Exhibit #10.40
SATISFACTION: The debt evidenced by
this Note has been satisfied in full this
31 day of August__, 2000
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Signed :__________________________
PROMISSORY NOTE
$___194,350,23____
HIGH POINT_____, NC
March 31_______,2000
FOR VALUE RECEIVED the undersigned, jointly and severally, promise to pay to
Hayworth Roll & Panel, Co., Inc.
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or order,
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principal sum of ONE HUNDRED NINETY FOUR THOUSAND, THREE HUNDRED FIFTY
AND 27/100______
(10.00) per annum on the unpaid balance until paid or until default,
both principal and interest payable in lawful money of the United States
of America, at the office of HAYWORTH ROLL & PANEL CO., INC. P.O. BOX
2244 HIGH POINT, NC 27261-2244__________________________________________________
or at such place as the legal holder hereof may designate in writing. It is
understood and agreed that additional amounts may be advanced by the holder
hereof as provided in the instruments, if any, securing this Note and such
advances will be added to the principal of this Note and will accrue interest at
the above specified rate of interest from the date of advance until paid. The
principal and interest shall be due and payable as follows:
See Amortization schedule attached
If not sooner paid, the entire remaining indebtedness shall be due and payable
on March 31, 2003________________
If payable in installment, each such installment shall, unless otherwise
provided, be applied first to payment of interest then accrued and due on the
unpaid principal balance, with the remainder applied to the unpaid principal.
Unless otherwise provided, this Note may be prepaid in full or in part at any
time without penalty or premium. Partial prepayments shall be applied to
installments due in reverse order of their maturity.
In the event of (a) default in payment of any installment of principal or
interest hereof as the same be ones due and such default is not cured within ten
(10) days from the due date, (b) default under the terms of any instrument
securing this Note, and such default is not cured within fifteen (15) days after
written notice to maker, then in either such event the holder may without
further notice, declare the remainder of the principal sum, together with all
interest accrued thereon and, the prepayment premium, if any, at once due and
payable. Failure to exercise this option shall not constitute a waiver of the
right to exercise the same at any other time. The unpaid principal of this Note
and any part thereof, accrued interest and all other sums due under this Note
and the Deed of Trust, if any, shall bear interest at the rate of twelve percent
(12.00%) per annum after default until paid.
All parties to this Note, including maker and sureties, endorsers, or guarantors
hereby waiver protest, presentment, notice of dishonor, and notice of
acceleration of maturing and agree to continue to remain bound for the payment
of principal, interest and all other sums due under this Note and the Deed of
Trust notwithstanding any change or changes by way of release, surrender,
exchange, modification or substitution of any security for this Note or by way
of any extension or extensions of time for the payment of principal and
interest; and all such parties waive all and every kind of notice of such change
or changes and agree that the same may be made without notice or consent of any
other them.
Upon default the holder of this Note may employ an attorney to enforce the
holder's rights and remedies and the maker, principal, surety, guarantor and
endorsers of this Note hereby agree to pay to the holder reasonable attorneys
fees equal to fifteen percent (15%) of the outstanding balance owing on said
Note, plus all other reasonable expenses incurred by the holder in exercising
any of the holder's rights and remedies upon default. The rights and remedies of
the holder as provided in this Note and any instrument securing this Note shall
be cumulative and may be pursed singly, successively, or together against the
property described in the Deed of Trust or any other funds, property or security
held by the holder for payment or security, in the sole discretion of the
holder. The failure to exercise any such right or remedy shall not be a waiver
or release of such rights or remedies or the right to exercise any of them at
another time,
This Note is to be governed and construed in accordance with the laws of the
State of North Carolina.
This Note is given ___________ for goods sold on account _______________________
and is unsecured.
IN TESTIMONY WHEREOF, each corporate maker has caused this instrument to be
executed in its corporate name by its _____ President, attested by its
_____________Secretary and its corporate seal to be hereto affixed, all by order
of its Board of Directors first duly given, the day and year first above
written.
IN TESTIMONY WHEREOF, each individual maker has hereunto set his hand and
adopted as his seal the word "SEAL" appearing beside his name, the day and year
first above written.
_______________________________(SEAL)
Wellington Hall, Ltd. & Subsidiary
_______________________________(SEAL)
By: _______________________________
______________________________(SEAL)
President
ATTEST:
______________________________(SEAL)
Secretary (Corporate Seal)