UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 5, 2016
INNSUITES HOSPITALITY TRUST
(Exact Name of Registrant as Specified in Charter)
| Ohio | 001-07062 | 34-6647590 | ||
|
(State
or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS
Employer
Identification No.) |
| InnSuites Hotels Centre, 1625 E. Northern Avenue, | ||
| Suite 105, Phoenix, AZ | 85020 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (602) 944-1500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry Into a Material Definitive Agreement.
On December 5, 2016, The Trust and the Partnership together entered into eight unsecured loans for a total of $425,000 with varying principal amounts ranging from $25,000 to $100,000 with H. W. Hayes Trust (“Hayes Loans”). The Trust and the Partnership together also entered into two unsecured on-demand $25,000 loans for a total of $50,000 with Lita M. Sweitzer (“Sweitzer Loans”). The total principal amount of the Hayes Loans and the Sweitzer Loans is $475,000. The Hayes Loans and the Sweitzer Loans are due on June 20, 2019 or on demand, whichever occurs first. The Hayes Loans requires from a 0-120 day notification of the demand to repay the loans prior to June 20, 2019. Both the Hayes Loans and the Sweitzer Loans accrue interest at 7.0% per year on the unpaid balance and interest only payments shall be made monthly and are due on the first of the following month. The Trust and Partnership may pay all or part of these notes without any repayment penalties.
The foregoing description is not intended to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On December 6, 2016, the Board of Trustees approved a cash dividend of $0.01 per Share of Beneficial Interest of the Trust, payable on January 27, 2017 to shareholders of record as of January 12, 2017.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| 10.1 | Eight Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership as borrower, in favor of H. W. Hayes Trust, as Lender and two Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership as borrower, in favor of Lita M. Sweitzer, as Lender. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| InnSuites Hospitality Trust | ||
| By: | /s/ Adam B. Remis | |
| Adam B. Remis | ||
| Chief Financial Officer | ||
Date: December 8, 2016
EXHIBIT INDEX
| Exhibit No. | Description | |
| 10.1 | Eight Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership as borrower, in favor of H. W. Hayes Trust, as Lender and two Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership as borrower, in favor of Lita M. Sweitzer, as Lender. |
Promissory Demand Note #1
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of One Hundred Thousand Dollars ($100,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable On Demand or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable upon demand of the holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
Signed under seal this 5 th day of December, 2016.
| /s/ InnSuites Hospitality Trust by James Wirth, CEO | |
| InnSuites Hospitality Trust, Borrower |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
RRF Limited Partnership
by Inn Suites Hospitality Trust, General Partner
| /s/ RRF Limited Partnership by InnSuites Hospitality Trust by James Wirth, CEO | |
| by James Wirth, CEO |
Promissory 30 Day Notice Demand Note #2
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 30 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 30 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory 45 Day Notice Demand Note #3
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 45 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 45 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory 60 Day Notice Demand Note #4
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 60 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 60 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory 75 Day Notice Demand Note #5
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 75 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 75 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory 90 Day Notice Demand Note #6
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 90 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 90 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory 105 Day Notice Demand Note #7
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 105 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 105 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory 120 Day Notice Demand Note #8
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of H.W. Hayes Trust (the “Lender”) the sum of Twenty Five Thousand Dollars ($25,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable after 120 day notice in writing or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable 120 days after notice of demand received in writing by holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| Signed under seal this 5 th day of December, 2016. | |
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ H. W. Hayes |
| H.W. Hayes Trust, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory Demand Note (1 of 2)
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of Lita M. Sweitzer (the “Lender”) the sum of Twenty Five Thousand Dollars ($25,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable On Demand or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable upon demand of the holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ Lita M. Sweitzer |
| Lita M. Sweitzer, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |
Promissory Demand Note (2 of 2)
InnSuites Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of Lita M. Sweitzer (the “Lender”) the sum of Twenty Five Thousand Dollars ($25,000.00), together with interest thereon at the rate of 7.0% per annum on the unpaid balance.
This Note is executed in return for the following extension of credit from the Lender to the Borrower:
The borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender to the Borrower, if such future extension of credit expressly states that it is subject to this Note.
Interest only payments shall be made monthly and are due on the first of the month and is late on the 15 th of each month. The principal shall be payable On Demand or payable on June 20, 2019, whichever occurs first. The Lender and Borrower agree that no collateral will be provided for this loan and is unsecured.
All payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid, at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other form of insolvency, or by suffering an involuntary petition in bankruptcy or receivership not vacated within thirty (30) days.
In the event this note shall not be in default and placed for collection, then the undersigned agree to pay all reasonable attorney fees and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Arizona.
The borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due and payable upon demand of the holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this Note.
Signed under seal this 5 th day of December, 2016.
| /s/ James Wirth | |
| InnSuites Hospitality Trust, Borrower | |
| By James Wirth, CEO | /s/ Lita M. Sweitzer |
| Lita M. Sweitzer, Lender |
| RRF Limited Partnership | |
| by Inn Suites Hospitality Trust, General Partner | |
| /s/ James Wirth | |
| by James Wirth, CEO |