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length of time) this loan, or release any pariy or guarantor or collateral; or impair, fail to realize upon or <br />perfect Lender's security interest in the collateral without the consent of or notice to anyone. All such parties <br />also agree that Lender may modify this loan only with the consent of and notice to Borrower. The <br />obligations under this Note are joint and several. <br />SECURITY FOR NOTE. This Note is secured by Security Agreement, Financing Statements, Collateral <br />Pledge Agreement and Loan Agreement (all the terms and conditions of which are incorporated herein by <br />reference and made a part of this Note) covering all of Borrower's interest in income received by it from <br />sales tax revenues, as well as other income received by Borrower, except that portion of same currently <br />obligated or subsequent bonds issued as contemplated by the Series 1998 bonds; "income received" being <br />defined as a one-quarter of 1.00% sales and use tax collected by the City of Paris and as defined by statute. <br />ADDITIONAL PROVISIONS. <br />This Note is SECOND AND INFERIOR to the obligations created under the terms and provisions <br />of a Bond Issue issued by Borrower in the amount of $4,200,000.00, styled "Taxable Sales Tax Revenue <br />Bonds, Series 1998", more specifically referred to in the Loan Agreement executed by Borrower and Lender <br />of even date herewith; and to any subsequent bonds issued as contemplated by the Series 1998 bonds. <br />THIS WRITTEN PROMISSORY NOTE, TOGETHER WITH THE SECURITY <br />INSTRUMENTS AND OTHER DOCUMENTS EXECUTED CONTEMPORANEOUSLY <br />HEREWITH, REPRESENT THE FINAL AGREEMENT BETWEEN MAKER AND PAYEE, AND <br />MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR <br />SUBSEQUENT ORAL AGREEMENT OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL <br />AGREEMENTS BETWEEN THE PARTIES. <br />LENDER AND BORROWER HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN <br />ANY ACTION PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR <br />BORROWER AGAINST THE OTHER. <br />PRIOR TO SIGNING THIS NOTE, BORROWER HAS READ AND UNDER5TANDS ALL <br />THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE <br />PROVISIONS. BORROWERAGREES TO THE TERMS OF THE NOTE AND ACKNOWLEDGES <br />RECEIPT OF A COMPLETED COPY OF THE NOTE. <br />PARIS ECONOMIC DEVELOPMENT <br />CORPORATION, A Texas Non-Stock, <br />Non-Profit Industrial Development <br />Corporation <br />BY: <br />M. PIKE BURKHART, SR. <br />President, Duly Authorized <br />