Robert S. McDaniel, Jr. and W. Jane McDaniel - Page 5




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          payable in full" (balloon payment).  The 1989 note further                  
          provided in pertinent part:                                                 
               All persons or entities now or at any time liable,                     
               whether primarily or secondarily, for the payment of                   
               the indebtedness hereby evidenced, for themselves,                     
               their heirs, legal representatives, successors and                     
               assigns, respectively, hereby (1) expressly waive                      
               presentment, demand for payment, notice of dishonor,                   
               protest, notice of nonpayment or protest, and diligence                
               in collection; (2) consent that the time of all pay-                   
               ments or any part thereof may be extended, rearranged,                 
               renewed or postponed by the holder hereof and further                  
               consent that any real or personal property securing                    
               this Note or any part of such security may be released,                
               exchanged, added to or substituted by the holder of                    
               this Note, without in anywise modifying, altering,                     
               releasing, affecting or limiting their respective                      
               liability or the lien of any instrument securing this                  
               indebtedness; (3) agree that the holder of this Note                   
               shall not be required first to institute any suit, or                  
               to exhaust any of its remedies against the maker of                    
               this Note or any other person or party to become liable                
               hereunder, in order to force payment of this Note;                     
               (4) agree that the maker of this Note may be released                  
               by the holder hereof from any or all liability under                   
               this instrument, and such release shall not in any way                 
               affect or modify the liabilities of the remaining                      
               parties hereto * * *                                                   
          (We shall sometimes refer to the indebtedness of Second Street as           
          evidenced by the 1989 note as the Second Street loan or the                 
          Second Street debt.)                                                        
               As a condition to making the Second Street loan, C&S Bank,             
          the lender, required Mr. McDaniel and Ms. McDaniel to, and each             
          did, execute a guaranty agreement (guaranty) under which each of            
          them guaranteed C&S Bank, inter alia, to make prompt payment of             








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