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<br />PROMISSORY NOTE <br /> <br />$50,000 <br /> <br />Paris, Texas <br />Date: <br /> <br />FOR VALUE RECEIVED, the City of Paris, a municipality <br />of the State of Texas (the "Undersigned"), promises to pay <br />to the National Trust for Historic Preservation in the <br />United States (the "National Trust"), or order, at 1785 <br />Massachusetts Avenue, N.W., Washington, D.C. 20036 or at <br />such other place as the holder hereof may designate, the <br />principal sum of Fifty Thousand Dollars ($50,000.00), <br />together with interest thereon at the rate of eight percent <br />(8%) per annum, payable in lawful money of the United States <br />of America in immediately available funds, as follows: <br /> <br />Interest, at the rate specified, shall be payable on <br />the unpaid principal balance of the Loan quarterly, <br />commencing on the first (1st) day of the fourth (4th) month <br />following the date hereof and continuing on the first (1st) <br />day of each third (3rd) month thereafter until the first <br />(1st) day of the fourth (4th) month following the first <br />(1st) anniversary hereof. Commencing on such date, <br />principal and interest shall be payable in sixteen (16) <br />equal quarterly installments, based on four-year <br />amortization, until the final quarterly payment when the <br />entire unpaid principal balance, and all accrued and unpaid <br />interest thereon, shall be due and payable in full. <br /> <br />Any payment hereunder shall be applied first to the <br />payment of interest and then the halance to the payment of <br />principal. <br /> <br />The Undersigned shall have the right at any time and <br />from time to time to prepay all or part of the principal sum <br />without premium or penalty upon the payment of accrued <br />interest to the date of such prepayment. <br /> <br />Time is of the essence of this Promissory Note, and in <br />the event that any payment of principal and/or interest as <br />provided herein is not made within thirty (30) days of the <br />date that such payment is due, a "late charge" of four <br />percent (4%) of the quarterly installment of delinquent <br />principal and/or interest only may be charged by the holder <br />for the purpose of defraying the expense incident to <br />handling such delinquent payment, but in no event shall <br />these late charges be assessed so as to exceed the maximum <br />leqal rate of interest. <br />