Exhibit 20
----------------
Date
PROMISSORY NOTE
FOR VALUE RECEIVED, ____________________ (the "Company"), a ______________
corporation, with principal offices located at ____________________, hereby
promises to pay to ____________________ ("Payee"), the sum of ________________
($__________) dollars, upon the following terms and conditions:
(1) INTEREST AND PAYMENTS. This Note shall bear interest at __________
percent (__%) per annum. The Note shall be payable as follows:
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(2) PLACE OF PAYMENT. The principal and interest shall be payable at the
offices of the Company or wherever the Payee may designate in writing.
(3) PREPAYMENT. This Note may be prepaid in whole or in part without
penalty, at any time, at the option of the Company.
(4) DEFAULT. If there is a default in the payment of principal of or
interest on this Note, which default is not cured within 60 days after receiving
written notice of same from Payee, the entire principal amount and interest on
the unpaid balance shall become due and payable and the Company shall
immediately pay the same. In the event of default, payments shall be first
applied against interest and then principal.
(5) SUBORDINATION. This Note is subordinated in right of payment to all
indebtedness of the Debtor to Chemical Bank pursuant to a Subordination
Agreement dated March 17, 1992. The rights of the holder of this Note to the
principal sum or any part hereof and the interest due hereon are and shall
remain subject and subordinate to the claims of all secured creditors of the
Company, and upon dissolution or liquidation of the Company, no payment shall be
due or payable upon this Note until all secured creditors of the Company shall
have been paid in full.
(6) COLLECTION. In the event default is made in the payment as herein
required, then the Company does hereby covenant and agree to pay all costs
incurred in the collection of this Note or making the same current, including
Court costs and reasonable attorney's fees, whether said attorney's services are
in connection with a Court suit or are services rendered in the collection of
this Note.
(7) PRESENTATION. Payment to the Payee of any principal and interest shall
be complete discharge of the Company's liability with respect to such payment
but the Company may, at any time, require the presentation of this Note as a
condition precedent to such payment.
(8) NO RECOURSE. No recourse shall be had for the payment of the principal
of or interest upon this installment note, or for any claim based hereon or
otherwise against any past, present or future incorporator, shareholder,
officer, director or attorney of the Company, whether by virtue of any
constitution, statute, rule of law, enforcement of any assessment or penalty, or
by reason of any matter prior to the delivery of this note or otherwise, all
such liability, by the acceptance hereof and as a part of the consideration of
the issue hereof, being expressly waived,
(9) APPLICABLE LAW. This Note shall be construed in accordance with the
laws of the State of ____________________.
By:
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President
SCHEDULE OF PROMISSORY NOTES
BALANCE
DATE ISSUED PAYABLE TO 9/30/93 INTEREST RATE PAYMENT
===================== ======================== ================== ==================== ======================================
10/01/93(1)* Xxxxx X. Xxxxx $ 14,888.00 6% Interest paid annually
--------------------- ------------------------ --------------------------------------- on December 31;
10/01/93(1)* Xxxxxx X. Xxxxx $ 4,108.00 6% due date is 07/01/97.
--------------------- ------------------------ ------------------ --------------------
10/01/93(1)* Xxxxxxxx X. Xxxxx $ 14,888.00 6%
--------------------- ------------------------ ------------------ --------------------
10/0l/93(2)* Xxxxx X. Xxxxx $ 50,000.00 6%
--------------------- ------------------------ ------------------ --------------------
10/01/93(2)* Xxxxxx X. Xxxxx $50,000.00 6%
--------------------- ------------------------ ------------------ --------------------
10/01/93(2)* Xxxxxxxx X. Xxxxx $50,000.00 6%
--------------------- ------------------------ ------------------ --------------------
10/01/93(2)* Xxxxx X. Xxxxx $24,533.00 6%
--------------------- ------------------------ ------------------ --------------------
10/01/93(2)* Xxxxxx X. Xxxxx $ 17,908.90 6%
--------------------- ------------------------ ------------------ --------------------
10/0l/93(2)* Xxxxxxxx X. Xxxxx $ 67,500.00 6%
--------------------- ------------------------ ------------------ -------------------- --------------------------------------
10/01/93(1) Xxxxx X. Xxxxx, Xx. $ 14,046.00 Chem Prime Interest paid annually
--------------------- ------------------------ --------------------------------------- on January 2; principal
10/01/93(1) Xxxxx Xxxxx $ 28,765.00 Chem Prime payable on demand.
--------------------- ------------------------ ------------------ --------------------
10/01/93(1) Xxxxx Xxxxx $ 42,201.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(1) Xxxxx Xxxxx $ 11,333.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(1) Xxxxx Xxxxx $ 39,667.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(1) Xxxxx X. Xxxxx, Xx. $ 11,333.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(1) Xxxxxx Xxxxx, Xx. $ 68,000.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(2) Xxxxxxxx X. Xxxxx $160,000.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(2) Xxxxx Xxxxx $50,000.00 Chem Prime
--------------------- ------------------------ ------------------ --------------------
10/01/93(2)* Xxxxxxxx X. Xxxxx $105,968.00 Chem Prime
--------------------- ------------------------ ------------------ -------------------- --------------------------------------
11/10/92(1)* Xxxx Xxxxxx $331,826.91 6% Principal and interest
--------------------- ------------------------ -------------------------------------- paid semi-annually on
11/10/92(1)* Xxxxx Xxxxx $331,826.91 6% November 1 and May 1 in the
amount of $19,910.70, with a
final payment of $8,907.89 on
11/01/05.
--------------------- ------------------------ ------------------ -------------------- --------------------------------------
01/01/90(2)* Xxxxxxxx X. Xxxxx $286,044.10 6% Principal and interest paid
quarterly on March 31, June 30,
September 30, and December 31
through 12/31/03.
--------------------- ------------------------ --------------------------------------
12/30/82(3)* Xxxxxxxx X. Xxxxx $252,948.14 6%
===================== ======================== ================== ==================== ======================================
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(1) Issued by Xxxxxx-Xxxxxxxxx, Inc.
(2) Issued by Foilmark Manufacturing Corporation
(3) Issued by F.M.F. Properties, Inc.; assumed by Kensol-Olsenmark, Inc.
upon merger
* Subordinated to Chemical Bank pursuant to Subordination Agreements
