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NOTE$ 50,000 New York, NY May 22, 2001 FOR VALUE RECEIVED, the undersigned, MARK A. BELNICK ("Borrower"), herebypromises to pay to the order of TME MANAGEMENT CORP., a Delaware corporation("Lender"), in lawful money of the United States of America, at its offices at15 Hampshire Street, Mansfield, MA 02048 on May 22, 2016 the principal sum ofFifty Thousand Dollars ($50,000). This Note will bear no interest to the dateof maturity, but thereafter will bear interest at the rate of one (1) percentper annum over the prime rate as announced by The Chase Manhattan Bank in effecton the maturity date and from time to time thereafter, or at the legal rate,whichever is greater, as allowed by and determined in accordance with applicablelaw, until fully paid. This Note is made pursuant to and shall be repaid in accordance with theprovisions of that certain Loan Agreement, dated September 4, 1998, by andbetween Lender and Borrower. In the event that Borrower shall fail to make full and timely payment ofthe principal payment hereunder when due, then the entire unpaid principalamount of this Note shall automatically become immediately due and payablewithout demand or notice and Borrower shall pay such further amount as shall besufficient to cover all costs and expenses (including reasonable attorneys'fees) directly or indirectly incurred by Lender in connection with thecollection of this Note. Borrower hereby waives notice of default, notice of acceleration, notice ofprepayment, presentment, protest or notice of dishonor. /s/ Mark A. Belnick ------------------- MARK A. BELNICKFAQs
- What does it mean that corporations have "perpetual existence"?
- Can shareholders of all corporations, large or small, transfer their shares?
- How are corporations taxed?
- What type of business organization is appropriate for my business?
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