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EXHIBIT 10.7
PROMISSORY NOTE
$___________ September 30, 1996
Wooster, Ohio
FOR VALUE RECEIVED, the undersigned, Exsorbet Industries, Inc., an
Idaho corporation, promises to pay to the order of ________________, the sum of
___________________________ with interest thereon at the rate of eight percent
(8.0%) per annum due and payable as follows:
First payment of principal and interest in the amount of
__________________________________________ due on the 1st day of December,
1996, and quarterly payments to continue thereafter due on the first day of the
months of March, June, September, and December of each year until all principal
and interest are paid in full.
Both principal and interest under this note shall be payable at 0000
XXX Xxxx #000, Xxxxxxxxxxx, XX 00000 or such other place as the holder may
designate in writing.
In the event of default continuing for a period of ninety (90) days in
the payment of any installment following notice by certified mail to the makers
of this note at their last known address, the holder of this indebtedness shall
have the option to declare the entire indebtedness to be immediately due and
payable and the same shall thereafter bear interest at the rate of ten percent
(10%) per annum until paid. Notice of the exercising of said option is hereby
waived and no delay in the exercise of it shall be construed as a waiver of
such right; and said option may be exercised at any subsequent time during
default.
The maker hereof agrees to indemnify the holder of this note for all
reasonable attorney's fees which are incurred for services actually rendered in
the collection of this note, provided that such fee shall not exceed ten
percent (10%) of the amount of principal plus accrued interest due.
The entire outstanding principal may be prepaid at any time, without penalty.
EXSORBET INDUSTRIES, INC.,
an Idaho corporation
By: /s/ Xxxxx Xxxxxxx
Authorized Officer
