SEC Contract Filing

Filing Date: 2022-08-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.223
<SEQUENCE>8
<FILENAME>tmb-20220630xex10d223.htm
<DESCRIPTION>EX-10.223
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.14.0.96--><!--Created on: 8/11/2022 08:32:46 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Georgia';font-size:11pt;text-align:right;margin:0pt;">Ex 10.223</p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Georgia';font-size:11pt;font-weight:bold;text-align:center;margin:0pt 0pt 11pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-variant:small-caps;font-weight:bold;">Continuing Guaranty</b></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 11pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">This Continuing Guaranty (this &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Guaranty</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;), dated as of August 3, 2022 (the &#8220;</font><a name="EffectiveDate"></a><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Effective Date</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;), is made by </font><b style="font-family:'Times New Roman','Times','serif';font-variant:small-caps;font-weight:bold;">Lodging Fund REIT III OP, LP</b><font style="font-family:'Times New Roman','Times','serif';">, a Delaware limited partnership (the &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Guarantor</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;) in favor of </font><b style="font-family:'Times New Roman','Times','serif';font-variant:small-caps;font-weight:bold;">Legendary A-1 Bonds, LLC</b><font style="font-family:'Times New Roman','Times','serif';">, a Delaware limited liability company (&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Lender</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;).</font></p><p style="font-family:'Georgia';font-size:11pt;font-variant:small-caps;font-weight:bold;text-align:center;margin:0pt 0pt 9pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Recitals</b></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 11pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;">A.</font></font><font style="font-family:'Times New Roman','Times','serif';">LF3 RIFC, LLC, a Delaware limited liability company and LF3 RIFC TRS, LLC, a Delaware limited liability company (collectively, &#8220;</font><a name="Borrower"></a><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Borrower</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;) are indebted to Lender pursuant to the Tranche 1 Promissory Note in the principal amount of $10,298,535.00 dated the Effective Date from Borrower payable to the order of Lender, issued pursuant to the Loan Agreement (defined below).</font></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 11pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;">B.</font></font><font style="font-family:'Times New Roman','Times','serif';">Guarantor is the beneficial owner of a direct or indirect interest in Borrower and is an affiliate of Borrower. The value of the consideration and benefit received and to be received by Guarantor, directly or indirectly, as a result of Lender&#8217;s extension of credit to Borrower is a substantial benefit to Guarantor.</font></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 11pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;">C.</font></font><font style="font-family:'Times New Roman','Times','serif';">As a condition to extending credit to Borrower, Lender requires Guarantor to guaranty the indebtedness of Borrower to Lender. </font></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 11pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">For good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, and to induce Lender, at its option, at any time or from time to time to lend money to Borrower, the Guarantor hereby agrees as follows:</font></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;margin:0pt 0pt 9pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">As used herein, the following terms have the meanings assigned; provided however, capitalized terms used herein but not defined will have the meaning assigned to such terms in the Loan Agreement: </font></p><p style="font-family:'Georgia';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 11pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Event of Default</b><font style="font-family:'Times New Roman','Times','serif';">&#8221; has the meaning ascribed to such term in the Loan Agreement.</font></p><p style="font-family:'