ex10-2.htm


    Exhibit 10.2


    PROMISSORY
NOTE

    


    
      	 
      	 
      
	
              $
      28,000,000

            	
              Date:
      November 30,  2009

            


    

    


    


    FOR VALUE RECEIVED, the
undersigned, MINISTRY PARTNERS INVESTMENT COMPANY, LLC, a California Limited
Liability Company (herein called the “Company”), hereby promises to pay to the
order of WESTERN CORPORATE FEDERAL CREDIT UNION, a federal corporate credit
union (the “Lender” or, together with its successors and assigns, the “Holder”)
whose principal place of business is 924 Overland Court, San Dimas, California
91773-1750, or at such other place as the Holder may designate from time to
time, the principal sum of Twenty Eight Million Dollars ($28,000,000) or so much
thereof as may be outstanding from time to time pursuant to the Loan and
Security Agreement described below, and to pay interest on said principal sum or
such part thereof as shall remain unpaid from time to time, from the date of the
Advance until repaid in full, and all other fees and charges due under the
Agreement, at the rates and at the times set forth in the
Agreement.

    


    Interest shall accrue at the Fixed Rate
of 3.95% per annum, shall be computed on the basis of a 365-day year and applied
to the actual number of days elapsed in each interest calculation period and
shall be payable monthly in arrears, on the last day of each month, commencing
on December 31, 2009.

    


    In addition to payments on account of
interest, principal reduction payments of $116,667 shall be made on the last day
of each month, commencing with the first such payment due on December 31, 2009,
and with the outstanding principal amount of the Advance payable in full on the
Maturity Date of March 30, 2012.

    


    All payments hereunder shall be made in
lawful money of the United States and in immediately available
funds.

    


    This Note is given to evidence an
actual loan in the above amount and is the Note referred to in that certain Loan
and Security Agreement (the “Agreement”) dated the date hereof between the
Company and Lender, as the same may be amended or supplemented from time to
time, and is entitled to the benefits thereof. Reference is hereby made to the
Agreement (which is incorporated herein by reference as fully and with the same
effect as if set forth herein at length) for a description of the Collateral, a
statement of the covenants and agreements, a statement of the rights and
remedies and securities afforded thereby and other matters contained therein.
Capitalized terms used herein, unless otherwise defined herein, shall have the
meanings given them in the Agreement.

    


    Should
this Note be placed in the hands of attorneys for collection, the Company agrees
to pay, in addition to principal and interest, fees and charges due under the
Agreement, any and all costs of collecting this Note, including reasonable
attorneys’ fees and expenses.


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The Company hereby waives demand,
notice, protest and presentment.

    


    This Note shall be construed and
enforced in accordance with the laws of the State of California, without
reference to its principals of conflicts of law.

    


    IN WITNESS WHEREOF, the
Company has executed this Note as of the day and year first above
written.

    


    
      
        	 
      	
                MINISTRY
      PARTNERS INVESTMENT

              
	 
      	
                COMPANY,
      LLC

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:
       /s/
      Billy Dodson

              
	 
      	
                Billy
      M. Dodson

              
	 
      	
                Its:  President

              


      

    

    


    
      
        
        

      

      
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