Promissory Note Between Art's-Way Scientific, Inc. and Iowa Economic Development Authority (Contract No. 07-CEBA-043)

Contract Categories: Business Finance › Note Agreements
Summary

Art's-Way Scientific, Inc. promises to repay the Iowa Economic Development Authority $70,024.55 with 6% interest, through 31 monthly payments starting December 1, 2011. If any payment is missed, the full remaining balance becomes due immediately. The note is secured by collateral specified in a related contract. Art's-Way also agrees to cover any collection or legal costs if the note is enforced. The agreement includes standard waivers and allows for payment extensions without notice.

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EX-10.40 2 ex10-40.htm EXHIBIT 10.40 ex10-40.htm
Exhibit 10.40
 
 
PROMISSORY NOTE
Recipient: Art's-Way Scientific, Inc.
Community: City of Monona
Contract Number: 07-CEBA-043
(Forgivable Loan Shortfall and 48.6% of Remaining Loan Balance)
 
PROMISSORY NOTE
 
FOR VALUE RECEIVED, the undersigned promises to pay to the order of the IOWA ECONOMIC DEVELOPMENT AUTHORITY, at its office at 200 East Grand, Des Moines, Iowa 50309, the sum of SEVENTY THOUSAND TWENY-FOUR DOLLARS AND FIFTY-FIVE CENTS ($70,024.55) with interest thereon at SIX PERCENT (6%) to be paid as follows:
 
 
31 monthly payments of $2,437.91 beginning on December 1, 2011. Final payment may vary depending upon dates payments are received.
 
Upon default in payment of any interest, or any installment of principal, the whole amount then unpaid shall become immediately due and payable at the option of the holder.
 
The undersigned, in case of suit on this note, agrees to pay on demand all costs of collection, maintenance of collateral, legal expenses, and attorneys' fees incurred or paid by the holder in collecting and/or enforcing this Note on default.
 
This note shall be secured by the Security specified in the Contract.
 
Makers, endorsers and sureties waive demand of payment, notice of non-payment, protest and notice. Sureties, endorsers and guarantors agree to all of the provisions of this note, and consent that the time or times of payment of all or any part hereof may be extended after maturity, from time to time, without notice.
 
 
    Art's-Way Scientific, Inc.  
       
 
By:
/s/ Carrie L. Majeski  
    President, CEO and CFO   
    Print or Type Name, Title  
       
  Address:                         203 Oak Street  
                                Monona, IA 52159  
 
  Date: 11/16/2011