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EXHIBIT 10.10
PROMISSORY NOTE
$308,203.00
Date: April 1, 1997
After date, for value received, the undersigned as principles promise
to pay OrganiGro, Inc. and Synagro Technologies, Inc. the sum of Three Hundred
Eight Thousand Two Hundred Three Dollars ($308,203), with interest of 6% per
annum.
This note is in connection with the certain sale and purchase
agreement dated March 31, 1997 for all of the assets of Xxxxxx Heavy Duty Truck
Repair. It is understood that this note agreement is for a period of sixty
(60) months or five years with the first cash payment payable one (1) year from
the date of this agreement in monthly installments thereafter.
It is agreed by all parties to this note, both makers and payees, that
the monthly amount payable will be determined at the end of the first year
after all consideration for right of offset for those services provided per the
sale and purchase agreement articles 4 and 5. Thereafter, the payments will be
Three Thousand Seven Hundred Dollars ($3,700.00) monthly with the remaining
balance due March 31, 2002, see the attached amortization schedule.
The makers and endorsers of this note hereby severally waive the
presentation for payment, notice of nonpayment without notice of protest, and
consent to extension of time of payment without notice thereof. Should the
makers and endorsers of this note become thirty (30) days late on any payment,
the principal has the option to foreclose on said note and mortgage if they
elect to do so. Furthermore, should the guarantors and principals of this note
fail to comply with all notes subsequently financed for purposes of complying
with the debt assumption per article 2A of the sale and purchase agreement, any
payment not made pursuant to the bank arrangements would be considered a
default of this note agreement, as well, also known as a cross default
provision.
Should it become necessary for the payee to institute legal action for
the collection of this note, the makers and endorsers hereby agree to pay
reasonable attorneys fees in the collection of and enforcement of this note.
XXXXXX HEAVY DUTY TRUCK REPAIR, INC.
/s/ Xxxx Xxxxxx /s/ Xxxx X. Xxxxxxxx
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Its President Xxxx X. Xxxxxxxx, an individual
ATTEST: /s/ Xxxx X. Xxxxxxxx /s/ Xxxx Xxxxxx
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Xxxx Xxxxxx, an individual
