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<br /> .L45 <br />STATE OF TEXAS <br /> TEXAS ECONOMIC DEVELOPMENT <br />COUNTY OF HAYS PROGRAM CONTRACT <br />KNOW ALL PERSONS BY THESE PRESENTS: <br /> THIS R~L ESnTE LIEN OOTE ~D EC~IC œ~L~E~ C=~T <br />(AGREEMENT) is entered into as of the day of 'rl/, 1989, <br />by and between the City of San Marcos CITY), and Environmental <br />Projection Systems, Inc. ( EPS); and Henry Oles, (GUARANTOR). <br /> WITNESSETH: <br /> WHEREAS, the City is interested in expanding its economic <br />base with the primary emphasis on creating and retaining permanent <br />jobs; and, <br /> \vHEREAS, the City is under a contractual agreement with the <br />Texas Department of Commerce, an agency of the State of Texas, to <br />implement an economic development program in a non-entitlement <br />area under Title I of the Housing and Community Development Act of <br />1974, as amended; and, <br /> WHEREAS, EPS is interested in maintaining and expanding its <br />economic base in the City of San Marcos; NOW, THEREFORE, <br />In consideration for the mutual covenants and agreements herein <br />contained the parties do hereby agree as follows: <br /> PART 1 - REAL ESTATE LIEN NOTE <br /> EPS promises to pay to the order of City at 63Ø East Hopkins <br />Street, San Marcos, Texas 78666 to the attention of "FINANCE <br />DEPARTMENT - ACCOUNTS RECEIVABLEII ONE HUNDRED FORTY THOUSAND <br />DOLLARS l:;>14Ø,ØØØ.ØØ), together with interest thereon from May 1, <br />1989 until paid at the rate of five percent (5%) a.p.r. principal <br />and interest are payable in monthly installments of Nine Hundred <br />Fifty-five and Ø5/1ØØ Dollars ($955.Ø5) or more each on the 3Øth <br />day of every month, beginning September 3Ø, 1989 and continuing <br />regularly until the principal and interest have been paid. Each <br />installment will be applied first to payment of accrued interest <br />on the unpaid principal, and the remainder will be applied to <br />reduction of unpaid principal. All unpaid amounts shall be due by <br />the final scheduled payment date. <br />This note is secured by a Deed of Trust of even date from EPS to <br />Brenda K. Smith, Trustee which covers the property more <br />particularly described in Exhibit IIAII, attached hereto and made a <br />part hereof for all purposes. The lien securing this note shall <br /> -1- <br />