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<br />(a) $25,000 in cash o[ certified funds shall be <br />paid to McGtiffin upon execution and delive[y of all documents <br />contemplated by this settlement agreement ("at Closing"). <br />(b) AMCC shall execute and deliver to McGtiffin <br />its promissory note for $125,000 (the "Note") including the <br />following terms, along with other standard provisions: <br />(i) the Note shall beat no interest, except <br />that interest on any installment not paid when due shall accrue <br />at the rate of 14$ per annum simple•intetest, on that <br />installment only, from the due date until paid; <br />(ii) the Note shall be payable in annual <br />installments of $15,625 unless a larger payment is due pursuant <br />to the Assignment described in subparagraph (d) below; <br />(iii) the first annual installment on the <br />Note shall be due one year from Closing, following installments <br />shall be due on the annual anniversary dates of the Note <br />thereafter, and the entire unpaid balance of the Note shall be <br />due eight years from Closing; <br />(iv) AMCC shall have a six-month grace <br />period on each payment due under the Note, and neither the Note <br />not any instrument securing it shall be in default if each <br />-2_;. <br />