EXHIBIT 10.40
LOAN MODIFICATION AGREEMENT (FLOATING RATE)
THIS LOAN MODIFICATION AGREEMENT (FLOATING RATE), dated as of April 29,
2005 (this "MODIFICATION AGREEMENT"), between the parties identified as
"Borrowers" on the signature pages hereto (each a "BORROWER" and collectively,
"BORROWERS") and MERRILL LYNCH MORTGAGE LENDING, INC., a Delaware corporation
(together with its successors and assigns, "LENDER").
RECITALS:
WHEREAS, pursuant to the terms and conditions of that certain Loan and
Security Agreement (Floating Rate), dated as of June 25, 2004 (as amended or
modified from time to time, the "LOAN AGREEMENT"; all capitalized terms used but
not defined herein shall have the meanings ascribed thereto in the Loan
Agreement), Lender made a loan to Borrowers and certain other Affiliates of
Borrowers in the original principal amount of $109,999,900 (the "LOAN"); and
WHEREAS, Borrowers and Lender wish to: (a) provide for the Release of the
Property located in St. Louis, Missouri (the "ST. LOUIS PROPERTY") and the
prepayment of a portion of the Loan in connection therewith; (b) add new defined
terms of "Additional Sale Property" and "Additional Sale Properties" under the
Loan Agreement; (c) amend and modify the definitions of "Interest Accrual
Period", "Minimum Debt Yield", "Net Sales Proceeds", "Payment Date" and "Release
Price" under the Loan Agreement; (d) extend the Scheduled Maturity Date of the
Loan for a period of six (6) months and eleven (11) days; (e) modify the
Scheduled Mortgage Principal Payments; and (f) otherwise amend and modify the
Loan Agreement and the other Loan Documents upon the terms and conditions set
forth herein.
NOW, THEREFORE, in consideration for the Loan, the covenants, agreements,
representation and warranties contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree to modify and amend the Loan Agreement and other Loan
Documents as follows:
1. The Loan Agreement and Loan Documents are hereby modified and amended
as follows:
(a) A new definition for "Additional Sale Property" and "Additional Sale
Properties" is hereby added to Section 1.1 of the Loan Agreement as follows:
"ADDITIONAL SALE PROPERTY" and "ADDITIONAL SALE PROPERTIES" means
individually or collectively, the Properties identified in EXHIBIT A as
"Additional Sale Properties", but only from and after the date of the sale
of the Holiday Inn Select, Niagara Falls, New York Sale Property and the
Release of such Sale Property from the Lien of the applicable Mortgage in
accordance with the provisions of this Agreement.
(b) The term "Interest Accrual Period" as defined in Section 1.1 of the
Loan Agreement is hereby deleted in its entirety and superseded by the
following:
"INTEREST ACCRUAL PERIOD" means with respect to the calculation of
interest accrued (and to accrue) with respect to any Payment Date, a
period commencing on the fifteenth (15th) day of the prior calendar month
and ending on the fourteenth (14th) day of the calendar month in which such
Payment Date occurs.
(c) The term "Minimum Debt Yield" as defined in Section 1.1 of the Loan
Agreement is hereby deleted in its entirety and superseded by the following:
"MINIMUM DEBT YIELD" means (i) prior to the first (1st) day of the first
(1st) full month after the first (1st) anniversary of the Closing Date,
9%, (ii) from and after the first (1st) day of the first (1st) full month
after the first (1st) anniversary of the Closing Date and through and
including the Scheduled Maturity Date, or, if the Loan is extended for the
First Extension Term, through and including the last day of the month in
which the Scheduled Maturity Date would have occurred but for such
extension, 10%, (iii) if the Loan is extended for the First Extension
Term, from and after the first (1st) day of the first (1st) full month of
the First Extension Term and through and including the last day of the
First Extension Term, or, if the Loan is further extended for the Second
Extension Term, through and including the last day of the month in which
the last day of the First Extension Term occurs, 11%, (iv) if the Loan is
extended for the Second Extension Term, from and after the first (1st) day
of the first (1st) full month of the Second Extension Term and through and
including the last day of the Second Extension Term, or, if the Loan is
further extended for the Third Extension Term, through and including the
last day of the month in which the last day of the Second Extension Term
occurs, 12%, and (v) if the Loan is extended for the Third Extension Term,
from and after the first (1st) day of the first (1st) full month of the
Third Extension Term and through and including the last day of the Third
Extension Term, 13%.
(d) The term "Net Sales Proceeds" as defined in Section 1.1 of the Loan
Agreement is hereby modified by adding: "or an Additional Sale Property"
immediately after "a Sale Property" in the second (2nd) line thereof, and by
adding: "or Additional Sale Property" immediately after "applicable Sale
Property" in the last line thereof.
(e) The term "Payment Date" as defined in Section 1.1 of the Loan
Agreement is hereby deleted in its entirety and superseded by the following:
"PAYMENT DATE" means the eleventh (11th) day of each calendar month during
the term of the Loan, or if such eleventh (11th) day is not a Business
Day, then the immediately preceding Business Day.
(f) The term "Release Price" as defined in Section 1.1 of the Loan
Agreement is hereby deleted in its entirety and superseded by the following:
2
"RELEASE PRICE" means an amount equal to (x) with respect to a Sale
Property or an Additional Sale Property, the greater of (i) one hundred
percent (100%) of the Aggregate Allocated Loan Amount of the applicable
Sale Property or Additional Sale Property, and (ii) one hundred percent
(100%) of the Net Sales Proceeds with respect to the applicable Sale
Property or Additional Sale Property; and (y) with respect to any Property
that is not a Sale Property or an Additional Sale Property, one hundred
twenty-five percent (125%) of the Aggregate Allocated Loan Amount of the
applicable Property.
(g) The term of the Loan is hereby extended for a period of six (6) months
and eleven (11) days and the term "Scheduled Maturity Date" as defined in
Section 1.1 of the Loan Agreement is hereby modified by deleting the words
"June 2006" and substituting the words "January 2007" therefor.
(h) Section 2.3(A) of the Loan Agreement is hereby amended by adding the
following language at the end of said provision:
"Notwithstanding the foregoing, the Borrowers shall not be required to
maintain the Cap in effect during the period from July 1, 2006 to the
Scheduled Maturity Date (the "INTERIM EXTENSION PERIOD") unless Lender,
in its sole discretion, elects to pay for the cost of extending the Cap
(or purchasing a replacement Cap) during such Interim Extension Period and
the Cap Threshold Rate during the Interim Extension Period shall be six
percent (6%) per annum; provided, however, if the Holiday Inn Select,
Niagara Falls, New York Sale Property has been sold and Released from the
Lien of the applicable Mortgage in accordance with the provisions of this
Agreement prior to June 30, 2005, Lender shall be required to and shall
promptly pay all such costs and expenses of so extending the Cap (or
purchasing such a replacement Cap) during such Interim Extension Period."
(i) Section 2.5(B)(vi) of the Loan Agreement is hereby amended by deleting
the words "five percent (5%)" in the fifth (5th) line thereof and substituting
the words "six percent (6%)" in lieu thereof.
(j) Clause (d) of Section 5.1(A)(v) of the Loan Agreement is hereby
amended by adding: "(except for Required Immediate Repairs as set forth on
Schedule 6.5)" immediately after the words "Capital Improvement Reserve" in the
fourth (4th) line of such clause (d).
(k) Section 11.4(C) of the Loan Agreement is hereby deleted in its
entirety and superseded by the following:
(C) Lender shall have received from the Borrowers on the date proposed
for such Release, the Release Price (together with, except in connection
with (i) a Release of a Sale Property [in which case no Prepayment
Consideration will be due], or (ii) a Release of an Additional
3
Sale Property [in which case the Prepayment Consideration shall be an
amount equal to one-half of one percent (0.5%) of the principal amount of
the Loan being prepaid with respect to any prepayment made prior to the
Payment Date in July 2006, and thereafter none], the applicable Prepayment
Consideration and any prepayment consideration due pursuant to the terms
of the Mezzanine Loan Documents) for deposit into the Lock Box Account and
disbursement in accordance with the terms of the Cash Management Agreement,
and following such disbursement, Lender shall have received Mortgage
Lender's Percentage of the Release Price and Mezzanine Lender shall have
received Mezzanine Lender's Percentage of the Release Price;
(l) Section 11.4(E) of the Loan Agreement is hereby amended by replacing
"(other than a Release of a Sale Property)" with "(other than a Release of a
Sale Property or an Additional Sale Property)" in the first (1st) line thereof.
(m) Section 11.4(F) of the Loan Agreement is hereby deleted in its
entirety and superseded by the following:
(F) Notwithstanding the foregoing, the Borrowers may not obtain the
Release under this Section 11.4 of any Property or Properties (other than
the Sale Properties) which individually, or in the aggregate (with all
Releases of Properties other than the Sale Properties since the Closing
Date), have an Aggregate Allocated Loan Amount of more than thirty percent
(30%) of the Loan Amount (exclusive of the Allocated Loan Amount with
respect to any Sale Property);
(n) Schedule 2.4 to the Loan Agreement, setting forth the Scheduled
Mortgage Principal Payments with respect to the Loan, is hereby deleted in its
entirety and superceded by Schedule 2.4 attached hereto ("REPLACEMENT SCHEDULE
2.4") and all references in the Loan Agreement and the other Loan Documents to
(i) "Schedule 2.4" are hereby deemed to refer to Replacement Schedule 2.4 and
(ii) "Scheduled Mortgage Principal Payments" are hereby deemed to refer to the
Scheduled Mortgage Principal Payments set forth on Replacement Schedule 2.4.
(o) Schedule 6.5 to the Loan Agreement, setting forth the Required Capital
Improvements to be performed with respect to the Properties, is hereby deleted
in its entirety and superceded by Schedule 6.5 attached hereto ("REPLACEMENT
SCHEDULE 6.5") and all references in the Loan Agreement and the other Loan
Documents to (i) "Schedule 6.5" are hereby deemed to refer to Replacement
Schedule 6.5 and (ii) "Required Capital Improvements" are hereby deemed to refer
to the Required Capital Improvements set forth on Replacement Schedule 6.5.
(p) Schedule 6.6 to the Loan Agreement, setting forth Environmental Work
to be performed with respect to the Properties, is hereby deleted in its
entirety and superceded by Schedule 6.6 attached hereto ("REPLACEMENT SCHEDULE
6.6") and all references in the Loan Agreement and the other Loan Documents to
(i) "Schedule 6.6" are hereby deemed to refer to
4
Replacement Schedule 6.6 and (ii) "Environmental Work" are hereby deemed to
refer to the Environmental Work set forth on Replacement Schedule 6.6.
2. The Borrowers wish to obtain the Release of the St. Louis Property from
the Lien of the Mortgage thereon. Notwithstanding anything to the contrary
contained in Section 11.4 of the Loan Agreement or otherwise in the Loan
Agreement or the other Loan Documents, the parties agree that the Release of
the St. Louis Property shall be upon the following terms and subject to
satisfaction of the following conditions on or before the Release Date therefor:
(a) Borrowers shall be required to pay to Lender a Release Price for the
St. Louis Property in the amount of $4,800,000 (100% of the Allocated Loan
Amount applicable thereto), receipt of which is hereby acknowledged by Lender.
The amount payable to Lender for the Release Price for the St. Louis Property
shall be offset by certain amounts more particularly set forth on the settlement
statement with respect to the release of the St. Louis Property executed by
Borrowers and Lender.
(b) No Prepayment Consideration shall be payable by Borrowers in
connection with the payment of the Release Price as provided in Section 2(a)
above.
(c) For all other purposes under the Loan Agreement, including, without
limitation, Sections 11.4(E) and 11.4(F) thereof, the Release of the St. Louis
Property shall be treated as if the St. Louis Property were a Sales Property.
(d) Lender has executed and delivered to Borrowers, concurrently with the
execution and delivery of this Modification Agreement, a release or releases or
terminations, as applicable, of the Mortgage and the Assignment of Leases and
the Financing Statements encumbering the St. Louis Property in recordable form,
and Borrowers are hereby authorized to record the same in the applicable
recording office in order to evidence of record the Release of the St. Louis
Property from the Collateral for the Loan.
3. Prior to the date hereof, the Properties located in Florence, Kentucky,
Niagara Falls, New York (Four Points Sheraton), Morgantown, West Virginia, Grand
Island, New York, Memphis, Tennessee (Holiday Inn), and Pittsburgh, Pennsylvania
(Holiday Inn Parkway East), as more particularly identified on Schedule A
attached hereto (including the Release of the St. Louis Property, collectively,
the "RELEASED PROPERTIES"), have been released from the Liens of the applicable
Mortgages. Lender hereby confirms that each of Lodgian Florence LLC, Servico
Niagara Falls, Inc., Lodgian Morgantown LLC, Servico Grand Island, Inc., Lodgian
Memphis LLC, and APICO Hills, Inc., have been released from any all liabilities
and obligations as Borrowers under the Loan Agreement and the other Loan
Documents from and after the date of the respective Release of the applicable
Property owned by such entity. After giving effect to the Release of the St.
Louis Property, (a) the Properties remaining as Collateral for the Loan will be
the Properties listed on Exhibit A attached hereto ("REPLACEMENT EXHIBIT A");
(b) Exhibit A to the Loan Agreement, setting forth the Properties encumbered by
the Mortgages as Collateral for the Loan, is hereby deleted in its entirety and
superceded by Replacement Exhibit A; (c) all references in the Loan Agreement
and the other Loan Documents to (i) "Exhibit A" (to the Loan Agreement) are
hereby deemed to refer to Replacement Exhibit A
5
and (ii) "Properties" are hereby deemed to refer to the Properties set forth on
Replacement Exhibit A; (d) all references to each of the Released Properties in
any of the Loan Documents and any of the exhibits and schedules attached
thereto, are hereby deemed deleted and no longer applicable; and (e) the
outstanding principal balance of the Loan will be $88,323,222.68.
4. From and after the date hereof, all references to the Loan Agreement
and the Note in the Loan Documents shall mean the Loan Agreement and the Note,
as modified and amended hereby.
5. Except as expressly amended hereby, all of the terms, covenants and
conditions of the Loan Agreement, the Note and the other Loan Documents are
hereby ratified and confirmed by Borrowers and remain unmodified and in full
force and effect. In the event of any conflict or ambiguity between the
provisions of this Modification Agreement and those of the Loan Agreement, the
Note and the other Loan Documents, the terms of this Modification Agreement
shall control.
6. Borrowers hereby represent and warrant that, as of the date hereof, (a)
the execution, delivery and performance by each Borrower of the Modification
Agreement and the other agreements to be delivered in connection herewith and
consummation of the transactions contemplated hereby have been duly authorized
by all necessary limited liability company, partnership, trustee, corporate or
other action, as the case may be, (b) no Default or Event of Default has
occurred and is continuing under the Loan Agreement or any of the Loan Documents
and (c) no Material Adverse Effect has occurred with respect to any Borrower
Party or any Property.
7. This Modification Agreement supercedes any prior agreement, oral or
written, between the parties hereto, and contains the entire agreement between
Borrowers and Lender with respect to the subject matter hereof.
8. THIS MODIFICATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.
9. This Modification Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, and all of which counterparts together shall constitute but one and
the same instrument.
6
IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Modification Agreement as of the date first written above.
BORROWERS:
BRUNSWICK MOTEL ENTERPRISES, INC.
DOTHAN HOSPITALITY 3053, INC.
DOTHAN HOSPITALITY 3071, INC.
GADSDEN HOSPITALITY, INC.
LODGIAN BRIDGEPORT LLC
LODGIAN COLCHESTER LLC
LODGIAN HAMBURG LLC
LODGIAN HOTELS FLOATING, LLC
LODGIAN JACKSON LLC
LODGIAN MEMPHIS PROPERTY OWNER, LLC
SERVICO AUSTIN, INC.
SERVICO CEDAR RAPIDS, INC.
SERVICO JAMESTOWN, INC.
SERVICO LANSING, INC.
SERVICO MARYLAND, INC.
SERVICO NEW YORK, INC.
SERVICO PENSACOLA 7200, INC.
SERVICO PENSACOLA 7330, INC.
SERVICO WINTER HAVEN, INC.
SHEFFIELD MOTEL ENTERPRISES, INC.
By: s/ Daniel E. Ellis
----------------------------------------
Name: Daniel E. Ellis
Title: Vice President and Secretary, or
Authorized Signatory for each of the
entities listed above
LENDER:
MERRILL LYNCH MORTGAGE LENDING, INC.
By: s/ Robert Spinna
Name: obert Spinna
Title: Vice President
REPLACEMENT EXHIBIT A
REMAINING FLOATING RATE POOL PROPERTIES
Holiday Inn - Sheffield 4900 Hatch Blvd. Sheffield AL 35660
Quality Inn - Dothan 3053 Ross Clark Dothan AL 36301
Holiday Inn Express - Dothan 3071 Ross Clark Circle Dothan AL 36301
Holiday Inn - Winter Haven 1150 3rd St., SW Winter Haven FL 33880
Holiday Inn - Pensacola 7200 Plantation Rd. Pensacola FL 32504
Holiday Inn Express - Pensacola 7330 Plantation Rd. Pensacola FL 32504
Holiday Inn - Brunswick 5252 New Jesup Hwy Brunswick GA 31525
Marriott Fairfield Inn - Valdosta 1311 St. Augustine Rd. Valdosta GA 31601
Holiday Inn - Valdosta 1309 St. Augustine Rd. Valdosta GA 31601
Crown Plaza - Silver Spring 8777 Georgia Ave. Silver Spring MD 20910
Crowne Plaza - Cedar Rapids 350 1st Ave, NE Cedar Rapids IA 52401
Holiday Inn - Lansing 7501 W. Saginaw Hwy Lansing MI 48917
Holiday Inn - Hamburg 5440 Camp Road Hamburg NY 14075
Holiday Inn - Jamestown 150 W. 4th St. Jamestown NY 14701
Marriott Fairfield Inn - Jackson 535 Wiley Parker Road Jackson TN 38305
Marriott Fairfield Inn - Colchester 15 South Park Drive Colchester VT 05446
Holiday Inn - Bridgeport 100 Lodgeville Road Bridgeport WV 26330
Sale Properties
Holiday Inn Select - Niagara Falls 300 Third St. Niagara Falls NY 14303
Holiday Inn - Austin 3401 South I-35 Austin TX 78741
Additional Sale Properties(1)
Holiday Inn Express - Attalla 801 Cleveland Ave. Attalla AL 35954
Clarion Hotel - Louisville 9700 Blue Grass Parkway Louisville KY 40299
French Quarter Suites - Memphis 2144 Madison Ave. Memphis TN 38104
- ------------
(1) From and after Release of Holiday Inn Select, Niagara Falls, New York Sale
Property
Replacement Exhibit A
SCHEDULE A
RELEASED PROPERTIES
Holiday Inn - St. Louis 4545 N. Lindbergh Blvd. St. Louis MO 63044
Four Points - Niagara Falls 114 Buffalo Ave. Niagara Falls NY 14303
Holiday Inn - Grand Island 100 Whitehaven Rd. Grand Island NY 14072
Holiday Inn - Florence 8055 Holiday Drive Florence KY 41042
Holiday Inn - Memphis 6101 Shelby Oaks Drive Memphis TN 38134
Holiday Inn - Morgantown 1400 Saratoga Avenue Morgantown WV 26505
Holiday Inn - Parkway East 915 Brinton Road Pittsburgh PA 15221
Schedule A
REPLACEMENT SCHEDULE 2.4
SCHEDULED MORTGAGE PAYMENTS
*Note: The Payment Date is the 11th day of each calendar month. If the 11th day
is not a Business Day, then the Payment Date is the preceding Business Day.
PAYMENT LOAN SCHEDULED BALLOON
PERIOD DATE* BALANCE PRINCIPAL PRINCIPAL
- -----------------------------------------------------------------------------------------------------
88,323,222.68
10 05/11/05 88,236,224.87 86,997.81
11 06/11/05 88,169,206.53 67,018.34
12 07/11/05 88,081,130.61 88,075.92
13 08/11/05 88,012,990.42 68,140.19
14 09/11/05 87,944,357.35 68,633.07
15 10/11/05 87,854,707.48 89,649.87
16 11/11/05 87,784,929.49 69,777.99
17 12/11/05 87,694,163.63 90,765.86
18 01/11/06 87,623,224.38 70,939.25
19 02/11/06 87,551,772.00 71,452.38
20 03/11/06 87,418,516.54 133,255.46
21 04/11/06 87,345,583.44 72,933.10
22 05/11/06 87,251,742.15 93,841.29
23 06/11/06 87,177,602.71 74,139.44
24 07/11/06 87,082,585.56 95,017.15
25 08/11/06 87,007,222.56 75,363.00
26 09/11/06 86,931,314.43 75,908.13
27 10/11/06 86,834,573.26 96,741.17
28 11/11/06 86,757,416.30 77,156.96
29 12/11/06 86,659,457.84 97,958.46
30 01/11/07 86,581,034.22 78,423.62
31 02/11/07 86,502,043.33 78,990.89
32 03/11/07 86,361,929.64 140,113.69
33 04/11/07 86,281,353.89 80,575.75
34 05/11/07 86,180,063.00 101,290.89
35 06/11/07 86,098,171.75 81,891.25
36 07/11/07 85,995,598.58 102,573.17
37 08/11/07 85,912,373.04 83,225.54
38 09/11/07 85,828,545.50 83,827.54
39 10/11/07 85,724,084.95 104,460.55
40 11/11/07 85,638,895.46 85,189.49
41 12/11/07 85,533,107.36 105,788.10
42 01/11/08 85,446,536.47 86,570.89
43 02/11/08 85,359,339.38 87,197.09
44 03/11/08 85,231,677.21 127,662.17
45 04/11/08 85,142,925.97 88,751.24
46 05/11/08 85,033,666.08 109,259.89
47 06/11/08 84,943,482.56 90,183.52
48 07/11/08 84,832,826.57 110,655.99
49 08/11/08 84,741,190.31 91,636.26
50 09/11/08 84,648,891.22 92,299.09
51 10/11/08 84,536,173.09 112,718.13
52 11/11/08 84,442,391.04 93,782.05
53 12/11/08 84,328,227.41 114,163.63
54 01/11/09 84,232,941.22 95,286.19
55 02/11/09 84,136,965.79 95,975.43
56 03/11/09 83,981,400.26 155,565.53
57 04/11/09 83,883,605.35 97,794.91
58 05/11/09 83,765,530.22 118,075.13
59 06/11/09 83,666,173.85 99,356.37
60 07/11/09 83,546,576.70 119,597.15
61 08/11/09 83,445,636.57 100,940.13
62 09/11/09 83,343,966.30 101,670.27
63 10/11/09 83,222,113.69 121,852.61
64 11/11/09 83,118,826.61 103,287.08
65 12/11/09 82,995,398.03 123,428.58
66 01/11/10 104,926.99 82,890,471.04
- -----------------------------------------------------------------------------------------------------
Replacement Schedule 2.4
Replacement Schedule 2.4
REPLACEMENT SCHEDULE 6.5
REQUIRED CAPITAL IMPROVEMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
IMMEDIATE REQUIRED
ML LODGIAN LOCATION PROPERTY REPAIR COMPLETION
CODE CODE CODE NAME ADDRESS CITY STATE COSTS REQUIRED IMMEDIATE REPAIRS DATE
- ------------------------------------------------------------------------------------------------------------------------------------
18 ssp 1720 Holiday Inn - 8777 Georgia Silver MD $124,074 Sidewalk Brick Repair June 30,
Silver Spring Ave. Spring ($4,375) Concrete Stop 2005
($1,500) Concrete
Loading Dock ($2,125)
Skylights ($5,000)
- ------------------------------------------------------------------------------------------------------------------------------------
43 lan 3970 Holiday Inn - 7501 W. Lansing MI $0 N/A N/A
Lansing Saginaw Hwy
- ------------------------------------------------------------------------------------------------------------------------------------
63 cwv 4899 Holiday Inn - 100 Lodgeville Bridgeport WV $221,486 Roadways and Paving/ June 30,
Bridgeport Road Pedestrian Sidewalks ($10,450) 2005
Repair Chain-Link Fence
($725) Repair Deterioration
at Pool Decks, Replace
Deteriorated Concrete Slab
Near Pool Entry and
Maintenance Shop ($2,968)
Have Structural Engineer
Evaluate Floor Displacement
($23,403) Replace Failing
Flat Roof ($5,250) Power
Wash Exterior Dryvit Walls
($47,810) Renovate Lobby
and Registration Areas
($31,250) Guestroom Finishes
($98,500) HVAC ($1,131)
- ------------------------------------------------------------------------------------------------------------------------------------
1 shf 210 Holiday Inn - 4900 Hatch Sheffield AL $56,512 ADA Accessibility ($17,419) July 31,
Sheffield Blvd. Signage ($16,250) Storage Shed 2005
($793) Common Area Carpet
($22,050)
- ------------------------------------------------------------------------------------------------------------------------------------
3 dha 230 Holiday Inn 3071 Ross Dothan AL $125 ADA accessibility ($125) June 30,
Express - Clark Circle 2005
Dothan
- ------------------------------------------------------------------------------------------------------------------------------------
9 uma 1116 Holiday Inn - 7200 Plantation Pensacola FL $3,884 Asphalt Repair ($884) Window June 30,
Pensacola Rd. Units Sash Replacement ($3,000) 2005
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
IMMEDIATE REQUIRED
ML LODGIAN LOCATION PROPERTY REPAIR COMPLETION
CODE CODE CODE NAME ADDRESS CITY STATE COSTS REQUIRED IMMEDIATE REPAIRS DATE
- ------------------------------------------------------------------------------------------------------------------------------------
12 brw 1206 Park Inn 5252 New Brunswick GA $9,854 Sheet Vinyl ($7,875) Guestroom June 30,
(formerly Jesup Hwy Carpet ($1,979) 2005
Holiday Inn) -
Brunswick
- ------------------------------------------------------------------------------------------------------------------------------------
11 pns 1168 Holiday Inn 7330 Pensacola FL $6,428 ADA Accessibility ($4,313) June 30,
Express - Plantation Rd. Asphalt Repair ($2,115) 2005
Pensacola
- ------------------------------------------------------------------------------------------------------------------------------------
16 vhi 1285 Holiday Inn - 1309 St. Valdosta GA $6,563 Common Area Floors Ceramic June 30,
Valdosta Augustine Rd. ($6,563) 2005
- ------------------------------------------------------------------------------------------------------------------------------------
10 wnh 1132 Holiday Inn - 1150 3rd St., Winter FL $6,646 ADA Accessibility ($1,958) Wood June 30,
Winter Haven SW Haven Site Fence Replacement ($4,688) 2005
- ------------------------------------------------------------------------------------------------------------------------------------
15 vfi 1280 Marriott 1311 St. Valdosta GA $1,563 ADA accessibility ($1,563) June 30,
Fairfield Inn - Augustine Rd. 2005
Valdosta
- ------------------------------------------------------------------------------------------------------------------------------------
58 jtn 4205 Marriott 535 Wiley Jackson TN $42,000 Repair Deteriorating Asphalt June 30,
Fairfield Inn Parker Road Surfaces and Replace Dumpster 2005
- Jackson Pad ($3,750) Repair Undermining
at Front Retaining Wall and
Repair Damaged Timbers ($2,500)
Guestroom Finishes ($18,125)
ADA Accessibility ($17,625)
- ------------------------------------------------------------------------------------------------------------------------------------
56 ham 3398 Holiday Inn - 5440 Camp Hamburg NY $11,125 Replacement of Shutoff Valves June 30,
Hamburg Road for each of the Rooms ($11,125) 2005
- ------------------------------------------------------------------------------------------------------------------------------------
34 jam 3330 Holiday Inn - 150 W. 4th St. Jamestown NY $2,500 Concrete Sectional Replacement June 30,
Jamestown ($2,500) 2005
- ------------------------------------------------------------------------------------------------------------------------------------
4 gad 240 Holiday Inn 801 Cleveland Attalla AL $149,959 ADA Accessibility ($20,313) June 30,
Express - Ave. Asphalt Repair, Cut & Patch 2005
Attalla Overlay ($96,159) Concrete
Pool Deck Refinish ($3,750)
Concrete Guestroom Balconies
Refinish ($6,250) Concrete
Walkway from C to D Building
Refinish ($563) Fencing, Repair
and Paint ($4,500) Repair and
Replace Drywall Underside of
Guest Balconies ($2,500)
Common Area Floors Ceramic
($6,250) Rooftop Package Unit
($6,300) Repair Two (2) Down
uUnits ($3,375)
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
IMMEDIATE REQUIRED
ML LODGIAN LOCATION PROPERTY REPAIR COMPLETION
CODE CODE CODE NAME ADDRESS CITY STATE COSTS REQUIRED IMMEDIATE REPAIRS DATE
- ------------------------------------------------------------------------------------------------------------------------------------
28 lvl 2040 Clarion Hotel - 9700 Blue Louisville KY $0 N/A N/A
Louisville Grass Parkway
- ------------------------------------------------------------------------------------------------------------------------------------
46 mem 4215 French Quarter 2144 Madison Memphis TN $70,875 Asphalt Overlay ($23,625) June 30,
Suites - Ave. Concrete Pavement ($15,625) 2005
Memphis Concrete Sectional Replacement
($31,625)
- ------------------------------------------------------------------------------------------------------------------------------------
60 bvt 4545 Marriott 15 South Park Colchester VT $0 N/A June 30,
Fairfield Inn Drive 2005
- Colchester
- ------------------------------------------------------------------------------------------------------------------------------------
2 dhi 220 Quality Inn - 3053 Ross Dothan AL $49,919 ADA Accessibility ($11,613) June 30,
Dothan Clark Asphalt Repair Overlay ($21,425) 2005
Swimming Surround Tile Repair
($3,125) Swimming Pool Interior
($5,000) Exterior Soffits
Repair ($5,000) Drywall Repairs
($3,750) Fire Alarm, Horn and
Strobe Lights ($6)
- ------------------------------------------------------------------------------------------------------------------------------------
24 ced 1840 Crowne Plaza - 350 1st Ave, Cedar IA $0 N/A N/A
Cedar Rapids NE Rapids
- ------------------------------------------------------------------------------------------------------------------------------------
32 nia 3314 Holiday Inn 300 Third St. Niagara NY $13,000 Sidewalk Brick Repair ($4,375) June 30,
Select - Falls Concrete Stop ($1,500) Concrete 2005
Niagara Falls Loading Dock ($2,125) Skylights
($5,000)
- ------------------------------------------------------------------------------------------------------------------------------------
49 aus 4375 Holiday Inn - 3401 South Austin TX $98,836 ADA Accessibility ($46,375) June 30,
Austin I-35 Irrigatin System ($25,000) 2005
Mansard Roof System ($27,461)
- ------------------------------------------------------------------------------------------------------------------------------------
RESERVE $875,349
AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
SOFT GOODS &
BANKRUPTCY EQUIPMENT SOFT GOODS &
STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT
CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND
IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED
ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION
CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE
- ------------------------------------------------------------------------------------------------------------------------------------
18 ssp 1720 Holiday $0 N/A N/A $2,280,084 Guestrooms ($609,974) Footnote(1)
Inn - Guest Bathroom
Silver ($289,675) Corridors
Spring ($234,813)
Prefunction Areas
($94,049) Boardrooms
($35,770) Entrance/
Lobby/Front Desk
($114,541) Building
General ($365,797)
Allowance for Tax,
Freight, Payroll &
Overhead ($535,466)
- ------------------------------------------------------------------------------------------------------------------------------------
43 lan 3970 Holiday $1,096,272 Guestrooms Footnotes(1) $0 N/A N/A
Inn - ($530,691) Guest (2)
Lansing Bathroom ($41,978)
Corridors ($143,168)
Meeting & Breakout
Rooms ($87,066)
Prefunction Areas
($27,890) Boardrooms
($18,110) Public
Restrooms ($690)
Entrance/Lobby/
Front Desk ($112,412)
Laundry Area/
Housekeeping ($5,450)
Building General
($86,257) Building
Systems ($42,560)
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
SOFT GOODS &
BANKRUPTCY EQUIPMENT SOFT GOODS &
STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT
CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND
IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED
ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION
CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE
- ------------------------------------------------------------------------------------------------------------------------------------
63 cwv 4899 Holiday $58,535 Corridors ($11,792) Footnotes(1) $0 N/A N/A
Inn - Beverage Outlet 2 - (2)
Bridgeport Type of Outlet: Full
Service ($21,106)
Entrance/Lobby/Front
Desk ($5,600)
Laundry
Area/Housekeeping
($5,037) Kitchen
($6,800) Building
General ($8,200)
- ------------------------------------------------------------------------------------------------------------------------------------
1 shf 210 Holiday $0 N/A N/A $1,578,008 Guestrooms Footnote(1)
Inn - ($587,207) Guest
Sheffield Bathroom ($110,638)
Corridors ($37,610)
Meeting & Breakout
Rooms ($133,725)
Prefunction Areas
($43,844) Boardrooms
($24,969) Beverage
Outlet 2 - Type of
Outlet: Full Service
($170,417) Restaurant
1 - Type of
Restaurant - Full
Service ($68,204)
Public Restrooms
($24,504) Executive
Offices ($6,846)
Entrance/Lobby/Front
Desk ($88,513)
Laundry Area/
Housekeeping
($9,163) Kitchen
($17,956) Building
General ($254,412)
- ------------------------------------------------------------------------------------------------------------------------------------
3 dha 230 Holiday $0 N/A N/A $0 N/A N/A
Inn
Express -
Dothan
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
SOFT GOODS &
BANKRUPTCY EQUIPMENT SOFT GOODS &
STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT
CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND
IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED
ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION
CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE
- ------------------------------------------------------------------------------------------------------------------------------------
9 uma 1116 Holiday $19,950 Beverage Outlet 2 - Footnotes(1) $0 N/A N/A
Inn - Type of Outlet - Full (2)
Pensacola Service ($15,825)
Allowance for Tax,
Freight, Payroll &
Overhead ($4,125)
- ------------------------------------------------------------------------------------------------------------------------------------
12 brw 1206 Park Inn $0 N/A N/A $840,286 Guest Bathroom Footnote(1)
(formerly ($48,366) Meeting &
Holiday Breakout Rooms
Inn) - ($22,790) Beverage
Brunswick Outlet 1 - Type of
Outlet: Lobby Bar
($30,657) Restaurant 1
- Type of Restaurant -
Full Service
($200,000)
Public Restrooms
($11,985) Executive
Offices ($7,335)
Entrance/Lobby/Front
Desk ($45,072)
Kitchen ($6,800)
Building General
($321,240) Technology
($114,856) Allowance
for Tax, Freight,
Payroll & Overhead
($31,185)
- ------------------------------------------------------------------------------------------------------------------------------------
11 pns 1168 Holiday $0 N/A N/A $0 N/A N/A
Inn
Express -
Pensacola
- ------------------------------------------------------------------------------------------------------------------------------------
16 vhi 1285 Holiday $0 N/A N/A $0 N/A N/A
Inn -
Valdosta
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
SOFT GOODS &
BANKRUPTCY EQUIPMENT SOFT GOODS &
STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT
CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND
IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED
ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION
CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE
- ------------------------------------------------------------------------------------------------------------------------------------
10 wnh 1132 Holiday $773 Prefunction Areas Footnotes(1) $0 N/A N/A
Inn - ($447) Laundry (2)
Winter Area/Housekeeping
Haven ($326)
- ------------------------------------------------------------------------------------------------------------------------------------
15 vfi 1280 Marriott $0 N/A N/A $0 N/A N/A
Fairfield
Inn -
Valdosta
- ------------------------------------------------------------------------------------------------------------------------------------
58 jtn 4205 Marriott $0 N/A N/A $0 N/A N/A
Fairfield
Inn -
Jackson
- ------------------------------------------------------------------------------------------------------------------------------------
56 ham 3398 Holiday $256,243 Guestrooms ($189,403) Footnotes(1) $0 N/A N/A
Inn - Corridors ($33,600) (2)
Hamburg Kitchen ($3,400)
Allowance for Tax,
Freight, Payroll &
Overhead ($29,840)
- ------------------------------------------------------------------------------------------------------------------------------------
34 jam 3330 Holiday $0 N/A N/A $0 N/A N/A
Inn -
Jamestown
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
SOFT GOODS &
BANKRUPTCY EQUIPMENT SOFT GOODS &
STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT
CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND
IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED
ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION
CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE
- ------------------------------------------------------------------------------------------------------------------------------------
4 gad 240 Holiday $140,046 Guestrooms ($117,898) Footnotes(1) $0 N/A N/A
Inn Building General (2)
Express - ($22,148)
Attalla
- ------------------------------------------------------------------------------------------------------------------------------------
28 lvl 2040 Clarion $0 N/A N/A $0 N/A N/A
Hotel -
Louisville
- ------------------------------------------------------------------------------------------------------------------------------------
46 mem 4215 French $0 N/A N/A $0 N/A N/A
Quarter
Suites -
Memphis
- ------------------------------------------------------------------------------------------------------------------------------------
60 bvt 4545 Marriott $0 N/A N/A $0 N/A N/A
Fairfield
Inn -
Colchester
- ------------------------------------------------------------------------------------------------------------------------------------
2 dhi 220 Quality $0 N/A N/A $0 N/A N/A
Inn -
Dothan
- ------------------------------------------------------------------------------------------------------------------------------------
24 ced 1840 Crowne $1,245,958 Guestrooms ($700,453) Footnotes(1) $0 N/A N/A
Plaza - Boardrooms ($55,500) (2)
Cedar Beverage Outlet 1 -
Rapids Type of Outlet: Lobby
Bar ($24,525)
Restaurant 1 - Type
of Restaurant - Full
Service ($175,513)
Entrance/Lobby/Front
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
- ------------------------------------------------------------------------------------------------------------------------------------
SOFT GOODS &
BANKRUPTCY EQUIPMENT SOFT GOODS &
STIPULATIONS REPLACEMENTS AND PROPERTY EQUIPMENT
CAPITAL IMPROVEMENT & IMPROVEMENT REPLACEMENTS AND
IMPROVEMENTS MAINTENANCE REQUIRED PLANS IMPROVEMENT & REQUIRED
ML LODGIAN LOCATION PROPERTY REQUIRED BY REPAIRS FOR THE COMPLETION REQUIRED BY MAINTENANCE REPAIRS COMPLETION
CODE CODE CODE NAME FRANCHISORS FOLLOWING: DATE FRANCHISORS FOR THE FOLLOWING: DATE
- ------------------------------------------------------------------------------------------------------------------------------------
Desk ($81,023)
Building General
($875) Allowance for
Tax, Freight, Payroll
& Overhead ($208,069)
- ------------------------------------------------------------------------------------------------------------------------------------
32 nia 3314 Holiday $0 N/A N/A $0 N/A N/A
Inn Select
- Niagara
Falls
- ------------------------------------------------------------------------------------------------------------------------------------
49 aus 4375 Holiday $0 N/A N/A $0 N/A N/A
Inn -
Austin
- ------------------------------------------------------------------------------------------------------------------------------------
RESERVE $2,817,775 $4,698,379
AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
Replacement Schedule 6.5
Footnotes:
(1)
This amount shall be held by Lender during the Term of the Loan as security for
the Obligations and not disbursed to or on behalf of the Borrowers unless and
until the Borrowers perform the related items of Work to which such amount
relates and satisfy the terms and conditions for disbursement of such amount as
set forth in Section 6.7. The Borrowers shall not be required to perform the
related items of Work unless and until (i) any Borrower Party receives written
demand from the applicable Franchisor for performance of such Work or a notice
of default from such Franchisor as a result of the failure to perform such Work
(and, in either case, the Borrowers shall be required deliver a copy of any such
Franchisor demand or notice of default to Lender promptly after receipt
thereof), (ii) Lender reasonably determines that failure to perform such Work
will result in a default under the applicable Franchise Agreement or (iii) an
Event of Default has occurred and is continuing.
(2)
If Borrowers obtain and deliver to Lender a written waiver or release of the
Borrowers from the requirements to perform any of such Work from
Intercontinental Hotels Group, which waiver or release is in form and substance
reasonably acceptable to Lender, Borrowers shall Iave no further obligation
hereunder with respect to such portion of the Work, and the amounts specified
herein for such portion of the Work shall be promptly released to Borrowers.
Replacement Schedule 6.5
REPLACEMENT SCHEDULE 6.6
ENVIRONMENTAL WORK
LODGIAN HOTEL PORTFOLIO
REQUIRED ENVIRONMENTAL WORK
- ------------------------------------------------------------------------------------------------------------------------------------
REQUIRED
ML LODGIAN LOCATION REMEDIATION COMPLETION
CODE CODE CODE PROPERTY NAME ADDRESS CITY STATE REQUIRED ENVIRONMENTAL WORK COSTS DATE
- ---- ------- -------- ------------- ----------------- ---------- ----- --------------------------- ----------- -----------
FIXED FLOATING LOAN
18 ssp 1720 Holiday Inn- 8777 Georgia Ave. Silver MD None $0 Not
Silver Spring Spring Applicable
43 lan 3970 Holiday Inn - 7501 W. Saginaw Lansing MI (1) Develop and implement $495 Completed
Lansing Hwy an asbestos Operations and
Maintenance Program ($495).
63 cwv 4899 Holiday Inn - 100 Lodgeville Bridgeport WV Asbestos was found in the $0 Completed
Bridgeport Road tan vinyl floor tiles, tan
vinyl floor tile mastic, and
grey vinyl floor tiles,
based on laboratory results
from samples taken by
Building Evaluation Services
and Technology and review
of a previous report.
Building Evaluation Services
and Technology recommends
that the subject property
continue to follow the
Asbestos Operations
and Maintenance Program
prepared by Building
Evaluation Services and
Technology, dated March 11,
2003, for the tan vinyl floor
tiles, tan vinyl floor tile
mastic, and grey vinyl floor
tiles, that is currently in
place at the subject
property.
1 shf 210 Holiday Inn - 4900 Hatch Blvd. Sheffield AL None $0 Not
Sheffield Applicable
3 dha 230 Holiday Inn 3071 Ross Clark Dothan AL None $0 Not
Express-Dothan Circle Applicable
9 uma 1116 Holiday Inn - 7200 Plantation Pensacola FL (1) Abate a limited quantity $900 Completed
Pensacola Rd. of damaged asbestos-
containing floor tile
($700-900) and continue to
implement the existing
asbestos Operations and
Maintenance Program. (2)
In-house personnel to
clean up limited
quantities of suspect mold
on textured ceiling
material.
12 brw 1206 Holiday Inn - 5252 New Jesup Brunswick GA None $0 Not
Brunswick Hwy Applicable
11 pns 1168 Holiday Inn 7330 Plantation Pensacola FL None $0 Not
Express - Rd. Applicable
Pensacola
Schedule 6.6
LODGIAN HOTEL PORTFOLIO
REQUIRED ENVIRONMENTAL WORK
- ------------------------------------------------------------------------------------------------------------------------------------
REQUIRED
ML LODGIAN LOCATION REMEDIATION COMPLETION
CODE CODE CODE PROPERTY NAME ADDRESS CITY STATE REQUIRED ENVIRONMENTAL WORK COSTS DATE
- ---- ------- -------- ------------- ----------------- ---------- ----- --------------------------- ----------- -----------
16 vhi 1285 Holiday Inn - 1309 St. Valdosta GA (1) Develop and implement $495 Completed
Valdosta Augustine Rd. an asbestos Operations and
Maintenance Program
($495). (2) Limited area
of suspect mold can be
cleaned up by in-house
maintenance staff.
10 wnh 1132 Holiday Inn - 1150 3rd St., SW Winter FL (1) Develop and implement $2,495 Completed
Winter Haven Haven an asbestos Operations and
Maintenance Program ($495)
and abate damaged ACM
($1,500-2,000). (2)
Conduct mold assessment on
unused building in the
event that it is to be
used in the future. (3) A
monitoring well was
observed at Project. The
well is associated with
the adjacent LUST site,
who is the Responsible
Party for the release. As
such, no further
investigation is
recommended.
15 vfi 1280 Marriott 1311 St. Valdosta GA (1) Develop and implement $495 Completed
Fairfield Inn - Augustine Rd. an asbestos Operations and
Valdosta Maintenance Program ($495).
58 jtn 4205 Marriott 535 Wiley Parker Jackson TN None $0 Not
Fairfield Inn - Road Applicable
Jackson
56 ham 3398 Holiday Inn - 5440 Camp Road Hamburg NY Asbestos was found in the $0 Completed
Hamburg tan floor tiles, based on
laboratory results from
samples taken by Building
Evaluation Services and
Technology. Therefore,
Building Evaluation
Services and Technology
recommends that the
subject property continue
to follow the Asbestos
Operations and Maintenance
Program prepared by
Building Evaluation
Services and Technology,
dated March 14, 2003, for
the tan floor tiles, that
is currently in place at
the subject property.
34 jam 3330 Holiday Inn - 150 W. 4th St. Jamestown NY Provide tank closure $750 Completed
Jamestown documentation for review to
confirm proper closure
activities ($125 per hour
not to exceed $750).
4 gad 240 Holiday Inn 801 Cleveland Attalla AL (1) Develop and implement $495 Completed
Express - Ave. an asbestos Operations and
Attalla Maintenance Program ($495).
28 lvl 2040 Clarion Hotel - 9700 Blue Grass Louisville KY (1) Previously conducted $495 Completed
Louisville Parkway mold survey identified
areas of water damaged and
mold - all areas have been
remediated. The On-site
Point of Contact indicated
that the property has a
mold prevention program.
EMG recommends the
continued implementation
of the existing mold
prevention program.
46 mem 4215 French Quarter 2144 Madison Ave. Memphis TN None $0 Not
Suites - Applicable
Memphis
46 bvt 4545 Marriott 15 South Park Colchester VT None $0 Not
Fairfield Inn - Drive Applicable
Colchester
60 dhi 220 Quality Inn - 3053 Ross Clark Dothan AL None $0 Not
Dothan Applicable
2 ced 1840 Crowne Plaza - 350 1st Ave, NE Cedar IA None $0 Not
Cedar Rapids Rapids Applicable
29 Nia 3314 Holiday Inn 300 Third St. Niagara NY (1) Develop and implement $495 Completed
Select - Falls an asbestos Operations and
Niagara Falls Maintenance Program ($495).
Schedule 6.6
LODGIAN HOTEL PORTFOLIO
REQUIRED ENVIRONMENTAL WORK
- ------------------------------------------------------------------------------------------------------------------------------------
REQUIRED
ML LODGIAN LOCATION REMEDIATION COMPLETION
CODE CODE CODE PROPERTY NAME ADDRESS CITY STATE REQUIRED ENVIRONMENTAL WORK COSTS DATE
- ---- ------- -------- ------------- ----------------- ---------- ----- --------------------------- ----------- -----------
33 aus 4375 Holiday Inn - 3401 South I-35 Austin TX None $0 Not
Austin Applicable
TOTAL REMEDIATION COST $7,115
RESERVE AMOUNT @ 125% $8,894
Schedule 6.6