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Document Preview Promissory Note Secured by Deed of Trust |
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Title: |
Promissory Note Secured by Deed of Trust |
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Entities: |
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Date: |
2001 |
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Preview shows 4KB of 26KB total |
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$41 |
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ID: |
#929721 |
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PROMISSORY NOTE SECURED BY DEED OF TRUST
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U.S. $500,000.00 July 19, 2001
W I T N E S S E T H:
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FOR VALUE RECEIVED, SCOTT JARUS and REBECCA JARUS, each an individual
residing at 1711 6th Street, Manhattan Beach, California 90266 (collectively,
"Borrowers"), hereby promise, jointly and severally, to pay J2 GLOBAL
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COMMUNICATIONS, INC., a Delaware corporation having an office at 6922 Hollywood
Blvd., Suite 800, Los Angeles, California 90028 or any subsequent assignee of
this Note ("Lender"), the principal sum of Five Hundred Thousand Dollars
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($500,000.00), with interest on the unpaid balance of such amount from the date
of this Note until repaid, at the rate of interest specified herein. This Note
evidences Borrowers' obligation to repay a loan (the "Loan") made by Lender to
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Borrowers in the principal amount hereof on the date hereof and is secured by
(a) a Deed of Trust, dated as of July 19, 2001, made by Borrowers in favor of
Lawyers Title Company for the benefit of Lender (the "Deed of Trust"), on the
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premises commonly known as 1711 6th Street, Manhattan Beach, California 90266
(the "Property"), and more fully described in the Deed of Trust, and (b) all
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other security given to Lender by Borrowers and other related parties as
collateral for the Loan (such documents, as they may be amended from time to
time, and other documents which may hereafter be given to Lender by Borrowers
and other related parties as further security for, or in connection with, the
Loan (including, without limitation, any Uniform Commercial Code Financing
Statements) being hereinafter collectively referred to as the "Security
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Documents", and the Security Documents and this Note being hereinafter
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collectively referred to as the "Loan Documents.")
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As used herein: "Business Day" means a day other than (i) a Saturday or
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Sunday, or (ii) a day on which banking institutions located in Los Angeles,
California are required or authorized by law or other government action to be
closed; "Applicable Rate" means (i) at any time prior to the Without Cause
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Anniversary Date (as hereinafter defined), 4.88%, (ii) on or after the Without
Cause Anniversary Date but prior to the Without Cause 18-month Anniversary Date,
the sum of the Prime Rate plus 1.00%, and (iii) on or after the Without Cause
18-month Anniversary Date, the sum of the Prime Rate plus 3.00% ; "Prime Rate"
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means, on any date, the current "base rate" of interest announced by Bank of
America, N.A. as its prime rate of interest, provided that if such bank shall
cease to publish such a base rate, then the "Prime Rate" shall be the rate
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announced as the prime rate of interest by the largest bank in California (as
measured by deposits) that publishes a prime rate of interest; "Without Cause
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Anniversary Date" means the date that is that is exactly one (1) year following
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Scott Jarus' last day of employment with the Company (as hereinafter defined);
"Without Cause 18-month Anniversary Date" means the date that is exactly six (6)
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