|
PROMISSORY NOTE
<br />La Porte, Harris County, Texas
<br />$575,000.00 January 10, 1995
<br />For value received, the CITY OF LA PORTE, TEXAS, a municipal
<br />corporation and home rule city under the Constitution and laws of
<br />the State of Texas (hereinafter "Maker"), promises to pay to the
<br />order of HAROLD P. PFEIFFER (hereinafter "Payee"), Harris County,
<br />Texas, the sum of FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS
<br />($575,000.00), in legal and lawful money of the United States of
<br />America, with interest thereon from date hereof until maturity in
<br />the amounts and at the times as set out below; matured unpaid
<br />principal and interest shall bear interest at the maximum rate
<br />permitted by law from date of maturity until paid. This note is
<br />due and payable as follows, to -wit:
<br />Reduction
<br />Payment Payment Interest in Outstanding
<br />Date Amount Amount Principal Balance
<br />$575,000.00
<br />08/10/95
<br />$111,480.07
<br />$25,875.00
<br />$85,605.07
<br />489,394.93
<br />08/10/96
<br />111,480.07
<br />22,022.77
<br />89,457.30
<br />399,937.63
<br />08/10/97
<br />111,480.07
<br />17,977.19
<br />93,482.88
<br />306,454.75
<br />08/10/98
<br />111,480.07
<br />13,790.46
<br />97,689.61
<br />208,765.14
<br />08/10/99
<br />111,480.07
<br />9,394.43
<br />102,085.64
<br />106,679.50
<br />08/10/00
<br />111,480.07
<br />4,800.58
<br />106,679.50
<br />0.00
<br />Maker agrees that during the full term hereof the maximum lawful
<br />rate of interest for this note determined under Texas law shall be
<br />the lesser of the rate calculated as described in Article 717k-2,
<br />Vernon's Texas Civil Statutes, as amended, or the Indicated Rate
<br />(weekly) ceiling as Specified in Article 5069-1.04, Vernon's Texas
<br />Civil Statues, as amended. Further, to the extent that any other
<br />lawful rate exceeds the rate so determined then the higher ceiling
<br />rate shall apply.
<br />It is the intention of Maker and Payee to conform strictly to the
<br />usury laws now in force in the State of Texas, except as superseded
<br />by applicable Federal law. Accordingly, notwithstanding anything
<br />to the contrary in this note or any other agreement entered into
<br />in connection herewith, it is agreed as follows: (i) in the event
<br />that the maturity of this note is accelerated by an election of
<br />EXHIBIT A
<br />
|