INNSUITES HOSPITALITY TRUST (NASDAQ:IHT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
On December 5, 2016, The Trust and the Partnership together
entered into eight unsecured loans for a total of $425,000 with
varying principal amounts ranging from $25,000 to $100,000 with
H. W. Hayes Trust (Hayes Loans). The Trust and the Partnership
together also entered into two unsecured on-demand $25,000 loans
for a total of $50,000 with Lita M. Sweitzer (Sweitzer Loans).
The total principal amount of the Hayes Loans and the Sweitzer
Loans is $475,000. The Hayes Loans and the Sweitzer Loans are due
on June 20, 2019 or on demand, whichever occurs first. The Hayes
Loans requires from a 0-120 day notification of the demand to
repay the loans prior to June 20, 2019. Both the Hayes Loans and
the Sweitzer Loans accrue interest at 7.0% per year on the unpaid
balance and interest only payments shall be made monthly and are
due on the first of the following month. The Trust and
Partnership may pay all or part of these notes without any
repayment penalties.
The foregoing description is not intended to be complete and is
qualified in its entirety by reference to the full text of the
Agreement, which is filed as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The information set forth above under Item 1.01 is hereby
incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On December 6, 2016, the Board of Trustees approved a cash
dividend of $0.01 per Share of Beneficial Interest of the Trust,
payable on January 27, 2017 to shareholders of record as of
January 12, 2017.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| 10.1 |
Eight Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership as borrower, in favor of H. W. Hayes Trust, as Lender and two Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership as borrower, in favor of Lita M. Sweitzer, as Lender. |
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