HomeMy WebLinkAbout0374 ~ EXHIBIT A '
PROr1ISSORY NOTE
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~uly z 1974 ~
5150 ,000.00 ~~rt i~,,~~r~al Q~ F7 nri da
FOR VALUE RECEIVED, the undersigned promises to pay to
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
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at the rate of Fifteen Percent (15~) per annum computed on the '
unpaid~grincigal balance, said principal and interest being payable
at 200 1Vest Beau Street, Washington, Pennsylvania, or at such other
place as the holder hereof may designate, in the following manner:
- Principal and interest shall be payable in monthly in- ~
stallments of Two Thousand Eight Hundred Eighty Five Dollars and ;
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which a ments i
Forty Cents (~2,885.40), (~34,624.80 annually), P Y
include interest at the rate of Fifteen Percent (15$) on the unpaid
principal balance, said monthly installments to commence on October~
15, 1974, and continue on~the fifteenth day ~of each succeeding month ~
I until July 15, 1979, when the entire principal balance and all '
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i accrued interest shall be due and payable in full. .
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~ In addition to the monthly installments of principal and
~ interest to be made as provided above, annual payments of princi-
pal shall be due on July fifteenth of each year beginning July 15,
1975, said annual payments to be in an amount which is equal to
Eighty Five Percent (85$) of the Cash Profit from the operation of
Radio Stations WARN and WARN-FM during the preceding 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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r~' other taxes as determined by the maker's certified public accountant,
; plus depreciation taken by the maker for each year, less all prin-
cipal payments made on this note and on a certain note,of even
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date given by the maker to Global Development, Inc. in the original
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~ principal sum of Four Hundred Thousand Dollars (~400,000.00) and -
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less all fixed asset additions.
eooxz~o 374
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