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$71,000.00 2005®1618 SECURED PROMISSORY NOTE co o i vA '7 , 1994 For value received, the undersigned debtor promises to pay to the order of ROBERT LLOYD MINOR and MARCELLA K. MINOR, husband and wife, as joint tenants with right of survivorship, the principal sum of SEVENTY -ONE THOUSAND AND N01100 DOLLARS ($71,000.00), plus interest on the unpaid principal balance at the rate of five percent (5%) per annum. The principal shall be payable by debtor in four consecutive annual installments. Installments shall be in the amount of $17,750.00 each and shall be paid on the 3rd day of January in each year commencing with the year 1995, until all principal has been paid in full. Debtor further agrees to pay annually on the same date as said installment of the principal shall be due and payable as provided above, interest at the rate of five percent (5 %) per annum on the unpaid principal balance as the same may exist from time to time, interest to commence as of the 3rd day of January, 1994, all in accordance with the schedule of payments on Exhibit "A" attached hereto and made a part hereof by this reference. Such payments of principal and interest shall continue until the 3rd day of January, 1998, at which time any then remaining balance of principal and interest shall become at once due and payable in full. Every payment made on the indebtedness evidenced by this note shall be applied first to interest computed to the date of payment and then the principal.