This excerpt taken from the SPPR 8-K filed Dec 5, 2008.
WHEREAS, the Borrower and the Bank have previously entered into that certain Loan Agreement dated as of January 13, 2005, as amended by that certain First Amendment to Loan Agreement dated as of February 17, 2006 and that certain Second Amendment to Loan Agreement dated as of February 22, 2007 (collectively, the "
This excerpt taken from the SPPR 8-K filed Mar 7, 2007.
This Agreement is made with reference to the following facts and objectives:
(a) Sellers are the owners of certain parcels of real estate, together with improvements and related assets located at those properties described in Section 1(a) below, which have heretofore been operated as Masters Inns hotels (the "Hotels").
(b) Shareholders own all or a majority of the issued and outstanding shares of capital stock of Seller.
(c) Franchisor is the owner of certain trademarks which are licensed under the name of Masters Economy Inn, et.al.
(d) Hammond owns all of the issued and outstanding shares of capital stock of Franchisor.
(e) Sellers desire to sell on the terms and conditions hereinbelow set forth the real estate, improvements and other assets relating to the Hotels and franchise company.
(f) Buyer wishes to purchase all such assets relating to the Hotels, upon the terms and conditions hereinafter set forth.