SECURED PROMISSORY NOTE AGREEMENT
SECURED PROMISSORY NOTE AGREEMENT
This Secured Promissory Note Agreement (“Note”) is entered into as of this 23rd day of October 2012, between T3 Motion, Inc., a Delaware corporation (the “Company”) and Perry Trebatchthe “Holder”)
For $150,000 received, the Company promises to pay to the order of the Holder of this note or his assignees, the sum of $150,000 with $1,000 interest, on or before November 2, 2012. It is expected that the balance will be exchanged into an agreed upon Promissory Note on, or prior to November 2, 2012 at terms to be negotiated.
Failure to pay any part of the principal or interest of this note when due, or failure to carry out any of the terms or conditions herein, shall authorize the holder of this note to declare as immediately due and payable the then unpaid principal and interest and to exercise any and all of the rights and remedies either at law or in equity possessed by the Holder of this note. The makers, signers, and endorsers of this note jointly and severally waive presentment, notice of dishonor and protest.
The parties hereto represent and warrant that they possess the full and complete authority to covenant and agree as provided in this Note and, if applicable to release other parties and signatories as provided herein.
If any provision of this Note is held by a court of law to be unenforceable or invalid for any reason, the remaining provisions of this agreement shall be unaffected by such holding. If the invalidation of any such provision materially alters the agreement of the parties, then the parties shall immediately adopt new provisions to replace those that were declared invalid.
Company:
/s/ Xxx Xxxxxx Xx.
_______________________________
Xxx Xxxxxx Xx.
Chief Executive Officer
Holder
/s/ Xxxxx Xxxxxxxx
_______________________________
Xxxxx Xxxxxxxx
