REAL ESTATE LIEN NOTE
$1,050,000.00
Baytown, Harris County, Texas
May 22, 2009
IN MONTHLY INSTALLMENTS, as hereinafter
set forth, for value received, the undersigned, BLUE RIDGE REAL
ESTATE COMPANY, a Pennsylvania Corporation, whose address is P.O.
Box 707, Blakeslee, Pennsylvania, 18610, hereinafter called
"Maker", whether one or more, promise to pay to the order of
BARBERS HILL BANKING CENTER, a branch of ANAHUAC NATIONAL BANK,
hereinafter called "Holder", at P.O. Box 2155, Mont Belvieu, Texas,
77580, the sum of ONE MILLION FIFTY THOUSAND AND NO/100
($1,050,000.00) DOLLARS, with interest thereon from date until
maturity at the rate of 6.750% per annum, payable monthly as it
accrues.
All past due principal and interest shall
bear interest at the highest lawful rate from maturity until paid.
Interest shall be computed on a per annum basis of a year of 360
days and for the actual number of days (including the first but
excluding the last day) elapsed. As used in this note, the term
"highest lawful rate" shall mean the maximum rate of non-usurious
interest allowed by law as now in effect or as allowed by law as
may hereafter be in effect.
This note is due and payable in monthly
installments of $7,254.57, out of which interest shall first be
deducted and the balance applied to the payment of principal, the
first installment of $7,254.57 coming due and being payable on the
22 day of June, 2009, and continuing with a like installment of
$7,254.57, out of which interest shall first be deducted and the
balance applied to the payment of principal, on the 22nd day of
each and every calendar month thereafter through the 22nd day of
April, 2014, and on May 22, 2014, the entire remaining principal
balance and all interest accrued thereon shall be due and payable
in full.
Maker reserves the privilege to prepay,
in whole or in part, the unpaid principal balance of this note,
plus accrued interest, at any time and from time to time without
penalty, but such prepayments shall be applied as a credit against
the last maturing installment or installments of principal due
hereunder and shall not operate to defer or otherwise postpone the
regular obligatory installments of principal payable
hereunder.
It is expressly agreed, all other things
herein or in any other note or instrument of indebtedness to the
contrary notwithstanding, that nothing herein contained, nor in any
such note or instrument, shall be so construed, or shall so operate
in any event, so as to require Maker to pay interest on this
indebtedness, or on any other liability or i
