INNSUITES HOSPITALITY TRUST
EX-10.4
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<title>Prepared by MERRILL CORPORATION</title>



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<p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Exhibit 10.4</font></font></p>



<p style="font-family:'Times New Roman';font-size:12.0pt;font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-decoration:underline;"><b><u><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">PROMISSORY NOTE</font></font></u></b></p>



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



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



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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$275,000.00</font></font></u></p>

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

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

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">October 5, 2001</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Note Doc.100501275</font></font></p>

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



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



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">FOR VALUED RECEIVED, and legally bound hereby, RRF LIMITED PARTNERSHIP

(&#147;Maker&#148;), a Delaware partnership, InnSuites Hospitality Trust, General Partner,

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 Development Company (&#147;Payee&#148;), an Arizona corporation, 1615 East

Northern Avenue, Suite 102, Phoenix, Arizona 85020 or a such other place as the

holder hereof may from time to time designate in writing, the principal sum of

TWO HUNDRED SEVENTY FIVE THOUSAND AND 00/100 DOLLARS ($275,000.00), 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></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(A)</font></font><font size="1"><font 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>Commencing

on July 15, 2002, one annual payment of accrued but unpaid interest on the

outstanding principal balance hereunder; and on July 15, 2002 (the &#147;Maturity

date&#148;), one payment in the amount of the then unpaid principal balance

hereunder and all sums and charges due and unpaid by Maker (collectively, the

&#147;Note&#148;).</p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(B)</font></font><font size="1"><font 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>Upon

sale or refinance of hotel/s, half of net proceeds shall be made available at

option of hotel to prepay on this note.</p>



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



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



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



<p align="left" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Maker shall gave 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.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">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.
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<p align="left" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">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 of Payee upon ten (10) days prior written notice, each of which is

hereby expressly waived, be increased to nine and 00/100 percent (9.00%) per

annum or the highest rate for which the parties may agree under applicable law,

whichever is less (the &#147;Default Rate&#148;). 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.&#160;

Nothing herein shall be construed as an agreement or privilege to extend

the date of the payment or any installment or the entire Note, or as a wavier

of any other right or remedy accruing to Payee.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">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 (2.0%)

of such overdue quarterly 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.&#160; 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.&#160; 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.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Upon any of the following Events of Default, at the election of Payee,

the entire unpaid principle 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:</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)</font></font><font size="1"><font 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; </font></font>Maker&#146;s

failure to pay when due any installment required to be paid hereunder, on or

before the tenth (10<sup>th</sup>) day following the applicable due date;</p>



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



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)</font></font><font size="1"><font 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; </font></font>Maker&#146;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;</p>



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



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)</font></font><font size="1"><font 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; </font></font>Maker&#146;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;</p>



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



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)</font></font><font size="1"><font 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; </font></font>Any

creditor&#146;s proceeding in which Maker consents to the appointment or a receiver

or trustee for any of its property;
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)</font></font><font size="1"><font 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; </font></font>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</p>



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



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(f)</font></font><font size="1"><font 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; </font></font>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 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 filling thereof.</p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notice of such election by Payee is hereby expressly waived as part of

the consideration for this loan.&#160;

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.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">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&#146;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.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Maker hereby expressly acknowledges and represents that the

indebtedness is for a business purpose and not consumer or household purposes.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Maker hereby waves 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 Note 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.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">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.
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This Note shall be construed and enforced according to, and governed by

the laws of the State of Arizona.</font></font></p>



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



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



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if

to Payee, then addressed to Payee at 1615 East Northern Avenue Suite 102,

Phoenix, Arizona 85020, (Tel.(602) 944-1500, Fax (602) 678-0281, with a copy to

James W. Reynolds, Esq., Dillingham Cross, P.L.C., 5080 North 40<sup>th</sup>

Street, Suite 335, Phoenix, Arizona 85018, (Tel.(602) 468-1811, Fax (602)

468-0442);</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if

to Maker, then addressed to maker at 1615 East Northern Avenue, Suite 102,

Phoenix, Arizona 85020, Attn: President (Tel.(602) 944-1500, Fax (602)

678-0281), with a copy to James B. Aronoff, Esq., Thompson Hine &amp; Flory,

LLP, 3900 Key center, 127 Public Square, Cleveland, Ohio 44114 (Tel.(216)

566-5500, Fax (216) 566-5800).</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">Any party may, be given notice in writing

to 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.</font></font></p>



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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">&#160;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.</font></font></p>



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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">RRF LIMITED PARTNERSHIP, a</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">Delaware limited partnership,</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">InnSuites Hospitality Trust, General

  Partner, <br>

  an Ohio real estate investment trust</font></font></p>

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

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">/s/ Marc E. Berg</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">Name: Marc E. Berg</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman"><font style="color:black;font-size:10.0pt;">Title:&#160;

  Executive Vice-President</font></font></p>

  </td>

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</table>



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