EXHIBIT (10.22)
Demand Note with Variable Interest
Rate between the Company and
Xxxxxxx X. Xxxxxxxxxx
DEMAND NOTE
WITH VARIABLE INTEREST RATE
April 1, 1999 Fort Oglethorpe, Georgia
1. Loan Agreement.
This Loan Agreement is made and entered into this date between
American Consumers, Inc., a Georgia Corporation (herein after called
"Company") and Xxxxxxx X. Xxxxxxxxxx
2. Promise to Pay.
On Demand, we promise to pay to the order of Xxxxxxx X. Xxxxxxxxxx the
principal balance of this note with interest. The initial balance of
this loan being $51,546.35 with said balance being adjusted as
payments and/or additional loans are made by or to the Company.
3. Interest.
This loan contains a variable rate feature. The annual percentage rate
may change monthly during the term of this transaction when the
Company's "bank rate" changes. Monthly interest payments will be due
and payable on the 10th of each month beginning May 10, 1999 until
such indebtedness evidenced hereby is paid in full. If payment of
interest is not made, at the discretion of Xx. Xxxxxxxxxx, said
interest amount will be added to the principal balance as of the first
of each month.
4. Collateral.
This loan is unsecured.
AMERICAN CONSUMERS, INC. XXXXXXX X. XXXXXXXXXX
(BORROWER) (LENDER)
/s/ Xxxx X. Xxxx /s/ Xxxxxxx X. Xxxxxxxxxx
___________________________ _________________________
XXXX X. XXXX VICE PRESIDENT XXXXXXX X. XXXXXXXXXX
