PROMISSORY NOTE
$__________ Colorado Springs, Colorado
_________, 1997
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FOR VALUE RECEIVED, Wallstreet Racing Stables, Inc. 0000 Xxxxxxxx
Xxxxx, Xxxxx 000, Xxxxxxxx Xxxxxxx, Xxxxxxxx, 00000 (hereinafter referred
to as "the Maker"), promises to pay to __________________________________
(hereinafter referred to as "Lender"), the principal sum of _____________
dollars ($________) plus interest at the rate of nine percent (9%) per annum.
Said principal and interest is payable in full on or before December
31, 1997.
Maker acknowledges that this Promissory Note evidences a business loan,
and not a consumer loan nor a consumer-related loan as defined in the Uniform
Consumer Credit Code.
It is agreed that if this note is not paid when due or declared due
hereunder, the entire principal and accrued interest thereon shall draw
interest at the rate of eighteen percent (18%) per annum, and that failure to
make any payment of principal or interest when due or any default under any
encumbrance or agreement securing this note shall cause the whole note to
become due at once, or the interest to be counted as principal, at the option
of the holder of the note. The makers and endorsers hereof severally agree
to any extension of time of payment and partial payments before, at or after
maturity, and if this note or interest thereon is not paid when due, or suit
is brought, agree to pay all reasonable costs of collection, including
reasonable attorney's fees.
The undersigned waives demand, presentment of payment, protest and
notice of protest, and non-payment, and agrees and consents that the time
for payment of this note may be extended or this note may be renewed from
time to time and for any term or terms by agreement between Lender and any of
them without notice, and that after such extension or extensions, renewal or
renewals, the liabilities of the undersigned shall remain as if no extension
or renewal had been had.
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No failure of Lender to exercise, or delay by Xxxxxx in exercising,
any right or remedy hereunder shall operate as a waiver thereof or of any
other right or remedy and no single or partial exercise of any right or
remedy shall preclude any other or further exercise thereof or of any other
right or remedy. Acceptance by Lender of any payment after the maturity of
this note has been accelerated shall not constitute a waiver of such
acceleration.
This Note is made in and shall be governed by and interpreted in
accordance with the laws of the State of Colorado.
MAKER:
Wallstreet Racing Stables, Inc.
__________________________________
/S/ Xxxx X. Xxxxxx
Vice President
