NON-REVOLVING DRAW-DOWN TERM NOTENon-Revolving Draw-Down Term Note • April 2nd, 2001 • Suburban Lodges of America Inc • Hotels & motels
FOR VALUE RECEIVED, the undersigned SUBURBAN LODGES OF AMERICA, INC., a Georgia corporation, SUBURBAN HOLDINGS, L.P., a Georgia limited partnership and SUBURBAN CONSTRUCTION, INC., a Georgia corporation (hereinafter collectively referred to as “Maker”), jointly and severally promise to pay to the order of SOUTHTRUST BANK, an Alabama banking corporation (hereinafter referred to as “Payee,” Payee together with any subsequent Holder(s) hereof, hereinafter collectively referred to as “Holder”), at the office of Payee at One Georgia Center, 600 West Peachtree Street, Suite 450, Atlanta, Georgia 30308, or at such other place as Holder may designate to Maker in writing from time to time, the principal sum of Ten Million and No/100 Dollars ($10,000,000.00), together with interest thereon or on so much thereof as is from time to time outstanding and unpaid (the “Note”), at the rate hereinafter set forth, in lawful money of the United States of America, which shall, at the time of payment, be le
