Exhibit 10.1
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TEXAS TIMBERJACK, INC. BANCORPSOUTH BANK Loan Number 265000161597
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0000 X XX XXX 00 000 XXXXX XXXXXXXXXX Date 6/12/2002
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XXXXXX, XX 00000 XXXXXXXX, XX 00000 Maturity Date 6/12/2005
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Loan Amount $ $1,000,000.00
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Renewal Of__________________
BORROWER'S NAME AND ADDRESS LENDER'S NAME AND ADDRESS
"I" includes each borrower above, "You" means the lender, its
joint and severally. successors and assigns.
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For value received, I promise to you, or your order, at your address listed
above the PRINCIPAL sum of ONE MILLION DOLLARS AND 00 CENTS Dollars
$1,000,000.00
[X] Single Advance: I will receive all this principal sum on 6/12/2002. 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 principle
advances are contemplated.
Conditions: The condition for future advances are_______________________
________________________________________________________________________________
________________________________________________________________________________
[_] Open End Credit: You and I agree that I may borrow up to the maximum
amount of principal more than one time. This feature is subject
to all other conditions and expires on ________________________.
[_] Closed End Credit: You and I agree that I may borrow up to the maximum
only one time (and subject to all other condition).
INTEREST: I agree to pay interest on the outstanding principal balance from
6/12/2002 at the rate of 6.170% per year until paid in full.
[_] Variable Rate: This rate may change as stated below.
[_] Index Rate: The future rate will be ___________________ the following
index rate:_______________________________________________________________
________________________________________________________________________________
[_] Ceiling Rate: The interest rate ceiling for this note is the _________
ceiling rate announced by the Credit Commissioner from time to time.
[_] Frequency and Timing: The rate on this note may change as often as
_________________________________________________________________________.
A change in the interest will take effect
__________________________________________________________________________
[_] Limitations: During the term of this loan, the applicable annual
interest rate will not be more than N/A % or less than N/A %. The
rate may not change more than N/A % each N/A %.
Effect of Variable Rate: A change in the interest rate will have the
following effect on the payment:
[_] The amount of each scheduled payment will change.
[_] The amount of the final payment will change.
[_]_______________________________________________________________________
ACCRUAL METHOD: Interest will be calculated on a ACTUAL/360 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:
[X] on the same fixed or variable rate basis in effect before maturity
(as indicated above).
[_] at the rate equal to _________________________________________________
[_] LATE CHARGE: If a payment is made more than ______ days after it is due, I
agree to pay a late charge of___________________________________________________
________________________________________________________________________________
[_] ADDITIONAL CHARGES: In addition to interest, I agree to pay the following
charges which [_] are [_] are not included in the principal amount above:
____________________________________________________________________________
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 36 payments. The first payment
will be in the amount of $30,535.75 and will be due 7/12/2002. A payment
of $30,535.75 will be due 12TH OF EACH MONTH thereafter. The final
payment of the entire unpaid balance of the principal and interest will
be due 6/12/2005.
ADDITIONAL TERMS;
SECURITY:
1/ST/ DEED OF TRUST
COMMERCIAL BUILDING
LOATED AT 0000 XX XXXXXXX 00 X [X] SECURITY: This note is
XXXXXX, XXXXXXXX COUNTY, TEXAS 75901 separately secured by (describe
separate document by type and
date):
D/T DATED 6/12/2002
(This section is for your internal
se. failure to list a separate
security document does not mean
the agreement will not secure this
note.)
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THIS WRITTEN LOAN AGREEMENT REPRESENTS
THE FINAL AGREEMENT BETWEEN THE PARTIES PURPOSE: The purpose of this loan
AND MAY NOT BE CONTRADICTED BY EVIDENCE REFINANCED FROM ANOTHER INSTITUTION
OF PRIOR, (BUSINESS)
CONTEMPORANEOUS, OR SUBSEQUENT ORAL -------------------------------------
AGREEMENTS OF THE PARTIES.
SIGNATURES: I AGREE TO THE TERMS OF
THERE ARE NO UNWRITTEN ORAL THIS NOTE(INCLUDING THOSE ON PAGE 2).
AGREEMENTS BETWEEN THE PARTIES. I have received a copy on today's
date.
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Signature for Lender
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TEXAS TIMBERJACK, INC.
BY XXXXXX XXXXX, PRESIDENT
