Promissory
Note
RECITATIONS:
Date: July 20,
2005
Borrower: Next,
Inc.
Borrower’s
Address: 7625 Hamilton Park Drive, Chattanooga, TN
37421
Payee: Next
Investors LLC
Place for
Payment: 7625 Hamilton Park Drive, Chattanooga, TN
37421
Principal Amount:
$500,000
Term: Due in full
Full, November 28, 2005
Payments: one
payment on November 28, 2005
INTEREST
RATE 7.25% per annum
PAYMENT
TERMS . This Note is due
and payable as follows, to-wit: one payments of $513,109.58
principal and interest.
BORROWER’S PRE-PAYMENT RIGHT
. Borrower reserves the right to
prepay this Note in whole or in part, prior to maturity, without
penalty.
PLACE
FOR PAYMENT . Borrower
promises to pay to the order of Payee at the place for payment and
according to the terms for payment the principal amount plus
interest at the rates stated above. All unpaid amounts shall be due
by the final scheduled payment date.
DEFAULT
AND ACCELERATION CLAUSE . If Borrower defaults in the payment of this
Note or in the performance of any obligation, and the default
continues after Payee gives Borrower notice of the default and the
time within which it must be cured, as may be required by law or
written agreement, then Payee may declare the unpaid principal
balance and earned interest on this Note immediately due.
Borrower and each surety, endorser, and guarantor waive all demands
for payment, presentation for payment, notices of intentions to
accelerate maturity, notices of acceleration of maturity, protests,
and notices of protest, to the extent permitted by law.
INTEREST
ON PAST DUE INSTALLMENTS AND CHARGES . All past due installments of principal and/or
interest and/or all other past-due incurred charges shall bear
interest after maturity at the maximum amount of interest
p
