EXHIBIT 10.86
LLO-GAS, INC./XXXX XXXXXXXXXXX
NOTE
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$150,000 Malibu, California
July 19, 1999
FOR VALUE RECEIVED, LLO-GAS, INC. and XXXX XXXXXXXXXXX (hereinafter
individually and collectively the "Undersigned") promises to pay to INTERLOCHEN
ENTERPRISES, INC., c/o Xxxxxx X. Xxxxxxx, Inc. - Trust Account - at 0000 Xxxxxxx
Xxxx Xxxx, Xxxxx 000, Xxx Xxxxxxx, Xxxxxxxxxx 00000, or at such place as the
holder hereof may from time to time designate, in writing, the principal sum of
One Hundred Fifty Thousand ($150,000) Dollars, lawful money of the United States
of America, together with interest at the rate of Eight (8%) Percent.
The Note is all due and payable on July 18, 2000.
All unpaid interest shall be due on January 1, 2000 and, thereafter,
payable monthly commencing on January 18, 2000 and on the 18th day of each and
every month thereafter.
The Undersigned hereby waives presentment, demand for payment, notices of
dishonor, protest and notice of protest, and any or all other notices or demands
in connection with this note. Any failure of Xxxxxxxxx to exercise any right
thereunder shall not be construed as a waiver of the rights to exercise the same
or any other right at any time and from time to time thereafter.
The Undersigned hereby consents to the jurisdiction of any state or federal
court within the State of California having jurisdiction for all purposes in
connection with any action or proceeding commenced between the parties hereto,
the subject matter of which relates to any controversy or claim arising out of,
under, or relating to this note or the breach thereof.
The Undersigned hereby agrees to pay all costs of collection incurred by
INTERLOCHEN ENTERPRISES, INC. in connection with this note including, without
limitation, attorneys fees for both outside and employed counsel, and that
INTERLOCHEN ENTERPRISES, INC. may collect all such costs of collection as part
of the liabilities.
Any notice to the Undersigned shall be sufficiently served for all purposes
if placed in the mail addressed to, or left upon the premises at, the address
set forth below.
If any term or provision of this note or the application thereof to any
person or circumstances shall, to any extent, be invalid or unenforceable, the
remainder of this note or the application of such term or provision to persons
or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and each
1.
such term and provision of this note shall be valid and be enforced to the
fullest extent permitted by law.
No waiver of any breach or any provision herein contained shall be deemed a
waiver of any preceding or succeeding breach thereof, or of any other provision
herein contained. No waiver shall be effective unless given in writing by a
person duly authorized. This note may not be modified, changed, supplemented or
terminated, nor may any obligations hereunder be waived, except by written
instrument signed by the party to be charged or by his agent duly authorized in
writing or as otherwise expressly permitted herein. No extension of time for
performance of any obligation or act shall be deemed an extension of the time
for performance of any other obligation or act.
IN WITNESS WHEREOF, the parties hereto have executed as of the 19th day of
July, 1999.
LLO-GAS, INC.
By: /s/ Xxxx Xxxxxxxxxxx
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Xxxx Xxxxxxxxxxx, President
/s/ Xxxx Xxxxxxxxxxx
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XXXX XXXXXXXXXXX, Individually
2.
