AMENDED
PROMISSORY NOTE
This Amended Promissory Note increases the principal balance
available to Maker from $500,000 to $1,000,000.
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$1,000,000.00
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Indianapolis, Indiana
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Dated: June 15, 2005
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Fina1 Maturity Date: January 1,
2008
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On or before January 1, 2008 ("Final Maturity"), DC INVESTMENTS
LEASING, LLC, a Mississippi limited liability company (the "Maker")
promises to pay to the order of FAIR HOLDINGS, INC., an Ohio
corporation, (the "Lender") at his principal office at 815 East
Market Street, Akron, Ohio, the principal sum of ONE MILLION AND
NO/100 DOLLARS ($1,000,000) or so much of the principal
amount of the Loan represented by this Note as may be disbursed by
the Lender under the terms described below, and to pay interest on
the unpaid principal balance outstanding from time to time as
provided herein. The obligations assumed under this Promissory Note
shall be secured by a certain Security Agreement of even date
herewith.
The principal amount of the Loan outstanding from time to time
shall be determined by reference to the books and records of the
Lender and all payments by the Maker on account of the Loan shall
be recorded. Such books and records shall be deemed prima facia to
be correct as to such matters.
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Each
of the following shall constitute an Event of Default under this
Note:
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(a)
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Nonpayment of Loan: Default in the payment when due of any amount
payable under the terms of this Note, or otherwise payable to the
Lender or any holder of this Note under the terms of this Note;
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(b)
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Bankruptcy, Insolvency, etc.: Maker admitting in writing the
inability to pay his debts as they mature or an administrative or
judicial order or determination of insolvency being entered against
Maker; or Maker making a general assignment for the benefit of
creditors; or, in the absence of such application, consent or
acquiescence, a trustee or receiver being appointed for Maker or a
substantial part of his property and not being discharged within 60
days; or any bankruptcy, reorganization, debt arrangement, or other
proceeding under the bankruptcy or insolvency law, or any
dissolution or liquidation proceeding being instituted by or
against Maker.
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(c)
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Breach of the Security Agreement.
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Interest on the unpaid principal balance of the Loan outstanding
from time to time prior to Final Maturity will accrue at a per
annum rate equal to fourteen percent (14%). Interest shall be
calculated for an entire year, with the entire amount of such
interes
