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PROI?tISSORY NOTE
s150,00G.00 July ; 1974
Fort Lauderdale, Florida
FOR VALUE RECEIVED, the undersigned promises to pay to
the order of First National aank and Trust Company, Washington,
- Pennsylvania, the principal sum of One Hundred Fifty Thousand
Doll~rs (~150,000.00), together with interest thereon from date
~ at the rate of Fifteen Perce,at (15~) per annum computed on the
unpaid principa2 balance, said principal and interest being payable
at 200 IVest Beau Street, Washington, Pennsylvania, or at such other
place as the holder hereof may designate, in the following manner:
Principal and interest shall be pay,able in monthly in-
stallments of Two Thousand Eight Hundred Eighty Five Do2lars and
l~arty Cents ~~2,885,40~, (~34,624.80 annually), which payments
include interest at the rate of Fifteen Percent (15~) on the unpaid
principal balance, sai3 monthly installments to commence on October
15, 1974, and continue on the fifteenth dayo uf each succeeding month
until July 15, 1979, when the entire principal balance and all
accrued interest sha11 be due and payable in full. ;
In addition to the monthly installments of principal and
interest to be made as provided above, annual payments of princi- `
pal s}:all 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 oper-ation 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
July first and end on June thirteth. The term "Cash Profit" as
used herein means the net profit after deducting all income and
~ other taxes as determined by the maker's certified public accountant,
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
date given by the maker to Global Development, Inc. in the original
principal sum of iour Hundred Thousand Dollars (~4Q0,000.00) and
1QSS all fixed asset additions.
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