NON-NEGOTIABLE
DEMAND NOTE
$1,000,000
Berwyn, Pennsylvania
July 25, 1997
FOR VALUE RECEIVED, COMMONWEALTH Xxxxxx X. Xxxxxxxxxxx and Xxxxxxxx X.
XxxXxxxxxx, having a business address of 0000 Xxxx Xxxxxxxxxx Xxxx, Xxxxx 000,
Xxxxxx, XX 00000 (herein referred to as "Makers"), promise to pay Commonwealth
of Delaware, Inc., a Delaware corporation having a business address of 0000 Xxxx
Xxxxxxxxxx Xxxx, Xxxxx 000, Xxxxxx, XX 00000 (hereinafter referred to as
"Payee"), on demand, the principal sum of One Million Dollars ($1,000,000)
lawful money of the United States of America.
The entire unpaid balance of this Note shall be immediately due and payable
on demand. The principal of this Note shall bear interest at a rate no higher
than six percent (6%) per annum if not paid when due.
The Makers promise to pay all costs of collection, including reasonable
attorney's fees, upon default in the payment of the principal of this Note, when
due, whether suit be brought or not.
In the event any one or more of the provisions contained in this Note shall
for any reason be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision
of this Note, but this Note shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.
This Note is irrevocable and is given in connection with the public
offering of units of limited partnership interests in the Commonwealth Income &
Growth Funds, Pennsylvania limited partnerships (the "Partnerships"), and no
waiver or modification of the terms of this Note shall be permitted without the
prior written consent of Payee and the Partnership.
This Note shall be governed in all respects by the laws of the Commonwealth
of Pennsylvania and shall be binding upon and shall inure to the benefit of the
parties hereto.
IN WITNESS WHEREOF, Makers have caused this Note to be duly executed the
day and year first above written.
WITNESS:
/s/ Xxxxxxx X. Xxxxxxxx /s/ Xxxxxx X. Xxxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxxx
/s/ Xxxxxxxx X. XxxXxxxxxx
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Xxxxxxxx X. XxxXxxxxxx