PROMISSORY NOTE
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$2,719,454.29
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Due Date: March 27, 2009
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For value
received, the undersigned, jointly and severally, promise to pay to
the order of Forest River, Inc. the sum of Two Million Seven
Hundred Nineteen Thousand Four Hundred Fifty-four and 29/100
Dollars ($2,719,454.29) at 55470 County Road 1, Elkhart, Indiana
46514 or at such other place as the holder hereof may direct in
writing, with interest on the unpaid balance at the rate of Ten
Percent (10%) per annum from February 19, 2009 until paid, with
attorney's fees and costs of collection, and without relief from
valuation and appraisement laws. Payment of principal and interest
is to be made in full on or before March 27, 2009. This note may be
prepaid in full or in part at any time. In the event of default in
payment on the due date, the entire unpaid balance of principal and
interest shall become due and payable immediately, without notice,
at the election of the holder hereof.
The makers and
endorsers, jointly and severally, waive demand, presentment,
protest, notice of protest and notice of payment or dishonor of
this note, and each of them consents to extensions of the time of
payment of this note without notice. No delay or omission on the
part of the holder hereof in the exercise of any right or remedy
shall operate as a waiver thereof, and no single or partial
exercise by the holder hereof of any right or remedy shall preclude
other or further exercise thereof or of any other right or remedy.
The makers and endorsers waive all defenses that may be available
to guarantors, sureties or accommodation parties of any kind. The
failure to execute and have perfected or filed any security
agreement or mortgage referred to in the next paragraph shall not
be a defense to the enforcement of this note.
This note, and
any extensions or renewals hereof, is secured by a Security
Agreement, dated this same date, and mortgages, dated this same
date or subsequently, and executed in favor of and delivered to
Forest River, Inc. to which reference is made for other rights as
to prepayment and acceleration.
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