Exhibit 10.3
ESESIS, INC.
XXXX XXXXX, INDIVIDUALLY
7346 E PEAKVIEW
CENTENNIAL CO 80111
XXXXXXXX'S NAME AND ADDRESS
"I" includes each borrower above, joint and severally
First American State Bank
0000 X Xxxxxxxx Xxxx, Xxx 000
Xxxxxxxxx Xxxxxxx, XX 00000
XXXXXX'S NAME AND ADDRESS
"You" means the lender, its successors and assigns
Loan Number 16540
Date 11/03/03
Maturity Date 05/03/04
Loan Amount $25,000.00
Renewal Of ______________
For value received, I promise to pay to you, or your order, at your
address listed above the PRINCIPAL sum of Twenty five thousand and no/100
Dollars $25,000.00
[ ] Single Advance: I will receive all of this principal sum on
_______________. No additional advances are contemplated under this
note.
[X] Multiple Advance: The principal sum shown above is the maximum
amount of principal I can borrow under this note. On 11/03/03 I
will receive the amount of $__________ and future principal advances
are contemplated.
Conditions: The conditions for future advances are ________________
_________________________________________________________________.
[X] Open End Credit: You and I agree that I may borrow up to the
maximum amount of principal more than one time. This feature
is subject to all other conditions and expires on MAY 03, 2004.
[ ] Closed End Credit: You and I agree that I may borrow up to the
maximum only one time (and subject to all other conditions).
INTEREST: I agree to pay interest on the outstanding principal balance
from NOVEMBER 03, 2003 at the rate of 6.5000% per year until May 03,
2004.
[ ] Variable Rate: This rate may then change as stated below.
[ ] Index Rate: The future rate will be _____________ the following
index rate: ___________________________________________________
______________________________________________________________.
[ ] No Index: The future rate will not be subject to any internal
or external index. It will be entirely in your control.
[ ] Frequency and Timing: The rate on this note may change as often
as ___________________________________________________________.
A change in the interest rate will take effect______________.
[ ] Limitations: During the term of this loan, the applicable
annual interest rate will not be more than ______% or less than
_____%. The rate may not change more than _____% each
___________.
Effect of Variable Rate: A change in the interest rate will have the
following effect on the payments:
[ ] The amount of each scheduled payment will change.
[ ] The amount of the final payment will change.
[ ] __________________________________________________________.
ACCRUAL METHOD: Interest will be calculated on a Actual/360 basis.
POST MATURITY RATE: I agree to pay interest on the unpaid balance of this
note owing after maturity, and until paid in full, as stated below.
[ ] on the same fixed or variable rate basis in effect before
maturity (as indicated above).
[X] at a rate equal to 3.000% above the stated interest rate,
effective 15 days after maturity.
[X] LATE CHARGE: if a payment is made more than 10 days after it is due,
I agree to pay a late charge of 5% of the Past Due Payment Amount.
[ ] ADDITIONAL CHARGES: In addition to interest, I agree to pay the
following charges which [ ] are [ ] are not included in the
principal amount above: _________________________________________.
PAYMENTS: I agree to pay this note as follows:
[X] Interest: I agree to pay accrued interest ON DEMAND, BUT IF NO
DEMAND IS MADE THEN: Monthly Beginning - DECEMBER 03, 2003.
[x] Principal: I agree to pay the principal ON DEMAND, BUT IF NO DEMAND
IS MADE THEN: At Maturity - MAY 03, 2004.
[ ] Installments: I agree to pay this note in _____ payments. The first
payment will be in the amount of $__________ and will be due
________________________________. A payment of $__________ will be
due ___________________ thereafter. The final payment of the entire
unpaid balance of principal and interest will be due
_____________________________________________.
ADDITIONAL TERMS: DEFAULT RATE: NOTWITHSTANDING ANY PROVISIONS IN THE
LOAN DOCUMENTS, UPON DEFAULT OF THE BORROWER UNDER
THE TERMS OF THE NOTE, SECURITY OR LOAN DOCUMENTS,
INTEREST WILL ACCRUE ON THE OUTSTANDING PRINCIPAL
PLUS ADVANCES MADE BY LENDER AT A DEFAULT RATE OF
36.00% PER ANNUM.
XXXXXXXX HEREBY, UPON REQUEST, AGREES TO PROVIDE
ANNUAL FINANCIAL STATEMENTS AND TAX RETURNS.
FAILURE TO SUPPLY REQUESTED ITEMS COULD BE CONSIDERED
A DEFAULT UNDER THE TERMS OF THIS NOTE.
[x] SECURITY: This note is separately secured by (describe separate
document by type and date):
SECURITY AGREEMENT DATED NOVEMBER 30, 2003
(This section is for your internal use. Failure to list a separate
security document does not mean the agreement will not secure this note.)
PURPOSE: The purpose of this loan is BUSINESS: ESTABLISH BUSINESS LINE OF
CREDIT.
SIGNATURE FOR LENDER
First American State Bank
/s/ X X XXXXXXXXX
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X X XXXXXXXXX
EXEC VICE PRESIDENT
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SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE (INCLUDING THOSE ON PAGE
2). I HAVE RECEIVED A COPY ON TODAY'S DATE.
ESESIS, INC.
/s/ XXXX XXXXX
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XXXX XXXXX, CEO/PRES
/s/ XXXX XXXXXXX
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XXXX XXXXXXX, SECRETARY
/s/ XXXX XXXXX
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XXXX XXXXX, INDIVIDUALLY
