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Demand Promissory Note

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Title:

Demand Promissory Note

Entities:

Shopsmith Inc.

Date:

2002

Size:

Preview shows 2KB of 9KB total

Price:

$35

ID:

#426489

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                             DEMAND PROMISSORY NOTE





Date of Note:        November 13, 2001. Amended 7/3, 2002.



Amount of Note:      $600,000.00



Interest Rate:       The principal amount of this Note from time to time

                     outstanding shall bear interest at a rate per annum equal

                     to twelve percent (12.0%).



           FOR VALUE RECEIVED, the undersigned ("BORROWER") does hereby covenant

and promise to pay to JOHN R. FOLKERTH, SR., an individual, or his heirs,

successors or assigns (the "LENDER"), at 6530 Poe Avenue, Dayton, Ohio 45414, or

at such other place as the Lender may designate to Borrower in writing from time

to time, in legal tender of the United States, the Amount of Note or so much

thereof as may be advanced by the Lender to Borrower pursuant to the terms

hereof (the "PRINCIPAL AMOUNT"), together with interest at the Interest Rate on

the Principal Amount until this Note is paid in full as provided in this Note.



           Payments of interest only hereunder shall be payable monthly in

arrears on the last day of each calendar month, commencing on December 31, 2001.

The unpaid Principal Amount of this Note together with accrued and unpaid

interest thereon shall be due and payable immediately upon the Lender making a

demand for payment to Borrower and this Note shall thereupon be deemed to have

matured. Borrower shall have the right to prepay the principal amount of this

Note in whole or in part, without premium or penalty, from time to time.



           All interest under this Note shall be computed on an actual/360-day

basis (i.e., interest for each day during which any of the Principal Amount is

outstanding shall be computed at the Interest Rate or the Default Rate, as

hereinafter defined, as applicable, divided by 360).



           If Borrower desires an advance of the Principal Amount of this Note

(each, an "ADVANCE"), Borrower shall give the Lender at least one (1) business

day's oral notice, promptly confirmed in writing, of its request for such

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