PROMISSORY NOTE
Principal amount $15,000 Date: December 15, 1999
This Promissory Note is between Seair Group, Inc. and Xxxxxx X. Xxxx.
FOR VALUE RECEIVED, the undersigned hereby jointly and severally
promise to pay to the order of Xxxxxx X. Xxxx the sum of Fifteen Thousand
Dollars ($15,000), together with interest thereon at the rate of 0% per annum on
the unpaid balance. Said sum shall be paid in the manner following:
One payment of $15,000 on or before January 15th, 2000. All payments
shall be first applied to interest and the balance to principal. This note may
be prepaid, at any time, in whole or in part, without penalty.
This note shall at the option of any holder thereof be immediately due
and payable upon the occurrence of any of the following:
1) Failure to make any payment due hereunder within 30 days of
its due date.
2) Breach of any condition of any security interest, mortgage,
loan agreement, pledge agreement or guarantee granted as
collateral security for this note.
3) Breach of any condition of any loan agreement, security
agreement or mortgage, if any, having a priority over any loan
agreement, security agreement or mortgage on collateral
granted, in whole or in part, as collateral security for this
note.
4) Upon the death, incapacity, dissolution or liquidation of any
of the undersigned, or any endorser, guarantor to surety
hereto.
5) Upon the filing by any of the undersigned of an assignment for
the benefit of creditors, bankruptcy or other form of
insolvency, or by suffering an involuntary petition in
bankruptcy or receivership not vacated within thirty (30)
days.
In the event this note shall be in default and placed for collection,
then the undersigned agree to pay all reasonable attorney fees and costs of
collection. Payments not made within five (5) days of due date shall be subject
to a late charge of 0% of said payment. All payments hereunder shall be made to
such address as may from time to time be designated by any holder.
The undersigned and all other parties to this note, whether as
endorsers, guarantors or sureties, agree to remain fully bound until this note
shall be fully paid and waive demand, presentment and protest and all notices
hereto and further agree to remain bound, notwithstanding any extension,
modification, waiver, or other indulgence or discharge or release of any obligor
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hereunder or exchange, substitution or release of any collateral granted as
security for this note. No modification or indulgence by any holder hereof shall
be binding unless in writing; and any indulgence on any one occasion shall not
be an indulgence for any other or future occasion. Any modification or change in
terms, hereunder granted by any holder hereof, shall be valid and binding upon
each of the undersigned, notwithstanding the acknowledgment of any of the
undersigned, and each of the undersigned does hereby irrevocably grant to each
of the others a power of attorney to enter into any such modification on their
behalf. The rights of any holder hereof shall be cumulative and not necessarily
successive. This note shall take effect as a scaled instrument and shall be
construed, governed and enforced in accordance with the laws of the State of
Florida.
See attachment A for explanation of collateral.
Witnessed:
___________________________ /s/___________________________
Witness Borrower
___________________________ /s/__________________________
Witness Lender
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Attachment A
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Collateral to be determined as:
a. One used demo Seair2000 (boat, frame and motor) Ser.#
PVW012J898
b. One Prototype land based strike frame Ser.#
This collateral will be available for delivered on the day of Jan. 15th
2000 if and only the note has not been satisfied in full.
Witnessed:
_____________________________ /s/_____________________________
Witness Borrower
____________________________ /s/____________________________
Witness Lender
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