Supplemental Correspondence
REGATTA CAPITAL, LTD.
FORM OF
PROMISSORY NOTE
$ Date:
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City/State:
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FOR VALUE RECEIVED, THE UNDERSIGNED, Regatta Capital, Ltd., a Delaware
corporation ("Regatta"), hereby promises to pay to the order of
__________________________ (hereinafter collectively referred to as "Lender"),
at ________________________________, or such other place as Lender may from time
to time designate, the principal sum of _________________ Dollars and
__/100---($__________), plus interest on the full amount outstanding, until
repaid in full in accordance with the terms hereof.
Interest shall accrue on the unpaid balance from time to time at a rate
(the "Effective Rate") equal to % per annum.
Maker promises to repay this Note as Follows:
a) In one installment of principal plus all accrued interest in the amount
of $_______ on the ____ day of __________.
b) This Note may be prepaid in full or in part without penalty.
All interest accruing under the terms of this Note shall be computed on the
basis of a three hundred sixty five (365) day year. Interest shall accrue
hereunder beginning on the date hereof and shall accrue up to and including the
date of repayment.
At the option of the Lender of this Note, the payment of all principal,
interest, and all other sums due and owing in accordance with the terms of this
Note or pursuant to the Deed of Trust or other documents securing this note,
will be accelerated and such principal, interest and other amounts shall be
immediately due and payable, without notice of demand except as provided herein,
upon the occurrence of the following events of default:
1. Failure of Maker to make any payment required hereunder when same is
due.
Time is of the essence hereof and all obligations hereunder shall be timely
performed in accordance with the provisions hereof.
From and after the maturity of this Note, whether by acceleration or
otherwise, or from the occurrence of an event of default until such a default is
cured, the entire amount of the principal, interest and any other amount
remaining unpaid under this Note shall bear interest at the annual interest rate
of % (the Default Rate).
No delay or omission on the part of the Lender hereof in exercising any
right hereunder shall operate as a waiver of such right or remedy, or any
additional right or remedy or in any future occasion.
In the event of any future advances by Xxxxxx to Maker, at Xxxxxx's option
such future advances shall constitute additional indebtedness under the terms of
this Promissory Note, and the face amount hereof shall be deemed to increase by
any amount equal to any such future advance. Xxxxx agrees to repay such future
advance on the terms agreed upon by Xxxxxx and Maker at the time such advance is
made. Nothing in this paragraph shall obligate the Lender to make any such
future advance.
This Note may not be amended or modified except by an instrument in writing
expressing such intention and executed by the parties sought to be bound
thereby.
Maker: Regatta Capital, Ltd., a Delaware corporation
BY:
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ITS:
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