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' SUNTRUST
<br />
<br />MartinsVille, Virginia
<br />
<br />Commercial Note
<br />
<br /> (Virginia)
<br />september 12, 2001
<br />
<br /> School Board of the City of
<br /> Borrower Date
<br /> Six Hundred Twenty Four Thousand Eight Hundred Two and 00/100 Dollars
<br /> Loan Amount
<br /> ($ 624,802.00 ..... ) 27163/E. Wood
<br /> Officer ACcount No. Note No. ]~3XDriginal [] Renewal
<br /> For value received, the undersigned (whether one or more) jointly and severally promise to pay to the order of SunTrust Bank (the "Bank") at any of its
<br /> offices, or at such place as the Bank may in writing designate, without offset and in immediately available funds, the Loan Amount shown above, plus
<br /> interest and any other amounts due, upon the terms specified below.
<br />
<br /> IMPORTANT NOTICE
<br /> THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT PROVISION WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOU
<br /> MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST yOU WITHOUT ANY FURTHER NOTICE,
<br /> Repayment Terms
<br /> [] Demand Principal on demand, plus interest as described below.
<br /> [] Time One payment due on _, , plus interest and any other amounts due.
<br />
<br /> ~'erm -- In 60 consecutive monthly installments of principal and interest of $ 11,467.25
<br /> Fixed each, payable on the 12th day of each month . , beginning October 12 2001
<br /> Payment and a final payment equal to the unpaid balance of principal plus interest and any other amounts owed due on
<br /> September 12 . 200.6
<br /> [] Term -- In consecutive installments of principal of $ each,
<br />
<br /> Variable plus interest, payable on the . day of each .., beginning --, ,
<br /> Payment and a final payment of $ plus interest and any other amounts owed due on ,
<br />
<br /> [] Master This is: FI a closed end transaction; you may borrow up to the Loan Amount but may not reborrow amounts that have been repaid.
<br /> Borrowing [] an open end revolving line of credit; you may borrow an aggregate principal amount up to the Loan Amount outstanding
<br /> Note at any one time.
<br /> Principal on demand, plus interest as described below, but the undersigned shall be liable for only so much of the Loan Amount
<br /> shown above aS shall be equal to the total advanced to or for the undersigned, or any of them, by the Bank from time to time, less
<br /> all payments made by or for the undersigned and applied by the Bank to principal, plus interest, on each such advance, and any
<br /> other amounts due all as shown on the Bank's books and records, which shall be prima facie evidence of the amount owed.
<br /> This Master Borrowing arrangement will terminate upon written notice from the Bank to the undersigned, or if such notice is not
<br /> sooner given, from the date of this Note unless an alternative termination date is indicated in the
<br /> Agreement, as defined below.
<br />
<br />[] Additional Terms And Conditions
<br />This Note is governed by additional terms and conditions contained in a between the undersigned and
<br />the Bank dated and any modifications, renewals, extensions or replacements thereof (the 'Agreement'), which is
<br />incorporated herein by reference. In the event of a conflict between any term or condition contained in this Note and in the Agreement, such term or
<br />condition of the Agreement shall control.
<br />If this Note is payable on demand, the Bank shall have the right to demand payment at any time even if an event of default (as defined herein)
<br />has not occurred.
<br />Interest October 12 2001
<br />[~Xccrued interest will be payable on the 12th day of each month , beginning on , ·
<br />
<br />Interest on a Fixed Payment Term Loan will accrue on a 301360 basis. On all other loan types, interest will accrue daily on an actual/360 basis (that is,
<br />on the actual number of days elapsed over a year of 360 days) unless otherwise stated here:
<br />Ail amounts received by the Bank shall be applied to interest before principal or in any other order as determined by the Bank, in its sole discretion, as
<br />permitted by law. Interest shall accrue from the date of this Note on the unpaid balance and shall continue to accrue after maturity, whether by
<br />acceleration or otherwise, until this Note is paid in full. If this is a variable rate transaction, the interest rate is prospectively subject to increase or
<br />decrease without prior notice, and if this is a Variable Payment Term Loan, adjustments in the payment schedule will be made as necessary.
<br />
<br />Subject to the above, interest per annum payable on this Note (the "Rate") shall be: ~ 3.86 % fixed for the term of the loan.
<br /> E! a variable rate based on the following Index: FI SunTrust Prime, the Prime Rate as established from time to time by the Bank.
<br /> FI Wall Street Joumal Prime, the Prime Rate published in the Money Rates section of the Wall Street Journal from time to time.
<br />
<br />The 'Prime Rate" is a reference for fixing the lending rate fOr commercial loans. The Prime Rate is a reference rate only and does not necessarily
<br />represent the lowest rate of interest charged for commercial borrowings. If the Index is the Bank's Pdme Rate, the Index rate is subject to
<br />increase or decrease at the sole option of the Bank.
<br />The Rate shall be: El the Index.
<br /> El the Index plus %.
<br />
<br />CRE-0261 VA (6/00) (To be use~ for Virginia transactions only)
<br />Distribution: Collateral File
<br />
<br />630106
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