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EXHIBIT 4.8
PROMISSORY NOTE
$350,000.00 December 15, 1994
FOR VALUE RECEIVED, the undersigned, Cragar Industries, Inc., a
Delaware corporation ("Maker"), promises to pay Xxxxxx Xxxxxxx ("Payee"), at
______________________ _______________________________________, or such other
place as Payee shall designate in writing, the principal sum of Three Hundred
Fifty Thousand and No/100 Dollars ($350,000.00), at the rate of interest in the
amount of (i) one and one-half percent (1 1/2%) per month through the period
ending June 30, 1994, and (ii) two percent (2%) per month through the period
commencing on July 1, 1994 and ending at such time that Maker shall have paid
Payee all of the outstanding principal indebtedness evidenced by this Note.
This Note is the obligation of Maker only, and no recourse shall be had
for the payment thereof of the interest thereon against any stockholder, officer
or director of Maker, either directly or through Maker, by virtue of any statute
for the enforcement of any assessment or otherwise, all such liability of
stockholders, directors and officers of such being released by Maker by the
acceptance of this Note.
Any term of this Note may be amended and the observance of any term
hereof may be waived only with the written consent of both Maker and Payee.
The provisions of this Note shall be governed by and construed in
accordance with the laws of the State of Arizona without giving effect to
principals of conflict of laws.
The terms and conditions contained this Note shall apply to and bind
the heirs, representatives, successors, administrators and assigns of the
parties hereto.
This Note is not assignable without the prior written consent of the
other party. Any attempt at such an assignment without such consent shall be
void.
IN WITNESS WHEREOF, Xxxxx has executed this Note in favor of Xxxxx as
of the date first set forth above.
"MAKER":
CRAGAR INDUSTRIES, INC.
a Delaware corporation
By: Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx
President
