NOTE
December 31, 1998 GEORGETOWN, MASSACHUSETTS
000 Xxxx Xxxx Xxxxxx, Xxxxxxxxxx, XX 00000
1. XXXXXXXX'S PROMISE TO PAY
In return for a loan that UNITED DEVELOPMENT TRUST ("UDT") has
received, UDT promises to pay U.S.$99,750.00 (this amount is called
"principal"), plus interest, to the order of the Lender. The Lender is UFP
TECHNOLOGIES, INC. UDT understands that the Lender may transfer this Note.
The Lender, or anyone who takes this Note by transfer and who is entitled
to receive payments under this Note, is called the "Note Holder."
2. INTEREST
Interest will be charged on unpaid principal until the full amount
of principal has been paid. UDT will pay interest at a yearly rate of
9.75%.
The interest rate required by this Section 2 is the rate UDT will
pay both before and after any default described in Section 5 of this Note.
3. TIME AND PLACE OF PAYMENTS
UDT will pay principal and interest as per the attached debt
amortization schedule. UDT will make monthly payments at: 000 Xxxx Xxxx
Xxxxxx, Xxxxxxxxxx, XX 00000.
4. LOAN CHARGES
If a law, which applies to this loan and which sets maximum loan
charges, is finally interpreted so that the interest or other loan charges
collected or to be collected in connection with this loan exceed the
permitted limits, then (i) any such loan charge shall be reduced by the
amount necessary to reduce the charge to the permitted limit; and (ii) any
sums already collected from UDT, which exceeded permitted limits, will be
refunded to UDT. The Note Holder may choose to make this refund by
reducing the principal UDT owes under this Note, or by making a direct
payment to UDT. If a refund reduces principal, the reduction will be
treated as a partial prepayment.
5. XXXXXXXX'S FAILURE TO PAY AS REQUIRED
(A) Late Charge for Overdue Payments
If the Note Holder has not received the full amount of payment by
the end of 30 calendar days after the date it is demanded for
payment, UDT will pay a late charge to the Note Holder. The amount
of the charge will be 3.0% of the overdue payment of principal and
interest.
(B) Default
If UDT does not pay the full amount of each monthly payment on the
date it is due, it will be in default.
(C) Notice of Default
If UDT is in default, the Note Holder may send UDT a written notice
telling it that if it does not pay the overdue amount by a certain
date, the Note Holder may require UDT to pay immediately the full
amount of principal, which has not been paid, and all the interest
that it owes on that amount. That date must be at least 30 days
after the date on which the notice is delivered or mailed to UDT.
(D) No Waiver By Note Holder
Even if, at a time when UDT is in default, the Note Holder does not
require UDT to pay immediately in full as described above, the Note
holder will still have the right to do so if UDT is in default at a
later time.
(E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required UDT to pay immediately in full as
described above, the Note Holder will have the right to be paid back
by UDT for all of its costs and expenses in enforcing this Note to
the extent not prohibited by applicable law. Those expenses include,
for example, reasonable attorneys' fees.
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NOTE: Page 2
UFP Technologies, Inc. (Note Holder), 000 Xxxx Xxxx Xxxxxx, Xxxxxxxxxx, XX 00000
United Development Trust (Borrower)
--------------------------------------------------------------------------------
6. GIVING OF NOTICE
Unless applicable law requires a different method, any notice that
must be given to UDT under this Note will be given by delivering it or by
mailing it by first class mail to UDT at the Property Address above, or at
a different address if UDT gives the Note Holder a different address.
Any notice that must be given to the Note Holder under this Note
will be given by mailing it by first class mail to the Note holder at the
address stated in Section 3(A) above, or at a different address if UDT is
given a notice of that different address.
7. THE NOTE IS SECURED BY A SECURITY INTEREST in the property located at 0000
Xxxxxx Xxxxxx, Xxxxxxx, XX 00000-0000. It is understood that this security
is subordinate to the first mortgage on said property.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED:
/s/ [Illegible] (Seal) (Seal)
----------------------------------- ---------------------------------
UNITED DEVELOPMENT TRUST ("UDT") SSN
GENERAL PARTNER
000000000
UFP Technologies
UDT Debt Amortization
Month Year Principle Interest Total Balance
----- ---- --------- -------- ----- -------
Dec 1998 99,750.00
January 1999 1,296.53 810.47 2,107.00 98,453.47
February 1999 1,307.07 799.93 2,107.00 97,146.40
March 1999 1,317.69 789.31 2,107.00 95,828.72
April 1999 1,328.39 778.61 2,107.00 94,500.33
May 1999 1,339.18 767.82 2,107.00 93,161.14
June 1999 1,350.07 756.93 2,107.00 91,811.08
July 1999 1,361.04 745.96 2,107.00 90,450.04
August 1999 1,372.09 734.91 2,107.00 89,077.95
Septembe 1999 1,383.24 723.76 2,107.00 87,694.71
October 1999 1,394.48 712.52 2,107.00 86,300.22
November 1999 1,405.81 701.19 2,107.00 84,894.41
December 1999 1,417.23 689.77 2,107.00 83,477.18
January 2000 1,428.75 678.25 2,107.00 82,048.43
February 2000 1,440.36 666.84 2,107.00 80,608.08
March 2000 1,452.06 654.94 2,107.00 79,156.02
April 2000 1,463.86 643.14 2,107.00 77,692.16
May 2000 1,475.75 631.25 2,107.00 76,216.41
June 2000 1,487.74 619.26 2,107.00 74,728.67
July 2000 1,499.83 607.17 2,107.00 73,228.84
August 2000 1,512.02 594.98 2,107.00 71,716.82
Septembe 2000 1,524.30 582.70 2,107.00 70,192.52
October 2000 1,536.69 570.31 2,107.00 68,655.84
November 2000 1,549.17 557.83 2,107.00 67,106.66
December 2000 1,561.76 545.24 2,107.00 85,544.91
January 2001 1,574.45 532.55 2,107.00 63,970.46
February 2001 1,587.24 519.76 2,107.00 62,383.22
March 2001 1,600.14 506.86 2,107.00 60,783.08
April 2001 1,613.14 493.86 2,107.00 59,169.94
May 2001 1,626.24 480.76 2,107.00 57,543.70
June 2001 1,639.46 467.54 2,107.00 55,904.24
July 2001 1,652.78 454.22 2,107.00 54,251.46
August 2001 1,666.21 440.79 2,107.00 52,585.26
Septembe 2001 1,679.74 427.26 2,107.00 50,905.51
October 2001 1,693.39 413.61 2,107.00 49,212.12
November 2001 1,707.15 399.85 2,107.00 47,504.97
December 2001 1,721.02 385.98 2,107.00 45,783.95
January 2002 1,735.01 371.99 2,107.00 44,048.94
February 2002 1,749.10 357.90 2,107.00 42,299.84
March 2002 1,763.31 343.69 2,107.00 40,536.52
April 2002 1,777.64 329.36 2,107.00 38,758.88
May 2002 1,792.08 314.92 2,107.00 36,966.80
June 2002 1,806.64 300.36 2,107.00 35,160.16
July 2002 1,821.32 285.68 2,107.00 33,338.83
August 2002 1,836.12 270.88 2,107.00 31,502.71
Septembe 2002 1,851.04 255.96 2,107.00 29,651.67
October 2002 1,866.08 240.92 2,107.00 27,785.59
November 2002 1,881.24 225.76 2,107.00 25,904.35
December 2002 1,896.53 210.47 2,107.00 24,007.82
January 2003 1,911.94 195.06 2,107.00 22,095.88
February 2003 1,927.47 179.53 2,107.00 20,168.41
March 2003 1,943.13 163.87 2,107.00 18,225.28
April 2003 1,958.92 148.08 2,107.00 16,266.36
May 2003 1,974.84 132.16 2,107.00 14,291.53
June 2003 1,990.88 116.12 2,107.00 12,300.64
July 2003 2,007.06 99.94 2,107.00 10,293.59
August 2003 2,023.36 83.64 2,107.00 8,270.22
Septembe 2003 2,039.80 67.20 2,107.00 6,230.42
October 2003 2,056.38 50.62 2,107.00 4,174.04
November 2003 2,073.09 33.91 2,107.00 2,100.95
December 2003 2,089.93 17.07 2,107.00 11.02
