Exhibit 10.12
PROMISSORY NOTE
$524,917.73 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
Xxxxx X. Xxxxx ("Note Holder") or order and address as specified below the
principal sum of FIVE HUNDRED TWENTY FOUR THOUSAND NINE HUNDRED SEVENTEEN AND
73/100 DOLLARS ($524,917.73) 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 the attached, Exhibit A, the first installment due
will be an interest only payment due on April 27, 2001. Thereafter
monthly installments are due of accrued interest and principal
commencing May 27, 2001. This is a non-recourse Note secured by
219,053 shares of InnSuites Hospitality Trust.
(B) Payments to be made payable to:
Xxxxx X. Xxxxx
0000 Xxxx Xxxx Xxxxx
Xxxxxxxx Xxxxxx XX 00000
The 219,053 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
