Promissory Note between RRF Limited Partnership and Hotels America LLC dated July 27, 2000

Summary

RRF Limited Partnership, with InnSuites Hospitality Trust as General Partner, promises to pay Hotels America LLC $2,651 plus 7% annual interest. The full amount, including interest, is due in one payment 30 days from the note date. The loan is secured by 1,100 shares of InnSuites Hospitality Trust. Late payments incur penalties, and if more than 35 days late, the lender may declare default and claim the shares. If legal action is needed, the borrower will pay court-approved attorney fees.

EX-10.4 5 0005.txt PROMISSORY NOTE Exhibit 10.4 PROMISSORY NOTE $2,651.00 July 27, 2000 - --------- FOR VALUED RECEIVED, and legally bound hereby, RRF LIMITED PARTNERSHIP ("Maker"), a Delaware limited partnership, InnSuites Hospitality Trust, General Partner, an Ohio real estate investment trust, having an office at 1625 East Northern Avenue, Suite 201, Phoenix, Arizona 85020 hereby promises to pay to Hotels America Limited Liability Company ("Note Holder") or order and address as specified below the principal sum of TWO THOUSAND SIX HUNDRED FIFTY ONE AND 00/100 DOLLARS ($2,651.00), with interest on the unpaid principal balance thereon from time to time outstanding, at the rate of seven percent (7.00%) per annum, computed on a three hundred sixty (360)-day year, to be due and payable in installments of principal and interest as follows: (A) $2,651.00 due in thirty days with 7% interest. Commencing on August 27, 2000 this Note is due with one payment of the accrued but unpaid interest and outstanding principal balance. This is a non-recourse Note secured by 1,100 shares of InnSuites Hospitality Trust. (B) Payments to be made payable to: Hotels America LLC 1625 E. Northern Ave Ste 201 Phoenix AZ 85020 The 1,100 shares of InnSuites Hospitality Trust will remain as security for the unpaid balance on the Note. At the option of the Note Holder, late charges upon written notice are assessed as follows: 10 days late, $50 penalty 35 days late, $150 penalty Over 35 days late, Note Holder could declare the note in default and call the entire amount due. Should default be declared, shares proportionate to unpaid principal balance will be returned to Note Holder. Principal and interest payable in lawful money of the United States. If legal proceedings are entered into to recover on this Note, the undersigned agree(s) to pay such sum as the Court may fix as attorney's fees. The Makers and endorsers hereof severally waive diligence, demand, presentment for payment and protest, and consent to the extension or time of payment of this Note without notice. RRF LIMITED PARTNERSHIP, A Delaware limited partnership, InnSuites Hospitality Trust, General Partner an Ohio real estate investment trust By: /s/ Marc E. Berg ------------------------------ Name: Marc E. Berg Title: Secretary/Treasurer