Addendum to Promissory Note Between James F. Wirth and InnSuites Hospitality Trust
This addendum modifies a $2,000,000 promissory note originally due to James F. Wirth from InnSuites Hospitality Trust. Under the new terms, $500,000 is due on March 15, 2004, and the remaining $1,500,000 plus interest is due on March 15, 2005. Both parties have agreed to these revised payment terms as of June 1, 2002.
Exhibit 10.1
ADDENDUM
TO NOTE DUE
June 1, 2002
WHEREAS, there is a Note due James Wirth on March 15, 2004 in the principal amount of $2,000,000. It is hereby agreed that the Note shall be modified to provide for $500,000 due March 15, 2004 and the balance of $1,500,000 in principal plus interest be due March 15, 2005.
| AGREED THIS 1ST DAY OF JUNE, 2002 | ||
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| By: Note Holder | ||
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| /s/ James F. Wirth |
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| James F. Wirth | ||
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| APPROVED: | ||
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| INNSUITES HOSPITALITY TRUST, DEBTOR | ||
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| By: | ||
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| /s/ Marc E. Berg |
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| Marc E. Berg | ||
