N O T E
FOR VALUE RECEIVED, the undersigned, Stevia Company, Inc., an Illinois
corporation ("Borrower") herein), hereby promises to pay to the order of
Biosynergy, Inc., an Illinois corporation, its successors and assigns
("Lender" herein), at 1940 E. Devon, Elk Grove Village, Illinois, 60007, or
such other place as may be designated by the holder of this Note, the
principal sum of Twenty-Thousand Dollars (U.S. $20,000) (the "Maximum
Principal Amount") or such other lesser amount as may be advanced by Lender to
Borrower from time to time, together with interest on the principal balance
remaining unpaid from time to time at the rate of ten percent (10%) per annum
from the hereof until maturity, interest payable in monthly installments
commencing September 1, 1998 and on the first day of each subsequent month,
and the final payment of unpaid principal and accrued interest, if not sooner
paid, shall be due December 31, 1998. Interest on the principal balance of
the Note outstanding from time to time shall be computed on the basis of a
year consisting of 360 days and paid for the actual days elapsed.
This Note may be prepaid in full or in part. Any prepayment of principal
must include accrued interest, if any, and any other sums then due Lender
hereunder.
At the request of Xxxxxxxx, Lender may, provided Xxxxxxxx is not in
default hereunder, from time to time, advance funds to Borrower to be used by
Borrower for payment of expenses incurred by Borrower in the sale of 00000
Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxx (the "Premises"), such advance of funds to
become principal under this Note; provided, however, the principal of this
Note shall not at any time exceed the Maximum Principal Amount. Xxxxxxxx
further agrees to pay to Lender the expenses of Lender incurred with respect
to the advancement of the funds by Xxxxxx to Borrower under this Note, the
enforcement of this Note and the enforcement of the Mortgage (hereafter
defined) including, but not limited to, filing charges, recording fees,
appraisal fees, real estate tax service fees, court costs, and all other fees
incurred by Xxxxxx from time to time related to this Note, including the fees
of Xxxxxx's counsel.
All payments on account of indebtedness evidenced by this Note are to be
applied first to any costs, fees or expenses incurred by Lender pursuant to
the provisions of this Note or the Mortgage (hereafter defined), then to
Penalty Interest (hereafter defined) and late charges, then to interest on the
unpaid principal balance and the remainder to principal, provided that if any
installment due hereunder or the final payment of the principal balance of the
Note and accrued interest thereon is not paid within fifteen (15) days of the
due date then such installment payment or final payment will be subject to a
late charge in the amount of ten (10%) percent of the installment or final
payment then due. Upon maturity of the principal balance of this Note whether
by acceleration or otherwise according to the terms of this Note, the
remaining unpaid principal balance of this Note shall accrue interest at the
per annum rate equal to the unmatured Note rate plus three (3%) percent
("Penalty Rate") until paid. All of said principal, interest, fees, costs and
expenses are payable at such place as the holders of this Note may, from time
to time in writing appoint, and in the absence of such appointment, then at
the address of Lender set forth above.
The payment of this Note is secured by a Mortgage ("the "Mortgage")
bearing same date herewith delivered by Borrower to Lender encumbering real
estate at 00000 Xxxxxx Xxxxxx, xx xxx Xxxxxx xx Xxxxxx, Xxxxx xx Xxxxxxxx, as
legally described therein. It is agreed that at the election of the holder or
holders hereof and without notice, the principal balance of this Note
remaining unpaid, together with accrued interest thereon, shall become at once
due and payable at the place of payment aforesaid in case of default in the
payment of principal or interest when due in accordance with the terms hereof
or in case at any time hereafter the right to foreclose the said Mortgage
shall accrue to the legal holders hereto under any of the provisions contained
in the said Mortgage, time being the essence of this Note. The terms and
provisions of said Mortgage are incorporated herein by reference as if fully
restated.
Waiver by Lender of any default hereunder or under the Mortgage shall
not, at any other time, be taken to be a waiver of the terms of this Note or
the Mortgage, and the acceptance of payments after default shall not
constitute a waiver of the option of the holder of this Note to accelerate
repayments of the entire unpaid balance of this Note or prejudice Lender if
acceleration has occurred or this Note has matured. If suit is brought for
collection of this Note, the Note holder shall be entitled to collect all
reasonable costs and expenses of suit, including, but not limited to
reasonable attorneys' fees, appraisal fees, title charges, recording charges,
court costs, and costs incurred to preserve, protect or liquidate the real
estate encumbered by the Mortgage which secures this Note.
The Borrower and any endorser or guarantor hereof hereby waive demand,
presentment for payment, notice of non-payment and protest, all notices of
whatever kind or nature, including prompt payment demands and further waive
exhaustion of legal remedies, valuation, exemption, marshaling and homestead
rights as may be applicable.
This Note shall be interpreted under the laws of the State of Illinois.
In the event that any provision of this Note is ruled invalid or unenforceable
under the laws of the State of Illinois or any other applicable law, including
any provision of applicable usury laws, such invalid or unenforceable provision
shall be deleted herefrom or shall be modified to the extent necessary to make
such invalid or enforceable provision valid and enforceable. This Note shall
remain fully effective according to its terms after such deletions or
modifications.
IN WITNESS WHEREOF, the Borrower has caused this Note to be signed by its
President, and its corporate seal to be hereunder affixed and attested by its
secretary this 31st day of August, 1998.
/S/ XXXX X. XXXXXX, PRESIDENT /S/
____________________________________
ATTEST: Xxxx X. Xxxxxx, President
/S/ XXXXXX X. XXXXX /S/
_____________________________
Secretary
