Promissory Note Between Mamdouh & Basem Philipco and Sonesta International Hotels Limited (with Guarantee)

Summary

Mamdouh & Basem Philipco, based in Luxor, Egypt, agree to repay Sonesta International Hotels Limited $300,000 by October 1, 2004, under this promissory note. If payment is late, a 7% annual interest applies until full repayment. The note can be assigned by the creditor without the debtor's consent. Payment is only considered complete when the creditor confirms receipt and returns the original note. Mamdouh Philippe Megalaa personally guarantees the debt, allowing the creditor to seek payment directly from him if needed. Disputes will be resolved by Cairo courts.

EX-10.13(B) 8 a2154900zex-10_13b.txt EXHIBIT 10.13(B) Exhibit 10.13(b) PROMISSORY NOTE AMOUNT: U.S. $ 300,000.00 Name of Debtor: Mamdouh & Basem Philipco Address of Debtor: Nefertari Street Luxor, Egypt On or before October 1, 2004, we the Debtor shall pay to the order of the Creditor, Sonesta International Hotels Limited, whose address is c/o Sonesta International Hotels Corporation, 116 Huntington Avenue, Boston, Massachusetts, U.S.A., by virtue of this promissory note, the sum stated above, which is Three Hundred Thousand United States Dollars (U.S. $300,000.00), as we received such value in cash. Payment shall be made at the address of the Creditor and any dispute arising out of this promissory note shall be settled by the Cairo courts. In the event that we do not make full and timely payment, the full outstanding amount shall automatically bear a delay interest of 7% (seven percent) annually, accruing from the due date until the date of full payment, without need for any notice, procedure, or protest. The Creditor shall have the right to assign this promissory note at its discretion, without need for our consent. Our liability for the amount set forth in this promissory note shall be released only after the Creditor, or its assignee, endorses this promissory note to the effect that it has received payment in full and has delivered the original promissory note to us. Made on January 8, 2004 Debtor: Mamdouh & Basem Philipco By: /S/ ------------------------- Name: Mamdouh Philippe Megalaa Title: President I hereby jointly and severally guarantee the payment of the above-mentioned amount. The Creditor shall have the right to demand payment from me, on a several basis, without need for first demanding payment from the Debtor. Made on January 8, 2004 Guarantor: Mamdouh Philippe Megalaa By: /S/ ------------------------ 67