EXHIBIT 10.2
PROMISSORY NOTE
July 1, 1999
WHEREAS, an agreement is in place between New Allied Development Corporation
(NADC) and Xxxxxx XXXXXXX DBA (PORTMAN).
FOR VALUE RECEIVED, the undersigned ("Borrower") hereby promises to pay to the
order of New Allied Development Corporation, a Colorado corporation ("Lender"),
the principal sum of up to ONE HUNDRED THOUSAND U.S. DOLLARS ($100,000.) at a
place and in the manner hereinafter provided, together with interest thereon at
the rates described below.
Interest shall accrue beginning from the date the funds are received on the
balance of principal remaining from time to time unpaid under this Note at an
annual interest rate of 12 percent (12%). If not sooner paid, and any and all
unpaid principal and interest shall be due and payable in full no later than
twelve months after the funds are received by the Borrower, the ("Maturity
Date"), unless it has been exchanged by the lender for an equity interest.
After the maturity which an event of Default exists under this Note, Borrower
shall pay interest on the balance of principal remaining unpaid during any such
period at an annual rate of 15% per annum (the "Default Rate").
Borrower reserves the privilege, without cost or penalty, to prepay all or any
part of the principal balance with accrued interest of this Note at any time,
prior to the Maturity date referenced above. All payments of principal and
interest hereunder shall be paid in U.S. coin or currency which, at the time or
times of payment, is the legal tender for public and private debts in the United
States of America and shall be made at such place as Lender or the legal holders
of this Note may from time to time appoint, and in the absence of such
appointment, then at the offices of New Allied Development Corporation, 00000 X.
Xxxxxxxx Xxxx, Xxxxx X-00, Xxxxxxxxx, Xxxxxxxx 00000. If any payment becomes due
and payable on a Saturday, Sunday or Legal Holiday in the United States or the
United Kingdom, the due date thereof shall be extended to the next succeeding
business day.
This Note shall be interpreted, and the rights and liabilities of Borrower and
Lender Determined, in accordance with the Internal Laws of the State of
Colorado. As part of the consideration for value received, Borrower hereby
consents to the exclusive jurisdiction of any State or Federal Court in the
State of Colorado. Borrower waives any objection or improper venue or Forum Non
Convenients to any suit or proceeding instituted by Lender under this Note in
any state or Federal Court in the State of Colorado and consents to the Granting
of such legal or equitable relief as is deemed appropriate by the Court. This
provision is a material inducement for Lender to enter into the note.
1
IN WITNESS WHEREOF, Borrower has executed this Note as of the day and year first
written above.
Borrower:
Xxxxxx Xxxxxxx DBA
/s/ Xxxxxx X. Xxxxxxx
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By: Xxxxxx X. Xxxxxxx
Address of Borrower:#
Tresco Xxxxxx Xxxxxx
Xxxx, Xxxxxxxx, Xxxxxxx XX 000XX
