PROMISSORY NOTE
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Date: November 1, 2000
Maker: Ameri-First Financial Group, Inc.,
Ameri-First Securities, Inc.,
Ameri-First Financial Corporation,
Jeffrey C. Bruteyn, and
James N. Chatham III
Maker's Mailing Address: 4514 Cole Avenue
Suite 806
Dallas, Texas 75205
Payee: Wilkerson Consulting, Inc.
a Nevada corporation
Place for Payment: 13663 Jupiter Road,
Suite 401
Dallas, Texas 75238
Principal Amount: $1,800,000.00
Annual Interest Rate on
Unpaid Principal from Date: 10.0%
Annual Interest Rate on
Matured, Unpaid Amounts: 15.0%
Terms of Payment
(Principle and Interest): Monthly payments of principal and
interest in the amount of
$108,102.74, beginning on December
1, 2000, with the Principal Amount
and all accrued interest due and
payable in full on or before May 1,
2002
Security for Payment: All of the issued and outstanding
stock of Ameri-First Securities,
Inc., all assets of Makers, whether
PROMISSORY NOTE -- Page 1
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such assets be real property,
personal property, or mixed, all of
the assets of Ameri-First Financial
Corporation, whether such assets be
real property, personal property,
or mixed, Ameri-First Financial
Group, Inc. Stock Certificate No.
______, R/N/O Jeffrey C. Bruteyn
and Ameri-First Financial Group,
Inc. Stock Certificate No.
______, R/N/O Hess Capital, L.L.C.
Maker promises to pay to the order of Payee at the place for payment
and according to the terms of payment the Principal Amount plus all accrued
interest. All unpaid amoutns shall be due by the final scheduled payment date.
On default in the payment of this Note, the unpaid principal balance
shall become immediately due at the election of Payee. Maker and each surety,
endorser, and guarantor waive all demands for payment, presentation for payment,
notices of intention to accelerate maturity, notices of acceleration of
maturity, protests, and notices of protest. In the event of default in the
payment of this Note, the holder hereof may, at any time following default,
exercise any fo its rights an remedies, including, but not limited to, its
rights to retain and/or sell any collateral pursuant to the terms of any
security instrument relating to this Note. If the proceeds of the disposition of
any collateral is not sufficient to pay the Obligation in full, Maker shall
remain liable for any deficiency.
If this Note or any instrument securing or collateral to it is given to
an attorney for collection or enforcement, or if suit is brought for collection
or enforcement, or if it is collected or enforced through probate, bankruptcy,
or other judicial proceedings, Maker shall pay Payee all costs of collection and
enforcement, including reasonalbe attorney's fees and court costs, in addition
to other amounts due.
Maker may prepay all or part of the Principal Amount at any time
without notice or penalty.
When the context requires, singular nouns and pronouns include the
plural.
This Note shall be governed by and construed in accordance with the
laws of the State of Texas.
PROMISSORY NOTE -- Page 2
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All notices given or required by this Note shall be hand delivered or
sent by United States Mail, certified, return receipt requested, postage
prepaid, addressed to Maker or Payee, as applicable, at the addresses set forth
above, or at such other address, as the parties give notice as herein provided.
All notices given other than by hand delivery shall be deemed effective three
(3) days after deposit in the United States Mail, as aforesaid. All notices
given by hand delivery shall be effective when received by the addressee named
therein.
EXECUTED to be effective as of the date first above written.
MAKER:
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AMERI-FIRST FINANCIAL GROUP, INC.,
a Nevada Corporation
By: /s/ Jeffrey C. Bruteyn
---------------------------------
Jeffrey C. Bruteyn
Chief Executive Officer
AMERI-FIRST SECURITIES, INC.,
a Texas Corporation
By: /s/ Jeffrey C. Bruteyn
---------------------------------
Jeffrey C. Bruteyn, President
AMERI-FIRST FINANCIAL CORPORATION,
a Texas Corporation
By: /s/ Jeffrey C. Bruteyn
---------------------------------
Jeffrey C. Bruteyn, President
/s/ Jeffrey C. Bruteyn
------------------------------------
JEFFREY C. BRUTEYN
PROMISSORY NOTE -- Page 3
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