SEC Contract Filing

Filing Date: 2019-12-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>3
<FILENAME>soho-ex1022_14.htm
<DESCRIPTION>EX-10.22
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soho-ex1022_14.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.22</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:110pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:23.08%;margin-right:23.08%;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:center;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CREDIT AGREEMENT</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;text-align:center;margin-left:23.08%;margin-right:23.08%;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:36pt;text-align:center;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">OUR TOWN HOSPITALITY, LLC</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as Borrower</p>
<p style="margin-bottom:0pt;margin-top:36pt;text-align:center;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</p>
<p style="margin-bottom:0pt;margin-top:36pt;text-align:center;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">MHI HOSPITALITY TRS, LLC</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as Lender</p>
<p style="margin-bottom:0pt;margin-top:48pt;text-align:center;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dated as of <font style="Background-color:#FFFFFF;">January 1, 2020</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-align:center;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CREDIT AGREEMENT</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, this &#8220;<font style="font-weight:bold;">Agreement</font>&#8221;), dated as of January 1, 2020, is by and between OUR TOWN HOSPITALITY, LLC, a Virginia limited liability company (the &#8220;<font style="font-weight:bold;">Borrower</font>&#8221;), and MHI HOSPITALITY TRS, LLC, a Delaware limited liability company (the &#8220;<font style="font-weight:bold;">Lender</font>&#8221;).</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, Sotherly Hotels LP, a Delaware limited partnership, Sotherly Hotels Inc., a Maryland corporation (&#8220;<font style="font-weight:bold;">Sotherly</font>&#8221;), the Lender, Newport Hospitality Group, Inc., a Virginia corporation, and the Borrower are parties to that certain Master Agreement dated as of September 6, 2019 (the &#8220;<font style="font-weight:bold;">Master Agreement</font>&#8221;); and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, in accordance with Section 2(c)(iii) of the Master Agreement, the Borrower has requested that the Lender make available to the Borrower a line of credit to fund its working capital requirements, and the Lender is willing to do so on the terms and conditions set forth herein.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style