Exhibit
10.8
BANK OF THE JAMES FINANCIAL
GROUP, INC.
828 Main Street,
3 rd Floor
Lynchburg, VA 24504
FORM OF
6% Note due April 1, 2012
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No.
[ ]
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Lynchburg, Virginia
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$[ ]
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[Date], 2009
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PPM
No.
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FOR VALUE RECEIVED, the undersigned,
Bank of the James Financial Group, Inc. (herein called the
“Company”), a corporation organized and existing under
the laws of the Commonwealth of Virginia, hereby promises to pay to
[ ],
or registered assigns, the principal sum of
[ ]
DOLLARS on April 1, 2012, with interest (computed on the basis
of a 360-day year of twelve 30-day months) ( a ) on the
unpaid balance thereof at the rate of 6% per annum from the
date hereof, payable quarterly, on the 1st day of April, July,
October and January in each year, commencing with the 1st day of
July, 2009 (which first installment of interest shall be computed
from the date hereof, pro-rated on a per diem basis for the number
of days in any partial month based on a 30-day month), until the
principal hereof shall have become due and payable, and ( b
) to the extent permitted by law on any overdue payment of
principal or any overdue payment of interest, payable quarterly as
aforesaid (or, at the option of the registered holder hereof, on
demand), at the rate of 8% per annum (the “Default
Rate”).
Payments of
principal of and interest on this Note are to be made in lawful
money of the United States of America at 828 Main Street, 3
rd
Floor, Lynchburg,
Virginia 24504 or at such other place as the Company shall
hav
