DISTRICT OF ARIZONA _
CASE NO. CIV 03 2353-PHX-DGC
CENTURY 21 REAL ESTATE CORPORATION,
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DARYUSH B. MOTLAGH AND JANE DOE MOTLAGH, HUSBAND AND WIFE;
INTEGRITY ASSURANCE,
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EXHIBIT TO CENTURY 21 REAL ESTATE CORPORATION’S: (1) RENEWED
MOTION FOR SUMMARY JUDGMENT ON ITS BREACH OF CONTRACT
AND UNJU ST ENRICHMENT CLAIMS; AND (2) MOTION FOR SUMMARY
JUDGMENT ON COUNTERCLAIMS
EXHIBIT 3
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Case 2:03-cv-02353-DGC Document 78-6 Filed O7/O7/2006 Page 1 of 3 I
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. |NlTiAL FRANCHISE FEE PRONIISSORY NOTE
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$16,250 . Parsippany, New Jersey
July 7, 1997
FOR VALUE RECENED, the undersigned John Edmonds and Daryush llllotlagh, jointly _
and severally, as Arizona residents ("Maker") promises to pay to the order of Century 21 ‘ _
Real Estate Corporation, a Delaware corporation ("Holder'), the principal sum of Sixteen " -
Thousand Two Hundred Fifty and 00l100 Dollars ($16,250.00) which amount shall bear .
no interest unless Maker defaults or this Note is accelerated. The principal amount will be
payable in one installment due on or before December 31, 1997. lf this Note is not paid l
within ten (10) days after it is due, the outstanding principal balance shall bear simple .
interest at a rate equal to the lesser of eighteen (18%) percent per annum or the highest i
rate allowed by law from its due date until paid. The outstanding principal balance of this
Note shall be payable in lawful money of the United States of America at 8 Sylvan Way,
Parsippany, New Jersey 07054, or at such_other place as Holder may direct by written ·
notice to Maker. [
This Note is issued in connection with the Franchise Agreement between Holder and Maker V
F for the operation of a Century 21 office (the "Facility") to be located at 13700 West indian
-a-a -- School Road, Litchfield Park, AZ 85323. All terms not defined herein shall have the
same definition as in the Franchise Agreement. Makers obligation to pay this Note if l
accelerated shall be absolute and unconditional, and shall not be subject to any rights of
setoff, offset or recoupment. (
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lf a Termination of the Franchise Agreement between Maker and Holder occurs for any
reason, or Maker defaults under the Franchise Agreement and fails to cure the default
within the time permitted under the Franchise Agreement, if any, or any other event occurs _ l_
which permits Holder to terminate the Franchise Agreement or an assignment or transfer of
the Franchise Agreement occurs, the outstanding principal balance of this Note shall be `
immediately due and payable without further notice, demand or presentment. Any
payments shall be first applied to any accrued interest and then to principal. Maker has the F
right to prepay this Note, in whole or in part, at any time, without premium or penalty. -
Prepayments of principal will be applied without notation on this Note. {
lf this Note is collected by or through an attorney at law, the Holder shall be entitled to
collect reasonable attorney's fees and all costs of collection. This Note is issued in and
shall be governed and construed according to the laws of the State of New Jersey. Each . _
maker, endorser, guarantor or accommodation party liable for this Note waives
presentment, demand, notice of demand, protest, notice of non—payment, notice of protest, i
notice of dishonor, and diligence in collection. Holder reserves the right to modify the terms i .
of this instnument, grant extensions, novations, renewals, releases, discharges, l
compositions and compromises with any party liable under this Note, with or without any i
` ` dot HJ'95 ` -
h Case 2:03-cv-02353-DGC Document 78-6 Filed O7/O7/2006 Page .'§gfl3OO393 i
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notice to or the consent of, and without discharging or affecting the obligations of any other _
party liable under this Note. The terms "I-loldef' and "lVlaker“‘ shall be deemed to include i
their respective heirs, successors, legal representatives and assigns, whether by voluntary
action of the parties or by operation of law- All references to "lVlakei“' shall means and l
include the named Maker and all co-makers, guarantors, sureties and accommodation
parties signing or endorsing this Note, each of whom shall be jointly, severally and primarily
liable as the maker of this Note--- -
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IN WITNESS Wl-IEREOF, the undersigned have executed this instrument effective as of ‘ l
the date Hrst above written.
WITNESS; q CO—lVlAl
/ Edmonds; individually
,..,. T `
_,/ Daiyush Motlagh, individually
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LITCHFIELD PARK, AZ S
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Case 2:03-cy-02353-DGC Document 78-6 Filed O7/O7/2006 IPage §o)fl30O394 I
Case 2:03-cv-02353-DGC
Document 78-6
Filed 07/07/2006
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Case 2:03-cv-02353-DGC
Document 78-6
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Case 2:03-cv-02353-DGC
Document 78-6
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