SUBSEQUENT INSTALLMENT NOTE
$ Date: January ____, 1992
THE UNDERSIGNED ("Borrowers"), jointly and severally, promise to pay to
the order of UNITED RESOURCES, INC., an Oregon corporation, at Post Office Box
22187, Portland, Oregon, ("Payee"), the sum of *** __ AND NO/100 DOLLARS***
($_,000.00), payable in eleven (11) consecutive monthly installments of *** __
AND NO/100 DOLLARS*** ($_,___.00), plus interest thereon from the date hereof,
the first payment to be made on February 1 1992, with subsequent payments to be
made on the same day of each month thereafter until the final payment of *** AND
NO/100 DOLLARS ($_.00) becomes due on January 1, 1993.
The outstanding principal balance will bear interest at a rate equal to
.__ percent in excess of the prime rate published by the United States National
Bank of Oregon, changing as of the first day of each month. Interest shall be
payable monthly on the same day as the principal, until the whole sum, principal
and interest, has been paid. If any of said installments is not so paid, all
principal and interest shall become immediately due and payable at the option of
the holder of this Note.
This Note may be prepaid in whole or in part at any time. All such
prepayments will be applied first to accrued interest and then to principal
installments due hereunder in inverse order of maturity.
This Note is issued in connection with and is subject to the terms of a
loan agreement between the Borrowers and United Resources, Inc. and to
additional documents guaranteeing the obligations hereunder or granting liens to
secure same. Reference is made to such loan agreement and additional documents
for other terms under which amounts payable hereunder may become immediately due
and owing. Although United Resources, Inc. may sell, assign, or otherwise
transfer this Note to a third party, this Note will continue to be subject to
the loan agreement and such other documents.
Upon the failure of the Borrower to make any payment under this note
when due, Payee may, at its option and without further notice or demand, declare
the unpaid principal balance of the Note and the accrued, but unpaid interest on
the Note, immediately due and payable, and pursue any and all other rights,
remedies and recourses available to Payee. Borrower hereby waives presentment
and demand for payment, notice of intent to demand or accelerate maturity,
notice of demand for acceleration of maturity, protest or notice of protest and
nonpayment, bringing of suit in diligence and taking any action to collect sums
owing under this Note. No extension for time for the payment of this Note or any
installment hereof shall affect the liability of Borrower. The failure of the
Payee to exercise any of its rights or options under this Note shall not
constitute a waiver of the right to exercise the same or right or option at any
subsequent time with respect to the same or any other events.
If this Note is placed in the hands of an attorney for collection,
Borrowers promise and agree to pay the reasonable attorneys' fees and collection
costs of the holder of this Note even though no suit or action is filed hereon;
if a suit or an action is filed, the Borrowers must pay such reasonable
attorneys' fees as shall be fixed by the court or courts in which the suit or
action, including any appeal therein, is tried, heard and decided.
DBA
By
, President
By
, Secretary
INDIVIDUALLY:
Loan ------
SUBSEQUENT NOTE
$--------- Date: --------------
THE UNDERSIGNED ("Borrowers"), jointly and severally, promise to pay to
the order of ----------------------------- ("Payee") the sum of
***----------------------- DOLLARS*** ($---------), payable in eleven (11)
consecutive monthly installments of -------------------------- ($-------------),
plus interest thereon from the date hereof, the first payment to be made on
-----------------, with subsequent payments to be made on the same day of each
month thereafter until the final payment of ------------------------
($---------------) becomes due on August 1, 1993.
The outstanding principal balance will bear interest at a rate equal to
------------ percent in excess of the prime rate published by the United States
national Bank of Oregon, changing as of the first day of each month. Interest
shall be payable monthly on the same day as the principal, until the whole sum,
principal and interest, has been paid. If any of said installments is not so
paid, all principal and interest shall become immediately due and payable at the
option of the holder of this Note.
The Note may be prepaid in whole or in part at any time. All such
prepayments will be applied first to accrued interest and then to principal
installments due hereunder in inverse order of maturity.
This Note is issued in connection with and is subject to the terms of a
loan agreement and security agreement between the Borrowers and United
Resources, Inc./United Grocers, Inc. and to additional documents guaranteeing
the obligations hereunder or granting liens to secure same. Reference is made to
such loan agreement and additional documents for other terms under which amounts
payable hereunder may become immediately due and owing. Although United
Resources, Inc. may sell, assign, or otherwise transfer this Note to a third
party, this Note will continue to be subject to the loan agreement and such
other documents.
Upon the failure of the Borrower to make any payment under this Note
when due, Payee may, at its option and without further notice or demand, declare
the unpaid principal balance of the Note and the accrued, but unpaid interest on
the Note, immediately due and payable, and pursue any and all other rights,
remedies and recourses available to Payee. Borrower hereby waives presentment
and demand for payment, notice of intent to demand or accelerate maturity,
notice of demand for acceleration of maturity, protest or notice of protest and
nonpayment, bringing of suit in diligence, and taking any action to collect sums
owing under this note. No extension for time for the payment of this Note or any
installment hereof shall affect the liability of Borrower. The failure of the
Payee to exercise any of its
- 1 -
rights or options under this Note shall not constitute a waiver of the right to
exercise the same or right or option at any subsequent time with respect to the
same or any other events.
If this Note is placed in the hands of an attorney for collection,
Borrowers promise and agree to pay the reasonable attorneys' fees and collection
costs of the holder of this Note even though no suit or action is filed hereon;
if a suit or an action if filed, the Borrowers must pay such reasonable
attorneys' fees as shall be fixed by the court or courts in which the suit or
action, including any appeal therein, is tried, heard and decided.
----------------------------------------
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By -------------------------------------
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By -------------------------------------
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- 2 -
Loan -----
SUBSEQUENT NOTE
$---------- Date: ----------------
THE UNDERSIGNED ("Borrowers"), jointly and severally, promise to pay to
the order of UNITED RESOURCES, INC., an Oregon corporation, at Post Office Box
22187, Portland, Oregon, the sum of ---------------------- ($--------------),
payable in eleven (11) consecutive monthly installments of
------------------------ together with interest thereon from the date hereof,
the first payment to be made on ----------------, with subsequent payments to be
made on the same day of each month thereafter until the final payment of
-------------------------- ($-----------------) becomes due on -------------.
The outstanding principal balance will bear interest at a rate equal to
---- percent in excess of the prime rate published by the United States National
Bank of Oregon, changing as of the first day of each month. interest shall be
payable monthly on the same day as the principal, until the whole sum, principal
and interest shall become immediately due and payable at the option of the
holder of this note.
This Note may be prepaid in whole or in part at any time. All such
prepayments will be applied first to accrued interest and then to principal
installments due hereunder in inverse order of maturity.
This Note is issued in connection with and is subject to the terms of a
loan agreement between the Borrowers and United Resources, Inc. and to
additional documents guaranteeing the obligations hereunder or granting liens to
secure same. Reference is made to such loan agreement and additional documents
for other terms under which amounts payable hereunder may become immediately due
and owing. Although United Resources, Inc. may sell, assign, or otherwise
transfer this Note to a third party, this Note will continue to be subject to
the loan agreement and such other documents.
- 1 -
If this Note is placed in the hands of an attorney for collection,
Borrowers promise and agree to pay the reasonable attorneys' fees and collection
costs of the holder of this Note even though no suit or action is filed hereon;
if a suit or an action is filed, the Borrowers must pay such reasonable
attorneys' fees as shall be fixed by the court or courts in which the suit or
action, including any appeal therein, is tried, heard and decided.
----------------------------------------
By -------------------------------------
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By -------------------------------------
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- 2 -
INSTALLMENT NOTE
$_________________ Date: ____________
THE UNDERSIGNED ("Borrowers"), jointly and severally, promise to pay to the
order of UNITED RESOURCES, INC., an Oregon corporation ("Payee") at Post Office
Box 22187, Portland, Oregon 97269/2187, or, to its assigns (the "Bank"), or at
such other address as the Bank may specify to the Borrowers in writing, the sum
of ***________________________DOLLARS*** ($______________), payable in ________
(__) consecutive monthly installments of ***__________________________
DOLLARS*** ($___________), the first payment to be made on ______________, with
subsequent payments to be made on the same day of each month thereafter until
the final payment becomes due on ______________.
The outstanding principal balance will bear interest at an initial fixed rate of
______ percent APR. The interest rate will be assessed at Prime rate plus ______
percentage points and will be adjusted every six months using the prime rate
published by U. S. National Bank plus ______ percentage points. Any such change
in the interest rate will cause a change in the monthly payment to ensure
payment in full of the existing balance over the remaining amortization period.
Interest shall be payable monthly on the same day as the principal, until the
whole sum, principal and interest, has been paid.
This Note may be prepaid in whole or in part at any time. All such prepayments
will be applied first to the payment of other charges, fees and expenses under
this Note and any other Related Document, as defined below, second to the
payment of accrued interest, and third to principal installments due hereunder
in inverse order of maturity.
This Note is issued in connection with and is subject to the terms of a security
agreement between the Borrowers and United Resources, Inc./United Grocers, Inc.
and to additional documents guaranteeing the obligations hereunder or granting
liens to secure same. Reference is made to such loan agreement and additional
documents for other terms under which amounts payable hereunder may become
immediately due and owing. Although United Resources, Inc. may sell, assign, or
otherwise transfer this Note to a third party, this Note will continue to be
subject to the loan agreement and such other documents.
The borrowers agree that until this Note is paid in full that Borrowers shall
(1) do all things necessary to maintain its status as a member in good standing
of United Grocers, Inc. and (2) purchase product through United Grocers, Inc. to
the extent that a certain percentage may be required in the Related Documents or
other agreements that may exist between Borrower, Payee, or United Grocers, Inc.
The occurrence of any of the following events shall constitute an Event of
Default under this Note: (i) any default in the payment of this Note; (ii) any
breach or default under other Related documents or other agreements that may
exist between Borrower, Payee, or United Grocers, Inc.; (iii) Borrowers fail to
purchase the required percentage of product from United Grocers, Inc. That may
be required in the Related Documents or other agreements that exist between
Borrower, Payee, or United Grocers, Inc.; (iv) Borrowers shall no longer be a
member in good standing of United Grocers, Inc. (V) either the payee or Bank in
good faith shall believe the prospect of payment of this note is substantially
impaired due to a materially adverse change in Borrower's financial condition.
Upon occurrence of an Event of Default and at any time thereafter, the holder of
this Note may, at its option, declare this Note to be immediately due and
payable and thereupon this Note shall become due and payable for the entire
unpaid principal balance of this Note plus accrued interest and other charges on
this Note without any presentment, demand, protest or other notice of any kind.
If this Note is placed in the hands of an attorney for collection, Borrowers
promise and agree to pay the reasonable attorneys' fees and collection costs of
the holder of this Note even though no suit or action is filed hereon; if a suit
or an action is filed, the Borrowers must pay such reasonable attorneys' fees as
shall be fixed by the court or courts in which the suit or action, including any
appeal therein, is tried, heard and decided. The Borrowers agree that their
obligations hereunder are absolute and unconditional and shall continue for so
long as any amounts payable hereunder remain unpaid, without any defense or set
off.
By
,President
INDIVIDUALLY:
By
