Exhibit 1.
10KSB-99
Gourmet Gifts, Inc.
PROMISORY NOTE
It is hereby agreed on August 10, 2000 that Gourmet Gifts, Inc.
(borrower) repay to Xxx Xxxxxx (lender) the amount of $3,000.
It is further agreed that the terms and conditions of this note
shall be as follows:
1. The borrower will fully repay this note on or before the
second anniversary of this date.
2. The borrower agrees to pay the lender interest at the rate of
12% per year compounded annually until paid in full. That if the
full two years is taken to repay the note that the amount due to
the borrower on August 10, 2002 will be $3,763.20.
3. It is mutually agreed that the borrower can at any time repay
the principal and accrued interest without penalty.
4. It is also mutually agreed that should the borrower default on
any part of this not that borrower will all costs of collection
including but not limited to court costs and legal expenses.
/s/ Xxxxx Xxxxxx
Gourmet Gifts, Inc.
By Xxxxx Xxxxxx, President
/s/Xxx Xxxxxx
Xxx Xxxxxx
E-1
