EXHIBIT 4
NOTE
US $500,000 June 11, 1999
FOR VALUE RECEIVED, the undersigned, Atlas Recreational Holdings, Inc.
(hereinafter called "Borrower"), promises to pay to the order of Xxxxxxx XxXxxxx
(hereinafter called "Lender") at its main office at 0000 Xxxxxx Xxxxx,
Xxxxxxxxxxx, XX 00000, or any other place designated at any time by the holder
hereof, in lawful money of the United States of America and in immediately
available funds, the principal sum of Five Hundred Thousand and 00/100 Dollars
($500,000) together with interest on the principal amount hereunder remaining
unpaid from time to time (computed on the basis of the actual days elapsed in a
360 day year) from the date the funds are disbursed hereunder until this Note is
fully paid at the rate of 15 %.
The principal balance and accrued interest shall be due and payable one
(1) year from the effective date hereof. This Note may be prepaid in whole or in
part without penalty.
Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be the joint
and several obligation of all makers, sureties, guarantors and endorsers, and
shall be binding upon them and their successors and assigns.
The Borrower agrees that when or at any time after this Note becomes due the
then holder of this Note may offset or charge the full amount owing on this Note
against any account then maintained by the undersigned with such holder of this
Note without notice.
The Borrower agrees to pay on demand all costs and expenses of all
present and future holders of this Note in connection with this Note and any
security for this Note, including but not limited to reasonable attorney's fees
and legal expenses, (whether due to outside counsel, in-house counsel or both)
plus interest on such amounts at the rate set forth in this Note.
The Borrower consents to the personal jurisdiction of the state and
federal courts located in the State of Florida in connection with any
controversy related in any way to this Note or any security for this Note,
waives any argument that venue in such forums is not convenient, and agrees that
any litigation initiated by the undersigned against the lender or any other
present or future holder of this Note relating in any way to this Note or any
security for this Note may be venued in Miami, Dade County, Florida.
Notwithstanding the preceding, nothing in this Note shall affect the right of
the Lender to bring any action or proceeding against the Borrower or its
property in the courts of any other jurisdiction. Interest on any amount under
this Note shall continue to accrue, at the option of any present or future
holder of this Note, until such holder receives final payment of such amount in
collected funds in form and substance acceptable to such holder.
Any notice to Borrower provided for in this Note shall be given by mail
via certified mail addressed to Borrower at Atlas Recreational Holdings, Inc.,
000 Xxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxx, Xxxxxxx 00000 or to such address as
Borrowers may designate by notice to the Note Holder. Any notice to the Note
Holder shall be given by mailing such notice via certified mail, return receipt
requested to the Note Holder at the address stated in the first paragraph of
this Note, or at such other address as may have been designated by notice to
Borrower.
The indebtedness evidenced by this Note is secured by a Collateral
Pledge and Security Agreement of even date between Borrower and Lender.
This Note shall be governed and construed according to the laws of the
State of Florida.
Date ___________________
Atlas Recreational Holdings, Inc.
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------
Chairman
Its:
------------------------------
