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NOTE
D;itc oC l~utc: May 2, 1974 ,
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Amount of the Notc: $6, 2 00, 000. 00 -
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1lfaturity Datc: May 2, 1976 -
Interest Rate: The Interest Rate shall be equal to the greater of
(i) 129G per annum or (ii) the Base Interest Rate as hereinafter
defined'-•from time to tune in effect on and after the date here-
of plus 4%, on a per annum basis, but in no event greater than
the maximum rate allowed by law; "Base Interest Rate" as used
herein shall mean the greater of (i) the prime commercial rate
established by The Chase Manhattan Bank, N.A., New York, New
York or (ii) the most recent weekly average dealer rate for 90-
day canmercial paper published by the Wall Street Journal
; (Federal Reserve Report) or by the Federal Reserve; any change
~ in the Base Interest Rate shall effect an adjustment of interest
payable hereunder as of the firs~ day following such change. As
i used in this Note, "prime commercial rate" means the interest*
~ Inberest at the Interest Rate shall be calculated on the basis of a 360-day
# year and paid for all days on which the Principal Amount ( as herein
~ defined) or any pazt thereof is outstanding.
_ FOR VALUE RECEIVED, die undersigned ("Maker"~, joindy and sever-
~ ally if more than one, promise(s) to pay to the order of
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° ~ GORDOT7 A. TAYLOR, CHURCHILL G. CAREY, JOHN D. UIBLE,
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~ ~ w EIIGENE L. Al?iBER, J. C. TYLER, JR. , and J~OHIJ H. ROGERS ,
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~ ='C Q not individually, but as Trustees of Guardian Mortgage Investors, a Massa-
! J~" cLusetts Business Trust under Declaration of Trust dated Mazch 29,
~ n o ,
_ = Q 1966, as amended, and their respective successor Trustees under said Dec-
` ~ laration of Trust (in the event of death, resignation or removal of any ~ _
~ r z ~stee herein named, or the failure of any Trustee to be reelected, any
` Q such Trustee shall automatically be divested of his interest herein, and the
~ ~ remaining Trustees and any newly elected or appointed Trustee or Trustees '
o° o o acting at the time shall be the sole owners and payees of this Note) (col-
lectively `Payee"), with power to protect, manage, sell, deal with, transfer,
_ endorse with or without recourse, modify, extend, consolidate, subordinate,
coardinate and spread with any other note, negotiate, collect, dischazge,
acoelerate, enforce and/or, without being limited by any of the foregoing, ~
- deal with in any manner this Note, t}~e obligations represented hereby, and ~
exercise any right or option contained in this Note, on the Mawrity Date
' at the office of Chazter Advisoty Company, 47 ~Yest Forsyth Street, Jack- ~ p0~
0
_ *rate from time to time charged by The Chase Manhattan Bank, N.A.,
` for short term co~nmercial loans to its most credi~t worthy
customers. }
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