Promissory Note Between Sylvia Schaefer and Claire's Stores, Inc. Dated January 23, 2002

Contract Categories: Business Finance › Note Agreements
Summary

Sylvia Schaefer has agreed to repay Claire's Stores, Inc. $250,000 plus interest at an annual rate of 2.71%. The loan is payable on demand, and Sylvia may repay all or part of the amount at any time without penalty. The agreement is governed by Florida law, and both parties waive the right to a jury trial in case of disputes. The note must be returned to Sylvia once the debt is fully paid.

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EX-10.(S) 5 g75895ex10-s.txt PROMISSORY NOTE DATED 1/23/02 OF $250,000 EXHIBIT (10)(s) PROMISSORY NOTE $250,000 DATED: JANUARY 23, 2002 FOR VALUE RECEIVED, SYLVIA SCHAEFER (THE "BORROWER"), RESIDING AT 1601 DIPLOMAT PARKWAY, HOLLYWOOD, FLORIDA 33019, PROMISES TO PAY TO THE ORDER OF CLAIRE'S STORES, INC., A FLORIDA CORPORATION (THE "PAYEE"), AT THE OFFICES OF THE PAYEE LOCATED AT 3 S.W. 129TH AVENUE, PEMBROKE PINES, FLORIDA 33027, OR AT SUCH OTHER PLACE AS THE PAYEE MAY SPECIFY FROM TIME TO TIME, IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA, THE PRINCIPAL SUM OF TWO HUNDRED FIFTY THOUSAND DOLLARS AND 00 CENTS ($250,000) PLUS INTEREST ON DEMAND. THE UNPAID BALANCE OF THIS NOTE SHALL, UNTIL PAID IN FULL, BEAR INTEREST AT THE RATE OF 2.71% PER ANNUM. INTEREST, IF ANY, SHALL BE CALCULATED ON THE BASIS OF A 360-DAY YEAR AND A YEAR CONSISTING OF TWELVE 30-DAY MONTHS. THE BORROWER MAY, AT HER OPTION, AT ANY TIME AND FROM TIME TO TIME, PREPAY ALL OR ANY PART OF THE PRINCIPAL BALANCE OF THIS NOTE, WITHOUT PENALTY OR PREMIUM. UPON FINAL PAYMENT OF THE PRINCIPAL AND INTEREST ON THIS NOTE, IT SHALL BE SURRENDERED TO THE BORROWER FOR CANCELLATION. PRESENTMENT FOR PAYMENT, DEMAND, NOTICE OF DISHONOR, PROTEST, NOTICE OF PROTEST AND ALL OTHER DEMANDS AND NOTICES IN CONNECTION WITH THE DELIVERY, PERFORMANCE AND ENFORCEMENT OF THIS NOTE ARE HEREBY WAIVED. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY CHOICE OF LAW PROVISIONS. THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT SHE MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS NOTE AND AGREES THAT ANY SUCH DISPUTE SHALL, AT THE OPTION OF THE PAYEE, BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. ------------------------------------- SYLVIA SCHAEFER