NON-INTEREST BEARING PROMISSORY NOTE
NON-INTEREST
BEARING PROMISSORY NOTE
THIS
AGREEMENT
entered as of the th day of November,
2009.
BETWEEN:
MinQuest
Inc.
0000
Xxxxxxx Xxx, Xxxx, Xxxxxx, 00000, X.X.X.
(herein
called the “Holder”)
OF
THE FIRST PART
AND:
Fenario,
Inc.
0000 X.
Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxx Xxxx, Xxxxxx, 00000, X.X.X.
(herein
called the “Issuer”)
OF
THE SECOND PART
WHEREAS:
A. The
Issuer has optioned the CX Project from the Holder.
B. In
contemplation of the Issuer requiring time to complete a financing in order to
make the initial payment under the CX Property Option Agreement, the Holder has
agreed to accept a USD $20,000.00, 90-day, non-interest bearing promissory note
(the “Note’) from the Issuer on the terms and conditions detailed
herein.
NOW THEREFORE THIS AGREEMENT
WITNESSES that for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows.
1. THE
NOTE
|
1.1
|
The
Holder hereby agrees to accept a USD $20,000.00 Note from the Issuer and,
by execution of this Non-Interest Bearing Note Payable Agreement, the
Holder acknowledges receipt of the Note from the
Issuer.
|
|
1.2
|
The
Note will be non-interest bearing.
|
|
1.3
|
The
Note or such amount as is then due and payable is due 90 days from the
date of this agreement, herein referred to as the “Due
Date”.
|
2. GENERAL
|
2.1
|
The
laws of the state of Nevada and the federal laws of the United States
shall cover this Agreement herein.
|
|
2.2
|
Time
shall be of the essence of this
Agreement.
|
|
2.3
|
The
parties hereto shall execute all such further documents and instruments
and do all such acts and things as shall be necessary to give full effect
to the intent and meaning of this
Agreement.
|
|
2.4
|
This
Agreement may not be modified or amended except by an instrument in
writing signed by both parties
hereto.
|
|
2.5
|
This
Agreement shall endure to the benefit of and be binding upon the parties
hereto, their heirs, successors and
assigns.
|
|
2.6
|
This
Agreement may be executed in several counterparts each of which shall be
deemed to be an original and all of which shall together constitute one
and the same instruments.
|
|
2.7
|
Delivery
of an executed copy of this Agreement by facsimile transmission shall be
deemed to be execution and delivery of this Agreement on the date of such
transmission by the party so delivering such
copy.
|
IN WITNESS WHEREOF the parties
have executed this Agreement as of the day and year first above
written.
MinQuest
Inc.:
_/s/_ Xxxxxxx Xxxx
__________________________
Xxxxxxx
Xxxx
Fenario,
Inc.:
_/s/_ Xxxxxxxxx Xxxxx Xxxxxx
__________________________
Xxxxxxxxx
Xxxxx Basrai
President
