Promissory Note

Promissory Note - Equal Monthly Installments

1. Promise to Pay. For value received, __Josephine H. Herbert__, (Borrower) promises to pay __Alexander Knudsen__ (Lender) $__10,000__ and interest at the yearly rate of __10__% on the unpaid balance as specified below.

2. Monthly Installments. Borrower will pay __60__ monthly installments of $__212__ each.

3. Date of Installment Payments. Borrower will make an installment payment on the __1st__ day of each month beginning __January 1, 1998__ until the principal and interest have been paid in full.

4. Application of Payments. Payments will be applied first to interest and then to principal.

5. Prepayment. Borrower may prepay all or any part of the principal without penalty.

6. Loan Acceleration. If Borrower is more than __30__ days late in making any payment, Lender may declare that the entire balance of unpaid principal is due immediately, together with the interest that has accrued.

7. Security

* This is an unsecured note.

Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by a security agreement and Uniform Commercial Code Financing statement giving Lender a security interest in the equipment, fixtures, inventory and accounts receivable of the business known as ____.

Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by the

o mortgage
deed of trust
covering the real estate commonly known as _________________
and more fully described as follows:
___________________________________

8. Collection Costs. If Lender prevails in a lawsuit to collect on this note, Borrower will pay Lender's costs and lawyer's fees in an amount the court finds to be reasonable.

Dated: __September 15, 1997__
Name of Business: __Josephine's Catering__,
a __sole proprietorship__
By: __Josephine H. Herbert__
Printed Name: __Josephine H. Herbert__
Title: __Owner__
Address: __950 W. Newport Avenue__
__Springfield, Missouri__

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