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PROMISSORY NOTE ~
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3400 ,000.00 July 1 1974
: vr~ Lau~cr~33e, ~~^r;
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FOR VALUE RECEIVED, the undersigned promises to pay to
the o~~er of Global Development, Inc., the principal sum of Four
Hundred Thousand Dollars (~400,000.00) together with interest there-
on from date at the rate of Fifteen Percent (15$) per annum com-
puted on the unpaid principal balance, said principal and interest ;
being payable at West B~au Street, Washington, Pennsylvania 15301,
or at such other place as the holder hereof may designate.
`The entire principal sum together with accrued interest
shall be due and payable on July 15, 1979.
Interest for the period from date to September 14, 1974 ;
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shall be due and payable on September 15, 1974. Thereafter interest '
shall be due and payable monthly on the fifteenth day of each and
every month beginning October 15, 1974.
If any installment of interest required to be paid here-
under is not paid within thirty (30) days following its due date, ~
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' then at the option of the holder or holders hereof the entire prin- ~
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~ cipal b alance and all accrued interest shall become due and payable ;
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as fully and completely as if the same were originally stipulated ~
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to be-paid at such time; provided, however, that this acceleration
~ provision shall not be exercisable unless and until the maker of
this note has been given written notice of def ault hereunder and
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at least five (5) days,within which to cure such default by tender-
~ ing the installment or installments which are then in arrears here-
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under. ~
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~ This note may be prepaid in whole or in part at any time
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~ without penalty.
~ Deferred payments shall bear interest at the rate of
~ Fifteen Percent (lSg) per annum.
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~ doaK 2~~1 ~~E 392 .
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