EX-10.5
from S-11/A
3 pages
January 5, 2007 Brad Honigfeld Briad Group 78 Okner Parkway Livingston, Nj 07039 Re: $50 Million Revolving Line of Credit to Single Asset Entities Wholly Owned by Orange REIT Inc. Borrower: Single Asset Entities Wholly Owned by Orange REIT Inc. Facility: $50,000,000 Revolving Credit Facility. Purpose: The Facility Shall Be Utilized for the Purchase of Flagged Hotel Properties Located in the Continental United States, Subject to the Bank’s Sole Discretion. Term: Three (3) Years. Rate: One Month Libor Plus 225 Basis Points. Fee: 0.50% ($250,000) for Origination and 0.25% Commitment Fee Based on the Average Quarterly Unused Amount of the Credit Facility. Repayment: Interest Only. Collateral: Secured by First Mortgages on Properties Purchased With the Facility, Plus an Assignment of Rents, Leases, Management and Franchise Agreements, Etc… Guarantors: Unlimited Guarantee of Orange REIT, Inc. and Any Future Subsidiaries. Option: Upon the Payment of a 0.25% Fee for Each Option and No Event of Default, the Borrower Shall Have Two, One-Year Extension Options at the Same Rate and Terms. Prepayment Penalty: Libor Breakage
12/34/56
