<PAGE>

                                                                   EXHIBIT 10.48

                                    BORROWER
                          SYNDICATED BLOOMINGTON I LLC

MONROE BANK                                                        VARIABLE RATE
111 SOUTH LINCOLN                                                   COMMERCIAL
BLOOMINGTON, IN 47808                      ADDRESS                  PROMISSORY
812-331-3571 (LENDER)         494 LA GUARDIA PLACE                     NOTE
                              NEW YORK, NY 10012
                              TELEPHONE NO.     IDENTIFICATION NO.
                              407/361-6782

<TABLE>
<CAPTION>
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OFFICER              INTEREST          PRINCIPAL         FUNDING         MATURITY       CUSTOMER          LOAN
INITIALS               RATE             AMOUNT             DATE            DATE          NUMBER          NUMBER
<S>                  <C>             <C>                 <C>             <C>            <C>            <C>
  DLL                VARIABLE        $2,625,000.00       01/25/02        01/25/22                      517043177
---------------------------------------------------------------------------------------------------------------
</TABLE>

TO PURCHASE COMMERCIAL FACILITY TO BE OCCUPIED BY SYNDICATED FOOD SERVICE GROUP,
INC.

                                 PROMISE TO PAY

For value received, Borrower promises to pay to the order of Lender indicated
above the principal amount TWO MILLION SIX HUNDRED TWENTY-FIVE THOUSAND AND
NO/100 Dollars ($ 2,625,000.00 plus interest on the unpaid principal balance and
those other charges permitted by applicable law and authorized pursuant to this
Note, all without relief from valuation and appraisement laws, all at the rate
and in the manner described below, until all amounts owing under this Note are
paid in full. All amount received by Lender shall be applied first to late
payment charges, then to expenses, then to accrued unpaid interest, and then to
unpaid interest, and then to unpaid principal, or in any other order as
determined by Lender, in Lender's sole discretion, as permitted by law.

INTEREST RATE: This note has a variable interest rate feature. The interest rate
on this Note may change from time to time if the Index Rate identified below
changes, interest shall be computed on the basis of 360 days and the actual
number of days per year. Interest on this Note shall be calculated and payable
at a variable rate equal to 250/1000 percent (0.250%) per annum over the Index
Rate. The Initial Index Rate is FOUR AND 750/1000 percent (4.750%) per annum.
The Initial interest rate on this Note shall be SIX AND 625/1000* percent
(6.625%) per annum. Any change in the interest rate resulting from a change in
the Index Rate will be effective on: JANUARY 25, 2005, AND EVERY 36TH MONTH
THEREAFTER (RATE CHANGE DATE). *INITIAL RATE FOR FIRST 36 MONTHS.

INDEX RATE: The Index Rate for this Note shall be:
THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75% OF THE NATION'S 30
LARGEST BANKS AS PUBLISHED IN THE WALL STREET JOURNAL AS OF 45 DAYS PRIOR TO
RATE CHANGE DATE.

If the Index Rate is redefined or becomes unavailable, then Lender may select
another Index which is substantially similar.

MINIMUM RATE/MAXIMUM RATE: The minimum interest rate on this Note shall be SIX
AND 625/1000 percent (6.625%) per annum. The maximum interest rate on this Note
shall not exceed n/a percent ( n/a %) per annum, or in less, or if a maximum
rate is not indicated, the maximum interest rate Lender is permitted to charge
by law.

DEFAULT RATE: In the event of any default under this Note, the Lender may, in
its discretion increase the interest rate on this Note to:______________________

________________________________________________________________________________

or the maximum interest rate Lender is permitted to charge by law, whichever is
less.

PAYMENT SCHEDULE: Borrower shall pay the principal and interest according to the
following schedule:

         239 PAYMENTS OF $19,912.20 BEGINNING FEBRUARY 25, 2002 AND CONTINUING
         AT MONTHLY TIME INTERVALS THEREAFTER. A FINAL PAYMENT OF THE UNPAID
         PRINCIPAL BALANCE PLUS ACCRUED INTEREST IS DUE AND PAYABLE ON JANUARY
         25, 2022. IF THE INTEREST RATE CHANGES, THE PAYMENT AMOUNTS MAY CHANGE
         IN AN AMOUNT SUFFICIENT TO REPAY THE UNPAID PRINCIPAL OVER THE
         SCHEDULED AMORTIZATION TERM. NEW PAYMENTS BEGIN WITH THE FIRST PAYMENT
         AFTER RATE CHANGE DATE.

All payments will be made to Lender at any address so designated by Lender and
in lawful currency of the United States of America.

RENEWAL: If checked, [ ] this Note is a renewal of Loan Number_________________.

SECURITY: To secure the payment and performance of obligations incurred under
this Note, Borrower grants Lender a security interest in all of Borrower's
rights, title, and interest, in all monies, instruments, savings, checking and
other deposit accounts of Borrower's (excluding IRA, Keogh and trust accounts
and deposits subject to tax penalties if so assigned) that are now or in the
future in Lender's custody or control. [X] If checked, the obligations under
this Note are also secured by a lien on and/or security interest in the property
described in the security instruments executed in connection with this Note as
well as any other property designated as security for this Note now or in the
future.

         SEE ADDITIONAL TERMS

PREPAYMENT: This Note may be prepaid in part or in full on or before its
maturity date. All prepayments will be credited as determined by Lender and as
permitted by law. If this Note is prepaid in full, there will be: [X] No minimum
finance charge or prepayment penalty. [ ] A minimum finance charge of $____. [ ]
A prepayment penalty of:

LATE PAYMENT CHARGE: If a payment is received more than 15 days late, Borrower
will be charged a late payment charge of: [ ] _________% of the unpaid late
payment [X] $50.00 or 5.00% Of the unpaid late payment, whichever is [X] greater
[X] less.
________________________________________________________________________________
BORROWER ACKNOWLEDGES THAT BORROWER HAS READ, UNDERSTANDS, AND AGREES TO THE
TERMS AND CONDITIONS OF THIS NOTE INCLUDING THE PROVISIONS ON THE REVERSE SIDE.
BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY OF THIS NOTE.

DATE: JANUARY 25, 2002

BORROWER: SYNDICATED BLOOMINGTON I LLC          BORROWER:

See attached.
________________________________________        ________________________________
SYNDICATE FOOD SERVICE GROUP, INC.
MANAGING MEMBER
BORROWER: BY: NICK PIRGOUSIS, SECRETARY         BORROWER:

________________________________________        ________________________________

BORROWER:                                       BORROWER:

________________________________________        ________________________________

BORROWER:                                       BORROWER:

________________________________________        ________________________________

<PAGE>

                              TERMS AND CONDITIONS

1. DEFAULT: Borrower will be in default under this Note in the event that
Borrower, any guarantor or any other third party pledging collateral to secure
this Note:

         (a)      falls to make any payment on this Note or any other
                  Indebtedness to Lender when due;

         (b)      falls to perform any obligation or breaches any warranty or
                  covenant to Lender contained in this Note, any security
                  instrument, or any other present or future written agreement
                  regarding this or any other Indebtedness of Borrower to
                  Lender;

         (c)      provides or causes any false or misleading signature or
                  representation to be provided to Lender;

         (d)      sells, conveys, or transfers rights in any collateral securing
                  this Note without the written approval of Lender, destroys,
                  loses or damages such collateral in any material respect, or
                  subjects such collateral to seizure or confiscation;

         (e)      has a garnishment, judgment, tax levy, attachment or lien
                  entered or served against Borrower, any guarantor, or any
                  third party pledging collateral to secure this Note or any of
                  their property;

         (f)      dies, becomes legally incompetent, is dissolved or terminated,
                  ceases to operate its business, becomes insolvent, makes an
                  assignment for the benefit of creditors, falls to pay debts as
                  they become due, or becomes the subject of any bankruptcy,
                  insolvency or debtor rehabilitation proceeding; or

         (g)      causes Lender to deem itself insecure due to a significant
                  decline in the value of any real or personal property securing
                  payment of this Note, or Lender in good faith, believes the
                  prospect of payment or performance is impaired.

2. RIGHTS OF LENDER ON DEFAULT: If there is a default under this Note, Lender
will be entitled to exercise one or more of the following remedies without
notice or demand (except as required by law):

         (a)      to declare the principal amount plus accrued Interest under
                  this Note and all other present and future obligations of
                  Borrower Immediately due and payable in full;

         (b)      to collect the outstanding obligations of Borrower with or
                  without resorting to judicial process;

         (c)      to cease making advances under this Note or any other
                  agreement between Borrower and Lender;

         (d)      to take possession of any collateral in any manner permitted
                  by law;

         (e)      to require Borrower to deliver and make available to Lender
                  any collateral at a place reasonably convenient to Borrower
                  and Lender;

         (f)      to sell, lease or otherwise dispose of any collateral and
                  collect any deficiency balance with or without resorting to
                  legal process;

         (g)      to set-off Borrower's obligations against any amounts due to
                  Borrower including, but not limited to monies, instruments,
                  and deposit accounts maintained with Lender; and

         (h)      to exercise all other rights available to Lender under any
                  other written agreement or applicable law.

Upon default in any covenant or agreement providing for the payment of taxes,
the maintenance of insurance, or otherwise relating to any collateral securing
Borrower's obligations to Lender, Lender may, in its sole discretion, advance
such sums and costs and take such other steps as Lender may deem necessary or
advisable to protect any collateral. All sums so advanced or paid by Lender
shall be payable by Borrower to Lender, and shall be part of Borrower's
obligations to Lender.

Lender's rights are cumulative and may be exercised together, separately, and in
any order. Lender's remedies under this paragraph are in addition to those
available at common law, including, but not limited to, the right of set-off.

3. DEMAND FEATURE: [ ] If checked, this Note contains a demand feature. Lender's
right to demand payment at any time, and from time to time, shall be in Lender's
sole and absolute discretion, whether or not any default has occurred.

4. FINANCIAL INFORMATION: Borrower will at all times keep proper books of record
and account in which full, true and correct entries shall be made in accordance
with generally accepted accounting principles and will deliver to Lender, within
ninety (90) days after the end of each fiscal year of Borrower, a copy of the
annual financial statements of Borrower relating to such fiscal year, such
statements to include (i) the balance sheet of Borrower as at the end of such
fiscal year and (ii) the related income statement, statement of retained
earnings and statement of changes in the financial position of Borrower for such
fiscal year, prepared by such certified public accountants as may be reasonably
satisfactory to Lender. Borrower also agrees to deliver to Lender within fifteen
(15) days after filing same, a copy of Borrower's income tax returns and also,
from time to time, such other financial information with respect to Borrower as
Lender may request. Borrower shall permit Lender's representatives to inspect
Borrower's properties and its books and records, and to make copies or abstracts
thereof.

5. MODIFICATION AND WAIVER: The modification or waiver of any of Borrower's
obligations or Lender's rights under this Note must be contained in a writing
signed by Lender. Lender may perform any of Borrower's obligations or delay or
fail to exercise any of its rights without causing a waiver of those obligations
or rights. A waiver on one occasion will not constitute a waiver on any other
occasion. Borrower's obligations under this Note shall not be affected if Lender
amends, compromises, exchanges, fails to exercise, impairs or releases any of
the obligations belonging to any co-borrower or guarantor or any of its rights
against any co-borrower, guarantor or collateral.

6. SEVERABILITY: If any provision of this Note is invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

7. ASSIGNMENT: Borrower will not be entitled to assign any of its rights,
remedies or obligations described in this Note without the prior written consent
of Lender which may be withheld by Lender in its sole discretion. Lender will be
entitled to assign some or all of its rights and remedies described in this Note
without notice to or the prior consent of Borrower in any manner.

8. NOTICE: Any notice or other communication to be provided to Borrower or
Lender under this Note shall be in writing and sent to the parties at the
addresses described in this Note or such other address as the parties may
designate in writing from time to time.

9. APPLICABLE LAW: This Note shall be governed by the laws of the state of
Indiana. Unless applicable law provides otherwise, Borrower consents to the
jurisdiction and venue of any court selected by Lender in its discretion located
in such state in the event of any legal proceeding under this Note.

10. COLLECTION COSTS: To the extent permitted by law, Borrower agrees to pay
collection costs, expenses, and reasonable attorneys fees and costs, incurred by
Lender in collecting any amount due or enforcing any right or remedy under this
Note whether or not suit is brought, including but not limited to, expenses,
fees, and costs incurred for collection, enforcement, realization on collateral,
construction, interpretation, and appearance in collection, bankruptcy,
insolvency, reorganization, post-judgment and appellate proceedings.

11. CHECK PROCESSING FEE: If a check, draft, order, or like instrument for
payment is dishonored or returned to Lender for any reason, Lender will assess a
check processing fee of $ 2.00 plus an amount equal to the actual charge by
the depository institution returning or dishonoring the instrument.

12. MISCELLANEOUS: This Note and the obligations incurred by Borrower are
commercial obligations to finance income-producing business or activity, and not
for personal, family or household purposes. Borrower and Lender agree that time
is of the essence. Borrower and any person who endorses this Note waives
presentment, demand for payment, notice of dishonor and protest and further
waives any right (if any) to require Lender to proceed against anyone else
before proceeding against Borrower or said person. All references to Borrower in
this Note shall include all of the parties signing this Note, and this Note
shall be binding upon the heirs, successors and assigns of Borrower and Lender.
If there is more than one Borrower their obligations under this Note shall be
joint and several. This Note represents the complete and integrated
understanding between Borrower and Lender regarding the terms hereof.

13. JURY TRIAL WAIVER: LENDER AND BORROWER HEREBY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY CIVIL ACTION ARISING OUT OF, OR BASED UPON, THIS NOTE OR THE
COLLATERAL SECURING THIS NOTE.

14. ADDITIONAL TERMS:
         THIS NOTE IS SECURED BY A REAL ESTATE MORTGAGE DATED 1/25/02 COVERING
         LOT #30 AND #31 IN NORTHWEST PARK SUBDIVISION, A/K/A 4863 WEST VERNAL
         PIKE, BLOOMINGTON, INDIANA. ALSO, A SECURITY AGREEMENT DATED 1/25/02
         COVERING ALL ACCOUNTS RECEIVABLE AND INVENTORY IN THE NAME OF
         SYNDICATED FOOD SERVICE GROUP, INC.
<PAGE>

                                ADDENDUM TO NOTE

This Addendum shall be deemed to supplement and modify the foregoing terms and
provisions of the Variable Rate Commercial Promissory Note (the "Note") to
which it is attached. In the event of any conflict between the terms and
provisions of this Addendum and the terms and provisions of said Note, the terms
and provisions of this Addendum shall control.

    1.  All prepayments on the Note as provided in the section captioned
        "Prepayment" shall be credited by Lender against the unpaid principal
        balance and accrued interest and other charges permitted to be imposed
        pursuant to this Note.

    2.  Borrower shall not be deemed in default under this Note for any monetary
        payment due until more than 10 days after notice is given to Borrower of
        the failure to make such payment, and Borrower shall not be deemed to be
        in default for any nonmonetary obligation until more than 30 days after
        notice is given to Borrower of Borrower's failure to perform such
        obligation, provided that with respect to any nonmonetary obligation
        which cannot reasonably be performed within such 30 day period, Borrower
        shall not be deemed in default under this Note if Borrower shall
        commence the curing of such default within such 30 day period and
        diligently pursue the curing thereof to completion.

    3.  The death or legal incompetency of any guarantor of this Note shall not
        be deemed to be a default hereunder, provided that the estate of such
        guarantor shall continue to be liable under the guaranty.

    4.  A sale, conveyance or transfer of any collateral securing this Note
        without Lender's consent shall not be deemed to be a default if such
        collateral is sold in the ordinary course of Borrower's business
        provided that other similar collateral is substituted in place thereof.

    5.  Supplementing and modifying Section 4, Borrower shall be required to
        deliver its annual financial statements to Lender within 120 days after
        the end of Borrower's fiscal year.

    6.  All references to the Note being payable on demand, or that the Note is
        a demand note, are hereby deleted from the Note.

<PAGE>

IN WITNESS WHEREOF, this document was executed as of the day and year first
above written.

                                        SYNDICATED BLOOMINGTON I LLC

                                        By: Syndicated Food Service Group, Inc.,
                                            Managing Member

                                        By  /s/ Nick Pirgousis
                                            ------------------------------------
                                            Nick Pirgousis
                                            Secretary

<PAGE>

         IN WITNESS WHEREOF, this addendum was executed as of the day and the
year first above written.

Monroe Bank

By: /s/ David L. Landis
   ---------------------------
        David L. Landis
        Vice President