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<br /> 2, Promiasory Nota by Wheeler �late, L.L.C., in favor of
<br /> -� Vadaron Inveetmente, Inc., irx the amount of $50,000.00 dated of
<br /> _.�__-��� even date herewith, a Third Deed of Truet securing aaid
<br /> Promiaeory Note dated of even date herewith and encumbering the Q,,*,
<br /> -�,��:�;�� Propexty, and a Security Agreement sacuring eaid Promiesory Note
<br /> �"��`''�'`'�' "'' dated of even date herewitht z _
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<br /> .�_._ L.L.C.
<br /> ' 3, Promisaory Note by Piney Ridge, , in favor o
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<br /> +v`/'� f��� ;��r� Barnaby'e, Inc. , in the amount of $55,000.00 dated of even date � :
<br /> �`°�, ' herewith and a Security Agreement securing said Promiasory Note
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<br /> � ,r��r.��.�,.�.� dated of even date herew t . —._..
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<br /> — x' • S�ation Z.3 T�rmiu+�tion o! Ssaurity =atsr�at. Upon payment
<br /> �` S in full of the Liabilities secured hereby, the security intereat
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<br /> �°• � .. • hereunder shall terminate and Lender shall promptly execute and
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<br /> _,- ,� �,;,,.,,�.,�.�:,.�.• �. 3eliver to Debtor the appropriate instrumenta required to
<br /> ' :�'� - •' �� � terminate and release any and all Financing Statements filed or
<br /> �� "�' �. -�°. ±, recorded a.n connection herewith.
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<br /> �� .� ,::;,�: , 1►RTICLB TSRgE --
<br /> �r . '• MIBCELLANEOUB --
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<br /> , ,�.;� 3oatioa 3.1 Waiver. The Lender shall not be deemed to have �
<br /> waived any of its rights Izereunder or in the c�llateral (or any
<br /> ��� part thereof� unlesa such wai.ver i.s in writing, and no delay or _
<br /> - omisoion by the Lender in exercising any right ahall operate as a _
<br /> '� wa�ver thereof or of any other rights. The Lender may permit the _
<br /> Debtor to remedy any default without waiving the default so �:,
<br /> - --------�- -- remedied and i.��e Lend�r may :•:ai��e an; �efa»1 r. without waiving any
<br /> � other subsequent or prior default by the Debtor. �
<br /> r.,
<br /> Seatioa 3.2 Partiea Bound. Each person aigning this '''-
<br /> . Agreement , other than the Lender, ia a Debtor, and the N.--
<br /> _ � , ' Liabilities hereunder of all the Debtors are joint and aeveral. �
<br /> � .. Thia Agreement benefits the Lender, its succesaors and assigns, _
<br /> �. � � and binds the Debtors and their reapective heirs, peraonal �
<br /> �r: ` repreaentatives, succesaors and assigns.
<br /> f. � r
<br /> � ' � 3eation 3.3 Notiaea . Written notice, when required by law, ..
<br /> sent to t he address of the Debtor at least 10 calendar days `
<br /> � (counting the day of sending) before the date of a proposed �
<br /> disposition of the Collateral is reasonable notice. �
<br /> Section 3.4 Term. This Agreement and the security interest �
<br /> in the collateral created hereby shall terminate when the ?
<br /> �''" Liabilities have been paid in full aiid all other agreements ,
<br /> ' • between t he Debtor and the Lender relating to the Liabilities
<br /> "� have terminated, and prior to such payment and termination, this
<br /> . . sha11 be a continuing agreement. �
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