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®= 0002'74 <br />Minutes in Lieu of Special January /W, 1985 Page 4 <br />Meeting of Stockholder <br />and Directors of <br />The Five -B Corporation <br />Baxter's cost basis in the subject property; shall provide for an <br />interest rate of ten percent (10 %) per annum; shall be unsecured; <br />and shall be due upon demand. The stockholder and directors <br />further acknowledge that Laverne D. Baxter has previously trans- <br />ferred the beneficial use of the subject property to the-corpora- <br />tion on August 9, 1979, by granting a mortgage to the Farmers <br />Home Administration in order to induce the Farmers Home Adminis- <br />tration to loan the sum of One Hundred Seventy Thousand and <br />No /100 Dollars ($170,000.00) to the corporation on August 9, <br />1979, which loan Laverne D. Baxter was also required to <br />personally guarantee. <br />The stockholder and directors hereby approve and accept the <br />aforedescribed real estate from LaVerne D. Baxter and hereby <br />direct and authorize the President and Secretary of the corpora- <br />tion to issue a corporation promissory note to LaVerne D. Baxter <br />and Sharon Baxter upon the terms and conditions as provided <br />herein. <br />There being no further business, the meeting, upon motion <br />duly made and seconded, was duly adjourned. <br />LaVatne D. Baxter, o t older <br />and Director <br />Sharon Baxter, Director <br />0 <br />MI <br />