EXHIBIT 10.1
Promissory Note dated July 1, 1995 and executed August 23, 1995 given by UCI
Medical Affiliates of South Carolina, Inc. to Peter G. Manos, M.D.
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EXHIBIT C
PROMISSORY NOTE
Effective Date: July 1, 1995
For valuable consideration received, UCI Medical Affiliates of South Carolina,
Inc. (the MAKER) promises to pay to Peter G. Manos, M.D., (HOLDER) $350,000 in
installments, with interest at 9.0 percent calculated monthly, as follows:
(1) Twenty Five Thousand ($25,000) due on July 15, 1995;
(2) Twenty Five Thousand ($25,000) due on August 15, 1995;
(3) Twenty Five Thousand ($25,000) due on September 15, 1995;
(4) The remaining balance due in Twenty Four (24) equal monthly
installments and the first payment of the series of payments due on October 15,
1995, as indicated on the amortization schedule attached.
The amounts due shall be payable in lawful money of the United States of America
to the Holder at his respective home address or at such other place as the
Holder may designate in writing.
If at any time (i) any payment under the Purchase Agreement shall be past due
and unpaid or the Maker is otherwise in default (Maker having ten (10) days as a
grace period for any payment); or (ii) Maker violates any covenant made in this
Promissory Note or the Purchase Agreement, then the whole amount evidenced by
this Note shall, at the option of the Holder, become immediately due and
payable, and Holder shall have the right to institute any proceedings upon this
Note collecting all unpaid principal and accrued, but unpaid interest, with all
cost and expenses, including, but not limited to, costs incurred protecting the
value of any collateral and reasonable attorney fees, should an attorney be
engaged to assist in collection of any past due amounts. Beginning on the date
of a default, all unpaid amounts shall accrue interest at a penalty rate equal
to an additional twelve percent (12%) per annum, compounded monthly, in addition
to any other interest charged during the period when Maker is past due or
otherwise in default until the payment demanded or other required performance
has been received in full or the Holder has waived the default.
The Maker expressly waives: (a) notice of acceptance; (b) presentment and demand
for payments due and payable; (c) protest and notice of dishonor; and (d) any
right to assert against the holder, as a defense, counterclaim, set-off, or
cross-claim any
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defense (legal or equitable) set-off, counterclaim or claim which the Maker may
now or hereafter have against the Holder with respect to payments under this
Note (except adjustments referred to above) asserted against the Holder in a
separate action, any claim, action, cause of action, or demand that the Maker
may have.
No extension of time for payment of this Note made by agreement with any person
now or hereafter liable for the payment of this Note shall operate to otherwise
release, discharge, modify, change or affect the original liability of the Maker
under this Note, either in whole or in part. Any failure of the Maker to
exercise any rights hereunder shall not constitute a waiver of the rights to the
later exercise thereof.
This instrument was executed and delivered in the State of South Carolina and
shall be governed by and construed in accordance with the laws of the State of
South Carolina, without giving effect to the principles of conflicts of laws.
Whenever used, the word, "Maker" shall be deemed to include the respective
successors and assigns of the Maker and the singular number shall include the
plural, the plural the singular and the use of any gender shall be applicable to
all genders. All determinations as to events of default or choice of remedies
shall be made by Holder, in his sole discretion, and the other Holder shall be
bound by this determination.
This Note may not be changed orally, but only by an agreement in writing and
signed by the party against whom enforcement of any waiver, change, modification
or discharge is sought.
MAKER:
UCI MEDICAL AFFILIATES, INC.
By: (Signature of M.F. McFarland, III, M.D.)
M.F. McFarland, III, M.D.
Its: President
President
IN PRESENCE OF:
STATE OF SOUTH CAROLINA, COUNTY OF RICHLAND
On the 25th day of August, 1995, before me personally came M.F. McFarland,
III, M.D. to me known to be the individual described in and who executed the
foregoing instrument, and acknowledged that M.F. McFarland, III, M.D. executed
the same.
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SWORN to before me this
25th day of August, 1995.
(Signature of Brenda H. Viera) (SEAL)
Notary Public for South Carolina
My Commission Expires: January 4, 2003
IN PRESENCE OF:
STATE of SOUTH CAROLINA, COUNTY OF RICHLAND
On the 25th day of August, 1995, before me personally came M.F. McFarland,
III, M.D. as President of UCI Medical Affiliates, Inc. to me known to be the
individual described in and who executed the foregoing instrument, and
acknowledged that M.F. McFarland, III, M.D. as President of UCI Medical
Affiliates, Inc. executed the same.
SWORN to before me this
25th day of August, 1995.
(Signature of Brenda H. Viera) (SEAL)
Notary Public for South Carolina
My Commission Expires: January 4, 2003
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AMORTIZATION SCHEDULE
Per Promissory Note & Asset Purchase Agreement
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PAYMENT # DUE DATE PAYMENT
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1. 07/15/95 $ 25,000.00
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2. 08/15/95 25,000.00
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3. 09/15/95 25,000.00
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4. 10/15/95 12,842.48
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5. 11/15/95 12,842.48
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6. 12/15/95 12,842.48
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7. 01/15/96 12,842.48
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8. 02/15/96 12,842.48
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9. 03/15/96 12,842.48
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10. 04/15/96 12,842.48
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11. 05/15/96 12,842.48
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12. 06/15/96 12,842.48
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13. 07/15/96 12,842.48
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14. 08/15/96 12,842.48
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15. 09/15/96 12,842.48
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16. 10/15/96 12,842.48
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17. 11/15/96 12,842.48
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18. 12/15/96 12,842.48
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19. 01/15/97 12,842.48
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20. 02/15/97 12,842.48
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21. 03/15/97 12,842.48
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22. 04/15/97 12,842.48
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23. 05/15/97 12,842.48
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24. 06/15/97 12,842.48
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25. 07/15/97 12,842.48
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26. 08/15/97 12,842.48
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27. 09/15/97 12,842.48
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