TERM PROMISSORY NOTE
$97,500.00
Indianapolis, Indiana
Dated: September
19, 2003
Final Maturity Date: September 19, 2008
On or before
September 19, 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 111 Monument Circle,
Suite 4800, Indianapolis, Indiana, the
principal sum of NINETY SEVEN THOUSAND FIVE HUNDRED AND NO/100 DOLLARS
($97,5000) 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 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.
Each of the
following shall constitute an Event of Default under this Note:
(a) 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;
(b) 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.
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 interest
accruing during a year to be paid over
nine
(9) monthly payments on the first day of each
month March
through November.
While no i
