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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001104659-01-503678.txt : 20020413
<SEC-HEADER>0001104659-01-503678.hdr.sgml : 20020413
ACCESSION NUMBER:		0001104659-01-503678
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20011031
FILED AS OF DATE:		20011217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNSUITES HOSPITALITY TRUST
		CENTRAL INDEX KEY:			0000082473
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				346647590
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07062
		FILM NUMBER:		1815797

	BUSINESS ADDRESS:	
		STREET 1:		INNSUITES HOTELS CENTRE
		STREET 2:		1625 E NORTHERN AVE STE 201
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		2166220046

	MAIL ADDRESS:	
		STREET 1:		925 EUCLID AVENUE
		STREET 2:		SUITE 1750
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REALTY REFUND TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>j2579_10q.htm
<DESCRIPTION>10-Q
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body style="text-justify-trim:punctuation;">



<div>



<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p style="border:none;font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



</div>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE

COMMISSION</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>





<div align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></font></b></div>





<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">FORM 10-Q</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>





<div align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></font></b></div>





<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold;">QUARTERLY REPORT PURSUANT

TO SECTION 13 OR 15(d)</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold;">OF THE SECURITIES EXCHANGE

ACT OF 1934</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE QUARTERLY PERIOD

ENDED October 31, 2001</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Commission File Number

1-7062</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">INNSUITES HOSPITALITY

TRUST</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(Exact name of registrant as specified in

its charter)</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Ohio</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">34-6647590</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">(State or

  other jurisdiction of</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.8%;">

  <p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">(I.R.S.

  Employer Identification Number)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">incorporation or organization)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">InnSuites Hotels Centre</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">1615 E. Northern Ave.,

  Suite 102</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Phoenix, AZ 85020</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(Address of principal executive offices)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Registrant's telephone number, including

  area code<b><font style="font-weight:bold;"> (602) 944-1500</font></b></font></font></p>

  </td>

 </tr>

</table>



</div>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate by check mark whether

the registrant: (l) has filed all</font> </font>reports required to be filed by

Section 13 or l5(d) of the Securities ExchangeAct of 1934 during the preceding 12

months (or for such shorter period that theregistrant was required to file such

reports), and (2) has been subject to suchfiling requirements for the past 90

days. Yes <font face="Wingdings"><font style="font-family:Wingdings;">&#253;</font></font> No <font face="Wingdings"><font style="font-family:Wingdings;">o</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Number of outstanding Shares of

Beneficial Interest, without par value, as of December 13, 2001: 2,120,384</font></font></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p style="border:none;font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



</div>



</div>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<div>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">PART I</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FINANCIAL INFORMATION</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">ITEM 1.&#160; FINANCIAL

STATEMENTS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">INNSUITES HOSPITALITY

TRUST AND SUBSIDIARY</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">CONSOLIDATED BALANCE

SHEETS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">OCTOBER 31,<br>

  2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">JANUARY 31,<br>

  2001</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">ASSETS</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(UNAUDITED)</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(AUDITED)</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hotel Properties, Net</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">61,931,423</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">62,591,376</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash and Cash Equivalents</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">993,623</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">415,390</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rent Receivable from Affiliate, Net

  of $0 and $5,251,861<br>

  Allowance, Respectively</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Accounts Receivable, Net of $24,629

  and $0 Allowance, Respectively</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,062,852</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Prepaid Expenses and Other Assets</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,002,426</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">898,795</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL ASSETS</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">64,990,324</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">63,905,561</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">LIABILITIES AND SHAREHOLDERS' EQUITY</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LIABILITIES</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mortgage Notes Payable</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">35,606,962</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">25,628,572</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notes Payable to Banks</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,324,991</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11,300,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notes Payable to Related Parties</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">553,449</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">631,409</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Advances Payable to Related Parties</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7,578,911</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,840,298</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other Notes Payable</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">88,638</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">125,021</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Accounts Payable and Accrued

  Expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,636,330</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,251,237</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL LIABILITIES</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50,789,281</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">45,776,537</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">MINORITY INTEREST IN PARTNERSHIP</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11,814,629</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">13,091,117</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">SHAREHOLDERS' EQUITY</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Shares of beneficial interest,

  without par value; unlimited</font> </font>authorization; 2,130,084 and

  2,126,484 shares issued and outstanding&nbsp;at October 31 and January 31, 2001,

  respectively</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,930,346</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,532,348</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Treasury Stock</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,543,932</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,494,441</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL SHAREHOLDERS' EQUITY</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,386,414</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,037,907</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL LIABILITIES AND SHAREHOLDERS'

  EQUITY</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.94%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">64,990,324</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.08%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">63,905,561</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See accompanying notes to unaudited</font> </font>consolidated

financial statements</p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">INNSUITES HOSPITALITY

TRUST AND SUBSIDIARY</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">UNAUDITED CONSOLIDATED

STATEMENTS OF OPERATIONS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:30.34%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE NINE MONTHS ENDED OCTOBER 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">REVENUE</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rent Revenue from Affiliate</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7,552,207</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Room</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">19,484,566</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Food and Beverage</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,270,469</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Telecommunications</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">203,730</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest and Other</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">816,571</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">29,105</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL REVENUE</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,775,336</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7,581,312</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">OPERATING EXPENSES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Room</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,323,683</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Food and Beverage</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,109,731</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Telecommunications</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">320,295</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">377,786</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">General and Administrative</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,185,436</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,446,705</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Sales and Marketing</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,659,041</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Repairs and Maintenance</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,380,251</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hospitality</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,097,112</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Utilities</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,469,972</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Expenses Incurred in Acquiring

  Lessee</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,608,482</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL OPERATING EXPENSES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">18,531,789</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,446,705</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">INCOME BEFORE FIXED CHARGES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,243,547</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,134,607</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">FIXED CHARGES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real Estate Depreciation</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,336,531</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,077,855</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real Estate and Personal Property

  Taxes,</font> </font>Insurance and Ground Rent</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,300,412</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,048,238</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Mortgage Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,112,410</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,729,180</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Notes Payable to Banks</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">334,857</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">857,893</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Notes Payable and

  Advances to Related Parties</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">386,516</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">158,784</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Other Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,410</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">17,265</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL FIXED CHARGES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,477,136</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,889,215</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LOSS BEFORE EXTRAORDINARY ITEM AND

  MINORITY INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3,233,589</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(754,608</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">EXTRAORDINARY ITEM</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Loss on Early Extinguishment of

  Debt</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(576,842</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LOSS BEFORE MINORITY INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3,810,431</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(754,608</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LESS MINORITY INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,131,872</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(248,709</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET LOSS ATTRIBUTABLE TO SHARES OF

  BENEFICIAL INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,678,559</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(505,899</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LOSS PER SHARE &#150; Basic and Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Loss before Extraordinary Item</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1.12</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.21</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Extraordinary Item</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.13</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET LOSS</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1.25</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.21</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">WEIGHTED AVERAGE NUMBER OF SHARES

  OUTSTANDING - Basic and Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.26%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,140,017</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,364,593</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See accompanying notes to unaudited

consolidated financial statements</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">INNSUITES HOSPITALITY

TRUST AND SUBSIDIARY</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">UNAUDITED CONSOLIDATED

STATEMENTS OF OPERATIONS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:30.5%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE THREE MONTHS ENDED OCTOBER 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">REVENUE</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rent Revenue from Affiliate</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.14%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,159,397</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Room</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,404,582</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Food and Beverage</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">362,685</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Telecommunications</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">59,032</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest and Other</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">239,065</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">14,347</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL REVENUE</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,065,364</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,173,744</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">OPERATING EXPENSES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Room</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,662,838</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Food and Beverage</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">333,818</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Telecommunications</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">93,637</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">117,535</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">General and Administrative</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,216,359</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,038,676</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Sales and Marketing</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">521,477</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Repairs and Maintenance</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">438,956</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hospitality</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">323,143</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Utilities</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">496,506</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL OPERATING EXPENSES</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,204,269</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,038,676</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">INCOME BEFORE FIXED CHARGES</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">861,095</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,135,068</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">FIXED CHARGES</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real Estate Depreciation</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">743,302</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">726,947</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real Estate and Personal Property

  Taxes,</font> </font>Insurance and Ground Rent</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">450,762</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">368,045</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Mortgage Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">746,571</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">616,284</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Notes Payable to Banks</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">58,275</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">303,645</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Notes Payable and

  Advances to Related Parties</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">134,514</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">73,304</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest on Other Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,342</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,770</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">TOTAL FIXED CHARGES</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,134,766</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,089,995</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LOSS BEFORE MINORITY INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,273,671</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(954,927</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LESS MINORITY INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(492,676</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(441,083</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET LOSS ATTRIBUTABLE TO SHARES OF

  BENEFICIAL INTEREST</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.14%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(780,995</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(513,844</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET LOSS PER SHARE &#150; Basic and

  Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.14%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.36</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.24</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt .7pt .7pt;width:66.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">WEIGHTED AVERAGE NUMBER OF SHARES

  OUTSTANDING - Basic and Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,141,077</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,177,047</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See accompanying notes to unaudited

consolidated financial statements</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">INNSUITES HOSPITALITY

TRUST AND SUBSIDIARY</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">UNAUDITED CONSOLIDATED STATEMENTS

OF CASH FLOWS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="65%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="31%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:31.14%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE NINE MONTHS

  ENDED OCTOBER 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CASH FLOWS FROM OPERATING

  ACTIVITIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net Loss Attributable to Shares of

  Beneficial Interest</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.58%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,678,559</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(505,899</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Adjustments to Reconcile Net Loss

  Attributable to Shares</font> o</font>f Beneficial Interest to Net Cash (Used

  by) Provided by Operating&nbsp;Activities:</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Stock Option Compensation Expense</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">26,258</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">39,388</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Expenses Incurred in Acquiring the

  Lessee</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,608,482</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Minority Interest</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,131,872</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(248,709</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Depreciation and Amortization</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,378,856</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,167,784</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Changes in Assets and Liabilities

  (Net of Effect of</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Acquisition of Subsidiary):</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Decrease in Accounts Receivable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">110,869</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Increase in Rent Receivable from

  Affiliates</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,601,842</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Provision for Uncollectible

  Receivable from Affiliate</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,601,842</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Decrease&nbsp;(Increase) in

  Interest Receivable and Other Assets</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(554,569</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">14,012</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Decrease in Accounts Payable and

  Accrued Expenses</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(62,259</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(234,374</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET CASH (USED BY) PROVIDED BY

  OPERATING ACTIVITIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(302,794</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,232,202</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CASH FLOWS FROM INVESTING

  ACTIVITIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Acquisition of Lessee</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(11,531</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash Acquired from Lessee</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">85,294</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Acquisition of Hotel</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Improvements and Additions to Hotel

  Properties</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,703,753</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,430,675</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Disposal of FF&amp;E</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">27,175</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">97,502</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Sale of Land</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">20,564</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET CASH USED IN INVESTING

  ACTIVITIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,602,815</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3,412,609</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CASH FLOWS FROM FINANCING

  ACTIVITIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payments of Mortgage Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(779,886</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(540,915</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Refinancing of Mortgage Notes

  Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,658,276</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">500,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Borrowings on Mortgage Notes

  Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,100,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,575,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payments on Notes Payable to Banks</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(11,300,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Borrowings on Notes Payable to

  Banks</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,324,991</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Repurchase of Partnership Units</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(25,838</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(876,665</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Repurchase of Stock</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(49,491</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(914,531</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payment of Dividends</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(71,622</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other Distributions</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(68,480</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(141,621</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash Overdraft</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">137,750</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payments on Notes Payable to

  Related Parties</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(77,960</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(56,300</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Borrowings on Notes Payable to

  Related Parties</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">745,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Advances from Related Parties</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,151,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,654,943</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payments on Advances from Related

  Parties</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,412,387</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(813,741</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Borrowings on Other Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">25,839</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payments on Other Notes Payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(62,222</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(225,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET CASH PROVIDED BY FINANCING

  ACTIVITIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,483,842</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,972,298</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET INCREASE (DECREASE) IN CASH AND

  CASH EQUIVALENTS</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">578,233</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(208,109</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CASH AND CASH EQUIVALENTS AT

  BEGINNING OF PERIOD</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">415,390</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">208,109</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.5%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:65.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CASH AND CASH EQUIVALENTS AT END OF

  PERIOD</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.58%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">993,623</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See Supplemental Disclosures at Note 9.</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See accompanying notes to unaudited</font> </font>consolidated

financial statements</p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">INNSUITES HOSPITALITY TRUST AND SUBSIDIARY</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL

STATEMENTS</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">AS OF AND FOR THE NINE MONTHS ENDED OCTOBER

31, 2001 AND 2000</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1. NATURE

OF OPERATIONS AND BASIS OF PRESENTATION</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">InnSuites

Hospitality Trust (the &quot;Trust&quot;) is a real estate investment trust

(&quot;REIT&quot;) that owns, directly or indirectly, eleven hotels with 1,698

suites in Arizona, southern California and New Mexico. The hotels operate as

InnSuites Hotels.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Until

January 31, 1998, the Trust, formerly known as Realty ReFund Trust, specialized

in mortgage financing as its investment vehicle, refinancing existing income

producing commercial, industrial and multi-unit residential real property by

supplementing or replacing existing financing. The primary refinancing technique

that the Trust employed was wrap-around mortgage lending.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">On January 31, 1998, the Trust contributed

$2,081,000 to RRF Limited Partnership (the &quot;Partnership&quot;), a Delaware

limited partnership, in exchange for a 13.6% general partnership interest

therein. The Trust is the sole general partner of the Partnership. The

Partnership issued limited partnership interests representing 86.4% of the

Partnership capital to acquire six hotel properties from various entities. In

addition, in order to acquire a seventh hotel property, through a wholly-owned

subsidiary, RRF Sub Corp., the Trust issued 647,231 Shares of Beneficial

Interest in exchange for all of the outstanding shares of Buenaventura

Properties, Inc. which owned a hotel located in Scottsdale, Arizona (&quot;InnSuites

Hotels Scottsdale&quot;). These seven hotels are collectively referred to as

the &quot;Initial Hotels.&quot; The Initial Hotels, together with subsequent

hotel acquisitions, are referred to herein as the &quot;Hotels.&quot; The

Hotels are leased to InnSuites Hotels, Inc., formerly known as Realty Hotel

Lessee Corp. (the &quot;Lessee&quot;), pursuant to leases which contain

provisions for rent based on the revenues of the Hotels (the &quot;Percentage

Leases&quot;). Each Percentage Lease obligates the Lessee to pay rent equal to

the greater of the minimum rent (&quot;Base Rent&quot;) or a percentage rent

based on the gross revenues of each Hotel. The Lessee holds the franchise

agreement for each Hotel. As of February 1, 2001, the Trust acquired 100%

ownership interest of the Lessee, which was owned 23% by Marc E. Berg,

Executive Vice President, Secretary, Treasurer and Trustee of the Trust, 9.8%

by InnSuites Innternational Hotels, Inc., an entity owned by James F. Wirth,

Chairman, President and Chief Executive Officer of the Trust

(&quot;Wirth&quot;) and his spouse, and 67.2% by unrelated third parties.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Trust's general partnership interest in the Partnership was 48.48%

on October 31, 2001, and the weighted average ownership interest for the nine

months ended October 31, 2001 was 48.41%.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">PARTNERSHIP

AGREEMENT</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The

Partnership Agreement of the Partnership provides for the issuance of two

classes of limited partnership units, Class A and Class B. Such classes are

identical in all respects, except that each Class A limited partnership unit in

the Partnership shall be convertible into a like number of Shares of Beneficial

Interest of the Trust at any time at the option of the particular limited

partner if the Trust determines that such conversion would not cause the Trust

to fail to qualify as a REIT. As of October 31, 2001, a total of 1,580,323

Class A limited partnership units were issued and outstanding. Additionally, a

total of 5,226,364 Class B limited partnership units were outstanding to Wirth

and his affiliates, in lieu of the issuance of Class A limited partnership

units. If all of the Class A and B limited partnership units were to be

converted, the limited partners in the Partnership would receive 6,806,687

Shares of Beneficial Interest of the Trust. The Class B limited partnership

units may only become convertible with the approval of the Board of Trustees,

in its sole discretion.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">BASIS OF

PRESENTATION</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As sole general partner of the Partnership, the Trust exercises

unilateral control over the Partnership and, as of February 1, 2001, owned all

of the outstanding classes of shares of the Lessee. Therefore, the financial

statements of the Partnership and the Lessee as of February 1, 2001 are

consolidated with the Trust, and all significant intercompany transactions and

balances have been eliminated.
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</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">These consolidated financial statements

have been prepared in accordance with accounting principles generally accepted

in the United States of America for interim financial information and with the

instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they

do not include all of the information and footnotes required by accounting

principles generally accepted in the United States of America for complete

consolidated financial statements. In the opinion of management, all

adjustments (consisting of normal recurring accruals) considered necessary for

a fair presentation have been included. Operating results for the nine-month

period ended October 31, 2001 are not necessarily indicative of the results

that may be expected for the year ended January 31, 2002. For further

information, refer to the consolidated financial statements and footnotes

thereto included in the Trust&#146;s Annual Report on Form 10-K as of and for the

year ended January 31, 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2. USE OF

ESTIMATES</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The preparation of financial statements in

conformity with accounting principles generally accepted in the United States

of America requires management to make estimates and assumptions that affect

the reported amounts of assets and liabilities, the disclosure of contingent

assets and liabilities at the date of the consolidated financial statements and

the reported amounts of revenues and expenses during the reporting period.

Actual results could differ from those estimates.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3. REVENUE

RECOGNITION</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Trust

revenues are recognized as earned. Ongoing credit evaluations are performed and

an allowance for potential credit losses is provided, if needed, against the

portion of accounts receivable which is estimated to be uncollectible.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4. EARNINGS

PER SHARE</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">Basic and diluted earnings per share have

been computed based on the weighted-average number of shares outstanding during

the periods and considering the effect of potentially dilutive securities.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">For the

nine months ended October 31, 2001 and 2000, there were Class A and Class B

limited partnership units outstanding, which are convertible to shares of

beneficial interest of the Trust. Assuming conversion, the aggregate

weighted-average of these Shares of Beneficial Interest would be 6,815,856 and

7,133,188 for the first nine months of fiscal 2002 and 2001, respectively.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">For the

nine months ended October 31, 2001 and 2000, 273,500 and 348,000 stock options,

respectively, are not included in the computation of diluted earnings per share

since the options are anti-dilutive.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5.

ACQUISITION</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In December 2000, the Lessee and the Trust established independent

review groups to consider altering the current structure of the management and

operations of the Hotels pursuant to the provisions of the REIT Modernization

Act (the &quot;RMA&quot;). The RMA, among other things, permits the Trust to

own the stock of a taxable REIT subsidiary (&quot;TRS&quot;) that may engage in

businesses previously prohibited to the Trust, including leasing hotels,

provided that such hotels are managed and operated by independent third parties.

As such, effective February 1, 2001, the Trust acquired all of the common and

preferred equity stock of the Lessee for $11,531 in cash consideration. The

Lessee was owned 23% by Marc E. Berg, Executive Vice President, Secretary,

Treasurer and Trustee of the Trust, and 9.8% by InnSuites Innternational, an

affiliate of Mr. Wirth.
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</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">Following the acquisition, the Lessee

elected to be treated as a TRS under the RMA. As a result, the management

contracts relating to the Hotels between the Lessee and InnSuites Innternational

were terminated effective January 31, 2001 and new management contracts were

entered into on substantially similar terms with Suite Hospitality Management,

Inc. (the &#147;New Management Company&#148;), which qualifies as an independent third

party manager and operator of the Hotels under the RMA. In connection with the

acquisition, the rate structures of the Percentage Leases for the Hotels were

also amended to reflect current economic and market conditions and employees of

the Lessee became employees of the New Management Company. The benefits to the

Trust are a more direct relationship between the Hotels and the Trust, the

inclusion of Lessee revenues in excess of required rent payments in the Trust's

consolidated financial reports, the elimination of potential conflicts of

interest and the reduction of certain administrative costs relative to the

operation of the Hotels and the administration of the Percentage Leases.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">In connection with the acquisition of the

Lessee, the Trust paid $11,531 for all of the outstanding classes of stock of

the Lessee.&#160; The $1.6 million difference

between the cash paid to the owners of the Lessee and the estimated value of

the net liabilities assumed was recorded as &#147;Expenses Incurred in Acquiring

Lessee&#148; (a non-recurring expense) in the Trust&#146;s unaudited consolidated

Statements of Operations in the first quarter of fiscal 2002.&#160; Since the Lessee did not have significant

operations other than the management of the Hotels and its assets, the

transaction did not quality as the acquisition of a &#147;business&#148; for purpose of

applying APB Opinion No. 16 &#150; Business Combinations.&#160; Consequently, the difference between the cash paid to the owners

of the Lessee and the fair value of the net tangible liabilities acquired was

recorded as an operating expense rather than goodwill.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The former

management team of the Lessee are now employees of the New Management Company

and continues to oversee and manage all activities of the Hotels.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The following pro forma information provided for the nine months and

the three months ended October 31, 2000 assumes that the Lessee was acquired on

February 1, 2000 and was derived by consolidating the actual statements of

operations of the Trust and the Lessee and eliminating all intercompany

transactions. In addition, the Expenses Incurred in Acquiring Lessee of $1.6

million was recorded in the nine months ended October 31, 2000 pro forma

information assuming these costs would have been incurred in the prior year.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">INNSUITES HOSPITALITY

TRUST AND SUBSIDIARY</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">PRO FORMA INCOME STATEMENT</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(in thousands)</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.02%;">

 <tr>

  <td width="35%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="28%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE NINE MONTHS ENDED OCTOBER 31, </font></font></b></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="28%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE THREE MONTHS ENDED OCTOBER 31,</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total Revenue</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,775</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">22,306</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,065</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,707</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total Operating Expenses</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(16,923</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(18,567</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(5,204</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(5,678</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total Fixed Charges</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(6,477</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(6,023</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,135</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,142</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Income Before Extraordinary Item

  and Minority Interest</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,625</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,284</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,274</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,113</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Extraordinary Item</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(577</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Income Before Minority Interest</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,202</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,284</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,274</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,113</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Less: Minority Interest</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,132</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(249</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(493</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(441</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net Loss Attributable</font> </font>to Shares

  of Beneficial Interest</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,070</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,035</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(781</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(672</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LOSS PER SHARE &#150; Basic and Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Loss Before Extraordinary Item</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.37</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.86</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.36</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.31</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Extraordinary Item</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.13</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NET LOSS</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.50</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.86</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:5.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:11.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.36</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:12.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(0.31</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6. NOTES

PAYABLE</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On April 16, 1998, the Trust obtained a $12 million Credit Facility

from Pacific Century Bank to assist in its funding of the acquisition and

development of additional hotels and for certain other business purposes.

Borrowings under the Credit Facility were secured by first mortgages on three

of the Hotels. By its terms, the Credit Facility expired on April 16, 2001.

Prior to April 16, 2001, Pacific Century Bank and the Trust agreed to extend

the term of the Credit Facility to facilitate the repayment of the Credit

Facility, as described in the following paragraph.
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<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">In order to replace the liquidity provided

by the Credit Facility, the Trust actively sought individual loans on the

Tucson Oracle, Flagstaff and Scottsdale properties that secured the Credit

Facility. On April 18, 2001, the Trust refinanced its Ontario property and used

$4.2 million of the net proceeds to reduce the outstanding balance of the

Credit Facility from $11.3 million to $7.1 million. On April 27, 2001, the

Trust closed the financing of its Tucson Oracle property and used $4.8 million

of the net proceeds to reduce the outstanding balance of the Credit Facility to

approximately $2.3 million. On July 11, 2001, the Trust obtained a three-month

term loan in the amount of $1,825,000 secured by its Scottsdale property and a

$1,500,000 line of credit secured by the Flagstaff property and used $2.3

million of the proceeds to settle the remaining balance of the $12 million

Credit Facility.&#160; The term loan matured

on October 1, 2001 and was extended through November 1, 2002.&#160; The line of credit matures on June 1,

2003.&#160; Both loans bear interest at the

prime rate plus 1.0% and require the Trust to maintain a debt coverage ratio of

1.5 to 1.0 and the Lessee to maintain a gross operating profit of 80% of the

annual projections provided to the lender.&#160;

As of October 31, 2001, the Trust had drawn $1,499,991 on the new line

of credit.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On July 27, 2001, the mortgage note payable on the Tucson St. Mary's

hotel matured. The outstanding principal balance was $3,731,750 as of October

31, 2001. Repayment of the mortgage note has been suspended, pending

negotiations between the Trust and the lender on formal extension terms.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.

PERCENTAGE LEASE AGREEMENTS</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">With the purchase of the Lessee effective February 1, 2001, the

financial statements of the Lessee are consolidated with those of the Trust.

Therefore, all significant intercompany transactions are eliminated, including

rent revenue and expenses that are calculated pursuant to the Percentage

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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8. RELATED

PARTY TRANSACTIONS</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Partnership is responsible for all expenses incurred by the Trust

in accordance with the Partnership Agreement.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Initial

Hotels were acquired by the Partnership from entities in which Wirth and his

affiliates had substantial ownership interests. Wirth and his affiliates received

4,017,361 Class B limited partnership units and 647,231 Shares of Beneficial

Interest in the Trust in exchange for their interests in the Initial Hotels. As

of October 31, 2001 and 2000, Wirth and his affiliates held 5,226,364 Class B

limited partnership units. As of October 31, 2001 and 2000, Wirth and his

affiliates held 633,513 and 582,813 Shares of Beneficial Interest in the Trust,

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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">At October 31, 2001, the Trust owned a

48.48% interest in the Hotels through its sole general partner's interest in

the Partnership.</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Trust paid interest on related party

notes to Wirth and his affiliates in the amounts of $222,047 and $186,431 for

the nine months ended October 31, 2001 and 2000, respectively.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The expenses of the Trust consist primarily of property taxes,

insurance, corporate overhead, interest on mortgage debt, professional fees and

depreciation of the Hotels. Under the terms of its Partnership Agreement, the

Partnership is required to reimburse the Trust for all such expenses.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notes and

advances payable to related parties consist of funds provided by Wirth and

other related parties to repurchase Partnership units and to fund working

capital and capital improvement needs. The aggregate amounts outstanding were

approximately $8.1 million and $7.5 million as of October 31, 2001 and January

31, 2001, respectively. The notes and advances payable to related parties are

as follows:</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notes

Payable</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">On July 27, 2000, the Trust purchased

311,326 of the Partnership's Class A limited partnership units from Steve

Robson, Trustee of the Trust, for $750,000. The Trust made an initial payment

of $5,000 and issued a promissory note in the amount of $745,000. The

promissory note is secured by the purchased Partnership units. The secured

promissory note bears interest at 7% per year, effective July 27, 2000. The

unpaid principal balance and accrued interest is amortized over 36 months. The

final payment is due August 27, 2003. Beginning June 1, 2001, the Trust and Mr.

Robson have agreed to defer payments until March 2002, when payments are to

resume as scheduled.&#160; The principal

balance as of October 31, 2001 was $553,449.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Advances

Payable</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">Wirth made an

unsecured loan to the Trust in the amount of $2 million, bearing interest at 7%

per year, effective March 15, 1999. Interest only payments were due annually

beginning March 15, 2000. The unpaid principal balance and accrued interest is

due on March 15, 2004. The Trust used the proceeds to purchase general partner

units in the Partnership. The principal balance as of October 31, 2001 was

$2,000,000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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 .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Wirth received an unsecured promissory note that

consolidated four outstanding unsecured loans to the Trust totaling $600,000.

The loan amounts consolidated were $200,000, $120,000, $30,000 and $250,000,

all bearing interest at 7% per year with varying maturities. The loans were

used to fund operations, to pay down an outstanding loan to the Partnership and

to pay dividends declared October 12, 1999. The unsecured consolidated

promissory note from the Trust in the amount of $600,000, bearing interest at

7% per year, became effective August 1, 2000. The unpaid principal balance and

accrued interest on the unsecured consolidated promissory note was due on May

15, 2001. However, the term of the note was extended to July 15, 2002. The

principal balance as of October 31, 2001 was $600,000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;"><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 .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Wirth made nine unsecured loans to the Trust in the

total amount of $2,066,000, all bearing interest at 7% per year, effective

varying from August 15, 2000 to April 27, 2001. The unpaid principal balances

and accrued interest were due ranging from May 15 to July 1, 2001. However, the

terms of the loans were extended to July 15, 2002. The Trust used the proceeds

to acquire the Albuquerque, New Mexico hotel and to fund operations. The principal

balance as of October 31, 2001 was $1,347,000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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 .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On

July 27, 2000, the Partnership repurchased 300,000 of the Trust's shares from

Wirth and/or affiliates, owned directly or indirectly by Wirth, issuing 10

secured promissory notes in the aggregate amount of $720,000 and $3,000 cash.

The promissory notes are secured by the repurchased shares. The secured

promissory notes in the aggregate amount of $720,000 bear interest at 7% per

year, effective July 27, 2000. The unpaid principal balances and accrued

interest are due at various dates ranging from August 27, 2000 to July 27,

2003. Beginning June 1, 2001, the Trust and the noteholders have agreed to

defer payments until March 2002, when payments are to resume as scheduled. The

principal balance as of October 31, 2001 was $506,911.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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 .5in;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rare

Earth Development Company, owned directly or indirectly by Wirth, made five

unsecured loans to the Trust in the total amount of $2,494,000, all bearing

interest at 7% per year, effective on dates ranging from December 29, 2000

through June 12, 2001. The unpaid principal balances and accrued interest were

due on July 15, 2001. However, the term of the loans were extended to July 15,

2002.&#160; During the third quarter of

fiscal year 2002, Rare Earth Development Company made an additional five

unsecured loans to the Trust in the total amount of $900,000, all bearing

interest at 7% per year, effective on dates ranging from August 22, 2001

through October 9, 2001.&#160; The unpaid

principal balances and accrued interest are due on July 15, 2002.&#160; The Trust used the proceeds to fund

operations. The principal balance as of October 31, 2001 was $3,125,000. </font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9.

STATEMENTS OF CASH FLOWS, SUPPLEMENTAL DISCLOSURES</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Trust issued 29,000 Shares of Beneficial Interest during the nine

months ended October 31, 2001, valued at $60,900, in exchange for Class A

limited partnership units.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="color:red;font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-family:'Times New Roman';font-size:10.0pt;">The Trust paid $2,638,927

and $2,606,387 in cash for interest for the nine months ended October 31, 2001

and 2000, respectively.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.

EXTRAORDINARY ITEM</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Trust refinanced its Ontario,

California property paying $576,842 in prepayment penalties on April 18, 2001.

The Trust classified the prepayment penalty as an extraordinary item.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11. ASSETS

HELD FOR SALE</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In August

2001, the Trust listed its Scottsdale and Flagstaff properties for sale. The

market value of these properties exceeds the carrying value, therefore, the

Trust does not expect to incur losses if these properties are sold. The Trust

may or may not be successful in selling these properties during the six-month

listing period.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">OF OPERATIONS.</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">GENERAL</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following discussion should

be read in conjunction with the InnSuites Hospitality Trust unaudited

consolidated financial statements and notes thereto appearing elsewhere in this

Form 10-Q.</font></font></p>



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



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust is a real estate

investment trust, which owns the sole general partner&#146;s interest in the

Partnership. In order for the Trust to qualify as a REIT under prior provisions

of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), neither the

Trust nor the Partnership could operate the Hotels. Therefore, each of the

Hotels was leased to and operated by the Lessee pursuant to a Percentage Lease.

Each Percentage Lease obligates the Lessee to pay rent equal to the greater of

a minimum rent or a percentage rent based on the gross revenues of each Hotel.

The Lessee also holds the franchise agreement for each Hotel. Prior to February

1, 2001, the Lessee was owned 23% by Marc E. Berg, Executive Vice President,

Secretary, Treasurer and Trustee of the Trust, and 9.8% by InnSuites

Innternational Hotels, Inc., an entity owned by Wirth and his spouse. Effective

February 1, 2001, however, the Lessee became a wholly-owned subsidiary of the Trust.

See Note 5 - Acquisition.</font></font></p>



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



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust's principal source of

cash flows is distributions from the Partnership, which are dependent upon

lease payments from the Lessee pursuant to the Percentage Leases. The Lessee's

ability to make payments to the Partnership pursuant to the Percentage Leases

is dependent primarily upon the operations of the Hotels. As a result of the

Trust's acquisition of the Lessee as of February 1, 2001, any profits earned by

the Lessee in its operation of the Hotels may be distributed to the Trust.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At

October 31, 2001, the Trust owned a 48.48% interest in the Hotels through its

sole general partner's interest in the Partnership.</font></font></p>



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<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt 13.5pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Accounting Matters</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In August 2001, the Financial

Accounting Standards Board (&#147;FASB&#148;) issued FASB Statement No. 144, Accounting

for the Impairment or Disposal of Long-Lived Assets (&#147;Statement 144&#148;), which

supersedes both FASB Statement No. 121, Accounting for the Impairment of

Long-Lived Assets and for Long-Lived Assets to Be Disposed Of (&#147;Statement 121&#148;)

and the accounting and reporting provisions of APB Opinion No. 30, Reporting

the Results of Operations--Reporting the Effects of Disposal of&#160; a&#160;

Segment&#160; of a&#160; Business,&#160;

and&#160; Extraordinary,&#160; Unusual&#160;

and&#160; Infrequently Occurring

Events and Transactions (&#147;Opinion 30&#148;), for the disposal of a segment of a

business (as previously defined in Opinion 30).&#160; Statement 144 retains the fundamental provisions of Statement 121

regarding the recognition and measurement of impairment losses on long-lived

assets held for use and long-lived assets to be disposed of by sale, while also

resolving significant implementation issues associated with Statement 121. For

example, Statement 144 provides guidance on how a long-lived asset that is used

as part of a group should be evaluated for impairment, establishes criteria for

when a long-lived asset is held for sale, and prescribes the accounting for a

long-lived asset that will be disposed of other than by sale. Statement 144

retains the basic provisions of Opinion 30 regarding the presentation of

discontinued operations in the income statement but broadens that presentation

to include a component of an entity&#160;

(rather than a segment of a business).&#160;

Unlike Statement 121, an impairment assessment under Statement 144 will

never result in a write-down of goodwill. Rather, goodwill is evaluated for

impairment under Statement No. 142, Goodwill and Other Intangible Assets

(&#147;Statement 142&#148;).</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Trust is required to adopt

Statement 144 no later than the year beginning after December 15, 2001, and

plans to adopt its provisions for the quarter ending April 30, 2002.&#160; Management does not expect the adoption of

Statement 144 to have a material impact on the Trust's consolidated financial

statements at the date of adoption because the impairment assessment under

Statement 144 is largely unchanged from Statement 121. The provisions of

Statement 144 regarding assets held for sale or other disposal generally are

required to be applied prospectively&#160;

after the adoption date to newly initiated disposal activities.&#160; Therefore, management cannot determine the

potential future effects that adoption of Statement 144 will have on the

Trust's consolidated financial statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;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;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In June 2001, the FASB issued FASB

Statement 143, Accounting for Asset Retirement Obligations (&#147;Statement 143&#148;),

which requires that the fair value of a liability for an asset retirement

obligation be recognized in the period in which it is incurred if a reasonable

estimate of fair value can be made. The associated asset retirement costs would

be capitalized as part of the carrying amount of the long-lived asset and

depreciated over the life of the asset.&#160;

The liability is accreted at the end of each period through charges to

operating expense.&#160; If the obligation is

settled for other than the carrying amount of the liability, the Trust will

recognize a gain or loss on settlement.&#160;

The provisions of Statement 143 are effective for fiscal years beginning

after June 15, 2002.&#160; Management does

not expect the adoption of this statement to have a material impact on the

Trust's consolidated financial statements.
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In June 2001, the FASB issued

Statement No. 141, Business Combinations (&#147;Statement 141&#148;) and Statement

142.&#160; Statement 141 requires that the

purchase&#160; method of accounting&#160; be used for all business combinations

initiated after June 30, 2001, as well as all purchase method business

combinations completed after June 30, 2001.&#160;

Statement 141 also specifies the criteria that intangible assets acquired

in a purchase method business combination must meet to be recognized and

reported apart from goodwill.&#160; Statement

142 will require that goodwill and intangible assets with indefinite useful

lives no longer be amortized, but instead be tested for impairment at least

annually in accordance with the provisions of Statement 142. Statement 142 will

also require that the estimated residual values of intangible assets with

definite useful lives be amortized over their respective estimated useful

lives, and be reviewed for impairment in accordance with Statement 121.</font></font></p>



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



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust is required to adopt

the provisions of Statement 141 immediately and Statement 142 effective

February 1, 2002.&#160; Furthermore, any

goodwill and any intangible asset determined to have an indefinite useful life

that are acquired in a purchase business combination completed after June 30,

2001 will not be amortized, but will continue to be evaluated for impairment in

accordance with the appropriate pre-Statement 142 accounting literature.

Goodwill and intangible assets acquired in business combinations completed

before July 1, 2001 will continue to be amortized in accordance with the

appropriate pre-Statement 142 accounting literature.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Statement

141 will require upon adoption of Statement 142, that the Trust evaluate its

existing intangible assets and goodwill that were acquired in a prior purchase

business combination, and make any necessary reclassifications in order to

conform with the new criteria in Statement 141 for recognition apart from

goodwill.&#160; Upon adoption of Statement 142,

the Trust will be required to reassess the useful lives and residual values of

all intangible assets acquired in purchase business combinations, and make any

necessary amortization period adjustments by the end of the first interim

period after adoption.&#160; In addition, to

the extent an intangible asset is identified as having an indefinite useful

life, the Trust will be required to test the intangible asset for impairment in

accordance with the provisions of Statement 142 within the first interim period.&#160; Any impairment loss will be measured as of

the date of adoption and recognized as the cumulative effect of a change in

accounting principle in the&nbsp;first interim period.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management

does not expect the adoption of Statements 141 and 142 to have a material

impact on the Trust's consolidated financial statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">FINANCIAL RESULTS</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The expenses of

the Trust consist primarily of property taxes, insurance, corporate overhead,

interest on mortgage debt, professional fees and depreciation of the Hotels.

Under the terms of its Partnership Agreement, the Partnership is required to

reimburse the Trust for all such expenses. The Percentage Leases provide for

the payment of base rent and percentage rent. For the nine months ended October

31, 2001, base rent and percentage rent in the aggregate amount of $5.2 million

was earned by the Trust. However, percentage rent revenue was eliminated in

consolidation. The principal determinant of percentage rent is the Lessee's

room revenues at the Hotels, as defined by the Percentage Leases. Therefore,

management believes that a review of the historical performance of the

operations of the Hotels, particularly with respect to occupancy, average daily

rate, calculated as total room revenue divided by number of rooms sold (&#147;ADR&#148;),

and revenue per available room, calculated as total room revenue divided by the

total number of rooms available (known as &quot;REVPAR&quot;), is appropriate

for understanding revenue from the Percentage Leases. ADR decreased $0.18 to

$67.30 for the first nine months of fiscal 2002 from $67.48 for the first nine

months of fiscal 2001. Occupancy decreased 4.2% to 61.2% for the first nine

months of fiscal 2002 from 65.4% for the first nine months of fiscal 2001 due

primarily to a slow winter season, an oversupply of rooms in the Arizona

markets and the negative impact on the hospitality industry from the events of

September 11, 2001. This resulted in a decrease in REVPAR of $2.95 to $41.21

for the first nine months of fiscal 2002 from $44.16 for the first nine months of

fiscal 2001.
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

following table shows certain historical financial and other information for

the periods indicated:</font></font></p>



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



<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.5in;width:80.0%;">

 <tr>

  <td width="58%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:58.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.6%;">

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

  </td>

  <td width="34%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:34.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE NINE MONTHS ENDED</font></font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.54%;">

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

  </td>

 </tr>

 <tr>

  <td width="58%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:58.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.6%;">

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

  </td>

  <td width="34%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">OCTOBER 31,</font></font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.54%;">

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

  </td>

 </tr>

 <tr>

  <td width="58%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:58.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:6.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.4%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:58.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">OCCUPANCY</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:13.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">61.2</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">65.4</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="padding:0in .7pt .7pt .7pt;width:58.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">AVERAGE DAILY RATE (ADR)</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67.30</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67.48</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:58.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">REVENUE PER AVAILABLE ROOM (REVPAR)

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

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">41.21</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">44.16</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">No assurance can be given that the trends

reflected in this data will continue or that Occupancy, ADR and REVPAR will not

decrease as a result of changes in national or local economic or hospitality industry

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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Results of

Operations of the Trust for the nine months ended October 31,

2001&nbsp;compared to the nine months ended October 31, 2000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of February 1,

2001, the financial statements of the Lessee are consolidated with those of the

Trust. Therefore, all significant intercompany transactions and balances have

been eliminated including rent revenue for the Trust and rent expense for the

Lessee. See Note 5 &#150; Acquisition.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the nine

months ended October 31, 2001 compared to the nine months ended October 31,

2000, Trust revenue increased $14.2 million to $21.8 million from $7.6 million,

respectively, primarily due to the acquisition of the Lessee. Rent revenue from

affiliate for the first nine months of fiscal year 2002 decreased $7.6 million

to zero due to the consolidation and elimination of percentage rent from the

Lessee. Percentage rent earned and paid to the Trust by the Lessee for the nine

months ended October 31, 2001 was $5.2 million, which was eliminated in

consolidation.&#160; When comparing total

revenue for the nine months ended October 31, 2001 with pro forma data for the

prior year period, total revenue decreased by $531,000, or 2.4%, to $21.8

million from $22.3 million, due primarily to the negative effects of the events

of September 11, 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="color:red;font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total expenses increased $16.7 million to $25.0

million from $8.3 million primarily due to the acquisition of the Lessee,

including a one-time expense of $1.6 million incurred by the Trust to acquire

the Lessee.&#160; Comparing the nine months ended

October 31, 2001 and 2000, total operating expenses increased $16.1 to $18.5

million primarily due to the acquisition of the Lessee.&#160; When comparing total operating expenses for

the nine months ended October 31, 2001 with pro forma data for the prior year

period, total operating expenses decreased $35,000 (excluding the effect of

expenses incurred in acquiring the Lessee) due to $703,000 in expenses related

to the addition of the Albuquerque hotel, which was offset by cost-cutting

initiatives at the Hotels.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Expenses Incurred in Acquiring

the Lessee for the nine months ended October 31, 2001 relate to the acquisition

costs incurred in the purchase of the Lessee.&#160;

These are one-time expenses associated with acquiring the Lessee. These

costs were not incurred in fiscal year 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Real estate depreciation for the

nine months ended October 31, 2001 compared to the nine months ended October

31, 2000 increased $259,000, or 12.5%, to $2.3 million from $2.1 million,

respectively. The increase was primarily due to the acquisition of the

Albuquerque hotel ($115,000) and increased depreciation expense due to shorter

useful life categories for assets purchased after October 31, 1999, partially

offset by the suspension of depreciation on the two Hotels held for sale

beginning in the third quarter of fiscal year 2002.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the nine months ended

October 31, 2001 and 2000, real estate and personal property taxes, insurance

and ground rent increased $252,000, or 24.1%, to $1.3 million from $1.0

million, respectively. The increase was due to the acquisition of the

Albuquerque hotel ($89,000) and increased insurance costs.</font>
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total interest expense increased

$77,000, or 2.8%, comparing the nine months ended October, 2001 and 2000,

respectively. Interest on mortgage notes payable increased $383,000, or 22.2%,

to $2.1 million from $1.7 million comparing the nine months ended October 31,

2001 and 2000, respectively. The increase was primarily due to the refinance of

the San Diego, California property, the refinance of the Ontario, California

property, the incurrence of the new mortgage on the Tucson (Oracle), Arizona

property and the addition of the Albuquerque, New Mexico hotel acquired in

fiscal 2001.&#160; Interest on notes payable

to banks decreased $523,000, or 60.1%, to $335,000 from $858,000 comparing the

nine months ended October 31, 2001 and 2000, respectively. The decrease was

primarily due to the replacement of the $12 million Credit Facility with

mortgages on certain of the Hotels. Interest on notes payable and advances payable

to related parties increased $228,000 to $387,000 from $159,000 due to

additional loans from Wirth and his affiliates during the final quarter of

fiscal 2001 and the first nine months of fiscal 2002 and the purchase of Steve

Robson&#146;s partnership units.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Results of

Operations of the Trust for the three months ended October 31, 2001 compared to

the three months ended October 31, 2000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For

the three months ended October 31, 2001 compared to the three months ended

October 31, 2000, Trust revenues increased $3.9 million to $6.1 million from

$2.2 million, respectively, primarily due to the acquisition of the Lessee.

Rent revenue from affiliate for the three months ended October 31, 2001

decreased $2.2 million to zero due to the consolidation of the Trust&#146;s and the

Lessee&#146;s operating results and the elimination of percentage rent from the

Lessee. Percentage rent earned and paid to the Trust by the Lessee for the

three months ended October 31, 2001 was $1.4 million, which was eliminated in

consolidation.&#160; When comparing total

revenue for the three months ended October 31, 2001 with pro forma data for the

prior year period, total revenue decreased by $642,000, or 9.6%, to $6.1

million from $6.7 million, due primarily to the negative effects of the events

of September 11, 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="color:red;font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total expenses increased $4.2 million to $7.3 million

from $3.1 million. For the three months ended October 31, 2001 and 2000, total

operating expenses increased $4.2 million to $5.2 million primarily due to the

acquisition of the Lessee.&#160; Total

operating expenses for the three months ended October 31, 2001 decreased

$474,000 when compared to pro forma data for the same period in the prior year

due to lower occupancy and the effects of cost-cutting initiatives at the

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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Real estate depreciation for the

three months ended October 31, 2001 compared to the three months ended October

31, 2000 increased $16,000, or 2.2%, to $743,000 from $727,000, respectively,

due primarily to considerable capital refurbishment projects at several of the

Hotels, partially offset by the suspension of depreciation on the two Hotels

held for sale beginning in the third quarter of fiscal year 2002.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the three months ended

October 31, 2001 and 2000, real estate and personal property taxes, insurance

and ground rent increased $83,000, or 22.5%, to $451,000 from $368,000,

respectively. The increase was due to increased insurance costs and increased

property taxes.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total interest

expense decreased $54,000, or 5.5%, to $941,000 from $995,000 comparing the three

months ended October, 2001 and 2000, respectively. Interest on mortgage notes

payable increased $130,000, or 21.1%, to $747,000 from $616,000 comparing the

three months ended October 31, 2001 and 2000, respectively. The increase was

primarily due to the refinance of the San Diego, California property, the

refinance of the Ontario, California property, incurrence of the new mortgage

on the Tucson (Oracle), Arizona property and the addition of the Albuquerque,

New Mexico hotel acquired in fiscal 2001. Interest on notes payable to banks

decreased $246,000, or 80.8%, to $58,000 from $304,000 comparing the three

months ended October 31, 2001 and 2000, respectively. The decrease was

primarily due to the replacement of the $12 million Credit Facility with mortgages

on certain of the Hotels. Interest on notes and advances payable to related

parties increased $62,000 to $135,000 from $73,000 due to additional loans from

Wirth and his affiliates during the final quarter of fiscal 2001 and the first

three months of fiscal 2002 and the purchase of Steve Robson&#146;s Class A limited

partnership units in the Partnership.
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Funds from

Operations (FFO)</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust notes that industry

analysts and investors use Funds From Operations (&quot;FFO&quot;) as another

tool to evaluate and compare equity REITs. The Trust also believes it is

meaningful as an indicator of net income, excluding most non-cash items, and

provides information about the Trust's cash available for distributions, debt

service and capital expenditures. The Trust follows the March 1995

interpretation of the National Association of Real Estate Investment Trusts

(&quot;NAREIT&quot;) definition of FFO, as amended January 1, 2000, which is

calculated (in the Trust's case) as net income (computed in accordance with

accounting principles generally accepted in the United States

(&quot;GAAP&quot;)), excluding gains (or losses) from sales of property,

depreciation and amortization on real estate property and extraordinary items.

FFO does not represent cash flow from operating activities in accordance with

GAAP and is not indicative of cash available to fund all of the Trust's cash

needs. FFO should not be considered as an alternative to net income or any

other GAAP measure as an indicator of performance and should not be considered

as an alternative to cash flows as a measure of liquidity. In addition, the

Trust's FFO may not be comparable to other companies' FFO due to differing

methods of calculating FFO and varying interpretations of the NAREIT

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



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="33%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:33.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FUNDS FROM OPERATIONS</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="33%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:33.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FOR THE NINE MONTHS

  ENDED OCTOBER 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="33%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:33.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(UNAUDITED)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="33%" colspan="4" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:33.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(amounts in thousands)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net Loss Attributable to Shares of

  Beneficial Interest</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,679</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(506</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real Estate Depreciation</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,337</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,078</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Extraordinary Item</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">577</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Loss on Disposal</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">27</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Minority Interest Share of

  Depreciation, Loss on</font> <br>

  </font>Disposal

  and Extraordinary Item</p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,517</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,121</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Funds from Operations (FFO)</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,255</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">451</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">One-Time Lessee Purchase Charge</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,608</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:62.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Comparable FFO</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:3.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">353</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:6.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">451</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Comparable FFO decreased to

approximately $353,000 from approximately $451,000 when comparing the first

nine months of fiscal 2002 and 2001, respectively. The decrease of

approximately $98,000, or 21.7%, was attributable to the effects of the events

of September 11, 2001 on the hospitality industry and, in particular, on the

Lessee&#146;s operations.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LIQUIDITY

AND CAPITAL RESOURCES</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Trust's principal source of cash to meet its cash requirements, including

distributions to its shareholders, is its share of the Partnership's cash flow.

The Partnership's principal source of cash is rent payments under the

Percentage Leases. The Lessee&#146;s principal source of cash is guest room revenue.

The Lessee's obligations under the Percentage Leases are unsecured and its ability

to make rent payments to the Partnership under the Percentage Leases, and the

Trust's liquidity, including its ability to make distributions to its

shareholders, will depend upon the ability of the Lessee to generate sufficient

cash flow from Hotel operations. As a result of the Trust's acquisition of the

Lessee as of February 1, 2001, any profits earned by the Lessee in its

operation of the Hotels may be distributed to the Trust. See Note 5 -

Acquisition.
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<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On

April 18, 2001, the Trust refinanced its Ontario property and used $4.2 million

of the net proceeds to reduce the outstanding balance of the Credit Facility

from $11.3 million to $7.1 million. On April 27, 2001, the Trust closed the

financing of its Tucson Oracle property and used $4.8 million of the net

proceeds to reduce the outstanding balance of the Credit Facility to

approximately $2.3 million. On July 11, 2001, the Trust obtained a term loan in

the amount $1,825,000 secured by the Scottsdale property and a $1,500,000 line

of credit secured by the Flagstaff property. The Trust used $2.3 million of the

proceeds to settle the remaining balance of the Credit Facility. The term loan

matured on October 1, 2001 and was extended through November 1, 2002.&#160; The line of credit matures on June 1,

2003.&#160; Both loans bear interest at the

prime rate plus 1.0% and require the Trust to maintain a debt coverage ratio of

1.5 to 1.0 and the Lessee to maintain a gross operating profit of 80% of the

annual projections provided to the lender. As of October 31, 2001, the Trust

had drawn $1,499,991 on the new line of credit.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="color:red;font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 27, 2001, the mortgage note payable on the

Tucson St. Mary's hotel matured. The outstanding principal balance was

$3,731,750 as of October 31, 2001. Repayment of the mortgage note has been

suspended, pending negotiations between the Trust and the lender on formal

extension terms.</font></font></p>



<p style="color:red;font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust has no principal

payments due and payable in fiscal year 2002 under notes and advances payable

to Wirth and his affiliates. During the nine months ended October 31, 2001, the

Trust borrowed $2.2 million from Wirth and affiliates, and during the same

period repaid $1.4 million to Wirth and his affiliates.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In August 2001, the Trust listed

its Scottsdale and Flagstaff properties for sale. Since the market value of

these properties exceeds the carrying value, the Trust does not expect to incur

losses if these properties are sold. The Trust may or may not be successful in

selling these properties during the six-month listing period.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Trust intends to acquire and develop additional hotels and expects to incur

indebtedness to fund those acquisitions and developments. The Trust may also

incur indebtedness to meet distribution requirements imposed on a REIT under

the Code to the extent that working capital and cash flow from the Trust's

investments are insufficient to make the required distributions.</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Trust may

seek to negotiate additional credit facilities or issue debt instruments. Any

debt incurred or issued by the Trust may be secured or unsecured, long-term,

medium-term or short-term, bear interest at a fixed or variable rate and be

subject to such other terms as the Trust considers prudent.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The

Trust will acquire or develop additional hotels only as suitable opportunities

arise, and the Trust will not undertake acquisition or redevelopment of

properties unless adequate sources of financing are available. Funds for future

acquisitions or development of hotels are expected to be derived, in whole or

in part, from borrowings or from the proceeds of additional issuances of Shares

of Beneficial Interest or other securities. However, there can be no assurance

that the Trust will successfully acquire or develop additional hotels.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">On August 30,

2000, Albuquerque Suite Hospitality, LLC, a 100% owned subsidiary of the

Partnership, purchased the 122-suite Albuquerque Best Western Airport Inn

located in Albuquerque, New Mexico for $2.1 million. The funds utilized for the

purchase price were secured by a first mortgage in the amount of $1,575,000 and

the remaining amount was loaned by Wirth and his affiliates.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Partnership continues to contribute to a Capital

Expenditures Fund (the &quot;Fund&quot;) from the rent paid under the

Percentage Leases, an amount equal to 4% of the Lessee's revenues from

operation of the Hotels. The Fund is intended to be used for capital

improvements to the Hotels and refurbishment and replacement of furniture,

fixtures and equipment, in addition to other uses of amounts in the Fund

considered appropriate from time to time. The Partnership anticipates making

similar arrangements with respect to future hotels that it may acquire or

develop. During the nine months ended October 31, 2001, the Hotels spent

approximately $1.7 million for capital expenditures. These amounts have been

capitalized and are being depreciated over their estimated useful lives. The

Lessee also spent approximately $1.4 million during the nine months ended

October 31, 2001 on repairs and maintenance and these amounts have been charged

to expense as incurred.
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</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">As of October

31, 2001, the Trust has commitments for capital expenditures beyond the 4%

reserve for refurbishment and replacements set aside annually for each hotel

property. The Trust has committed an additional $114,000 for the refurbishment

of its Buena Park property to satisfy the conditions of the newly acquired Best

Western franchise for that property and has committed $415,000 over the 4%

reserved for the Ontario property for new furnishings and refurbishment, which

was a condition of the Ontario refinance set by the franchisor. At closing of

the Ontario refinancing, these funds were escrowed from the proceeds received

by the Trust.</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">SHARE REPURCHASE PROGRAM</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">On January 2,

2001, the Board of Trustees approved a share repurchase program under Rule

10b-18 of the Securities Exchange Act of 1934, as amended, for the purchase of

up to 250,000 limited partnership units in the Partnership and/or Shares of

Beneficial Interest in open market or privately negotiated transactions.

Acquired Shares of Beneficial Interest will be held in treasury and will be

available for future acquisitions and financings and/or for awards granted

under the InnSuites Hospitality Trust 1997 Stock Incentive and Option

Plan.&#160; As of October 31, 2001, the Trust

had acquired 25,400 Shares of Beneficial Interest in open market transactions

at an average price of $1.95 per share.&#160;

The Trust intends to continue repurchasing Shares of Beneficial Interest

in compliance with applicable legal and American Stock Exchange requirements.</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">INFLATION</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Trust's

revenue is based on the underlying Hotel revenue. Therefore, the Trust relies

entirely on the performance of the Hotels and the Lessee's ability to increase

revenue to keep pace with inflation. Operators of hotels in general, and the

Lessee in particular, can change room rates quickly, but competitive pressures

may limit the Lessee's ability to raise rates faster than inflation.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">SEASONALITY</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Hotels'

operations historically have been seasonal. The six southern Arizona hotels

experience their highest occupancy in the first fiscal quarter and, to a lesser

extent, the fourth fiscal quarter. The second fiscal quarter tends to be the

lowest occupancy period at those six southern Arizona hotels. This seasonality

pattern can be expected to cause fluctuations in the Trust's quarterly revenue.

The hotels located in northern Arizona, California and New Mexico historically

experience their most profitable periods during the second and third fiscal

quarters (the summer season), providing some balance to the general seasonality

of the Trust&#146;s hotel business. To the extent that cash flow from operations is

insufficient during any quarter, because of temporary or seasonal fluctuations

in revenue, the Trust may utilize other cash on hand or borrowings to make

distributions to its shareholders or meet operating needs. No assurance can be

given that the Trust will make distributions in the future.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">FORWARD-LOOKING

STATEMENTS</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Certain

statements in this Form 10-Q constitute &quot;forward-looking statements&quot;

within the meaning of Section 27A of the Securities Act of 1933 and Section 21E

of the Securities Exchange Act of 1934. The Trust intends that such

forward-looking statements be subject to the safe harbors created by such Acts.

Those forward-looking statements include statements regarding the intent,

belief or current expectations of the Trust, its Trustees or its officers in

respect of (i) the declaration or payment of dividends; (ii) the leasing,

management or operation of the Hotels; (iii) the adequacy of reserves for

renovation and refurbishment; (iv) the Trust's financing plans; (v) the Trust's

position regarding investments, acquisitions, developments, financings,

conflicts of interest and other matters; (vi) the Trust's continued

qualification as a REIT; and (vii) trends affecting the Trust's or any Hotel's

financial condition or results of operations. The words and phrases

&quot;looking ahead&quot;, &quot;we are confident&quot;, &quot;should be&quot;,

&quot;will be&quot;, &quot;predicted&quot;, &quot;believe&quot;, &quot;expect&quot;,

&quot;anticipate&quot; and similar expressions identify forward-looking statements.
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">These

forward-looking statements reflect the Trust's current views in respect of

future events and financial performance, but are subject to many uncertainties

and factors relating to the operations and business environment of the Hotels

which may cause the actual results of the Trust to differ materially from any

future results expressed or implied by such forward-looking statements.

Examples of such uncertainties include, but are not limited to: fluctuations in

hotel occupancy rates; changes in room rental rates which may be charged by the

Lessee in response to market rental rate changes or otherwise; interest rate

fluctuations; changes in federal income tax laws and regulations; competition;

any changes in the Trust's financial condition or operating results due to

acquisitions or dispositions of hotel properties; real estate and hospitality

market conditions; hospitality industry factors; terrorist acts or other acts

of war; and local or national economic and business conditions, including, without

limitation, conditions which may affect public securities markets generally,

the hospitality industry, or the markets in which the Trust operates or will

operate. The Trust does not undertake any obligation to update publicly or

revise any forward-looking statements whether as a result of new information,

future events or otherwise. Pursuant to Section 21E(b)(2)(E) of the Securities

Exchange Act of 1934, the qualifications set forth hereinabove are inapplicable

to any forward-looking statements in this Form 10-Q relating to the operations

of the Partnership.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Courier New';font-size:8.5pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The travel

and hospitality industries have sustained substantial negative effects, both

operational and financial, as a result of the events of September 11, 2001. The

Trust expects occupancy and room rates at the Hotels to remain below normal

levels at least until the end of 2001, with recovery from the September 2001

events to begin in the first and second quarters of 2002, at the earliest.&#160; The Trust believes that full recovery, which

will be dependent on future events, could take a year or more.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">ITEM

3.&#160; QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust is exposed to interest

rate risk primarily as a result of its</font> </font>mortgage notes payable, notes payable

to banks and other notes payable. Proceedsfrom these loans were used to

maintain liquidity, fund capital expenditures andexpand the

Trust's real estate investment portfolio and operations. The Trust'sinterest

rate risk management objective is to limit the impact of interest ratechanges on

earnings and cash flows and to lower its overall borrowing costs. Toachieve its

objectives, the Trust borrows using fixed rate debt, when possible.&#160; During the nine months ended October 31,

2001, the Trust replaced $9.0 million of its variable-rate line of credit with

fixed-rate mortgages on certain of the Hotels.&#160;

There have been no other significant changes in the Trust's debt

structure during the nine months ended October 31, 2001.</p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">PART II</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">OTHER INFORMATION</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">ITEM

6.&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXHIBITS AND REPORTS ON FORM

8-K.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)</font></font></p>



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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">EXHIBIT</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">NUMBER</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="26%" valign="top" style="padding:0in .7pt .7pt .7pt;width:26.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:26.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">EXHIBIT</font></font></p>

  </td>

  <td width="26%" valign="top" style="padding:0in .7pt .7pt .7pt;width:26.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td style="border:none;padding:0in 0in 0in 0in;" width="0%"><p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="border:none;padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.1</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Promissory

  Note dated August 22, 2001 by RRF Limited Partnership in favor of Rare Earth

  Development Company.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Promissory

  Note dated September 10, 2001 by RRF Limited Partnership in favor of Rare

  Earth Development Company.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.3</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Promissory

  Note dated September 18, 2001 by RRF Limited Partnership in favor of Rare

  Earth Development Company.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.4</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Promissory

  Note dated October 5, 2001 by RRF Limited Partnership in favor of Rare Earth

  Development Company.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.5</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Promissory

  Note dated October 9, 2001 by RRF Limited Partnership in favor of Rare Earth

  Development Company.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt .7pt .7pt;width:9.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="79%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPORTS ON FORM 8-K.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Current Reports on Form 8-K

were filed by the Trust during the fiscal quarter ended October 31, 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to the requirements of

the Securities Exchange Act of 1934,</font> </font>the Registrant has duly caused this

report to be signed on its behalf by theundersigned thereunto duly

authorized.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.82%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dated:&#160; December 17, 2001</font></font></p>

  </td>

  <td width="48%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">INNSUITES

  HOSPITALITY TRUST (Registrant)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.82%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt .7pt .7pt;width:32.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.82%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt .7pt .7pt;width:32.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.82%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">By:</font></font></p>

  </td>

  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:32.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">/s/&#160; Anthony B. Waters</font></font></p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.82%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="44%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:44.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Anthony

  B. Waters, Chief Financial Officer</font></font></p>

  </td>

 </tr>

</table>



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<title>Prepared by MERRILL CORPORATION</title>



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<div>



<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 10.1</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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="50%" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.28%;">

  <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;">$50,000.00</font></font></u></p>

  </td>

  <td width="29%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:29.28%;">

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

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.44%;">

  <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>

  </td>

 </tr>

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  <td width="50%" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.28%;">

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

  </td>

  <td width="29%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:29.28%;">

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

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.44%;">

  <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;">August 22, 2001</font></font></p>

  </td>

 </tr>

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

  </td>

  <td width="29%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:29.28%;">

  <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;">Note Doc.08220150</font></font></p>

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</table>



<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 FIFTY THOUSAND AND 00/100 DOLLARS ($50,000.00), 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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</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 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 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 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 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>



<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 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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</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;">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;">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>



<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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="51%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.84%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="51%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.84%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="51%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.84%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.6%;">

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

  </td>

  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.24%;">

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

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.6%;">

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

  </td>

  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.24%;">

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

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.6%;">

  <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>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:26.8%;">

  <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>

  </td>

  <td style="border:none;padding:0in 0in 0in 0in;" width="20%"><p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.6%;">

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

  </td>

  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.24%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt .7pt .7pt;width:48.16%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.6%;">

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

  </td>

  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.24%;">

  <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>

 </tr>

</table>



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



</div>



</body>



</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>j2579_ex10d2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div>



<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 10.2</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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

  <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;">$200,000.00</font></font></u></p>

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.02%;">

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

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.44%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.02%;">

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

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.44%;">

  <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;">September 10, 2001</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.02%;">

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

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.44%;">

  <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.091001200</font></font></p>

  </td>

 </tr>

</table>



<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 THOUSAND AND 00/100 DOLLARS ($200,000.00), 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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</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 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>



<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.
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</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;">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>



<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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="53%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:53.7%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="53%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:53.7%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="53%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:53.7%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

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

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

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

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

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

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <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>

  </td>

  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:25.86%;">

  <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>

  </td>

  <td style="border:none;padding:0in 0in 0in 0in;" width="24%"><p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

  <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>

 </tr>

</table>



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



</div>



</body>



</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>j2579_ex10d3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div>



<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 10.3</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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

  <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;">$100,000.00</font></font></u></p>

  </td>

  <td width="26%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.16%;">

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

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt .7pt .7pt;width:22.3%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="26%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.16%;">

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

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt .7pt .7pt;width:22.3%;">

  <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;">September 18, 2001</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="26%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.16%;">

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

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt .7pt .7pt;width:22.3%;">

  <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.091801100</font></font></p>

  </td>

 </tr>

</table>



<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

ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00), 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.
<!-- SEQ.=1 -->
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</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 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;</p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</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;">&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.
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</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;">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>



<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;"><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;">&nbsp;</p>

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

  </td>

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  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

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  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <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" 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;">&nbsp;</p>

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <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>

  </td>

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 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <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>

 </tr>

</table>



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



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>j2579_ex10d4.htm
<DESCRIPTION>EX-10.4
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div>



<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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

  <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>

  </td>

  <td width="25%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:25.24%;">

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

  </td>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.22%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="25%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:25.24%;">

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

  </td>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.22%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="25%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:25.24%;">

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

  </td>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.22%;">

  <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>

  </td>

 </tr>

</table>



<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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</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 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>



<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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</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;">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>



<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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.0%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <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>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:26.78%;">

  <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>

  </td>

  <td style="border:none;padding:0in 0in 0in 0in;" width="19%"><p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.62%;">

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

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.38%;">

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

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

  <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>

 </tr>

</table>



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



</div>



</body>



</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>j2579_ex10d5.htm
<DESCRIPTION>EX-10.5
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div>



<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 10.5</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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

  <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>

  </td>

  <td width="26%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.16%;">

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

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt .7pt .7pt;width:22.3%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="26%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.16%;">

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

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt .7pt .7pt;width:22.3%;">

  <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 9, 2001</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt .7pt .7pt;width:51.54%;">

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

  </td>

  <td width="26%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.16%;">

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

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt .7pt .7pt;width:22.3%;">

  <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.100901275</font></font></p>

  </td>

 </tr>

</table>



<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.
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</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 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;
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</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;">&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.
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</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;">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>



<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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.92%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.92%;">

  <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>

  </td>

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  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="50%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:50.92%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.62%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.62%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.62%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

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

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.62%;">

  <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>

  </td>

  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:27.7%;">

  <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>

  </td>

  <td style="border:none;padding:0in 0in 0in 0in;" width="18%"><p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.62%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

  <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>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt .7pt .7pt;width:42.64%;">

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

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

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

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.62%;">

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

  </td>

  <td width="46%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:46.3%;">

  <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>

 </tr>

</table>



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



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