SENIOR PROMISSORY NOTE
Exhibit
10.1
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October 1,
2008
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Home
System Group, a Nevada corporation ("Maker"), hereby promises to pay to
__________________________ ("Holder"), at ___________ or at such other address
as may be specified by Holder, the principal sum of__________________, without
interest, in lawful money of the United States of America.
This Note
is being issued by Maker as payment under that certain Stock Purchase Agreement
dated September 23, 2008 (the “Agreement”), among Maker, Asia Forever Investment
Limited, a Hong Kong corporation, Xxxxxx Xxxx and Xxxxxxxx Xxxx. This
Note is being issued by Maker on the closing date of the Agreement (the “Closing
Date”).
The
principal indebtedness evidenced by this Note shall not bear
interest. Principal shall be payable as follows: 25%
payable on or before December 31, 2008, the remaining principal amount to be
repaid in three semi-annual installments with the final installment and balance
under this Note due on or before the second anniversary of the Closing Date (the
“Maturity Date”).
This Note
may be prepaid in full, or in part, at any time.
Upon
failure of Maker to pay any installment in full when due, Holder may, by
notice to Maker, accelerate the obligation of Maker to pay the entire
balance of this Note, and upon such acceleration there shall be due to
Holder the entire balance of this Note.
This Note
is not transferable. Payment of or on account of principal on this
Note shall be made only to or upon the order in writing of the registered
Holder.
The
provisions of this Note and of all agreements now or hereafter existing
between Maker and Holder are hereby expressly limited so that in no event
whatever shall the amount paid or agreed to be paid to Holder for the use,
forbearance or detention of the sums evidenced by this Note exceed the
maximum amount permissible under applicable law. If from
any circumstance whatever the performance or fulfillment of any provision
of this Note, or of any other agreement between Maker and Holder,
should involve or purport to require any payment in excess of the
limit prescribed by law, then the obligation to be performed or fulfilled
is hereby reduced to the limit of such validity, and if from any
circumstance whatever Holder should ever receive as interest an amount
which would exceed the highest lawful rate, then the amount which would be
excessive interest shall be applied to the reduction of principal (or, at
Maker's option, be paid over to Maker) and shall not be counted as
interest.
Maker
hereby waives presentment, protest, demand or notice of any kind in
connection with any failure to pay when due the indebtedness evidenced by
this Note.
Regardless
of the place of its execution, this Note shall be construed in accordance
with the laws of the State of Nevada.
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By:
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Name:
Xxxxxx Xxxx
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Title:
Chief Executive Officer
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