Exhibit 6.26
THIS NOTE SUPERCEDES THAT CERTAIN NOTE DATED 21 MARCH 1996 (ATTACHED)
PROMISSORY NOTE
$ 1,750,000 El Dorado Hills, California,
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July 30, 1996 .
FOR VALUE RECEIVED, and hereby acknowledged, the undersigned, FOOD
EXTRUSION, INC., a Nevada Corporation, hereby promises to pay to the order of
DOMINION RESOURCES, INC. the principal sum of ONE MILLION, SEVEN HUNDRED, FIFTY
THOUSAND DOLLARS ($1,750,000) with interest computed at Five Percent (5%) simple
interest per annum in arrears.
As consideration for this loan, DOMINION RESOURCES, INC. shall receive
common stock in FOOD EXTRUSION, INC. in the amount of 578,000 shares.
FOOD EXTRUSION, INC. as collateral for this loan hereby pledges all of
the equipment which is owned by FOOD EXTRUSION, INC. at Farmers' Rice
Cooperative, 0000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxxxxx, Xxxxxxxxxx 00000. A U.C.C.
has been filed with the Secretary of State, the State of California perfecting
this Agreement.
The principal and interest are payable on November 21, 1999.
The undersigned may, at their election, without notice, at any time and
from time to time, prepay without penalty all or any part of the principal
hereof.
Payment of the principal and interest shall be made in lawful money of
the United States of America and shall be made at the offices of DOMINION
RESOURCES, INC., or at such place as the holder hereof may from time to time
designate. If the undersigned becomes insolvent, makes an assignment for the
benefit of creditors, or files a petition in bankruptcy, then, and, in any such
event, the entire unpaid principal amount of this Note shall become immediately
due and payable without further notice at the option of the holder thereof.
The undersigned hereby waive diligence, notice of default, presentment
for payment, demand, protest, notice of protest and notice of dishonor, and
expressly agree that this Note or any unpaid portion of principal due thereon
may be extended from time to time, by the holder thereof, without notice, or
without in any way affecting the liability of the undersigned. If a legal action
is commenced for collection of sums due under this Note, the undersigned agrees
to pay such reasonable costs of collection, including attorneys' fees and court
costs, as may be incurred by the holder or fixed by a court.
This note is made and delivered in California and shall be governed by
the laws of the State of California.
THIS NOTE SUPERCEDES THAT CERTAIN NOTE DATED 21 MARCH 1996 (ATTACHED).
Executed the 30th day of July, 1996, at El Dorado Hills, California.
FOOD EXTRUSION, INC.,
/s/ Xxxxxx X. XxXxxx
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Xxxxxx X. XxXxxx
Chairman and Chief Executive Officer
AGREED TO AND ACCEPTED:
DOMINION RESOURCES, INC.
By: /s/ Xxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx
