Exhibit 10.2 - Promissory Note dated June 30, 2003 by and between Xxxxx Xxxx and
Worldwide Manufacturing USA, Inc. in the amount of $174,751.
PROMISSORY NOTE
$174,751
Burlingame, California
Date: June 30, 2003
FOR VALUE RECEIVED, the undersigned Worldwide Manufacturing USA Inc. ("Maker")
promises to pay to Xxxxx Xxxx ("Holder") and Xxxxx Xxxx ("Holder"), the
principal sum of One Hundred Seventy Four , Seven Hundred and Fifty One Thousand
Dollars ($174,751.00) for loan for operating capital for June 30 , 2003. This
Promissory Note ("Note") shall accrue interest at the rate of six percent (6%)
per year or Ten Thousand Four Hundred and Eighty Five Dollars ($10,485.00) per
year and each year thereafter until the Note is paid in full. The principal
shall be payable as provided herein at 000 Xxxxx Xxxx, 0xx Xxxxx, Xxxxxxxxxx, XX
00000, or such other place as the Holder hereof may designate in writing. 1. The
entire outstanding principal balance, if not sooner paid, shall be due and
payable in full on June 30, 2005. 2. Maker may prepay this Note in whole or in
part at any time or from time to time without penalty or premium. 3. All
payments, as of the date of receipt, shall first be credited to the outstanding
principal balance. IT IS AGREED, that if this Note or any payment due hereunder
is not paid when due or declared due hereunder, the principal and accrued
interest thereon shall draw interest at the default rate of ten (10%) percent
per annum, and that failure to make any payment of the principal or interest
when due shall cause the whole Note to become due at once. The makers and
endorsers hereof severally waive presentment for payment, protest, notice of
non-payment and of protest, and agree to any extension of time of payment and
partial payments before, at or after maturity, and if this Note or interest
thereon is not paid when due, or suit is brought, agree to pay all costs and
expenses incurred by Holder in collecting this Note, including a reasonable
amount for attorney's fees. The Maker hereby consents and agrees that Colorado
courts shall have personal jurisdiction over Maker in any suit brought upon this
note and that the proper venue of any such suit shall be in the County Court for
the County of San Mateo.
This Note may not be assigned by Holder without the prior written consent of the
Maker.
WORLDWIDE MANUFACTURING USA, INC., Maker
By: /S/ XXXXX XXXX
Xxxxx Xxxx, President
