The Coffee County Industrial Board has filed a lawsuit against Jerry Teal, president of Cellotec, Inc., a specialty self-adhesives manufacturer located in the Interstate Industrial Park, for payment of a $62,520 promissory note for which the county claims that Teal is behind on installments. According to the county attorney Bob Huskey, the note was for a 10-acre tract of land located at the rear of the seven-acre lot on Deer Park Court where the Cellotec building is currently located. According to county officials, Teal allegedly purchased both tracts in September of 2006, paying cash of $42,000 for the main seven-acre tract where he placed his building, and taking out a promissory note for $62,520 for the ten-acre lot behind it. According to the terms of the agreement, no payments were due for four years. According to officials, Teal has paid approximately $6,000 for the second tract, but has not made any payments since June of 2011. Attorney Bob Huskey said the Industrial Board could foreclose on the property, but they prefer not to do so.
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