EX-10.21 41 a2239418zex-10_21.htm EX-10.21

Exhibit 10.21

 

AGREEMENT TO PROVIDE INSURANCE

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

$

9,444,500.00

 

06-19-2019

 

07-01-2024

 

4011906

 

8100

 

196092

 

403

 

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

Borrower:

LF3 Eagan, LLC

Lender:

Western State Bank

 

LF3 Eagan TRS, LLC

 

West Fargo

 

1635 43rd Street South, Suite 205

 

P.O. Box 617

 

Fargo, ND 58103

 

755 13th Ave E

 

 

 

West Fargo, ND 58078

Grantor:

LF3 Eagan, LLC

 

 

 

1635 43rd Street South, Suite 205

 

 

 

Fargo, ND 58103

 

 

 

INSURANCE REQUIREMENTS. Grantor, LF3 Eagan, LLC (“Grantor”), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Borrower”) by Lender. These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):

 

Collateral:   3000 Eagandale Place, Eagan, MN 55121.

Type: Fire and extended coverage.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Standard mortgagee’s clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender, and without disclaimer of the insurer’s liability for failure to give such notice.

Latest Delivery Date: By the loan closing date.

 

INSURANCE COMPANY. Grantor may obtain insurance from any insurance company Grantor may choose that is reasonably acceptable to Lender. Grantor understands that credit may not be denied solely because insurance was not purchased through Lender.

 

FLOOD INSURANCE. Flood Insurance for the Collateral securing this loan is described as follows:

 

Real Estate at 3000 Eagandale Place, Eagan, MN 55121.

 

Should the Collateral at any time be deemed to be located in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area. Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Flood insurance may be purchased under the National Flood Insurance Program or from private insurers.

 

FAILURE TO PROVIDE INSURANCE. Grantor agrees to deliver to Lender, on the latest delivery date stated above, evidence of the required insurance as provided above, with an effective date of June 19, 2019, or earlier. Grantor acknowledges and agrees that if Grantor fails to provide any required insurance or fails to continue such insurance in force, Lender may do so at Grantor’s expense as provided in the applicable security document. The cost of any such insurance, at the option of Lender, shall be added to the indebtedness as provided in the security document. GRANTOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO AN AMOUNT EQUAL TO THE LESSER OF (1) THE UNPAID BALANCE OF THE DEBT, EXCLUDING ANY UNEARNED FINANCE CHARGES, OR (2) THE VALUE OF THE COLLATERAL; HOWEVER, GRANTOR’S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. IN ADDITION, THE INSURANCE MAY NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEET THE REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS.

 

AUTHORIZATION. For purposes of insurance coverage on the Collateral, Grantor authorizes Lender to provide to any person (including any insurance agent or company) all information Lender deems appropriate, whether regarding the Collateral, the loan or other financial accommodations, or both.

 

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED JUNE 19, 2019.

 

GRANTOR:

 

LF3 EAGAN, LLC

 

LODGING FUND REIT III OP, LP, Sole Member of LF3 Eagan, LLC

 

LODGING FUND REIT III, INC., General Partner of Lodging Fund REIT III OP, LP

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III, Inc.

 

 

 

FOR LENDER USE ONLY

INSURANCE VERIFICATION

 

DATE:

 

PHONE (952) 941-9418

 

AGENT’S NAME: Laura Sutherland

AGENCY: Ross Nesbit Agencies, Inc.

ADDRESS: 5900 Rowland Road, Minnetonka, MN 55343

INSURANCE COMPANY:

POLICY NUMBER:

EFFECTIVE DATES:

 

COMMENTS:

 

 

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND

 

2

 

AGREEMENT TO PROVIDE INSURANCE

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

$

9,444,500.00

 

06-19-2019

 

07-01-2024

 

4011906

 

8100

 

196092

 

403

 

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

Grantor:

LF3 Eagan, LLC

Lender:

Western State Bank

 

LF3 Eagan TRS, LLC

 

West Fargo

 

1635 43rd Street South, Suite 205

 

P.O. Box 617

 

Fargo, ND 58103

 

755 13th Ave E

 

 

 

West Fargo, ND 58078

 

INSURANCE REQUIREMENTS. Grantor, LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Grantor”), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to Grantor by Lender. These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):

 

Collateral:   All Fixtures at 3000 Eagandale Place, Eagan, MN 55121.

Type: All risks, including fire, theft and liability.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender.

Latest Delivery Date: By the loan closing date:

 

Collateral:   All Inventory, Equipment, Timber and Minerals, Oil and Gas.

Type: All risks, including fire, theft and liability.

Amount: Full Insurable Value. Basis: Replacement value.

Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender.

Latest Delivery Date: By the loan closing date.

 

INSURANCE COMPANY. Grantor may obtain insurance from any insurance company Grantor may choose that is reasonably acceptable to Lender. Grantor understands that credit may not be denied solely because insurance was not purchased through Lender.

 

FAILURE TO PROVIDE INSURANCE. Grantor agrees to deliver to Lender, on the latest delivery date stated above, proof of the required insurance as provided above, with an effective date of June 19, 2019, or earlier. Grantor acknowledges and agrees that if Grantor fails to provide any required insurance or fails to continue such insurance in force, Lender may do so at Grantor’s expense as provided in the applicable security document. The cost of any such insurance, at the option of Lender, shall be added to the indebtedness as provided in the security document. GRANTOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO AN AMOUNT EQUAL TO THE LESSER OF (1) THE UNPAID BALANCE OF THE DEBT, EXCLUDING ANY UNEARNED FINANCE CHARGES, OR (2) THE VALUE OF THE COLLATERAL; HOWEVER, GRANTOR’S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. IN ADDITION, THE INSURANCE MAY NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEET THE REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS.

 

AUTHORIZATION. For purposes of insurance coverage on the Collateral, Grantor authorizes Lender to provide to any person (including any insurance agent or company) all information Lender deems appropriate, whether regarding the Collateral, the loan or other financial accommodations, or both.

 

 

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED JUNE 19. 2019.

 

GRANTOR:

 

LF3 EAGAN, LLC

 

LODGING FUND REIT III OP, LP, Sole Member of LF3 Eagan, LLC

 

LODGING FUND REIT III, INC. General Partner of Lodging Fund REIT III OP, LP

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III, Inc.

 

 

LF3 EAGAN TRS, LLC

 

LODGING FUND REIT III TRS, INC., Sole Member of LF3 Eagan TRS, LLC

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III TRS, Inc.

 

 

FOR LENDER USE ONLY

INSURANCE VERIFICATION

 

DATE:

PHONE (952) 941-9418

 

AGENT’S NAME: Laura Sutherland

AGENCY: Ross Nesbit Agencies, Inc.

ADDRESS: 5900 Rowland Road, Minnetonka, MN 55343

INSURANCE COMPANY:

POLICY NUMBER:

EFFECTIVE DATES:

 

COMMENTS:

 

 

FOR LENDER USE ONLY

INSURANCE VERIFICATION

 

DATE:

PHONE (952) 941-9418

 

AGENT’S NAME: Laura Sutherland

AGENCY: Ross Nesbit Agencies, Inc.

ADDRESS: 5900 Rowland Road, Minnetonka, MN 55343

INSURANCE COMPANY:

POLICY NUMBER:

EFFECTIVE DATES:

 

COMMENTS:

 

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND

 

2

 

AGREEMENT TO PROVIDE INSURANCE

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

$

9,444,500.00

 

06-19-2019

 

07-01-2024

 

4011906

 

8100

 

196092

 

403

 

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

Borrower:

LF3 Eagan, LLC

Lender:

Western State Bank

 

LF3 Eagan TRS, LLC

 

West Fargo

 

1635 43rd Street South, Suite 205

 

P.O. Box 617

 

Fargo, ND 58103

 

755 13th Ave E

 

 

 

West Fargo, NO 58078

Grantor:

LF3 Eagan TRS, LLC

 

 

 

1635 43rd Street South, Suite 205

 

 

 

Fargo, ND 58103

 

 

 

INSURANCE REQUIREMENTS. Grantor, LF3 Eagan TRS, LLC (“Grantor”), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Borrower”) by Lender. These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):

 

Collateral:                                  Assignment of Franchise Agreement dated June 19, 2019 between Hilton Franchise Holding LLC, a Delaware Limited Liability Company and LF3 Eagan TRS, LLC, a Delaware Limited Liability Company. This Franchise Agreement constitutes a license to operate a hotel as Hampton Inn by Hilton brand hotel located at 3000 Eagandale Place, Eagan, MN 55121..

Type: All risks, including fire, theft and liability.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender.

Latest Delivery Date: By the loan closing date.

 

INSURANCE COMPANY. Grantor may obtain insurance from any insurance company Grantor may choose that is reasonably acceptable to Lender. Grantor understands that credit may not be denied solely because insurance was not purchased through Lender.

 

FAILURE TO PROVIDE INSURANCE. Grantor agrees to deliver to Lender, on the latest delivery date stated above, proof of the required insurance as provided above, with an effective date of June 19, 2019, or earlier. Grantor acknowledges and agrees that if Grantor fails to provide any required insurance or fails to continue such insurance in force, Lender may do so at Grantor’s expense as provided in the applicable security document. The cost of any such insurance, at the option of Lender, shall be added to the indebtedness as provided in the security document. GRANTOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO AN AMOUNT EQUAL TO THE LESSER OF (1) THE UNPAID BALANCE OF THE DEBT, EXCLUDING ANY UNEARNED FINANCE CHARGES, OR (2) THE VALUE OF THE COLLATERAL; HOWEVER, GRANTOR’S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. IN ADDITION, THE INSURANCE MAY NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEET THE REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS.

 

AUTHORIZATION. For purposes of insurance coverage on the Collateral, Grantor authorizes Lender to provide to any person (including any insurance agent or company) all information Lender deems appropriate, whether regarding the Collateral, the loan or other financial accommodations, or both.

 

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED JUNE 19, 2019.

 

GRANTOR:

 

LF3 EAGAN TRS, LLC

 

LODGING FUND REIT III TRS, INC., Sole Member of LF3 Eagan TRS, LLC

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III TRS, Inc.

 

 

 

FOR LENDER USE ONLY

INSURANCE VERIFICATION

 

DATE:

PHONE (952) 941-9418

AGENT’S NAME: Laura Sutherland

AGENCY: Ross Nesbit Agencies, Inc.

ADDRESS: 5900 Rowland Road, Minnetonka, MN 55343

INSURANCE COMPANY:

POLICY NUMBER:

EFFECTIVE DATES:

 

COMMENTS:

 

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND

 

2

 

NOTICE OF INSURANCE REQUIREMENTS

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

 

 

06-19-2019

 

 

 

4011906

 

8100

 

196092

 

403

 

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

Borrower:

LF3 Eagan, LLC

Lender:

Western State Bank

 

LF3 Eagan TRS, LLC

 

West Fargo

 

1635 43rd Street South, Suite 205

 

P.O. Box 617

 

Fargo, ND 58103

 

755 13th Ave E

 

 

 

West Fargo, ND 58078

Grantor:

LF3 Eagan, LLC

 

 

 

1635 43rd Street South, Suite 205

 

 

 

Fargo, ND 58103

 

 

 

 

Ross Nesbit Agencies, Inc.

 

TO:

ATTN: Laura Sutherland

DATE: June 19, 2019

 

5900 Rowland Road

 

 

Minnetonka, MN 55343

 

 

RE:

Policy Number(s):

 

 

Insurance Companies/Company:

 

 

Dear Laura Sutherland:

 

LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Borrower”), are obtaining a loan from Western State Bank. Please send appropriate evidence of insurance to Western State Bank, together with the requested endorsements, on the following property, which Grantor, LF3 Eagan, LLC (“Grantor”) is giving as security for the loan.

 

Collateral: 3000 Eagandale Place, Eagan, MN 55121.

Type: Fire and extended coverage.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Standard mortgagee’s clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender, and without disclaimer of the insurer’s liability for failure to give such notice.

Latest Delivery Date: By the loan closing date.

 

GRANTOR:

 

LF3 EAGAN, LLC

 

LODGING FUND REIT III OP, LP, Sole Member of LF3 Eagan, LLC

 

LODGING FUND REIT III, INC., General Partner of Lodging Fund REIT III OP, LP

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III, Inc.

 

 

RETURN TO:

 

West Fargo

P.O. Box 617

755 13th Ave E

West Fargo, ND 58078

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND

 

 

NOTICE OF INSURANCE REQUIREMENTS

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

 

06-19-2019

 

 

 

4011906

 

8100

 

196092

 

403

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

Grantor:

 

LF3 Eagan, LLC

 

Lender:

 

Western State Bank

 

 

LF3 Eagan TRS, LLC

 

 

 

West Fargo

 

 

1635 43rd Street South, Suite 205

 

 

 

P.O. Box 617

 

 

Fargo, ND 58103

 

 

 

755 13th Ave E

 

 

 

 

 

 

West Fargo, ND 58078

 

 

Ross Nesbit Agencies, Inc.

 

TO:

ATTN: Laura Sutherland

DATE: June 19, 2019

 

5900 Rowland Road

 

 

Minnetonka, MN 55343

 

 

 

 

RE:

Policy Number(s):

 

 

Insurance Companies/Company:

 

 

Dear Laura Sutherland:

 

Grantor, LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Grantor”) is obtaining a loan from Western State Bank. Please send appropriate evidence of insurance to Western State Bank, together with the requested endorsements, on the following property, which Grantor is giving as security for the loan.

 

Collateral:          All Fixtures at 3000 Eagandale Place, Eagan, MN 55121.

Type: All risks, including fire, theft and liability.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender.

Latest Delivery Date: By the loan closing date.

 

RETURN TO:

 

West Fargo

P.O. Box 617

755 13th Ave E

West Fargo, ND 58078

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND

 

 

GRANTOR:

 

LF3 EAGAN, LLC

 

LODGING FUND REIT III OP, LP, Sole Member of LF3 Eagan, LLC

 

LODGING FUND REIT III, INC., General Partner of Lodging Fund REIT III OP, LP

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III, Inc.

 

 

LF3 EAGAN TRS, LLC

 

LODGING FUND REIT III TRS, INC., Sole Member of LF3 Eagan TRS, LLC

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III TRS, Inc.

 

 

2

 

NOTICE OF INSURANCE REQUIREMENTS

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

 

06-19-2019

 

 

 

4011906

 

8100

 

196092

 

403

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

Grantor:

 

LF3 Eagan, LLC

 

Lender:

 

Western State Bank

 

 

LF3 Eagan TRS, LLC

 

 

 

West Fargo

 

 

1635 43rd Street South, Suite 205

 

 

 

P.O. Box 617

 

 

Fargo, ND 58103

 

 

 

755 13th Ave E

 

 

 

 

 

 

West Fargo, ND 58078

 

 

Ross Nesbit Agencies, Inc.

 

TO:

ATTN: Laura Sutherland

DATE: June 19, 2019

 

5900 Rowland Road

 

 

Minnetonka, MN 55343

 

 

 

 

RE:

Policy Number(s):

 

 

Insurance Companies/Company:

 

 

 

Dear Laura Sutherland:

 

Grantor, LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Grantor”) is obtaining a loan from Western State Bank. Please send appropriate evidence of insurance to Western State Bank, together with the requested endorsements, on the following property, which Grantor is giving as security for the loan.

 

Collateral:          All Inventory, Equipment, Timber and Minerals, Oil and Gas.

Type: All risks, including fire, theft and liability.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 30 days prior written notice to Lender.

Latest Delivery Date: By the loan closing date.

 

RETURN TO:

 

West Fargo

P.O. Box 617

755 13th Ave E

West Fargo, ND 58078

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND

 

 

GRANTOR:

 

LF3 EAGAN, LLC

 

LODGING FUND REIT III OP, LP, Sole Member of LF3 Eagan, LLC

 

LODGING FUND REIT III, INC., General Partner of Lodging Fund REIT III OP, LP

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III, Inc.

 

 

LF3 EAGAN TRS, LLC

 

LODGING FUND REIT III TRS, INC., Sole Member of LF3 Eagan TRS, LLC

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III TRS, Inc.

 

 

2

 

NOTICE OF INSURANCE REQUIREMENTS

 

Principal

 

Loan Date

 

Maturity

 

Loan No

 

Call / Coll

 

Account

 

Officer

 

Initials

 

 

06-19-2019

 

 

 

4011906

 

8100

 

196092

 

403

 

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

 

Any item above containing “***” has been omitted due to text length limitations.

 

Borrower:

 

LF3 Eagan, LLC

 

Lender:

 

Western State Bank

 

 

LF3 Eagan TRS, LLC

 

 

 

West Fargo

 

 

1635 43rd Street South, Suite 205

 

 

 

P.O. Box 617

 

 

Fargo, ND 58103

 

 

 

755 13th Ave E

 

 

 

 

 

 

West Fargo, ND 58078

 

 

 

 

 

 

 

Grantor:

 

LF3 Eagan TRS, LLC

 

 

 

 

 

 

1635 43rd Street South, Suite 205

 

 

 

 

 

 

Fargo, ND 58103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ross Nesbit Agencies, Inc.

 

TO:

ATTN: Laura Sutherland

DATE: June 19, 2019

 

5900 Rowland Road

 

 

Minnetonka, MN 55343

 

 

 

 

RE:

Policy Number(s):

 

 

Insurance Companies/Company:

 

 

Dear Laura Sutherland:

 

LF3 Eagan, LLC; and LF3 Eagan TRS, LLC (“Borrower”), are obtaining a loan from Western State Bank. Please send appropriate evidence of insurance to Western State Bank, together with the requested endorsements, on the following property, which Grantor, LF3 Eagan TRS, LLC (“Grantor”) is giving as security for the loan.

 

Collateral:          Assignment of Franchise Agreement dated June 19, 2019 between Hilton Franchise Holding LLC, a Delaware Limited Liability Company and LF3 Eagan TRS, LLC, a Delaware Limited Liability Company. This Franchise Agreement constitutes a license to operate a hotel as Hampton Inn by Hilton brand hotel located at 3000 Eagandale Place, Eagan, MN 55121..

Type: All risks, including fire, theft and liability.

Amount: Full Insurable Value.

Basis: Replacement value.

Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished with minimum of 30 days prior written notice to Lender.

Latest Delivery Date: By the loan closing date.

 

GRANTOR:

 

LF3 EAGAN TRS, LLC

 

LODGING FUND REIT III TRS, INC., Sole Member of LF3 Eagan TRS, LLC

 

By:

/s/ Katie Cox

 

 

Katie Cox, Chief Financial Officer of Lodging Fund

 

 

REIT III TRS, Inc.

 

 

RETURN TO:

 

West Fargo

P.O. Box 617

755 13th Ave E

West Fargo, ND 58078

 

LaserPro, Ver. 19.1.10.016 Copr. Finastra USA Corporation 1997, 2019. All Rights Reserved. - ND