Demand Note with Variable Interest Rate between American Consumers, Inc. and Matthew A. Richardson

Summary

American Consumers, Inc. has entered into a loan agreement with Matthew A. Richardson, under which the company promises to repay a principal amount of $51,546.35, subject to adjustment for further payments or 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 lender may add unpaid interest to the principal. The loan is unsecured and repayment is due upon demand by the lender.

EX-10.22 3 doc10.txt EXHIBIT 10.22 EXHIBIT (10.22) Demand Note with Variable Interest Rate between the Company and Matthew A. 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 Matthew A. Richardson 2. Promise to Pay. On Demand, we promise to pay to the order of Matthew A. Richardson the principal balance of this note with interest. The initial balance of this loan being $51,546.35 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 Mr. Richardson, 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. MATTHEW A. RICHARDSON (BORROWER) (LENDER) /s/ Paul R. Cook /s/ Matthew A. Richardson ___________________________ _________________________ PAUL R. COOK VICE PRESIDENT MICHAEL A. RICHARDSON