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<br /> December 15, 1989 ("Note 1"), in the original principal sum of $90,000, payable
<br /> to CNB; and
<br /> WHEREAS, to secure repayment of Note 1, Jon N. Coffee executed a
<br /> Commercial Guaranty on even date therewith, whereby Jon N. Coffee, individu-
<br /> ally, guaranteed the obligations to CNB evidenced by Note 1; and
<br /> WHEREAS, Jon N. Coffee, President of CEl, executed a Promissory Note
<br /> ("Note 2"), dated November 2, 1990, in the original principal sum of $60,000,
<br /> payable to CNB; and
<br /> WHEREAS, Jon N. Coffee, President of CEr, executed a Commercial Guar-
<br /> anty dated April 2, 1990, guaranteeing the obligations of CEr to CNB, evidenced
<br /> by Note 2; and
<br /> WHEREAS, International issued Performance Bond No. 000851308 (the
<br /> "P flugerville Bond"), with CEr, as Principal, and the City of Pflugerville, as the
<br /> .
<br /> Obligee, in connection with the construction of improvements in the City of
<br /> Pflugerville; and
<br /> WHEREAS, as collateral for any claim against the Pflugerville Bond, and
<br /> any other debt owed to International by CEl, including any debt arising out of
<br /> issuance of the Performance Bond, CEl pledged to In terna tional a $25,000.00
<br /> Letter of Credit (the "MBank Letter of Cr,edit") issued by MBank-Austin, N.A.
<br /> ("MBank"), predecessor-in-interest. to Bank One; and
<br /> WHEREAS, in connection with the $25,000.00 Le t ter of Credi t issued by
<br /> MBank, Jon N. Coffee, individually, and as President of CEr, executed a promis-
<br /> sory note dated March 31, 1990, in the original principal sum of $25,000.00,
<br /> payable to rvIBank (the "MBank Note"); and
<br /> WHEREAS, to secure repayment of the MBank Note, Coffee individually
<br /> and as Presiden t of CEr, executed two security agreements granting MBank a
<br /> lien on certain equipment owned by CEr;
<br /> COMPRŒMISE AND SETTLEMENT AGREEMENT AND MUTUAL RELEASE PaRe 2
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