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<br />EXHIBIT "D"
<br />
<br />PROMISSORY NOTE
<br />
<br />$308,700.00
<br />
<br />September 25, 1986
<br />
<br />1. FOR VALUE RECEIVED, the undersigned, ELIM WATER COMPANY,
<br />INC., ("Maker"), promises to pay to the order of S.E.M.
<br />CORPORATION ("Payee"), of the City of San Marcos, Hays County,
<br />Texas, the sum of THREE HUNDRED EIGHT THOUSAND SEVEN HUNDRED AND
<br />NO/100 DOLLARS ($308,700.00), with interest from date hereof on
<br />the principal balance from time to time remaining unpaid at the
<br />rate of eight (8)% per annum¡ matured unpaid principal and
<br />interest shall bear interest from the date of maturity until paid
<br />at the highest rate permitted by applicable law from time to time
<br />in effect so long as the debt is outstanding.
<br />
<br />2. Interest shall be due and payable on the 25th day of each and
<br />every calendar month beginning October 25, 1986 and continuing
<br />until (and including) September 25,2001. Principal and interest
<br />shall be due and payable in equal monthly installments of SIX
<br />THOUSAND ~~O HUNDRED FIFTY-NINE AND 36/100 DOLLARS ($6,259.36)
<br />each, payable on the 25th day of each and every calendar month,
<br />beginning October 25, 2001 and continuing regularly thereafter
<br />until September 25,2006, at which time the entire remaining
<br />balance of principal and interest shall be due and payable in
<br />full. Interest is calculated on the unpaid principal to the date
<br />of each installment paid, and the payment is credited first to the
<br />discharge of the interest accrued and the balance is applied to
<br />the reduction of the principal.
<br />
<br />3. If any installment or payment provided for in this Note shall
<br />become overdue for a period of ten (10) days, Payee may charge and
<br />collect a late char3e in an anount equal to five percent (5%) of
<br />any such overdue installment or payment, in order to cover the
<br />extra expense involved in handling delinquent payments.
<br />
<br />4. In the event that (i) default is made in the payment of any
<br />amounts payable hereunder, or (ii) Maker should breach any of the
<br />covenants contained in the hereinafter described Deed of Trust,
<br />Security Agreement and Financing Statement, at the option of
<br />Payee, the entire amount of this Note unpaid, together with
<br />accrued interest thereon, shall at once become due and payable,
<br />without notice, and without presentment or demand for payment, and
<br />the liens given to secure the payment of this Note may be fore-
<br />closed i~~ediately. Failure to exercise this option shall not
<br />constitute a waiver of the right to exercise such option at any
<br />other time in the future.
<br />
<br />5. If Payee declares the entire amount of this Note at once due
<br />and payable, as provided in the paragraph just above, and this
<br />Note is placed in the hands of an attorney for collection, or suit
<br />is brought on same, or the same is collected through Probate,
<br />Bankruptcy or other judicial proceedings, then Maker shall pay to
<br />the holder of this Note all costs and a reasonable amount as
<br />attorneys' fees.
<br />
<br />6. The undersigned, and all endorsers and all persons liable or
<br />to become liable on this Note, ex~ressly waive demand for payment,
<br />presentation for payment, notice of intention to accelerate matur-
<br />ity, notice of acceleration, protest and notice of protest as to
<br />this Note and as to each installment hereof.
<br />
<br />7. This Note is secured by a Deed of Trust, Security Agreement
<br />and Financing Statement, of even date herewith, to the Trustee
<br />named therein, for the use and benefit of Payee, which Deed of
<br />Trust conveys real property described therein and reference is
<br />here made to such Deed of Trust and the record thereof for all
<br />purposes.
<br />
<br />1.
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