PROMISSORY NOTE
EXHIBIT
4.1
$_____________ Date: ___________,
2007
For
value
received, the undersigned, Interactive Games, Inc. (the "Borrower"), at 000
Xxxxxxxx Xxxxxx – Xxxxx 000, Xxxx Xxxx Xxxxx, XX 00000, promises to pay to the
order of ___________________________ (the "Lender"), at
______________________________________________________ (or at
such
other place as the Lender may designate in writing) the sum of
$____________.
The
unpaid principal shall be payable in full one year from the origination date
(the "Due Date").
The
principal balance on the Note shall accrue interest at a rate of 10.00% annually
from the origination date of this Note until paid-in-full and is payable in
kind.
For
each
$50,000 in principal received from Lender, Lender shall receive a warrant to
purchase 250,000 shares of the common stock of Borrower exercisable at $0.10
per
share for a period of three years from the origination date.
All
principal and interest under this Note shall be convertible at the sole
discretion of Lender, in whole or in part, into the first equity offering
completed by the Borrower of at least $500,000, at 85% of the offering
price.
If
any
payment obligation under this Note is not paid when due, the remaining unpaid
principal balance and any accrued interest shall become due immediately at
the
option of the Lender.
The
Borrower reserves the right to prepay this Note (in whole or in part) prior
to
the Due Date with no prepayment penalty. All payments shall be
applied first to interest, if due, and then to principal.
If
any
payment obligation under this Note is not paid when due, the Borrower promises
to pay all costs of collection, including reasonable attorney fees, whether
or
not a lawsuit is commenced as part of the collection process.
If
any
one or more of the provisions of this Note are determined to be unenforceable,
in whole or in part, for any reason, the remaining provisions shall remain
fully
operative.
All
payments of principal and interest on this Note shall be paid in the legal
currency of the United States. The Borrower waives presentment for
payment, protest, and notice of protest and nonpayment of this
Note.
No
renewal or extension of this Note, delay in enforcing any right of the Lender
under this Note, or assignment by Lender of this Note shall affect the liability
or the obligations of the Borrower. All rights of the Lender under
this Note are cumulative and may be exercised concurrently or consecutively
at
the Lender's option.
This
Note
shall be construed in accordance with the laws of the State of
Florida.
Borrower:
INTERACTIVE
GAMES, INC.
By:____________________________________________________
Xxxxx
Xxxx, President
