PGRT ESH, INC.
77 West Wacker Drive
Suite 3900
Chicago, Illinois 60601
Citicorp USA,
Inc.
101 John F. Kennedy Parkway
Fourth Floor
Short Hills, New Jersey 07078
Re: Forbearance
Extension
Reference is made to the Amended and Restated
Loan Agreement dated as of June 6, 2008 among PGRT ESH, Inc.
(the “Borrower”), Lightstone Holdings LLC, David
Lichtenstein (together with Lightstone Holdings LLC and the
Borrower, the “Loan Parties”), and Citicorp USA, Inc.
(the “Lender”), as amended by that certain First
Amendment to Loan Agreement dated as of October 31, 2008 among
the Loan Parties and the Lender (as amended by, that certain letter
agreement dated December 31, 2008 among the Loan Parties and
the Lender, that certain letter agreement dated January 30,
2009 among the Loan Parties and the Lender and that certain letter
agreement dated March 2, 2009 among the Loan Parties and the
Lender, collectively, the “First Amendment”), that
certain Second Amendment to Loan Agreement dated as of
December 31, 2008 among the Loan Parties and the Lender, that
certain Third Amendment to Loan Agreement dated as of
January 30, 2009 among the Loan Parties and the Lender, that
certain Waiver and Fourth Amendment to Loan Agreement dated as of
March 2, 2009 amo
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