PURCHASE MONEY NOTE
$ 58,000.00
July 30th 2012
FOR VALUE RECEIVED, the undersigned promises to pay to Traditional IRA Equity Trust Company Custodian FBO Maria T Dress, IRA Account #Z130001, Tax ID 05-0552743, P.O. Box 1529 Elyria Oh 44036, the principal sum of Fifty Eight Thousand Dollars ($58,000) Dollars in legal tender of the United States, with interest from July 30th 2012 at the rate of 12 % per annum, simple interest, or a 15% share of the net proceeds from any sale of the property, whichever is greater, at the time of closing when the property is sold and transferred to a 3rd party or August 1st 2013 whichever comes sooner.
If any payment is not paid when due or if payment made does not cover all interest accrued through date of payment, remaining interest accrued shall be added to principal and shall bear interest at the note rate of 12%. Principal and interest shall be payable at the office of holder or at any such other place as the holder hereof may designate in writing, in one final installment consisting of all remaining principal and interest accrued thereon plus any other outstanding amounts due and payable by August 1st 2013 in certified or cash funds.
In consideration for making this loan, the lender, Traditional IRA Equity Trust Company Custodian FBO Maria T Dress, IRA Account #130001, Tax ID 05-0552743, P.O. Box 1529 Elyria Oh 44036, shall receive a 15% share of the net proceeds from any sale of the property or the interest earned at the rate of 12% simple, whichever is greater, at the time of closing when the property is sold and transferred to a 3rd party or August 1st 2013 whichever comes sooner.
For the purposes of calculating the net amount on a sale, the net proceeds from the sale shall be the sale price reduced by the remaining principal on this Note, any payoffs for senior loans to this loan on the property, any major expenses incurred in improving and preparing the property for sale (written receipts must be provided), real estate agent commissions, sellers concessions and closing costs.
If fulfillment of any provision hereof or any transaction related hereto or to any indebtedness secured hereby, at the time performance of such provisions shall be due, shall involve transcending the limit of validity prescribed by law, then ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity; and if any clause or provisions herein contained operate or would prospectively operate to invalidate this Note in whole or in part, then such clause or provision only shall be held for naught, as though not herein contained, and the remainder of this Note shall remain operative and in full force and effect.
Principal not paid when due shall bear interest at the rate of 12% per annum from maturity. Should this note, or any part of the indebtedness evidenced hereby, be collected by law or through an attorney-at-law, the holder shall be entitled to collect Attorney's fees in an amount equal to fifteen (15%) percent of the aggregate amount due and all costs of collection.
Maker shall have the right to prepay the principal balance in whole or part at any time. Any partial prepayment shall be applied against the principal balance.
And each of the undersigned, whether principal, surety, guarantor, endorser, or other party, severally waives and renounces each for himself and family, any and all homestead and exemption rights either of us, or the family of either of us, may have under or by virtue of the laws of the State of Ohio, or any other State, or the United States, as against this debt or any renewal or extension thereof, and further waives demand, protest, presentment, notice of demand, protest and non-payment.
IN WITNESS WHEREOF, the undersigned Borrower has executed this Note this 30th Day of July 2012.
______, as Managing Member
Property Renovation Group LLC, 3735 Reimer Road Norton Ohio 44203
STATE OF ______)
) SS
COUNTY OF ______)
BE IT REMEMBERED, that on this ______day of ______, 2012___, the subscriber, a Notary Public in and for said state, personally came ______{Borrower(s)} and acknowledged the signing thereof to be his/her voluntary act and deed.
WITNESS THEREOF, I have hereunto subscribed my name and affixed my official seal on the day and year last aforesaid.
______
Notary Public
Prepared by Josh Cantwell
7.30.2012