Promissory Note between RRF Limited Partnership and Pepper Tree/Freeway Community Limited Partnership dated July 27, 2000

Summary

RRF Limited Partnership, with InnSuites Hospitality Trust as its general partner, promises to pay Pepper Tree/Freeway Community Limited Partnership $43,380 with 7% annual interest. The loan is to be repaid in two installments due in February and March 2001. The note is secured by 18,000 shares of InnSuites Hospitality Trust. If payments are late, penalties apply, and after 35 days of non-payment, the note may be declared in default, requiring immediate repayment. Legal fees may be charged if collection is necessary.

EX-10.11 12 0012.txt PROMISSORY NOTE Exhibit 10.11 PROMISSORY NOTE $43,380.00 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 Pepper Tree/Freeway Community Limited Partnership ("Note Holder") or order and address as specified below the principal sum of FORTY THREE THOUSAND THREE HUNDRED EIGHTY AND 00/100 DOLLARS ($43,380.00) 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) As evidenced in Exhibit A attached, two installment payments of principal and interest will be due in two hundred ten (210) days. Commencing on February 27, 2001 one payment is due and on March 27, 2001 final payment is due. This is a non-recourse Note secured by 18,000 shares of InnSuites Hospitality Trust. (B) Payments to be made payable to: Pepper Tree/Freeway Community Limited Partnership 1625 E. Northern Avenue, Suite 201 Phoenix AZ 85020 The 18,000 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