INNSUITES HOSPITALITY TRUST
EX-10.8
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<TYPE>EX-10.8
<SEQUENCE>10
<FILENAME>j4927_ex10d8.htm
<DESCRIPTION>EX-10.8
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit

10.8</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROMISSORY NOTE</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">$125,000</font></u></p>

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  <td width="37%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:37.72%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="28%" valign="top" style="padding:0in .7pt 0in .7pt;width:28.94%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 26, 2002</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUED RECEIVED, and

legally bound hereby, INNSUITES HOTELS INC. (&#147;Maker&#148;), a Nevada Corporation,

having an office at 1615 East Northern Avenue, Suite 102, Phoenix, Arizona

85020 hereby promises to pay to James F. Wirth (&#147;Note Holder&#148;) or order and

address as specified below the principal sum of ONE HUNDRED TWENTY FIVE

THOUSAND AND 00/100 DOLLARS ($125,000), 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 interest as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">$125,000 amortized over 48 months at 7%

interest ($2,993.28/month). Monthly installments of interest only to begin

August 1, 2002.&#160; Monthly installments of

principal and interest to begin on April 1, 2003.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Payments to be made payable to:</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James F. Wirth</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5700 E Glen Drive</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paradise Valley, AZ 85253</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Payments made under this note

shall be subject to any current bank or mortgage covenants.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the option of the Note

Holder, late charges upon written notice are assessed as follows:</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">10 days late, $50 penalty</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">35 days late, $150 penalty</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Over 35 days late, Note Holder could

declare the note in default and call the entire amount due.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Should default be

declared, units proportionate to unpaid balance will be returned to Note

Holder.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal and interest

payable in lawful money of the United States.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If legal proceedings are

entered into to recover on this Note, the undersigned agree(s) to pay such sum

as the Court may fix as attorney&#146;s fees.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Makers and endorsers

hereof severally waive diligence, demand, presentment for payment and protest,

and consent to the extension or time of payment of this Note without notice.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.1%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNSUITES HOTELS INC,</font></p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.1%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Nevada Corporation</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.84%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

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  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:27.72%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ J.R. Chase</font></p>

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  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.86%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.84%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.44%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: J.R. Chase</font></p>

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  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.86%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.84%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Secretary Treasurer</font></p>

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  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.86%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>





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