num.
rreoencii
c.
^oveier
ig;
ivt.
/wmene
WUIT
Page
1 of 2
PROMISSORY NOTE
DATE:
MAKER:MAKER'S ADDRESS:PAYEE:AUGUST
1,1998
THE
VARNETT SCHOOLS, INC.P.O.
BOX
1467HOUSTON, TEXAS 77261
M.
ANNETTE CLUFFPLACE OF PAYMENT: 3328 SOUTH MACGREGORHOUSTON, TEXAS 77021PRINCIPAL AMOUNT:TWENTY-FIVE THOUSAND AND NO/100 DOLLARS($26,000.00)ANNUAL INTEREST ON UNPAID PRINCIPAL FROM DATE OF FUNDING:EIGHT
AND
ONE-HALF PERCENT (8.6%)
PER
ANNUM.TERMS OF PAYMENT:Principal
and
interest
due
hereunder shall
be
paid
in
twenty-four
(24)
equal
monthly installments
of
$1,236.84
each,
on the 1st day of
each
and
every calendarmonth, beginning
September
1,1999,
and
continuing
regularly
on the
same
day of
each month thereafter through
and
including
August
1,
2001,
all
payments beingdue without grace or demand.ANNUAL INTEREST RATE MATURED, UNPAID AMOUNTS:
At
themaximum
non-usurious
interest rate allowedbyTexaslaw to becalculatedfromthedateofthis Note throughand
including
thedateoffinal paymentof theprincipal
due
under this Note.
PAYMENT
TERMS:
Maker
promises to pay to the order of Payee at the place for payment andaccording to the terms of payment the
principal
amount plus interest at the ratesstatedabove.Allpaymentsare due on thepayment dates without graceordemand.
On
default in the payment of this Note according to its terms,
this
Note
shall
become immediately due at the
election
of Payee. Maker and each surety,endorser, and guarantor waive all demand for presentation for payment, notices ofintention to accelerate maturity, protests, and notices of protest.
29
hrom: t-reoencKb. coveter To: M. Annette
ciuft
Date: 1/7/98 Time:
10:20:02
AM Page 1 of 2
APPLICATIONPromissory
Note
The
Varnett
Schools,
Inc.Page Two
If
this Note 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 proceeding, then Maker shall pay Payee reasonable
attorney's
fees in
addition
to all other amounts due. Reasonable attorney's feesshall be thirty percent (30%) of all amounts due unless the party bringing
suit
pleads
otherwise.Nothinginthis Note shall authorizethecollectionofinterestinexcessof thehighest
rate
allowed
by
law.Each Maker is responsible for the entire amount of
this
Note.This
Note
shall be interpreted under the laws of the state of Texas and venue for
any
cause of action concerning
this
Note
shall
be in Harris County, Texas.The terms MakerandPayeeandother nounsandpronouns
include
thepluralif
more
than one.Theterms MakerandPayee also include
their
respective
heirs,
personal representatives, successors
and
assigns.
All remedies provided for under
this
Note are cumulative and the exercising of any
power
shall
not
constitute
a
waiver
of any
other power.This Note may be prepaid at any time, in
full
or in part, prior to maturity, withoutpenalty.Allremedies provided under
this
Notearecumulativeand theexercisingof any
power
shall
not
constitute
a waiver of any other power.
MAKER:
THE VARNETT SCHOOLS, INC.
ifi.
ANNETTE
CLUFI
PRESIDENT
LEGAL1FREWPN
- THE
VARNETT SCHOOLS,
INC
30
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