loan Agreement, the Security Instrument, the Pledge Agreement, and all other documents, agreements and certificates executed and/or delivered in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, are collectively referred to herein as the &#8220;Loan Documents&#8221;. 1. As of this 20th day of January, 2023, the undersigned, JOHN C. LOEFFLER, II, an individual (&#8220;Loeffler&#8221;), JENNIFER SCHRADER, an individual (&#8220;Schrader&#8221;), CDIF, LLC, a Delaware limited liability company (&#8220;CDIF&#8221;), CALIBER DIVERSIFIED OPPORTUNITY FUND II, LP, a Delaware limited partnership (&#8220;CDOF II&#8221;), and CALIBERCOS INC., a Delaware corporation (&#8220;CaliberCos&#8221;; together with CDIF and CDOF II, individually and/or collectively as the context may require, &#8220;Entity Guarantor&#8221;; Entity Guarantor together with Loeffler and Schrader, jointly and severally, individually and/or collectively as the context may require, &#8220;Guarantor&#8221;), each having an address at 8901 East Mountain View Road, Suite 150, Scottsdale, Arizona 85258, jointly and severally hereby absolutely, irrevocably and unconditionally guarantee to Agent the prompt and unconditional payment of the Guaranteed Obligations. As used herein, the term &#8220;Guaranteed Obligations&#8221; shall mean, collectively, (i) all obligations and liabilities of Borrower for which Borrower shall be personally liable pursuant to Article 12 of the Loan Agreement and (ii) any and all fees, costs and expenses of Agent or Lender, including, without limitation, any and all reasonable attorneys&#8217; fees and expenses, in connection with the enforcement of this Guaranty by Agent. </FONT></DIV>
<P><HR noshade><P>
<DIV style="page-break-before:always;">&nbsp;</DIV>
</DIV>
<!-- ex-103guarantyofrecourse002.jpg -->
<DIV style="padding-top:2em;">
<IMG src="ex-103guarantyofrecourse002.jpg" title="slide2" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white">4883-3586-1573 2 12320853.6 - 01/19/23 2. Nature of Guaranty. (a) It is expressly understood and agreed that this is a continuing guaranty and that the obligations of Guarantor hereunder are and shall be absolute under any and all circumstances, without regard to the validity, regularity or enforceability of the Note, the Loan Agreement, the Security Instrument, the Pledge Agreement or the other Loan Documents, a true copy of each of said documents Guarantor hereby acknowledges having received and reviewed. (b) This is a guaranty of payment and not merely of collection and Guarantor shall be a primary obligor of the Guaranteed Obligations. Upon the Guaranteed Obligations being incurred by Lender or Agent, Agent may, at its option, proceed directly and at once, without notice, against Guarantor to collect and recover the full amount of the liability hereunder or any portion thereof, without proceeding against Borrower or any other person, or foreclosing upon, selling, or otherwise disposing of or collecting or applying against any of the mortgaged property or other collateral for the Loan. (c) It is the intent of Guarantor and Agent that the obligations and liabilities of Guarantor hereunder are absolute and unconditional under any and all c