HomeMy WebLinkAbout0155 PROMISSORY N4TE SECURED BY PLFDGE
$ 5;000.00 , 1976
I promise to pay to the order o£ HENRX T. MACK~ the sum of
FIVE THOUSAIQD AND NO/100 DOLLARS ($5,000.00) with interest thereon
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at 7 1/2% per annum from date until oaid, in monthly installments
of $300.00, beginning April 1, 1976, and on the same day of each
month thereafter until the entire sum of principal and interest
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have been paid, for a period of _~~I_,~~ '!G`
The maker hereof shall have the right at any time to prepay
without penal~y sums remaininR due hereunder and shall be entitled
to refund of the proportionate amount of interest deducted in dis-
counting this obligation. The maker of this note further agrees
to waive demand, notice of non-paytr,ent and protest; and in case suit
shall be brought for the collection hereof, or the same to be
collected upon demand o£ an attorney, to pay reasonable attorney's fees
for making such collection.
The maker has pledged the following property, which today has
a market value of $<<j 040• ~ a to secure payment of
"this note and all other obligations that may now or hereafter be owing
by the undersi~ned to the holder of this note, to wit:
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Should the value of the pledged property, or any part thereof,
~ decline, the holder may demand additional security of a~value
~ acceptable to him, which additional security shall be delivered on
~ demand by the maker. If additional collateral is not delivered
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- upon demand or if the holder should otherwise in good faith believe
that the maker's ability to pay is impaired, the holder may at his .
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~ option aceelerate the due date of this note and demand immediate
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~ payment.
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