Document:

Exhibit 10.3
                                                                 May 9, 2000

                       ASSUMPTION AND AMENDMENT AGREEMENT

         This ASSUMPTION AGREEMENT (the "Agreement") is made and entered into as
of May 9, 2002 (the "Effective Date") by and between DAYS MASTER ITALIA, S.p.A.,
a company  organized  under the laws of Italy  ("Assignee"),  and CENDANT GLOBAL
SERVICES,  B.V., a private  company with limited  liability  organized under the
laws of The Netherlands (the "Company").

         Recitals.  Assignee  is the  Master  Licensee  under a  Master  License
Agreement for the Territory of Italy ("the Territory"), dated as of June 1, 2000
which  includes a Trademark  License  Agreement and Software  License  Agreement
(collectively,  the "Assigned  Agreements")  pursuant to an assignment from Team
Piemmesse ("Assignor") dated June 14, 2000. The Assigned Agreements are attached
to this Agreement as Exhibit A and relate to the granting of a master license of
the Days Inn(R) System to be developed in the  Territory.  Assignor has assigned
the Assigned  Agreements  (including any  amendments to the Assigned  Agreements
specified in this Agreement) to Assignee, which desires to assume and accept the
rights and obligations under the Assigned Agreements.

         IN  CONSIDERATION  of  the  premises,   the  mutual  promises  in  this
Agreement,  and for other  good and  valuable  consideration,  the  receipt  and
sufficiency of which are acknowledged by the parties, it is agreed as follows:

         1. Assignor has assigned,  transferred,  bargained, sold, and delegated
to  Assignee  all of its  rights,  title  and  interest  in and to the  Assigned
Agreements,  and its obligations  existing and arising in the future,  under the
Assigned Agreements.

         2.  Assignee  has  accepted  and  assumed  the  rights,   benefits  and
obligations of the Master Licensee under the Assigned  Agreements,  effective as
of June 14,  2000,  including  all existing  and future  obligations  to pay and
perform under the Assigned Agreements.

         3.  The  Company  has  consented  to the  assignment  of  the  Assigned
Agreements by letter dated September 13, 2000, and Assignee has adopted and made
to the Company  the  representations  and  warranties  of Licensee  set forth in
Paragraph 2.4 of the Master License  Agreement as of the Effective Date,  except
as amended by this Agreement.

         4. Assignee will deliver,  prior to the  commencement of any operations
under the  Assigned  Agreements  together  with  this  Assignment,  evidence  of
insurance as contemplated under the Assigned Agreements.

         5. To induce the  Company to  consent  to this  Agreement,  HOSP-ITALIA
INDUSTRIES,  INC.  has  executed  and  delivered to the Company the Guaranty and
Assumption  of Master  Licensee's  Obligations  attached  to this  Agreement  as
Exhibit B.

         6.  Section 2.4 of the Master  License  Agreement  has been  amended to
replace "One Million Five Hundred  Thousand Dollars  ($1,500,000.00)"  with "the
lesser of One Million Dollars  ($1,000,000.00)  or the consolidated net worth of
the former Master Licensee and former guarantor."

         7.  Effective  December  4,  2001,  Exhibit  C to  the  Master  License
Agreement  has  been  deleted  in its  entirety  and  replaced  by  the  amended
Development Schedule attached to this Agreement as Exhibit C.

         8. This Agreement  shall be deemed a supplement to and  modification of
the Assigned  Agreements.  All references to "this Agreement"  contained therein
shall  mean and refer to the  original  form of  Master  License  Agreement,  as
modified  by any prior  amendments  and addenda  and this  Agreement.  Except as
expressly stated in this Agreement,  no further  supplements to or modifications
of the Assigned Agreements are contemplated by the parties. There are no oral or
other written  arrangements  among the Company,  Assignee and Assignor except as
expressly stated in the Assigned Agreements.

         9. Assignee  acknowledges  that the Company has not participated in the
negotiation of the assignment transaction between the Assignee and Assignor, and
has not made any  representation  or warranty,  nor furnished any information to
either  party.  Assignee  waives any and all claims  against the Company and its
officers, directors, shareholders, affiliated corporations, employees and agents
arising  out of the  transfer of the  Assigned  Agreements.  Assignee  expressly
acknowledges that the Company was not a participant in the offer and negotiation
of terms of the  assignment  between  Assignor and Assignee and that the Company
has no liability in connection therewith. Assignee acknowledges that it has made
such investigations of Assignor and the Company as it believes appropriate.

         10. Any notice  required  under the Assigned  Agreements  to be sent to
Assignee shall be directed to:

                  Days Master Italia, S.p.A.
                  c/o Andrea Cesaretti
                  Lanza, Ceccon, Cesaretti & Associati
                  Via Francesco Sforza, 15
                  20122 Milano
                  Fax: 011-39-02-76-38-87-78
                  Telephone:  011-39-02-76-38-87-88

         With copies to:

                  Hosp-Italia Industries, Inc.
                  99 Derby Street, #200
                  Hingham, MA  02043
                  Attn:  Frank G. Wright

         And:

                  Charles B. Jarrett, Jr., Esquire
                  Griffith, McCague & Fernsler, P.C.
                  The Gulf Tower, Suite 3626
                  707 Grant Street
                  Pittsburgh, PA  15219

         11. The  Company  consents  to the  assignment  and  assumption  of the
Assigned  Agreements as provided in its letter of September 13, 2000 and in this
Agreement,  respectively.  No waivers of  performance  or  extensions of time to
perform are granted or authorized. The Company will treat Assignee as the Master
Licensee under the Assigned Agreements.

         IN WITNESS  WHEREOF,  the undersigned  have executed and delivered this
Agreement effective as of the Effective Date.

THE COMPANY:

CENDANT GLOBAL SERVICES, B.V.

By:  /s/ Rajiv Bhatia
     -----------------
Name:   Rajiv Bhatia
Title:  Vice President, International Services

ASSIGNEE:

DAYS MASTER ITALIA, S.p.A.

By:  /s/Andrea Cesaretti
     -------------------
Name:   Andrea Cesaretti
Title:  President

<PAGE>

                                    EXHIBIT A

                                 THE AGREEMENTS

                      The Assigned Agreements are attached.

<PAGE>

                                    EXHIBIT B

            GUARANTY AND ASSUMPTION OF MASTER LICENSEE'S OBLIGATIONS

         The  Guaranty  and  Assumption  of  Master  Licensee's  Obligations  is
attached.

<PAGE>

                                    EXHIBIT C

                          AMENDED DEVELOPMENT SCHEDULE

----------------------------------------------------------------------
           YEAR              Rooms Opened             Total Rooms
----------------------------------------------------------------------
           2002                   60                      60
----------------------------------------------------------------------
           2003                   60                      120
----------------------------------------------------------------------
           2004                   120                     240
----------------------------------------------------------------------
           2005                   120                     360
----------------------------------------------------------------------
           2006                   120                     480
----------------------------------------------------------------------
           2007                   240                     720
----------------------------------------------------------------------
           2008                   120                     840
----------------------------------------------------------------------
           2009                   120                     960
----------------------------------------------------------------------
           2010                   120                    1080
----------------------------------------------------------------------
           2011                   120                    1200
----------------------------------------------------------------------
         2012-2016                600                    1800
----------------------------------------------------------------------
         2017-2021                600                    2400
----------------------------------------------------------------------
         2022-2025                600                    3000
----------------------------------------------------------------------Exhibit 10.4
                                                                     May 9, 2002

            GUARANTY AND ASSUMPTION OF MASTER LICENSEE'S OBLIGATIONS

         THIS Guaranty and  Assumption  of Master  Licensee's  Obligations  (the
"Guaranty") is made as of May 9, 2002 by HOSP-ITALIA INDUSTRIES,  INC., a Nevada
corporation,  with  its  registered  office  at  the  address  set  forth  below
("Guarantor"),  in favor of CENDANT GLOBAL SERVICES B.V., a private company with
limited liability organized under the laws of the Netherlands ("Company").

         WHEREAS,  Company and Team Piemmesse,  S.A., ("Former Master Licensee")
entered into that  certain  Days Inn System  Master  License  Agreement  for the
Territory of Italy, dated as of June 1, 2000 (the "Master  Agreement")  pursuant
to which  Company  granted to Master  Licensee  certain  Days Inns System  hotel
development and franchising rights in such Territory; and

         WHEREAS,  Team BMP,  S.A.  executed and delivered to Company a Guaranty
and  Assumption of Master  Licensee's  Obligations  with regard to Former Master
Licensee's obligations under the Master Agreement; and

         WHEREAS, Former Master Licensee has assigned its interest in the Master
Agreement to Days Master Italia,  S.p.A.,  a company  limited by stock organized
and existing under the laws of Italy ("Master Licensee"); and

         WHEREAS,  Company requires that the Guarantor  execute and deliver this
Guaranty of the Master  Agreement by Former Master Licensee to Master  Licensee;
and

         WHEREAS,  Guarantor shall succeed to and become the Guarantor under the
Master Agreement in all respects.

         NOW, THEREFORE, in consideration of and as an inducement to the consent
by  Company  to  assignment  of  the  Master  Agreement,  the  Guarantor  hereby
unconditionally and irrevocably states as follows:

Section 1. Interpretation

In this Guaranty, unless the context requires otherwise:

(a) terms and expressions defined in the Master Agreement have the same meanings
when used in this Guaranty:

(b) "Indebtedness" means all and any sums (whether fees, royalties,  interest or
otherwise)  which are or at any time may become payable by Master Licensee under
the Master  Agreement and all other monies  hereby  secured,  including  without
limitation all amounts  accrued prior to the effective date of the assignment to
Master Licensee that remain unpaid; and

<PAGE>

(c)  "Obligations"  means  all and  any  obligations,  undertakings,  covenants,
agreements and guaranties  which are to be entered into,  delivered or performed
or by  Master  Licensee  under the  Master  Agreement,  other  than  payment  of
indebtedness.

Section 2. Guaranty

2.1  Guarantor  irrevocably  and  unconditionally  guarantees to Company and its
successors and assigns,  as primary obligor and not merely as surety to Company,
jointly  and  severally  for the Term and  thereafter  as provided in the Master
Agreement (i) the due and punctual payment of Indebtedness  when and as the same
shall become due and payable,  whether at stated  maturity,  upon  acceleration,
extension or otherwise, according to the terms of the Master Agreement; and (ii)
for so long as Master Licensee is a majority owned subsidiary of Guarantor,  the
punctual  performance of  Obligations  when and as the same should be performed,
whether  as  expressly  stated  in  the  Master  Agreement,  upon  acceleration,
extension or otherwise.

2.2  Guarantor  agrees  to pay to  Company  any  amount of  Indebtedness  in the
currency in which the same is payable  under the terms of the Master  Agreement,
or render performance of any Obligation required under the Master Agreement,  at
any time on demand against  Company's  certificate  stating that Master Licensee
has failed to pay or perform punctually,  or refuses to do so, the same pursuant
to the Master  Agreement.  The  certificate in respect of amounts owned shall be
final and conclusive as to the amount owned absent manifest error.

2.3 This Guaranty shall be a continuing  guaranty and shall remain in full force
and effect until the Indebtedness has been paid in full and all Obligations have
been performed in full.

Section 3. Indemnity

Without   prejudice   to  the  guaranty   contained  in  Section  2,   Guarantor
unconditionally   and  irrevocably   undertakes  as  separate,   additional  and
continuing  obligation and as a primary obligor,  to indemnify Company from time
to time on demand against all losses,  liabilities,  damages, costs and expenses
whatsoever  arising  out of any  failure  by  Master  Licensee  to make  due and
punctual payment of Indebtedness or due and punctual  performance and observance
of Obligations.  This indemnity shall remain in effect  notwithstanding that the
guaranty under Section 2 ceases to be valid or enforceable against Guarantor for
any reason whatsoever.

Section 4. Preservation of Rights

4.1 The  obligations of Guarantor  herein  contained shall be in addition to and
not in substitution  for any other guaranty or security which Company may now or
hereafter hold in respect of Indebtedness or Obligations.  Company may change or
release any such  guaranty or security and such change or release  shall have no
effect whatsoever on the Guaranty.

                                       2
<PAGE>

4.2 Neither the  obligations of the Guarantor  hereunder nor the rights,  powers
and remedies conferred upon Company by this Guaranty or by any Legal Requirement
shall be discharged, impaired or otherwise affected by:

         (a) the winding up,  dissolution,  administration  or reorganization of
Master  Licensee or any change in its  status,  function,  control or  ownership
subject to Section 10.3 hereof;

         (b) any part or all of any Indebtedness or Obligation being or becoming
illegal, invalid or unenforceable in any respect;

         (c) any variation or amendment to the terms of the Master  Agreement or
any other document referred to therein;

         (d) the granting of any time or  indulgence  to Master  Licensee or any
other person;

         (e) any invalidity or  irregularity in the procedures used by Guarantor
in the execution of the Master Agreement or this Guaranty;

         (f) any  deficiency  in the powers of Master  Licensee to enter into or
perform any  Indebtedness  or  Obligation  or any  irregularity  in the exercise
thereof or any lack of  authority by any person  purporting  to act on behalf of
the Master Licensee;

         (g) any other  guarantee or security which Company may now or hereafter
hold in respect of  Indebtedness  or  Obligations  being or  becoming  wholly or
partly void, voidable or unenforceable;

         (h) any waiver, exercise, omission to exercise,  compromise, renewal or
release  of any  rights  against  Master  Licensee  or any  other  person or any
compromise, arrangement or settlement with any of the same; or

         (i) any act, omission, event or circumstance which would or may but for
this  provision  operate to prejudice,  affect or discharge this Guaranty or the
obligations of the Guarantor hereunder.

4.3 Company shall not be obliged before exercising any of the rights,  powers or
remedies conferred upon it under this Guaranty or by law;

         (a) to make any  demand of  Master  Licensee,  except  as  specifically
provided in the Master Agreement;

         (b) to take any action or obtain  judgment in any court against  Master
Licensee;

         (c) to make or file any claim or proof in a winding-up  or  dissolution
of Master Licensee; or

                                       3
<PAGE>

         (d) to enforce or seek to enforce any such security taken in respect of
Indebtedness or Obligations.

4.4 Guarantor  represents to and  undertakes  with Company that it has not taken
and will not take any security in respect of its  liability  under this Guaranty
whether  from  Master  Licensee  or any  other  person  that  is  not  expressly
subordinated  to Master  Licensee's  obligations  to  Company,  except for first
priority  debt  secured  by  Units  owned  by  Master  Licensee.  So long as any
Indebtedness remains owing or any Obligation remains to be performed,  Guarantor
shall not exercise any right of  subrogation  or any other rights of a surety or
enforce any security or other right or claim against Master Licensee (whether in
respect of its  liability  under this Guaranty or otherwise) or any other person
who has  guaranteed  or  given  any  security  in  respect  of  Indebtedness  or
Obligations or claim in the insolvency or liquidation of Master  Licensee or any
such other person in competition with Company. If Guarantor receives any payment
or  benefit  in  breach  of this  section,  it shall  hold the same in trust for
Company as a continuing security for Indebtedness and Obligations.

Section 5. Costs, Charges and Expenses

Guarantor  shall  from  time to time  forthwith  on demand  pay to or  reimburse
Company for all costs,  charges,  expenses (including reasonable legal and other
fees on a full  indemnity  basis)  incurred by Company in exercising  any of its
rights or powers  hereunder  or in suing for or seeking to recover  any sums due
hereunder or otherwise  preserving  or enforcing  its rights upon payment of the
remaining Indebtedness and performance of Obligations.

Section 6. Taxes and Other Deductions

6.1 All sums  payable by  Guarantor  under this  Guaranty  shall be paid in full
without  set-off or  counterclaim  or any  restriction or condition and free and
clear of any tax or other deductions or withholdings of any nature.

6.2 If  Guarantor or any other  person is required by any law or  regulation  to
make any deduction or  withholding  (on account of taxes or otherwise)  from any
payment for the account of Company,  such  Guarantor  shall,  together with such
payment,  pay such additional  amount as will ensure that Company receives (free
and clear of any tax of other deductions or withholdings)  the full amount which
it would have received if no such  deduction or  withholding  had been required.
Each Guarantor shall promptly forward to Company copies of official  receipts or
other evidence showing that the full amount of any such deduction or withholding
has been paid over to the relevant taxation or other authority.

Section 7. Currency Indemnity

If any amount due to Company  from the  Guarantor  in one  currency  (the "first
currency") is received by Company in another  currency (the "second  currency"),
the  Guarantor's  obligations in respect of such amount shall only be discharged
to the extent  that  Company may  purchase  the first  currency  with the second
currency in  accordance  with normal  banking  procedures.  If the amount of the
first currency which may be so purchased  (after deducting any costs of exchange
and any other related costs) is less than the amount so due, the Guarantor shall
immediately pay Company the shortfall.

                                       4
<PAGE>

Section 8. Representations and Warranties of Guarantor

8.1 Guarantor represents and warrants to Company as follows:

         (a) Guarantor is a corporation  duly organized and validly  existing in
good standing  under the laws of the State of Nevada.  Guarantor is qualified or
registered to do business in every  jurisdiction where the failure to so qualify
or register  could have a material  adverse  effect on Guarantor  separately  or
Guarantor and its Affiliates taken as a whole.

         (b) Guarantor has full legal right, power and authority to carry on its
present  business,  to own its properties and assets,  to incur the indebtedness
and other obligations provided for in this Guaranty, to execute and deliver this
Guaranty and all other documents  hereunder and to perform and observe the terms
and conditions hereof and thereof.

         (c) Guarantor  has taken all  appropriate  and necessary  corporate and
legal action to authorize  the  execution  and delivery of this Guaranty and all
other documents hereunder and to authorize the performance and observance of the
terms and conditions hereof and thereof.

         (d) Guarantor has obtained or effected all authorizations necessary for
the  valid  execution,  delivery  and  performance  of this  Guaranty  and  such
authorizations  are in full force and effect and there has been no default under
the conditions of any of the same.

         (e) This Guaranty  constitutes the legal,  valid and binding obligation
of Guarantor  enforceable in accordance with its terms. The execution,  delivery
and performance of the terms of this Guaranty or the payment by the Guarantor of
all amounts due on the dates and in the currency  provided for herein:  (i) will
not violate or  contravene  any  provision of law or  regulation  applicable  to
guarantor;  (ii)will not conflict with the Articles of  Incorporation or By-Laws
(or comparable constituent documents) of Guarantor; (iii) will not conflict with
or  result in the  breach  of any  provision  of,  or in the  imposition  of any
encumbrance  under, any agreement or instrument to which Guarantor is a party or
by which it or any of its  properties  or  assets  is  bound;  and (iv) will not
constitute a default or an event that,  with the giving of notice or the passing
of  time or both  would  constitute  a  default  under  any  such  agreement  or
instrument.

         (f)  Guarantor  is not in default  under any  agreement  or  obligation
applicable to it or its assets or revenues,  the  consequences  of which default
could materially and adversely affect its business or financial condition or its
ability to perform its obligations under this Guaranty.

                                       5
<PAGE>

         (g) Guarantor and each of its  Affiliates are in full  compliance  with
all applicable Legal Requirements, including without limitation, tax laws.

         (h) All registrations, recordings or filings required as a condition to
the legality,  validity or enforceability of this Guaranty or any other document
to be executed and  delivered  pursuant to the terms of this  Guaranty have been
made by the Guarantor.

         (i)  No  litigation,   administrative   proceeding  or  arbitration  is
presently  pending or threatened  against Guarantor or any o f its Affiliates or
their assets or revenues which, if adversely  determined,  could have a material
effect on the  ability  of  Guarantor  to  perform  its  obligations  under this
Guaranty.

         (j) Guarantor is generally  subject to civil and  commercial law and to
legal  proceedings  and none of the Guarantor nor any of its Affiliates or their
assets or  revenues is entitled to claim  immunity or  privilege  (sovereign  or
otherwise)  from any set-off,  judgment,  execution,  attachment  or other legal
process.

         (k) Neither  Guarantor nor any of its direct,  indirect,  beneficial or
nominal equity owners are identified as any of the following: (1) a Specifically
Designated  Narcotics  Trafficker under 21 U.S.C. ss.1901 et. seq. and 31 C.F.R.
Part 598; (2) a Specifically  Designated  National listed in 31 C.F.R.,  Part V,
Appendix A, or otherwise  officially  designated by the United States Department
of the  Treasury  under any  classification  or notice  system that  affects the
ability of any U.S. financial institution to transact business with such person;
or (3) a person who has been convicted of any criminal offense (other than minor
traffic  violations),  has been  indicted,  or has been the  subject  of  formal
criminal charges brought by a governmental prosecutors,  whether or not tried or
convicted, in any country.

         Except as may otherwise be permitted hereunder, the representations and
warranties  herein  shall be deemed  automatically  renewed and restated on each
anniversary hereof.

Section 9. Covenants

Guarantor undertakes and agrees with company as follows:

         (a)  Guarantor  shall at all times own  beneficially  and  directly  or
indirectly  not less than fifty percent (50%) of all of the issued share capital
of Master Licensee,  unless and until a transaction  authorized under Article 14
of the Master  License  Agreement  concludes  with the  consent of  Company,  if
required.

         (b) Guarantor shall ensure that the  representations  and warranties it
has made in this Guaranty  remain at all times true and accurate by reference to
the facts and circumstances from time to time existing.

         (c)  Guarantor  undertakes  to  maintain  in full  force and effect all
governmental  authorizations referred to in Section 8.1, and to obtain or effect
any  new or  additional  governmental  authorizations,  as may  be  required  or
advisable  in respect of the  performance  by  Guarantor of any of the terms and
conditions of this Guaranty.

                                       6
<PAGE>

         (d)  Guarantor  shall  maintain  and shall  cause  Master  Licensee  to
maintain their respective corporate existence in good standing and in compliance
with all applicable laws and regulations.

         (e) As soon as possible but in any event within seven (7) days after it
has or should have had  knowledge  of same,  the  Guarantor  shall give  written
notice to  Company  of any event  which  would  permit  Company  to  immediately
terminate the Master Agreement,  or any event that, with the giving of notice of
the  passage  of time,  or both,  would be a breach of this  Guaranty  or of the
Master Agreement, or any litigation,  administrative,  proceeding or arbitration
referred to in Section  8.1(i),  and of any other  matter  which has resulted or
might result in a material adverse change in Guarantor's operations or financial
condition or affect any Guarantor's  liability to pay, when due, any amounts due
under this Guaranty or to perform its obligations hereunder.

         (f) Guarantor  shall furnish  Company with all such other documents and
instruments  and do all such other acts and  things as  Company  may  reasonably
require to carry out the transactions contemplated herein or in the documents to
be delivered hereunder.

Section 10. Assignment

10.1  Guarantor  shall not assign or transfer  any of its rights or  obligations
hereunder.

10.2  Company may at any time assign or transfer  all or any part of the rights,
benefits and obligations under this Guaranty.

10.3 If the  Master  Licensee  undergoes  a change of  controlling  interest  or
assigns  the Master  License  Agreement,  with the  consent  of  Company  and in
accordance  with Article 14 of the Master  License  Agreement,  to a third party
that is not an  Affiliate of  Guarantor,  and a suitable  replacement  guarantor
acceptable to Company signs and delivers a  replacement  guaranty  acceptable to
Company,  then Company will release  Guarantor  under this  instrument  from any
further  liability,  except  Obligations of Master Licensee accruing through the
date of transfer.

Section 11. Governing Law and Jurisdiction

11.1 This Guaranty  shall be governed by and  construed in  accordance  with the
laws of the State of New Jersey.

11.2 (a) Guarantor agrees that any legal action or proceeding  arising out of or
relating to this  Guaranty,  except with  respect to any payment due  hereunder,
shall be resolved by arbitration in accordance  with the provisions of Paragraph
17.9 of the Master Agreement.

                                       7
<PAGE>

         (b) Guarantor agrees that any legal action or proceeding arising out of
or relating to the payment of any amount due under this  Guaranty may be brought
in any court of or in the State of New York and Guarantor irrevocably submits to
the non-exclusive  personal  jurisdiction of such courts.  Guarantor irrevocably
and  unconditionally  waives any objection which it may now or hereafter have to
the choice of New York, New York as the venue of any legal action arising out of
or relating to payments due under this Guaranty.

11.3 In respect of  proceedings  under Section  11.2(b),  Guarantor  irrevocably
appoints CT Corporation System of New York, New York as its agent to receive and
acknowledge on their behalf  service of any writ,  summons,  order,  judgment or
other notice of legal process in the United States.  If for any reason the agent
named above (or its successor) no longer serves as agent of the Guarantor,  then
for this  purpose,  the  Guarantor  shall  promptly  appoint a  successor  agent
satisfactory to Company and notify Company  thereof  provided that until Company
receives such notification,  it shall be entitled to treat the agent named above
(or its said  successor)  as the agent of the Guarantor for the purposes of this
Section.  Guarantor  agrees that any such legal  process  shall be  sufficiently
served on them if  delivered  to such agent for  service at its  address for the
time being in the United States  whether or not such agent gives notice  thereof
to any of the Guarantor.

11.4 With respect to  proceedings  under Section  11.2(b),  nothing herein shall
limit the right of Company to commence any legal action against Guarantor and/or
its  property  in any  other  jurisdiction  or to serve  process  in any  manner
permitted by law, and the taking of  proceedings in any  jurisdiction  shall not
preclude the taking of proceedings in any jurisdiction  whether  concurrently or
not.

11.5 Guarantor  irrevocably  waives any immunity to which it or its property may
at any time be or become entitled,  whether  characterized as sovereign immunity
or  otherwise,  from any  set-off  or  legal  action  in the  United  States  or
elsewhere,   including   immunity   from  service  of  process,   immunity  from
jurisdiction of any court or tribunal,  and immunity of any of its property from
attachment prior to judgment or from execution of a judgment.

Section 12. Notices

12.1  Each  notice,  demand  or other  communication  to be given or made to the
Guarantor  under this Guaranty  shall be in writing and delivered at its address
or telex  number or fax  number  set out below (or such  other  address or telex
number or fax number as the Guarantor has by five (5) days' prior written notice
specified to Company):

To Guarantor: Hosp-Italia Industries, Inc., 99 Derby Street, Suite 200, Hingham,
Massachusetts 02043, Attention,  Frank G. Wright, Executive Vice President; Fax:
781-556-1045; with a copy to Griffith, McCague & Fernsler, P.C., The Gulf Tower,
Suite 3626,  707 Grant  Street,  Pittsburgh,  PA (USA) 15219,  Attn:  Charles B.
Jarrett, Jr., Fax: 412-803-3678

                                       8
<PAGE>

To Company:  Cendant Global Services B.V., c/o Premier Trust N.V., Official,  de
Boelelaan  7,  1083 HJ  Amserdam,  The  Netherlands,  with a copy to:  Days Inns
Worldwide,  Inc.;  1 Sylvan  Way,  Parsippany,  New Jersey  (USA)  07054;  Attn:
Executive Vice President and Deputy General Counsel; Fax 973-496-5915

12.2 Any notice,  demand or other  communication so addressed shall be deemed to
have been delivered (i) if given or made by letter,  when actually  delivered to
the  relevant  address,  (ii) if given or made by telex,  when  dispatched  with
confirmed  answerback and (iii) if given or made by fax, when  dispatched with a
simultaneous confirmation of transmission.

12.3 Any notice,  demand or other  communication from Guarantor to Company shall
be given or made in accordance with Paragraph 17.10 of the Master Agreement.

Section 13. Miscellaneous

13.1 The failure or delay of Company to require  performance by Guarantor of any
provision of this Guaranty shall not affect its right to require  performance of
such provision nor shall any single or partial exercise of the same preclude any
further  exercise  thereof or the exercise of any other right,  power or remedy.
Each and every right,  power and remedy  granted to Company  hereunder or by law
shall be cumulative and may be exercised in part or in whole from time to time.

13.2 If any one or more of the  provisions  contained in this Guaranty  shall be
invalid,  illegal or  unenforceable in any respect under any applicable law, the
validity,  legality and  enforceability o f the remaining  provisions  contained
herein shall not in any way be affected or impaired hereby.

                                       9
<PAGE>

13.3 Any amendment or waiver of any provision of this Guaranty and any waiver of
any default under this  guaranty  shall only be effective if made in writing and
signed by Company.

IN WITNESS  WHEREOF,  Guarantor  has caused this  Guaranty to be executed by its
duly authorized representative, as of the day and year first written above.

HOSP-ITALIA INDUSTRIES INC.
as Guarantor

By:       /s/Frank G. Wright
          -----------------
Name:     Frank G. Wright
Title:    Executive Vice President

         Before me, the undersigned  notary public personally  appeared Frank G.
Wright, to me known, who executed his instrument in the capacity stated above as
the free act and deed of HOSP-ITALIA INDUSTRIES, INC. at Hingham, Massachusetts,
United States of America.

                                    /s/ Judith R. Kaplan
                                    -------------------
(Notary Seal)

My Commission Expires:     October 30, 2002
                           ----------------

                                       10

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