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Marie G. Walton, Trustee of the Family Trust created under
The EVAN and MARIE WALTON LIVING TRUST,
Dated March 25, 1998
SECURED PROMISSORY NOTE
ÜOü207
FOR VALUE RECEIVED, the undersigned, Polyguard, LLC (M. Lee Schwab, Executive Officer)
hereby jointly and severally promisees) to pay to order of Marie Walton, Trustee of
The Family trust created under the Evan and Marie Walton Living Trust and any amendments
thereto, the sum of One Hundred Fifty Thousand Dollars and No cents ($150,000.00), together with
interest thereon at the rate of eight percent per annum on the unpaid balance. This said sum shall be
paid as follows:
Bi-monthly payments due the 1st and 15th of each month in the amount of $500.00 for
the period of 12 months, at which time the note may be reviewed and renewed upon
agreement of both parties. IF note is not renewed all interest and principal will then be due at
the end of the 12 month period.
All payments will first be applied to interest and then any balance of the payment to principal.
This note may be prepaid at any time, in whole or in par, without penalty.
At the option of the holder, this note shall be immediately due and payable upon the occurrence of
any of the following:
1. Breach of any condition of this loan agreement (security agreement or mortgage), if any,
having a priority over this loan agreement (security agreement or mortgage on collateral
granted), in whole or in par, as collateral security for this note.
2. Failure to make a payment due hereunder within (30) thirty days of its due date.
3. Breach of any condition of any security interest guarantee (mortgage, loan agreement,
pledge agreement) granted as collateral security for this note.
4. Upon the filing by any of the undersigned of an assignment for the benefit of creditors,
bankruptcy, or other form of insolvency, or by suffering an involuntary petition in
bankruptcy or receivership not vacated within thirty (30) days.
5. Upon the incapacity, dissolution, liquidation, or death of any of the undersigned, or any
endorser, guarantor, or surety hereto.
All payments shall be made to such address as may from time to time be designated by any holder.
In the event this note shall be in default and placed for collection then the undersigned agree to pay
RECEIVED 5/6/2009 at 12:19 PM
RECEIVING # 946954
BOOK: 722 PAGE: 207
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
all reasonable attorney fees and costs of collection. Payments not made within thirty (30) days of
due date shall be subject to a late charge often percent (10%) of said payment. i~:,OD208
The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties,
agree to remain fully bound until this note shall be fully paid and waive demand, presentment, and
protest, and all notices thereto; and further agree to remain bound, not withstanding the
acknowledgment of any obligor hereunder or exchange, substitution, or release of any collateral
granted as security for this note.
No modification or indulgence by any holder hereof shall be binding unless in writing; and any
indulgence on anyone occasion shall not be an indulgence for any other or future occasion, Any
modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding
upon each of the undersigned, notwithstanding the acknowledgment of any of the undersigned, does
hereby irrevocably grant to each of the others a power of attorney to enter into any such
modification on their behalf This note shall take effect as a sealed instrument and shall be
construed, governed, and enforced in accordance with the laws of the State of Wyoming.
Date Signed: April 29, 2009
~~
Polyguard, LLC
M. Lee Schwab, Executive Officer
7~' l CUL~L A;/ Lu ''Lil~
Marie G. WaltonTrustee
This Promissory note is secured by security agreement of even date.
SECURITY AGREEMENT OR MORTGAGE
(;,00209
Real Estate or Residence Security: If this note is secured by real estate or a residence that is
personal property, the existence of a default and your remedies for such a default will be determined
by applicable law, by the terms of any separate instrument creating the security interest and, to the
extent not prohibited by law and not contrary to the terms of the separate security instrument. The
legal description for the property to be held for collateral will be surrendered to lender as repayment
of the attached loan agreement. Property description will be Lots 5 and 6 of the Twin Spruces
subdivision. Located in section 18 T32N R118W in Lincoln County Wyoming.
The following is agreed upon by both parties and is signed and sealed by both.
po:e
M. Lee Schwab, Executive Officer
ñ1 CvLcL )J. tV tLl~
Marie G. Walton, Trustee
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State of /d¿;ø .Jat'&1
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County of, -1(¿~/
On _29_ day of . AP,riI, 200910re me '--Ø{ ,fA«-, ø,tll'.nt
Personally appeared 011 ~K-e . 'dtt'll!.µ , and
personally known to me (or proven to me on the basis of satisfactory evidence) to be the
persons whose names are subscribed to the within instrument and acknowledged to me at that
they executed the same in their authorized capacities, and that by their signatures on the
instrument the persons, or the entity upon behalf of which the person(s) acted, executed the
instrument.
WITNESS my hand and official seaL
Signature:
C-ßIu4J I0Jl~ø-?? '-- '---1i~Z;;;;
/
KAREN BROWN - NOTARY PUBLIC
State of
Wyoming
, My Commission xpires June 30, 2009
.~#.;16-;'~~
County of
Lincoln