UNSECURED PROMISSORY NOTE
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PRINCIPAL AMOUNT: $50,000.00
INTEREST RATE: 6.0%
BORROWER: XXXX0XXXX.XXX, LTD.,
A HONG KONG REGISTERED COMPANY
LENDER: ZIASUN TECHNOLOGIES, INC.
A NEVADA CORPORATION
DUE DATE: MARCH 31, 2000
PAYMENTS: BALLOON PAYMENT OF PRINCIPAL AND INTEREST DUE ON OR
BEFORE MARCH 31, 2000.
1. For value received, Xxxx0xxxx.xxx LTD., a Hong Kong Registered Company,
hereinafter referred to as "Borrower" promises to pay to ZiaSun Technologies,
Inc., a Nevada Corporation, hereinafter referred to as "Lender", or to order,
the principal amount of $50,000.00 with interest thereon at the rate of six
percent (6.0%) per annum simple interest, commencing upon the date of execution,
due and payable in one balloon payment of principal and all unpaid accrued
interest on or before March 31, 2000.
2. Default. Borrower will be in default if any of the following occur:
(a) Borrower fails to make any payment when due; and
(b) Borrower becomes insolvent, a receiver is appointed for any part
of Borrower's property, Borrower makes an assignment for the benefit
of creditors, or any proceeding is commenced either by Borrower or
against Borrower under any Bankruptcy or insolvency laws.
3. Notices. Any notice, payment or other communication required or
permitted hereunder shall be expressed in writing and sent by certified or
registered mail, return receipt requested, to their respective parties at the
following addresses, or at such other addresses as the parties shall designate
by written notice to be the other:
If to Lender, addressed to it at:
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Xx. Xxxxxxx Xxxxx, President
ZiaSun Technologies, Inc.
00000 Xxxx Xxxxx Xxxxx
0xx Xxxxx
Xxx Xxxxx, Xxxxxxxxxx 00000
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If to Borrower, addressed to it at:
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Xxxxx Xxxxxxx
1st Floor, 67 Xxx Xxx,
Sai Kung,
New Territories,
Hong Kong
4. Attorneys Fees. Borrower agrees that if any legal action is necessary to
enforce or collect this Note, the prevailing party shall be entitled to
reasonable attorneys' fees in addition to any other relief to which that party
may be entitled. This provision shall be applicable to the entire Note.
5. Governing Law. This Note shall be governed and construed in accordance
with the laws of the State of California.
6. Method of Payment. Principal and interest shall be payable in lawful
money of the United States. Notwithstanding anything contained herein to the
contrary, the amount of interest payable under the terms of this Note shall in
no event exceed the maximum amount of interest permitted to be charged by law at
the date of execution hereof.
IN WITNESS WHEREOF, this Promissory Note was executed on the date and year
written below.
Xxxx0xxxx.xxx, LTD.
A Hong Kong Registered Company
Dated: March 31, 1999 /S/ Xxxxx Xxxxxxx
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By: Xxxxx Xxxxxxx
Its: President
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