Condor Hospitality Trust, Inc. (NASDAQ:CDOR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On July 20, 2020, Condor Hospitality Trust, Inc. (the “Company”), through its indirect wholly-owned subsidiaries CDOR KCI Loft, LLC (“CKL”) and TRS KCI Loft, LLC (“TKL”), entered into a Fourth Amendment to Loan Agreement, effective as of June 30, 2020, among CKL and TKL, as borrowers, and Great Western Bank, as lender (the “Fourth Amendment”). The Fourth Amendment amends the Loan Agreement dated as of December 14, 2016, as amended by the First Amendment to Loan Agreement dated as of March 8, 2019, Second Amendment to Loan Agreement dated as of March 30, 2020 and Third Amendment to Loan Agreement dated as of May 13, 2020 (collectively, the “Loan Agreement”). The Loan Agreement is described in the Company’s Current Reports on Form 8-K dated December 14, 2016 and March 5, 2019, Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and is incorporated herein by reference.
The Fourth Amendment provides for the deferral of the monthly principal and interest payments due on July 1, 2020, August 1, 2020 and September 1, 2020 until the maturity date in December 2021. The amendment was initiated due to the actual and anticipated impact of the COVID-19 virus on the hotel industry generally.
The foregoing summary of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fourth Amendment, a copy of which is attached as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
CONDOR HOSPITALITY TRUST, INC. Exhibit
EX-10.2 2 cdor-20200720xex10_2.htm EX-10.2 102 Exhibit 10.1 FOURTH AMENDMENT TO LOAN AGREEMENT This FOURTH AMENDMENT TO LOAN AGREEMENT (this \”Amendment\”),…
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