DEMAND PROMISSORY NOTE
$____________ ______,
2007
FOR
VALUE
RECEIVED, Red Oak Concepts, Inc., a corporation organized and existing under
the
laws of State of Delaware, with offices at 0000 Xxx Xxx Xxxxx ,Xxxxxxxxxxx,
XX
00000 (the “Company”), promises to pay to the order of ________________, an
individual, having an address at ____________________________________ (the
"Holder"), the principal amount of _____________________ Dollars ($________),
together with interest incurred thereon at the rate of eight percent (8%) per
annum. The entire unpaid principal and accrued interest thereon shall be
immediately due and payable on demand by the Holder. Interest payable hereunder
shall be calculated for actual days elapsed on the basis of a 360-day year.
Any
payments of amounts due hereunder shall be in such currency of the United States
at the time of payment as shall be legal tender for the payment of public or
private debts.
This
Note
shall be paid without deduction by reason of any set-off, defense or
counterclaim of the Company. This Note may be repaid in whole or in part by
the
Company without penalty or premium at any time and from time to time. All
payments received by the Holder hereunder will be applied first to costs of
collection and fees, if any, then to interest, and the balance to principal.
All
payments shall be made at the address for the Holder set forth above, or at
such
other place as the Holder hereof may from time to time designate in writing.
The
undersigned waives presentment for payment, demand, protest and notice of
protest and of non-payment.
Any
and
all notices, requests, consents and demands required or permitted to be given
hereunder shall be in writing, delivered to the addresses stated above. Either
party may change by notice the address to which notices to it are to be
addressed.
Notwithstanding
any other provision of this Note, interest under this Note shall not exceed
the
maximum rate permitted by law; and if any amount is paid under this Note as
interest in excess of such maximum rate, then the amount so paid will not
constitute interest but will constitute a prepayment on account of the principal
amount of this Note.
The
Company agrees to pay on demand all expenses of collecting and enforcing this
Note and any guarantee or collateral securing this Note, including, without
limitation, expenses and fees of legal counsel, court costs and the cost of
appellate proceedings.
The
failure or delay by the Holder in exercising any of its rights hereunder in
any
instance shall not constitute a waiver thereof in that or any other instance.
The Holder may not waive any of its rights except by an instrument in writing
signed by the Holder.
This
Note
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of Delaware, without giving
effect to the conflict of law provisions thereof.
This
Note
may not be assigned, transferred or otherwise negotiated by the Holder without
the prior written consent of the Company.
This
Note
may not be amended without the written approval of the holder.
IN
WITNESS WHEREOF, the Company has caused this Note to be signed on the date
first
set forth above.
By:
Print
Name:
Title:
