Non-Negotiable Demand Note between George S. Springsteen, Kimberly A. MacDougall, and Commonwealth of Delaware, Inc.

Summary

George S. Springsteen and Kimberly A. MacDougall agree to repay $1,000,000 to Commonwealth of Delaware, Inc. on demand. The note accrues interest up to 6% per year if not paid when due. If the makers default, they must pay all collection costs, including attorney's fees. The note is related to a public offering of limited partnership interests and cannot be changed without written consent from both the payee and the partnership. It is governed by Pennsylvania law and is binding on all parties.

EX-10.4 5 b29043_ex10-4.txt EXHIBIT 10.4 NON-NEGOTIABLE DEMAND NOTE $1,000,000 Berwyn, Pennsylvania July 25, 1997 FOR VALUE RECEIVED, COMMONWEALTH George S. Springsteen and Kimberly A. MacDougall, having a business address of 1160 West Swedesford Road, Suite 340, Berwyn, PA 19312 (herein referred to as "Makers"), promise to pay Commonwealth of Delaware, Inc., a Delaware corporation having a business address of 1160 West Swedesford Road, Suite 340, Berwyn, PA 19341 (hereinafter referred to as "Payee"), on demand, the principal sum of One Million Dollars ($1,000,000) lawful money of the United States of America. The entire unpaid balance of this Note shall be immediately due and payable on demand. The principal of this Note shall bear interest at a rate no higher than six percent (6%) per annum if not paid when due. The Makers promise to pay all costs of collection, including reasonable attorney's fees, upon default in the payment of the principal of this Note, when due, whether suit be brought or not. In the event any one or more of the provisions contained in this Note shall for any reason be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Note, but this Note shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. This Note is irrevocable and is given in connection with the public offering of units of limited partnership interests in the Commonwealth Income & Growth Funds, Pennsylvania limited partnerships (the "Partnerships"), and no waiver or modification of the terms of this Note shall be permitted without the prior written consent of Payee and the Partnership. This Note shall be governed in all respects by the laws of the Commonwealth of Pennsylvania and shall be binding upon and shall inure to the benefit of the parties hereto. IN WITNESS WHEREOF, Makers have caused this Note to be duly executed the day and year first above written. WITNESS: /s/ Dorothy A. Ferguson /s/ George S. Springsteen - ------------------------------------- ---------------------------------------- George S. Springsteen /s/ Kimberly A. MacDougall ---------------------------------------- Kimberly A. MacDougall