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(Ms. Read’s February 5, 1986 transfer of MMP stock); MMP paid Ms.
Read $200,000 by check; and MMP issued to Ms. Read an installment
promissory note in the amount of $638,724 and bearing 9-percent
annual interest (installment promissory note). That note pro-
vided in pertinent part:
FOR VALUE RECEIVED, the undersigned [MMP] promises
to pay to the order of CAROL E. READ the principal sum
of Six Hundred Thirty-Eight Thousand Seven Hundred
Twenty-Four and No/100ths Dollars ($638,724.00), to-
gether with interest thereon from February 5, 1986, at
the rate of nine per cent (9%) per annum. Interest on
the unpaid principal balance shall be payable in equal
monthly installments, commencing on March 5, 1986, and
continuing on the fifth day of each month thereafter
until the principal sum and interest have been fully
paid. Principal shall be payable in annual install-
ments of Fifty Thousand and No/100ths Dollars
($50,000.00) each, commencing on February 5, 1987, and
continuing on the fifth day of February of each year
through 1998, with a final installment of Thirty-Eight
Thousand Seven Hundred Twenty-Four and No/100ths Dol-
lars ($38,724.00) due on February 5, 1999. * * *
* * * * * * *
The undersigned hereby waives presentment for
payment, notice of nonpayment, protest and notice of
protest of this note.
The installment promissory note was signed by William A.
Read as president of MMP. Immediately beneath that signature
appeared the following guaranty by Mr. Read in his individual
capacity, which he signed on February 5, 1986:
INDIVIDUAL GUARANTY
The undersigned [Mr. Read] hereby individually
unconditionally guarantees the payment of all sums due
under this Installment Promissory Note.
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