76
COGNOVIT PROMISSORY NOTE
(RENEWAL CONSOLIDATING BALANCE REVOLVING LINE)
$35,000,000.00 Effective September 30, 1997
Columbus, Ohio
FOR VALUE RECEIVED, the undersigned promise to pay to the order of THE
PROVIDENT BANK, a state banking corporation ("Bank" which term shall include
subsequent holders hereof), with a place of business at 10 West Broad Street,
Columbus, Ohio, or at such other place as the Bank may, from time to time,
designate in writing, the principal sum of Thirty-Five Million and 00/100
Dollars ($35,000,000.00), or so much thereof as may be advanced to the
undersigned in accordance with the terms of this Note and subject to that
certain Amended and Restated Loan and Security Agreement among the undersigned,
others and the Bank as of September 30, 1997, as from time to time amended (the
"Loan Agreement"), together with interest on the unpaid principal balance from
the date the funds are advanced under this Note, until paid, at the rate and in
the manner set forth below.
This Note is a revolving credit subject to the terms of this paragraph.
Subject to the conditions and limitations hereof and of the Loan Agreement and
prior to March 30, 2000, the undersigned may borrow and reborrow from the Bank
and the Bank may lend and relend to the undersigned such amounts not to exceed
an aggregate unpaid principal amount outstanding at any time of $35,000,000.00
as the undersigned may at any time and from time to time request upon
satisfactory notice to the Bank in compliance with the Loan Agreement.
INTEREST
- --------
Commencing on the date of the first advance of funds under this Note and
excluding any Term Out Indebtedness as hereinafter defined, interest hereon
shall be payable at the rate of one percent (1%) per annum below the "prime
rate" of interest, as hereinafter defined, from time to time in effect. The rate
of interest shall be adjusted upward or downward without notice immediately upon
any change in the prime rate.
Interest shall be computed at all times on the basis of a three hundred
sixty (360) day year and the actual number of days elapsed. Any reference in
this Note to the "prime rate" of interest is hereby defined to mean that
interest charged by The Provident Bank from time to time as its prime rate
whether or not it is publicly announced, and which provides a base to which loan
rates may be referenced. The prime rate may not be the lowest interest rate The
Provident Bank charges for commercial or other extensions of credit.
Page 1 of 21
77
At the election(s) of the undersigned from time to time, upon seven days
prior written notice to the Bank, all of any portion of the principal balance of
this Note may be termed out over a sixty month period (in each case, the "Term
Out Indebtedness"). Commencing on the first day of the first calendar month
following the date upon which the undersigned gives notice of the amount of the
Term Out Indebtedness (the "Term Out Rate Change Date"), the yearly interest on
the Term Out Indebtedness shall be payable at the rate of two percent (2%) per
annum, rounded up to the nearest one eighth of one percent (1/8%), above the
weekly average yield (expressed as a percent per annum) for United states
Treasury Securities adjusted to constant maturities of five (5) years as
published by the Federal Reserve Board in its statistical release of selected
interest rates number H.15(519) for the most recent published average weekly
yield prior to the Term Out Rate Change Date, which shall be the interest rate
on the Term Out Indebtedness until this Note is paid in full. Any remaining
principal balance not included in the Term Out Indebtedness shall continue to
bear interest at a fluctuating interest rate as provided herein.
Upon the occurrence of any default under the terms and conditions of this
Note, any and all funds due and owing to the Bank, whether before or after any
acceleration of the amount due to the Bank, shall bear interest at the default
rate per annum of Prime, as determined by the Bank, plus two percent.
TERM
----
The entire unpaid principal balance, excluding any Term Out Indebtedness,
together with accrued and unpaid interest thereon, and all other obligations
hereunder, if not sooner paid shall be due and payable on September 30, 2000
("Maturity Date"), provided however on September 15 of each year commencing
September 15, 1998, the Bank shall review this credit and give written notice to
the undersigned in the event the Bank elects to extend the Maturity Date by an
additional Twelve (12) months.
The entire unpaid principal balance of any Term Out Indebtedness, together
with accrued and unpaid interest thereon, if not sooner paid, shall be due and
payable on a date which is Sixty (60) months after the first day of the first
month following the Term Out Rate Change Date (the "Term Out Maturity Date").
PAYMENTS
--------
Interest only shall be payable in consecutive monthly installments
beginning November 1, 1997, and continuing on the first day of each month
thereafter.
On the first day of the first month following any Term Out Rate Change Date
(the "Commencement of Amortization Date") principal and interest on such Term
Out Indebtedness
Page 2 of 21
78
shall be payable in consecutive monthly installments in an amount equal to the
sum of (i) accrued interest on account of such Term Out Indebtedness for the
immediately preceding month, plus (ii) one sixtieth (1/60th) of the original
principal amount of such Term Out Indebtedness or, at Borrower's option level
payments of principal and interest combined. Monthly installments as provided in
this paragraph shall commence on the Commencement to Amortization Date and shall
continue on the first day of each month thereafter until the entire Term Out
Indebtedness evidenced by this Note is fully paid, except that any remaining
indebtedness, if not sooner paid, shall be due and payable in full on the
Maturity Date.
If any payment of principal or interest is specified to be made on a day on
which commercial banks in Columbus, Ohio are authorized by law to close, it
shall be made on the next succeeding day which constitutes a regular business
day for commercial banks in Columbus, Ohio, and any such extension of time shall
in all cases be included when computing interest.
PURPOSE
-------
The use of the indebtedness evidenced by this Note is limited to debt to
subsection 2.2 use of proceeds as stated in the Amended and Restated Loan and
Security Agreement dated September 30, 1997.
DEFAULT RATE
------------
If any payment under this Note is not received by the Bank on or before the
date the installment is due or if the undersigned shall otherwise be in default
in the performance of its obligations hereunder or under the Loan Agreement, the
undersigned shall pay to the Bank a default rate of .01% of the unpaid principal
balance of this Note at the time of such delinquency for each such delinquency
to cover the extra expense incident to handling delinquent accounts, or, at the
option of Bank, interest on the dollar amount of any unpaid amounts so long as
they remain past due and payable at a rate which is three (3) percentage points
greater than the rate which would otherwise be in effect (the "Default Rate").
The Bank may charge interest at the rate provided herein on all interest and
dollar amounts owing hereunder which are not paid when due.
ACCELERATION
- ------------
If any payment under this Note is not received by the Bank on or before the
date when due, or should default be made in the performance or observance of any
of the covenants and agreements of the Loan Documents, and said default is not
cured within any applicable cure period, the entire principal amount outstanding
hereunder and accrued interest thereon shall at once become due and payable, at
the option of the Bank. The Bank may exercise this option to accelerate during
any default by the undersigned regardless of any prior forbearance. Reference is
made to the Amended and Restated Loan and Security Agreement for rights as to
acceleration of the indebtedness evidenced by this Note.
Page 3 of 21
79
ADDITIONAL REMEDIES
- -------------------
In the event of any default hereunder, the Bank shall be entitled to
recover judgment against the undersigned for the amount due under this Note,
either before or after or during the pendency of any proceeding for the
enforcement of any security for this Note, and, in the event of realization of
any funds from any security and application thereof to the payment of the amount
due under this Note, the Bank shall be entitled to enforce payment of and
recover judgment for all amounts then remaining due and unpaid upon the Note,
whether for principal, interest or premium. The Bank may proceed to protect and
enforce its rights by suit in equity, action at law and/or by any other
appropriate proceeding, whether for the specific performance of any covenant or
agreement contained in this Note, in aid of the exercise of any power granted in
this Note, or may proceed to enforce payment of this Note, or to enforce any
other legal or equitable right.
REMEDIES SEPARATE
- -----------------
The Bank may pursue any rights or remedies as the bank under this Note or
under any of the Amended and Restated Loan and Security Agreement dated
September 30, 1997 independently or concurrently. All rights, remedies, or
powers herein conferred upon the Bank shall, to the extent not prohibited by
law, be deemed cumulative and not exclusive of any other thereof, or of any
other rights, remedies or power available to the Bank. No delay or omission of
the Bank to exercise any right, remedy or power shall impair the same or be
construed to be a waiver of any default or an acquiescence thereto. No waiver of
any default shall extent to or affect any subsequent default nor shall it impair
any rights, remedies or power available to the Bank. No single or partial
exercise of any right, remedy or power shall preclude other or further exercise
thereof by the Bank.
WAIVER OF PRESENTMENT, ETC.
- ---------------------------
The undersigned, together with all sureties, endorsers, and guarantors of
the Note hereby:
(a) except as expressly provided herein, waive demand, presentment
for payment, notice of nonpayment, protest, and all other
notices, filing of suit or diligence in collecting this Note, and
enforcing any of the security rights of or in proceeding against
any of the Property;
(b) agree that the Bank shall not be required first to institute any
suit, or to exhaust its remedies against the undersigned or any
other person or party in order to enforce payment of this Note;
(c) consent to any extension, renewal or postponement of time of
payment of this Note; and
Page 4 of 21
80
(d) agree that, notwithstanding the occurrence of any of the
foregoing, except as to any such person expressly released in
writing by the Bank, they each shall be and remain jointly and
severally, directly and primarily, liable for all sums due under
this Note.
COST OF COLLECTION
- ------------------
The undersigned hereby unconditionally agree to pay the cost of collection
of this Note, including, but not limited to, reasonable attorney fees incurred
by the Bank.
USURY
- -----
It is the intention of the Bank, which is signified by acceptance of this
Note, that this Note shall comply with the usury laws applicable under the laws
of the State of Ohio now or hereafter in effect. Accordingly, to the extent that
any rate of interest stated in this Note exceeds the maximum rate of interest
which may be charged on loans of the type and nature evidenced by this Note
under the laws of the State of Ohio, then said interest shall be abated and
reduced to the extent necessary to conform with the maximum permissible rate.
GOVERNING LAW
- -------------
This Note shall be governed by and construed under the laws of the State of
Ohio.
CONFESSION OF JUDGMENT
- ----------------------
With full knowledge of all constitutional rights, if any payment under this
Note is not received by the Bank on or before the date when due, or should
default be made in the performance or observance of the covenants and agreements
of the Loan Documents securing this Note, after any applicable notice or period
of grace, the undersigned hereby authorize and empower any attorney of any court
of record within the United States of America or elsewhere to appear for the
undersigned and, with or without complaint filed, confess judgment or a series
of judgments against the undersigned in favor of the Bank as of any time,
present or future, for the then due and unpaid balance or balances of the
principal, interest, late charges and collection expenses evidence by this Note,
or any part thereof, together with the costs of the suit, and to waive and
release all errors in said proceedings and petitions in error and the right to
appeal from the judgment rendered, on which judgment or judgments one or more
executions may issue forthwith; and for so doing this Note or a copy hereof
verified by affidavit shall be a sufficient warrant. The foregoing warrant of
attorney shall survive any judgment rendered pursuant to this Note, and if any
such judgment be vacated for any reason, the Bank nevertheless may thereafter
use the foregoing warrant of attorney to obtain an additional judgment or
judgments against the undersigned. The foregoing warrant of attorney may be
exercised, and judgment may be taken
Page 5 of 21
81
thereby as many times as the Bank may determine in its sole discretion and may
be exercised separately with respect to each payment and other obligation
evidenced by this Note or from time to time with respect to such payments and
obligations evidenced by this Note, as the Bank may determine in its sole
discretion.
THE UNDERSIGNED HEREBY, AND ANY HOLDER HEREOF BY ITS ACCEPTANCE HEREOF,
EACH WAIVES THE RIGHT OF A JURY TRIAL IN EACH AND EVERY ACTION ON THIS
PROMISSORY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, IT BEING ACKNOWLEDGED AND
AGREED THAT ANY ISSUES OF FACT IN ANY SUCH ACTION ARE MORE APPROPRIATELY
DETERMINED BY THE COURTS; FURTHER THE UNDERSIGNED HEREBY CONSENT AND SUBJECT
THEMSELVES TO THE JURISDICTION OF COURTS OF THE STATE OF OHIO AND, WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, TO THE VENUE OF SUCH COURTS IN
FRANKLIN COUNTY.
SIGNED AND ACKNOWLEDGED:
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Realty Services, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 6 of 21
82
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Apartment Management Group, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP VIII Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 7 of 21
83
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP X Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Apartment Services, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 8 of 21
84
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XII Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Industries Development Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 9 of 21
85
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Ancillary Insurance Agency, Inc., an Ohio Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Ancillary Insurance Agency, Inc.,
A Delaware Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 10 of 21
86
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Industries of Florida Services Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Industries of Georgia Services Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 11 of 21
87
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Industries of Texas, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Industries Services Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 12 of 21
88
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Realty Company
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Regulatory of Kentucky, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 13 of 21
89
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal Regulatory of West Virginia, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
CII of Pennsylvania, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 14 of 21
90
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
R/E Management Services, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Walker Place Limited Liability Company
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 15 of 21
91
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Lexford Properties of Colorado, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Lexford Northwest, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 16 of 21
92
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XIII Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XIV Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 17 of 21
93
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XV Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XVI Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 18 of 21
94
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XVII Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal GP XVIII Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 19 of 21
95
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Cardinal LP XIX Corporation, fka Cardinal GP XIX Corporation
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Premiere Management Company, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 20 of 21
96
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Leaf Asset Management, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
WARNING--BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
- --------------------------------------------------------------------------------
TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
- --------------------------------------------------------------------------------
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
- --------------------------------------------------------------------------------
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR, WHETHER FOR
- --------------------------------------------------------------------------------
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
- --------------------------------------------------------------------------------
OR ANY OTHER CAUSE. (SEC. 2323.13, O.R.C.).
- -------------------------------------------
Lexford Properties, Inc.
By: /s/ John B. Bartling
--------------------
John B. Bartling,
Its: Chief Executive Officer
Page 21 of 21