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Moody 10-Q [moody-10q_0812.htm]
 
 
Exhibit 10.8

PROMISSORY NOTE

$200,000

May 27, 2010

FOR VALUE RECEIVED, the undersigned, Moody National Perimeter REIT JV Member,
LLC, a Delaware limited liability company (the “Maker”), HEREBY PROMISES TO PAY
to the order of Moody National RI Perimeter TO, LLC, a Delaware limited
liability company (the “Payee”), the principal sum of Two Hundred Thousand
Dollars ($200,000), and all accrued and unpaid interest, on or before May 27,
2011 (“Maturity Date”).  Interest shall be paid on the unpaid principal sum of
this Note at a rate of 1.25% per annum.

Payment hereunder is due at or prior to 11:00 A.M. (New York City) on the
Maturity Date in same day funds, payable to such account at such bank in such
city and state as the Payee may reasonably specify in its demand.  Whenever any
payment hereunder shall be stated to be due on a day other than a day of the
year on which banks are not required or authorized to close in the specified
city or in New York City (any such other day being a “Business Day”), such
payment shall be made on the next succeeding Business Day.

This Promissory Note runs to the benefit of the Payee exclusively, and may not
be assigned, transferred, hypothecated or otherwise conveyed to any other person
or entity (by contract, operation of law or otherwise) without the prior written
consent of the Maker).

This Promissory Note shall be governed by and construed in accordance with the
laws of the State of Texas.  The Maker (i) irrevocably submits to the
jurisdiction of any Texas State court or Federal court sitting in Harris County,
Texas in any action arising out of this Promissory Note, (ii) agrees that all
claims in such action may be decided in such court, (iii) waives, to the fullest
extent it may effectively do so, the defense of inconvenient forum and (iv)
consents to the service of process by mail.  Nothing herein shall affect the
right of any party to serve legal process in any manner permitted by law or
affect its right to bring any action in any other court.

   
MAKER:
 
 
Moody National Perimeter REIT JV Member, LLC,
a Delaware limited liability company
         
By:  
/s/ Brett C. Moody
     
Brett C. Moody, President