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EX-10.1 - BANK LINE OF CREDIT CHANGE IN TERMS AGREEMENT - INNSUITES HOSPITALITY TRUSTex_10d1.htm

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):  June 22, 2012

__________


INNSUITES HOSPITALITY TRUST
(Exact Name of Registrant as Specified in Charter)


 
 
  Ohio    001-07062  34-6647590  
   (State or Other Jurisdiction of Incorporation)    (Commission File Number)   (IRS Employer Identification No.)  
         
         
    InnSuites Hotels Centre, 1625 E. Northern Avenue,      
  Suite 105, Phoenix, AZ 85020    
  (Address of Principal Executive Offices)  (Zip Code)    
         


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:

¨         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 

 

Item 1.01
Entry Into a Material Definitive Agreement.

On June 22, 2012, InnSuites Hospitality Trust (the “Trust”) amended its $500,000 bank line of credit with RepublicBankAZ, N.A. to extend the maturity date to June 23, 2013 (the “Amendment”).

The foregoing description is not intended to be complete and is qualified in its entirety by reference to the full text of the Amendment, 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 9.01               Financial Statements and Exhibits.

(d)
Exhibits.

10.1
Change in Terms Agreement for Bank Line of Credit, dated June 22, 2012, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and James F. Wirth, as Guarantor, in favor of RepublicBankAZ, N.A., as Lender.





 
 

 

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.

InnSuites Hospitality Trust

By:  /s/ Anthony B. Waters                                                                
Anthony B. Waters
Chief Financial Officer and
Chief Technology Officer
 
 


Date:  June 25, 2012

 
 

 

EXHIBIT INDEX

Exhibit No.
 
Description
     
10.1
 
Change in Terms Agreement for Bank Line of Credit, dated June 22, 2012, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and James F. Wirth, as Guarantor, in favor of RepublicBankAZ, N.A., as Lender.