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states: “FOR VALUE RECEIVED, P. Wayne Wright, (“Borrower”)
promises to pay to the order of HJ Builders (“Lender”), the
principal sum of One Million Dollars ($1,000,000)”.
An additional promissory note (second note) dated March 22,
1996, for the principal amount of $337,500, payable on demand to
Mr. Wright by HJ Builders, bearing stated annual interest at
9.5 percent, or 12 percent if payment is not made upon demand,
was signed on behalf of HJ Builders by Mr. Wright and an
unidentified person. The second note is unsecured. The second
note is not listed in the “Wayne Cash Loans to HJB” ledger.
Attached to the second note is one page from a mortgage agreement
dated March 22, 1996, between Mr. Wright and Draper Bank, signed
by Mr. Wright in his personal capacity but stating that the loan
is for the specified business purpose of purchasing investment
property. The bank loan is for the principal amount of $337,500
as well and charges rates of interest identical to those in the
second note but has a stated maturity date of April 1, 1999, and
is secured by the underlying real estate.
A handwritten document entitled “Wayne’s Ledger” lists
disbursements of funds by check number and amount from HJ
Builders to Mr. Wright from July 1997 through December 2002. No
specific promissory notes or other loan documents are associated
with any entries. A notation “loans to Wayne YE 5/31/02” is
written next to a bracketed total of $132,000 in disbursements
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Last modified: May 25, 2011