Exhibit 10.1
FIRST AMENDMENT TO AMENDED AND
RESTATED LOAN AGREEMENT
This First Amendment
to Amended and Restated Loan Agreement (the “ First
Amendment ”) is entered into as of the 4
th
day of February,
2009 by and between SUPERTEL HOSPITALITY, INC., a Virginia
corporation (the “ Borrower ”) and GREAT WESTERN
BANK, a South Dakota corporation (the “ Bank
”).
WHEREAS, on or about
December 3, 2008, Borrower and Bank entered into that certain
Amended and Restated Loan Agreement (the “ Agreement
”), pursuant to which Bank agreed to make certain Loans to
the Borrower; and
WHEREAS, the Borrower and Bank
desire to amend and modify certain terms and conditions of the
Agreement.
NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as
follows:
1. Notwithstanding any provision
contained in the Agreement to the contrary, Borrower and Bank
hereby increase the principal amount of Term Loan 3 from $2,000,000
to $3,200,000. The definition of “Term Loan 3 Interest
Rate” is hereby amended and restated to “7.00% per
annum.” The definition of “Term Loan 3 Maturity
Date” is hereby amended and restated to “May 3,
2009.”
2. The definition of “Loan
Documents” in the Agreement is hereby amended to include that
certain Assignment of Purchase Agreements and Proceeds dated as of
February 4, 2009 from Borrower to Bank. The definition of
“Security Documents” in the Agreement is hereby amended
to include that certain Assignment of Purchase Agreements and
Proceeds dated as of February 4, 2009 from Borrower to
Bank.
3. Section 4.02
