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EXHIBIT 10.15
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P & B PLUMBING & SEPTIC SERV, INC.
X.X. XXX 0000
XXXXXX, XX. 00000-0000
BORROWER'S NAME AND ADDRESS
"I" includes each borrower above, jointly and severally.
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FIRST COMMUNITY BANK
0000 XXXXX XXXXXXX XXXXXX
XXXXXX XXXX, XXXXXXX 00000
note
#36
LENDER'S NAME AND ADDRESS
"You" means the lender, its successors and assigns
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Loan Number 12000184
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Date 9-27-94
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Maturity Date 9-27-99
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Loan Amount $ 35,612.25
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Renewal Of
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For value received, I promise to pay to you, or your order, at your address
listed above the PRINCIPAL sum of ***THIRTY FIVE THOUSAND, SIX HUNDRED AND
TWELVE & 25/100*** Dollars $35,612.25
|X| Single Advance: I will receive all of this principal sum on 9-27-94. No
additional advances are contemplated under this note.
|_| Multiple Advance: The principal sum shown above is the maximum amount of
principal I can borrow under this note. On _______________________________
_____________ I will receive the amount of $ _____________________________
and future principal advances are contemplated.
Conditions: The conditions for future advances are _______________________
__________________________________________________________________________
__________________________________________________________________________
|_| Open End Credit: You and I agree that I may borrow up to the maximum
principal sum more than one time. This feature is subject to all
other conditions and expires on ___________________________________.
|X| Closed End Credit: You and I agree that I may borrow (subject to all
other conditions) up to the maximum principal sum only one time.
INTEREST: I agree to pay interest on the outstanding principal balance from
9-27-94 at the rate of 9.25% per year until 9-27-99.
|X| Variable Rate: This rate may then change as stated below.
|X| Index Rate: The future rate will be 1.50% ABOVE the following index
rate: THE PRIME RATE AS ESTABLISHED BY FIRST COMMUNITY BANK ______________
__________________________________________________________________________
|_| No Index: The future rate will not be subject to any internal or
external index. It will be entirely in your control.
|X| Frequency and Timing: The rate on this note may change as often as
DAILY
A change in the interest rate will take effect ON THE DAY OF CHANGE
|X| Limitations: During the term of this loan, the applicable annual
interest rate will not be more than THE MAXI- % or less than 9.25%.
Effect of Variable Rate: A change in the interest rate will have the
following effect on the payments: MUM ALLOWED BY LAW
|_| The amount of each scheduled payment will change.
|_| The amount of the final payment will change.
|_| ______________________________________________________________________
ACCRUAL METHOD: Interest xxxx be calculated on a 365 DAY basis.
POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note
owing after maturity, and until paid in full, as stated below:
|_| on the same fixed or variable rate basis in effect before maturity (as
indicated above).
|X| at a rate equal to THE MAXIMUM ALLOWED BY LAW.
|X| LATE CHARGE: If a payment is made more than 10 days after it is due, I
agree to pay a late charge of 5.00% OF PAYMENT DUE
|X| ADDITIONAL CHARGES: In addition to interest, I agree to pay the following
charges which |X| are |_| are not included in the principal amount above
LOAN FEE 350.00 DOC STAMPS $124.25 RECORDING FEES $138.00
PAYMENTS: I agree to pay this note as follows:
|_| Interest: I agree to pay accrued interest __________________________________
__________________________________________________________________________
|_| Principal: I agree to pay the principal ____________________________________
__________________________________________________________________________
|X| Installments: I agree to pay this note in 60 payments. The first payment
will be in the amount of $735.07 and will be due 10-27-94. A payment of
$737.07 will be due ON THE 27TH DAY OF EACH MONTH thereafter. The final
payment of the entire unpaid balance of principal and interest will be due
9-27-99.
PURPOSE: The purpose of this loan is WORKING CAPITAL
ADDITIONAL TERMS:
SEE REVERSE SIDE FOR ADDITIONAL TERMS AND CONDITIONS
