<PAGE>
 
                                                                   EXHIBIT 10.53

                                PROMISSORY NOTE
                                ---------------

$500,000                                                       February 11, 1997


          For value received, Stephen R. Kerrigan ("Maker") promises to pay to
the order of Coinmach Corporation, a Delaware corporation ("Holder"), at its
offices in Roslyn, New York, or such other place as is designated in writing by
Holder, the aggregate principal sum of $500,000.  Maker will pay the aggregate
principal sum in five equal annual payments of $100,000, the first of which
payments shall be due on July 18, 1997, and, thereafter, payments shall be due
on each July 18 of the four next succeeding years, or, if any such date is not a
business day, on the next succeeding business day (hereinafter, "Payment
Dates"), and, on each such Payment Date, Maker will pay interest accrued through
such Payment Date at the rate specified below.

          Interest will accrue on the outstanding principal amount of this Note
at a rate equal to seven and one-half percent (7-1/2%) per annum, and shall be
payable at such time as each principal payment of this Note becomes due and
payable.

          Outstanding principal and accrued and unpaid interest (collectively,
"Borrowings") on this Note shall be forgiven as follows: twenty percent (20%) of
Borrowings shall be forgiven on July 18, 1997, and thereafter twenty percent
(20%) of Borrowings shall be forgiven on each of the four next succeeding
Payment Dates, provided, however, that, if Maker ceases to be employed by Holder
               --------  -------                                                
or its affiliates at any time for any reason, no further amounts hereunder shall
be forgiven for the period commencing on the Payment Date immediately preceding
such termination through the date of termination, and all Borrowings shall be
paid by Maker within thirty (30) business days after the date of termination.
Notwithstanding anything to the contrary contained in this Note, in the event of
(i) a Change of Control (as defined herein) of Holder occurring while Maker is
employed by Holder, (ii) Maker's death occurring while Maker is employed by
Holder, (iii) Maker's Disability (as defined herein) occurring while Maker is
employed by Holder, (iv) the termination of Maker's employment by Holder without
Cause (as such term is defined in that certain Senior Management Agreement,
dated as of January 31, 1995, among Maker and those other parties signatory
thereto, and as amended by the Omnibus Agreement, dated November 30, 1995 (the
"Senior Management Agreement")), or (v) the termination of Maker's employment by
Maker for Good Reason (as defined in the Senior Management Agreement), all
Borrowings shall be forgiven in full as of the occurrence of any of such events
set forth in clauses (i)-(v) above.  For purposes of this Note, "Change of
Control" shall mean (a) the sale of Holder's equity securities which results in
any person or group of related persons, not affiliated with the majority equity
holder of Holder on the date hereof, owning equity securities of Holder
possessing the power to elect (without reference to any special or
<PAGE>
 
default voting rights) a majority of the members of the board of directors of
Holder, or (b) the sale of all or substantially all of Holder's assets.  For
purposes of this Note, "Disability" shall mean the failure of Maker to perform
his duties on account of illness or other physical or mental disability or
infirmity for a continuous period of 90 days in any twelve-month period, or at
such earlier time as Maker submits to Holder medical evidence reasonably
satisfactory to the board of directors of Holder that Maker has a physical or
mental disability or infirmity that will prevent him from returning to the
performance of his duties and responsibilities for a continuous period of 90
days or longer in any twelve-month period.

          In the event Maker fails to pay any Borrowings due and owing
hereunder, such amount of Borrowings shall be offset, on a dollar for dollar
basis, against (i) any vested options granted to MCS Capital, Inc. pursuant to
the terms and conditions of the Option Agreement, dated July 23, 1996, by and
between Coinmach Laundry Corporation, a Delaware corporation ("CLC"), and MCS
Capital, Inc. (the "Option Agreement"), attached hereto as Exhibit A, the value
                                                           ---------           
of which options shall be as set forth in Section 3 of the Option Agreement,
(ii) if the amount offset against the vested Options is not sufficient to
satisfy the full amount of the Borrowings due and owing hereunder, any shares of
CLC's common stock, par value $.01 per share (the "CLC Stock"), pledged by MCS
Capital, Inc. to CLC pursuant to those certain Stock Pledge Agreements, attached
hereto as Exhibit B and Exhibit C, the value of which CLC Stock shall be the
          ---------     ---------                                           
fair market value of the CLC stock (as determined by the average closing price
per share of CLC Stock during the three business day period immediately
preceding the date Maker failed to pay any Borrowings due and owing hereunder);
or (iii) if the amount offset against the vested Options and CLC Stock are not
sufficient to satisfy the full amount of the Borrowings due and owing hereunder,
the personal assets of Maker.

          In the event Maker fails to pay any amounts due hereunder when due,
Maker shall pay to Holder, in addition to such amounts due, all costs of
collection, including reasonable attorneys fees and disbursements.

          Maker, or his successors and assigns, hereby waives diligence,
presentment, protest and demand and notice of protest, demand, dishonor and
nonpayment of this Note, and expressly agrees that this Note, or any payment
hereunder, may be extended from time to time and that Holder may accept security
for this Note or release security for this Note, all without in any way
affecting the liability of Maker hereunder.

          This Note shall be governed by the internal laws, not the laws of
conflicts, of the State of New York.

                                    /S/ STEPHEN R. KERRIGAN
                                    ______________________________
                                    Stephen R. Kerrigan
<PAGE>
 
                                   EXHIBIT A

                              MCS OPTION AGREEMENT

                (Incorporated by reference from Exhibit 10.46 
                   to Coinmach Laundry's Form 10-Q for the 
                    quarterly period ended June 28, 1996, 
                             file number 1-11907)






<PAGE>
 
                                   EXHIBIT B

                 STOCK PLEDGE AGREEMENT, DATED JANUARY 31, 1995

                  (Incoporated by reference from Exhibit 10.5
               to Coinmach's Registration Statement on Form S-1,
                            file number 333-00620)





<PAGE>
 
                                   EXHIBIT C


                            STOCK PLEDGE AGREEMENT
                            ----------------------


  THIS PLEDGE AGREEMENT is made as of July 26, 1995, between MCS Capital, Inc. 
("Pledgor"), and SAS Acquisitions Inc., a Delaware corporation (the "Company").

  The Company and Pledgor are parties to an Executive Stock Agreement, dated 
July 26, 1995, pursuant to which Pledgor purchased 4000 shares of the Company's 
Class B Common Stock, $0.01 par value (the "Pledged Shares"), for an aggregate 
purchase price of $61,611.20. The Company has allowed Pledgor to purchase a 
portion of the Pledged Shares by delivery to the Company of a promissory note 
(the "Note") in the aggregate principal amount of $52,369.52. This Pledge 
Agreement provides the terms and conditions upon which the Note is secured by a 
pledge to the Company of the Pledged Shares.

  NOW, THEREFORE, in consideration of the premises contained herein and other 
good and valuable consideration the receipt and sufficiency of which hereby 
acknowledged, and in order to induce the Company to accept the Note as partial 
payment for the Pledged Shares, Pledgor and the Company hereby agree as follows:

  1. Pledge. Pledgor hereby pledges to the Company, and grants to the Company a 
     ------
security interest in, the Pledged Shares as security for the prompt and complete
payment when due of the unpaid principal of and interest on the Note.

  2. Delivery of Pledged Shares. Upon the execution of this Pledge Agreement, 
     --------------------------
Pledgor shall deliver to the Company the certificate(s) representing the Pledged
Shares, together with duly executed forms of assignment sufficient to transfer 
title thereto to the Company.

  3. Voting Rights; Cash Dividends. Notwithstanding anything to the contrary 
     -----------------------------
contained herein, during the term of this Pledge Agreement until such time as 
there exists a default in the payment of principal or interest on the Note, 
Pledgor shall be entitled to all voting rights with respect to the Pledged 
Shares.

  4. Distribution, etc. If, while the Pledge Agreement is in effect, Pledgor 
     ------------------
becomes entitled to receive or receives any securities or other property in 
addition to, in substitution of, or in exchange for any of the Pledged Shares 
(whether as a distribution in connection with nay recapitalization, 
reorganization or reclassification or otherwise), Pledgor shall accept such 
securities or other property on behalf of and for the benefit of the Company as 
additional security for Pledgor's obligations under the Note and shall promptly
deliver such additional security to the Company together with duly executed
forms of assignment, and such additional security shall be deemed to be part of
the Pledged Shares hereunder.

<PAGE>
 
  5. Default. If Pledgor defaults in the payment of the principal or interest 
     -------
under the Note as it becomes due (whether upon demand, acceleration or 
otherwise) or upon the bankruptcy or insolvency of Pledgor, the Company may 
exercise any and all the rights, powers and remedies of any owner of the Pledged
Shares (including the right to vote the shares and receive distributions with 
respect to such shares) and shall have and may exercise without demand any and 
all the rights and remedies granted to a secured party upon default under the 
Uniform Commercial Code or otherwise available to the Company under applicable 
law. Without limiting the foregoing, the Company is authorized to sell, assign 
and deliver at its discretion, from time to time, all or any part of the Pledged
Shares at any private sale or public auction, on not less than ten days written
notice to Pledgor, at such price or prices and upon such terms as the Company
may deem advisable. Pledgor shall have no right to redeem the Pledged Shares
after any such sale or assignment. At any such sale or auction, the Company may
bid for, and become the purchaser of, the whole or any part of the Pledged
Shares offered for sale. In case of any such sale, after deducting the costs,
reasonable attorneys' fees and other expenses of sale and delivery, the
remaining proceeds of such sale shall be applied to the principal of and accrued
interest on the Note; provided, however, that after payment in full of the
indebtedness evidenced by the Note, the balance of the proceeds of sale then
remaining shall be paid to Pledgor and Pledgor shall be entitled to the return
of any of the Pledged Shares remaining in the hands of the Company. Pledgor
shall be liable for any deficiency if the remaining proceeds are insufficient to
pay the indebtedness under the Note in full, including the reasonable fees of
any attorneys employed by the Company to collect such deficiency.

  6. Costs and Attorneys' Fees. All costs and expenses, including reasonable 
     -------------------------
attorneys' fees, incurred in exercising any right, power or remedy conferred by 
this Pledge Agreement or in the enforcement thereof, shall become part of the 
indebtedness secured hereunder and shall be paid by Pledgor or repaid from the 
proceeds of the sale of the Pledged Shares hereunder.

  7. Payment of Indebtedness and Release of Pledged Shares. Upon payment in full
     -----------------------------------------------------
of the indebtedness evidenced by the Note, the Company shall surrender the 
Pledged Shares to Pledgor together with all forms of assignment.

  8. Further Assurances. Pledgor agrees that at any time and from time to time 
     ------------------
upon the written request of the Company, Pledgor will execute and deliver such 
further documents and do such further acts and things as the Company may 
reasonably request in order to effect the purposes of this Pledge Agreement.

<PAGE>
 
  9.    Severability. Any provision of this Pledge Agreement which is 
        ------------
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

  10.  No Waiver; Cumulative Remedies.  The Company shall not by any act, delay,
       ------------------------------
omission or otherwise be deemed to have waived any of its rights or remedies
hereunder, and no waiver shall be valid unless in writing, signed by the
Company, and then only to the extent therein set forth. A waiver by the Company
of any right or remedy hereunder on any one occasion shall not be construed as a
bar to any right or remedy which the Company would otherwise have on any future
occasion. No failure to exercise nor any delay in exercising on the part of the
Company, any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
The rights and remedies herein provided are cumulative and may be exercised
singly or concurrently, and are not exclusive of any rights or remedies provided
by law.

  11.  Waivers, Amendments; Applicable Law.  None of the terms or provisions of 
       ------------------------------------
this Pledge Agreement may be waived, altered, modified or amended except by an 
instrument in writing, duly executed by the parties hereto.  This Agreement and
all obligations of the Pledgor hereunder shall together with the rights and 
remedies of the Company hereunder, inure the benefit of the Company and its 
successors and assigns.  This pledge Agreement shall be governed by, and be 
construed and interpreted in accordance with, the laws of the State of New
York.


                                  *  *  *  *


  IN WITNESS WHEREOF, this Pledge Agreement has been executed as of the date 
first above written.

                                        MCS CAPITAL, INC.


                                        By: /s/ Stephen R. Kerrigan
                                            -----------------------
                                        Its: President



                                        SAS Acquisitions Inc.


                                        By: /s/ Stephen R. Kerrigan
                                            -----------------------
                                        Its: President