Revolving
Line of Credit - Promissory Demand Note


 


InnSuites
Hospitality Trust and its subsidiary RRF Limited Partnership (the “Borrower”) promises to pay to the order of Chinita
Hayden (the “Lender”) the sum of up to Four Hundred Thousand Dollars ($400,000.00), together with interest thereon
at the rate of 7.0% per annum on the unpaid balance.


 


This
Revolving Line of Credit – Promissory Demand Note (“Note”) is executed in return for the following extension
of credit from the Lender to the Borrower:


 


The
borrower and Lender agree that this Note shall automatically govern any future extension of credit, in any form, from the Lender
to the Borrower, if such future extension of credit expressly states that it is subject to this Note.


 


Interest
only payments shall be made monthly and are due on the first of the month and is late on the 15th of each month. The
principal shall be payable On Demand or payable on July 31, 2020, whichever occurs first. The Lender and Borrower agree that no
collateral will be provided for this loan and is unsecured.


 


All
payments shall be first applied to interest and late charges, and the balance to principal, if any. This note may be prepaid,
at any time , in whole or in part, upon the occurrence of any of the following: Failure to make any payment due to hereunder within
on or before 15 days after the due date; breach of any condition of the agreement, upon the dissolution or liquidation of the
undersigned, upon the filing by any of the undersigned of an assignment for the benefit of the creditors, bankruptcy or other
form of insolvency, or by suffering an involuntary petition tin bankruptcy or receivership not vacated within thirty (30) days.


 


In
the event this note shall be in default and placed for collection, then the borrower agree to pay all reasonable attorney fees
and costs of collection. Payment not made within fifteen (15) days of the due date shall be subject to a late charge of 4% of
said payment. All payments hereunder shall be made to such address as may from time to time be designated by any holder.


 


The
undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until
this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound
notwithstanding any extension, modification, waiver or other indulgence or discharge or release of any obligor hereunder or exchange,
substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof
shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future
occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of
the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably
grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder
hereof shall be cumulative and not necessarily successive. This Note shall take effect as a sealed instrument and shall be construed,
governed and enforced in accordance with the laws of the State of Arizona.


 


The
borrower may prepay this Note in whole or in part without penalty. In the event any payment due hereunder is not paid when due,
the entire balance shall be immediately due and payable upon demand of the holder. Upon default, the undersigned shall pay all
reasonable attorney fees and costs necessary for the collection of this Note.


 


Signed
under seal this 18th day of July, 2017.


 


	/s/
    InnSuites Hospitality Trust by James Wirth	 	 
	InnSuites
    Hospitality Trust, Borrower	 	
	 	 	 
	By
    James Wirth, CEO	 	 
	 	 	/s/
    Chinita Hayden
	 	 	Chinita
    Hayden, Lender


 


	RRF
    Limited Partnership	 
	 	 
	by
    Inn Suites Hospitality Trust, General Partner	 
	 	 
	/s/
    RRF Limited Partnership by James Wirth	 
	by
    James Wirth, CEO	 


 




    	 



    	 



    

 


Promissory
Demand Note


 


Amendment
# 1


 


On
December 24, 2014, InnSuites Hospitality Trust together with RRF Limited Partnership (“Borrower”) entered into the
attached Promissory Demand Note with Guy C. Hayden, III (“Lender”) for the sum of $400,000 due on demand or payable
on February 15, 2018, whichever occurs first.


 


With
all of the same terms as described in the Promissory Demand Note dated on December 24, 2014, both the Borrower and Lender wish
to extend the Promissory Demand Note to be due on demand or payable on July 31, 2020, whichever occurs first.


 


Signed
under seal this 18th day of July, 2017.


 


	InnSuites
    Hospitality Trust, Borrower	 	
	 	 	 
	By
    James Wirth, CEO	 	/s/
    Guy Hayden III
	 	 	Guy
    C. Hayden III, Lender
	/s/
    InnSuites Hospitality Trust by James Wirth	 	 


 


	RRF
                                         Limited Partnership,



	 
	 	 
	by
                                         Inn Suites Hospitality Trust, General Partner, Borrower



	 
	 	 
	By
                                         RRF Limited Partnership
                                         by InnSuites Hospitality Trust by James Wirth




	 	 
	/s/
                                         RRF Limited Partnership by InnSuites Hospitality Trust by James Wirth, CEO




	 
	by
    James Wirth, CEO