Exhibit 10.1
AMENDED AND RESTATED
STRAIGHT NOTE
Newport Beach, California
$302,421 Restated: September 1, 2002
This Amends, Restates and Extends all prior Notes from Borrower to Holder as
follow:
FOR VALUE RECEIVED, Newport Federal, a California corporation ("Borrower")
promises to pay to the order of Advantage America, Inc., a Delaware corporation
and California Finance Lender, ("Holder"), or order at 0000 Xxxxxxxx Xxxx,
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, the sum of Three Hundred Two Thousand Four
Hundred Twenty-One and 00/100 Dollars ($302,421.00) with interest from August
31, 2002 until paid at the rate of ten percent (10%) per annum payable
(see below) :
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This Note is due and payable without demand or notice in full
including all accrued and unpaid principal and interest on
NOVEMBER 14, 2002 ("Maturity"). This Note may be paid or drawn
upon at any time until Maturity. Monthly payments calculated at
interest only shall be made by Borrower by the 1st day of each
month in arrears.
Should interest not be so paid, it shall thereafter bear like interest as the
principal, but such unpaid interest so compounded shall not exceed an amount
equal to simple interest on the unpaid principal at the maximum rate permitted
by law. Should default be made in the payment of any installment of interest
when due, then the whole sum of principal and interest shall become immediately
due and payable at the option of the Holder of this Note. Should suit be
commenced to collect this Note or any potion thereof, such sum as the Court may
deem reasonable shall be added hereto as attorney's fees. Principal and
interest is payable in lawful money of the United States of America. This note
is secured by a certain DEED OF TRUST to the FIRST AMERICAN TITLE COMPANY OF
ORANGE COUNTY, a California corporation, as Trustee.
"BORROWER"
Newport Federal, a California corporation
By: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx, Vice President
