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EX~~BiT [3 ro
~?.t MOST ~~'E
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PROMISSORY NOTE
$22,585.60 Pelham, Al ama
'January 1980
FOR VALUE RECEIVED, th~ othys8~ntleyThe Wallpaper Palace,
Inc., Mark C. Bentley and wife, , jointly and
severally promise to pay on demand to t e or er o Gilman Wallcoverings,
Inc., P. O. Box 1257, Chattanooga, Tennessee, the principal sum of
Twenty-Two Thousand Five ~Iundred Eighty-Five and 60/100 Dollars
($22,585.60) together with interest on the unpaid balance thereof
from the date hereof until paid at the rate of fifteen percent (15$)
per annum.
The principal amount hereof plus accrued interest shall
be paid upon demand. Until demand shall be made interest shall be "
paid on the unpaid balance monthly on the first day of each month
after date.
All payments on this Note shall be made at the office of
Gilman Wallcoverings, Inc., Interstate Building, P. O. Box 1257,
Chattanooga, Tennessee 37401, or at such other place as the holder
of this Note may, from time to time, designate in writing.
Payx?ent of this Note is secured by Mortgage Deeds of
even date herewith, executed by the undersigned to Gilman Wallcoverings,
Inc., as mortgagee, conveying certain real property described therein
located in the State of Florida.
In the event of failure to pay any of the principal or
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~ interest on this Note upon demand or when due or in the event of
default for failure to discharge any other obligation owing by any
of the undersigned to the payee of this Note, then, after five (5)
days from the date of such demand or other default the unpaid
principal shall, at the option of the holder hereof, become
immediately due and collectible. Failure to exercise said option
~ shall not constitute a waiver of the right to~exercise said option
in the event of any subsequent demand or default.
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If, for any reason, the undersigned shall fail to comply
. with all the obligations set forth in the Mortgage Deeds of even
s date herewith, which secure this Note, or in the event of_a default
in the payment or performance•of any other debt or obligation now or
hereafter owing Gilman Wallcoverings, Inc., the undersigned shall be in
~ default hereunder and after five (5) days therefrom, the unpaid
principal, at the option of the holder hereof, become immediately
due and pay'~ble.
All makers and endorsers of this instrument severally
waive presentment for payment, protest, and notice of non-payment,
and expressly agree that this Note, or any payment hereunder, may -
be extended from time to time without in any way affecting the
liability of the Undersigned. .
so~~ ~~1469