PROMISSORY NOTE CASH OUT- JWSr. III And SETTLEMENT AGREEMENT
PROMISSORY
NOTE
CASH
OUT- JWSr. III
And
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$150,000
(One Hundred, Fifty-Thousand Dollars)
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Dated:
July, 27 0000
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Xxxxxxxxx
Xxxxxx
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Xxxxx
of Nevada
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Funding
Date-
On or
before July 27, 2007
Due
Date
of Note
September 15, 2007
FOR
VALUE
RECEIVED, One Hundred, Fifty-Thousand Thousand Dollars ($150,000), the
undersigned, Indigo-Energy, Inc., a Nevada Corporation, located at 000 X. Xxxxx
Xxxxxx Xxxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000 (Borrowers)
hereby
promises to pay to the order of Xxxxx X. Xxxxxx Xx., an individual, residing
at
000 XxXxxxxxxx Xxxx, Xxxxxxx, XX 00000 (Maker)
the sum
of $150,000 (One Hundred, Fifty-Thousand Dollars). Said sum shall be paid in
the
manner following:
At
the
Due Date Borrower will repay this Promissory Note- Cash Out and Settlement
Agreement (Note) in the following manner:
Borrower
will repay the Principal Amount along with an interest payment of $2,000
(Two-Thousand Dollars) within 5 days of the Due Date via wire transfer to the
Maker.
The
Maker
agrees to the following terms and conditions as part of this Note:
1)
The
Maker hereby releases the Borrower from all claims and obligations contained
within the Promissory Note document dated April 6, 2007 with a due date of
June
6, 2007.
2)
The
Maker hereby releases the Borrower from all claims, obligations and revenue
from
Indigo Well #2 in which the Maker currently an investment interest. This Note
releases the Borrower from all current and future obligations on that assigned
well.
As
an
additional consideration for this Note, the Borrower agrees to issue, within
30
days of the date of signing, 1.4
Million (One Million, Four-Hundred
Thousand)
shares
of the Borrower’s common stock. Such shares shall be restricted by SEC Rule
144.
This
Note
shall at the option of the Maker be immediately due and payable upon the
occurrence of any of the following:
| 1- |
Breach
of any condition of any of the security
interest.
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| 2- |
Upon
the insolvency, dissolution, or liquidation of the
Borrowers.
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Wire
Instructions for receipt of funds by Borrower are:
Bank
of
America
Branch
NV1-155-01-01
Banker:
Xxxxxxx Xxxxx
0000
X.
Xxxxxxx Xxxxx Xxxxxxx
Xxxxxxxxx,
XX 00000
000-000-0000
000-000-0000
fax
Account
#
005012537333
Wire
Routing ABA # 000000000
In
the
event this Note shall be in default, and placed with an attorney for collection,
then the Borrower agrees to pay all reasonable attorney fees and costs of
collection. Payments not made within 10 days of due date shall be subject to
a
late charge of 10% of said payment. All payments hereunder shall be made to
the
Maker.
The
Borrowers agree to be fully bound hereunder until this note shall be fully
paid
and waive demand, presentment and protest and all notices thereto and further
agrees to remain bound, notwithstanding any extension, renewal, modification,
waiver, or other indulgence by the Maker or upon the discharge or release of
the
Borrowers, or upon the exchange, substitution, or release of any collateral
granted as security for this Note. No modification or indulgence by Maker shall
be binding unless in writing, and any indulgence for one occasion shall not
be
an indulgence for any other or future occasion. This Note shall take effect
as a
sealed instrument and shall be construed, governed, and enforced in accordance
with the laws of the State of Nevada.
Signed
the date recorded below:
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Xxxxx
Xxxxxx, CEO
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Date
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Accepted
by Maker:
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||||
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Xxxxx
X. Xxxxxx Xx.,
an
individual
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Date
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SSAN#
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PromNoteCashOutJCWSrIII
