Exhibit 10.24
Xxxxxxxx Hospitality Limited Partnership
0000 Xxxxxxxxx Xxxxx, Xxxxx X
Xxxxxxxx, Xxxxxxxx 00000
March 22, 2002
Xxxxxxxx Hospitality Management, Inc.
Supertel Hospitality Management, Inc.
E&P Financing Limited Partnership
Solomons Beacon Inn Limited Partnership
0000 Xxxxxxxxx Xxxxx, Xxxxx X
Xxxxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
The parties hereto are parties to the Lease Termination Agreement (the
"Termination Agreement"), dated as of December 31, 2001, among Xxxxxxxx
Hospitality Management, Inc., a Maryland corporation, Supertel Hospitality
Management, Inc., a Maryland corporation, Xxxxxxxx Hospitality Trust, Inc., a
Virginia corporation, Xxxxxxxx Hospitality Limited Partnership, a Virginia
limited partnership, E&P Financing Limited Partnership, a Maryland limited
partnership, Solomons Beacon Inn Limited Partnership, a Maryland limited
partnership and TRS Leasing, Inc, a Virginia corporation, and a letter agreement
dated December 31, 2001 with respect to rent payable for the fourth calendar
quarter of 2001. The undersigned parties agree as follows:
1. All terms not defined herein shall have the meanings provided in the
Termination Agreement.
2. The definition of "Aggregate Lease Termination Payment" in Section
1(a) of the Termination Agreement is amended to read as follows:
"Aggregate Lease Termination Payment" shall mean Four
Hundred Thousand Dollars ($400,000.00).
3. Notwithstanding the provision of paragraph 2 of the letter agreement
dated December 31, 2001, among the parties hereto, the aggregate rent payable
for each Hotel under the Lease Agreements for the period October 1, 2001 through
December 31, 2001, shall be an amount equal to 15.9% of the total room revenue
at the Hotel for that period representing, in the aggregate for all Hotels,
$2,197,638.
Xxxxxxxx Hospitality Management, Inc.
Supertel Hospitality Management, Inc.
E&P Financing Limited Partnership
Solomons Beacon Inn Limited Partnership
March 22, 2002
Page 3
Please sign below to acknowledge your agreement to be bound by the
terms of this letter agreement. Sincerely,
XXXXXXXX HOSPITALITY
LIMITED PARTNERSHIP
By: Xxxxxxxx Hospitality REIT Trust,
general partner
By: /s/ Xxxxxx X. Xxxxxxxxxx
----------------------------
Name: Xxxxxx X. Xxxxxxxxxx
Title: President
E&P FINANCING
LIMITED PARTNERSHIP
By: E&P REIT Trust,
general partner
By: /s/ Xxxxxx X. Xxxxxxxxxx
----------------------------
Name: Xxxxxx X. Xxxxxxxxxx
Title: President
SOLOMONS BEACON INN
LIMITED PARTNERSHIP
By: Xxxxxxxx Hospitality Limited Partnership,
its general partner
By: Xxxxxxxx Hospitality REIT Trust,
its general partner
By: /s/ Xxxxxx X. Xxxxxxxxxx
----------------------------
Name: Xxxxxx X. Xxxxxxxxxx
Title: President
Xxxxxxxx Hospitality Management, Inc.
Supertel Hospitality Management, Inc.
E&P Financing Limited Partnership
Solomons Beacon Inn Limited Partnership
March 22, 2002
Page 3
Agreed:
XXXXXXXX HOSPITALITY
MANAGEMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------
Name: Xxxxxxx X. Xxxxxxx
---------------------------
Title: Chief Financial Officer
---------------------------
SUPERTEL HOSPITALITY
MANAGEMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------
Name: Xxxxxxx X. Xxxxxxx
---------------------------
Title: Chief Financial Officer
---------------------------
