{"url_path":"/sec/cik-0001745032/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 Exhibits and Financial Statement Schedules.","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1745032/0001104659-26-062807-index.html","accession_number":"0001104659-26-062807","cik":"0001745032","ticker":null,"issuer_name":"Lodging Fund REIT III, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1745032/0001104659-26-062807-index.html","primary_entity_key":"0001745032","primary_entity_name":"Lodging Fund REIT III, Inc."},"word_count":9519,"has_tables":true,"body_markdown":"Item 15. Exhibits and Financial Statement Schedules.\n\n(a) Financial Statement Schedules\n\nSee the Index to Financial Statements at page F-1 of this report.\n\nThe following financial statement schedule is included herein at page F-43 of this report:\n\nSchedule III – Real Estate Assets and Accumulated Depreciation\n\n**(b) Exhibits**\n\n**Exhibit No.**\n\n​\n\n**Description**\n\n​\n\n​\n\n​\n\n3.1\n\n​\n\n[Articles of Amendment and Restatement, dated as of June 1, 2018 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex31f58ddd8.htm)\n\n​\n\n​\n\n​\n\n3.2\n\n​\n\n[Articles Supplementary for Interval Common Stock (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex326660f82.htm)\n\n​\n\n​\n\n​\n\n3.3\n\n​\n\n[Bylaws, dated as of April 9, 2018, as amended by Amendment No. 1 dated as of November 12, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed November 12, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-3_2.htm)\n\n​\n\n​\n\n​\n\n3.4\n\n​\n\n[Limited Partnership Agreement of the Operating Partnership, dated as of April 11, 2018 (incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-3_3.htm)\n\n​\n\n​\n\n​\n\n3.5\n\n​\n\n[First Amendment to Limited Partnership Agreement of the Operating Partnership, effective as of April 29, 2020 (incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex1017d4799.htm)\n\n​\n\n​\n\n​\n\n3.6\n\n​\n\n[Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of June 15, 2020 (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q filed August 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020010654/lfr-20200630ex1012655b5.htm)\n\n​\n\n​\n\n​\n\n3.7\n\n​\n\n[First Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of February 4, 2021 (incorporated by reference to Exhibit 3.7 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex37248301c.htm)\n\n​\n\n​\n\n​\n\n3.8\n\n​\n\n[Second Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of May 12, 2021 (incorporated by reference to Exhibit 3.5 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021011697/tmb-20210630xex3d5.htm)\n\n​\n\n3.9\n\n​\n\n[Third Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of August 3, 2021 (incorporated by reference to Exhibit 3.6 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021011697/tmb-20210630xex3d6.htm)\n\n​\n\n​\n\n​\n\n3.10\n\n​\n\n[Fourth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of December 3, 2021 (incorporated by reference to Exhibit 3.10 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex3d10.htm)\n\n83\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n3.11\n\n​\n\n[Fifth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of January 18, 2022 (incorporated by reference to Exhibit 3.11 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex3d11.htm)\n\n​\n\n​\n\n​\n\n3.12\n\n​\n\n[Sixth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of March 24, 2022 (incorporated by reference to Exhibit 3.12 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex3d12.htm)\n\n​\n\n​\n\n3.13\n\n​\n\n[Seventh Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of March 29, 2022 (incorporated by reference to Exhibit 3.13 to the Company's Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex3d13.htm)\n\n​\n\n3.14\n\n​\n\n[Eighth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of August 3, 2022 (incorporated by reference to Exhibit 3.14 to the Company's Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex3d14.htm)\n\n​\n\n3.15\n\n​\n\n[Ninth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of August 25, 2022 (incorporated by reference to Exhibit 3.15 to the Company's Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex3d15.htm)\n\n​\n\n3.16\n\n​\n\n[Tenth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of August 25, 2022 (incorporated by reference to Exhibit 3.16 to the Company's Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex3d16.htm)\n\n​\n\n3.17\n\n​\n\n[Eleventh Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of December 22, 2022 (incorporated by reference to Exhibit 3.17 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex3d17.htm)\n\n​\n\n3.18\n\n​\n\n[Twelfth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership, effective as of January 10, 2023 (incorporated by reference to Exhibit 3.18 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex3d18.htm)\n\n​\n\n3.19\n\n​\n\n[Thirteenth Amendment to the Amended and Restated Limited Partnership Agreement of Lodging Fund REIT III OP, LP, effective as of April 7, 2023 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed April 13, 2023)](https://www.sec.gov/Archives/edgar/data/1745032/000155837023005878/lfr-20230407xex10d1.htm)\n\n​\n\n3.20\n\n​\n\n[Fourteenth Amendment to the Amended and Restated Limited Partnership Agreement of Lodging Fund REIT III OP, LP, effective as of December 24, 2024 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed January 3, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025000020/lfr-20241224xex10d1.htm)\n\n​\n\n3.21\n\n​\n\n​\n\n[Fifteenth Amendment to the Amended and Restated Limited Partnership Agreement of Lodging Fund REIT III OP, LP, effective as of December 24, 2024 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed January 3, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025000020/lfr-20241224xex10d2.htm)\n\n​\n\n4.1\n\n​\n\n[Dividend Reinvestment Plan of the Registrant (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-4_1.htm)\n\n​\n\n​\n\n​\n\n4.2\n\n​\n\n[Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex42e527e1a.htm)\n\n84\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n10.1\n\n​\n\n[Amended and Restated Advisory Agreement among the Registrant, the Operating Partnership and the Advisor, effective as of June 1, 2018 (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_1.htm)\n\n​\n\n​\n\n​\n\n10.2\n\n​\n\n[Form of Management Agreement with Hotel Equities Group, LLC (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K filed April 28, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025005729/lfr-20241231xex10d2.htm)\n\n​\n\n​\n\n​\n\n10.3\n\n​\n\n[Form of TRS Lease Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_3.htm)\n\n​\n\n​\n\n​\n\n10.6\n\n​\n\n[Business Loan Agreement for the Cedar Rapids Property with Western State Bank, dated March 5, 2019 (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_6.htm)\n\n​\n\n​\n\n​\n\n10.7\n\n​\n\n[Promissory Note issued to Western State Bank relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_7.htm)\n\n​\n\n​\n\n​\n\n10.8\n\n​\n\n[Mortgage relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.8 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_8.htm)\n\n​\n\n​\n\n​\n\n10.9\n\n​\n\n[Assignment of Rents relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.9 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_9.htm)\n\n​\n\n​\n\n​\n\n10.10.1\n\n​\n\n[Commercial Security Agreement (Fixtures) relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.10.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_101.htm)\n\n​\n\n​\n\n​\n\n10.10.2\n\n​\n\n[Commercial Security Agreement (Inventory) relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.10.2 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_102.htm)\n\n​\n\n​\n\n​\n\n10.10.3\n\n​\n\n[Commercial Security Agreement (Franchise) relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.10.3 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_103.htm)\n\n​\n\n​\n\n​\n\n10.11.1\n\n​\n\n[Commercial Guaranty relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.11.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_111.htm)\n\n​\n\n​\n\n​\n\n10.11.2\n\n​\n\n[Commercial Guaranty relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.11.2 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_112.htm)\n\n​\n\n​\n\n​\n\n10.12.1\n\n​\n\n[Agreement to Provide Insurance (Property) relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.12.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_121.htm)\n\n​\n\n​\n\n​\n\n85\n\n[Table of Contents](#TOC)\n\n10.12.2\n\n​\n\n[Agreement to Provide Insurance (Fixtures) relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.12.2 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_122.htm)\n\n​\n\n​\n\n​\n\n10.12.3\n\n​\n\n[Agreement to Provide Insurance (Franchise) relating to the Cedar Rapids Property, dated March 5, 2019 (incorporated by reference to Exhibit 10.12.3 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_123.htm)\n\n​\n\n​\n\n​\n\n10.15\n\n​\n\n[Business Loan Agreement with Western State Bank relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.15 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_15.htm)\n\n​\n\n​\n\n​\n\n10.16\n\n​\n\n[Promissory Note issued to Western State Bank relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.16 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_16.htm)\n\n​\n\n​\n\n​\n\n10.17\n\n​\n\n[Mortgage to Western State Bank relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.17 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_17.htm)\n\n​\n\n​\n\n​\n\n10.18\n\n​\n\n[Assignment of Rents relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.18 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_18.htm)\n\n​\n\n​\n\n​\n\n10.19.1\n\n​\n\n[Commercial Security Agreement (Fixtures) relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.19.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_191.htm)\n\n​\n\n​\n\n​\n\n10.19.2\n\n​\n\n[Commercial Security Agreement (Inventory) relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.19.2 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_192.htm)\n\n​\n\n​\n\n​\n\n10.19.3\n\n​\n\n[Commercial Security Agreement (Franchise) relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.19.3 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_193.htm)\n\n​\n\n​\n\n​\n\n10.20.1\n\n​\n\n[Commercial Guaranty relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.20.1 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_201.htm)\n\n​\n\n​\n\n​\n\n10.20.2\n\n​\n\n[Commercial Guaranty relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.20.2 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_202.htm)\n\n​\n\n​\n\n​\n\n10.21\n\n​\n\n[Agreements to Provide Insurance relating to the Eagan Property, dated June 19, 2019 (incorporated by reference to Exhibit 10.21 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](http://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-10_21.htm)\n\n​\n\n​\n\n​\n\n10.54.1\n\n​\n\n[Assumption Agreement relating to the Lubbock Home2 Suites loan, dated as of December 30, 2019 (incorporated by reference to Exhibit 10.54.1 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105412c04.htm)\n\n​\n\n​\n\n​\n\n86\n\n[Table of Contents](#TOC)\n\n10.54.2\n\n​\n\n[Joinder by and Agreement of New Indemnitor relating to the Lubbock Home2 Suites, effective as of December 30, 2019 (incorporated by reference to Exhibit 10.54.2 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10542ede4.htm)\n\n​\n\n​\n\n​\n\n10.54.3\n\n​\n\n[Assignment and Subordination of Management Agreement relating to the Lubbock Home2 Suites, dated as of December 30, 2019 (incorporated by reference to Exhibit 10.54.3 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10543d85e.htm)\n\n​\n\n​\n\n​\n\n10.54.4\n\n​\n\n[Promissory Note relating to the Lubbock Home2 Suites, dated as of October 4, 2016 (incorporated by reference to Exhibit 10.54.4 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex1054484c9.htm)\n\n​\n\n​\n\n​\n\n10.54.5\n\n​\n\n[Loan Agreement relating to the Lubbock Home2 Suites, dated as of October 4, 2016 (incorporated by reference to Exhibit 10.54.5 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105456ac1.htm)\n\n​\n\n​\n\n​\n\n10.54.6\n\n​\n\n[Deed of Trust relating to the Lubbock Home2 Suites, dated as of October 4, 2016 (incorporated by reference to Exhibit 10.54.6 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105464edf.htm)\n\n​\n\n​\n\n​\n\n10.54.7\n\n​\n\n[Assignment of Leases and Rents relating to the Lubbock Home2 Suites, dated as of October 4, 2016 (incorporated by reference to Exhibit 10.54.7 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10547ff40.htm)\n\n​\n\n​\n\n​\n\n10.54.8\n\n​\n\n[Guaranty of Recourse Obligations relating to the Lubbock Home2 Suites, dated as of October 4, 2016 (incorporated by reference to Exhibit 10.54.8 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10548fb99.htm)\n\n​\n\n​\n\n​\n\n10.55.1\n\n​\n\n[Consent, Amendment and Assumption Agreement relating to the Lubbock Fairfield Inn loan, dated as of January 8, 2020 (incorporated by reference to Exhibit 10.55.1 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10551bf64.htm)\n\n​\n\n​\n\n​\n\n10.55.2\n\n​\n\n[Promissory Note relating to the Lubbock Fairfield Inn, dated as of April 4, 2019 (incorporated by reference to Exhibit 10.55.2 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10552b5c0.htm)\n\n​\n\n​\n\n​\n\n10.55.3\n\n​\n\n[Loan Agreement relating to the Lubbock Fairfield Inn, dated as of April 4, 2019 (incorporated by reference to Exhibit 10.55.3 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105537c1c.htm)\n\n​\n\n​\n\n​\n\n10.55.4\n\n​\n\n[Assignment of Leases and Rents relating to the Lubbock Fairfield Inn, dated as of April 4, 2019 (incorporated by reference to Exhibit 10.55.4 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10554c59f.htm)\n\n​\n\n​\n\n​\n\n10.55.5\n\n​\n\n[Deed of Trust relating to the Lubbock Fairfield Inn, dated as of January 8, 2020 (incorporated by reference to Exhibit 10.55.5 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105553226.htm)\n\n​\n\n​\n\n​\n\n10.55.6\n\n​\n\n[Guaranty of Recourse Obligations relating to the Lubbock Fairfield Inn, dated as of January 8, 2020 (incorporated by reference to Exhibit 10.55.6 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10556eb5b.htm)\n\n​\n\n​\n\n​\n\n10.55.7\n\n​\n\n[Environmental Indemnity Agreement relating to the Lubbock Fairfield Inn, dated as of January 8, 2020 (incorporated by reference to Exhibit 10.55.7 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105577a4e.htm)\n\n87\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n10.55.8\n\n​\n\n[Acknowledgement of Property Manager and Borrower relating to the Lubbock Fairfield Inn, dated as of January 8, 2020 (incorporated by reference to Exhibit 10.55.8 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105584256.htm)\n\n​\n\n​\n\n​\n\n10.56.1\n\n​\n\n[Business Loan Agreement for Revolving Line of Credit with Western State Bank, dated February 10, 2020 (incorporated by reference to Exhibit 10.3.1 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10561f6a7.htm)\n\n​\n\n​\n\n​\n\n10.56.2\n\n​\n\n[Promissory Note issued to Western State Bank, dated February 10, 2020 (incorporated by reference to Exhibit 10.3.2 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105628c3a.htm)\n\n​\n\n​\n\n​\n\n10.56.3\n\n​\n\n[Mortgage granted to Western State Bank relating to the Cedar Rapids Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.3 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex1056363be.htm)\n\n​\n\n​\n\n​\n\n10.56.4\n\n​\n\n[Mortgage granted to Western State Bank relating to the Eagan Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.4 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10564f8d6.htm)\n\n​\n\n​\n\n​\n\n10.56.5\n\n​\n\n[Assignment of Rents granted to Western State Bank relating to the Cedar Rapids Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.5 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105654a7b.htm)\n\n​\n\n​\n\n​\n\n10.56.6\n\n​\n\n[Assignment of Rents granted to Western State Bank relating to the Eagan Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.6 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10566979d.htm)\n\n​\n\n​\n\n​\n\n10.56.7\n\n​\n\n[Commercial Security Agreement relating to the Cedar Rapids Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.7 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10567f7e6.htm)\n\n​\n\n​\n\n​\n\n10.56.8\n\n​\n\n[Commercial Security Agreement relating to the Eagan Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.8 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10568ede7.htm)\n\n​\n\n​\n\n​\n\n10.56.10\n\n​\n\n[Commercial Guaranty by Corey R. Maple to Western State Bank, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.10 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex105610d62.htm)\n\n​\n\n​\n\n​\n\n10.56.11\n\n​\n\n[Commercial Guaranty by the Registrant to Western State Bank, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.11 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex1056118b2.htm)\n\n​\n\n​\n\n​\n\n10.56.13\n\n​\n\n[Agreement to Provide Insurance relating to the Eagan Property, dated February 10, 2020 (incorporated by reference to Exhibit 10.56.13 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex1056138b8.htm)\n\n​\n\n​\n\n​\n\n10.59\n\n​\n\n[Hotel Management Agreement between LF Southaven TRS, LLC and Vista Host Inc. relating to the Southaven Homewood Suites, dated as of February 21, 2020 (incorporated by reference to Exhibit 10.59 to the Company’s Annual Report on Form 10-K filed March 25, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020003087/lfr-20191231ex10593e5da.htm)\n\n88\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n10.66.1\n\n​\n\n[Change in Terms Agreement with Western State Bank, dated April 17, 2020, relating to the loan dated March 5, 2019 related to the Cedar Rapids Property (incorporated by reference to Exhibit 10.13.1 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex101319d18.htm)\n\n​\n\n​\n\n​\n\n10.66.2\n\n​\n\n[Modification of Mortgage, dated April 17, 2020 relating to the mortgage dated March 5, 2019 related to the Cedar Rapids Property (incorporated by reference to Exhibit 10.13.2 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex101324b80.htm)\n\n​\n\n​\n\n​\n\n10.67.1\n\n​\n\n[Change in Terms Agreement with Western State Bank, dated April 17, 2020, relating to the loan dated June 19, 2019 related to the Eagan Property (incorporated by reference to Exhibit 10.14.1 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex1014187e8.htm)\n\n​\n\n​\n\n​\n\n10.67.2\n\n​\n\n[Modification of Mortgage, dated April 17, 2020 relating to the mortgage dated June 19, 2019 related to the Eagan Property (incorporated by reference to Exhibit 10.14.2 to the Company’s Quarterly Report on Form 10-Q filed May 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020006572/lfr-20200331ex1014262cb.htm)\n\n​\n\n​\n\n​\n\n10.74\n\n​\n\n[Form of Services Agreement with One Rep Construction (incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q filed August 14, 2020)](https://www.sec.gov/Archives/edgar/data/1745032/000155837020010654/lfr-20200630ex1017c245b.htm)\n\n​\n\n​\n\n​\n\n10.85.1\n\n​\n\n[Loan Agreement by and among LF3 Aurora, LLC, LF3 Aurora TRS, LLC and Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.1 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex10851be8d.htm)\n\n​\n\n​\n\n​\n\n10.85.2\n\n​\n\n[Promissory Note issued by LF3 Aurora, LLC and LF3 Aurora TRS, LLC to Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.2 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex10852acde.htm)\n\n​\n\n​\n\n​\n\n10.85.3\n\n​\n\n[Fee and Leasehold Deed of Trust and Security Agreement by and among LF3 Aurora, LLC, LF3 Aurora TRS, LLC and Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.3 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108535ea8.htm)\n\n​\n\n​\n\n​\n\n10.85.4\n\n​\n\n[Guaranty Agreement, by and among Access Point Financial, LLC, LF3 Aurora, LLC, LF3 Aurora TRS, LLC and the Company, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.4 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108548cbb.htm)\n\n​\n\n​\n\n​\n\n10.85.5\n\n​\n\n[Environmental Indemnity Agreement, by and among LF3 Aurora, LLC, LF3 Aurora TRS, LLC, and the Company, to Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.5 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108559b02.htm)\n\n​\n\n​\n\n​\n\n10.85.6\n\n​\n\n[Assignment of Leases and Rents by and among LF3 Aurora, LLC, LF3 Aurora TRS, LLC and Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.6 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex10856835a.htm)\n\n​\n\n​\n\n​\n\n89\n\n[Table of Contents](#TOC)\n\n10.85.7\n\n​\n\n[Agreement for Subordination of Payments to Related Parties by and among LF3 Aurora, LLC, LF3 Aurora TRS, LLC and Access Point Financial, LLC, relating to the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.7 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108573588.htm)\n\n​\n\n​\n\n​\n\n10.85.8\n\n​\n\n[Pledge Agreement by and between Lodging Fund REIT III OP, LP and Access Point Financial, LLC relating to LF3 Aurora, LLC and the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.8 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex1085842b9.htm)\n\n​\n\n​\n\n​\n\n10.85.9\n\n​\n\n[Pledge Agreement by and between Lodging Fund REIT III TRS, Inc. and Access Point Financial, LLC relating to LF3 Aurora TRS, LLC and the Aurora Property, dated as of February 4, 2021 (incorporated by reference to Exhibit 10.85.9 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108593f2c.htm)\n\n​\n\n​\n\n​\n\n10.85.10\n\n​\n\n[Acknowledgement of CoPACE Assessment by and between LN Hospitality Denver, LLC and LF3 Aurora, LLC to Twain Funding I, LLC, relating to the Aurora Property, dated as of February 3, 2021 (incorporated by reference to Exhibit 10.85.10 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108510db6.htm)\n\n​\n\n​\n\n​\n\n10.87\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of January 19, 2021 (incorporated by reference to Exhibit 10.87 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex108738801.htm)\n\n​\n\n​\n\n​\n\n10.97\n\n​\n\n[Letter Agreement between Midland Loan Services, LF3 Lubbock Expo, LLC and LF3 Lubbock Expo TRS, LLC regarding the Lubbock Fairfield Inn loan, dated as of March 2, 2021 (incorporated by reference to Exhibit 10.97 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex1097b72ff.htm)\n\n​\n\n​\n\n​\n\n10.101\n\n​\n\n[Consent to PPP Loan Agreement, dated March 5, 2021 between Wells Fargo Bank, National Association, LF3 Lubbock Expo, LLC, Lodging Fund REIT III, Inc., and Lodging Fund REIT III OP, LP regarding to the Lubbock Fairfield Inn loan (incorporated by reference to Exhibit 10.101 to the Company’s Annual Report on Form 10-K filed March 31, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021003829/c032-20201231ex1010199fa.htm)\n\n​\n\n10.105\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of May 6, 2021 (incorporated by reference to Exhibit 10.22 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex10227c0c8.htm)\n\n​\n\n10.107\n\n​\n\n[Loan Agreement between LF3 El Paso, LLC, LF3 El Paso TRS, LLC, and EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.24 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex102457a4c.htm)\n\n​\n\n10.108\n\n​\n\n[Special Warranty Deed between HD Sunland Park Property LLC and LF3 El Paso, LLC, relating to the EL Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.25 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex1025e4dac.htm)\n\n​\n\n10.109\n\n​\n\n[Continuing Guaranty by Lodging Fund REIT III OP, LP in favor of EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.26 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex1026fc53e.htm)\n\n​\n\n90\n\n[Table of Contents](#TOC)\n\n10.110\n\n​\n\n[Assignment, Consent and Subordination of Management Agreement by and among LF3 El Paso, LLC, LF3 El Paso TRS, LLC, Elevation Hotel Management, LLC and EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.27 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex10271f0c6.htm)\n\n​\n\n10.111\n\n​\n\n[Assignment and Assumption of Management Agreement, by and between HD Sunland Park Property, LLC and LF3 El Paso TRS, LLC, and LF3 El Paso, LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.28 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex10283fef1.htm)\n\n​\n\n10.113\n\n​\n\n[Loan Assumption Agreement by and among HD Sunland Park Property, L.L.C., LF3 El Paso, LLC, LF3 El Paso TRS, LLC, and EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.30 to the Company's Quarterly Report on Form 10-Q filed May 17, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021007429/c032-20210331ex10302380f.htm)\n\n​\n\n10.114\n\n​\n\n[Carve Out Guaranty by Corey R. Maple in favor of EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.31 to the Company's Quarterly report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/1745032/000155837021011697/tmb-20210630xex10d31.htm)\n\n​\n\n10.115\n\n​\n\n[Deposit Account Control Agreement by and among LF3 El Paso TRS, LLC, EPH Development Fund LLC and Wells Fargo Bank, National Association, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.32 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d32.htm)\n\n​\n\n10.116\n\n​\n\n[Continuing Guaranty by Lodging Fund REIT III OP, LP in favor of EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (as amended) (incorporated by reference to Exhibit 10.33 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d33.htm)\n\n​\n\n10.118\n\n​\n\n[Hotel Management Agreement between HD Sunland Park Property, L.L.C. and Elevation Hotel Management, L.L.C., relating to the El Paso Property, dated as of November 29, 2018 (incorporated by reference to Exhibit 10.35 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d35.htm)\n\n​\n\n10.119\n\n​\n\n[First Amendment to the Hotel Management Agreement between HD Sunland Park Property, L.L.C. and Elevation Hotel Management, L.L.C., relating to the El Paso Property, dated as of December 19, 2020 (incorporated by reference to Exhibit 10.36 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d36.htm)\n\n​\n\n10.123\n\n​\n\n[Loan Agreement between LF3 Houston, LLC, LF3 Houston TRS, LLC, and Legendary A-1 Bonds, LLC relating to the Houston Hilton Garden Inn Property, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.40 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d40.htm)\n\n​\n\n10.124\n\n​\n\n[Continuing Guaranty by Lodging Fund REIT III, OP, LP in favor of Legendary A-1 Bonds, LLC, relating to the Houston Hilton Garden Inn, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.41 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d41.htm)\n\n​\n\n91\n\n[Table of Contents](#TOC)\n\n10.125\n\n​\n\n[Assignment of Leases and Rents by LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Legendary A-1 Bonds, LLC, relating to the Houston Hilton Garden Inn, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.42 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d42.htm)\n\n​\n\n10.126\n\n​\n\n[Deed of Trust, Security Agreement and Financing Statement by LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Legendary A-1 Bonds, LLC, relating to the Houston Hilton Garden Inn, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.43 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d43.htm)\n\n​\n\n10.127\n\n​\n\n[Environmental Indemnity Agreement by LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Legendary A-1 Bonds, LLC, relating to the Houston Hilton Garden Inn, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.44 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d44.htm)\n\n​\n\n10.128\n\n​\n\n[Management Agreement by and between LF3 Houston TRS, LLC and Interstate Management Company, LLC, relating to the Houston Hilton Garden Inn, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.45 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d45.htm)\n\n​\n\n10.130\n\n​\n\n[Promissory Note issued by LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Legendary A-1 Bonds, LLC relating to the Houston Hilton Garden Inn Property, dated as of August 3, 2021 (incorporated by reference to Exhibit 10.47 to the Company's Quarterly Report on Form 10-Q filed August 13, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021011697/tmb-20210630xex10d47.htm)\n\n​\n\n10.131\n\n​\n\n[Business Loan Agreement between LF3 Houston, LLC and LF3 Houston TRS, LLC and Choice Financial Group relating to the Houston Hilton Garden Inn Property, dated as of September 2, 2021 (incorporated by reference to Exhibit 10.48 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d48.htm)\n\n​\n\n10.133\n\n​\n\n[Commercial Guaranty by Lodging Fund REIT III OP, LP in favor of Choice Financial Group, relating to the Houston Hilton Garden Inn Property, dated as of September 2, 2021 (incorporated by reference to Exhibit 10.50 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d50.htm)\n\n​\n\n10.134\n\n​\n\n[Commercial Guaranty by Corey Maple in favor of Choice Financial Group, relating to the Houston Hilton Garden Inn Property, dated as of September 2, 2021 (incorporated by reference to Exhibit 10.51 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d51.htm)\n\n​\n\n10.135\n\n​\n\n[Deed of Trust by LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Choice Financial Group, relating to the Houston Hilton Garden Inn, dated as of September 2, 2021 (incorporated by reference to Exhibit 10.52 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d52.htm)\n\n​\n\n10.136\n\n​\n\n[Agreement to Provide Insurance between LF3 Houston, LLC and LF3 Houston TRS, LLC in favor of Choice Financial Group, relating to the Houston Hilton Garden Inn, dated as of September 2, 2021 (incorporated by reference to Exhibit 10.53 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d53.htm)\n\n​\n\n92\n\n[Table of Contents](#TOC)\n\n10.143\n\n​\n\n[Letter Agreement dated as of October 20, 2021, by and between the Operating Partnership and ELP MC Venture, LLC for the Courtyard El Paso Property (incorporated by reference to Exhibit 10.60 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d60.htm)\n\n​\n\n10.145\n\n​\n\n[First Amendment to the Continuing Guaranty by Lodging Fund REIT III OP, LP in favor of EPH Development Fund LLC, relating to the El Paso Property, dated as of May 12, 2021 (incorporated by reference to Exhibit 10.62 to the Company's Quarterly Report on Form 10-Q filed November 12, 2021)](https://www.sec.gov/Archives/edgar/data/0001745032/000155837021015808/tmb-20210930xex10d62.htm)\n\n​\n\n10.155\n\n​\n\n[Contribution Agreement by and between the Operating Partnership and RLC V RIFC, LLC for the Residence Inn by Marriott Fort Collins, dated as of February 1, 2022 (incorporated by reference to Exhibit 10.155 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d155.htm)\n\n​\n\n​\n\n10.157\n\n​\n\n[Amended & Restated Contribution Agreement by and between the Operating Partnership and ELP MC Ventures, LLC related to the El Paso Airport Property, dated as of February 8, 2022 (incorporated by reference to Exhibit 10.157 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d157.htm)\n\n​\n\n10.158\n\n​\n\n[Management Agreement by and between LF3 El Paso Airport TRS, LLC and Aimbridge Hospitality, LLC related to the El Paso Airport Property, dated as of February 8, 2022 (incorporated by reference to Exhibit 10.158 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d158.htm)\n\n​\n\n10.182\n\n​\n\n[First Amendment to the Contribution Agreement by and between the Operating Partnership and RLC-VI Lakewood, LLC for the Fairfield Inn & Suites Denver Southwest Lakewood, dated as of February 23, 2022 (incorporated by reference to Exhibit 10.182 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d182.htm)\n\n​\n\n10.183\n\n​\n\n[Second Amendment to the Contribution Agreement by and between the Operating Partnership and RLC-VI Lakewood, LLC for the Fairfield Inn & Suites Denver Southwest Lakewood, dated as of March 3, 2022 (incorporated by reference to Exhibit 10.183 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d183.htm)\n\n​\n\n10.184\n\n​\n\n[Third Amendment to the Contribution Agreement by and between the Operating Partnership and RLC-VI Lakewood, LLC for the Fairfield Inn & Suites Denver Southwest Lakewood, dated as of March 15, 2022 (incorporated by reference to Exhibit 10.184 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d184.htm)\n\n​\n\n10.192\n\n​\n\n[Fourth Amendment to the Contribution Agreement by and between the Operating Partnership and RLC-VI Lakewood, LLC for the Fairfield Inn & Suites Denver Southwest Lakewood, dated as of March 24, 2022 (incorporated by reference to Exhibit 10.192 to the Company’s Annual Report on Form 10-K filed March 31, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022004948/tmb-20211231xex10d192.htm)\n\n​\n\n10.193\n\n​\n\n​\n\n[Change in Terms by and between the Operating Partnership and Western State Bank related to the revolving line of credit loan agreement, dated as of May 5, 2022 (incorporated by reference to Exhibit 10.193 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d193.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.196\n\n​\n\n​\n\n[Agreement of Sublease by and between FCL Founders Drive, LLC and Northbrook Hotel Group L.P. regarding the Northbrook Sheraton, dated as of January 24, 2007 (incorporated by reference to Exhibit 10.196 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d196.htm)\n\n​\n\n​\n\n​\n\n​\n\n93\n\n[Table of Contents](#TOC)\n\n10.197\n\n​\n\n​\n\n[Assignment of Ground Lease by and between BSPRT Northbrook, LLC and APF – Northbrook, LLC regarding the Northbrook Sheraton, dated as of October 28, 2020 (incorporated by reference to Exhibit 10.197 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d197.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.198\n\n​\n\n​\n\n[First Amendment to Amended and Restated Declaration by and between Five Seasons Country Club of Northbrook, Inc., Willow Festival LLC, North Shore Ice Arena, LLC, Meadow Ridge Condominium Association, Northbrook Greens Condominium Association, and Riverpark Office Condominium Association regarding the Northbrook Sheraton, dated as of December 31, 2008 (incorporated by reference to Exhibit 10.198 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d198.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.199\n\n​\n\n​\n\n[Special Amendment to Amended and Restated Declaration by and between Society of the Divine Word and Divine Word Techny Community Corporation regarding the Northbrook Sheraton, dated as of July 11, 2019 (incorporated by reference to Exhibit 10.199 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d199.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.200\n\n​\n\n​\n\n[Declaration by FCL Founders Drive, LLC regarding the Northbrook Sheraton, dated as of August 3, 2006 (incorporated by reference to Exhibit 10.200 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d200.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.201\n\n​\n\n​\n\n[Amended and Restated Declaration by Society of the Divine Word and Divine Word Techny Community Corporation regarding the Northbrook Sheraton, dated September 15, 2005 (incorporated by reference to Exhibit 10.201 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d201.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.202\n\n​\n\n​\n\n[Loan Agreement by and between LF3 El Paso Airport, LLC, LF3 El Paso Airport TRS, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.202 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d202.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.203\n\n​\n\n​\n\n[Guaranty by the Operating Partnership for the benefit of Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.203 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d203.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.204\n\n​\n\n​\n\n[Operating Lease Subordination Agreement by and between LF3 El Paso Airport, LLC, LF3 El Paso Airport TRS, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.204 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d204.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.205\n\n​\n\n​\n\n[Deed of Trust by and between LF3 El Paso Airport, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.205 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d205.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.206\n\n​\n\n​\n\n[Security Agreement by and between LF3 El Paso Airport, LLC, LF3 El Paso Airport TRS, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.206 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d206.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.207\n\n​\n\n​\n\n[Term Loan Note by and between LF3 El Paso Airport, LLC, LF3 El Paso Airport TRS, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.207 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d207.htm)\n\n94\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n10.208\n\n​\n\n​\n\n[Assignment of Management Agreement by and between LF3 El Paso Airport TRS, LLC, Aimbridge Hospitality, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.208 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d208.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.209\n\n​\n\n​\n\n[Environmental Indemnity Agreement by and between LF3 El Paso Airport, LLC, LF3 El Paso Airport TRS, LLC and Western Alliance Bank related to the El Paso Airport Property, dated as of May 13, 2022 (incorporated by reference to Exhibit 10.209 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d209.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.210\n\n​\n\n​\n\n[First Amendment to Contribution Agreement by and between the Operating Partnership and RLC V RIFC, LLC for the Residence Inn by Marriott Fort Collins, dated as of March 24, 2022 (incorporated by reference to Exhibit 10.210 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d210.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.211\n\n​\n\n​\n\n[Second Amendment to Contribution Agreement by and between the Operating Partnership and RLC V RIFC, LLC for the Residence Inn by Marriott Fort Collins, dated as of April 29, 2022 (incorporated by reference to Exhibit 10.211 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d211.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.212\n\n​\n\n​\n\n[Third Amendment to Contribution Agreement by and between the Operating Partnership and RLC V RIFC, LLC for the Residence Inn by Marriott Fort Collins, dated as of May 10, 2022 (incorporated by reference to Exhibit 10.212 to the Company’s Quarterly Report on Form 10-Q filed May 16, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022009002/tmb-20220331xex10d212.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.219\n\n​\n\n​\n\n[Loan Agreement by and among LF3 RIFC, LLC, LF3 RIFC TRS, LLC, and Legendary A-1 Bonds, LLC related to the Residence Inn Fort Collins Property, dated as of August 3, 2022 (incorporated by reference to Exhibit 10.219 to the Company’s Quarterly Report on Form 10-Q filed August 11, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022013328/tmb-20220630xex10d219.htm)\n\n​\n\n10.222\n\n​\n\n​\n\n[Tranche 3 Promissory Note by LF3 RIFC, LLC, LF3 RIFC TRS, LLC, and Legendary A-1 Bonds, LLC related to the Residence Inn Fort Collins Property, dated as of August 3, 2022 (incorporated by reference to Exhibit 10.222 to the Company’s Quarterly Report on Form 10-Q filed August 11, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022013328/tmb-20220630xex10d222.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.227\n\n​\n\n​\n\n[Contribution Agreement by and between the Operating Partnership and Wichita Airport Hospitality, LLC for the Holiday Inn Express & Suites Wichita Airport, dated as of August 5, 2022 (incorporated by reference to Exhibit 10.227 to the Company’s Quarterly Report on Form 10-Q filed August 11, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022013328/tmb-20220630xex10d227.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.228\n\n​\n\n​\n\n[Loan Agreement for Revolving Line of Credit by and among Lodging Fund REIT III OP, LP and Legendary A-1 Bonds, LLC, dated August 9, 2022 (incorporated by reference to Exhibit 10.228 to the Company’s Quarterly Report on Form 10-Q filed August 11, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022013328/tmb-20220630xex10d228.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.229\n\n​\n\n​\n\n[Promissory Note by Lodging Fund REIT III OP, LP and Legendary A-1 Bonds, LLC, dated August 9, 2022 (incorporated by reference to Exhibit 10.229 to the Company’s Quarterly Report on Form 10-Q filed August 11, 2022)](https://www.sec.gov/Archives/edgar/data/1745032/000155837022013328/tmb-20220630xex10d229.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.248\n\n​\n\n​\n\n[Loan Modification and Reinstatement Agreement among Wilmington Trust, National Association, as Trustee, High Desert Investors, LP, the Operating Partnership, the original indemnitors, and Corey R. Maple, related to the El Paso University Property, dated as of August 10, 2022](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d248.htm)\n\n95\n\n[Table of Contents](#TOC)\n\n[(incorporated by reference to Exhibit 10.248 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d248.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.249\n\n​\n\n​\n\n[Reorganization and Membership Interest Purchase Agreement between Lodging Fund REIT III OP, LP and High Desert Investors, LP, dated as of August 10, 2022 (incorporated by reference to Exhibit 10.249 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d249.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.250\n\n​\n\n​\n\n[Amended and Restated Guaranty of Recourse Obligations by Corey R. Maple for the benefit of Wilmington Trust, National Association, as Trustee, related to the El Paso University Property, dated as of August 10, 2022 (incorporated by reference to Exhibit 10.250 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d250.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.251\n\n​\n\n​\n\n[Amended and Restated Environmental Indemnity Agreement by Corey R. Maple and High Desert Investors, LP in favor of Wilmington Trust, National Association, as Trustee, related to the El Paso University Property, dated as of August 10, 2022 (incorporated by reference to Exhibit 10.251 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d251.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.252\n\n​\n\n​\n\n[First Amendment to Fourth Amended and Restated Limited Liability Company Operating Agreement of High Desert Garden Holdings, LLC, between ASI Capital, LLC, High Desert Hospitality, LP, High Desert Hospitality, LLC, Roma Commercial, Inc., VB Hotel Group A, LLC, and the Operating Partnership, related to the El Paso HGI Hotel Property, dated as of August 10, 2022 (incorporated by reference to Exhibit 10.252 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d252.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.253\n\n​\n\n​\n\n[Membership Interest Transfer Agreement between Roma Commercial, Inc., ASI Capital, LLC, VB Hotel Group A, LLC, and the Operating Partnership, related to the El Paso HGI Hotel Property, dated as of August 10, 2022 (incorporated by reference to Exhibit 10.253 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d253.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.254\n\n​\n\n​\n\n[Completion Guaranty Agreement by the Operating Partnership for the benefit of Wilmington Trust, N.A., related to the El Paso HGI Hotel Property, dated as of August 10, 2022 (incorporated by reference to Exhibit 10.254 to the Company’s Quarterly Report on Form 10-Q filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004049/lfr-20220930xex10d254.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.259\n\n​\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of December 15, 2022 (incorporated by reference to Exhibit 10.259 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d259.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.260\n\n​\n\n​\n\n[Amendment to Loan Agreement for Revolving Line of Credit with A-1 Legendary Bonds, LLC, dated as of December 22, 2022 (incorporated by reference to Exhibit 10.260 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d260.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.261\n\n​\n\n​\n\n[Second Amendment to Contribution Agreement between the Operating Partnership and Wichita Airport Hospitality LLC for the Wichita Property, dated as of December 21, 2022 (incorporated by reference to Exhibit 10.261 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d261.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.262\n\n​\n\n​\n\n[Business Loan Agreement between LF3 Wichita Airport, LLC, LF3 Wichita Airport TRS, LLC and Choice Financial Group dated as of December 21, 2022 (incorporated by reference to Exhibit 10.262 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d262.htm)\n\n​\n\n​\n\n​\n\n​\n\n96\n\n[Table of Contents](#TOC)\n\n10.263\n\n​\n\n​\n\n[Promissory Note issued to Choice Financial Group in connection with the Wichita Property, dated as of December 21, 2022 (incorporated by reference to Exhibit 10.263 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d263.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.264\n\n​\n\n​\n\n[Mortgage related to the Wichita Property, dated as of December 21, 2022 (incorporated by reference to Exhibit 10.264 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d264.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.265\n\n​\n\n​\n\n[Assignment of Rents related to the Wichita Property, dated as of December 21, 2022 (incorporated by reference to Exhibit 10.265 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d265.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.266\n\n​\n\n​\n\n[Guaranty by Corey Maple related to the Wichita Property, dated as of December 21, 2022 (incorporated by reference to Exhibit 10.266 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d266.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.267\n\n​\n\n​\n\n[Guaranty by the Operating Partnership related to the Wichita Property, dated as of December 21, 2022 (incorporated by reference to Exhibit 10.267 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d267.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.268\n\n​\n\n​\n\n[Management Agreement with KAJ Hospitality, Inc. related to the Wichita Property (incorporated by reference to Exhibit 10.268 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d268.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.269\n\n​\n\n​\n\n[Amendment to Loan Agreement for Revolving Line of Credit with A-1 Legendary Bonds, LLC, dated as of January 12, 2023 (incorporated by reference to Exhibit 10.269 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d269.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.271\n\n​\n\n​\n\n[Loan Agreement between the Operating Partnership and NHS, LLC dba National Hospitality Services, dated as of March 6, 2023 (incorporated by reference to Exhibit 10.271 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d271.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.272\n\n​\n\n​\n\n[Amendment to Loan Agreement for Revolving Line of Credit with A-1 Legendary Bonds, LLC, dated as of April 18, 2023 (incorporated by reference to Exhibit 10.272 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d272.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.273\n\n​\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of April 15, 2023 (incorporated by reference to Exhibit 10.273 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d273.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.274\n\n​\n\n​\n\n[Loan Agreement between LF3 RIFC, LLC, LF3 RIFC TRS, LLC and Access Point Financial, LLC regarding the Ft. Collins Property, dated as of April 18, 2023 (incorporated by reference to Exhibit 10.274 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d274.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.275\n\n​\n\n​\n\n[Promissory Note issued to Access Point Financial, LLC related to the Ft. Collins Property, dated as of April 18, 2023 (incorporated by reference to Exhibit 10.275 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d275.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.276\n\n​\n\n​\n\n[Guaranty of Payment, Carry and Completion between Corey Maple, Norman Leslie and Access Point Financial, LLC, dated as of April 18, 2023 (incorporated by reference to Exhibit 10.276 to the Company’s Annual Report on Form 10-K filed March 27, 2024](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d276.htm)\n\n​\n\n​\n\n​\n\n​\n\n97\n\n[Table of Contents](#TOC)\n\n10.277\n\n​\n\n​\n\n[Loan Modification Agreement between LF3 El Paso, LLC, LF3 El Paso TRS LLC, the Operating Partnership, Corey Maple and EPH Development Fund LLC, dated as of May 15, 2023 relating to the El Paso HI Property (incorporated by reference to Exhibit 10.276 to the Company’s Annual Report on Form 10-K filed March 27, 2024](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d277.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.278\n\n​\n\n​\n\n[Amendment to the Amended and Restated Contribution Agreement regarding the El Paso HI Property (incorporated by reference to Exhibit 10.278 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d278.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.279\n\n​\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of July 31, 2023 (incorporated by reference to Exhibit 10.279 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d279.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.280\n\n​\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of October 9, 2023 (incorporated by reference to Exhibit 10.280 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d280.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.281\n\n​\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of December 27, 2023 (incorporated by reference to Exhibit 10.281 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d281.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.282\n\n​\n\n​\n\n[Change in Terms Agreement for Loan Agreement with NHS, LLC dba National Hospitality Services, dated as of December 28, 2023 (incorporated by reference to Exhibit 10.282 to the Company’s Annual Report on Form 10-K filed March 27, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004065/lfr-20221231xex10d282.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.283\n\n​\n\n​\n\n[Fourth Amendment to the Revolving Line of Credit Loan Agreement between the Operating Partnership and Legendary A-1 Bonds, LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d1.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.284\n\n​\n\n​\n\n[Fourth Amended and Restated Promissory Note entered into by the Operating Partnership in favor of Legendary A-1 Bonds, LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K filed April 5, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004769/lfr-20240327xex10d10.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.285\n\n​\n\n​\n\n[Loan Agreement between the Borrower and Bluebird Credit EM LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d2.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.286\n\n​\n\n​\n\n[Promissory Note entered into by Borrower in favor of Bluebird Credit EM LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d3.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.287\n\n​\n\n​\n\n[Pledge and Security Agreement entered into by the Operating Partnership in favor of Bluebird Credit EM LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d4.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.288\n\n​\n\n​\n\n[Pledge and Security Agreement entered into by Lodging Fund REIT III TRS, Inc. in favor of Bluebird Credit EM LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d5.htm)\n\n​\n\n​\n\n​\n\n​\n\n98\n\n[Table of Contents](#TOC)\n\n10.289\n\n​\n\n​\n\n[Guaranty of Payment Norman H. Leslie for the benefit of Bluebird Credit EM LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d6.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.290\n\n​\n\n​\n\n[Loan Agreement between the Operating Partnership and Legendary A-1 Bonds, LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d7.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.291\n\n​\n\n​\n\n[Promissory Note entered into by the Operating Partnership in favor of Legendary A-1 Bonds, LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d8.htm)\n\n​\n\n10.292\n\n​\n\n​\n\n[Pledge and Security Agreement entered into by the Company in favor of the Legendary A-1 Bonds, LLC, dated as of March 27, 2024 (incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024004592/lfr-20240327xex10d9.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.293\n\n​\n\n​\n\n[Second Loan Modification Agreement between LF3 El Paso, LLC, LF3 El Paso TRS LLC, the Operating Partnership, Corey Maple and EPH Development Fund LLC, dated as of May 15, 2024 relating to the El Paso HI Property (incorporated by reference to Exhibit 10.293 to the Company’s Annual Report on Form 10-K filed December 17, 2024)](https://www.sec.gov/Archives/edgar/data/1745032/000155837024016328/lfr-20231231xex10d293.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.295\n\n​\n\n​\n\n[Change in Terms Agreement for Revolving Line of Credit with Western State Bank, dated as of May 10, 2024 (incorporated by reference to Exhibit 10.295 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025004856/lfr-20240630xex10d295.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.296\n\n​\n\n​\n\n[Change in Terms Agreement for Loan Agreement with NHS LLC dba National Hospitality Services, dated as of August 21, 2024 (incorporated by reference to Exhibit 10.296 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed April 15, 2025](https://www.sec.gov/Archives/edgar/data/1745032/000155837025004857/lfr-20240930xex10d296.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.297\n\n​\n\n​\n\n[Fifth Amendment to the Revolving Line of Credit Loan Agreement between the Operating Partnership and Legendary A-1 Bonds, LLC, dated as of December 20, 2024 (incorporated by reference to Exhibit 10.297 to the Company’s Annual Report on Form 10-K filed April 28, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025005729/lfr-20241231xex10d296.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.298\n\n​\n\n​\n\n[Loan Contribution Agreement by and between Access Point Financial, LLC, Lodging Fund REIT III OP, LP, Legendary Capital REIT III, LLC and Legendary Capital, LLC, dated as of December 24, 2024 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed January 3, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025000020/lfr-20241224xex10d3.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.299\n\n​\n\n​\n\n[Change in Terms Agreement with Western State Bank, dated February 26, 2025, relating to the loan dated March 5, 2019 related to the Cedar Rapids Property (incorporated by reference to Exhibit 10.299 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed June 2, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025008347/lfr-20250331xex10d299.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.300\n\n​\n\n​\n\n[Change in Terms Agreement with Western State Bank, dated February 26, 2025, relating to the loan dated June 19, 2019 related to the Eagan Property (incorporated by reference to Exhibit 10.300 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed June 2, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025008347/lfr-20250331xex10d300.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.301\n\n​\n\n​\n\n[Forbearance Agreement with Choice Financial Group dated March 27, 2025 related to the loans related to the Houston Property and Wichita Property (incorporated by reference to Exhibit 10.301](https://www.sec.gov/Archives/edgar/data/1745032/000155837025008347/lfr-20250331xex10d301.htm)\n\n99\n\n[Table of Contents](#TOC)\n\n[to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed June 2, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025008347/lfr-20250331xex10d301.htm)\n\n​\n\n​\n\n​\n\n​\n\n10.302*\n\n​\n\n​\n\n[Arcade Fargo Promissory Note, dated as of December 16, 2025](lfr-20251231xex10d302.htm)\n\n​\n\n​\n\n​\n\n​\n\n14.1\n\n​\n\n​\n\n[Code of Conduct and Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Annual Report on Form 10-K filed April 28, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025005729/lfr-20241231xex14d1.htm)\n\n​\n\n​\n\n​\n\n​\n\n16.1\n\n​\n\n​\n\n[Letter from Marcum LLP re: change in auditor (incorporated by reference to Exhibit 16.1 to the Company’s Current Report on Form 8-K filed May 7, 2025)](https://www.sec.gov/Archives/edgar/data/1745032/000155837025006700/lfr-20250501xex16d1.htm)\n\n​\n\n​\n\n​\n\n​\n\n21.1*\n\n​\n\n​\n\n[Subsidiaries of the Registrant](lfr-20251231xex21d1.htm)\n\n​\n\n​\n\n​\n\n​\n\n31.1*\n\n​\n\n​\n\n[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](lfr-20251231xex31d1.htm)\n\n​\n\n​\n\n​\n\n​\n\n31.2*\n\n​\n\n​\n\n[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](lfr-20251231xex31d2.htm)\n\n​\n\n​\n\n​\n\n​\n\n32.1**\n\n​\n\n​\n\n[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002](lfr-20251231xex32d1.htm)\n\n​\n\n​\n\n​\n\n​\n\n99.1\n\n​\n\n​\n\n[Share Repurchase Plan of the Registrant (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form 10 filed August 8, 2019)](https://www.sec.gov/Archives/edgar/data/1745032/000104746919004643/a2239418zex-4_2.htm)\n\n​\n\n​\n\n​\n\n​\n\n101.INS\n\n​\n\n​\n\nXBRL Instance Document\n\n​\n\n​\n\n​\n\n​\n\n101.SCH\n\n​\n\n​\n\nXBRL Taxonomy Extension Schema\n\n​\n\n​\n\n​\n\n​\n\n101.CAL\n\n​\n\n​\n\nXBRL Taxonomy Extension Calculation Linkbase\n\n​\n\n​\n\n​\n\n​\n\n101.DEF\n\n​\n\n​\n\nXBRL Taxonomy Extension Definition Linkbase\n\n​\n\n​\n\n​\n\n​\n\n101.LAB\n\n​\n\n​\n\nXBRL Taxonomy Extension Label Linkbase\n\n​\n\n​\n\n​\n\n​\n\n101.PRE\n\n​\n\n​\n\nXBRL Taxonomy Extension Presentation Linkbase\n\n​\n\n​\n\n​\n\n​\n\n104\n\n​\n\n​\n\nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n\n​\n\n*****Filed herewith.\n\n******Furnished herewith.\n\n​\n\n​"}