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Exhibit I <br />Secured Promissory Note <br />$1509000 <br />Lakewood, Ohio <br />Date: <br />For value received, the undersigned, a Limited Liability Company <br />address is 13369 Madison Avenue, Lakewood, Ohio 44107 promises to,,Pja <br />Ohio (Payee), at its address of 12650 Detroit Avenue, Lakewood, Ohio-,""...- <br />Thousand Dollars ($150,000) at an interest rate of zero percent (00%1. as <br />The principal sum shall be payable on demand u <br />attached CDBG Economic Development Fund Loan Agrepl, <br />20.00%) of the original principal sum of One Hundred" <br />Promissory Note (the "Loan") each consecutive year cow+ <br />the first to occur of: (a) the balance of the Secured Proffil"§".§: <br />or (b) the Maker fails to comply with its obligations un <br />Development Fund Loan Agreement of even date. <br />little Jemmy, LLC, (Maker), whose <br />b 't the order of the City of Lakewood, <br />107, the sum of One Hundred Fifty <br />um. <br />In &&ult. In a,cwrdance with the provisions of the <br />of even date ;-'��-`City shall forgive twenty percent <br />T . ifty Thousand D614ts ($150,000) of the Secured <br />. . . . . . . . . . . . . . . . . . . . . . <br />-� 1 <br />r and continuing until <br />cing on E&ctJiV­,..''DA" <br />Y Note (Economic Development Fund Loan) is $0.00 <br />N,this Se d Promissory'and the Economic <br />This Note is secured ny, <br />other things, a Security Agreement, dated as of even date herewith, <br />executed by Maker and Paye benefit of Payee and covering the security described therein, as well as an <br />Open -End Mortgage Deed dated "f even date herewith. The terms and conditions of said Security Agreements <br />are, by this reference, incorporated herein. <br />This Note is given to evidence the obligations of Maker relating to Maker's acquisition of real property <br />located at 12501 Madison Avenue, Lakewood, OH 44107. Payee provided proceeds to Maker through Payee's <br />entitlement allocation of federal Community Development Block Grant ("CDBG") dollars. All uses of such CDBG <br />proceeds are subject to federal rules and regulations set by the U.S. Department of Housing and Urban <br />Development. Maker hereby acknowledges its obligations to adhere to and comply with any and all such <br />regulations. <br />