NON-NEGOTIABLE DEMAND NOTE
Exhibit
10.4
NON-NEGOTIABLE
$1,000,000
Berwyn,
Pennsylvania
July 25,
1997
FOR VALUE RECEIVED, COMMONWEALTH ▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, having a business address of ▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (herein referred to as
“Makers”), promise to pay Commonwealth of Delaware, Inc., a Delaware corporation
having a business address of ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇
▇▇▇▇▇ (hereinafter referred to as “Payee”), on demand, the principal sum of One
Million Dollars ($1,000,000) lawful money of the United States of
America.
The entire unpaid balance of this Note
shall be immediately due and payable on demand. The principal of this
Note shall bear interest at a rate no higher than six percent (6%) per annum if
not paid when due.
The Makers promise to pay all costs of
collection, including reasonable attorney’s fees, upon default in the payment of
the principal of this Note, when due, whether suit be brought or
not.
In the event any one or more of the
provisions contained in this Note shall for any reason be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Note, but this Note shall be
construed as if such invalid, illegal or unenforceable provision had never been
contained herein.
This Note is irrevocable and is given
in connection with the public offering of units of limited partnership interests
in the Commonwealth Income & Growth Funds, Pennsylvania limited partnerships
(the “Partnerships”), and no waiver or modification of the terms of this Note
shall be permitted without the prior written consent of Payee and the
Partnership.
This Note shall be governed in all
respects by the laws of the Commonwealth of Pennsylvania and shall be binding
upon and shall inure to the benefit of the parties hereto.
IN WITNESS WHEREOF, Makers have caused
this Note to be duly executed the day and year first above written.
WITNESS:
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/s/
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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/s/
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇▇▇▇▇, President & Director
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/s/
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇▇▇▇, EVP &
Director
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