Demand Note with Variable Interest Rate between American Consumers, Inc. and Michael A. & Diana K. Richardson

Contract Categories: Business Finance › Note Agreements
Summary

American Consumers, Inc. has entered into a demand note agreement with Michael A. Richardson and Diana K. Richardson. The company promises to repay a loan of $96,778.50, with the balance adjusted for any payments or additional loans. The loan carries a variable interest rate that may change monthly based on the company's bank rate, with interest payments due on the 10th of each month. The loan is unsecured and can be called for repayment at any time by the lenders.

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EX-10.21 2 doc9.txt EXHIBIT 10.21 EXHIBIT (10.21) Demand Note with Variable Interest Rate between the Company and Michael A. and Diana K. Richardson DEMAND NOTE WITH VARIABLE INTEREST RATE April 1, 1999 Fort Oglethorpe, Georgia 1. Loan Agreement. This Loan Agreement is made and entered into this date between American Consumers, Inc., a Georgia Corporation (herein after called "Company") and Michael A. Richardson and Diana K. Richardson. 2. Promise to Pay. On Demand, we promise to pay to the order of Michael A. Richardson and/or Diana K. Richardson the principal balance of this note with interest. The initial balance of this loan being $96,778.50 with said balance being adjusted as payments and/or additional loans are made by or to the Company. 3. Interest. This loan contains a variable rate feature. The annual percentage rate may change monthly during the term of this transaction when the Company's "bank rate" changes. Monthly interest payments will be due and payable on the 10th of each month beginning May 10, 1999 until such indebtedness evidenced hereby is paid in full. If payment of interest is not made, at the discretion of the Richardson's, said interest amount will be added to the principal balance as of the first of each month. 4. Collateral. This loan is unsecured. AMERICAN CONSUMERS, INC. MICHAEL A. & DIANA K. RICHARDSON (BORROWER) (LENDER) /s/ Paul R. Cook /s/ Michael A. Richardson ___________________________ ________________________________ PAUL R. COOK VICE PRESIDENT MICHAEL A. RICHARDSON