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NOTE AND SECURITY AGREEMENT
Amount: $ 6500.00 Date: July 17. 1979
• FOR RECEIVED, the undersigned promisee to pay to the order of
MARCOIN, INC.;-`a Virginia corporation (hereafter, together with any holder or
assignee hereof, called the "Company"), at Atlanta, Georgia, or at such other
place as the Com~any may designate in wr~~ing to the undersigned, the princi-
pai sum of Six housand Five-Hundred Do a
6500.00 with interest from date at the rate of ten percent
( 10 X) per annum on said principal sum, or on so much thereof as may from
time to time remain unpaid. Said principal and interest shall be payable in
lawful money of the United States in the manner indicated below:
( ) In full en or before
( X ) In 36 equal consecutive monthly•installments, including principal
and.intereat, commencing on the first day of September , 19 79 ,
and continuing until said principal sum and interest have been fully
. ~e~: ~ paid, with each installment, when p8id, to be applied first to the pay-
ment of interest accrued on unpaid principal, and the balance thereof
~ ~ ~ to be credited on the principal. The amount of such monthly installments
c l~ shall be determined by reference to a standard loan amortization table.
• • • •'_:'.O~~~ If an such installment shall not be
. -t~ Y paid when due, the Company shall
` •'t ' ~ have the ri ht u '
~:c g pon ten (10) days notice to the undersigned, unless
the amount of such installment and all late charges are paid within
~Z Ti ten (10) days after such installment becomes due, to declare the entire
~~D i unpaid principal sum evidenced by this note, together with all accrued
interest and late payment charges, to be immediately due and payable.
" `n+ It is further agreed that failure of the Company to exercise this right
~ of accelerating the maturity of the debt, or indulgence granted from
- . T1
time to time, shall in no event be considered as a waiver of such right
rrr of acceleration or estop the Company from exercising such right at some
ca future time. In the event any one of said installments is not paid on
tc~ or before the date due, the undersigned shall pay the Company a late
charge equal to five percent (5X) of the amount of such installment,
~ which shall be for the purpose of reimbursing the Company for expenses
- incurred by _ reason of said late payment.
( ) Other as follows:
In case this note is collected by law or through an attorney at law,
all costs of collection, including attorney's fees equal to fifteen percent s
(15X) of all amounts then due, shall be paid by the undersigned.
Each of thg undersigned, whether maker, endorser, guarantor or
surety, hereby severally waives and renounces, for himself and his family, any
and all exemption rights any of them may have under or by virtue of the laws of
any state or of the United States, as against this debt or any renewal thereof;
and each further waives demand, protest, and notice of demand, protest and
non-payment. .
In order to secure the payment of this note, including any extensions, ,
renewals or increases thereof, and including any late payment charges or costs
of collection or attorney's fees due hereunder (all of said amounts being herein-
after referred to as the "indebtedness evidenced by this note" or the "indebted- '
ness"), the undersigned grants to the Company security title to and a security
interest in the following tangible and intangible personal property of the under-
signed, and all additions and accessions thereto, substitutions thereof, and all
proceeds from the sale or other disposition of such property (said property being
• hereinafter individually and collectively referred to as the "collateral"), to wit:
(1) any and all balances, credits, deposits, accounts, monies, and other property 3
of tTie undersigned now or hereafter in the possession or control of the Company for
any reason;
(2) any and all business records of the undersigned, now or hereafter coming ihto
existence, including but not limited to, all records pertaining to the customers
or clients of the undersigned in the business operated by the undersigned under
franchise agreement w~th~the Company;
aECQYEO f /3 IM PATMF1tT OF TA~i
DUE 0!1 CLi SS 'C INTAMG:B~E PFRSOtiAI PROPERTY,
PURSUA~Ii T~ !i'IPT:_Q 71•I3E, A:.TS OF U1L.
~K~1~ aocF~ PCITRAC
CLEWf G~cYfi COURT, iT. IMi 4.1li~ x~
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