EX-10.1 3 dex101.txt PROMISSORY NOTE Exhibit 10.1
---------------------------------------------------------------------------------------------------- TEXAS TIMBERJACK, INC. BANCORPSOUTH BANK Loan Number 265000161597 ----------------- 6004 S US HWY 59 501 SOUTH WASHINGTON Date 6/12/2002 ------------------------ LUFKIN, TX 75901 MARSHALL, TX 75670 Maturity Date 6/12/2005 -------------- Loan Amount $ $1,000,000.00 ----------------- Renewal Of__________________ BORROWER'S NAME AND ADDRESS LENDER'S NAME AND ADDRESS "I" includes each borrower above, "You" means the lender, its joint and severally. successors and assigns. ----------------------------------------------------------------------------------------------------
For value received, I promise to you, or your order, at your address listed above the PRINCIPAL sum of ONE MILLION DOLLARS AND 00 CENTS Dollars $1,000,000.00 [X] Single Advance: I will receive all this principal sum on 6/12/2002. No additional advances are contemplated under this note. [_] Multiple Advance: The principal sum shown above is the maximum amount of principal I can borrow under this note. On______________________________ I will receive the amount of $ ________________ and future principle advances are contemplated. Conditions: The condition for future advances are_______________________ ________________________________________________________________________________ ________________________________________________________________________________ [_] Open End Credit: You and I agree that I may borrow up to the maximum amount of principal more than one time. This feature is subject to all other conditions and expires on ________________________. [_] Closed End Credit: You and I agree that I may borrow up to the maximum only one time (and subject to all other condition). INTEREST: I agree to pay interest on the outstanding principal balance from 6/12/2002 at the rate of 6.170% per year until paid in full. [_] Variable Rate: This rate may change as stated below. [_] Index Rate: The future rate will be ___________________ the following index rate:_______________________________________________________________ ________________________________________________________________________________ [_] Ceiling Rate: The interest rate ceiling for this note is the _________ ceiling rate announced by the Credit Commissioner from time to time. [_] Frequency and Timing: The rate on this note may change as often as _________________________________________________________________________. A change in the interest will take effect __________________________________________________________________________ [_] Limitations: During the term of this loan, the applicable annual interest rate will not be more than N/A % or less than N/A %. The rate may not change more than N/A % each N/A %. Effect of Variable Rate: A change in the interest rate will have the following effect on the payment: [_] The amount of each scheduled payment will change. [_] The amount of the final payment will change. [_]_______________________________________________________________________ ACCRUAL METHOD: Interest will be calculated on a ACTUAL/360 DAY basis. POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note owing after maturity, and until paid in full, as stated below: [X] on the same fixed or variable rate basis in effect before maturity (as indicated above). [_] at the rate equal to _________________________________________________ [_] LATE CHARGE: If a payment is made more than ______ days after it is due, I agree to pay a late charge of___________________________________________________ ________________________________________________________________________________ [_] ADDITIONAL CHARGES: In addition to interest, I agree to pay the following charges which [_] are [_] are not included in the principal amount above: ____________________________________________________________________________ PAYMENTS: I agree to pay this note as follows: [_] Interest: I agree to pay accrued interest ________________________________________________________________________________ ________________________________________________________________________________ [_] Principal: I agree to pay the principal ____________________________________ ________________________________________________________________________________ [X] Installments: I agree to pay this note in 36 payments. The first payment will be in the amount of $30,535.75 and will be due 7/12/2002. A payment of $30,535.75 will be due 12TH OF EACH MONTH thereafter. The final payment of the entire unpaid balance of the principal and interest will be due 6/12/2005. ADDITIONAL TERMS; SECURITY: 1/ST/ DEED OF TRUST COMMERCIAL BUILDING LOATED AT 6004 US HIGHWAY 59 S [X] SECURITY: This note is LUFKIN, ANGELINA COUNTY, TEXAS 75901 separately secured by (describe separate document by type and date): D/T DATED 6/12/2002 (This section is for your internal se. failure to list a separate security document does not mean the agreement will not secure this note.) ------------------------------------- ---------------------------------------- THIS WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES PURPOSE: The purpose of this loan AND MAY NOT BE CONTRADICTED BY EVIDENCE REFINANCED FROM ANOTHER INSTITUTION OF PRIOR, (BUSINESS) CONTEMPORANEOUS, OR SUBSEQUENT ORAL ------------------------------------- AGREEMENTS OF THE PARTIES. SIGNATURES: I AGREE TO THE TERMS OF THERE ARE NO UNWRITTEN ORAL THIS NOTE(INCLUDING THOSE ON PAGE 2). AGREEMENTS BETWEEN THE PARTIES. I have received a copy on today's date. ---------------------------------------- Signature for Lender _____________________________________ TEXAS TIMBERJACK, INC. BY HAROLD ESTES, PRESIDENT