from 10-Q
1 page
<page> Demand Note $254,000.00 May 12, 1999 R E C I T a L S: Whereas, Marathon Center, Inc., an Illinois Corporation ("Maker") Has Entered Into Negotiations With Paul H. Schwendener, Inc. ("Contractor") for the Provision by Contractor of General Contracting Services Relative to the Construction of Certain Improvements on Real Estate Located at 3232 North Halsted, Chicago, Illinois ("Property"); and Whereas, Maker Is the Owner of the Property; and Whereas, at the Request and Direction of Maker, Maurice Sanderman ("Lender") Has This Date Made Available to the Maker the Sum of This Note, Enabling Maker to Pay for Various Services Rendered for the Property Pursuant to Exhibit B Attached Hereto. for Value Received, Maker Promises to Pay to the Order of Lender, the Principal Sum of Two Hundred Fifty-Four Thousand and No/100 Dollars ($254,000.00) and Interest Beginning This Date, on the Balance of Principal Remaining From Time to Time Unpaid at the Rate of Interest Equivalent to the "Prime Rate" Ad Determined From Time to Time by Lasalle National Bank as Its Prime Rate, Plus Three Percent (3.0%). All Payments on Account of This Indebtedness Evidenced by This Note Shall Be Applied First to Accrued and Unpaid Interest on the Unpaid Principal Balance and the Remainder to Principal. Any Payments of Principal or Interest Not Paid When Demand Is Made Shall Bear Interest at the Rate of the Lesser of the Prime Rate, as Determined Above, Plus 5%, or the Maximum Rate of Interest Permitted to Be Charged in the State of Illinois. Payments of Both Principal and Interest Shall Be Made as Lender Directs. All Parties Hereto Severally Waive Presentment for Payment, Notice of Dishonor and Protest. Marathon Center, Inc. By: /S/ Joseph R. Atkin Its: Vice President
