<PAGE>   1
EXHIBIT 10(I)

                                 PROMISSORY NOTE


$   $234,165.00                  New York, DECEMBER 31, 1998
----------------------------               -----------------
FOR VALUE RECEIVED,

Thomas J. Axon
6 Harrison Street, 6th Floor
New York, New York 10013

PROMISE TO PAY TO

Franklin Credit Management Corporation.
6 Harrison Street
New York, New York 10013

OR ORDER,


or such other place as may be designated in writing by the holder of this note ,
the principal sum of Two Hundred Thirty Four Thousand One Hundred Sixty Five
00/100 ($234,165.00) Dollars,

with interest thereon to be computed from the date hereof, at the rate of 8% per
annum and to be paid in equal monthly installments of interest only, commencing
on February 1, 1999, and a like sum on the first day of each month thereafter,
up to and including January 1, 2001, at which time the entire unpaid balance,
together with all accrued interest and other charges, if any, shall become due
and payable.

IT IS HEREBY EXPRESSLY AGREED, that upon written notice to the holder, borrower
shall have the option to extend equal monthly installments of interest only,
commencing on January 1, 2001, and a like sum on the first day of each month
thereafter, up to and including June 1, 2001, at which time the entire unpaid
balance, together with all accrued interest and other charges, if any, shall
become due and payable.

IT IS HEREBY EXPRESSLY AGREED, that the said principal sum secured by this note
shall become due at the option of the holder thereof on the happening of any
default or event by which, under the terms of the Agreement securing this note,
said principal sum may or shall become due and payable; also, that all of the
covenants, conditions and agreements contained in said Agreement are hereby made
part of this instrument.

We, the undersigned, unconditionally and personally guarantee the prompt and
full payment of this Note, including interest and all costs of collection, if
not paid when due according to its tenor without need for recourse by Holder
against any other party. We waive presentment, protest, notice of dishonor, or
any other demand to which we may be entitled. We consent to any extensions and
renewals of this Note without any notice to us, and such extensions and renewals
shall not impair Holder's recourse against us or discharge this guaranty. This
guaranty shall not be affected by any of the following: (1) the addition or
release of any parties to this Note; (2) the release of any security for the
payment of this Note; (3) the illegality of this Note; or (4) the failure of
Holder to pursue every remedy against other parties to this Note.

This note may not be changed or terminated orally.


                                    ------------------------------
                  THOMAS J. AXON



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STATE OF NEW YORK    }
COUNTY OF NEW YORK   }
ON THIS 31ST DAY OF DECEMBER 1998, BEFORE ME PERSONALLY CAME THOMAS J. AXON TO
ME KNOWN AND KNOWN TO ME TO BE THE INDIVIDUAL(S) DESCRIBED IN AND WHO EXECUTED
THE FOREGOING INSTRUMENT; AND HE/SHE DULY ACKNOWLEDGED TO ME THAT HE/SHE
EXECUTED THE SAME.

---------------------------
                                         NOTARY PUBLIC



======================================================================
STATE OF NEW YORK    }
COUNTY OF NEW YORK   }
ON THIS ________  DAY OF _________ , 199 , BEFORE ME PERSONALLY CAME __________
______________________________ TO ME PERSONALLY KNOWN TO BE THE PERSON
DESCRIBED AND APPOINTED ATTORNEY-IN-FACT IN AND BY A CERTAIN POWER OF ATTORNEY
EXECUTED BY DATED ___________ , TO BE RECORDED IN THE OFFICE OF THE REGISTER OF
_____________ COUNTY SIMULTANEOUSLY WITH THE FOREGOING INSTRUMENT, AND
ACKNOWLEDGED TO ME THAT ______________________________ EXECUTED THE FOREGOING
INSTRUMENT AS THE ACT OF THE SAID_________________________ .


                                  ________________________________________
                                  NOTARY PUBLIC








======================================================================
STATE OF NEW YORK  }
COUNTY OF KINGS    }
ON THE ______ DAY OF _________ , 199 , BEFORE ME PERSONALLY CAME _____________,
TO ME KNOWN, WHO, BEING BY ME DULY SWORN, DID DEPOSE AND SAY THAT HE RESIDES AT
______________________________________ THAT HE IS THE ________________________
OF _________________________________, THE CORPORATION DESCRIBED IN AND WHICH
EXECUTED THE FOREGOING INSTRUMENT; THAT HE KNOWS THE SEAL OF SAID CORPORATION;
THAT THE SEAL AFFIXED TO SAID INSTRUMENT IS SUCH CORPORATE SEAL; THAT IT WAS SO
AFFIXED BY ORDER OF THE BOARD OF DIRECTORS OF SAID CORPORATION, AND THAT HE
SIGNED HIS NAME THERETO BY LIKE ORDER.


                                  ________________________________________
                                  NOTARY PUBLIC





PROMISSORY NOTE
---------------------------------
THOMAS J. AXON
            TO
FRANKLIN CREDIT MANAGEMENT CORP.