UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 15, 2019
LODGING FUND REIT III, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland | 000-56082 | 83-0556111 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1635 43rd Street South, Suite 205 |
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Fargo, North Dakota | 58103 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (701) 630-6500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | N/A | N/A |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Line of Credit Extension
On November 15, 2019, Lodging Fund REIT III, Inc. (the “Company”), through its wholly-owned subsidiary Lodging Fund REIT III OP, LP (the “Operating Partnership”), entered into an amendment (the “Amendment”) to its $3.0 million line of credit dated as of August 22, 2018, as amended as of July 9, 2019 (the “Loan”) with Midwest Bank. The Amendment extends the maturity date of the Loan from November 22, 2019 to November 22, 2020, and lowers the minimum interest rate on the Loan from 6.0% to 5.0% per annum. Further, the Amendment also revises the guarantee of the Loan to include a partial guarantee by each of Corey Maple and Norman H. Leslie, as the members of Legendary Capital REIT III, LLC, the advisor to the Company, each in the amount of $1.2 million. The Amendment does not change the collateral securing the Loan or the Company’s guarantee of the Loan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| LODGING FUND REIT III, INC. | |
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Dated: November 20, 2019 | BY: | /s/ Corey R. Maple |
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| Corey R. Maple |
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| Chairman of the Board, Chief Executive Officer and Secretary |