PROMISSORY NOTEPromissory Note • July 28th, 2005 • MHI Hospitality CORP • Real estate investment trusts
FOR VALUE RECEIVED, the undersigned, MHI JACKSONVILLE LLC, a Delaware limited liability company (“Borrower”), hereby promises to pay to the order of MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, a Maryland corporation, in its capacity as Trustee of the AFL-CIO Building Investment Trust, and not in its corporate capacity (“Trustee”; Trustee and any assignee or other lawful owner of this Promissory Note being hereinafter called “Holder”), the principal amount of EIGHTEEN MILLION AND 00/100 DOLLARS ($18,000,000.00) (the “Principal Sum”), together with interest on the unpaid balance of the Principal Sum at the rate or rates set forth herein, and on the other terms set forth herein and in the Loan Agreement (as defined below).
LOAN AGREEMENTLoan Agreement • July 28th, 2005 • MHI Hospitality CORP • Real estate investment trusts • Maryland
THIS REQUISITION AND CERTIFICATION (this “Requisition”) is made this day of , 200 by MHI JACKSONVILLE LLC (“Borrower”) for the benefit of Mercantile-Safe Deposit and Trust Company, in its capacity as trustee for the AFL-CIO Building Investment Trust (“Trustee”), to induce Trustee to make the advance of funds identified above pursuant to the terms and conditions of a Loan Agreement dated , 2005 (the “Loan Agreement”) between Trustee and Borrower.
