Exhibit 10.14
CirTran Corporation
Form 10-KSB
PROMISSORY NOTE AND CONFESSION OF JUDGMENT
This Promissory Note and Confession of Judgment is made and
entered into this 16th day of November, 2000, by and between
Xxxxx Electronics, ("Plaintiff") through its undersigned counsel,
and Circuit Technology Corp. ("Defendant").
RECITALS:
1. WHEREAS, Defendant owes to Plaintiff the sum of $97,259.23,
plus interest at 8% per annum from March 29, 2000, for goods,
services and/or other things of value provided by Plaintiff for
Defendant for which payment has not been made, and Plaintiff has
brought an action against Defendant in Civil No. 000403535 in the
Third Judicial District Court, Xxxxx Department, for Salt Lake
County, State of Utah ("the Lawsuit"); and,
2. WHEREAS, Plaintiff has placed this account for collection
with the law firm of Xxxxxxx & Xxx Xxxx; and,
3. WHEREAS, Plaintiff and Defendant desire to enter into an
agreement which retires the subject debt.
NOW THEREFORE, in consideration of the premises and mutual
covenants and conditions contained herein, the parties agree as
follows:
1. Defendant promises to pay and Plaintiff shall agree to
accept the sum of $97,259.23, plus interest at 8% per annum from
September 23, 2000, as payment in full of the above obligation
provided payments are made as set forth below.
1. 2. Defendant shall deliver payments in the form of a
cashier's check or certified funds, to the care of Xxxxxxx & Xxx
Xxxx at 0000 Xxxx Xxxx Xxxxx Xxxx., #000, Xxxx Xxxx Xxxx, Xxxx
00000-0000, counsel for Plaintiff, or in the form of a wire
transfer (Xxxxxxx & Xxx Xxxx Attorneys Trust Account, First
Security Bank of Utah, NA., Routing No. 000000000, Account
X-00
Xx.
000 00000 01), to retire the debt referenced in paragraph 1 above
as follows:
1. Payment of not less than $1,972.07 due on or before November
9, 2000; and
2. payments of not less than $1,972.07 on or before the 15th
day of each month thereafter until the sums in paragraph 1 are
paid in full.
3. Upon timely receipt of the payment due November 15, 2000,
Plaintiff and defendant shall execute and file a joint motion,
stipulation, and order in the Lawsuit referred to in Paragraph A
above to dismiss the Lawsuit and set aside any judgment entered
in the Lawsuit.
3. In the event Defendant fails to deliver any payment
within five days after any payment becomes due as set forth
above, Plaintiff, or Plaintiff's counsel, shall fax notice of
such default to Defendant's counsel, Xxxxx X. Xxxxxxxxx, at (801)
415-3500, and to Defendant c/o Xxxxx Xxxxxxxx at (000) 000-0000.
If Defendant fails to deliver the delinquent payment to
Plaintiff's counsel within 5 days from the date notice of such
default is faxed to Defendant and Defendant's counsel, Plaintiff
shall be entitled to accelerate the balance owing and enter this
Confession of Judgment against Defendant with the Court supported
by an affidavit of default to be executed by Plaintiff's attorney
setting forth the default and stating the balance owing.
Plaintiff shall thereupon be entitled to bring an action and
enter judgment without additional notice to Defendant or
Defendant's counsel.
4. Defendant does hereby confess judgment in favor of
Plaintiff for the sum of $97,259.23, plus interest thereon at the
rate of 10% per annum from March 23, 2000, less any payments made
hereunder, as to be conclusively established by the affidavit of
Plaintiff's counsel, should that be necessary, in the event of
its default.
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4. This Promissory Note and Confession of Judgment shall
in no manner impair or prejudice the right of Plaintiff to
collect any amounts which may be owing under the law by Defendant
to Plaintiff in the event of default. Plaintiff reserves all
rights with respect thereto, which come into existence and may be
exercised only in the event of default of Defendant hereunder.
DATED: November 16, 2000.
Defendant
Circuit Technology Corporation
By: /s/ Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx
Title: President
DATED: November 16, 2000.
Plaintiff
Xxxxx Electronics
By: /s/ Xxxxx Electronics
APPROVED AS TO FORM:
DURHAM XXXXX & XXXXXXX XXXXXXX & XXX XXXX
/s/ Xxxxx Xxxxxxxxx /s/Xxxxxxx X. Xxxxxxx
Xxxxx Xxxxxxxxx Xxxxxxx X. Xxxxxxx
Attorney for Defendant Attorney for Arrow Electronics, Inc.
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VERIFICATION
On the 16th day of November, 2000, personally appeared
before me Xxxxx Xxxxxxxx, President, who was by me duly sworn,
did say, that, the said Xxxxx Xxxxxxxx executed the foregoing
Promissory Note and Confession of Judgment and that he is
authorized to execute the same in behalf of said corporation.
SUBSCRIBED AND SWORN to before me this 16th day of November,
2000.
/s/ Notary Public
Notary Public
Residing at:
My commission expires:
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