SEC Contract Filing

Filing Date: 2020-04-23

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2016729d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OMNIBUS AMENDMENT AND REAFFIRMATION AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Loan from East Boston Savings Bank)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Omnibus Amendment and Reaffirmation
Agreement (&ldquo;<B>Agreement</B>&rdquo;) is made as of the 23<SUP>rd</SUP> day of April, 2020, between and among Gano Holdings,
LLC, a Rhode Island limited liability company (&ldquo;<B>Borrower</B>&rdquo;), Procaccianti Hotel REIT, Inc. (&ldquo;<B>GPHREIT</B>&rdquo;),
a Maryland corporation, and East Boston Savings Bank (&ldquo;<B>Bank</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Bank earlier
made a loan to Borrower in the original amount of Thirteen Million One Hundred Thirty-Five Thousand Dollars ($13,135,000.00), increased
in 2019 by Two Million Five Hundred Thousand Dollars ($2,500,000.00), and later increased in 2020 to $16,936,900.72, which loan
(as previously so increased, the &ldquo;<B>Existing Loan</B>&rdquo;) is secured in part by improved property located at 220 India
Street, Providence, Rhode Island, on which there is a 137-key hotel and parking area known as the Hilton Garden Inn (the &ldquo;<B>Hotel</B>&rdquo;),
and which Loan as most recently modified by the terms and provisions of the Loan Documents, as &ldquo;Loan Documents&rdquo; is
defined in paragraph 3 of the Omnibus Amendment, Assignment, Assumption, Release and Reaffirmation Agreement dated February 21,
2020 and as amended on March 24, 2020 between and among the Borrower, GPHREIT, the Bank and others (collectively, the &ldquo;<B>Prior
Omnibus Amendment</B>&rdquo;); and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, at Borrower&rsquo;s request due
to the economic disruption caused by the COVID-19 virus, the Bank and Borrower have agreed to limited economic relief via a temporary
deferral of sums otherwise payable under the Note, and certain other changes to the Loan as hereinafter noted;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW THEREFORE, for good and valuable consideration
including the modifications to the Loan Documents hereinafter noted, the parties hereto agree as follows:</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.3pt">1.</TD><TD>Capitalized terms used herein and not otherwise defined in this Agreement shall have the meanings ascribed to them according
to the terms of paragraph 3 of the prior Omnibus Agreement;</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.3pt">2.</TD><TD>The provisions for payment of interest on the Note as set forth in subparagraph (a) on page 1 of the Note are modified with
respect to the six payments, only, otherwise due on the six (6) consecutive payment days starting with the Payment Day (i.e., the
15<SUP>th</SUP>) in April, 2020. With respect to each of those six payments, the date for payment will be deferred until the date
twelve (12) months after the date originally due (e.g., the payment originally due April 15, 2020 will be due one year thereafter,
on April 15, 2021),</TD></TR></TABLE>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.3pt">3.</TD><TD>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All financial covenant testing and any requirements of the Borrower to comply with the same contained in the Loan Documents
are waived until the year ending December 31, 2021.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.3pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
net worth, liquidity and financial covenant testing and any requirements of the Guarantor to comply with the same contained in
the Loan Documents are waived until the year ending December 31, 2021.</P>

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