Promissory Note between RRF Limited Partnership and FBO Brian Wirth dated July 27, 2000

Summary

RRF Limited Partnership, with InnSuites Hospitality Trust as General Partner, promises to pay FBO Brian Wirth $28,570.55 plus 7% annual interest. The full amount, including interest, is due in one payment 150 days from July 27, 2000. The loan is secured by 11,855 shares of InnSuites Hospitality Trust. If payment is late, penalties apply, and after 35 days, the note may be declared in default, allowing the lender to claim the shares. Legal fees may be charged if collection is required.

EX-10.9 10 0010.txt PROMISSORY NOTE Exhibit 10.9 PROMISSORY NOTE $28,570.55 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 FBO Brian Wirth ("Note Holder") or order and address as specified below the principal sum of TWENTY EIGHT THOUSAND FIVE HUNDRED SEVENTY AND 55/100 DOLLARS ($28,570.55) 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) $28,570.55 due in one hundred fifty (150) days with 7% interest. Commencing on December 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 11,855 shares of InnSuites Hospitality Trust. (B) Payments to be made payable to: Fbo Brian Wirth, 5700 East Glen Drive Paradise Valley, AZ 85253 The 11,855 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