Contract
EXHIBIT
10.14
THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND IS BEING
OFFERED AND SOLD PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH LAWS. THIS SECURITY MAY NOT BE SOLD OR TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR SUCH OTHER LAWS.
(Lender)
| $200,000.00 |
Orlando,
Florida |
|
March 7,
2005 |
FOR VALUE
RECEIVED, SEQUIAM CORPORATION, a California corporation (“Maker”), hereby
promises to pay to the order of Eagle Funding, LLC (“Holder”), at such location
as Holder shall designate by written notice to Maker, the principal sum of Two
Hundred Thousand Dollars ($200,000), with interest from the date such principal
amount was received by Maker until the date paid.
1. Interest. The
principal balance of this Note outstanding shall bear interest from the date
such principal amount was received by Maker at eight percent (8%), to be paid
every monthly beginning April 7, 2005 until the Note is paid in full. Such
interest shall be calculated on the basis of a three hundred sixty (360) day
year.
2. Payment. The
outstanding principal balance, together with any and all accrued unpaid interest
and any other amounts due and owing under this Note, shall be due and payable on
November 7, 2005 (the “Maturity Date”) All payments hereunder shall be due and
payable in lawful money of the United States of America and without setoff,
deduction or counterclaim of any kind whatsoever. Unless otherwise specifically
provided herein, all payments hereon shall be applied first to interest and then
to principal.
3. Prepayment. Maker
may at any time prepay this Note, in whole or in part, without fee, charge,
premium or penalty. Holder shall apply payments to the outstanding principal,
interest and other amounts due hereunder in any manner determined, in Xxxxxx's
sole and absolute discretion.
4. Disbursements. The loan
proceeds ($200,000) were disbursed on September 7, 2004 (the “Execution Date”).
This Note evidences a renewal of the original Note dated September 7,
2004.
IN
WITNESS WHEREOF, each of Maker and Xxxxxx has executed and delivered this Note
as of the date first written above.
SEQUIAM
CORPORATION,
a
California corporation
|
By: |
/s/ Xxxx Xxxxxxxxxxx |
|
|
Xxxx
Xxxxxxxxxxx, Senior Vice President |
||
|
Maker’s
Address for Notice: |
||
|
Sequiam
Corporation |
||
|
000
Xxxxxxx Xxxx |
||
|
Orlando,
Florida 32809 |
||
|
Tel:
000-000-0000 |
||
|
Attn:
Chief Financial Officer |
||
|
/s/
Xxxxxx Xxxxxxx, Manager |
||
|
Eagle
Funding, LLC |
||
|
Xxxxxx’s
Address for Notice: |
||
|
0000
Xxx Xxx |
||
|
Suite
210 |
||
|
Chattanooga,
TN 37421 |
||
|
Tel:
000-000-0000 |
||
|
With
a copy to: |
||
|
Broad
Street Ventures, LLC |
||
|
000
Xxxxx Xxxxxx |
||
|
Suite
218 |
||
|
Chattanooga,
TN 37402 |
||
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