PROMISSORY NOTE
Exhibit 10.32
(this "Note")
| Borrower: | Aqua Power Systems Inc of 0000 X. Xxxx Xxx, Xxxxx 000, Xxxxxx Xxxx, XX 00000 (the "Borrower") |
| Lender: | Xxxxxxx Xxxxxx of 0000 X. Xxxx Xxx, Xxxxx 000, Xxxxxx Xxxx, XX 00000 (the "Lender") |
| Principal Amount: | $225,000.00 USD |
| 1. | FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of $225,000.00 USD, with interest payable on the unpaid principal at the rate of 10.00 percent per annum, calculated monthly not in advance, beginning on December 22, 2022. |
| 2. | This Note will be repaid in full on June 22nd, 2023. |
| 3. | At any time while not in default under this Note, the Borrower may pay the outstanding balance then owing under this Note to the Lender without further bonus or penalty. |
| 4. | The Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete legal costs of the Lender incurred by enforcing this Note as a result of any default by the Borrower and such costs will be added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon demand of the Lender. |
| 5. | If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result. |
| 6. | This Note will be construed in accordance with and governed by the laws of the State of Florida. |
| 7. | This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender. The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest. |
| 1 |
IN WITNESS WHEREOF the parties have duly affixed their signatures under seal
| Aqua Power Systems Inc | |||
| SIGNED, SEALED, AND DELIVERED | |||
| this 22nd day of December, 2022. | |||
Per: /s/ Xxxxxxx X. Xxxxxx (SEAL) | |||
| SIGNED, SEALED, AND DELIVERED | |||
| this 22nd day of December, 2022. | |||
| /s/ Xxxxxxx X. Xxxxxx | |||
| Xxxxxxx Xxxxxx | |||
| 2 |
