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PROMISSORY NOTE $100,000.00 Februaq/ .. , 1997 For value received, the City of University City, a Missouri municipality (the "Maker') promises to pay to the order of the Industrial Development Authority of the City of University City, Missouri, a public corporation acting under the provisions of the Industrial Development Authority Act, Chapter 349, Missoud Revised Statutes, as amended (the 'Holder'), at the Holder's office located at 6801 Delmar Boulevard, University City, Missoud 63130, or at such other address as the Holder may designate from time to time, the principal sum of One Hundred Thousand and No/100 Dollars ($100J:Z)0.00) together with interest theran at a fixed rate per annum equal to three percent (3*/,) from the date hereof until the outstanding principal balance shall have been paid in full. Principal and interest under this Note shall be due and payable, without notice or demand, as follows: (I) the Maker shall make equal principal and interest payments of $11,723.05 each to the Holder commencing on August 1, 1997, and on the same day of each year thereafter to and including August 1,2007; (ii) on August 1,21307, the entire outstanding principal balance hereunder and all accrued but unpaid Interest thereon and all other amounts due hereunder shall be immediately due and payable in full. The Maker shall be in default of this Note upon the occurrence of any of the following events or conditions: (I) the Maker's failure to pay any amount as herein set fodh, or (ii) the filing of any bankruptcy or any other insolvency proceeding by or against the Maker, or (iii) any default or event of default specified in that certain Deed of Trust executed and delivered to Holder by Maker dated of even date herewith encumbering Maker's real property in St. Louis County, Missouri. Upon such default, and upon written notice to the Maker, the Holder, at its option, may declare this not immediately due and payable. The Maker hereby waives presentment, protest, demand for payment, notice of dishonor and any and all other notices, demand and consents in