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Exhibit 4.1
PROMISSORY NOTE
Amount: $600,000
Date: April 4,
2008
Maturity Date: October
4, 2008
FOR VALUE RECEIVED, 600 South Deacon LLC, a Michigan Limited
Liability Company
(Borrower), whose address is 600 South Deacon a/k/a 12200 Pleasant,
Detroit, MI
48127, promises to pay to the order of Deacon Enterprises, Inc., a
Michigan
Corporation (Lender) at 1138 Fox Chase Road, Bloomfield Hills,
Michigan 48301,
or another place Lender designates in writing, the principal sum of
$600,000,
plus interest as provided in this promissory note (Note) on all
amounts
outstanding, all in lawful money of the Unite States of America as
stated below.
1. INTEREST RATE. The principal amount outstanding under this
Note
shall bear interest at the rate of 10% per annum.
2. PAYMENT. This Note shall be paid in 6 consecutive monthly
payments
of principal and interest beginning on May 4, 2008, and continuing
on the same
day of each consecutive month after that. The final payment will be
due on the
Maturity Date. The first five payments shall be equal payments of
$50,000 and
the final payment shall be a balloon payment on the Maturity Date.
An
amortization schedule is attached for illustrative purposes. All
payments
required to be paid shall first be applied to accrued interest, and
then the
balance against the principal. Notwithstanding anything to the
contrary
contained herein, all outstanding principal and accrued and unpaid
interest
shall be paid in full on or before the Maturity Date
3. PREPAYMENT. This Note may be prepaid in whole or part at any
time
without premium or penalty.
4. INTEREST RATE LIMITED TO MAXIMUM PROVIDED BY LAW. Nothing in
this
Note shall be construed or operate to require Borrower to pay or be
charged
interest at a rate greater than the maxi
