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Industrial
Services of America, Inc.
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Promissory Note
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K & R, LLC
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PROMISSORY
NOTE
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$302,160.00
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March 25, 2005
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Louisville,
Kentucky
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FOR
VALUE RECEIVED, the undersigned representative of K & R, LLC, a
Kentucky Limited Liability Company with its principal place of
business located at 7100 Grade Lane, Louisville, Kentucky 40213
("Maker") hereby promises and agrees to pay to the order of
Industrial Services of America, Inc., a Florida corporation with
its principal place of business located at 7100 Grade Lane,
Louisville, Kentucky 40213 ("ISA"), the principal sum of three
hundred two thousand one hundred sixty dollars ($302,160.00)
together with interest thereon as provided below.
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The term and
provisions of this promissory note ("Note") are as
follows:
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1.
Maturity
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The maturity
date of the Note shall be December 31, 2012 (the "Maturity Date"),
on which date the entire unpaid principal balance of and unpaid
interest on this Note shall be due and payable in full to
ISA.
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2.
Calculation of
Interest
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The principal
of this Note shall bear interest at a rate equal to five and
one-half percent (5.5%) per annum, which said interest shall
commence on December 31, 2004 and shall be payable as per the terms
of this Note.
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3.
Payments of Principal and
Interest
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The outstanding
principal amount of this Note, three hundred two thousand one
hundred sixty dollars ($302,160.00), plus interest thereon, shall
be payable in ninety-six (96) equal monthly installments of
principal and interest of three thousand eight hundred ninety-seven
dollars and sixty-six cents ($3,897.66) on the last day of each
month commencing on December 31, 2004. There shall be no penalty
for early repayment of any outstanding principal and
interest.
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4.
Default
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If the Maker
fails to make any payment when due under this Note and the payment
remains unpaid for more than fifteen (15) days, the Maker shall be
deemed in default ("Default") and such overdue payment shall
commence to bear interest at a rate equal to fifteen percent (15%)
per annum (the "Default Rate") and such overdue payment together
with all interest thereon at the rate set forth herein shall
continue to be immediately due and payable in full to
ISA.
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5.
Security
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Not
applicable.
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6.
Method and Place of
Payment
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While Maker
remains an employee of ISA, Maker hereby authorizes ISA to deduct
payments due under this Note from Maker's paycheck from ISA. At
such time as Maker is no longer an employee of ISA, all payments of
principal and interest and any other sums due under this Note shall
be made payable to ISA in Legal tender of the United States of
America, made in person or by first class mail, postage prepaid,
addressed to P.O. B
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