Exhibit 10.11
FORM OF NOTE
$115,000.00 _______________, MARYLAND
_____________ __, 1997
FOR VALUE RECEIVED, the undersigned CHOICE HOTELS INTERNATIONAL, INC.
a Delaware corporation to be renamed Sunburst Hospitality Corporation
("Borrower"), hereby unconditionally promises to pay to the order of CHOICE
HOTELS FRANCHISING, INC., a Delaware corporation to be renamed Choice Hotels
International, Inc. (the "Lender"), the principal amount of One Hundred Fifteen
Thousand Dollars ($115,000.00) on the Maturity Date pursuant to the terms of the
Loan Agreement referred to below. The undersigned further promises to pay
interest on the unpaid principal amount hereof a rate of [ ___%] per annum on
the date set forth in the Loan Agreement.
This Note is the Note referred to in the Loan Agreement dated as of
___________ ____, 1997 between the Borrower and the Lender (as the same may be
amended from time to time, the "Loan Agreement"). Terms used herein and not
defined shall have the meaning ascribed to such terms in the Loan Agreement.
Reference is made to the Loan Agreement for provisions for the prepayment hereof
and the acceleration of the maturity hereof.
This Note shall be governed by and construed and interpreted in
accordance with Maryland law.
CHOICE HOTELS INTERNATIONAL, INC.
By:
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Name:
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Title:
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