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PROMISSORY NOTE <br /> r.. <br /> $203,000.00 Batesville, Arkansas <br /> October , 2009 <br /> FOR VALUE RECEIVED,the undersigned,jointly and severally,promises to pay to <br /> Independence Economic Development Foundation, Inc., or order, the sum of TWO HUNDRED <br /> THREE THOUSAND AND NO/100 ($203,000.00) DOLLARS together with interest thereon <br /> from date until paid at the rate of Five and One-Half Percent(5.5%)per annum, principal and <br /> interest to be paid as follows: <br /> $203,000.00 on the 7h day of May, 2011. May be prepaid in full <br /> or in part at any time without penalty. <br /> Provided,however,that the undersigned shall not be obligated to repay the loan as to <br /> either principal or interest if the undersigned shall demonstrate that it has employed Seventy(70) <br /> persons, or the full-time equivalent thereof,based on a Forty (40)hour week, for the period <br /> beginning May 8, 2009 and May 7, 2011. <br /> The undersigned agrees to provide documentation as may reasonably be requested by <br /> Payee, including but not limited to payroll records and evidence of payment. In addition,the <br /> undersigned shall provide,a quarterly report to the Payee setting out its progress in meeting the <br /> • goals and objectives described in its business plan and pro,forma.. This report shall be done not <br /> less often than quarterly, on or before the anniversary of this note. <br /> In the event that for the period referred to above,the undersigned has employed less than <br /> Seventy(70)persons, or the full-time equivalent thereof, it shall repay to the Payee the pro rata <br /> part of the incentive loan documented by this promissory note. For example, if during the two <br /> (2) year period referred to above,the undersigned employed sixty(60)persons or the full-time <br /> equivalent thereof, the undersigned would pay One-Seventh(1/7) of the principal and interest <br /> due on the note. <br /> TOWNSEND'S, INC. <br /> By: <br /> Title: <br /> • <br />