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SOHO > SEC Filings for SOHO > Form 8-K on 2-Jul-2013All Recent SEC Filings

Show all filings for SOTHERLY HOTELS INC.



Entry into a Material Definitive Agreement, Creation of a Direct Financial O

Item 1.01. Entry into a Material Definitive Agreement.

On June 28, 2013, Hampton Hotel Associates LLC (the "Borrower") and MHI Hospitality, L.P., both affiliates of Sotherly Hotels Inc. (the "Company"), entered into a Fourth Amendment to Commitment Letter to extend the maturity date (the "Extension") of the approximate $7,064,625.00 mortgage (the "Mortgage Loan") on the Crowne Plaza Hampton Marina hotel property (the "Property") with TowneBank (the "Lender"), from June 30, 2013 to June 30, 2014 (the "Extension Period"), with an option to renew for an additional 12 months subject to certain criteria.

During the Extension Period, and pursuant to the loan documents:

the interest rate applicable to the Mortgage Loan will be 4.55% over LIBOR with an interest rate floor of 5.00%; and

Borrower will pay to Lender monthly interest payments plus monthly principal payments of $16,000.

In order to effect the Extension, and pursuant to the loan documents:

Borrower paid to Lender an extension fee of approximately $30,000; and

Borrower made a principal payment to Lender of $1,064,625 on June 28, 2013.

In order to qualify for the additional 12 month renewal option, and pursuant to the loan documents, the Property must meet a minimum debt service coverage ratio of 1.10:1 as defined in the loan documents.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this report is incorporated herein by reference.

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