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DEED OF ZRUST NOTE
• Richmond, Virginia, October 10 , 1973
$150,000.00
FOR VALUfi RECEIVED, the undersigned, jointly and severally, promise to pay
to United Virginia Bank, Richwond, Virginia, or order, at any of its offices in the
State of Virginia, or at such other place as the holder may designate in writing, the
sum of One Hundred and Fifty Thousand Dollars ($150,000.00) and interest thereon at
the rate hereinafter stated from the date hereof, the said principal and interest to
be payable as follows: principal payable in installuients of Seven Thousand Five
Hundred Dollars ($7,500.00) each, due on the first day of March, June, September,
and December, beginning March 1, I974 with any and all outstanding principal amounts
due and payable on December 1, 1976, if not sooner paid; all unpaid accrued interest
shall be paid an the date of each principal payment which interest shall be in an
amount equivalent to four percent (4X) per annvm in excess of United Virginia Bank's '
prime rate of interest to its large co~nercial bc~rrowers. Interest will be computed
based on the actual daily balance outstanding for each tturee month period using United '
Virginia Bank~s prime rate of interest on the 26th day of the month preceding the first
day of each three month period.
In the event any installment is not paid within 15 days from its due date,
i the undersigned agrees ta pay in addition to such installment a maximum late charge
; of 4x of the amaunt of such installment in arrears, or a minimum of $1.
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~ This note is secured by deed of trust of even date herewith conveying
~ properey located in .Iorthumberland County, Virginia, xeference to which is hereby,
~ made for the terms and conditions thereof. .
~ Should any defauZt be made in the payment of any installment of this note
~ or in the performance of any of the covenants or conditions of the deed of trust or
~ u~on default under any o~her obligation secured by a lien on the above oescribed ~
€ property or under the provisions of any other obligation of the undersigned to the
~ holder of this note, or upon application for the appointment of a Receiver for a maker,
~ endorser or guarantor hereof; or upon the filing of a petition in Banlauptcy by or
against a maker, endorser or guaranCOr hereof, the enti=e unpaid amount hereof shall
~ becoine due and payable forthwith at the election of the holder of this note and without
~ notice. Failure to exercise this option upon any default or defaults shall not consti-
r tute or be construed as a waiver of the right to exercise the said option in the event
' of any subsequent default.
t
' The makers, guarantors, endorsers and any other parties to this note hereby
~ waive presentment, demand, protest and notice of dishonor and protest, and ttereby
; agree that extension or extensions of the time of payment of this note or any install-
~ ment or part hereof may be made before, at or after maturity by agreement with any on~
~ or more of the parties hereto without notice to and without releasing the liability of
~ any other party to this note, and they do likewise waive the benefit of a12 homestead
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