APRIL 10, 2008 $20,000 UNSECURED NOTE AGREEMENT
Exhibit
10.7
APRIL
10, 2008 $20,000 UNSECURED NOTE AGREEMENT
FOR VALUE
RECEIVED, Hot Web, Inc.(the “Maker” or the “Company”), a Florida corporation,
having a place of business at 0000 X. Xxxx Xx. Xxxxx 000, Xxxxx, Xxxxx
00000, hereby promises to pay to the order of AccessKey IP (“Payee” or
“Lender”), a Nevada corporation, having its principal address at 8100 M4 Xxxxxxx
Xxx., Xxxxx 000, Xxxxxxxxxxx, XX. 00000, the sum of $20,000, advanced to the
Company on April 10, 2008. This Unsecured Convertible Note Agreement (this
“Note”) is issued due to loans for the “Company’s operations.
1. Maturity. The
amount outstanding under this Note will be due and payable at the address of
Lender or such other place as Lender may designate on October 9, 2008 (the
“Maturity Date”).
2. Payments of Interest and
Principal. Interest and principal on the borrowed outstanding
principal balance under this Note shall be payable on October 9,
2008
3. Interest
Rate. The outstanding principal balance of this Note shall bear
interest at a rate per annum equal to 12.0% per annum, amortized monthly in
arrears interest calculated on a 365-day basis
4. Use of
Proceeds. Funds advanced under this Note shall be used for the
Maker’s general corporate purposes consistent with the Maker’s
business.
5. Notice. All
notices required to be given to any of the parties hereunder shall be in writing
and shall he deemed to have been sufficiently given for all purposes when
presented personally to such party or sent by certified or registered mail,
return receipt requested, to such party at its address set forth
below:
| If to the Maker: | Hot Web, Inc. |
|
|
0000
X. Xxxx Xx. Xxxxx 000
|
|
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Xxxxx,
Xxxxx 00000
|
| Telephone: (000) 000-0000 | |
| If to the Lender: |
8100
X0 Xxxxxxx Xxxx XX, Xxxxx 000,
Xxxxxxxxxxx, Xxx
Xxxxxx, 00000
(310)
734-4254
|
Such
notice shall be deemed to be given when received if delivered personally or five
(5) business days after the date mailed. Any notice mailed shall be
sent by certified or registered mail. Any notice of any change in
such address shall also be given in the manner set forth
above. Whenever the giving of notice is required, the giving of such
notice may be waived in writing by the party entitled to receive such
notice.
6. Severability. In the
event that any provision of this Note is held to be invalid, illegal or
unenforceable in any respect or to any extent, such provision shall nevertheless
remain valid, legal and enforceable in all such other respects and to such
extent as may be permissible. Any such invalidity, illegality or
unenforceability shall not affect any other provisions of this Note, but this
Note shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein.
7. Successors and Assigns.
This Note inures to the benefit of the Lender and binds the Maker, and its
respective successors and assigns, and the words “Lender” and “Maker” whenever
occurring herein shall be deemed and construed to include such respective
successors and assigns.
8. Entire
Agreement. This Note embodies the entire understanding and agreement
between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, whether express or implied,
oral and written.
9. Modification of
Agreement. This Note may not be modified, altered or amended, except
by an agreement in writing signed by both the Maker and the Lender.
10. Governing
Law. This instrument shall be construed according to and governed by
the laws of the State of New Mexico.
IN WITNESS WHEREOF, Maker has duly
executed this Note as of the date first written above.
|
MAKER
|
|
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Hot
Web, Inc.
|
|
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By: /s/ Xxxxx
Xxxxxx
|
|
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Xxxxx
Xxxxxx, General Manager
|
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