Dated: April 1, 1996 $_________
THE UNDERSIGNED, Ozo Diversified Automation, Inc.
(the "Maker"), promises to pay to ____________ ("Payee") the
principal sum of __________ (the "Principal Sum"), in such
coin or currency of the United States which shall be
legal tender in payment of all debts and dues, public and
private, at the time of payment, together with interest on
so much thereof as is from time to time unpaid, from the
date hereof until paid.
The Principal Sum shall bear interest, on the amount
due and owing on a daily basis, at an annual rate equal to
twelve percent (12%). If the Principal Sum is not paid in
accordance with this Note, the Principal Sum shall bear
interest beginning on the date of default and continuing
thereafter until paid in full, at the highest rate
permitted by law ("Default Rate"). The acceptance of such
payment at the Default Rate shall not constitute a waiver of
such default. Interest chargeable under this Promissory Note (the "Note")
shall be computed on the basis of a 360-day year for
actual days elapsed.
The entire Principal Sum with all accrued interest
shall be due on September 30, 1996. This Note is secured
pursuant to the Security Agreement from Maker to Payee of
even date herewith and attached hereto as Exhibit A
("Security Agreement").
This Note is one of a series of Promissory Notes. The
terms and conditions of all of the Promissory Notes shall
be identical in all respects, except that the principal
sum of each of the Promissory Notes (and, as such, the
amount of interest payable) may differ. All Promissory
Notes of this series rank equally and ratably without
priority over one another.
All payments of interest, principal, or both, are
payable at 0000 Xxxx Xxxxxxxxxx Xxxxxxxxx, Xxxxx 0000,
Xxxx Xxxxxxxxxx, Xxxxxxx 00000, or at such other place as
the Payee may designate in writing, in lawful money of
the United States of America, which shall be legal tender
in payment for all debts, public and private, at the time
of payment.
The privilege is reserved and given to prepay
without penalty the indebtedness evidenced hereby, in whole
or in part, at any time without notice. All such partial
prepayments shall be applied first against the payment of
all interest accrued and unpaid to the date of such
prepayment, and then against the Principal Sum.
The failure of the Maker to pay when due any
installment of principal or interest on this Note shall
constitute a default under this Note, whereupon the owner
or holder hereof may, at its option, exercise any or all
rights, powers, remedies afforded, including the right to
declare the unpaid balance of Principal Sum and accrued
interest on this Note at once mature and payable.
If this Note is placed in the hands of an attorney
for collection, by suit or otherwise, or to protect any
security for its payment, the undersigned will pay all
costs of collection and litigation, together with reasonable
attorneys' fees incurred at both trial and appellate
levels. The laws of the State of Florida shall govern
and the proper venue and jurisdiction shall be Dade County,
Florida.
Payor expressly waives protest, demand, presentment
and notice of dishonor, and agrees that this Note may be
extended, in whole or in part, without limit as to the
number of such extensions or the number of periods thereof
and without affecting the liability thereon.
Each of the provisions of this Note is and shall be
deemed to be severable; and in the event that any
provision hereof be deemed to be invalid for any reason of
the operation of any law or by reason of the
interpretation placed thereon by any court, said provision
shall be deemed to be stricken herefrom, and this Note
shall be construed as not containing such provision. The
validity or lack thereof of such provision shall not effect
the validity of any other provision hereof, and any and
all other provisions which are otherwise lawful and valid
shall remain in full force and effect.
This Note may be assigned or transferred by Payee but
shall not be assigned or transferred by Maker without
the written consent of Xxxxx.
The word undersigned as used herein shall be
considered to mean and include all makers and endorsers
hereof. Words used in the plural herein shall include the
singular, as the context may require.
IN WITNESS WHEREOF, the undersigned Maker has duly
executed this Note as of the day and year above first
written.
OZO DIVERSIFIED AUTOMATION, INC.,
a Colorado corporation
By:
Name: Xxxxxxxx Xxxxxxx-Xxxxxxx
Title: President
