Document:

<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>
---------------------------------------------------------------------------------------------------------------
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<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                   EXHIBIT 10.49

MONROE BANK                     UNLIMITED CONTINUING
111 SOUTH LINCOLN                     GUARANTY
BLOOMINGTON, IN 47408
812-331-3571 (LENDER)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
              GUARANTOR                              BORROWER
--------------------------------------------------------------------------------
<S>                                       <C>
NICK PIRGOUSIS                             SYNDICATED BLOOMINGTON I LLC

              ADDRESS                                ADDRESS
494 LA GUARDIA PLACE                      494 LA GUARDIA PLACE
NEW YORK, NY 10012                        NEW YORK, NY 10012

TELEPHONE NO.   IDENTIFICATION NO.        TELEPHONE NO.      IDENTIFICATION NO.
917/667-0105       ###-##-####            407/361-6782
--------------------------------------------------------------------------------
</TABLE>

    1. CONSIDERATION. This Guaranty is being executed to induce Lender indicated
above to enter into one or more loans or other financial accommodations with or
on behalf of Borrower.

    2. GUARANTY. Guarantor hereby unconditionally guarantees the prompt and full
payment and performance, and promises to pay all of Borrower's present and
future, joint and/or several, direct and indirect, absolute and contingent,
express and implied, indebtedness, liabilities, obligations and covenants
(cumulatively "Indebtedness") to Lender when due (whether upon maturity or by
demand, acceleration or otherwise). Guarantor's liabilities and obligations
under this Guaranty ("Obligations") shall be unlimited and shall include all
present and future written agreements between Borrower and Lender (WHETHER
EXECUTED FOR THE SAME OR DIFFERENT PURPOSES THAN THE FOREGOING), evidencing the
Indebtedness, together with all interest and all of Lender's expenses and costs,
including but not limited to reasonable attorney's fees incurred in connection
with the Indebtedness, including any repeated amendments, extensions,
modifications, renewals, replacements or substitutions thereto, including but
not limited to the following Indebtedness:

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

    3. SECURITY INTEREST. [ ] If checked, the Obligations under this Guaranty
are secured by a lien on or security interest in the property described in the
documents executed in connection with this Guaranty as well as any other
property designated as security for this Guaranty now or in the future.

    4. ABSOLUTE AND CONTINUING NATURE OF GUARANTY. Guarantor's Obligations are
absolute and continuing and shall not be affected or impaired if Lender
repeatedly and unconditionally amends, renews, extends, compromises, exchanges,
fails to exercise or perfect rights in, impairs or releases any collateral or
any of the Indebtedness owed by any Borrower, Co-guarantor or third party (even
if such impairs Guarantor's rights of subrogation) to Lender or any of Lender's
rights against any Borrower, Co-guarantor, third party, or collateral. In
addition, the Obligations shall not be affected or impaired by the discharge
(including but not limited to any inability to collect a deficiency judgment
against) death, incompetency, termination, dissolution, insolvency, business
cessation, or other financial deterioration of any Borrower, Guarantor, or third
party or by any state of facts or the happening from time to time of any event,
including without limitation: The invalidity, irregularity, illegality or
unenforceability of, or any defect in, the promissory note or any agreement or
any collateral security for the Obligation (the "Collateral"); Any present or
future law or order of any government (de lure or de facto) or of any agency
thereof purporting to reduce, amend or otherwise affect the Indebtedness of the
Borrower or any other obligor or to any other terms of payment; The waiver,
compromise, settlement, release or termination of any or all of the Obligations,
covenants or agreements of the Borrower under the promissory note or any
agreement or of any party named as a Guarantor under this Guaranty; The failure
to give notice to the Guarantor of the occurrence of an event of default under
the promissory note or any other agreement; The loss, release, sale, exchange,
surrender or other change in any Collateral; The repeated extension of the time
for payment of any principal of or interest on the Indebtedness or of the time
for performance of any obligations, covenants or agreements under or arising out
of the promissory note or any agreement or the repeated extension or the renewal
of any thereof; The modification or amendment (whether material or otherwise) of
any obligation, covenant or agreement set forth in the promissory note or any
agreement; The taking of, or the omission to take, any of the actions referred
to in the promissory note or any agreement; Any failure, omission or delay on
the part of the Lender to enforce, assert or exercise any right, power or remedy
conferred on the Lender in the promissory note or any agreement; The voluntary
or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all the assets, marshalling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition with creditors or readjustment of, or
other similar proceedings affecting the Guarantor or the Borrower or any of
their assets, or any allegation or contest of the validity of the promissory
note or any agreement; The default or failure of the Guarantor to fully perform
any Obligations set forth in this Guaranty; Any event or action that would, in
the absence of this paragraph, result in the release or discharge of the
Guarantor from the performance or observance of any Obligation, covenant or
agreement contained in this Guaranty; and Any other circumstances which might
otherwise constitute a legal or equitable discharge or defense of a surety or a
guarantor.

    5. DIRECT AND UNCONDITIONAL NATURE OF GUARANTY. Guarantor's Obligations are
direct and unconditional and may be enforced without requiring Lender to
exercise, enforce, or exhaust any right or remedy against any Borrower,
Co-guarantor, third party, or any security or Collateral.

    6. WAIVER. Guarantor hereby waives notice of the acceptance of this
Guaranty; notice of present and future extensions of credit and other financial
accommodations by Lender to any Borrower; notice of the obtaining or release of
any guaranty, assignment, or other security for any of the Indebtedness; notice
of presentment for payment, demand, protest, dishonor, default, and nonpayment
pertaining to the Indebtedness and this Guaranty and all other notices and
demands pertaining to the Indebtedness and this Guaranty; the benefit of
valuation and appraisement laws; and any and all defenses to payment as
permitted by law.

    7. NATURE OF GUARANTY. This Guaranty is a guaranty of payment and not of
collection, and the Guarantor hereby waives the right to require that any action
be brought first against the Borrower or any other Guarantor, or any security or
the Collateral, or to require that resort be made to any security or the
Collateral or to any balance of any deposit account on credit on the books of
the Lender in favor of the Borrower or of any Guarantor.

--------------------------------------------------------------------------------
GUARANTOR ACKNOWLEDGES GUARANTOR HAS READ, UNDERSTANDS, AND AGREES TO THE TERMS
AND CONDITIONS OF THIS AGREEMENT INCLUDING THE TERMS AND CONDITIONS ON THE
REVERSE SIDE. GUARANTOR HAS EXECUTED THIS AGREEMENT WITH THE INTENT TO BE
LEGALLY BOUND NOTWITHSTANDING ANY FAILURE BY ANY OTHER PERSON TO SIGN THIS
AGREEMENT. GUARANTOR ACKNOWLEDGES RECEIPT OF AN EXACT COPY OF THIS AGREEMENT.

DATED: JANUARY 25, 2002

SEE ATTACHED

GUARANTOR: NICK PIRGOUSIS                       GUARANTOR:

_______________________________________         ________________________________
NICK PIRGOUSIS

GUARANTOR:                                      GUARANTOR:

_______________________________________         ________________________________

LP-IN209   (c) John H. Hartand (11/20/97) (800)937-3799
<PAGE>

    8. DEFAULT. Guarantor shall be in default under this Guaranty in the event
that any Borrower or Guarantor.

       (a) fails to pay any amount under this Guaranty or any Indebtedness to
           Lender when due (whether such amount is due at maturity by
           acceleration or otherwise);

       (b) fails to perform any obligation or breaches any warranty or covenant
           to Lender contained in any loan document or this Guaranty or any
           other present or future promissory note or written agreement;

       (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
           Guaranty without the written approval of Lender, or 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, or any Guarantor, 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, 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
           Guaranty, or Lender in good faith, believes the prospect of payment
           or performance is impaired.

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

       (a) to declare Guarantor's obligations under this Guaranty immediately
           due and payable in full;

       (b) to collect the outstanding obligations under this Guaranty with or
           without resorting to judicial process;

       (c) to take possession of any Collateral in any manner permitted by law;

       (d) to require Guarantor to deliver and make available to Lender any
           Collateral at a place reasonably convenient to Guarantor and Lender;

       (e) to sell, lease or otherwise dispose of any Collateral and collect any
           deficiency balance with or without resorting to judicial process;

       (f) to set-off Guarantor's Obligations under this Guaranty against any
           amounts due to Guarantor including, but not limited to, monies,
           instruments, and deposit accounts maintained with Lender; and

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

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.

    10. SUBORDINATION. The payment of any present or future indebtedness of
Borrower to Guarantor will be postponed and subordinated to the payment in full
of any present or future Indebtedness of Borrower to Lender during the term of
this Agreement. In the event that Guarantor receives any monies, instruments, or
other remittances to be applied against Borrower's obligations to Guarantor,
Guarantor will hold these funds in trust for Lender and immediately endorse or
assign if necessary) and deliver these monies, instruments and other remittances
to Lender. Guarantor agrees that Lender shall be preferred to Guarantor in any
assignment for the benefit of Borrower's creditors in any bankruptcy,
insolvency, liquidation, or reorganization proceeding commenced by or against
Borrower in any federal or state court.

    11. INDEPENDENT INVESTIGATION. Guarantor's execution and delivery to Lender
of this Guaranty is based solely upon Guarantor's independent investigation of
Borrower's financial condition and not upon any written or oral representation
of Lender in any manner. Guarantor assumes full responsibility for obtaining any
additional information regarding Borrower's financial condition and Lender shall
not be required to furnish Guarantor with any information of any kind regarding
Borrower's financial condition.

    12. ACCEPTANCE OF RISKS. Guarantor acknowledges the absolute and continuing
nature of this Guaranty and voluntarily accepts the full range of risks
associated herewith including, but not limited to, the risk that Borrower's
financial condition shall deteriorate or, if this Guaranty is unlimited, the
risk that Borrower shall incur additional Indebtedness to Lender in the future.

    13. SUBROGATION. The Guarantor hereby irrevocably waives and releases the
Borrower from all "claims" (as defined in Section 101(5) of the Bankruptcy Code)
to which the Guarantor is or would, at any time, be entitled by virtue of its
obligations under this Guaranty, including, without limitation, any right of
subrogation (whether contractual, under Section 509 of the Bankruptcy Code or
otherwise), reimbursement, contribution, exoneration or similar right against
the Borrower.

    14. APPLICATION OF PAYMENTS. Lender will be entitled to apply any payments
or other monies received from Borrower, any third party, or any collateral
against Borrower's present and future Indebtedness to Lender in any order.

    15. TERMINATION. This Guaranty shall remain in full force and effect until
Lender executes and delivers to Guarantor a written release thereof.
Notwithstanding the foregoing, Guarantor shall be entitled to terminate any
unlimited guaranty of Borrower's future Indebtedness to Lender following any
anniversary of this Guaranty by providing Lender with sixty (60) or more days'
written notice of such termination by hand-delivery or certified mail. Notice
shall be deemed given when received by Lender. Such notice of termination shall
not affect or impair any of the agreements and Obligations of the Guarantor
under this Agreement with respect to any Indebtedness existing prior to the time
of actual receipt of such notice by Lender, any extensions, modifications,
amendments, replacements or renewals thereof, and any interest on any of the
foregoing.

    16. ASSIGNMENT. Guarantor shall not be entitled to assign any of its rights
or Obligations described in this Guaranty without Lender's prior written consent
which may be withheld by Lender in its sole discretion. Lender shall be entitled
to assign some or all of its rights and remedies described in this Guaranty
without notice to or the prior consent of Guarantor in any manner. Unless the
Lender shall otherwise consent in writing, the Lender shall have an unimpaired
right prior and superior to that of any assignee, to enforce this Guaranty for
the benefit of the Lender, as to those Obligations that the Lender has not
assigned.

    17. MODIFICATION AND WAIVER. The modification or waiver of any of
Guarantor's Obligations or Lender's right under this Guaranty must be contained
in a writing signed by Lender. No delay on the part of Lender in the exercise of
any right or remedy shall preclude other or further exercise thereof or the
exercise of any other right or remedy. The validity of this Continuing Guaranty
and the Guarantor's Obligations hereunder shall not be terminated or impaired by
reason of (a) any action which Lender may take or fail to take against Borrower
or (b) any wavier of notes, or other documents evidencing Borrower's
Indebtedness. Guarantor hereby consents to any accommodation made or to be made
by Lender to Borrower, including but not limited to a release of Borrower from
all or any part of the Indebtedness, an extension of the maturity date of the
Indebtedness, the release of any Collateral, or any other alteration in the
Indebtedness, and hereby waives any and all claims of discharge based upon such
actions by Lender, regardless of whether it increases Guarantor's exposure
hereunder.

    18. SUCCESSORS AND ASSIGNS. This Guaranty shall be binding upon and inure to
the benefit of Guarantor and Lender and their respective successors, assigns,
trustees, receivers, administrators, personal representatives, legatees, and
devisees.

    19. NOTICE. Any notice or other communication to be provided under this
Guaranty shall be in writing and sent to the parties at the addresses described
in this Guaranty or such other addresses as the parties may designate in writing
from time to time.

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

    21. APPLICABLE LAW. This Guaranty shall be governed by the laws of the state
of Indiana. Unless applicable law provides otherwise, Guarantor 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 Guaranty.

    22. COLLECTION COSTS. To the extent permitted by law, Guarantor 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 Guaranty 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.

    23. REPRESENTATIONS OF GUARANTOR. Guarantor acknowledges receipt of
reasonably equivalent value in consideration for the execution of this Guaranty
and represents that, after giving effect to this Guaranty, the fair market value
of Guarantor's assets exceeds Guarantor's total liabilities, including
contingent, subordinate and unliquidated liabilities, that Guarantor has
sufficient cash flow to meet debts as they mature, and that Guarantor does not
have unreasonably small capital. Guarantor represents that all required director
and shareholder consents to enter into this Guaranty have been obtained.

    24. MISCELLANEOUS. This Guaranty is executed in connection with a commercial
or agricultural loan. Guarantor and Lender agree that time is of the essence.
Guarantor will provide Lender with a current financial statement upon request.
All references to Guarantor in this Guaranty shall include all entities or
persons signing this Guaranty. If there is more than one Guarantor, their
obligations under this Guaranty shall be joint and several. This Guaranty
represents the complete and integrated understanding between Guarantor and
Lender regarding the terms hereof.

    25. WAIVER OF JURY TRIAL LENDER AND GUARANTOR HEREBY WAIVE ANY RIGHT TO A
TRIAL BY JURY IN ANY CIVIL ACTION ARISING OUT OF, OR BASED UPON, THIS GUARANTY.

    26. ADDITIONAL TERMS.

LP-IN209   (R) John H. Hartand Co. (11/20/97) (800)937-3799
<PAGE>

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

                                 GUARANTOR

                                 /s/ Nick Pirgousis
                                 --------------------------------------
                                 Nick Pirgousis

<PAGE>

                    ADDENDUM TO UNLIMITED CONTINUING GUARANTY

This Addendum shall be deemed to supplement and modify the foregoing terms and
provisions of the Unlimited Continuing Guaranty 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 Unlimited Continuing Guaranty, the terms and
provisions of this Addendum shall control.

    1.  The address of the Borrower shall be c/o Proskauer Rose LLP, 1585
        Broadway, New York, NY 10036, Attn: Oliverio Lew, Esq.

    2.  Section 2 shall read as follows; "Guaranty. Guarantor hereby
        unconditionally guarantees the prompt and full payment and performance,
        and promises to pay all of Borrower's present and future indebtedness,
        liabilities, obligations and covenants (cumulatively "Indebtedness") to
        Lender when due (whether upon maturity or by acceleration or otherwise)
        arising only from the following Indebtedness:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                    Principal       Funding/
                     Amount/       Agreement       Maturity        Customer         Loan
Interest Rate     Credit Limit        Date           Date           Number         Number
-------------------------------------------------------------------------------------------
<S>              <C>               <C>             <C>             <C>            <C>
VARIABLE         $2,625,000.00      01/25/02       01/25/22                       517043177
-------------------------------------------------------------------------------------------
</TABLE>

    3.  Any references to any unlimited obligation of Guarantor under the
        Guaranty are deleted to reflect that the Guaranty is a limited guaranty
        as provided in Section 2 as herein modified.

    4.  Any references to any third party in Section 4 shall be deleted.

    5.  Guarantor shall not be deemed in default under this Security Agreement
        for any monetary payment due until more than 15 days after notice is
        given to it, Owner and to Borrower of the failure to make such payment,
        and Guarantor shall not be deemed to be in default for any non-monetary
        obligation until more than 30 days after notice is given to it, Borrower
        and Owner of Borrower's, Guarantor's or Owner's failure to perform such
        obligation, provided that with respect to any non-monetary obligation
        which cannot reasonably be performed within such 30 day period,
        Guarantor shall not be deemed in default under this Security Agreement
        if Borrower, Owner or Guarantor shall commence the curing of such
        default within such 30 day period and diligently pursue the curing
        thereof to completion.

    6.  A sale, conveyance or transfer of the Collateral without Lender's
        consent shall not be deemed to be a default if such collateral is sold
        in the ordinary course of Owner's business.

    7.  The first two lines of Section 9 shall read as follows: "RIGHTS OF
        LENDER ON DEFAULT. If there is a default under this Agreement and after
        expiration of all

<PAGE>

        applicable notice and grace periods, Lender shall be entitled to
        exercise one or more of the following remedies".

    8.  Section 9 (b) is herein deleted in its entirety. Section 9 (c) shall
        read as follows: "to collect the outstanding obligations under this
        Guaranty and to take possession of any Collateral in any manner
        permitted by law".

    9.  Section 15 shall read as follows: " This Guaranty shall remain in full
        force and effect until the Indebtedness for the loan described in
        Section 2 of this Guaranty is paid in full".

    10. Any modification or waiver of any of Guarantor's Obligations or Lender's
        rights under this Agreement must be contained in a writing signed by
        Lender and Guarantor.

<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

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