PROMISSORY NOTEPromissory Note • April 2nd, 2007 • MHI Hospitality CORP • Real estate investment trusts
FOR VALUE RECEIVED, the undersigned, CAPITOL HOTEL ASSOCIATES, L.P., L.L.P., a Virginia limited liability limited partnership, doing business in North Carolina as Capitol Hotel Associates, Limited Partnership, L.L.P., promises to pay to the order of MONY LIFE INSURANCE COMPANY, a New York corporation (“Holder”), at its office at 1290 Avenue of the Americas, New York, New York 10104, or at such other place as the Holder may from time to time designate in writing, the principal sum of Twenty-Three Million and 00/100 Dollars ($23,000,000.00), with interest thereon from the date or dates of disbursement of the aforesaid principal sum at the rate of 6.21% per annum, to be paid in lawful money of the United States of America as follows:
