Exhibit 10.8
PROMISSORY NOTE
$28,570.55 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 0000 Xxxx
Xxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000 hereby promises to pay to FBO
Xxxxxxxxxxx Xxxxx ("Note Holder") or order and address as specified below the
principal sum of TWENTY EIGHT THOUSAND FIVE HUNDRED SEVENTY AND 55/100 DOLLARS
($28,570.55) 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) $28,570.55 due in one hundred twenty (120) days with 7% interest.
Commencing on November 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 11,855 shares of InnSuites
Hospitality Trust.
(B) Payments to be made payable to:
Xxx Xxxxxxxxxxx Xxxxx,
0000 Xxxx Xxxx Xxxxx
Xxxxxxxx Xxxxxx, XX 00000
The 11,855 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
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Name: Xxxx X. Xxxx
Title: Secretary/Treasurer
