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EXHIBIT 10.14
RESTATEMENT OF PROMISSORY NOTE
The following Promissory Note is executed by and between A-55,
L.P., a Nevada limited partnership, as maker and Xxxxxx X. Xxxxxxxxx as payee
with reference to the following facts:
A. Payee has previously advanced funds to maker pursuant to various
promissory notes, lines of credit and open accounts.
B. As of the date of this restatement, certain of the advances by
payee to maker are due and owing or overdue.
C. Maker wishes to restate its obligation to payee in its
entirety, including principal and interest, as of the date
hereof.
PROMISSORY NOTE
$9,210,000.00 September 30, 1997
Reno, Nevada
On demand, A-55 L.P., a Nevada limited partnership, promises to
pay to the order of Xxxxxx X. Xxxxxxxxx, at 0000 Xxxx Xxxx, Xxxx, Xxxxxx 00000
the sum of Nine Million Two Hundred Ten Thousand Dollars ($9,210,000.00),
together with interest on the declining principal balance from date hereof.
Interest shall be the prime rate of interest charged from time to time by
Pioneer Citizens Bank.
Principal and interest are payable in full on demand. Interest
and all or any portion of the unpaid principal balance may be prepaid at any
time without penalty.
The maker promises and agrees that in the case of a default in
the payment of any sums required hereunder or if the maker becomes insolvent,
makes a general assignment for the benefit of creditors, or is adjudged
bankrupt, then the unpaid principal balance and accrued interest shall, at the
option of the holder or holders of this Note, immediately become due and payable
although the time of maturity as expressed in this Note may not have arrived.
In the event of a default under the terms of this Promissory
Note, the maker agrees to pay all costs, including reasonable attorneys' fees,
incurred in the collection of any unpaid amounts.
The maker, endorsers, and guarantors waive presentment for
payment, demand, notice, protest, notice of protest,
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diligence, and non-payment of this Note, and all defenses on the ground of any
extension of time for payment that may be given by the holder or holders to
them.
A-55, L.P., a Nevada limited
partnership
By RWG, Inc., a Nevada
corporation, General Partner
By /s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx,
President
By /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx,
Chief Financial Officer
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