DEMAND NOTE
$254,000.00 May 12, 1999
R E C I T A L S:
WHEREAS, Marathon Center, Inc., an Illinois Corporation ("Maker") has
entered into negotiations with Xxxx X. Xxxxxxxxxxx, Inc. ("Contractor") for the
provision by Contractor of general contracting services relative to the
construction of certain improvements on real estate located at 0000 Xxxxx
Xxxxxxx, Xxxxxxx, Xxxxxxxx ("Property"); and
WHEREAS, Maker is the owner of the Property; and
WHEREAS, at the request and direction of Maker, Xxxxxxx Xxxxxxxxx
("Lender") has this date made available to the Maker the sum of this Note,
enabling Maker to pay for various services rendered for the Property pursuant to
Exhibit B attached hereto.
FOR VALUE RECEIVED, Maker promises to pay to the order of Lender, the
principal sum of Two Hundred Fifty-Four Thousand and No/100 Dollars
($254,000.00) and interest beginning this date, on the balance of principal
remaining from time to time unpaid at the rate of interest equivalent to the
"Prime Rate" ad determined from time to time by LaSalle National Bank as its
prime rate, plus three percent (3.0%).
All payments on account of this indebtedness evidenced by this Note shall
be applied first to accrued and unpaid interest on the unpaid principal balance
and the remainder to principal.
Any payments of principal or interest not paid when demand is made shall
bear interest at the rate of the lesser of the Prime Rate, as determined above,
plus 5%, or the maximum rate of interest permitted to be charged in the State of
Illinois. Payments of both principal and interest shall be made as Lender
directs.
All parties hereto severally waive presentment for payment, notice of
dishonor and protest.
Marathon Center, Inc.
By: /s/ Xxxxxx X. Xxxxx
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Its: Vice President
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