PROMISSORY NOTE
$1,015.00 January 5, 1999
Loan #5027
FOR VALUE RECEIVED, the undersigned, BAD TOYS, INC. ("Borrower"), a
Nevada corporation having a notice address of 0000 Xxxxxxxxx Xxxxxx, Xxxxxxxxx,
XX 00000, promises to pay to the order of BARRICK PROPERTIES, INC., or assigns
("Lender"), without grace at the office of the Lender at 0000 Xxxx Xxxx Xxxx,
Xxxxxxx, Xxxxxxx 00000, or at such other place as the Lender may designate to
Borrower in writing from time to time, the principal sum of ONE THOUSAND FIFTEEN
DOLLARS AND NO CENTS $1,015.00 together with interest outstanding and unpaid, at
the rate of nine and seventy-five hundredths (9.75%)per annum. Such indebtedness
shall be payable in lawful money of the United States of America, which shall at
the time of payment be legal tender in payment of all debts and dues, public and
private; such principal and interest to be paid in the following manner, to-wit:
All principal and accrued interest shall be due and payable on June 5,
1999.
This Note may be made prepaid at any time and from time to time without
premium or penalty. Any partial prepayments shall not affect the due dates of
the scheduled payment due thereafter. All payments shall be applied first in
payment of accrued interest and the remainder shall be applied in the reduction
of principal.
At any time a principle payment is made, Lender shall have the option
to purchase shares of stock of BAD TOYS, INC., at $1.25 per share, or an amount
equal to (1/2) one-half of the original offering price, in lieu of principle
payment. In addition Lender may opt to convert all or part of the principle of
the Note for shares of stock at an amount equal to $1.25 per share or an amount
equal to (1/2) one-half of the original offering price, at any time throughout
the term or the Note.
It is hereby expressly agreed that should any default be made in the
payment as stipulated above of either principal or interest or should any
default be made in the performance of any of the covenants or conditions
contained in any document concerning or given as security for the indebtedness
evidenced hereby, then the principal of this obligation or any unpaid part
thereof and all unpaid interest accrued thereon shall, at the option of the
Lender, at once become due and payable and may be collected forthwith,
regardless of the stipulated date of maturity.
Interest shall accrue on the outstanding principal balance of this Note
from the date of any default thereunder (so long as such default continues),
regardless of whether or not there has been an acceleration of the payment of
principal as set forth herein, at the highest rate allowed in the
Exhibit 4
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State of Arizona which would not be usurious.
Presentment for payment, demand, protest and notice of demand, protest
and payment are hereby waived by the Borrower. Failure to accelerate the debt
evidenced hereby by reason of default in the payment of a monthly installment,
or the acceptance of past due installment, shall not be construed as a novation
of this Note or a waiver of the right of Lender to thereafter insist upon strict
compliance with the terms of this Note. This Note may not be changed orally, but
only by an agreement in writing signed by the party against whom enforcement of
any waiver, change, modification or discharge is sought. If this Note is signed
by more than one individual or entity, such signatories shall be jointly and
severally liable.
The Note is intended to constitute a contract under and shall be
governed by the laws of the State of Arizona. Time is of the essence of this
Note. In the event this Note, or any part thereof, is collected by or through an
attorney, whether suit is filed or not, the Borrower agrees to pay all
attorney's fees and all costs and expenses incurred by Lender to the extent then
permitted by applicable law.
BORROWER HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF, IN CONNECTION WITH, OR RELATED TO
THIS NOTE, THE INDEBTEDNESS HEREUNDER, ANY AGREEMENT, ANY AGREEMENT OR
INSTRUMENT SECURING THIS NOTE OR THE RELATIONSHIP OF BORROWER AND XXXXXX AS
BORROWER AND XXXXXX.
Should any provision or term hereof be or become in violation of any
law, rule of regulation, whether local, state or federal, such provision shall
be deemed automatically amended to conform, to the extent possible without total
waiver of such provision, to such law, and all other provisions hereof shall
remain in full force and effect. As used herein, the terms "Borrower" and
"Lender" shall be deemed to include their respective heirs, successors, legal
representatives and assigns, whether voluntary by action of the parties or
involuntary by operation of law.
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
the date first above written.
BAD TOYS, INC. BARRICK PROPERTIES, INC.
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxx Xxxxxxx CEO
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Xxxxx X. Xxxxx (Borrower) (Lender)
Exhibit 4
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