1
EXHIBIT 10.30.7
AMENDMENT NUMBER SEVEN
TO
THIRD PARTY PLEDGE AGREEMENT
THIS AMENDMENT NUMBER SEVEN TO THIRD PARTY PLEDGE AGREEMENT (the
"Amendment") is made and entered into as of the 29th day of October, 1996, by
and between SUNSTONE HOTEL INVESTORS, L.P., a Delaware limited partnership
("Secured Party"); and ROBERT A. ALTER ("Alter") and CHARLES L. BIEDERMAN
("Biederman; and together with Alter, "Pledgor").
WHEREAS, the undersigned are parties to that certain Third Party Pledge
Agreement entered into as of August 16, 1995, as amended (the "Agreement"); and
WHEREAS, the undersigned desire to amend the Agreement in order to
reflect the purchase of the Holiday Inn Hotel in Flagstaff, Arizona, the Holiday
Inn Hotel in Mesa, Arizona and the Holiday Inn Hotel in Tucson, Arizona (the
"Hotels") and the execution of the Lease Agreement for such Hotels.
NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants contained herein and in the Agreement, and for other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:
1. DEFINED TERMS. For purposes of this Amendment, all capitalized terms
used and not otherwise defined herein, shall have the meanings assigned to them
in the Agreement.
2. UNITS PLEDGED. In order to secure the lien of the pledge in favor of
Secured Party in the Units pledged to secure the Lease Agreement for the Hotels,
Exhibit A to the Agreement is hereby amended and restated in its entirety to
read in full as attached hereto as Exhibit A.
3. FORCE AND EFFECT. Except to the extent modified by this Amendment,
all of the terms and provisions of the Agreement shall be unaffected and shall
remain in full force and effect. This Amendment shall be deemed part of, and
construed in accordance with the Agreement.
4. COUNTERPARTS. This Amendment may be executed in counterparts, each
of which shall be deemed to be an original and all of which shall be deemed to
consititute the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first written above.
PLEDGOR
/s/Robert A. Alter
-----------------------
Robert A. Alter
/s/Charles L. Biederman
-----------------------
Charles L. Biederman
SECURED PARTY
SUNSTONE HOTEL INVESTORS, L.P.
a Delaware limited partnership
By: Sunstone Hotel Investors, Inc.
a Maryland corporation,
Its General Partner
By: /s/Robert A. Alter
-----------------------
Robert A. Alter
Its: President
-48-
2
EXHIBIT A
Percentage Leases & Pledge of Units
PERCENTAGE FOUR MONTHS NUMBER OF THIRD INITIALS
LEASE BASE RENT UNITS ANNIVERSARY OF PLEDGOR
PLEDGED DATE
Hampton Inn - $188,750 19,868 August 16, 1998
Denver S.E., CO
Hampton Inn - $150,000 15,790 August 16, 1998
Pueblo, CO
Courtyard by Marriott - $135,000 14,211 August 16, 1998
Fresno, CA
Hampton Inn - $158,667 16,702 August 16, 1998
Mesa, AZ
Holiday Inn - $125,000 13,158 August 16, 1998
Steamboat Springs,CO
Holiday Inn - $142,000 14,947 August 16, 1998
Craig, CO
Holiday Inn - $53,333 5,614 August 16, 1998
Provo, UT
Hampton Inn - $161,000 16,947 August 16, 1998
Silverthorne, CO
Best Western - $220,000 23,158 August 16, 1998
Santa Fe, NM
Hampton Inn - $132,000 13,895 August 16, 1998
Arcadia, CA
Hampton Inn - $139,333 13,933 December 13, 1998
Oakland, CA
Cypress Inn - $189,000 17,182 February 2, 1999
Kent, WA
Cypress Inn - $107,917 9,811 February 2, 1999
Poulsbo, WA
Cypress Inn - $145,667 13,242 February 2, 1999
Clackamas, WA
Cypress Inn - $121,000 11,000 February 2, 1999
Portland, OR
Courtyard By Marriott - $142,000 14,025 April 1, 1999
Riverside, CA
Holiday Inn Select - $270,000 24,828 June 28, 1999
Renton, WA
-49-
3
PERCENTAGE FOUR MONTHS NUMBER OF THIRD INITIALS
LEASE BASE RENT UNITS ANNIVERSARY OF PLEDGOR
PLEDGED DATE
Comfort Suites - $240,000 24,615 August 13, 1999
So. San Francisco, CA
Days Inn - $90,000 9,231 August 13, 1999
Price, UT
Residence Inn - $100,000 9,524 September 20, 1999
Highlands Ranch, CO,
Holiday Inn - $100,000 9,090 October 29, 1999
Flagstaff, AZ
Holiday Inn - $268,666 24,424 October 29, 1999
Mesa, AZ
Hampton Inn - $115,400 10,455 October 29, 1999
Tucson, AZ
COMBINED TOTALS: $3,494,333 345,650
-50-