Exhibit 10.4
PROMISSORY NOTE
$2,651.00 July 27, 2000
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FOR VALUED RECEIVED, and legally bound hereby, RRF LIMITED PARTNERSHIP
("Maker"), a Delaware limited partnership, InnSuites Hospitality Trust, General
Partner, an Ohio real estate investment trust, having an office at 1625 East
Northern Avenue, Suite 201, Phoenix, Arizona 85020 hereby promises to pay to
Hotels America Limited Liability Company ("Note Holder") or order and address as
specified below the principal sum of TWO THOUSAND SIX HUNDRED FIFTY ONE AND
00/100 DOLLARS ($2,651.00), with interest on the unpaid principal balance
thereon from time to time outstanding, at the rate of seven percent (7.00%) per
annum, computed on a three hundred sixty (360)-day year, to be due and payable
in installments of principal and interest as follows:
(A) $2,651.00 due in thirty days with 7% interest. Commencing on August
27, 2000 this Note is due with one payment of the accrued but unpaid
interest and outstanding principal balance. This is a non-recourse
Note secured by 1,100 shares of InnSuites Hospitality Trust.
(B) Payments to be made payable to:
Hotels America LLC
1625 E. Northern Ave Ste 201
Phoenix AZ 85020
The 1,100 shares of InnSuites Hospitality Trust will remain as security for the
unpaid balance on the Note.
At the option of the Note Holder, late charges upon written notice are assessed
as follows:
10 days late, $50 penalty
35 days late, $150 penalty
Over 35 days late, Note Holder could declare the note in default and
call the entire amount due.
Should default be declared, shares proportionate to unpaid principal balance
will be returned to Note Holder.
Principal and interest payable in lawful money of the United States.
If legal proceedings are entered into to recover on this Note, the undersigned
agree(s) to pay such sum as the Court may fix as attorney's fees.
The Makers and endorsers hereof severally waive diligence, demand, presentment
for payment and protest, and consent to the extension or time of payment of this
Note without notice.
RRF LIMITED PARTNERSHIP,
A Delaware limited partnership,
InnSuites Hospitality Trust, General
Partner an Ohio real estate
investment trust
By: /s/ Marc E. Berg
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Name: Marc E. Berg
Title: Secretary/Treasurer
