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PROMISSORY NOTE

Promissory Note

PROMISSORY NOTE | Document Parties: GRAYMARK HEALTHCARE, INC. | APOTHECARYRX, LLC | PENDERGRAFT DRUGS, INC You are currently viewing:
This Promissory Note involves

GRAYMARK HEALTHCARE, INC. | APOTHECARYRX, LLC | PENDERGRAFT DRUGS, INC

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Title: PROMISSORY NOTE
Governing Law: Oklahoma     Date: 4/11/2008

PROMISSORY NOTE, Parties: graymark healthcare  inc. , apothecaryrx  llc , pendergraft drugs  inc
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EXHIBIT 10.11

 

PROMISSORY NOTE

 

$220,000.00

 

Oklahoma City, Oklahoma

 

 

March 26, 2008

 

FOR VALUE RECEIVED, APOTHECARYRX, LLC, an Oklahoma limited liability company (the “Borrower”), promises to pay to the order of PENDERGRAFT DRUGS, INC., an Oklahoma corporation (the “Lender”), at 1900 North Classen, Oklahoma City, Oklahoma 73106, or at such other place as may be designated in writing by the holder of this Note, the principal sum of Two Hundred Twenty Thousand Dollars ($220,000.00), together with interest thereon at the rate hereafter specified, payable as follows:

 

The unpaid principal balance of this Note will bear interest from the date of this Note until payment in full at a per annum rate equal to six percent (6.0%).  All interest will be computed as a per diem charge for the actual number of days elapsed on the basis of a year consisting of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be.

 

Provided no uncured default has occurred under this Note, the unpaid principal balance of this Note plus accrued interest thereon will be paid by the Borrower paying to the Lender twelve (12) blended quarterly installments of principal and interest equal to Twenty Thousand One Hundred Sixty Nine and 60/100 Dollars ($20,169.60), commencing on June 26, 2008, and on the twenty sixth (26 th ) day of each successive September, December, March and June thereafter through March 26, 2011 (the “Maturity Date”).  In the event of an adjustment, prepayment or set-off against the unpaid principal balance of this Note, the quarterly payment will be recalculated to the amount which would fully amortize the unpaid principal balance of this Note on such date, together with accrued interest thereon, over a term ending on the Maturity Date.  Notwithstanding anything to the contrary, the entire unpaid principal balance of this Note and all accrued and unpaid interest will be due and payable on the Maturity Date.

 

Each payment will be applied first to the payment of interest on the unpaid principal and the balance, if any, w



 
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