Exhibit 4.1
NOTE
$107,500.00 Newburgh, New York
June 27, 2003
For value received, the undersigned IPORUSSIA, INC. (the "Borrower")
promises to pay ON December 27, 2004 to the order of ELLENVILLE NATIONAL BANK,
Ellenvllle, New York 12428 (the "Lender") at its office located at 000 Xxxxx
Xxxxx Xxxxx, Xxxxxxxx, XX 00000, Xxx Xxxx in lawful money of the United States
and in immediately available funds, the principal amount of One Hundred Seven
Thousand, Five Hundred Dollars ($107,500.00) or so much thereof as may have been
advanced and is outstanding, plus interest on the principal amount outstanding
from time to time from and including the date of this Note to the date such
outstanding principal amount is paid in full, at a rate per annum set forth
below, provided, however, that (a) in no event shall such interest be payable at
a rate in excess of the maximum rate permitted by applicable law for this
transaction and (b) any amount that is purported to be part of such interest
and, if so treated, would result in such interest being payable at a rate in
excess of such maximum rate shall, solely to the extent necessary to result in
such interest not being payable at a rate in excess of such maximum rate, be
deemed to have been a mistake and automatically cancelled and, if received by
the Lender or any other holder of this Note (the "Holder"), shall be refunded to
the Borrower, it being the intention of the Lender and Borrower that such
interest not be payable at a rate in excess of such maximum rate. Such interest
shall be calculated on the basis of a 365 day year. Payments of accrued interest
shall be due on the same day of each month, beginning on July 27, 2003 and
continuing through the date the principal amount is paid in full; provided,
however, that if demand is made for payment of the outstanding principal amount
of this Note, such interest shall automatically be payable at the same time. If
all or any part of the outstanding principal amount of this Note is paid at any
time, all interest accrued and still unpaid to the date of such payment shall be
due with such payment.
Interest shall accrue at the following rate per annum:
1. [X] 5.00%
2. [ ]% above the Lender's [ ] Base [ ] Prime Rate. For purposes of
this Note, Lender's Base/Prime Rate (as indicated) means that
rate of interest designated or announced by Lender from time to
time as its Base/Prime Rate and .used internally by Lender to
calculate the interest payable to it under notes or other
agreements providing for interest based on its Base/Prime Rate.
The Base/Prime Rate is not necessarily the lowest rate granted by
the Lender. Lender may extend credit at interest rates both above
and below the Base/Prime Rate.
3. [ ] ________% above the _________________ Rate Such Rate is
defined as follows:
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If box 2 or 3 above is checked, any change in the rate selected shall
be effective for purposes of this Note on the same date as such change.
All payments received upon this Note shall be applied, first, to
accrued interest and the balance, if any, to principal.
All or any portion of the principal of this Note may be borrowed,
repaid and reborrowed from time to time provided that (1) Lender reserves the
right to decline to make an advance if, in its sole judgment, there has been an
adverse change since the date of this Note in the economic condition of Borrower
or any guarantor of this Note or in the value of any collateral securing payment
of this Note, and (2) the credit accommodation evidenced by this Note may
terminate either by the terms of a separate written agreement relating thereto
or, if no written agreement is in effect, at Xxxxxx's discretion. Each borrowing
and repayment hereunder will be shown on the Schedule on the reverse of this
Note or attached hereto. The excess of borrowing over repayments shall evidence
the principal balance due hereon from time to time and at any 'time. Borrower
shall be obligated to repay the full principal amount advanced by Lender to or
for the benefit of the Borrower, plus interest thereon as provided in this Note,
irrespective of Xxxxxx's failure to make or error in making any entry on such
Schedule. Any loan hereunder shall be conclusively presumed to have been made to
and at the request and for the benefit of the Borrower when the proceeds of such
loan are deposited to the credit of Borrower in any account designated by or in
the name of Borrower regardless of the fact that persons other than those
authorized to borrow may have authority to draw against such account, or when
Bank has issued its check or transferred funds in accordance with Borrowers
instructions or in a manner which results in full value to Borrower.
All amounts owing pursuant to this Note shall, without any notice,
demand, presentment or protest of any kind, automatically become immediately due
upon the occurrence of any one of the following events of default: (a) failure
to make any payment when due; (b) failure to fulfill or perform any other term
of this Note or .any other note or agreement with Lender; (c) commencement of
any bankruptcy, receivership, or similar proceeding involving Borrower as a
debtor; (d) entry of any judgment against Borrower or any attempt to restrain or
obtain any of Borrower's account balances or property with Lender; (e) any false
statement contained in any information submitted to Lender in connection with
this Note or any advance made or requested pursuant hereto; (f) the Borrower or
any guarantor of this Note (a "Guarantor") is dissolved, dies or becomes
incompetent or insolvent (however such insolvency is evidenced); (g) any
Guarantor commences or has commenced against him, her or it any bankruptcy or
insolvency proceeding.
Xxxxxxxx agrees to pay the cost and expense incurred by the Lender in
endeavoring to collect any amount owing pursuant to this Note (including, but
not limited to, the reasonable fees and disbursements of counsel, whether
retained for advice, for litigation or for any other purpose).
The Borrower waives any demand, presentment or protest of this Note and
any notice of any thereof. This Note shall be governed by and construed,
interpreted and enforced in accordance with the law of the State of New York,
without regard to principles of conflict of laws.
If this box is checked [ ] notwithstanding any other provision of this Note, the
Borrower agrees that for a period of ( ) consecutive days during each of
Borrower's fiscal years there shall be no principal balance and accrued interest
outstanding under this Note.
Mailing 00 Xxxxxxx Xxx., Xxxxxxx, XX 00000 Borrower IPORUSSIA, INC.
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Address: /s/ Xxxxxxx X. Xxxxxx
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Business Name (if corporation)
/s/ Xxxxxxx Xxxxxxxxx Witness By:
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Attest: L.S.
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Business Name (if individual,
partnership, etc.)
L.S.
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L.S.
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L.S.
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ADVANCES AND PAYMENTS OF PRINCIPAL
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AMOUNT OF PRINCIPAL UNPAID PRINCIPAL
DATE AMOUNT OF ADVANCE PAID OR PREPAID BALANCE NOTATION MADE BY
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