Exhibit 10.12
PROMISSORY NOTE
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$86,000 Peace Xxxx, Rhode Island December 31, 1996
FOR VALUE RECEIVED, MIM Holdings, LLC, a Rhode Island limited liability
company with offices at 00 Xxxxx Xxxx, X.X. Box 3689, Peace Xxxx, Rhode Island
02883 ("Borrower"), promises to pay to the order of MIM Corporation, a Delaware
corporation with offices at Xxx Xxxx Xxxx Xxxxx, Xxxxx Xxxxx, Xxx Xxxx 00000-
0000 ("Lender"), the principal sum of Eighty-Six Thousand Dollars ($86,000),
together with interest at the rate of ten percent (10%) per annum on the unpaid
balance of principal from September 30, 1996 until this Note is paid in full.
The entire unpaid principal balance of this Note and all interest due under
this Note shall be due and payable in full on September 30, 1997.
Borrower may prepay all or any portion of the unpaid principal balance at
any time, and from time to time, without penalty. A prepayment of principal
will not postpone the due date of any subsequent payment of interest or
principal under this Note. All payments on this Note will be applied first to
interest accrued as of the date of payment and then to principal.
Both principal and interest are payable in lawful money of the United
States of America and in immediately available funds at the address of Lender
shown above or at such other address as the Lender or other holder of this Note
may designate in writing.
Borrower will pay all costs and expenses, including reasonable attorney's
fees, incurred by the holder in collecting this Note or foreclosing on the
security for this Note, even if no legal proceeding is filed. Borrower waives
presentment, notice of dishonor and protest.
This Note will be construed and enforced in accordance with the laws of the
State of Rhode Island, without resort to its conflict of laws rules.
IN WITNESS WHEREOF, the undersigned Xxxxxxxx has executed this Note as of
the date first above written.
MIM Holdings, LLC
By: /s/ X. Xxxxx Xxxxxxx
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Its: Manager
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Witness: /s/ Xxxx Xxxxxxx
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