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FROMISSORY NOTE ;
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5150,000.00 July Li-, 1974 ~
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FOR VALUE RECEIVED, the undersigned promises to pay to ~
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' the order of First National Bank and Trust Company, Washington,
Pennsylvania, the principal sum of One Hundred Fifty Thousand
Dollars (~150,000.00), together with interest thereon from date
at the rate of Fifteen Percent (15~) per annum computed on the
~„~,r~;n~~ h~1 anc~ _ said principal and interest being payable ~
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at 200 West Beau Street, Washington, Pennsylvania, or at such other
place as the holder hareof may designate, in the follo~,~ing manner:
Principal and interest shall be payable in monthly in-
stallments of Two Thousand Eight Hundred Eighty Five Dollars and ~
Forty Cents (~2,885.40), (~34,624.80 annually), which payments
include interest at the rate of Fifteen Perce~it (15~) on the unpaid
principal balance, said monthly installments to commence on October ~
15, 1974, and continue on the fifteenth day of each succeeding month '
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: until July 15, 1979, when the entire principal balance and all
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; accrued interest shall be due and payable in full.
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~ In addition to the monthly installments of principal and
€ interest to be made as provided above, annual payments of princi-
pal shall be due on Ju~y fifteenth of each year beginning July 15, ~
19?S, said annual payments to be in an amount which is equal to ~
Eighty Five Percent (85$) of the Cash Profit from the operation of
IRadio Stations WARN and WARN-FM during the greceding year. For
the purpose of this note each year shall be deemed to commence on
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~ July first and end on June thirteth. The term "Cash Profit" as
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used herein means the net profit after deducting all income and ~
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other taxes as determined by the maker's certified public accountant,
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~ plus depreciation taken by the maker for each year, less all prin- '
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~ cipal payments made on this note and on a certain note of even ~
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~p date given by the maker to Global Development, Inc. in the original
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principal sum of Four Hundred Thousapd Dollars ($400,000.00 an
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less all fixed asset additions. .
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