Laserfiche WebLink
RENEWAL AND EXTENSION PROMISSORY NOTE <br /> <br /> July 1, 2003 1125 Bonham Street Paris, Texas <br /> <br /> 1. RENEWAL AND EXTENSION OF NOTE <br /> <br /> This Note renews and extends the balance of $3,392,165.54 that Maker owes to Payee on <br /> a prior note in the original principal amount of $4,000,000.00, which is dated July 15, 1998, <br /> executed by Paris Packaging Inc. as Maker and payable to' the order of Paris Economic <br /> Development Corporation as Payee. The prior note is also described in and secured by a <br /> Security Agreement, which is dated July 15, 1998, and for which a Financing Statement is <br /> recOrded in the Office of the Secretary of State of the Sate of Texas. Maker acknowledges that <br /> the security interest securing the Note is valid, that it subsists against the collateral, and that the <br /> security interest remains in full force and effect to secure the payment of the Note. <br /> <br /> 2. BORROWER'S PROMISE TO PAY <br /> <br /> In return for a loan that I have received, I promise to pay U.S. $3,392,165.54 (this amount <br /> is called principal"), plus interest, to the order of the Payee. The Payee is PARIS ECONOMIC <br /> DEVELOPMENT CORPORATION, Paris, Texas. I understand that the Payee may transfer this <br /> Note. The Payee or anyone who takes this Note by transfer and who is entitled to receive <br /> payments under this Note is called the "Note Holder." <br /> <br /> 3. INTEREST <br /> <br /> Interest will be charged on unpaid principal until the full amount of principal has been <br /> paid. I will pay interest at a yearly rate of Seven percent (7.00%). <br /> <br /> The interest rate required by this Section 2 is the rate I will pay both before and after any <br /> default described in Section 6(B) of this Note. <br /> <br /> 4. PAYMENTS <br /> (A) Time and Place of Payments <br /> I will pay principal and interest by making.payments every month <br /> <br /> 'I will make my monthly payments On the 15th day of each month beginning on Suly 15, <br /> 2003. <br /> I will make these payments every month until I have paid all of the principal and interest and any <br />. other charges described below that I may owe under this Note.. My monthly payments will be <br /> applied to interest before principal. If, on April 15, 2017, I still owe amounts under this Note, I <br /> will pay those amounts in full on that date, which is called the "maturity date." <br /> <br /> I will make my monthly payments at 1125 Bonham Street,. Paris, Texas 75460 or at a <br /> <br /> EXHIBIT A <br /> <br /> <br />