Exhibit 4.1
VELOCITY ASSET MANAGEMENT, INC.
PROMISSORY NOTE
$_______________
This Promissory Note is made on April 15, 2005
BETWEEN the Borrower VELOCITY ASSET MANAGEMENT, INC.
whose address is 00 X. Xxxxxxxx Xxxxxxxx, Xxxxxx, XX 00000, referred to as
"BORROWER."
AND the Lender _________________.
whose address is _________________________________________________________
referred to as the "Lender".
The word "Lender" means the original Lender and anyone else who takes this note
by transfer.
Borrower's Promise to Pay Principal and Interest. In return for a loan
that the Borrower received, the Borrower promises to pay the sum of
$______________,along with interest at the rate of 7% by means of quarterly
payments of $_______________ beginning June 30, 2005 (pro rata) and on the last
day of each quarter of the year thereafter, with the last payment being the sum
of $____________ and accrued interest. Under any circumstance, and
notwithstanding the aforementioned payment schedule, the Borrower will pay all
amounts owed under this Note no later than April 15, 2006. All payments will be
made to the Lender at my address set forth above.
RENEWABLE TERM and NOTICE of TERMINATION. If the Lender gives notice to
the Borrower of his intent to extend this note in writing at the address for the
Borrower set forth above 90 days prior to the due date of all amounts due
hereunder, i.e. one (1) year from the date of this note, then this note shall
renew for an additional one (1) year term on the same terms and conditions set
forth herein, unless otherwise agreed by the Borrower and the Lender prior to
the renewal of the term.
Signatures. I agree to the terms of this Note. If the Borrower is a
corporation, its proper corporate officers sign and its corporate seal is
affixed.
By:
--------------------------------
Xxxx X. Xxxxxxxx
President and CEO
