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HomeMy WebLinkAbout1371 PROMISSORY NOTE $2,775,000 Dallas~ Texas, June 16, 1973 FOR VALUE RECEIVED the undersi n~d • g , jointly and severally if more than one, promise to pay to the order of LOMAS & NETTLETON FINAN- CIAL COI2PORATION, a Delaware corporation, at 1111 Hartford Building, Dallas, Texas, the principal sum of TWO MILLION SEVEN HUNDFED SEVENTY- FIVE TNOUSAND AND NO/100 DC~LLARS ($2,775,000.00) with interest thereon at the rate of eight and fifty one-hundredths percent (8.508) per annum during the first twelve (12) months of the term hereof, nine and twenty- five one-hundredths percent.(9.25$) per annum during the second twelve (12) months of the term hereof, nine and eighty-nine one-hundredths percent (9.89$) per annum during the third~twelve (12) months of the term hereof, eleven and fifty one-hundredths gercent (11.50$) per annwn during the fourth twelve (12) months of the term hereof, twelve and eighteen one-hundredths percent (12.18$) per annum during the fifth twelve (12) months of the term hereof, twelve and forty--one one-hun- dredths percent (12.41$) per annum during the sixth twelve (12) months of the term hereof, and twelve and eighty one-hundredths percent (12.80$) per annum during the seventh twelve (12) months of the term hereof, interest only being payable on the sixteenth day of March and June, the twentieth day of September, the sixteenth day of December in each year continuing until and including June 16, 1980, when the unpaid prin- cipal baZance of this note, together with all accrued and unpaid interest, sha].1 be due and payable. At the option of the holder of this note, the entire principal balance and accrued interest owing hereon shall at once become due and payable without notice or demand upon the occurrence at ariy time of any of the following events: 1. Default in the payment of any installment of principal or interest due hereunder or in the performance of any of the covenants or provisions of any deed of trust, mortgage, security agreement, assignment, loan agreement or other agreement securing this note or evidencing the loan evidenced hereby. 2. The liquidation, termination or dissolution bf the undersigned. ~ ~ 3. ` The bankruptcy or insolvency of, the assignment for the benefit of creditors by, or the appointment of a receiver for any i of the property of any party liable for the payment of this note, ; whether as maker, endorser, guarantor, surety or otherwise. ~ All ast-due installments of P principal and, if permitted by ~ applicable law, of interest, shall bear interest at the highest rate permitted by applicable law, or if no such maximum rate is established E by applicable law, then at the rate of one and one-half percent (1-1/2$) ; per•month. During the existence of any default hereunder or under any ~ instrument securing or evidencing the loan evidenced hereby, the entire ; unpaid ba].ance of principal shall bear interest at ~he highest rate per- mitted by applicable law, or if no such maximum rate is establisned by ' applicable law, then at the rate of one and one-half percent (1-1/2$) ` per month. ~ The undersigned and all other parties now or hereafter liable for the payment hereof, cahether as endorser, guarantor, surety or other- ~ wise, severall}?c~~aive demand, presentment, notice of dishonor, diligence ~ in collecting, grace, notice and protest, and consent to all eYtensions ca}iich from time to time may be granted by the holder hereof and to all partial payments hereon, whether before or after maturity. r ~ ~ ~ - SqO~? ?xrs } r~~~~-t`lt~ i1 ~ : - , _ _t, r ~ ~ } ~ ~ . , ~ ~ ~ ~ ' : : ~ : _-y~~~`-~~