{"id":41225,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/promissory-note-schuff-steel-co-and-19th-avenue-buchanan-lp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-schuff-steel-co-and-19th-avenue-buchanan-lp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/promissory-note-schuff-steel-co-and-19th-avenue-buchanan-lp.html","title":{"rendered":"Promissory Note &#8211; Schuff Steel Co. and 19th Avenue\/Buchanan LP"},"content":{"rendered":"<pre>                                PROMISSORY NOTE\n\n$4,249,062.00                                                   PHOENIX, ARIZONA\n                                                        DATED: DECEMBER 31, 1989\n\n            FOR VALUE RECEIVED, SCHUFF STEEL COMPANY, an Arizona corporation\n('Maker'), promises to pay to the order of 19th AVENUE\/BUCHANAN LIMITED\nPARTNERSHIP, an Arizona limited partnership ('Payee'), at 420 South 19th Avenue,\nPhoenix, Arizona 85009 (or at such other place as the holder hereof may\ndesignate), the principal sum of Four Million Two Hundred Forty Nine Thousand\nSixty Two Dollars ($4,249,062.00), together with interest computed as\nhereinafter provided. Principal, interest and all other sums payable hereunder\nare to be paid in lawful money of the United States of America.\n\n            IN CONSIDERATION of this promissory note, the payee has cancelled\nand deemed to have been paid as of the date hereof the following promissory\nnotes of the maker:\n\n            1.    Promissory Note dated June 26, 1986 in the original principal\n                  amount of One Million Fifty Thousand Dollars\n                  ($1,050,000.00), the unpaid balance of which as of the date\n                  hereof is $805,000.00.\n\n            2.    Promissory Note dated March 8, 1988 in the original principal\n                  amount of Three Million Five Hundred Thousand Dollars\n                  ($3,500,000.00), the unpaid balance of which as of the date\n                  hereof is $3,444,062.00.\n\n            PAYMENTS: The aggregate principal outstanding under this Note shall\nbe payable in fifty three (53) initial monthly principal payments of Twelve\nThousand Thirty Seven Dollars ($12,037.00), based upon an assumed three hundred\nfifty three (353) month amortization period, commencing on January 31, 1990 and\non the last day of each and every consecutive month thereafter until May 31,\n1994 ('Maturity'), at which time all remaining unpaid principal and interest,\nand all other amounts payable hereunder, shall be paid in full.\n\n            INTEREST: Interest under this Note shall be payable on the unpaid\nbalance outstanding at an annual rate of two and one-half (2-1\/2) percentage\npoints above the interest rate announced by MeraBank, A Federal Savings Bank,\nfrom time to time as its prime interest rate. Interest shall be payable monthly\ncommencing on January 31, 1990 and on the last day of each and every consecutive\nmonth thereafter until Maturity, at which time all remaining unpaid principal\nand interest, and all other amounts payable hereunder, shall be paid in full.\n\n            PREPAYMENT: Maker shall have the privilege of prepaying the unpaid\nprincipal balance of this Note, or any portion thereof, together with accrued\ninterest thereon, at any time without premium or penalty.\n\n\n\n\n\n\n\n            DEFAULT: If Maker defaults in timely payment of any installment of\ninterest due under this Note on the due date thereof, or if Maker defaults in\nthe repayment of the entire principal balance plus accrued interest, interest\nshall then be computed on the entire unpaid principal balance of this Note plus\naccrued interest at the rate of eighteen percent (18%) per annum for the period\nfrom the date of default to the date of payment.\n\n            NON-WAIVER: Neither the failure or any delay on the part of the\nholder of this Note to exercise any right, power or privilege hereunder shall\noperate as a waiver thereof, nor shall any single or partial exercise of any\nsuch right, power or privilege preclude any other right, power or privilege.\n\n            PRESENTMENT, ETC.: Maker and any subsequent endorser or guarantor\nhereof hereby waive presentment for payment, notice of nonpayment, notice of\nprotest, protest, and notice of dishonor.\n\n            NOTICES: Any notice which the holder of this note may desire or may\nbe required to give to Maker shall be given by certified or registered United\nStates mail, postage prepaid, return receipt requested, and addressed to Maker\nat:\n\n                              Schuff Steel Company\n                                 P.O. Box 39670\n                                Phoenix, AZ 85069\n\nMaker may change the address for notices by written notice to the holder hereof\ndelivered at the place for payment hereof.\n\n            COLLECTION EXPENSES: If this Note is not paid as agreed and the\nholder hereof undertakes collection of the indebtedness evidenced hereby, Maker\nagrees to pay all costs incurred by the holder in collecting the same, including\nreasonable attorney's fees.\n\n            BINDING EFFECT: All the foregoing promises are the promises of Maker\nand shall bind Maker, its successors and assigns.\n\n            TIME:  Time is of the essence with regard to the terms of this Note.\n\n            ARIZONA LAW: This Note shall be construed in accordance with and\ngoverned by the laws of the State of Arizona.\n\n                                                SCHUFF STEEL COMPANY,\n                                                an Arizona corporation\n\n\n                                          By:   ______________________________\n                                                Its President\n                                                      'MAKER'\n\n\n\n\n\nBy its execution hereof, 19th Avenue\/Buchanan Limited Partnership hereby\nacknowledges satisfaction in full of that certain promissory note in the\noriginal principal amount of One Million Fifty Thousand Dollars ($1,050,000.00)\ndated June 26, 1986, and that certain promissory note in the original principal\namount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) dated\nMarch 8, 1988.\n\n                                    19th Avenue\/Buchanan Limited Partnership\n                                          an Arizona limited partnership\n                                                     'PAYEE'\n\n\n                                          By:   ____________________________\n                                                      General Partner\n\n                                          By:   ____________________________\n                                                      General Partner\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8773],"corporate_contracts_industries":[9481],"corporate_contracts_types":[9560,9567],"class_list":["post-41225","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-schuff-international-inc","corporate_contracts_industries-construction__specialty","corporate_contracts_types-finance","corporate_contracts_types-finance__loan"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41225"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41225"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41225"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}