PROMISSORY NOTE
January 27, 2001 $3000
This agreement is being made between Silicon South, Inc. (hereafter
referred to as the Borrower) and Xxxxxx X. Xxxxxx (hereafter referred to as the
Lender). For value received, the undersigned promises to pay to the order of
Xxxxxx X. Xxxxxx at San Diego, CA, or such other place as the holder hereof may
designate, the sum of Five Hundred Dollars together with interest at the rate of
12% per annum on the unpaid balance from date until paid, principal and interest
payable as follows:
Principal and interest shall be paid in full within (12) twelve months
which will be on or before January 26, 2002.
If default be made in the payment of any installment under this note and if
such default is not made good within 10 days, the entire principal sum and any
outstanding interest shall at once become due and payable without notice at the
option of the holder of this note. Failure to exercise this option shall not
constitute a waiver of the right to exercise the same in the event of any
subsequent default. Presentment for payment, notice of non-payment, protest and
notice of protest are each hereby expressly and severally waived by the makers
and all endorsers hereof and in case the payment shall not be made at maturity,
it is agreed by all parties hereto that all costs of collection and a reasonable
attorney's fee may be collected as a part hereof.
By Borrower:__________________
Xxxxxxx Xxxxxxxxx,
Silicon South, Inc.
By Lender:____________________
Xxxxxx X. Xxxxxx
