Secured Home Promissory Note - Wade Cook Seminars Inc., Paul Cook and Laurie Cook
Secured Home Promissory Note
$75,000.00 Washington
June 18, 1997
For value received, Paul and Laurie Cook, (Promissor) promise to pay to
the order of Wade Cook Seminars, Inc. a Nevada corporation, at its office at
14675 Interurban Ave., S, Seattle, Washington, 98168 or at such other place as
the holder of it may from time to time designate in writing, the principal
sum of seventy five thousand dollars and no cents, ($75,000.00), which sum,
together with interest from the date of this Note on the unpaid principal
balance at the rate of eleven (11.00%) percent per year, shall be payable in
monthly installments of seven hundred and fifty dollars ($750.00) each,
beginning July 1, 1997, and continuing on thereafter for two years for a
total of twenty four payments.
A Balloon payment of sixty five thousand, one hundred and sixty nine
dollars and seventy cents ($65,169.70) will be due upon the last payment made.
The undersigned reserves the right to prepay this Note in whole or in
part at any time, provided that all interest accrued to the date of the
prepayment shall first have been paid.
Secured Property:
Lot 24, Overlook at Old Mill subdivision, according to the Plat thereof.
As recorded in the Office of the County Recorder of Said County.
The address to the house is: 6611 South Lindie CT, Salt Lake City, Utah 84058
In the event that the monthly payments provided for in this Note have
not been paid and actually received by Promisee on or within five (5) days of
their due date, a late charge of twenty-five dollars ($25.00) shall be
accessed by Promisee to cover the extra expense involved in handling
delinquent payments. Promisee shall not be obligated to accept any monthly
payment made after its due date, unless that monthly payment shall be
accompanied by the full amount of the late charges assessed by Promisee as
provided in this Note: however, in the event that a late monthly payment is
accepted, that payment shall first by applied to late charges.
Any legal holder of this Note may, without notice and without releasing
the liability of any maker or guarantor of this Note, grant extensions or
renewals of this Note from time to time and for any term or terms. Any legal
holder of this
Page 1 of 2
<PAGE>
Secured Promissory Note
Paul and Laurie Cook
Page 2
Note shall not be liable for or prejudice by failure to collect or for lack
of diligence in bringing suit on this Note or any renewal or extension of
this Note. Promissor waives presentement of nonpayment, protest and notice of
protest.
Should this Note be placed in the hands of an attorney for collection, or
if action be instituted on it, all parties now or in the future liable for
indebtedness evidenced by this Note, jointly and severally agree to pay all
costs and expenses of the collection or enforcement action with reasonable
attorney fees in addition to the amount found due.
/s/ Paul Cook
-------------------------------
Paul Cook
6-19-97
-------------------------------
Date
/s/ Laurie Cook
-------------------------------
Laurie Cook
6/19/97
-------------------------------
Date