Document:

<PAGE>

                                AMENDMENT NO. 8

                                       to

                                     MASTER
                                LEASE AGREEMENT

                                    BETWEEN

                              JAMESON INNS, INC.,

                                   AS LESSOR,

                                      and

                           JAMESON HOSPITALITY, LLC,

                                   AS LESSEE

                       AMENDMENT DATED AS OF MAY 15, 2001
<PAGE>

                   AMENDMENT NO. 8 TO MASTER LEASE AGREEMENT

     THIS AMENDMENT NO. 8 TO MASTER LEASE AGREEMENT (hereinafter called
"Lease"), made as of the  first day of July, 1995, by and between Jameson Inns,
Inc., a Georgia corporation (hereinafter called "Lessor"), and Jameson
Hospitality, LLC, a Georgia limited liability company (hereinafter called
"Lessee"), provides as follows:

                                   RECITALS:
                                   ---------

     The parties hereto entered into that certain Master Lease Agreement dated
as of February 3, 1994 (the "Lease") covering the "Leased Property" as therein
defined.  The parties desire to amend the Lease in the manner hereinafter set
forth.

     NOW, THEREFORE, the parties hereto, in consideration of the covenants and
agreements to be performed by them as provided hereby, and upon the terms and
conditions hereinafter stated, does hereby  amend the Lease in the manner and
subject to the terms and conditions hereinafter set forth.  Unless otherwise
defined herein, capitalized terms shall have the meanings ascribed to them in
the Lease.

     A.   Amendment to Provisions Defining Room Revenues

     Effective as of May 1, 2001, the definition of the term Room Revenues as
                                                             -------------
set forth in Article II shall be amended and restated in its entirety so that it
provides as follows:

     Room Revenues:  Shall mean gross revenue from the rental of Rooms, whether
     -------------
to individuals, groups or transients, together with any fees collected for
amenities including, but not limited to telephone, laundry, movies or
concessions, but deducting therefrom excluding the following:

     (a) The amount of all credits, rebates or refunds to customers, guests or
         patrons;

     (b) All sales taxes or any other excise taxes imposed on the rental of such
         guest rooms; and

     (c) Revenues from the sale of any alcoholic beverages, if and to the
         extent prohibited by applicable law of the jurisdiction in which a
         particular Individual Leased Property is located;

     (d) All fees, commissions, charges and other payments made to travel
         agents, consortia, global distribution access providers in connection
         with the sale of Rooms;

     (e)  Any surcharge assessed by the lessee to guests in connection with the
          rental of Rooms.

and excluding therefrom the following:

                                       1
<PAGE>

          (i)  Revenues from the sale of any alcoholic beverages, if and to the
               extent prohibited by applicable law of the jurisdiction in which
               a particular Individual Leased Property is located; and

          (ii) Any energy, telephone or other utility surcharge assessed by the
               lessee to guests in connection with the rental of Rooms.

     B.  Continuation of Lease Except as Specifically Amended Hereby

     Except as specifically amended and modified hereby, the terms and
provisions of the Lease as heretofore in effect are hereby ratified and
confirmed and remain in full force and effect.

                                    "LESSOR"

                                    JAMESON INNS, INC.

Attest:                             By: /s/ Craig R. Kitchin
                                       ----------------------------
                                        Craig R. Kitchin, President
/s/ Steven A. Curlee
---------------------
     Secretary
                                    JAMESON ALABAMA, INC.

                                    By: /s/ Craig R. Kitchin
                                       ----------------------------
                                        Craig R. Kitchin, President

                                    "LESSEE"

                                    JAMESON HOSPITALITY, LLC

                                    By: /s/ Thomas W. Kitchin
                                       -----------------------------
                                        Thomas W. Kitchin, President

                                       2
<PAGE>

STATE OF GEORGIA    )
                    )  ss.
COUNTY OF DeKALB    )

     The foregoing instrument was acknowledged before me this 15th day of May,
2001, by Craig R. Kitchin as President of Jameson Inns, Inc.

                                      /s/ Kathryn Stockton
                                      --------------------------------
                                      Notary Public
My commission expires:

_____________________

STATE OF GEORGIA    )
                    )  ss.
COUNTY OF DeKALB    )

     The foregoing instrument was acknowledged before me this 15th  day of May,
2001, by Craig R. Kitchin as President of Jameson Alabama, Inc.

                                      /s/ Kathryn Stockton
                                      ---------------------
                                      Notary Public
My commission expires:

_____________________

STATE OF GEORGIA    )
                    )  ss.
COUNTY OF DeKALB    )

     The foregoing instrument was acknowledged before me this 15th  day of May,
2001, by Thomas W. Kitchin, as President of Jameson Hospitality, LLC.

                                      /s/ Kathryn Stockton
                                      ---------------------
                                      Notary Public
My commission expires:

_____________________

                                       3<PAGE>

                                                                    Exhibit 10.2
                                                                    ------------

                             Schedule of Documents
                           Substantially Similar to
                                 Exhibit 10.1

1.   Amendment No. 4, dated as of May 15, 2001, to Master Lease Agreement
     between Jameson Properties, LLC and Jameson Hospitality, LLC dated December
     28, 1997.

2.   Amendment No. 4, dated as of May 15, 2001, to Master Lease Agreement
     between Jameson Properties of Tennessee, L.P. and Jameson Hospitality, LLC
     dated December 28, 1997.

3.   Amendment No. 3, dated as of May 15, 2001, to Master Lease Agreement
     between Jameson Inns, Inc., Jameson Properties, LLC and Jameson Properties
     of Tennessee, L.P., as Lessors, and Jameson Hospitality, LLC , as Lessee,
     dated May 7, 1999.<PAGE>

                                AMENDMENT NO. 9

                                      to

                                    MASTER
                                LEASE AGREEMENT

                                    BETWEEN

                              JAMESON INNS, INC.,
                                      and
                             JAMESON ALABAMA, INC.

                                   AS LESSOR,

                                      and

                           JAMESON HOSPITALITY, LLC,

                                   AS LESSEE

                     AMENDMENT DATED AS OF OCTOBER 31, 2001
<PAGE>

                   AMENDMENT NO. 9 TO MASTER LEASE AGREEMENT

     THIS AMENDMENT NO. 9 TO MASTER LEASE AGREEMENT (hereinafter called
"Lease"), made as of the31st  day of October, 2001, by and between Jameson Inns,
Inc., a Georgia corporation, and Jameson Alabama, Inc., an Alabama corporation
(hereinafter together called "Lessor"), and Kitchin Hospitality, LLC, a Georgia
limited liability company (hereinafter called "Lessee"), provides as follows:

                                   RECITALS:
                                   ---------

     The parties hereto entered into that certain Master Lease Agreement dated
as of February 3, 1994, as amended (the "Lease") covering the "Leased Property"
as therein defined.  The parties desire to amend the Lease by extending the term
of the Lease.

     NOW, THEREFORE, the parties hereto, in consideration of the covenants and
agreements to be performed by them as provided hereby, and upon the terms and
conditions hereinafter stated, does hereby  amend the Lease in the manner and
subject to the terms and conditions hereinafter set forth.  Unless otherwise
defined herein, capitalized terms shall have the meanings ascribed to them in
the Lease.

     A.   Amendment to Provisions Regarding Term

     Section  1.2 of Article I shall be amended and restated in its entirety so
that it provides as follows:

          1.2  Term.  The term of the Lease (the "Term") shall commence on
               ----
     November 1, 2001 (the "Commencement Date"), and shall end on December 31,
     2011, unless sooner terminated in accordance with the provisions hereof.

     B.  Continuation of Lease Except as Specifically Amended Hereby

     Except as specifically amended and modified hereby, the terms and
provisions of the Lease as heretofore in effect are hereby ratified and
confirmed and remain in full force and effect.

                                    "LESSOR"

                                    JAMESON INNS, INC.

Attest:                             By: /s/ Craig R. Kitchin
                                       ------------------------------
                                       Craig R. Kitchin, President
 /s/ Steven A. Curlee
 -----------------------
     Secretary

                                    JAMESON ALABAMA, INC.

                                    By:   /s/ Craig R. Kitchin
                                        ----------------------------------------
                                        Craig R. Kitchin, President

                                    "LESSEE"

                                    KITCHIN HOSPITALITY, LLC

                                    By:   /s/ Thomas W. Kitchin
                                        ---------------------------------
                                        Thomas W. Kitchin, President

                                       1
<PAGE>

STATE OF GEORGIA    )
                    )  ss.
COUNTY OF DeKALB    )

     The foregoing instrument was acknowledged before me this 15th day of May,
2001, by Craig R. Kitchin as President of Jameson Inns, Inc.

                                      /s/ Kathryn Stockton
                                      --------------------------------
                                      Notary Public
My commission expires:

_____________________

STATE OF GEORGIA    )
                    )  ss.
COUNTY OF DeKALB    )

     The foregoing instrument was acknowledged before me this 15th  day of May,
2001, by Craig R. Kitchin as President of Jameson Alabama, Inc.

                                      /s/ Kathryn Stockton
                                     ------------------------------
                                     Notary Public
My commission expires:

_____________________

STATE OF GEORGIA    )
                    )  ss.
COUNTY OF DeKALB    )

     The foregoing instrument was acknowledged before me this 15th  day of May,
2001, by Thomas W. Kitchin, as President of Kitchin Hospitality, LLC.

                                      /s/ Kathryn Stockton
                                     ------------------------------------
                                     Notary Public
My commission expires:

_____________________

                                       2

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