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L~ <br />C~ <br />CITY OF LA PORTE <br />La Porte, Texas <br />PROMISSORY NOTE <br /> <br />$85,000.00 La Porte, Harris County, Texas July 18, 1984 <br />For value received, the CITY OF LA PORTE, a municipal corporation, <br />Harris County, Texas, does hereby promise to pay to the order of <br />FIRST CITY BANK OF LA PORTE, at its banking offices in the City of <br />• La Porte, Harris County, Texas, not to execeed the sum of EIGHTY-FIVE <br />THOUSAND AND NO/100 DOLLARS ($85,000.00), in legal and lawful money <br />of the United States of America, with interest thereon from date <br />hereof until maturity at the rate of eight and six-tenths percent <br />(8.6~) per annum; the interest payable with principal; matured unpaid <br />principal and interest shall bear interest at the rate of ten percent <br />(10$) per annum from date of maturity until paid. <br />This note is due and payable as follows, to-wit: <br />In 36 equal monthly installments of TWO THOUSAND <br />SIX HUNDRED FORTY-SEVEN DOLLARS AND NINETY-THREE <br />CENTS ($2,647.93) each, including interest at the <br />rate of eight and six-tenths percent (8.6~) per <br />annum on the unpaid balance of principal, the <br />first of such monthly installments to be due and <br />payable on or before September 1, 1984, and a like <br />installment being due and payable on the lst day <br />• of each succeeding calendar month, until the full <br />principal balance, and all interest due thereon, <br />shall have been fully and finally paid. <br />In the event default is made in the prompt payment of this note <br />when due or declared due, and the same is placed in the hands of an <br />attorney for collection, or suit is brought on same, or the same is <br />collected through Bankruptcy or other judicial proceedings, then the <br />• makers agree and promise to pay ten percent (10~) additional on the <br />amount of principal and interest then owing, as attorney's fees. <br />Kb <br />