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SOHO > SEC Filings for SOHO > Form 8-K on 3-Jul-2014All 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 27, 2014, Hampton Hotel Associates LLC ("Borrower") and Sotherly Hotels LP (formerly MHI Hospitality, L.P.), as guarantor, each a direct or indirect subsidiary of Sotherly Hotels Inc. (the "Company"), entered into a Fifth Amendment to Commitment Letter and other loan documents (collectively, the "Loan Documents") to extend the maturity date (the "Extension") of the approximate $5,807,500 mortgage (the "Mortgage Loan") on the Crowne Plaza Hampton Marina hotel property (the "Property") with TowneBank ("Lender"), from June 30, 2014 to June 30, 2016 (the "Extension Period").

During the Extension Period, and pursuant to the Loan Documents:

the interest rate applicable to the Mortgage Loan will be fixed at 5.0% per annum; and

Borrower will pay to Lender monthly principal payments in the amount of $83,000 plus accrued unpaid interest.

In order to effect the Extension, and pursuant to the Loan Documents, Borrower paid to Lender:

an extension fee in the amount of $25,000; and

a principal payment in the amount of $800,000.

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

The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.

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