Exhibit 10.11
PROMISSORY NOTE
$43,380.00 July 27, 2000
----------
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 0000 Xxxx
Xxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000 hereby promises to pay to
Pepper Tree/Freeway Community Limited Partnership ("Note Holder") or order and
address as specified below the principal sum of FORTY THREE THOUSAND THREE
HUNDRED EIGHTY AND 00/100 DOLLARS ($43,380.00) 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) As evidenced in Exhibit A attached, two installment payments of
principal and interest will be due in two hundred ten (210) days.
Commencing on February 27, 2001 one payment is due and on March 27,
2001 final payment is due. This is a non-recourse Note secured by
18,000 shares of InnSuites Hospitality Trust.
(B) Payments to be made payable to:
Pepper Tree/Freeway Community Limited Partnership
0000 X. Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx XX 00000
The 18,000 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 Xxxxxx 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/ Xxxx X. Xxxx
-----------------------------------
Name: Xxxx X. Xxxx
Title: Secretary/Treasurer
