Document:

<PAGE>
                                                                EXHIBIT 10.30.02

                                                                            COPY

                                 PROMISSORY NOTE

$25,000,000.00                                                New York, New York
                                                                  April 24, 2003

      FOR VALUE RECEIVED DJONT/JPM TENANT CO., L.L.C., a Delaware limited
liability company, as maker, having its principal place of business c/o Felcor
Lodging Trust Incorporated, 545 East John Carpenter Freeway, Suite 1300, Irving,
Texas 75062 ("Borrower"), hereby unconditionally promises to pay to the order of
JPMORGAN CHASE BANK, a New York banking corporation, having its principal place
of business at 270 Park Avenue, New York, New York 10017 ("Lender"), or at such
other place as the holder hereof may from time to time designate in writing, the
principal sum of TWENTY-FIVE MILLION AND 00/100 DOLLARS ($25,000,000.00), in
lawful money of the United States of America with interest thereon to be
computed from the date of this Note at the Applicable Interest Rate, and to be
paid in accordance with the terms of this Note and that certain Loan Agreement,
dated the date hereof, between Borrower and Lender (the "Loan Agreement"). All
capitalized terms not defined herein shall have the respective meanings set
forth in the Loan Agreement.

                           ARTICLE 1 - PAYMENT TERMS

      Borrower agrees to pay the principal sum of this Note and interest on the
unpaid principal sum of this Note from time to time outstanding at the rates and
at the times specified in Article 2 of the Loan Agreement and the outstanding
balance of the principal sum of this Note and all accrued and unpaid interest
thereon shall be due and payable on the Maturity Date.

                      ARTICLE 2 - DEFAULT AND ACCELERATION

      The Debt shall without notice become immediately due and payable at the
option of Lender if any payment required in this Note is not paid on or prior to
the date when due or if not paid on the Maturity Date or on the happening of any
other Event of Default and in addition, Lender shall be entitled to receive
interest on the entire unpaid principal sum at the Default Rate pursuant to the
terms of the Loan Agreement. This Article 2, however, shall not be construed as
an agreement or privilege to extend the date of the payment of the Debt, nor as
a waiver of any other right or remedy accruing to Lender by reason of the
occurrence of any Event of Default.

                           ARTICLE 3 - LOAN DOCUMENTS

      This Note is secured by each Security Instrument and the other Loan
Documents. All of the terms, covenants and conditions contained in the Loan
Agreement, each Security Instrument and the other Loan Documents are hereby made
part of this Note to the same extent and with the same force as if they were
fully set forth herein. In the event of a conflict or inconsistency between the
terms of this Note and the Loan Agreement, the terms and provisions of the Loan
Agreement shall govern.

                           ARTICLE 4 - SAVINGS CLAUSE

      This Note and the Loan Agreement are subject to the express condition that
at no time shall Borrower be obligated or required to pay interest on the
principal balance of the Loan at a
<PAGE>
rate in excess of the Maximum Legal Rate. If, by the terms of this Note, the
Loan Agreement or the other Loan Documents, Borrower is at any time required or
obligated to pay interest on the principal balance due hereunder at a rate in
excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default
Rate, as the case may be, shall be deemed to be immediately reduced to the
Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate
shall be deemed to have been payments in reduction of principal and not on
account of the interest due hereunder. All sums paid or agreed to be paid to
Lender for the use, forbearance, or detention of the sums due under the Loan,
shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Loan until payment
in full so that the rate or amount of interest on account of the Loan does not
exceed the Maximum Legal Rate of interest from time to time in effect and
applicable to the Loan for so long as the Loan is outstanding.

                           ARTICLE 5 - NO ORAL CHANGE

        This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

                              ARTICLE 6 - WAIVERS

      Borrower and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, notice of intention to accelerate, notice of
acceleration, protest and notice of protest and non-payment and all other
notices of any kind. No release of any security for the Debt or extension of
time for payment of this Note or any installment hereof, and no alteration,
amendment or waiver of any provision of this Note, the Loan Agreement or the
other Loan Documents made by agreement between Lender or any other Person shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other Person who may become liable for the
payment of all or any part of the Debt, under this Note, the Loan Agreement or
the other Loan Documents. No notice to or demand on Borrower shall be deemed to
be a waiver of the obligation of Borrower or of the right of Lender to take
further action without further notice or demand as provided for in this Note,
the Loan Agreement or the other Loan Documents. If Borrower is a partnership,
the agreements herein contained shall remain in force and be applicable,
notwithstanding any changes in the individuals or entities comprising the
partnership, and the term "Borrower," as used herein, shall include any
alternate or successor partnership, but any predecessor partnership and their
partners shall not thereby be released from any liability. If Borrower is a
corporation, the agreements contained herein shall remain in full force and be
applicable notwithstanding any changes in the shareholders comprising, or the
officers and directors relating to, the corporation, and the term "Borrower" as
used herein, shall include any alternative or successor corporation, but any
predecessor corporation shall not be relieved of liability hereunder. If
Borrower is a limited liability company, the agreements herein contained shall
remain in force and be applicable, notwithstanding any changes in the members
comprising the limited liability company, and the term "Borrower" as used
herein, shall include any alternate or successor limited liability company, but
any predecessor limited liability company and their members shall not thereby be
released from any liability. (Nothing in the foregoing sentence

                                      -2-
<PAGE>
shall be construed as a consent to, or a waiver of, any prohibition or
restriction on transfers of interests in such partnership, corporation or
limited liability company which may be set forth in the Loan Agreement, each
Security Instrument or any other Loan Document.) If Borrower consists of more
than one person or party, the obligations and liabilities of each such person or
party shall be joint and several.

                              ARTICLE 7 - TRANSFER

      Upon the transfer of this Note, Borrower hereby waiving notice of any such
transfer, Lender may deliver all the collateral mortgaged, granted, pledged or
assigned pursuant to the Loan Documents, or any part thereof, to the transferee
who shall thereupon become vested with all the rights herein or under applicable
law given to Lender with respect thereto, and upon assumption of Lender's
obligations under the Loan Documents, Lender shall thereafter forever be
relieved and fully discharged from any liability or responsibility in the
matter; but Lender shall retain all rights hereby given to it with respect to
any liabilities and the collateral not so transferred.

                            ARTICLE 8 - EXCULPATION

      Notwithstanding anything to the contrary contained in this Note, the
liability of Borrower to pay the Debt and for the performance of the other
agreements, covenants and obligations contained herein and in the Security
Instrument, the Loan Agreement and the other Loan Documents shall be limited as
set forth in Section 9.4 of the Loan Agreement.

                           ARTICLE 9 - GOVERNING LAW

      This Note shall be governed in accordance with the terms and provisions of
Section 10.3 of the Loan Agreement.

                              ARTICLE 10 - NOTICES

        All notices or other written communications hereunder shall be delivered
in accordance with Section 10.6 of the Loan Agreement.

                         [NO FURTHER TEXT ON THIS PAGE]

                                      -3-
<PAGE>
                                                                            COPY

      IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and
year first above written.

                               DJONT/JPM TENANT CO., L.L.C., a Delaware
                               limited liability company

                               By:         /s/ Joel M. Eastman
                                  ---------------------------------------
                                         Joel M. Eastman
                                         Vice President<PAGE>

                                                                Exhibit 10.30.03

================================================================================

                            DJONT/JPM TENANT CO., LLC
                                                    Borrower

                                       and

                               JPMORGAN CHASE BANK
                                                    Lender

                         ------------------------------

                               SECURITY AGREEMENT

                         ------------------------------

                         Dated: As of April 24, 2003

                         PREPARED BY:

                         Messrs. Thacher Proffitt & Wood
                         11 West 42nd Street
                         New York, New York 10036
                         Attention: David S. Hall, Esq.

                         File No.: 86000-00822

================================================================================
<PAGE>
                               SECURITY AGREEMENT

            THIS SECURITY AGREEMENT made the 24th day of April, 2003, between
DJONT/JPM TENANT CO., L.L.C., a Delaware limited liability company, having its
principal place of business at c/o FelCor Lodging Trust Incorporated, 545 E.
John Carpenter Freeway, Suite 1300, Irving, Texas 75062 ("Borrower") and
JPMORGAN CHASE BANK, a New York banking corporation, having an address at 270
Park Avenue, New York, New York 10017 ("Lender");

                              W I T N E S S E T H :

            WHEREAS Borrower is the present owner and holder of (i) that certain
pledge agreement dated as of the date hereof given by FELCOR/JPM LODGING CO.,
LLC, a Delaware limited liability company ("FelCor Lodging") to Borrower (the
"Pledge Agreement") covering all of the equity interests in FELCOR/JPM HOLDINGS,
L.L.C., a Delaware limited liability company (the "Pledged Interests") and (ii)
that certain note dated as of the date hereof in the principal sum of
$25,000,000.00 given by FelCor Lodging to Borrower (the "Note") and secured by
the Pledge Agreement;

            WHEREAS Lender has agreed to make a Loan to Borrower in the
principal sum of $25,000,000.00 (the "Loan"), which Loan, together with interest
thereon, shall be evidenced by and payable in accordance with the provisions of
a certain note dated the date hereof in the principal sum of $25,000,000.00
given by Borrower to Lender (the "Loan Note") and pursuant to that certain
Junior Mezzanine Loan Agreement dated as of the date hereof between the Borrower
and Lender (the "Loan Agreement"; all capitalized word and phrases not otherwise
defined herein shall have the means ascribed to them in the Loan Agreement)
(said principal sum, interest and all other sums which may or shall become due
under the Loan Note, the Loan Agreement, this Security Agreement or any other
Loan Documents being hereinafter collectively referred to as the "Debt"); and

            WHEREAS Lender is willing to make the Loan to Borrower only if
Borrower grants and assigns to Lender, as security for the payment of the Debt
and the observance and performance by Borrower of all of the terms, covenants
and provisions of the Loan Note, the Loan Agreement and the other Loan Documents
on the part of Borrower to be observed and performed, a security interest in the
Note and the Pledge Agreement in the manner hereinafter set forth;

            NOW, THEREFORE, in consideration of the making of the Loan and other
good and valuable consideration, the receipt of which is hereby acknowledged,
Borrower hereby grants and assigns to Lender, as security for the payment of the
Debt and the observance and performance by Borrower of all of the terms,
covenants and provisions of the Loan Note, the Loan Agreement, this Security
Agreement and the other Loan Documents, on the part of Borrower to be observed
or performed, a security interest in all of Borrower's right, title and interest
in the Note and the Pledge Agreement, and Borrower hereby represents and
warrants to and covenants and agrees with Lender as follows:
<PAGE>
            1. Borrower represents and warrants to Lender that as of the date
hereof and at all times during the term of the Loan Note (i) the obligee under
the Note is and shall be FelCor Lodging, and that notices may be sent to FelCor
Lodging at c/o FelCor Lodging Trust Incorporated, 545 E. John Carpenter Freeway,
Suite 1300, Irving, Texas 75062, (ii) the Note and the Pledge Agreement are and
shall be owned by Borrower free and clear of all liens, pledges, security
interests or other encumbrances of any nature whatsoever, (iii) the Pledge
Agreement constitutes a valid and enforceable first lien covering the Pledged
Interests, (iv) there are no defenses, counterclaims or offsets of any nature
whatsoever with respect to the Note, the Pledge Agreement or the indebtedness
evidenced and secured thereby or with respect to any other instruments or
documents evidencing, securing or guaranteeing payment of the indebtedness and
all other sums due under the Note and the Pledge Agreement (all such other
instruments and documents being hereinafter collectively referred to as the
"Other Security Documents") and all of the provisions of the Note, the Pledge
Agreement and the Other Security Documents are in full force and effect, (v)
there are no defaults existing under the Note, the Pledge Agreement or the Other
Security Documents and Borrower knows of no event which, but for the passage of
time or the giving of notice, or both, would constitute an event of default
under the Note, the Pledge Agreement or the Other Security Documents, (vi)
interest is and shall be payable on the principal sum evidenced by the Note at
the rate set forth therein or in the Pledge Agreement, (vii) the Note, the
Pledge Agreement and the Other Security Documents and the provisions thereof
have not been amended, modified or altered in any manner whatsoever and (viii)
Borrower knows of no fact or circumstance which would affect the enforceability,
validity or priority of the Note, the Pledge Agreement or the Other Security
Documents. Borrower represents and warrants that (a) the unpaid principal
balance of the Note as of the date of this Agreement is $25,000,000.00 and (b)
Lender has been provided with true, correct and complete copies of the Note, the
Pledge Agreement and the Other Security Documents, which documents constitute
all of the documents executed and delivered in connection with the indebtedness
evidenced by the Note and secured by the Pledge Agreement.

            2. The security interest and the incidents thereof granted and
assigned by Borrower to Lender pursuant to this Security Agreement shall, in
addition to the security interest in the Note and the Pledge Agreement, be
deemed to include for all purposes a security interest in (i) each of the Other
Security Documents and (ii) all deposit accounts, credits, moneys, property or
other security of any nature whatsoever now or hereafter available to Borrower
for application in reduction, in whole or in part, of the indebtedness evidenced
and secured by the Note and the Pledge Agreement, letters of credit,
certificates of deposit or deposit or escrows of any kind relating to the Note
or the Pledge Agreement, and (iii) any other documents, agreements or
instruments related to the Note, the Pledge Agreement or the property encumbered
thereby under which legal rights or obligations are created or exist (the Note,
the Pledge Agreement, the Other Security Documents and all of the property and
rights described in this Section 2 together with all substitutions for and all
proceeds, replacements, reversions and remainders thereof and all appurtenances
and additions thereto, whether now owned or hereafter acquired by Borrower, the
"Collateral").

            3. In addition to the requirements contained in the Loan Agreement,
Borrower shall keep accurate and complete books, records and accounts in
accordance with generally accepted accounting practices consistently applied
with respect to the financial affairs of Borrower, including, but not limited
to, the financial affairs of Borrower which relate to the Note and the Pledge
Agreement and all sums due or which may become due thereunder. Lender shall have
the right from
<PAGE>
time to time at all times during normal business hours to examine such books,
records and accounts at the office of Borrower or other person maintaining such
books, records and accounts and to make copies or extracts thereof as Lender
shall desire. Borrower shall, from time to time, within five (5) days after
request deliver to Lender such information, reports and additional financial
information with respect to the financial affairs of Borrower as Lender shall
request.

            4. Lender shall have the unconditional right to notify FelCor
Lodging of the security interest granted and assigned by Borrower to Lender
pursuant to this Security Agreement. Following an Event of Default (as defined
in the Loan Agreement), Lender shall have the unconditional right to direct
FelCor Lodging to make all payments of sums due or hereafter becoming due
pursuant to the Note and/or the Pledge Agreement directly to Lender. Borrower
shall, following an Event of Default and upon request by Lender, sign and
consent to all notices and directions given by Lender to FelCor Lodging pursuant
to this paragraph. Lender shall have the unconditional right, at its option, to
apply all sums received by Lender pursuant to this paragraph against the payment
of the Debt in such priority and proportions as Lender, in its discretion, shall
deem proper. The balance of any sums held by Lender pursuant to this paragraph,
if any, after payment of the Debt in full shall be paid over to Borrower by
Lender.

            5. Upon the occurrence of an Event of Default, Lender may, in
addition to any other rights and remedies which Lender may have, immediately and
without demand exercise all of the rights and remedies granted to a secured
party under the Uniform Commercial Code. If any public notice is required to be
given in connection with any public or private sale of the Note and the Pledge
Agreement, or any of them, Borrower agrees that a notice of any such sale
published once a week for two consecutive weeks in a paper of general
circulation in the county where such sale is to be held shall be deemed to be
commercially reasonable within the meaning of the Uniform Commercial Code.

            6. Borrower shall not, without the prior consent of Lender, in any
manner transfer, convey, assign or further encumber Borrower's interest in the
Note, Pledge Agreement or the Other Security Documents or permit anything to be
done that shall impair the value of the Collateral.

            7. Borrower shall hold all sums received by it pursuant to the Note
and the Pledge Agreement, or a portion thereof sufficient to discharge all sums
due or to become due on the Debt, in trust for use in payment of the Debt.

            8. Borrower shall notify Lender of the occurrence of any default
under the Note and/or the Pledge Agreement or of the occurrence of any event,
which but for the passage of time or the giving of notice or both, would
constitute a default under the Note and/or the Pledge Agreement, on the same day
that Borrower shall first be given notice of or shall first become aware of the
occurrence of any such default or event and Borrower shall immediately upon
request by Lender give any notice which shall be required to cause any such
event to constitute a default under the Note and/or the Pledge Agreement (any
such default or event being hereinafter referred to as a "Collateral Event of
Default"). At the option of Lender and without necessity of demand or notice,
the Debt shall immediately become due and payable in full irrespective of any
agreed maturity or
<PAGE>
anything to the contrary contained herein or in the Loan Note upon the
occurrence of a Collateral Event of Default.

            9. Borrower shall exercise the same degree of care with respect to
the indebtedness evidenced and secured by the Note and the Pledge Agreement as
would be exercised by reasonable, prudent, institutional lenders with respect to
loans of similar nature.

            10. Borrower hereby authorizes Lender to execute and file, as the
case may be, financing statements under the Uniform Commercial Code, and
Borrower shall execute and deliver to Lender, upon Lender's written request, any
other documents reasonably requested by Lender, describing the Collateral and
evidencing and/or perfecting the security interest in the Collateral and to
otherwise effectively implement the purposes of this Security Agreement.

            11. Borrower shall not, without the prior consent of Lender, enter
into any agreement which shall in any manner whatsoever amend, modify, alter,
waive or release the provisions of the Note, the Pledge Agreement or the Other
Security Documents or which shall release from the lien of the Pledge Agreement
any portion of the Collateral presently covered thereby or which shall release
any party, now or hereafter liable or guaranteeing the payment of any portion of
the indebtedness evidenced and secured by the Note and the Pledge Agreement or
performance of the terms, covenants and provisions of the Note, the Pledge
Agreement or the Other Security Documents or which shall release any other
security of any nature whatsoever, now or hereafter, held by Borrower for the
payment of any portion of the indebtedness evidenced and secured by the Note and
the Pledge Agreement.

            12. Borrower shall not, without obtaining the prior consent of
Lender, (i) accelerate the maturity of any portion of the indebtedness evidenced
and secured by the Note and the Pledge Agreement, (ii) take any action or
institute any proceeding for the purpose of foreclosing the lien of the Pledge
Agreement or (iii) take any action or institute any proceeding for the purpose
of enforcing the provisions of the Note or any of the Other Security Documents.

            13. Borrower will not consent to, and FelCor Lodging shall not make,
any prepayment, in whole or in part, of the principal balance of the Note and
the Pledge Agreement without obtaining the prior consent of Lender. No such
prepayment made without Lender's prior written consent shall be enforceable
against Lender.

            14. All sums which shall be paid or made available to Borrower for
application in reduction of the principal balance of the Note and the Pledge
Agreement of any nature whatsoever, including, but not limited to, all
installments of principal, if any, and the final principal payment made pursuant
to the Note and/or the Pledge Agreement, prepayments, proceeds of any
foreclosure sales and sums paid pursuant to any of the Other Security Documents,
and all other moneys, credits and deposit accounts of any nature whatsoever,
shall be held by Borrower in trust for Lender for application in reduction of
the principal balance of the Loan Note and Borrower shall pay over to Lender all
such sums upon receipt of the same for application in reduction of the principal
balance of Loan Note.
<PAGE>
            15. Nothing contained in this Security Agreement shall be construed
as preventing Lender, at any time after the date hereof, from selling or
transferring the Loan Note and in connection with any such sale or transfer from
assigning this Security Agreement and transferring possession of the Note, the
Pledge Agreement and those of the Other Security Documents, if any, in Lender's
possession, to the purchaser of the Loan Note. Upon any sale or transfer of the
Loan Note and upon assignment of this Security Agreement and a transfer in
connection therewith of possession of the Note, the Pledge Agreement and those
of the Other Security Documents, if any, in Lender's possession to the purchaser
of the Loan Note, Lender shall be released and discharged from any liability or
responsibility with respect to the Note, the Pledge Agreement and such Other
Security Documents and references to "Lender" in this Security Agreement shall,
with respect to any matters thereafter occurring, be deemed to be references to
the purchaser of the Loan Note.

            16. All remedies afforded to Lender by reason of this Security
Agreement are separate and cumulative remedies and it is agreed that no one of
such remedies shall be deemed to be in exclusion of any other remedies available
to Lender and shall not in any manner limit or prejudice any other legal or
equitable remedies which Lender may have.

            17. Until the Debt shall have been paid in full all rights, powers
and remedies granted to Lender under this Security Agreement shall continue to
exist and may be exercised by Lender at any time and from time to time
irrespective of the fact that the Debt or any part thereof may have become
barred by any statute of limitations or that the liability of Borrower therefor
may have ceased.

            18. No failure or delay on the part of Lender in exercising any
power or right hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power preclude any other or further
exercise thereof or the exercise of any other right or power hereunder. No
notice to or demand on Borrower in any case shall, of itself, entitle Borrower
to any other or further notice or demand in similar or other circumstances. No
modification or waiver of any provision of this Security Agreement, the Pledge
Agreement, the Loan Note or any of the Other Security Documents nor consent to
any departure therefrom shall be effective unless the same shall be in writing
and signed by Lender, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given.

            19. The rights, powers and remedies of Lender under this Security
Agreement shall be in addition to all rights, powers and remedies given to
Lender by virtue of any statute or rule of law.

            20. Any notice, request, demand, statement or consent made hereunder
shall be made in the manner set forth in Section 10.6 of the Loan Agreement.

            21. This Security Agreement may not be waived, modified, amended,
changed, discharged or terminated orally, but only by an agreement in writing
signed by the party against whom the enforcement of the waiver, modification,
amendment, change, discharge or termination is sought.

            22. Borrower has full power, authority and legal right to execute
this Security Agreement and to grant and assign a security interest in the Note
and the Pledge Agreement pursuant
<PAGE>
to the terms hereof and to keep and observe all of the terms, covenants and
provisions of this Security Agreement on Borrower's part to be performed or
observed.

            23. This Security Agreement shall be binding upon and insure to the
benefit of Borrower and Lender and their respective successors and assigns.

            24. If any term, covenant or provision of this Security Agreement
shall be held to be invalid, illegal or unenforceable in any respect, this
Security Agreement shall be construed without such term, covenant or provision.

            25. This Security Agreement shall be governed by and construed in
accordance with the laws of the State of New York.

            26. This Security Agreement may be executed in any number of
duplicate originals and each such duplicate original shall be deemed to
constitute but one and the same instrument.

            27. The provisions of Section 9.4 of the Loan Agreement are hereby
incorporated by reference to the fullest extent as if the text of such Section
were set forth in its entirety herein.

                         [NO FURTHER TEXT ON THIS PAGE]
<PAGE>
            IN WITNESS WHEREOF, Borrower has duly executed this Security
Agreement the day and year first above written.

                                    DJONT/JPM TENANT CO., L.L.C., a Delaware
                                    limited liability company

                                    By: /s/ Joel M. Eastman
                                       -----------------------------------
                                       Name: Joel M. Eastman
                                       Title:   Vice President

ACKNOWLEDGED AND AGREED TO WITH RESPECT TO ALL OF THE PROVISIONS SET FORTH
HEREIN:

FELCOR/JPM LODGING CO., LLC, a Delaware limited liability company

By: /s/ JOEL M. EASTMAN
    -----------------------------------
    Name: Joel M. Eastman
    Title: Vice President

                                    JPMORGAN CHASE BANK, a New York Banking
                                      Corporation

                                    By: /s/ MICHAEL MESARD
                                        -----------------------------------
                                        Name: Michael Mesard
                                        Title: Vice President

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