Document:

EXHIBIT 4.3

THE SECURITIES REPRESENTED BY THIS DOCUMENT HAVE NOT BEEN REGISTERED WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE "1933 ACT"), AND ARE "RESTRICTED SECURITIES" AS THAT
TERM IS DEFINED IN RULE 144 UNDER THE 1933 ACT. THE SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE 1933 ACT. THE ISSUER OF THE SECURITIES MAY REQUEST THE
HOLDER TO PROVIDE AN OPINION OF HOLDER'S LEGAL COUNSEL IN ORDER TO ESTABLISH THE
VALIDITY OF AN EXEMPTION FROM REGISTRATION CLAIMED BY THE HOLDER.

                            AMERICAN OIL & GAS, INC.

                             STOCK WARRANT AGREEMENT

     THIS STOCK WARRANT AGREEMENT (the "Agreement") is made and entered into as
of the 26th day of May, 2004, by and between American Oil & Gas, Inc., a Nevada
corporation (the "Company"), and David W. Willson (the "Holder").

                                   WITNESSETH:

     WHEREAS, pursuant to the letter agreement dated as of March 19, 2004
between the Company, Tower Columbia Corporation, North Finn, LLC and Stanbridge
Capital (the "Letter Agreement"), the Company agreed to issue to the Holder
warrants to purchase shares of the Company's common stock, par value $.001 per
share ("Common Stock"), in the amount and upon the terms set forth below; and

     WHEREAS, the Holder desires to receive a warrant on the terms and
conditions set forth in this Agreement.

     NOW, THEREFORE, the parties agree as follows:

     1. Grant Of Warrant. The Company hereby grants to the Holder the right and
warrant (the "Warrant") to purchase all or any part of an aggregate 163,200
shares (the "Warrant Shares") pursuant to the terms and conditions set forth in
this Agreement.

     2. Warrant Price. At any time when shares of Common Stock are to be
purchased pursuant to the Warrant, the purchase price for each Warrant Share
shall be $1.09 (the "Warrant Price"), subject to adjustment as provided in this
Agreement.

     3. Exercise Period. The Warrant shall become exercisable as to 13,600
Warrant Shares on the last day of each month beginning April 2004 and ending
March 2005. The exercisability of the Warrant with respect to each such 13,600
Warrant Shares shall expire and terminate, if not exercised sooner, at 5:00
p.m., Denver, Colorado time on the first anniversary of the date on which it
first became exercisable, unless the Warrant is terminated earlier as provided
in this Agreement. In this manner, unless exercised sooner, or unless the
Warrant is terminated earlier as provided in this Agreement, the Warrant shall
expire at 5:00 p.m. on April 30, 2005 with respect to the 13,600 Warrant Shares
for which it became exercisable on April 30, 2004, and similarly with respect to
the other Warrant Shares.

<PAGE>

     4. Exercise Of Warrant. The Warrant may be exercised in whole or in part by
delivering to the Treasurer or President of the Company at the address of the
Company's principal office (i) a Notice And Agreement Of Exercise Of Warrant,
substantially in the form attached hereto as Exhibit A, specifying the number of
Warrant Shares with respect to which the Warrant is exercised, and (ii) full
payment of the Warrant Price for such shares. Payment shall be made by certified
check or cleared funds. The Warrant may not be exercised in part unless the
purchase price for the Warrant Shares purchased is at least $1,000 or unless the
entire remaining portion of the Warrant is being exercised. Promptly upon
receipt of the Notice And Agreement Of Exercise Of Warrant together with the
full payment of the Warrant Price, the Company shall deliver to the Holder a
properly executed certificate or certificates representing the Warrant Shares
being purchased.

     5. Withholding Taxes. The Company may take such steps as it deems necessary
or appropriate for the withholding of any taxes which the Company is required by
any law or regulation or any governmental authority, whether federal, state or
local, domestic or foreign, to withhold in connection with the Warrant
including, but not limited to, the withholding of all or any portion of any
payment owed by the Company to the Holder or the withholding of issuance of
Warrant Shares to be issued upon the exercise of the Warrant.

     6. Securities Laws Requirements. The issuance of the Warrant has not been
registered under the 1933 Act, in reliance upon an exemption from registration.
In addition, no Warrant Shares shall be issued unless and until, in the opinion
of the Company, there has been full compliance with, or an exemption from, any
applicable registration requirements of the 1933 Act, any applicable listing
requirements of any securities exchange on which stock of the same class has
been listed, and any other requirements of law or any regulatory bodies having
jurisdiction over such issuance and delivery. The Holder hereby acknowledges,
represents, warrants and agrees as follows, and, pursuant to the terms of the
Notice And Agreement Of Exercise Of Warrant (Exhibit A) that shall be delivered
to the Company upon each exercise of the Warrant, the Holder shall acknowledge,
represent, warrant and agree as follows:

          (a) The Holder is acquiring the Warrant and the Warrant Shares for
     investment purposes only and the Warrant and the Warrant Shares that the
     Holder is acquiring will be held by the Holder without sale, transfer or
     other disposition for an indefinite period unless the transfer of those
     securities is subsequently registered under the federal securities laws or
     unless exemptions from registration are available;

                                       2
<PAGE>

          (b) The Holder's overall commitments to investments that are not
     readily marketable is not disproportionate to the Holder's net worth, and
     the Holder's investment in the Warrant and the Warrant Shares will not
     cause such overall commitments to become excessive;

          (c) The Holder's financial condition is such that the Holder is under
     no present or contemplated future need to dispose of any portion of the
     Warrant or the Warrant Shares to satisfy any existing or contemplated
     undertaking, need or indebtedness;

          (d) The Holder has sufficient knowledge and experience in business and
     financial matters to evaluate, and the Holder has evaluated, the merits and
     risks of an investment in the Warrant and the Warrant Shares;

          (e) The address set forth on the signature page to this Agreement is
     the Holder's true and correct residence, and the Holder has no present
     intention of becoming a resident of any other state or jurisdiction;

          (f) The Holder confirms that all documents, records and books
     pertaining to an investment in the Warrant and the Warrant Shares that have
     been requested by the Holder have been made available or delivered to the
     Holder. Without limiting the foregoing, the Holder has received and
     reviewed the Company's periodic reports as filed with the Securities and
     Exchange Commission, and the Holder has had the opportunity to discuss the
     acquisition of the Warrant and the Warrant Shares with the Company. The
     Holder also confirms that it has obtained or been given access to all
     information concerning the Company that the Holder has requested;

          (g) The Holder has had the opportunity to ask questions of, and
     receive the answers from, the officers and directors of the Company
     concerning the terms of the Holder's investment in the Warrant and the
     Warrant Shares and to receive additional information necessary to verify
     the accuracy of the information delivered to the Holder, to the extent that
     the Company possesses such information or can acquire it without
     unreasonable effort or expense;

          (h) The Holder understands that the Warrant has not been, and the
     Warrant Shares issuable upon exercise of the Warrant will not be, unless
     otherwise determined by the Company it its sole discretion, registered
     under the 1933 Act or any state securities laws in reliance on an exemption
     for private offerings, and no federal or state agency has made any finding
     or determination as to the fairness of this investment or any
     recommendation or endorsement of the issuance of the Warrant or the Warrant
     Shares;

          (i) The Warrant and the Warrant Shares that the Holder is acquiring
     will be solely for the Holder's own account, for investment, and are not
     being purchased with a view to or for the resale, distribution, subdivision
     or fractionalization thereof. The Holder has no agreement or arrangement
     for any such resale, distribution, subdivision or fractionalization
     thereof;

                                       3
<PAGE>

          (j) The Holder acknowledges and is aware of the following:

               (i) The Company has a history of losses. The Warrant and the
          Warrant Shares constitute a speculative investment and involve a high
          degree of risk of loss by the Holder of the Holder's total investment
          in the Warrant and the Warrant Shares.

               (ii) There are substantial restrictions on the transferability of
          the Warrant and the Warrant Shares. The Warrant is not transferable.
          The Warrant Shares cannot be transferred, pledged, hypothecated, sold
          or otherwise disposed of unless they are registered under the 1933 Act
          or an exemption from such registration is available and established to
          the satisfaction of the Company; the Holder has no rights to require
          that the Warrant Shares be registered; there is no right of
          presentment of the Warrant Shares and there is no obligation by the
          Company to repurchase any of the Warrant Shares; and, accordingly, the
          Holder may have to hold the Warrant Shares indefinitely and it may not
          be possible for the Holder to liquidate the Holder's investment in the
          Company;

               (iii) Each certificate issued representing the Warrant Shares
          shall be imprinted with a legend that sets forth a description of the
          restrictions on transferability of those securities, which legend will
          read substantially as follows:

                    "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
                    NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES
                    AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT
                    OF 1933, AS AMENDED (THE "1933 ACT"), AND ARE
                    `RESTRICTED SECURITIES' AS THAT TERM IS DEFINED IN RULE
                    144 UNDER THE 1933 ACT. THE SECURITIES MAY NOT BE
                    OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT
                    PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
                    THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM
                    REGISTRATION UNDER THE 1933 ACT. THE ISSUER OF THE
                    SECURITIES MAY REQUEST THE HOLDER TO PROVIDE AN OPINION
                    OF HOLDER'S LEGAL COUNSEL IN ORDER TO ESTABLISH THE
                    VALIDITY OF AN EXEMPTION FROM REGISTRATION CLAIMED BY
                    THE HOLDER."

                                       4
<PAGE>

          The restrictions described above, or notice thereof, may be placed on
the certificates representing the Warrant Shares purchased pursuant to the
Warrant, and the Company may refuse to issue the certificates or to transfer the
shares on its books unless it is satisfied that no violation of such
restrictions will occur.

     7. Warrant Not Transferable. The Warrant shall not be transferable by the
Holder.

     8. Adjustment By Stock Split, Stock Dividend, Etc. If at any time the
Company increases or decreases the number of its outstanding shares of common
stock, or changes in any way the rights and privileges of such shares, by means
of the payment of a stock dividend or the making of any other distribution on
such shares payable in its common stock, or through a stock split or subdivision
of shares, or a consolidation or combination of shares, or through a
reclassification or recapitalization involving its common stock, the numbers,
rights and privileges of the shares of common stock included in the Warrant
shall be increased, decreased or changed in like manner as if such shares had
been issued and outstanding, fully paid and nonassessable at the time of such
occurrence, and the Warrant Price shall be correspondingly decreased, increased
or otherwise changed. Whenever the number or kind of shares comprising the
Warrant Shares or the Warrant Price is adjusted, the Company shall promptly give
written notice and a certificate of the Chief Financial Officer or President of
the Company to each Holder of record of the outstanding Warrant, stating that
such an adjustment has been effected and setting forth the number and kind of
shares purchasable and the amount of the then-current Warrant Price, and stating
in reasonable detail the facts requiring such adjustment and the calculation of
such adjustment.

     9. Reorganization And Reclassification. In case of any capital
reorganization or any reclassification of the capital stock of the Company while
the Warrant remains outstanding, the Holder of the Warrant shall thereafter be
entitled to purchase pursuant to the Warrant (in lieu of the kind and number of
shares of Common Stock comprising Warrant Shares that such Holder would have
been entitled to purchase or acquire immediately before such reorganization or
reclassification) the kind and number of shares of stock of any class or classes
or other securities or property for or into which such shares of Common Stock
would have been exchanged, converted, or reclassified if the Warrant Shares had
been purchased immediately before such reorganization or reclassification. In
case of any such reorganization or reclassification, appropriate provision (as
determined by resolutions of the Board of Directors of the Company) shall be
made with respect to the rights and interest thereafter of the Holder of the
Warrant, to the end that all the provisions of this Warrant Agreement (including
adjustment provisions) shall thereafter be applicable, as nearly as reasonably
practicable, in relation to such stock or other securities or property.

     10. Common Stock To Be Received Upon Exercise. The Holder understands that
(a) the Company is under no obligation to register the resale of the Warrant
Shares under the 1933 Act, and (b) in the absence of any such registration, the
Warrant Shares cannot be sold unless they are sold pursuant to an exemption from
registration under the 1933 Act. The Holder also understands that with respect
to Rule 144, routine sales of securities made in reliance upon such Rule can be
made only in limited amounts in accordance with the terms and conditions of the
Rule, and that in cases in which the Rule is inapplicable, compliance with
either Regulation A or another disclosure exemption under the 1933 Act will be
required. Thus, the Warrant Shares will have to be held indefinitely in the
absence of registration under the 1933 Act or an exemption from registration.

                                       5
<PAGE>

          Furthermore, the Holder fully understands that if the issuance of the
Warrant Shares is not registered under the 1933 Act, the Warrant Shares will be
issued in reliance upon an exemption which is available only if the Holder
acquires such shares for investment and not with a view to distribution. The
Holder is familiar with the phrase "acquired for investment and not with a view
to distribution" as it relates to the 1933 Act and the special meaning given to
such term in various releases of the Securities and Exchange Commission.

     11. Privilege Of Ownership. The Holder shall not have any of the rights of
a stockholder with respect to the shares covered by the Warrant except to the
extent that one or more certificates for such shares shall be delivered to him
upon exercise of the Warrant.

     12. Relationship To Engagement. Nothing contained in this Agreement (i)
shall confer upon the Holder any right with respect to continuance of the
Holder's engagement by, or affiliation with, or relationship to, the Company, or
(ii) shall interfere in any way with the right of the Company at any time to
terminate the Holder's engagement by, position or affiliation with, or
relationship to, the Company.

     13. Notices. All notices, requests, demands, directions and other
communications ("Notices") concerning this Agreement shall be in writing and
shall be mailed or delivered personally or sent by telecopier or facsimile to
the applicable party at the address of such party set forth below in this
Section 13. When mailed, each such Notice shall be sent by first class,
certified mail, return receipt requested, enclosed in a postage prepaid wrapper,
and shall be effective on the fifth business day after it has been deposited in
the mail. When delivered personally, each such Notice shall be effective when
delivered to the address for the respective party set forth in this Section 14,
provided that it is delivered on a business day and further provided that it is
delivered prior to 5:00 p.m., local time of the party to whom the notice is
being delivered, on that business day; otherwise, each such Notice shall be
effective on the first business day occurring after the Notice is delivered.
When sent by telecopier or facsimile, each such Notice shall be effective on the
day on which it is sent provided that it is sent on a business day and further
provided that it is sent prior to 5:00 p.m., local time of the party to whom the
Notice is being sent, on that business day; otherwise, each such Notice shall be
effective on the first business day occurring after the Notice is sent. Each
such Notice shall be addressed to the party to be notified as shown below:

          (a) if to the Company:     American Oil & Gas, Inc. 1050 17th
                                     Street, Suite 1850
                                     Denver, Colorado 80265
                                     Facsimile No. (303) 595-0709
                                     Attention: President

          (b) if to the Holder:      At the address set forth on the
                                     signature page of this Agreement

                                       6
<PAGE>

     Either party may change its respective address for purposes of this Section
13 by giving the other party Notice of the new address in the manner set forth
above.

     14. General Provisions. This instrument (a) contains the entire agreement
between the parties, (b) may not be amended nor may any rights hereunder be
waived except by an instrument in writing signed by the party sought to be
charged with such amendment or waiver, (c) shall be construed in accordance with
and governed by the laws of Colorado, and (d) shall be binding upon and shall
inure to the benefit of the parties and their respective personal
representatives and assigns, except as above set forth. All pronouns contained
herein and any variations thereof shall be deemed to refer to the masculine,
feminine or neuter, singular or plural as the identity of the parties hereto may
require.

                                      *****
                            (signature page follows)

     IN WITNESS WHEREOF, the parties have executed this Agreement on the dates
set forth below.

                                           AMERICAN OIL & GAS, INC.

Date: 1/10/05                              By: /s/ Andrew P. Calerich
-------------                              --------------------------
                                               Andrew P. Calerich
                                               President

                                           HOLDER

                                           DAVID W. WILLSON

Date: 1/10/05                              By: /s/ David W. Willson
-------------                              ------------------------
                                               David W. Willson
                                               Address:_________________________
                                               Facsimile: ______________________

                                        7
<PAGE>

                                    EXHIBIT A
                          (To American Oil & Gas, Inc.
                            Stock Warrant Agreement)

                            AMERICAN OIL & GAS, INC.

            NOTICE AND AGREEMENT OF EXERCISE OR CONVERSION OF WARRANT

     I hereby exercise my American Oil & Gas, Inc. Stock Warrant dated as of May
26, 2004 as to ________ shares of the $.001 par value common stock (the "Warrant
Shares") of American Oil & Gas, Inc. (the "Company") at a purchase price of
$1.09 per share. Enclosed is payment of the total exercise price for these
Warrant Shares of $--------.

     Enclosed is the payment specified in Section 4 of the Stock Warrant
Agreement. Check the following box if the payment includes the conversion of a
portion of the Warrant: ___.)

     I understand that no Warrant Shares will be issued unless and until, in the
opinion of the Company, there has been full compliance with, or an exemption
from, any applicable registration requirements of the Securities Act of 1933, as
amended (the "1933 Act"), any applicable listing requirements of any securities
exchange on which stock of the same class is then listed, and any other
requirements of law or any regulatory bodies having jurisdiction over such
issuance and delivery. I hereby acknowledge, represent, warrant and agree, to
and with the Company as follows:

     (a) The undersigned (the "Holder") is acquiring the Warrant Shares for
investment purposes only and the Warrant Shares that the Holder is acquiring
will be held by the Holder without sale, transfer or other disposition for an
indefinite period unless the transfer of those securities is subsequently
registered under the federal securities laws or unless an exemption from
registration is available;

     (b) The Holder's overall commitments to investments that are not readily
marketable is not disproportionate to the Holder's net worth and the Holder's
investment in the Warrant Shares will not cause such overall commitments to
become excessive;

     (c) The Holder's financial condition is such that the Holder is under no
present or contemplated future need to dispose of any portion of the Warrant
Shares to satisfy any existing or contemplated undertaking, need or
indebtedness;

     (d) The Holder has sufficient knowledge and experience in business and
financial matters to evaluate, and the Holder has evaluated, the merits and
risks of an investment in the Warrant Shares;

     (e) The address set forth in this Agreement is the Holder's true and
correct residence, and the Holder has no present intention of becoming a
resident of any other state or jurisdiction;

<PAGE>

     (f) The Holder confirms that all documents, records and books pertaining to
an investment in the Warrant Shares that have been requested by the Holder have
been made available or delivered to the Holder. Without limiting the foregoing,
the Holder has received and reviewed the Company's periodic reports as filed
with the Securities and Exchange Commission, and any press releases issued by
the Company subsequent to the end of its most recently completed fiscal year
have been provided to the Holder by the Company, and the Holder has obtained or
been given access to all other information concerning the Company that the
Holder has requested;

     (g) The Holder has had the opportunity to discuss the acquisition of the
Warrant Shares with the Company, to ask questions of, and receive the answers
from, the Company concerning the terms of the investment in the Warrant Shares,
and to receive additional information necessary to verify the accuracy of any
information delivered to the Holder, to the extent that the Company possesses
such information or can acquire it without unreasonable effort or expense;

     (h) The Holder understands that the issuance of the Warrant Shares upon the
exercise of the Warrant has not been registered under the 1933 Act or any state
securities laws in reliance on an exemption for private offerings, and no
federal or state agency has made any finding or determination as to the fairness
of this investment or any recommendation or endorsement of the sale of the
Warrant Shares;

     (i) The Holder is acquiring the Warrant Shares solely for the Holder's own
account, for investment, and not with a view to or for the resale, distribution,
subdivision or fractionalization thereof. The Holder has no agreement or
arrangement for any such resale, distribution, subdivision or fractionalization
thereof;

     (j) The Holder acknowledges and is aware of the following:

          (i) The Company does not have a material amount of revenues from oil
     or gas production or from any other source. Its operations have resulted in
     a history of losses. The Warrant Shares constitute a speculative investment
     and involve a high degree of risk of loss by the Holder of the Holder's
     total investment in the Warrant Shares.

          (ii) There are substantial restrictions on the transferability of the
     Warrant Shares. The Warrant Shares cannot be transferred, pledged,
     hypothecated, sold or otherwise disposed of unless they are registered
     under the 1933 Act or an exemption from such registration is available and
     established to the satisfaction of the Company. Investors in the Company
     have no rights to require that the Warrant Shares be registered except as
     set forth in the letter agreement dated as of March 19, 2004 between the
     Company and the Holder. There is no right of presentment of the Warrant
     Shares and there is no obligation by the Company to repurchase any of the
     Warrant Shares. As a result, the Holder may have to hold the Warrant Shares
     indefinitely, and it may not be possible for the Holder to liquidate the
     Holder's investment in the Company.

<PAGE>

          (iii) Each certificate issued representing the Warrant Shares shall be
     imprinted with a legend that sets forth a description of the restrictions
     on transferability of those securities, which legend will read
     substantially as follows:

               "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
               BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
               EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933,
               AS AMENDED (THE "1933 ACT"), AND ARE `RESTRICTED SECURITIES'
               AS THAT TERM IS DEFINED IN RULE 144 UNDER THE 1933 ACT. THE
               SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE
               TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
               STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION
               FROM REGISTRATION UNDER THE 1933 ACT. THE ISSUER OF THE
               SECURITIES MAY REQUEST THE HOLDER TO PROVIDE AN OPINION OF
               HOLDER'S LEGAL COUNSEL IN ORDER TO ESTABLISH THE VALIDITY OF
               AN EXEMPTION FROM REGISTRATION CLAIMED BY THE HOLDER."

     The Warrant Shares in the amount specified above are to be issued in the
name or names set forth below in the left-hand column.

______________________________                 _________________________________
(Print your name)                              Signature

______________________________
(Holder - Print name of Spouse
if you wish joint registration)

______________________________
Exact name(s) in which title is to be held

______________________________
Address

______________________________
City, State and Zip CodeExhibit
10.1

 

PROMISSORY
NOTE

 

	
  Amount $ 100,000

  	
   

  	
  Phoenix, Arizona

  
	
   

  	
  Date

  	
  September 9, 2004

  

 

FOR VALUED RECEIVED, and
legally bound hereby, INNSUITES HOSPITALITY TRUST (“Maker”), an Ohio real
estate investment trust, having an office at 1615 East Northern Avenue, Suite
102, Phoenix, Arizona 85020 hereby promises to pay to the order of Rare Earth
Financial, LLC (“Payee”), 5700 East Glen Drive, Paradise Valley, Arizona 85253
or such other place as the holder hereof may from time to time designate in
writing, the principal sum of ONE HUNDRED THOUSAND AND 00/100 DOLLARS
($100,000), 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 interests as follows:

 

(A)                             On March 15,
2005, one payment of accrued but unpaid interest on the outstanding principal
balance hereunder; and on March 15, 2005, one payment in the amount of the
then unpaid principal balance hereunder, and all other sums and charges due and
unpaid by Maker (collectively, the “Note”).

 

Payments shall be applied first to any charges or sums (other than
principal and interest) due and payable by Maker, second to accrued and unpaid
interest on the principal balance hereof, and then to further reduce the
principal balance of this Note.

 

Maker shall give the right any time during the term of this Note to
repay all or part of the unpaid principal amount of the Note, together with any
accrued and unpaid interest thereon any other sums or charges due hereunder
without any prepayment premium or penalty.

 

Maker hereby waives for itself and, to the fullest extent not
prohibited by applicable law, for any subsequent lienor, any right Maker may
now or hereafter have under the doctrine of marshaling of assets or otherwise
which would require Payee to proceed against certain property before proceeding
against any other property.

 

Maker hereby agrees that in the event part of principal or interest is
not paid when due or the entire Note is not paid when due, then the rate of
interest on this Note shall, at the election on Payee upon ten (10) days prior
written notice, each of which is hereby expressly waived, be increased to nine
percent (9.00%) per annum or the highest rate for which the parties may agree
under applicable law, whichever is less (the “Default Rate”).  Maker shall be obligated thereafter to pay
interest on the then unpaid principal balance of the Note at the Default Rate,
both before and after judgment, to be computed from the due date through and
including the date of actual receipt of the overdue payment, whether a payment
of interest or the entire Note.  Nothing
herein shall be construed as an

 

1

 

agreement or privilege to extend the date of the payment or any
installment of or the entire Note, or as a waiver of any other right or remedy
accruing to Payee.

 

In the event that any regular payment of interest herein provided shall
not be received by Payee on the date such payment is due, Payee shall have the
right to assess maker a late payment charge in the amount of two percent
(2.00%) of such overdue installment, which shall become immediately due to
Payee for the additional cost agreed compensation to Payee for the additional
costs and expenses reasonable expected to be incurred by Payee by reason of
such nonpayment.  Maker acknowledges that
the exact amount of such cost and expenses may be difficult, if not impossible,
to determine with certainty, and further acknowledges and confesses the amount
of such charge to be a consciously considered, good faith estimate of the
actual damage to Payee by reason of such default.  The Default Rate will only accrue for periods
of delinquent installments except for such when Payee accepts late payments of
installments accompanied by a late payment charge as specified above.

 

Upon any of the following
Events of Default, at the election of Payee, the entire unpaid principal
balance of the Note, together with all accrued but unpaid interest thereon at
the Default Rate and all other sums or changes due hereunder, shall become due
and payable:

 

(a)                                 Maker’s
failure to pay when due any installment required to be paid hereunder, on or
before the tenth (10th) day following the applicable due date;

 

(b)                                Maker’s
failure to pay when due any other payment required to be under this Note,
subject to any notice and applicable grace period, if any;

 

(c)                                 Maker’s
breach of any other covenant or agreement herein and such breach remains
uncorrected at the expiration of any applicable grace period expressly provided
for herein;

 

(d)                                Any
creditor’s proceeding in which Maker consents to the appointment or a receiver
or trustee for any of its property;

 

(e)                                 If
any order, judgment or decree shall be entered, without the consent of Maker,
upon an application of a creditor approving the appointment of a receiver or
trustee for any of its property, and such order, judgment, decree, or
appointment is not dismissed or stayed with an appropriate appeal bond within
sixty (60) days following the entry or rendition thereof; or

 

(f)                                   If
Maker (i) makes a general assignment for the benefit of creditors, (ii) fails
to pay its debts generally as such debts become due, (iii) is found to be insolvent
by a court of competent jurisdiction, (iv) voluntarily files a petition in
bankruptcy or a

 

2

 

petition or
answer seeking readjustment of debts under any state or federal bankruptcy or
like law, or (v) any such petition is filed against Maker and is not vacated or
dismissed within sixty (60) days after filing thereof.

 

Notice of such election by Payee is hereby expressly waived as part of
the consideration for this loan.  Nothing
contained herein shall be construed to restrict the exercise of any other
rights or remedies granted to Payee hereunder upon the failure of Maker to
perform any provision hereof.

 

If this Note is not paid when due, whether at maturity or by
acceleration, Maker promises to pay all costs incurred by Payee, including
without limitation reasonable attorney’s fees to the fullest extent not
prohibited by law, and all expenses incurred in connection with the protection
or realization of any collateral, whether or not suit is filed hereon or on any
instrument granted a security interest.

 

Maker hereby expressly acknowledges and represents that the
indebtedness is for a business purpose and not consumer or household purposes.

 

Maker hereby waives demand, presentment for payment, protest, notice of
protest, notice of non-payments and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly consents to any extension
of time of payment hereof, release of any party primarily or secondarily liable
hereunder or any of the security for this Note, acceptance of other parties to
be liable for any of the Indebtedness or of other security therefore, or any
other indulgence or forbearance which may be made, without notice to any party
and without in any way affecting the liability of any party.

 

No failure by Payee to exercise any right hereunder shall be construed
as a waiver of the right to exercise the same or any other right any time or
from time to time thereafter.

 

This Note shall be construed and enforced according to, and governed by
the laws of the Sate of Arizona.

 

Any notice required hereunder shall be in writing, and shall be given
to the receiving party the notice by personal delivery or be certified mail,
postage prepaid, return receipt requested, as follows:

 

If to Payee, then addressed to Payee at 5700
East Glen Drive, Paradise Valley, Arizona 85253, (Tel. (480) 596-0224, Fax
(480) 596-0225), with a copy to James W. Reynolds, Esq., Dillingham &
Reynolds, 5080 N. 40th Street, Suite 335, Phoenix, Arizona 85018,
(Tel. (602) 468-1811, Fax (602) 468-0442);

 

If to Maker, then addressed to Maker at 1615
East Northern Avenue, Suite 102, Phoenix, Arizona 85020, Attn: Chief Financial
Officer (Tel. (602) 944-1500, Fax (602) 678-0281) with a copy to James B. Aronoff,
Esq., Thompson Hine, LLP, 3900 Key Center, 127 Public Square, Cleveland, Ohio
44114 (Tel. (216) 566-5500, Fax (216) 566-5800).Center, 127 Public Square,
Cleveland, Ohio 44114 (Tel. (216) 566-5500, Fax (216) 566-5800).

 

3

 

Any party may, be given notice in writing or designate another address
as a place for service of notice.  Such
notices shall be deemed to be received when delivered, if delivered in person,
or seven (7) business days after deposited in the United States mails, if
mailed as herein above provided.

 

By acceptance of this Note, Payee agrees that, upon payment in full of
the then unpaid principal balance of this Note, together with all unpaid
interest and other sums payable to Payee under this Note, (a) Note shall be
fully satisfied, (b) Payee shall promptly mark this Note as being paid in full,
satisfied and discharged and shall return the same to Maker.

 

 

	
   

  	
  INNSUITES HOSPITALITY TRUST,

  
	
   

  	
  an Ohio real estate investment trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc E. Berg

  	
   

  
	
   

  	
   

  	
  Name: Marc E. Berg

  
	
   

  	
   

  	
  Title: Executive Vice-President

  
					

 

4

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