SECURITY AGREEMENTSecurity Agreement • January 11th, 2016 • Innsuites Hospitality Trust • Real estate investment trusts • New York
THIS AGREEMENT is effective the 8th day of January, 2016 and is entered into by and between Pamela Barnhill, as Trustee of INNSUITES HOSPITALITY TRUST, an Ohio unincorporated real estate investment trust (the “Trust”), and IBC HOTELS, LLC, an Arizona limited liability company (“IBC”), whose addresses are 1625 E Northern Avenue, Suite # 105 Phoenix, Arizona 85020 (hereinafter the Trust and IBC are collectively referred to as either “Borrower” or “Debtor”), in favor of LAURENCE HOLDINGS LIMITED, an Ontario corporation, whose address is 403-150 Caroline Street, South Waterloo, Ontario, Canada N2L 0A5 (hereinafter referred to as the “Secured Party”).
