EXHIBIT 10.15
PROMISSORY NOTE
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Hallandale, Florida
$275,000.00 April 19, 1999
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FOR VALUE RECEIVED, PEACHES ENTERTAINMENT CORPORATION ("Borrower"), a
Florida corporation whose principal place of business is located at 0000 Xxxx
Xxxxxxxxxx Xxxxx Xxxxxxxxx, Xxxxxxxxxx, Xxxxxxx 00000, does hereby promise to
pay to the order of URT INDUSTRIES, INC. (the "Payee"), whose address is 0000
Xxxx Xxxxxxxxxx Xxxxx Xxxxxxxxx, Xxxxxxxxxx, Xxxxxxx 00000, the sum of TWO
HUNDRED AND SEVENTY-FIVE THOUSAND DOLLARS ($275,000.00) on or before December
29,1999, without interest. Payment of this Note shall be made at the Payee's
above-described address in such currency of the United States of America as at
the time of payment shall constitute legal tender for the payment of public and
private debts.
Upon the occurrence of an event of default, as hereinafter defined, the
principal amount of this Note shall be immediately due and payable. The term
"event of default" as used herein means any one of the following occurrences:
(a) In the event that the Borrower should become insolvent, or make an
assignment for the benefit of creditors or apply for the appointment of a
receiver; or in the event of the appointment of a receiver or trustee in
bankruptcy for the Borrower; or in the event that the Borrower shall file a
petition under the U.S. Bankruptcy Code or any amendment thereof or file a
petition or seek other relief under any insolvency law providing for the relief
of debtors; or in the event that any such petition is filed against the Borrower
and not dismissed within sixty (60) days; or
(b) In the event of the liquidation or dissolution of the Borrower; or
(c) In the event of the cessation of the business activities for which the
Borrower was organized.
The Borrower does hereby waive presentment, protest, demand for payment,
notice of
dishonor, notice of protest and all other notices or demands of any kind in
connection with the delivery, acceptance, performance or default under this
Note.
No act, delay, extension, omission or indulgence on the part of the Payee
or any other holder of this Note shall be deemed a waiver of any of the rights
of such holder against the Borrower hereunder, nor shall the failure to exercise
any such right or remedy when available on any occasion be constructed as a bar
to or waiver of any such rights on any future occasion.
If there should be a default by the Borrower in the payment of this Note or
an event of default, as defined herein, and if the Payee or any other holder of
this Note shall incur any reasonable expenses, including, without limitation,
legal fees and expenses, in connection with the collection of any amount payable
hereunder the Borrower hereby agrees to pay any and all such reasonable
expenses.
This Note shall be governed by and constructed in accordance with the laws
of the State of Florida. It may be prepaid by Borrower in whole or in part at
any time.
IN WITNESS WHEREOF, the undersigned has caused this Note to be duly
executed on the above date.
PEACHES ENTERTAINMENT CORPORATION
By: /s/Xxxxx Xxxx
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Name: Xxxxx Xxxx
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Title: Executive
Vice-President
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