Current Report Filing (8-k)
July 24 2017 - 4:31PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 24, 2017
INNSUITES
HOSPITALITY TRUST
(Exact
Name of Registrant as Specified in Charter)
Ohio
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001-07062
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34-6647590
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(State
or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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InnSuites
Hotels Centre,
1625
E. Northern Avenue, Suite 105
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Phoenix,
AZ
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85020
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
(602) 944-1500
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
Enter Into a Material Definitive Agreement.
On
July 18, 2017, InnSuites Hospitality Trust (the “Trust”) and RRF Limited Partnership (“Partnership”) entered
into a Revolving Line of Credit - Promissory Demand Note (“Note”) for $400,000 with Chinita Hayden, the Lender. The
Note provides monthly interest only payments and payable on demand or payable on July 31, 2020, whichever occurs first. Interest
rate on the Note is 7% and the Note is unsecured with no guarantees provided.
On
December 24, 2014, the Trust and Partnership as the Borrower entered into the attached Promissory Demand Note with Guy C. Hayden,
III for the sum of $400,000 due on demand or payable on February 15, 2018, whichever occurs first. On July 18, 2018, the Trust
and Partnership along with Guy C. Hayden, III agreed to extend the Promissory Demand Note payable on demand or payable on July
31, 2020, whichever occurs first. All of the remaining terms of the loan originated on December 24, 2014 remain the same.
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
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The
information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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InnSuites
Hospitality Trust
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By:
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/s/
Adam B. Remis
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Adam
B. Remis
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Chief
Financial Officer
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Date:
July 24, 2017
EXHIBIT
INDEX
Exhibit
No.
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Description
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10.1
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Revolving
Line of Credit – Promissory Demand Note between the Trust and Partnership (“Borrower”) and Chinita Hayden,
the Lender, dated on July 18, 2017. Promissory Demand Note – Amendment # 1 between the Borrower and Guy Hayden, III,
the Lender, dated on July 18, 2017.
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