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NOTE <br /> <br />$700,000.00 <br /> <br />Martinsville, VirgiNa 24112 <br />May23,2001 <br /> <br /> FOR VALUE RECEIVED, the undersigned promises to pay to the order of City <br />of Martinsville, Virginia, a municipal corporation, the principal sum of Seven Hundred Thousand <br />Dollars ($700,000.00). <br /> <br /> Payment Term. Payment of such amount without interest shall be made upon <br />receipt by the undersigned of a federal grant in that amount that the undersigned has already been <br />designated to receive by the federal government, but not until after this note has been executed. <br /> <br />Interest l~ute. This note is a non-interest bearing note. <br /> <br /> ~ ~. This note represents deferred purchase money and its <br />payment is secured by a vendor's lien upon the premises conveyed in that certain deed dated May <br />23, 2001, to be recorded in the Clerk's Office of the Circuit Court of the City of Martinsville, <br />Virginia. <br /> <br /> IN WITNESS WHEREOF the Industrial Development Authority of the City of <br />Martinsville, Virginia, has caused this Note to be executed on its behalf by its Acting Chairman. <br /> <br />INDUSTRIAL DEVELOPMENT AUTHORITY <br />OF THE CITY OF MARTINSVILLE, VIRGINIA <br /> <br />By: .(SEAL) <br /> <br />Its Acting Chairman <br /> <br /> <br />