EXHIBIT 10.109
PROMISSORY NOTE
September 8, 2000
FOR VALUE RECEIVED, APPLE SUITES, INC., a Virginia corporation the
"Company") hereby unconditionally promises to pay to the order of FIRST UNION
NATIONAL BANK, a national banking association (the "Lender"), at the office of
FIRST UNION NATIONAL BANK, located at One First Union Center, NC-0166, 301 South
College Street, Charlotte, North Carolina 28288-0166, in lawful money of the
United States and in immediately available funds, on the dates required under
that certain Credit Agreement dated as of September 8, 2000 by and between the
Company and the Lender (as the same may be amended, extended or replaced from
time to time, the "Agreement" and with the capitalized terms not otherwise
defined herein used with the meanings given such terms in the Agreement), the
sum of $10,000,000.00, the principal amount of the Loan made under the
Agreement.
The Company further agrees to pay interest in like money and funds at
the office of the Lender referred to above, on the unpaid principal balance
hereof from the date advanced until paid in full on the dates and at the
applicable rates set forth in the Agreement. The holder of this Note is hereby
authorized to record the date and amount of each payment of principal and
interest, and applicable interest rates and other information with respect
thereto, on the schedules annexed to and constituting a part of this Note (or by
any analogous method the holder hereof may elect consistent with its customary
practices) and any such recordation shall, absent manifest error, constitute
prima facie evidence of the accuracy of the information so recorded; provided,
however, that the failure to make a notation or the inaccuracy of any notation
shall not limit or otherwise affect the obligations of the Company under the
Credit Documents.
This Note is the Note referred to in, and is entitled to all the
benefits of, the Agreement. Reference is hereby made to the Agreement for rights
and obligations of payment and prepayment, Events of Default and the rights of
acceleration of the maturity hereof upon the occurrence of an Event of Default.
This Note shall be governed by, and construed in accordance with, the
laws of the State of North Carolina, and is being executed by the duly
authorized officers of the Company as of the day and year first above written.
APPLE SUITES, INC.,
a Virginia corporation
By: /s/ Glade M. Knight
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Name: Glade M. Knight
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Title: Chief Executive Officer
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