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EXHIBIT 10.30.11
AMENDMENT NUMBER ELEVEN
TO
THIRD PARTY PLEDGE AGREEMENT
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THIS AMENDMENT NUMBER ELEVEN TO THIRD PARTY PLEDGE AGREEMENT (the
"Amendment") is made and entered into as of the 31st day of March, 1997, 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 La Mirada, California (the
"Hotel") and the execution of the Lease Agreement for such Hotel.
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 Hotel,
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.
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IN WITNESS WHEREOF, the undersigned have executed this
Amendment as of the date first written above.
PLEDGOR
/s/ Robert A. Alter
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Robert A. Alter
/s/ Charles L. Biederman
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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
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Robert A. Alter
Its: President
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EXHIBIT A
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Percentage Leases & Pledge of Units
Percentage Four Number of Third Initials
Lease Months Units Anniversary of
- ----- Base Rent Pledged Date Pledgor
--------- ------- ---- -------
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
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Percentage Four Number of Third Initials
Lease Months Units Anniversary of
- ----- Base Rent Pledged Date Pledgor
--------- ------- ---- -------
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
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
Radisson Suite - $ 363,400 29,665 December 19, 1999 *
Oxnard, CA
Ramada Hotel - $ 335,530 25,810 January 17, 2000 *
Cypress, CA
Holiday Inn Harbor View - $ 289,033 22,233 January 17, 2000 *
San Diego, CA
Hawthorn Suites - $ 367,533 26,479 March 10, 2000 *
Kent, WA
Holiday Inn - $ 501,992 38,232 March 31, 2000 *
La Mirada, CA
COMBINED TOTALS: $5,352,221 488,069
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* Initialed by Robert A. Alter
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