ITEM 8.01 OTHER EVENTS. InJanuary 2019 ,Braemar Hotels & Resorts Inc. (the "Company") refinanced its$186.8 million mortgage loan secured by theCapital Hilton andHilton La Jolla Torrey Pines , which are held in a joint venture in which the Company has a 75% equity interest, for a new mortgage loan that totaled$195.0 million . The loan has a maturity date inFebruary 2024 , is interest only and bears interest at a rate of LIBOR + 1.70%. OnApril 6, 2020 , the Company failed to make the interest payment due on the loan. OnSeptember 24, 2020 , the Company entered into a loan forbearance agreement with its lender (the "Forbearance Agreement"). Pursuant to the Forbearance Agreement, its lender consented to: (i) the deferral of interest payments for a period of six months beginning inApril 2020 throughSeptember 2020 , with interest payments resuming inOctober 2020 ; (ii) repayment of all deferred interest on a 1/12th monthly basis startingJanuary 5, 2021 ; and (iii) the utilization of FF&E reserve funds (from the furniture, fixtures and equipment reserve account generally reserved to finance capital improvements to the property) for the payment of operating expenses at the hotels, with suspension of all required payments to be made to the FF&E reserve throughDecember 31, 2020 . The FF&E reserve is subject to replenishment on a 1/24th monthly basis startingMarch 2021 .Lismore Capital LLC ("Lismore"), a subsidiary of Ashford Inc., was paid a$731,250 fee in connection with this forbearance, which was due under the Braemar Loan Modification/Forbearance Agreement, dated as ofMarch 20, 2020 , by and among Lismore and the Company (the "Lismore Agreement"). This fee was comprised of the following components (i) a$182,813 fee which was paid upfront upon execution of the Lismore Agreement and was not subject to clawback, (ii) a$182,813 fee which has been paid pursuant to the monthly installments and was previously subject to clawback and (iii) a$365,625 success fee which was only payable to Lismore upon acceptance by the applicable lender.
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